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Index

Page Number
	01	Shareholder Letter
	02	Management Discussion
	42	Fund Expenses
		Baillie Gifford China A Shares Growth Fund
	50	Industry Diversification Table
	51	Portfolio of Investments
	53	Financial Statements
	56	Financial Highlights
		Baillie Gifford China Equities Fund
	58	Industry Diversification Table
	59	Portfolio of Investments
	62	Financial Statements
	65	Financial Highlights
		Baillie Gifford Developed EAFE All Cap Fund
	67	Industry Diversification Table
	68	Portfolio of Investments
	72	Financial Statements
	75	Financial Highlights
		Baillie Gifford EAFE Plus All Cap Fund
	80	Industry Diversification Table
	81	Portfolio of Investments
	85	Financial Statements
	88	Financial Highlights
		Baillie Gifford Emerging Markets Equities Fund
	93	Industry Diversification Table
	94	Portfolio of Investments
	98	Financial Statements
	101	Financial Highlights
		Baillie Gifford Emerging Markets ex China Fund
	107	Industry Diversification Table
	108	Portfolio of Investments
	111	Financial Statements
	114	Financial Highlights
		Baillie Gifford Global Alpha Equities Fund
	116	Industry Diversification Table
	117	Portfolio of Investments
	122	Financial Statements
	125	Financial Highlights
		Baillie Gifford Global Stewardship Equities Fund
	130	Industry Diversification Table
	131	Portfolio of Investments
	135	Financial Statements
	138	Financial Highlights
		Baillie Gifford Health Innovation Equities Fund
	140	Industry Diversification Table
	141	Portfolio of Investments
	143	Financial Statements
	146	Financial Highlights
		Baillie Gifford International Alpha Fund
	148	Industry Diversification Table
	149	Portfolio of Investments
	154	Financial Statements
	157	Financial Highlights
		Baillie Gifford International Concentrated Growth Equities Fund
	163	Industry Diversification Table
	164	Portfolio of Investments
	166	Financial Statements
	169	Financial Highlights
		Baillie Gifford International Growth Fund
	171	Industry Diversification Table
	172	Portfolio of Investments

Page Number
	176	Financial Statements
	179	Financial Highlights
		Baillie Gifford International Smaller Companies Fund
	185	Industry Diversification Table
	186	Portfolio of Investments
	190	Financial Statements
	193	Financial Highlights
		Baillie Gifford Long Term Global Growth Fund
	195	Industry Diversification Table
	196	Portfolio of Investments
	198	Financial Statements
	201	Financial Highlights
		Baillie Gifford Positive Change Equities Fund
	205	Industry Diversification Table
	206	Portfolio of Investments
	209	Financial Statements
	212	Financial Highlights
		Baillie Gifford U.S. Discovery Fund
	214	Industry Diversification Table
	215	Portfolio of Investments
	217	Financial Statements
	220	Financial Highlights
		Baillie Gifford U.S. Equity Growth Fund
	222	Industry Diversification Table
	223	Portfolio of Investments
	225	Financial Statements
	228	Financial Highlights
	230	Notes to Financial Statements
	257	Report of Independent Registered Public Accounting Firm
	259	Supplemental Information
	259	Federal Income Tax Information
	261	Management of the Trust
	263	Board Considerations Regarding New Fund Advisory Agreement Approval

Dear Shareholder,

There is no doubt that 2021 has been a challenging year personally for many, with most of us continuing to feel the impacts of COVID-19 on our daily lives. I would therefore like to open this year's letter once again by wishing you well after what has been another trying period. In this difficult environment we deeply appreciate your ongoing trust in Baillie Gifford and remain committed to delivering high-quality investment and reporting services to you.

Optimistically, the global vaccination roll-out continues and new variants appear to be less severe so we are now all hopeful that we are approaching the beginning of the end of this pandemic. Baillie Gifford's investment and client service professionals are eager to travel responsibly to see companies and shareholders in the United States in a more promising 2022.

The Baillie Gifford team is working on a hybrid basis, and we welcome the benefits of in-person collaboration, and the value in increased flexibility for everyone. We are keen to better understand what the 'new normal' looks like for you and how we can evolve so that we can continue to deliver excellent service across what will likely be new and different working models.

Our primary focus continues to be to deliver excellent long-term investment performance by conducting proprietary investment research and selecting only those companies that we beleive offer the best long-term growth potential. We have successfully completed a number of post-lockdown research trips. It is fair to say that we are delighted to be meeting with management and able to reach key stakeholders in person again, as this enables us to form stronger relationships and, in some cases, to better understand the investment case for each business. Much like our shareholder interactions, we envisage that going forward optimum research will involve both virtual and in person meetings.

We remain resolutely long-term in all that we do. Through both good and bad periods of performance we focus on company fundamentals in the knowledge that a portfolio that contains companies with strong earnings growth will deliver strong investment returns over the long-term. When it comes to reflecting back over the 2021 calendar year, we therefore don't think about the short-term market swings. In broad terms, during this reporting period we have seen a divergence between continued strong operational results and share price performance, as investors have taken profit and the holdings that have driven performance in prior years have become a source of weakness. With our experience of successfully investing through market cycles we are not surprised that share prices have not reflected fundamentals over the short-term. Overall we believe the portfolios we manage on your behalf remain appropriately positioned. We have seen management teams adapting to supply chain challenges and we're confident that most of your holdings have ample pricing power to cope with a possible period of higher inflation ahead. We remain confident in structural growth opportunities driven by new innovation, entrepreneurship and technology advancements across the globe. We ask that performance be considered on a long-term basis (five-year periods or longer) and are pleased to continue to deliver excellent returns across this longer time horizon.

Our focus remains on deploying your capital into tangible, returns-generating activities. We believe our tried and tested philosophy and process leads to investment in high-quality businesses run by long term, aligned management teams. Attitudes towards Environmental, Social and Governance ("ESG") factors are evolving significantly and we anticipate they will become increasingly important for investors. We have long considered ESG factors to be relevant when analysing whether or not a business can grow over the next decade. This is now even more important as global issues, such as climate change, come to the fore and we see younger generations fighting for change. For companies to thrive in the future they need to have ambition and a vision that incorporates ESG factors, as well as Diversity, Equality and Inclusion. This applies to all sectors of the market and we will continue to encourage portfolio companies to adopt sound principles in these areas.

In last year's letter I noted that Greta Thunberg led the biggest climate protest to date in 2020. This year, in our home country of Scotland, Glasgow hosted The 26th UN Climate Change Conference of the Parties where the outcome was the completion of the Paris Agreement rulebook. This keeps the Paris targets alive, giving us a chance of limiting the increase in global temperatures due to climate change to 1.5 degrees Celsius. We are excited to see innovative companies coming up with solutions for a brighter future, as some of them will make fantastic changes for society, and potentially very attractive long-term growth stocks.

I invite you to read this annual report, which summarizes our work on your behalf. Thank you for investing in Baillie Gifford Funds.

Sincerely,

David Salter
President
Baillie Gifford Funds

Baillie Gifford China A Shares Growth Fund

Market Conditions and Review of Performance during 2021

The Fund underperformed the MSCI China A Onshore Index by 7.01% for the year. As China focuses on its longer-term goals at the expense of short-term growth, the market has been affected by a tougher regulatory environment and a slowing economy impacted by power shortages and weakness in the real estate sector. When it comes to regulations, China's primary intentions are seemingly aligned with resolving issues of national security, data privacy and anti-trust regulations, albeit these are often conflated with worries about political motivations. In contrast to much of the market, we see much of the regulatory change as positive. These are global issues which, given the rapid innovation we have seen in China over that last decade, may not seem out of place in a longer term framework considering the need for robust structures around the protection and sustainability of consumer and state interests.

We aim to avoid broad generalizations and don't have a blanket view on China, but instead take a stock-by-stock approach as the issues faced by each can be very different. Although stock specifics typically drive Fund performance, this year was notable for a number of trends which drove returns, particularly in the second half of the year. Those sectors aligned with government policy and goals, such as renewable energy, industrial automation and semiconductors performed well. In contrast, the 'three mountains' of property, education and healthcare performed poorly given concerns over rising top-down regulation and pricing pressure. This is seen as part of President Xi Jinping's drive to support common prosperity and rising birth rates by reducing the costs of public services. The Fund has limited holdings in the property and education sectors but does have significant positions in the health care sector. We continue to believe that China is supportive of its domestic innovative healthcare businesses in a drive to achieve self-sufficiency and that it is the generic drug manufacturers who are most at risk.

CATL and Asymchem Laboratories were the top two positive contributors to performance over the 12-month period.

CATL, one of the world's leading electric vehicle battery suppliers, has continued to report strong operational results and its commitment to an ambitious capacity expansion plan. We believe this capacity expansion, on top of CATL's cost advantages and

innovation, put the company in an excellent position for high growth in coming years. We think the competitive advantage of the company comes from its scale and customer relationships which have been built over time with domestic government support and are now being reflected in CATL's rising global market share.

Despite being caught in the final quarter's sell off in the healthcare sector, Asymchem Laboratories remained a top performer for the year. Asymchem had also been the top contributor in 2020. The company is a contract development and manufacturing organization offering comprehensive services to pharmaceutical companies ranging from research and development to manufacturing. It is benefiting from a shift in demand for contract operations to lower cost markets as well as China's attempts to nurture more innovative drug discovery companies.

Among the key detractors from performance over the 12-month period were Jiangsu Hengrui and Topchoice Medical.

Jiangsu Hengrui is a Chinese generics drugs company which has been under pressure from growing regulatory risks and pricing concerns. We had reduced the holding in June on the back of a shift in their business model which we felt took them away from their core expertise, but had not foreseen the scale of regulatory concern for generics manufacturers in the second half of the year. The company continues to be a key player with a large sales force and strong distribution network in a market with significant growth opportunities, albeit regulatory changes have lessened our long-term conviction.

In contrast, Topchoice Medical performed poorly despite its excellent operational performance. The company reported strong growth for the first nine months of 2021. Their core hospitals have maintained steady operations, new dental implant service packages have expanded their presence in the rapidly growing low-price dental implant market, and their talent development program continues to attract new dentists and underpinning future growth.

We are of the view that much of the recent stock market performance has been driven by factors beyond the operational performance of individual companies though, in truth, short-term market performance doesn't tell us much about the long-term outcomes of the companies in which we have invested for you. Whilst volatility may last a while, experience has taught us to remain steadfastly focused on the fundamentals and ride out what we believe to be these relatively short-term bouts in order to secure good long-term returns for shareholders.

Baillie Gifford Developed EAFE All Cap Fund

Market Conditions and Review of Performance during 2021

What a year 2021 has been. It began with much market optimism but has ended with more uncertainty. The world's media has been gripped with headlines on COVID-19 variants, swings in economic growth and corporate earnings, and the challenges of navigating cyclical factors. More ingrained, and ever more apparent as the year progressed, has been a battle with inflation, supply chain pinch points, and global leaders at logger-heads. Meanwhile for the Fund, we remain removed from this maddening noise and from the market crowds. We are resolutely long-term in our approach to finding world-class companies, and continue to evolve and improve how we invest.

Supply chain bottlenecks including microchip shortages, backed-up container ships, lack of delivery trucks and truck drivers, and over-demand for many consumer goods have become increasingly familiar over the year. These bottlenecks are a persistent challenge for many of the Fund's holdings, and it's something we are constantly challenging ourselves on — how long will these problems last, is there something more material or structural behind them? Meanwhile inflation has been on the rise, both in the absolute sense and in the level of rhetoric. It appears the U.S. Federal Reserve and central banks the world over created far more liquidity than the pandemic-plagued economies turned out to need. Rightly so, many might argue. Afterall, there is no blueprint for navigating the once in a generation health crisis we have all endured. The challenge from here on out, though, is what to do next. What are the implications if excess liquidity is out there for too long? Rather than fixating on answering these questions now, we believe it is important to remain open-minded. When we turn to the Fund, most of the holdings are in a strong position with what we believe to be high quality business franchises, resilient balance sheets, high profit margins, and robust cashflows. These are the fundamental qualities that brought the companies into the Fund and we think they will help them navigate whatever challenges the next year brings.

Turning to performance, it has again been an encouraging period in terms of underlying operational performance across the Fund, although it has been tougher on share price returns for some holdings. Luxury and technology companies have done well, especially in Europe. In terms of stock attribution, three of the top

performers for the past year have been NIBE, Mettler Toledo, and ASML.

NIBE is a Swedish heating technology company that aims to provide world-class solutions in sustainable energy. NIBE's offerings include geothermal heat pumps that allow users to heat their homes using ground source energy. The business has been boosted by continued consumer demand for environmentally friendly products, and we expect penetration of heat pumps in the European and US markets to continue to rise from what is still a low base.

Swiss company Mettler Toledo is a leading manufacturer of weighing and measuring instruments for laboratory, industrial, and food retail applications. A serial strong performer for the Fund over many years, the company has again seen very robust top line and profit growth, which has been rewarded. We see Mettler Toledo as a hidden champion providing lab equipment for research and development in many industries.

Dutch company ASML is the world's largest manufacturer of high-end lithography equipment. Results continue to be strong, operating margins continue to rise, and the management continue to be upbeat on the company's long-term outlook. We remain enthused about the ongoing implications of the advancement of Moore's Law (which holds that, generally, the number of transistors on a microchip doubles about every two years), ASML's strong monopolistic position, and the broader implications of this for technology.

Amongst the negative contributors, some of the internet disruptors and rapid growers in the Fund make an appearance. Many of these saw strong returns in more recent years. During the 12-month period detractors included Zalando, Ubisoft, and ASOS.

Zalando specializes in fashion retail and is one of the European leaders in this space. The company continues to make good operational progress, it has launched recently in new markets, is growing steadily, and is doing well at retaining its lockdown customers. However, there have been mounting concerns as to what the long-term growth of the business will be. We believe Zalando has an enormous potential market with the shift of fashion to online and are encouraged that the company has continued to invest heavily in its logistics infrastructure.

Ubisoft is a leading games developer. Recently, results have been somewhat lackluster, and there have been further delays to two game releases, which has resulted in reduced guidance. We believe these issues will be short-term in nature and consider the gaming franchise to have strong long-term potential.

Fund Performance for periods ended 12/31/21 (Average Annual Total Returns)

	One Year			% p.a. Five Year			% p.a. Since Inception			Inception Date
Baillie Gifford Developed EAFE All Cap Fund Class 2		7.44	%		14.45	%		8.92	%	04/15/14
Baillie Gifford Developed EAFE All Cap Fund Class 3		7.51	%		14.51	%		8.95	%	03/24/17
Baillie Gifford Developed EAFE All Cap Fund Class 4*		7.54	%		14.47	%		8.93	%	01/13/21
Baillie Gifford Developed EAFE All Cap Fund Class K		7.47	%		14.46	%		8.92	%	04/28/17
Baillie Gifford Developed EAFE All Cap Fund Institutional Class		7.36	%		14.38	%		8.81	%	04/28/17
MSCI EAFE Index		11.78	%		10.06	%		6.04	%	04/15/14

* Returns for Class 4 shares are based on actual performance from January 13, 2021. Prior to that date, returns are calculated based on Class 2 shares.

The returns are provided for all shares classes that had shares outstanding as of December 31, 2021. Additional year-over-year returns for each class are available in the Financial Highlights section.

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

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

Baillie Gifford EAFE Plus All Cap Fund

Market Conditions and Review of Performance during 2021

performers for the past year have been NIBE, Mettler Toledo, and Sartorius.

Sartorius is a German company makes single-use equipment and products that are used in the manufacturing of biological products, for example antibodies and vaccines. In addition to being exposed to an attractive area of biological drugs, the company is well-positioned to benefit from the structural shift from reusable to single-use bio-manufacturing technology. Its operational performance continues to be strong, order growth continues to be promising, and management have reiterated their confidence in the long-term growth opportunity.

Alibaba is a notable detractor. Operationally, Alibaba has seen growth slowing, regulatory headwinds mounting, and a number of management changes, all of which has led to significant weakness in the shares. Whilst we acknowledge these issues, we continue to believe the core e-commerce franchise, cloud, and payments business valuations remain particularly compelling.

Fund Performance for periods ended 12/31/21 (Average Annual Total Returns)

	One Year			% p.a. Five Year			% p.a. Ten Year			% p.a. Since Inception			Inception Date
Baillie Gifford EAFE Plus All Cap Fund Class 2		3.31	%		13.98	%		10.82	%		9.30	%	12/17/09
Baillie Gifford EAFE Plus All Cap Fund Class 3*		3.38	%		14.00	%		10.83	%		9.31	%	08/03/20
Baillie Gifford EAFE Plus All Cap Fund Class 4**		3.50	%		14.02	%		10.84	%		9.32	%	10/11/21
Baillie Gifford EAFE Plus All Cap Fund Class K		3.33	%		13.99	%		10.82	%		9.30	%	04/28/17
Baillie Gifford EAFE Plus All Cap Fund Institutional Class		3.20	%		13.89	%		10.69	%		9.17	%	04/28/17
MSCI EAFE Index		11.78	%		10.06	%		8.53	%		6.81	%	12/17/09

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

** Returns for Class 4 shares are based on actual performance from October 11, 2021. Prior to that date returns are calculated based on Class 2 shares.

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

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

Baillie Gifford Emerging Markets Equities Fund

Market Conditions and Review of Performance during 2021

The Fund underperformed the MSCI Emerging Markets index for the year, by 6.39% for Class 5 shares. While our investment horizon remains five years, this short-term performance is disappointing. However, the Fund's turnover remains low, which reflects our ongoing conviction in the companies in which we invest on shareholders' behalf. When markets fixate on macro events, strong operational performance of individual companies often gets overlooked.

Perhaps unsurprisingly, the main performance detractors over 2021 were Chinese holdings, including Alibaba, Ping An Insurance and Tencent Music Entertainment. The regulatory environment has been challenging for online businesses during 2021. As it relates to China, we think the value we can add here is not in second guessing government policy, but instead in understanding the market reaction to this and where we might have a different view. Ultimately, we believe that much of the regulatory change as it relates to China is positive, especially if it is about improving the experience for customers, businesses and workers. The key question is then how this impacts the long-term growth potential for each company and we've been working through the upside case for your Chinese stocks incorporating the new regulatory changes.

Our initial work suggests quite different outcomes for a number of the Fund's holdings. The Fund's lack of exposure to property developers and education companies has not changed and is unlikely to do so imminently. The additions to the Fund's holdings of Tencent, Ping An and Meituan this year should be seen in this context but similarly we do think some platform businesses look less attractive under this new regulatory framework. Overall, however, we'd caution against the more melodramatic reactions to Chinese regulations. China looks far from 'uninvestable' to us, we think there is an abundance of growth opportunities to pick from.

Outside of China, Polish ecommerce company Allegro also detracted from performance over 2021 driven by concerns about increased competition from Amazon and SEA Ltd. Nonetheless, at the third quarter results, revenue grew 33% year-on-year. Encouragingly, active customers have also grown 6% year-on-year to 13.3 million, with gross merchandise value per buyer increased 25% year-on-year supported by rising SMART penetration (similar to

Amazon Prime), with 600 collection lockers available for customers, and 3,000 planned for end of 2022. To broaden its geographical coverage Allegro is acquiring Czech online retailer Mall Group for €881 million to create a regional platform. Mall Group has a strong presence in the Czech Republic, Slovakia and Slovenia with smaller operations in Hungary, Croatia and Poland. We believe the deal will increase Allegro's total addressable market to over 70 million people.

The individual contributors to performance over the 12-month period were varied, reflecting the bar-belled portfolio, and included Brazilian oil company Petrobras. Brent crude started the year at about US$ 50/barrel and ended at US$ 77/barrel. Consequently, Petrobras produced strong operational results with third quarter recurring net income of US$ 3.3 billion, up from US$ 600 million a year earlier. Meanwhile, Free Cashflow was a prodigious US$ 9 billion. The company was able to reduce gross debt from US$ 71.0 billion at the end of the first quarter to US$ 59.6 billion at the end of the third quarter. Petrobras continues to enjoy some of the lowest costs outside of the Middle East with overall lifting costs of US$ 5.0/barrel and only US$ 2.5/barrel in its 'pre salt' fields. Currently, there are roughly 1,500 oil and gas drilling rigs in operation around the world. This is less than half the number operating a decade ago and suggests oil prices could remain high for considerably longer.

Taiwanese semiconductor companies Mediatek and TSMC were both strong performance contributors during the 12-month period. At Mediatek, revenue growth is running at 35% year-on-year and operating income increased 100% Year on Year as at the last set of results. For TSMC we are encouraged that over half the revenues came from the advanced 5nm and 7nm modes with demand driven by smartphones and high-performance computers.

Leading Chinese battery maker CATL saw third quarter sales of RMB29.3bn, up 131% year-on-year, with net profit of RMB 3.27billion, up 130% year-on-year. This was another contributor to performance over the 12-month period. Half of its business is Electric Vehicles ("EV") in China, while the other half is exports and energy storage. By September 2021, CATL's market share had grown to 55% with top customers including Tesla, NIO, Geely and Brilliance. In August this year, CATL signed an agreement to set up a new high-end battery facility in Lingang, which is the part of Shanghai's Pudong district where the Tesla plant is located. We expect rising EV adoption and CATL's leading position in the domestic market means that the company could be the dominant global battery manufacturer in the future.

Fund Performance for periods ended 12/31/21 (Average Annual Total Returns)

	One Year			% p.a. Five Year			% p.a. Ten Year			% p.a. Since Inception			Inception Date
Baillie Gifford Emerging Markets Equities Fund Class 2		-8.75	%		14.44	%		8.20	%		13.18	%	03/02/15
Baillie Gifford Emerging Markets Equities Fund Class 3		-8.68	%		14.52	%		8.26	%		13.26	%	03/31/16
Baillie Gifford Emerging Markets Equities Fund Class 4*		-8.66	%		14.55	%		8.29	%		13.27	%	01/10/20
Baillie Gifford Emerging Markets Equities Fund Class 5**		-8.61	%		14.61	%		8.33	%		13.29	%	04/04/03
Baillie Gifford Emerging Markets Equities Fund Class K		-8.72	%		14.44	%		8.19	%		13.18	%	04/28/17
Baillie Gifford Emerging Markets Equities Fund Institutional Class		-8.82	%		14.35	%		8.07	%		13.03	%	04/28/17
MSCI Emerging Markets Index		-2.22	%		10.25	%		5.86	%		11.18	%	04/04/03

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

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

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

Baillie Gifford Global Alpha Equities Fund

Market Conditions and Review of Performance during 2021

The long-term performance of the Fund remains strong. Over both the 3-year and 5-year period the Fund's Class 3 shares has outperformed the MSCI ACWI index by 3.96% on an annualized basis. Still, the latest calendar year has been a challenging one in performance terms for the Fund which was 11.32% behind the MSCI ACWI index for Class 3 shares following what was an exceptional year in terms of performance in 2020. The long-term performance track record of the Fund has been built upon patient, long-term investing, often through extremely uncomfortable periods of volatility and in some cases the stocks we hold may face significant share price drawdowns. As reward-seeking growth investors this comes with the territory — we have held on through peak to trough drawdowns of -34%, -26% and -52% in Amazon, Alphabet and Tesla, respectively. These holdings are among the largest contributors to the Fund's long-term outperformance and underpin the importance of backing our conviction and patience. We seek to exploit our advantages of clarity of purpose, a long time horizon, and a philosophy and company structure that support patient investing.

Indeed, to go a step further, we expect many of the businesses we invest in on your behalf to be a 'bumpy ride' in share price terms. The Fund has a meaningful exposure to companies we believe are driving fundamental change, often in sectors or industries which have been characterised by inertia. We have added to several holdings which have been weak in share price terms over the course of 2021.

A significant impact on the performance of the Fund in the past year has been its exposure to China, where share prices have materially fallen following the imposition of widespread regulation by the central government. Naspers was the largest detractor owing to its exposure to Tencent, China's largest internet business. We have sought to remain open-minded about the long-term implications for private enterprise in China. While many others have acted hastily, the only position we have sold directly owing to regulatory changes was telemedicine platform Ping An Healthcare and Technology. We believe that regulations banning the use of artificial intelligence and limiting its ability to generate prescriptions undermined the utility the platform sought to deliver. Elsewhere, valuations of fast-growing businesses such as Alibaba in e-commerce and cloud computing, and Meituan in food delivery, have moderated.

We are, on an ongoing basis, assessing the probability that these businesses can deliver attractive growth from here.

Still, elsewhere there was positive progress that was reflected in strong share price rises. Moderna and Cloudflare were the portfolio's top contributors over the year. Although share prices were volatile, both were strongly higher through 2021, driven by strong operational progress. Moderna has been transformed by the successful development and distribution of its high efficacy COVID-19 vaccine, expected to generate sales of close to $20 billion in 2021. The vaccine has been critical in transforming Moderna from a science research-stage company in Messenger Ribonucleic Acid (mRNA) to validating their mRNA technology and platform at scale. Longer-term we remain optimistic on the potential mRNA has to unlock new treatments across many other diseases and conditions. Meanwhile Cloudflare, which operates cloud-native networking services, reported another quarter of over 50% year-on-year revenue growth and a rising demand from large customers, both things we think will pave it's path to profitability. The company continues to innovate and develop new services to deploy for customers across its well-established network infrastructure.

We acknowledge that we may not always get it right. Instead we seek to be right enough of the time to allow us to capture stocks which can be many multiples of their size in years to come. These winners should more than compensate for any holdings which, unfortunately, don't work out. We believe embracing a breadth of growth to be the best way of capturing outsized returns and delivering outperformance for the Fund.

Our investment approach remains a tried and tested one which centers on bottom-up stock-picking and an ability to invest in growth companies anywhere in the world. We remain focused on generating differentiated insight in search of attractive long-term returns. Crucial to our approach, we seek improvement as investors and guard against complacency, reflecting on and refining the investment process. We introduced the Global Alpha growth profiles (Stalwart, Rapid, Cyclical and Latent) in 2009 to help provide clarity about the inefficiency we sought to exploit in our investments and our expectation about how growth was to be delivered. Our analysis has shown that the benefits of diversification across the growth profiles is real. We have consistently found that the portfolio in aggregate outperforms more often than any of the individual growth profiles on a standalone basis. The exception to this rule has been the Latent Growth profile which has been somewhat of a laggard, outperforming considerably less than its siblings. In other words, it

Fund Performance for periods ended 12/31/21 (Average Annual Total Returns)

	One Year			% p.a. Five Year			% p.a. Ten Year			% p.a. Since Inception			Inception Date
Baillie Gifford Global Alpha Equities Fund Class 2		7.65	%		18.84	%		14.96	%		14.62	%	01/06/13
Baillie Gifford Global Alpha Equities Fund Class 3		7.72	%		18.92	%		15.04	%		14.70	%	11/15/11
Baillie Gifford Global Alpha Equities Fund Class 4		7.76	%		18.96	%		15.05	%		14.72	%	07/10/17
Baillie Gifford Global Alpha Equities Fund Class K		7.64	%		18.84	%		14.96	%		14.62	%	04/28/17
Baillie Gifford Global Alpha Equities Fund Institutional Class		7.53	%		18.80	%		14.85	%		14.51	%	04/28/17
MSCI ACWI Index		19.04	%		14.96	%		12.43	%		12.15	%	11/15/11

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

Bailie Gifford Global Stewardship Equities Fund

Market Conditions and Review of Performance during 2021

The investment backdrop in 2021 was again dominated by the ongoing impact of COVID-19. Widespread rollouts of coronavirus vaccines in numerous countries allowed many economies to resume some semblance of normality. Overall, this translated into a global economic recovery and contributed to a strong year for equity markets. However, the same recovery also triggered a sharp rise in inflation in the US and elsewhere as an upturn in demand combined with considerable supply constraints to push prices higher. As a result, many investors were focused on the potential for interest rate rises in 2022 and beyond, as well as their likely knock-on effects on the economy and financial markets.

The Fund underperformed its benchmark during the year. This follows exceptionally strong performance in 2020, with some of the Fund's holdings subject to 'profit taking' following considerable share price rises during the previous 12-month period. In addition, we believe Fund performance was impacted by a shift in market sentiment, as the jump in inflation and interest rate expectations led to reduced appetite for the rapid-growth, less-mature firms that the Fund typically favours.

Stock-specific factors also contributed to the Fund lagging behind its benchmark during 2021, with the operational performance of some holdings weakening as COVID-19 abated. The US-based online education firm Chegg was the clearest example of this. The pandemic and related lockdowns in 2020 saw an acceleration in the adoption of the company's services as colleges were forced to move to virtual teaching. 2021 proved much tougher, with a notable, if understandable, deceleration in growth: following a 57 per cent rise in revenues in 2020, Chegg's third quarter 2021 update showed sales up by just 12 per cent year on year.

Moreover, Chegg has also provided a downbeat commentary on the prospects for a short-term recovery in its core market, noting lower enrollment in the US higher education segment post-pandemic. Rising wages are seemingly encouraging prospective students away from college and into the workplace. Despite this, the Fund continues to hold shares in Chegg. We met with the company's management team following the recent results announcement and were reassured that the problems faced by the company are cyclical rather than structural.

Further afield, the changing regulatory environment for technology firms in China has weighed upon the Fund's holdings there, most notably on the e-commerce and cloud services platform Alibaba (and on the Japanese conglomerate SoftBank, which has a large stake in Alibaba). Moreover, these developments may well be more structural than cyclical, and this will undoubtedly mean a more challenging operating environment for Alibaba and its peers. But we still believe that the firm's services will remain widely used by small and medium enterprises to drive their own growth. In this regard, Alibaba appears to be broadly aligned with President Xi's 'common prosperity' agenda, and it arguably enhances its social contribution. The current valuation of the shares does not reflect this, which is why we took the opportunity to add to the holding during the summer.

On a much more encouraging note the largest single positive contributor to performance over the past 12-months was the electric car company Tesla. Tesla's production volumes continue to expand as its manufacturing sites scale up. And this is despite the widespread disruption of global supply chains and semiconductor shortages, with Tesla seemingly able to navigate these issues much better than most car manufacturers. Tesla's third quarter 2021 results were the fifth straight record-breaking quarter for total deliveries, with the number of cars delivered year to date almost doubling compared to the same period in 2020. This scale is driving cost efficiencies, with the company's average cost of vehicle production halving since 2017. We believe Tesla is on its way to fulfilling its ambition of mass electric vehicle production on a global scale, while its battery, energy storage and solar businesses are also expanding rapidly.

2021 was also a strong year in share price terms for NVIDIA, the graphics processing unit (GPU) designer, as the company's operational progress exceeded expectations across most metrics. Key drivers of revenue growth came from its Data Centre and Gaming segments. The pandemic has accelerated the demand for computing requirements and gaming appears to be an increasingly important part of modern culture. NVIDIA's management team believes we are on the cusp of a new age in data centres, and virtual reality continues to move into the mainstream. The company's scale, vision and innovative culture means it is well-placed to prosper as more use cases emerge for its robust graphics capabilities.

Although Fund performance has disappointed over the past 12 months, we remain enthused by the prospects for portfolio companies over the next five years and beyond.

Baillie Gifford International Alpha Fund

Market Conditions and Review of Performance during 2021

The COVID-19 pandemic overshadowed the past 12 months. Although revolutionary vaccines prevented thousands of deaths, these were unevenly distributed. The highly infectious Omicron variant emerged at the end of the year, which further underscored divergences in national COVID-19 policy and the lack of international co-operation in tackling the pandemic. Supply chains felt the pressure from localized epidemics and control measures, impacting companies' ability to deliver goods on time. Inflation, too, was on the rise as demand for goods shot up during lockdown and demand for services rebounded upon reopening. Meanwhile, the US Federal Reserve initially dismissed the notion of interest rate hikes, however we saw their tone shift towards the end of the year, while several European central banks initiated small rate rises in the second half of the year.

In China, President Xi Jinping ramped up his wide-ranging campaigns to promote equality, encourage competition and enhance national security. This manifested itself in a series of crackdowns against major Chinese corporations, with the goal of creating a more fair and equal China. Elsewhere, India overcame one of the worst COVID-19 situations at the beginning of the year to deliver strong economic growth in 2021, largely due to the government's responses to the pandemic.

Over the year the Fund underperformed its benchmark, which rose by 8.29% in 2021. Although interesting, we are not concerned with short-term headlines. We are focused on the long-term prospects of the individual holdings within the Fund. We seek opportunities to add value by finding the best names, seeing past short-term risks and seeing the longer-term prospects.

Over the past five years we have reduced the number of cyclical names in the Fund. As always, this is based on our assessment of the underlying growth prospects of individual holdings.

In what will not come as a surprise to you, China has been a feature among detractors to performance in 2021. The Chinese state engaged in a number of regulatory reforms in mid-2021, focused on improving the day to day lives of millions of Chinese people, specifically, on improved and affordable, healthcare, education and property. Subsequently a number of Chinese ADRs

suffered, however the onshore Chinese markets were flat in 2021. In the Fund a number of Chinese holdings detracted from performance. Alibaba, the dominant Chinese e-commerce business has been one name to detract from performance over the period, with a state coordinated pressure campaign brought to bear on founder Jack Ma, and concerns about monopolistic activities in China. Over the year the business announced restructuring across business segments and results disappointed towards to end of the year. We increased the Fund's holdings in Alibaba during the year, acknowledging the compelling relative valuation of the e-commerce business, not including the huge opportunity in cloud which is important to the Chinese state.

Elsewhere, away from China, MercadoLibre detracted from performance. This is Latin America's leading online platform with business segments across e-commerce to online payments. Its excellent operational performance allowed it to grow its dominant position throughout the year. Given the pullback amidst a popular 're-opening' trade, we decided to add to the Funds holding. We are confident about the long-term prospects and growing efficiency and market dominance of this business.

Turning to the contributors to performance a number of the through cycle winners and quality compounding businesses have performed well, demonstrating their resilience. Rising prices have benefitted Dutch specialty chemical distributor IMCD. Strong results through the year led to positive market sentiment. IMCD benefits from an exceptional balance sheet with a strong cash balance which allows the company to continue to make strategic acquisitions when competitors may struggle.

The enduring appeal of luxury brands has continued throughout the pandemic. Rising consumer spending levels and durable brands have led to Richemont performing well in 2021. Strong financials and industry tailwinds provided the basis for strong operational performance. Profitability has been particularly strong, and the Richemont Group continues to look for growth through the Farfetch Platform Solutions Business.

As ever, we do not profess to know what the future will hold. We have no crystal ball by which we can predict the outcomes of short-term macroeconomic events. What we can focus on is the fundamental prospects of the companies within the Fund, making sure they have exceptional management teams, strong balance sheets and the ability to adapt and prosper, irrespective of where we are in economic cycle.

Fund Performance for periods ended 12/31/21 (Average Annual Total Returns)

	One Year			% p.a. Five Year			% p.a. Ten Year			% p.a. Since Inception			Inception Date
Baillie Gifford International Alpha Fund Class 2		-0.65	%		13.32	%		10.21	%		6.58	%	02/07/08
Baillie Gifford International Alpha Fund Class 3		-0.58	%		13.40	%		10.29	%		6.85	%	09/01/10
Baillie Gifford International Alpha Fund Class 4		-0.55	%		13.43	%		10.26	%		6.61	%	07/10/17
Baillie Gifford International Alpha Fund Class 5		-0.50	%		13.50	%		10.34	%		6.67	%	04/07/14
Baillie Gifford International Alpha Fund Class K		-0.62	%		13.33	%		10.21	%		6.58	%	04/28/17
Baillie Gifford International Alpha Fund Institutional Class		-0.74	%		13.24	%		10.09	%		6.45	%	04/28/17
MSCI ACWI (ex U.S.) Index		8.29	%		10.11	%		7.77	%		4.38	%	02/07/08

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

Baillie Gifford International Concentrated Growth Equities Fund

Market Conditions and Review of Performance during 2021

The International Concentrated Growth team ("ICG") takes a long-term view in finding the 20-35 most rapidly growing companies in international markets. Companies taking market share at scale by disrupting incumbents. Meanwhile, discussing market conditions and short-term performance risks pointing out the obvious, that there have been exogenous shocks around the world this year, and that societies have found those to be jarring. The market has accordingly experienced sentiment swings, as it can do. However, ICG has been investing since 2004, and as a firm we have been investing since 1908, and experience tells us that short-term disruptions come and go. What lasts is meaningful progress in societies and economies, which is most often driven by a small number of visionaries, leading a small number of exceptional companies.

Therefore, while this note comments on 2021 performance of 0.74% for the Fund's Class K shares (compared to 8.29% for the benchmark), it is in the best interest of clients that we stay focused on what matters, which is finding that small number of companies that are disrupting sectors of the economy and are taking massive market share as a result.

The top contributors to Fund performance over 2021 were ASML and Moderna.

ASML is the world's largest manufacturer of equipment used in the creation of semiconductors, which means they make progress in microchips possible. Microchips are of course at the heart of many sectors. ASML has made outstanding operational progress over many years, and this continued through 2021. ASML is comfortably the largest manufacturer of this high-end equipment which means they're well placed to meet ongoing record demand. We believe management decision making and execution over 30 years has been excellent, and results have yet again been strong. Management note that this reflects increasing demand for leading edge chips and the company's plans to build even more Extreme Ultraviolet (EUV — next generation lithography technology) machines to meet this.

Moderna is a North American based biotechnology company, which uses a cutting-edge platform to exploit Messenger Ribonucleic Acid (mRNA) to transform the potential of immunology and therapeutic medicines. Moderna has potential to revolutionize healthcare and is already demonstrating this with vaccine success. In so

doing, we believe it even has the potential (though not certainty) to address the question of can there be a trillion-dollar health care company? But the journey to taking massive market share from pharmaceutical incumbents needs to be a patient one, and progress like we have seen over the period is encouraging. Moderna is already a leader in using the body's natural protein production to fight disease. Billions of COVID-19 vaccine doses have been distributed. However, while the success of this outcome is widely welcomed, we view with further excitement a much broader range of applications in prophylactics, oncology and other therapeutics, which is why the foundational approach of the platform technology is so inspiring.

Meanwhile, the greatest detractors to performance were MercadoLibre and M3.

MercadoLibre is the leading Latin American e-commerce company, which is driving massive change in the region, including a view towards digital finance. E-commerce penetration in Latin America is low by global standards, which is also the case for the more nascent digital finance, and MercardoLibre has continued to invest heavily to grow penetration and share. Revenue growth over much of the period remained impressive, which was mirrored by a large research and development spend, in a company dedicated to investing in its future growth. As such, MercadoLibre has tended to keep short-term profits down by continuing to invest heavily, and the market will often discount the share price because of this. Further, given the high-profile nature of the stock, there has been pronounced short-term volatility in light of sentiment swings. This meant that while MercadoLibre was a positive contributor in 2020, it was negative in 2021. We don't see this short-term market view as reflecting fundamentals, and we remain excited by the potential of this transformational growth company.

M3 is a Japanese company that provides online marketing support for pharmaceutical companies. Their capabilities include an interactive portal to support doctors which in turn allows intelligent direction of marketing efforts. M3 is helping to transform the $1tn pharmaceuticals sector. Their online marketing is much cheaper for pharma companies than face-to-face contact and allows for more efficient time-management by doctors. M3 is performing well operationally, with strong year on year numbers for much of 2021, in line with growing demand for their services. The share price has been more volatile this year though, as the market's view has switched based on short-term factors. These factors include "reopening" sentiment, apparent attempts at timing a so-called value rotation, and a sell off after some news of

Baillie Gifford International Growth Fund

Market conditions and review of performance during 2021

2021 was another eventful year. It began with some sector rotation to value stocks after the very strong performance of growth companies in 2020. Then in the summer, we experienced rapid progression in regulatory scrutiny in China. In the second half of the year, we witnessed growing inflation concerns driven notably by higher energy prices, and supply chain bottlenecks continued negatively to impact many companies' activities. At the end of the year, worries over the omicron COVID-19 variant intensified. Despite all this, International equity markets delivered positive returns. The MSCI ACWI (ex U.S.) Index, one of the Fund's two comparative benchmarks, rose by 8.29% over the 12-month period.

The Fund underperformed its benchmarks with a return of -9.40% for Class 2 shares over the 12-month period. The Fund's significant exposure to Chinese stocks, and continued ownership of the rapid growth companies that had performed so well in 2020, both turned into headwinds during 2021. At the stock level, negative performers included Japanese healthcare group M3, Chinese after-school tuition company TAL Education and German online fashion distributor Zalando. Positive contributors included Dutch semiconductor equipment manufacturer ASML, German biopharmaceutical equipment maker Sartorius and Australian logistics software provider Wisetech.

One stock in the Fund's portfolio that particularly struggled in 2021 was TAL Education. It is a leading Chinese provider of after-school tuition to children aged 4 to 18. Its stock price fell by 93% over the year. The bulk of the decline occurred at the end of July as tougher-than-expected Chinese education rules were issued by Chinese regulators. According to the new rules, institutions offering tutoring on the school curriculum will not be allowed to operate as profit-seeking companies. The government crackdown is seemingly designed to address the acknowledged problem of education inequality in China.

M3's stock price fell nearly 50% in 2021, following a rise of more than 200% in 2020. The group continues to perform well operationally and is investing for future growth, actively hiring sales reps and spending money on training to strengthen its core medical platform. This led to some short-term margin compression which the market did not appreciate. We take a contrary view and see the heavy level of investment as positive for the long-term. We believe M3 is well positioned to benefit from numerous

sources of growth, including overseas expansion of its core operation, and diversification into new businesses.

Zalando's shares fell by 27% in 2021. Similar to M3, this pull back followed a doubling of the share price in 2020. Operationally, Europe's largest online fashion company carries on doing well and we remain optimistic about the long-term outlook. We believe Zalando's competitive edge is strengthening following the COVID-19 pandemic, which altered consumer behavior and widened the participation of brands on its platform. Brand selection is its main differentiator, more than price or convenience.

In the contributors' camp are companies that continued delivering strong operational performances. ASML's share price rose by 66% during the 12-month period. Already enjoying a world-leading position in cutting edge lithography equipment, ASML further benefits from the tight conditions in the semiconductor supply chain, that is leading to increased orders. ASML's technology has secured the continuation of Moore's Law (which holds that, generally, the number of transistors on a microchip doubles about every two years) for the next decade or so, enabling the digital transformation all around us. We remain very optimistic about its long-term position and growth potential.

Sartorius is a German company which provides equipment and products used to manufacture biological products, such as vaccines and antibodies. Its stock price increased 61% during the 12-month period. Its results during the year were notably driven by the development and production of vaccines and COVID-19 test kits. We are impressed by its management's ability to execute. Moreover, we are learning that new growth opportunities exist for the company in Messenger Ribonucleic Acid (mRNA), gene and cell therapies.

Australian company Wisetech is a leading developer and supplier of cloud-based software solutions to the logistics industry. Its clients include some of largest freight forwarders worldwide. We believe Wisetech's flagship platform CargoWise plays an important role in the global supply chain. Its share price rose by 80% during the 12-month period. The group is benefiting from the short-term increase in freight rates and an acceleration in demand for its integrated global software solutions.

Our core belief is that we live in a world where change is accelerating and disruption is happening in many sectors of the economy, powered by technology. This provides us with a larger opportunity set than ever before. Although 2021 was not in our favor, we believe that a portfolio focused on disruptive growth companies remains most suitable for the long-term.

Fund Performance for periods ended 12/31/21 (Average Annual Total Returns)

	One Year			% p.a. Five Year			% p.a. Ten Year			% p.a. Since Inception			Inception Date
Baillie Gifford International Growth Fund Class 2		-9.40	%		19.62	%		13.09	%		8.38	%	03/06/08
Baillie Gifford International Growth Fund Class 3		-9.34	%		19.70	%		13.17	%		8.44	%	04/19/10
Baillie Gifford International Growth Fund Class 4		-9.31	%		19.74	%		13.15	%		8.42	%	10/10/16
Baillie Gifford International Growth Fund Class 5		-9.27	%		19.80	%		13.46	%		8.63	%	07/19/12
Baillie Gifford International Growth Fund Class K		-9.43	%		19.62	%		13.09	%		8.38	%	04/28/17
Baillie Gifford International Growth Fund Institutional Class		-9.49	%		19.54	%		12.97	%		8.25	%	04/28/17
MSCI ACWI (ex U.S.) Index		8.29	%		10.09	%		8.54	%		4.09	%	03/06/08
MSCI EAFE Index		11.78	%		10.06	%		8.53	%		4.34	%	03/06/08

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

Baillie Gifford International Smaller Companies Fund

Market Conditions and Review of Performance during 2021

During 2021 the Fund returned 6.49% for Class K shares compared to a benchmark return of 13.36%.

Markets experienced significant short-term volatility during 2021. This was not entirely unjustified, as participants wrestled with economies attempting to reopen, concerns around rising inflation and mutations of COVID-19 rearing their heads in different geographies. However, short-term volatility is not the same as risk and, as long-term investors, our sights are set further out onto the horizon.

Two main themes have loomed large in the past year — the aforementioned threat of rising inflation, and a potential rotation from 'growth' investing to 'value' investing. The latter ebbed and flowed — more noticeably, though, we have witnessed a jostling between so-called 'COVID beneficiaries' and companies that prosper as the world economy reopens. After several rounds, no clear winner has emerged yet... The best mitigation against the former, we believe as long-term investors, are the likely unstoppable structural forces of technology and innovation, which show no signs of slowing.

The strongest contributor to performance was Aspeed, a Taiwanese company that designs server management chips. These Baseboard Management Chips (BMCs) allow the remote monitoring and control of server functions, and Aspeed's market dominance in the area is so substantial that its name has become almost synonymous with this type of chip. Aspeed has had a very strong 2021 with its share price doubling in the past year. This has been driven by an earnings upgrade and a rerating of the company's prospects. However, structurally and operationally, the company is performing as we would hope. Its key edge, in our opinion, is that its expertise — BMCs — are considered to be critical, failsafe technology. Aspeed's dominance in its core server market is comforting, and future growth drivers such as edge computing and 5G offer a tantalizing opportunity for further progress. We reduced the position slightly off the back of this very strong share price performance, although Aspeed remains one of the largest positions in the Fund.

Addtech, which comprises around 140 niche engineering companies operating primarily in the Nordics, was another strong performer following a successful year.

It has a fantastic track record of successful acquisitions and, while its approach isn't hugely unique, it executes very well, resulting in a strong reputation built over many years. One of our favorite aspects of Addtech is its culture, which is one of highly decentralized decision-making underpinned by strategic, long-term ownership. This decentralization, and the ability to solve problems locally, appears to have positioned Addtech favorably in weathering recent component shortages. We recently met the CEO who reiterated his desire for the culture and business model to remain the same. This alignment of interests offers predictability from what is a very high-quality aggregator, while greater emphasis on sustainability by management, and a subtle push into new geographies, offer new potential avenues of growth.

The largest detractor from relative performance was Demae-Can, which primarily offers fast-food delivery in Japan. The company reported that an accounting error in the balance of payables and receivables would likely require a restatement of previously reported full year results. It is unclear whether previous years will also be required to be restated, and the company has launched a full-scale investigation into the incident. At the very least, we should expect more robust internal controls to be introduced as a result and, in an acknowledgement of the uncertainty ahead, we have reduced the Fund's holding in the company.

Another prominent detractor from relative performance was the Japanese company, Bengo4.com. It was among the top contributors during 2020 but, as with many other digital and platform-based businesses, saw market sentiment swing away from it during 2021. The company has two main businesses. The first aims to make it easier and more transparent for individuals to hire lawyers relevant to their specific case and circumstance. To do this it has an online platform that connects prospective clients with lawyers via detailed profiles which include information on fees, areas of expertise, etc. The second is a rapidly growing business, Cloudsign, which is attempting to digitize Japan's outdated paper-based contracts system by offering cloud-based smart contracts and electronic signatures for the legal industry and others (e.g. real estate and recruitment). While Bengo4.com has seen share price weakness this year, it continues to grow healthily, particularly the signatures business. We are optimistic about its future growth prospects and believe that the company is well placed to benefit from positive regulatory changes addressing digitization of contracts and signatures in Japan.

Baillie Gifford Long Term Global Growth Fund

Market Conditions and Review of Performance during 2021

During 2021 several companies experienced share price weakness following a very strong run in 2020. This could have been driven by a mix of profit-taking, fears over inflation and potential rising interest rates. In addition, several of our Chinese holdings have experienced share price weakness, as uncertainty surrounding the regulatory environment has weighed on market confidence. As a result, the Fund delivered a return of 2.50% for Class 2 shares during the period (16.54% behind the Fund's benchmark). However, we believe that short-term share price movements are not a good measure of a company's long-term value. Our focus is, as always, on the business fundamentals of companies over five to ten years and beyond.

Looking back on 2021, Nvidia, Moderna and Tesla were among the top positive contributors to the Fund's relative performance during the year.

2021 was a strong year for Nvidia as a result of its robust fundamentals. The most recent quarterly results reported record revenue of $7 billion, an increase of 50% from the previous year, driven by its Data Centre and Gaming segments. The pandemic has accelerated the demand for computing requirements and gaming has become an increasingly important part of modern culture. As virtual reality continues to move into the mainstream, Nvidia has created its own 'omniverse' platform that has been built for virtual collaboration and real-time physically accurate simulation, potentially transforming industries such as architecture, engineering, construction and manufacturing.

Moderna's share price was volatile in 2021, but despite this it increased by more than 130%. This growth has mostly been driven by the success of the COVID-19 vaccine. For a company that has only been publicly listed since December 2018, that hasn't partnered with any large pharmaceutical companies, the pace at which the business has scaled is impressive. Moderna has positioned itself as a highly scalable technology platform, leading in the development of Messenger Ribonucleic Acid (mRNA) as a therapy to deliver personalised medicine for the four 'big killers': cardiovascular disease, cancer, infectious disease and autoimmune diseases. The broad research pipeline has approximately 37 drug candidates progressing through trials. If the company can continue to deliver, it has the

potential to become amongst the largest players in the pharmaceutical space.

2021 was another strong year for Tesla — a period in which the company delivered remarkable operational progress. Production continued to ramp up, delivering over 930,000 vehicles for the year, which is almost double the number in 2020; this is despite a backdrop of global semiconductor shortages. Thanks to Tesla's largely vertically-integrated supply chain, the company was able to source alternative semiconductors and re-write its software to integrate them within a matter of weeks. This highlights the company's adaptability and the advantage it has over industry incumbents.

Among the top detractors from relative performance over the period were Pinduoduo, Peloton and Alibaba.

Pinduoduo's share price was weak over the course of 2021 in the context of the Chinese regulatory backdrop. Our focus is on the operational progress and this has been strong; during the year Pinduoduo achieved its first profitable quarter, with an operating profit of RMB 2 billion, and revenue is growing at a healthy 50% year-on-year. The company has also announced that it will launch a "RMB 10 Billion Agriculture Initiative" to help address critical needs in agriculture and rural areas; we expect future profits to be allocated to this initiative. We are reflecting on what this may imply for long-term earnings growth, though we believe the initiative sensibly aligns with the government's priorities to support sustainable growth of agriculture, thereby improving the livelihood of Chinese farmers.

Peloton experienced some operational challenges during 2021 as demand begins to normalise following the extreme growth experienced throughout the pandemic. This resulted in the most recent results coming in below expectations and near-term forecasts being reduced. We view this as short-term pain and believe that the long-term investment case is intact. The company continues to invest in future growth to improve production and its supply chain. Connected Fitness Subscriptions growth remains strong, up 114% year-over-year in the fourth quarter, and the company continues to expand geographically, most recently into Australia.

Alibaba's share price weakness in 2021 was also impacted by Chinese regulation and the company faced a significant anti-trust fine of $2.8 billion. In conjunction with enhanced data privacy protocols, this is likely to change the competitive landscape for the more established Chinese technology firms and may lead to more moderate growth. We continue to assess how Alibaba can respond to these challenges. CEO Daniel Zhang has added 'ESG' and

Fund Performance for periods ended 12/31/21 (Average Annual Total Returns)

	One Year			% p.a. Five Year			% p.a. Since Inception			Inception Date
Baillie Gifford Long Term Global Growth Fund Class 2		2.50	%		33.20	%		23.06	%	06/10/14
Baillie Gifford Long Term Global Growth Fund Class 5*		2.65	%		33.27	%		23.10	%	07/14/20
Baillie Gifford Long Term Global Growth Fund Class K		2.48	%		33.20	%		23.06	%	04/28/17
Baillie Gifford Long Term Global Growth Fund Institutional Class		2.40	%		33.11	%		22.94	%	04/28/17
MSCI ACWI Index		19.04	%		14.96	%		10.40	%	06/10/14

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

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

Baillie Gifford Positive Change Equities Fund

Market Conditions and Review of Performance during 2021

Throughout 2021 there continued to be a backdrop of uncertainty with the pandemic dominating lives, climate disasters becoming more prevalent and logistical challenges impacting global supply chains. Global markets were volatile but overall finished the year well into positive territory. The Ballie Gifford Positive Change Equities Fund also delivered positive returns over the period although behind those of the MSCI ACWI index.

Despite the volatility in price displayed by many of the shares held by the Fund, 2021 was a year in which the majority of holdings in the Fund continued to enjoy strong operational performance, providing good progress towards delivering on both our financial and positive change objectives over our 5 year time horizon. As we look to 2022 and beyond, we believe that there is reason for optimism as companies in the Fund continue to drive change and provide solutions to many of the world's most pressing challenges.

The largest contributors to financial performance over the year were Moderna and ASML.

It seems fitting that in a year where the headlines continued to be dominated by COVID-19 that Moderna was the top contributor to financial performance over the period. Moderna is a leader in the field of Messenger Ribonucleic Acid (mRNA) therapeutics, a new class of medicines that leverage the body's natural protein-production to treat diseases. It has delivered over 800m doses of its COVID-19 preventative vaccine in 2021. Moderna is investing in global capacity including areas that need it most — it plans to build a manufacturing facility in the African continent that is expected to produce up to 500 million vaccine doses annually (for COVID-19 and other conditions). Looking further ahead, Moderna continues to invest in research and development, notably with its COVID-19 vaccine (e.g. boosters), other vaccines (e.g. a preventative HIV vaccine) and in its other modalities (e.g. immuno-oncology). The success of its COVID-19 vaccine has significantly de-risked its technology platform, and we believe this translates into a higher probability of success in these other therapeutic areas.

ASML, is the world's leading developer and manufacturer of lithography equipment which is used in the semi-conductor manufacturing process. Over recent years it has consistently gained market share through

superior innovation and we expect this to continue thanks to heavy investment in research and development. The share price of ASML appreciated over the course of the 2021 as it benefitted from high demand across all its markets and products including increased sales for Extreme Ultraviolet equipment (EUV — next generation lithography technology). Semiconductors are critical enablers of changes in areas such as the energy transition, electrification and the healthcare sector where genetics, data and machine learning are helping us to understand human biology and develop new paradigms of medicine. Given ASML's dominance we remain very optimistic about the long-term outlook for the company as a key enabler of technological development which will power phenomenal technological and societal advancement.

The largest detractors to financial performance over the year were M3 and Teladoc.

M3 operates medical portals which aim to improve the efficiency of the healthcare sector by providing a range of content and services online. The company also supports and invests in early stage medical technologies such as genome diagnostics, cancer tests and Artificial Intelligence medical technologies. It was one of the strongest contributors to performance in 2020 as COVID-19 restrictions drove pharmaceutical companies and doctors' activity online. In contrast, M3's share price has fallen over the course of 2021 despite continued strong operational results as it expands the range of its services in its home country of Japan and further develops its activities in overseas markets. M3 remains ambitious in terms of its future growth plans and we retain conviction in its ability to improve efficiencies in the healthcare sector and facilitate scientific development.

Teladoc is the world's largest provider of virtual healthcare services. Parallels can be drawn with M3, as after impressive share price returns in 2020, Teladoc's share price has fallen over 2021 despite its very strong results with revenues doubling year-on-year. Teladoc has been investing to further establish itself as the telemedicine market leader including the 2020 acquisition of Livongo, which focusses its virtual consultation services on individuals with chronic conditions such as diabetes, hypertension and weight management. We believe that payers (insurance companies, corporations) will increasingly seek a digital-healthcare leader such as Teladoc that offers multiple services rather than contracts with multiple suppliers. Over the years ahead we believe that Teladoc will continue to transform the way that people access healthcare.

Baillie Gifford U.S. Discovery Fund

Market Conditions and Review of Performance during 2021

It has been a challenging year for global stock markets, including ours. Societies worldwide continue to fight the biggest challenge of our modern history, still causing human tragedy and disruption of scale that few have experienced during their lifetime. Supply challenges remain. There are labor shortages across a growing number of economic activities. Inflation is the highest it's been over the last three decades. While the monetary and government interventions in the early days of the pandemic played an important role in minimizing complete economic and social collapse, the market focus today is largely on second guessing central bank moves facing these inflationary pressures and the timeline and quantum of interest rate increases. We have never claimed that our skill set lies in predicting macroeconomic variables. However, we understand that smaller, unproven companies with profitability and cash flow potential skewed towards the future are going to be most affected in this environment.

The Baillie Gifford U.S. Discovery Fund's performance has been volatile over 2021 as the market continues to grapple with higher order consequences from the pandemic. While this has undoubtedly been a difficult period for investors like us, the challenges of the past year have only strengthened our belief that innovation is the life blood of human progress, that science and new technology will continue to move the world forward. Many of the Fund's holdings (such as those in telemedicine or online education) saw a pull forward of demand as behavior changed, across consumers and enterprises alike. That accelerated demand has enabled companies to evolve their competitive advantage much faster and in ways in which less scale and less use wouldn't have allowed them to. These are now reporting results off extremely large bases and optically the trends may not always seem favorable. Failure to appreciate the operational progress by businesses as well as the evolving and strengthening competitive moat some of these are developing may present interesting opportunities for us to add to some of what we think might be emerging leaders.

The main detractor from the Fund's performance since it launched in May 2021 came from investment in oncology-focused medical device company, Novocure. Over the past couple of quarters, Novocure's shares have been gradually falling as the gap between market expectations and the company's more immediate

performance somewhat widened. We believe this has been largely a reflection of investors' concerns around Novocure's overreliance on its main therapy, i.e. treatment for glioblastoma, an aggressive form of brain cancer. Our excitement around the company, however, focuses on broadening the overall opportunity by applying its novel electric field technology into other tumor types. This is a long-term play which requires time and dedication — both from us and from the company. As healthcare stocks represent science in action, their successes will inevitably be accompanied by temporary setbacks. Long-term, we are excited by the progress Novocure has been making both commercially in its approved therapies, and in starting to broaden the technology into new areas.

The holding in Chegg, the digital education business, also detracted from performance. News that enrolments had fallen prompted a notable decline in the company's share price. Prior to these results the company had been a beneficiary of COVID-19, with lockdown forcing more students to study remotely. However, it appears that the pandemic has now become a headwind for the business, due to the second/ third order impact of tightness in the employment market and wage growth. Our impression is that these challenges should be transitory over the longer-term, while the opportunity for Chegg to broaden its services and enter new markets ensures the company's long-term attraction.

We have seen positive development at Ambarella, fabless semiconductor design company. Over the last few years Ambarella has been navigating a transition to become a more holistic computer vision company. It hasn't been spared from the impact of supply chain disruptions but aside from what we think are near term challenges, the long-term fundamentals are robust. Ambarella's computer vision chips adoption is accelerating across a number of different applications and we've been particularly impressed with the growing traction they've seen in the automotive market. The company is focused on building out an integrated chip which fuses different types of sensing (including a camera and a radar). We remain intrigued by the interesting potential opportunity for it in autonomous driving.

In other positive news, we have seen performance contribution from the pet insurer Trupanion. The company's recently announced partnership with Chewy, the leading online pet supplies provider, further validates its credibility and value proposition. It unlocks not only a new distribution channel in the US but intriguingly, gives Trupanion a partner for international expansion. Trupanion is at an early stage in pursuing opportunities in the UK and

Baillie Gifford U.S. Equity Growth Fund

Market Conditions and Review of Performance during 2021

In an extraordinary year, 2021 saw the release of new vaccines and treatments that began to reverse the tide of COVID-19. As the world adapted to living with the virus, sentiment amongst investors seemed to swing back and forth. Some stocks which were favored most heavily in 2020 suddenly found less enthusiasm from stock market participants, and towards the year end inflation and the prospect of rising interest rates returned to the headlines. In this environment, the Fund delivered a return that was significantly behind the Russell 1000 Growth Index, one of the Fund's two comparative benchmarks.

In an uncertain time for everyone, we hold greater optimism about the future than ever before. Many old habits have been broken and new populations of innovative businesses are coming to public markets for the first time. Work patterns unimaginable to many prior to the pandemic are rapidly becoming the norm. Technological innovation in mobility too has progressed, and we now believe that electric vehicles are close to becoming the default for buyers of new cars. These are just two examples of a much broader set of changes. While the pace of this innovation inexorably rises, so too do societies' standards of living. This proven ability to succeed at tackling big problems with ever greater momentum bodes well for humanity. It also lays encouraging ground for growth investors who can look beyond short periods of volatility and focus instead on long-term opportunity.

Among such companies is Chegg, which was the largest single detractor from returns for the Fund in 2021. Chegg, a market leader in online textbooks, study guides and on-demand tutoring suffered from a reduction in college enrolments as more decided to go into immediate employment, attracted by higher wages, than previously expected. Our belief is that this trend is cyclical rather than structural. We believe that there is an opportunity to play a growing role in education by helping students to study more flexibly and at a lower cost. While substantial demand levels from early in the pandemic moderate, we expect the company to continue growing well. As it does so, the market opportunity for Chegg's services includes the approximately 40 million students in the USA, as well as adults learning new work-related skills. We believe that there is a further opportunity for Chegg to grow overseas in the coming years too, enabled by improved marketing

efficiency, and research and development investment broadening its opportunity set.

Online home furnishings retailer Wayfair was also a notable detractor from returns over the year. It reported revenues below those from their mid-pandemic peak, in both Q2 and Q3. In contrast to this recent fall in share price, we believe that the company's long-term opportunity to consolidate the fragmented offline home furnishings market is substantial. Already the largest retailer of its kind in the US, Wayfair has invested heavily in advertising and logistics infrastructure. The shopping experience on Wayfair is in many ways superior to the offline alternative, from enabling customers to try furniture in their homes through Artificial Intelligence, to convenient and efficient delivery. Under the hood, orders per customer and repeat order percentages rose for the period, and the company is extending its reach into new geographies and verticals.

Tesla was the top contributor to relative returns for the period. The company's production volumes continue to ramp up at its existing vehicle production sites, delivering an estimated record number of cars in the fourth quarter, which would make it the 6th straight record-breaking quarter for total deliveries. Further production ramp ups are expected as Tesla's sites in Berlin and Texas open, and with supply chain and semiconductor crises widely impacting automotive sector production, Tesla's proven ability to innovate through such issues bodes well. Investing in future revenue sources, Tesla showcased powerful new Artificial Intelligence specific hardware, released its self-driving software to a wider user-base, and launched a telematics insurance product to tie insurance premiums to driving behavior. Coupled with its renewable energy generation and storage efforts, we expect the company will demonstrate increased capital efficiency and substantial margins over time.

The Messenger Ribonucleic Acid (mRNA) medicines company Moderna also contributed to returns over the year. With COVID-19 vaccine production rising and its manufacturing footprint growing, Moderna has made a remarkable shift from an early-stage biotech business to a self-funded producer of an approved vaccine. In doing so it has also helped to solve an acute global problem. We feel the company's transition to a revenue generating biotech has de-risked the company's mRNA vaccine platform significantly, with new drug candidates having the potential to be approved in several therapeutic indications in the coming years. Even with the recent share price rises, we believe that Moderna's opportunity to operate at the foundation of a new class of therapies offers significant upside over our investment time horizon.

Fund Performance for periods ended 12/31/21 (Average Annual Total Returns)

	One Year			% p.a. Five Year			% p.a. Since Inception			Inception Date
Baillie Gifford U.S. Equity Growth Fund Class K*		-4.17	%		32.64	%		32.05	%	12/05/16
Baillie Gifford U.S. Equity Growth Fund Institutional Class		-4.25	%		32.57	%		31.98	%	04/28/17
Russell 1000 Growth Index		27.60	%		25.29	%		25.24	%	12/05/16
S&P 500 Index		28.71	%		18.45	%		18.57	%	12/05/16

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

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

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

	Beginning Account Value July 1, 2021		Ending Account Value December 31, 2021		Annualized Expense Ratios Based on the Period July 1, 2021 to December 31, 2021			Expenses Paid During Period*
Baillie Gifford China A Shares Growth Fund — Class K
Actual	$	1,000	$	905.00		0.87	%	$	4.18
Hypothetical (5% return before expenses)	$	1,000	$	1,020.82		0.87	%	$	4.43
Baillie Gifford China A Shares Growth Fund — Institutional Class
Actual	$	1,000	$	905.00		0.87	%	$	4.18
Hypothetical (5% return before expenses)	$	1,000	$	1,020.82		0.87	%	$	4.43
Baillie Gifford China Equities Fund — Class K⁽¹⁾
Actual	$	1,000	$	827.00		0.87	%	$	3.88
Hypothetical (5% return before expenses)	$	1,000	$	1,020.82		0.87	%	$	4.43
Baillie Gifford China Equities Fund — Institutional Class⁽¹⁾
Actual	$	1,000	$	827.00		0.87	%	$	3.88
Hypothetical (5% return before expenses)	$	1,000	$	1,020.82		0.87	%	$	4.43
Baillie Gifford Developed EAFE All Cap Fund — Class 2
Actual	$	1,000	$	1,013.50		0.61	%	$	3.10
Hypothetical (5% return before expenses)	$	1,000	$	1,022.13		0.61	%	$	3.11
Baillie Gifford Developed EAFE All Cap Fund — Class 3
Actual	$	1,000	$	1,013.90		0.54	%	$	2.74
Hypothetical (5% return before expenses)	$	1,000	$	1,022.48		0.54	%	$	2.75
Baillie Gifford Developed EAFE All Cap Fund — Class 4
Actual	$	1,000	$	1,014.00		0.51	%	$	2.59
Hypothetical (5% return before expenses)	$	1,000	$	1,022.63		0.51	%	$	2.60
Baillie Gifford Developed EAFE All Cap Fund — Class K
Actual	$	1,000	$	1,013.60		0.61	%	$	3.10
Hypothetical (5% return before expenses)	$	1,000	$	1,022.13		0.61	%	$	3.11
Baillie Gifford Developed EAFE All Cap Fund — Institutional Class
Actual	$	1,000	$	1,013.20		0.65	%	$	3.30
Hypothetical (5% return before expenses)	$	1,000	$	1,021.93		0.65	%	$	3.31

	Beginning Account Value July 1, 2021		Ending Account Value December 31, 2021		Annualized Expense Ratios Based on the Period July 1, 2021 to December 31, 2021			Expenses Paid During Period*
Baillie Gifford EAFE Plus All Cap Fund — Class 2
Actual	$	1,000	$	983.80		0.62	%	$	3.10
Hypothetical (5% return before expenses)	$	1,000	$	1,022.08		0.62	%	$	3.16
Baillie Gifford EAFE Plus All Cap Fund — Class 3
Actual	$	1,000	$	984.20		0.55	%	$	2.75
Hypothetical (5% return before expenses)	$	1,000	$	1,022.43		0.55	%	$	2.80
Baillie Gifford EAFE Plus All Cap Fund — Class 4⁽²⁾
Actual	$	1,000	$	1,053.30		0.53	%	$	1.22
Hypothetical (5% return before expenses)	$	1,000	$	1,022.53		0.53	%	$	2.70
Baillie Gifford EAFE Plus All Cap Fund — Class K
Actual	$	1,000	$	983.80		0.62	%	$	3.10
Hypothetical (5% return before expenses)	$	1,000	$	1,022.08		0.62	%	$	3.16
Baillie Gifford EAFE Plus All Cap Fund — Institutional Class
Actual	$	1,000	$	983.40		0.72	%	$	3.60
Hypothetical (5% return before expenses)	$	1,000	$	1,021.58		0.72	%	$	3.67
Baillie Gifford Emerging Markets Equities Fund — Class 2
Actual	$	1,000	$	859.60		0.79	%	$	3.70
Hypothetical (5% return before expenses)	$	1,000	$	1,021.22		0.79	%	$	4.02
Baillie Gifford Emerging Markets Equities Fund — Class 3
Actual	$	1,000	$	859.90		0.72	%	$	3.38
Hypothetical (5% return before expenses)	$	1,000	$	1,021.58		0.72	%	$	3.67
Baillie Gifford Emerging Markets Equities Fund — Class 4
Actual	$	1,000	$	860.00		0.69	%	$	3.23
Hypothetical (5% return before expenses)	$	1,000	$	1,021.73		0.69	%	$	3.52
Baillie Gifford Emerging Markets Equities Fund — Class 5
Actual	$	1,000	$	860.30		0.64	%	$	3.00
Hypothetical (5% return before expenses)	$	1,000	$	1,021.98		0.64	%	$	3.26

	Beginning Account Value July 1, 2021		Ending Account Value December 31, 2021		Annualized Expense Ratios Based on the Period July 1, 2021 to December 31, 2021			Expenses Paid During Period*
Baillie Gifford Emerging Markets Equities Fund — Class K
Actual	$	1,000	$	859.70		0.79	%	$	3.70
Hypothetical (5% return before expenses)	$	1,000	$	1,021.22		0.79	%	$	4.02
Baillie Gifford Emerging Markets Equities Fund — Institutional Class
Actual	$	1,000	$	859.10		0.89	%	$	4.17
Hypothetical (5% return before expenses)	$	1,000	$	1,020.72		0.89	%	$	4.53
Baillie Gifford Emerging Markets ex China Fund — Class K⁽³⁾
Actual	$	1,000	$	1,002.00		0.87	%	$	0.10
Hypothetical (5% return before expenses)	$	1,000	$	1,020.82		0.87	%	$	4.43
Baillie Gifford Emerging Markets ex China Fund — Institutional Class⁽³⁾
Actual	$	1,000	$	1,002.00		0.87	%	$	0.10
Hypothetical (5% return before expenses)	$	1,000	$	1,020.82		0.87	%	$	4.43
Baillie Gifford Global Alpha Equities Fund — Class 2
Actual	$	1,000	$	971.90		0.65	%	$	3.23
Hypothetical (5% return before expenses)	$	1,000	$	1,021.93		0.65	%	$	3.31
Baillie Gifford Global Alpha Equities Fund — Class 3
Actual	$	1,000	$	972.30		0.58	%	$	2.88
Hypothetical (5% return before expenses)	$	1,000	$	1,022.28		0.58	%	$	2.96
Baillie Gifford Global Alpha Equities Fund — Class 4
Actual	$	1,000	$	972.50		0.55	%	$	2.73
Hypothetical (5% return before expenses)	$	1,000	$	1,022.43		0.55	%	$	2.80
Baillie Gifford Global Alpha Equities Fund — Class K
Actual	$	1,000	$	971.90		0.65	%	$	3.23
Hypothetical (5% return before expenses)	$	1,000	$	1,021.93		0.65	%	$	3.31
Baillie Gifford Global Alpha Equities Fund — Institutional Class
Actual	$	1,000	$	971.50		0.75	%	$	3.73
Hypothetical (5% return before expenses)	$	1,000	$	1,021.42		0.75	%	$	3.82

	Beginning Account Value July 1, 2021		Ending Account Value December 31, 2021		Annualized Expense Ratios Based on the Period July 1, 2021 to December 31, 2021			Expenses Paid During Period*
Baillie Gifford Global Stewardship Equities Fund — Class K
Actual	$	1,000	$	915.40		0.65	%	$	3.14
Hypothetical (5% return before expenses)	$	1,000	$	1,021.93		0.65	%	$	3.31
Baillie Gifford Global Stewardship Equities Fund — Institutional Class
Actual	$	1,000	$	915.40		0.65	%	$	3.14
Hypothetical (5% return before expenses)	$	1,000	$	1,021.93		0.65	%	$	3.31
Baillie Gifford Health Innovation Equities Fund — Class K⁽³⁾
Actual	$	1,000	$	998.00		0.65	%	$	0.07
Hypothetical (5% return before expenses)	$	1,000	$	1,021.93		0.65	%	$	3.31
Baillie Gifford Health Innovation Equities Fund — Institutional Class⁽³⁾
Actual	$	1,000	$	998.00		0.65	%	$	0.07
Hypothetical (5% return before expenses)	$	1,000	$	1,021.93		0.65	%	$	3.31
Baillie Gifford International Alpha Fund — Class 2
Actual	$	1,000	$	940.20		0.58	%	$	2.84
Hypothetical (5% return before expenses)	$	1,000	$	1,022.28		0.58	%	$	2.96
Baillie Gifford International Alpha Fund — Class 3
Actual	$	1,000	$	940.50		0.51	%	$	2.49
Hypothetical (5% return before expenses)	$	1,000	$	1,022.63		0.51	%	$	2.60
Baillie Gifford International Alpha Fund — Class 4
Actual	$	1,000	$	940.60		0.48	%	$	2.35
Hypothetical (5% return before expenses)	$	1,000	$	1,022.79		0.48	%	$	2.45
Baillie Gifford International Alpha Fund — Class 5
Actual	$	1,000	$	940.90		0.43	%	$	2.10
Hypothetical (5% return before expenses)	$	1,000	$	1,023.04		0.43	%	$	2.19
Baillie Gifford International Alpha Fund — Class K
Actual	$	1,000	$	940.30		0.58	%	$	2.84
Hypothetical (5% return before expenses)	$	1,000	$	1,022.28		0.58	%	$	2.96

	Beginning Account Value July 1, 2021		Ending Account Value December 31, 2021		Annualized Expense Ratios Based on the Period July 1, 2021 to December 31, 2021			Expenses Paid During Period*
Baillie Gifford International Alpha Fund — Institutional Class
Actual	$	1,000	$	939.30		0.69	%	$	3.37
Hypothetical (5% return before expenses)	$	1,000	$	1,021.73		0.69	%	$	3.52
Baillie Gifford International Concentrated Growth Equities Fund — Class K
Actual	$	1,000	$	928.90		0.72	%	$	3.50
Hypothetical (5% return before expenses)	$	1,000	$	1,021.58		0.72	%	$	3.67
Baillie Gifford International Concentrated Growth Equities Fund — Institutional Class
Actual	$	1,000	$	928.50		0.87	%	$	4.23
Hypothetical (5% return before expenses)	$	1,000	$	1,020.82		0.87	%	$	4.43
Baillie Gifford International Growth Fund — Class 2
Actual	$	1,000	$	876.70		0.57	%	$	2.70
Hypothetical (5% return before expenses)	$	1,000	$	1,022.33		0.57	%	$	2.91
Baillie Gifford International Growth Fund — Class 3
Actual	$	1,000	$	877.10		0.50	%	$	2.37
Hypothetical (5% return before expenses)	$	1,000	$	1,022.68		0.50	%	$	2.55
Baillie Gifford International Growth Fund — Class 4
Actual	$	1,000	$	877.20		0.47	%	$	2.22
Hypothetical (5% return before expenses)	$	1,000	$	1,022.84		0.47	%	$	2.40
Baillie Gifford International Growth Fund — Class 5
Actual	$	1,000	$	877.40		0.42	%	$	1.99
Hypothetical (5% return before expenses)	$	1,000	$	1,023.09		0.42	%	$	2.14
Baillie Gifford International Growth Fund — Class K
Actual	$	1,000	$	876.50		0.57	%	$	2.70
Hypothetical (5% return before expenses)	$	1,000	$	1,022.33		0.57	%	$	2.91
Baillie Gifford International Growth Fund — Institutional Class
Actual	$	1,000	$	876.20		0.67	%	$	3.17
Hypothetical (5% return before expenses)	$	1,000	$	1,021.83		0.67	%	$	3.41

	Beginning Account Value July 1, 2021		Ending Account Value December 31, 2021		Annualized Expense Ratios Based on the Period July 1, 2021 to December 31, 2021			Expenses Paid During Period*
Baillie Gifford International Smaller Companies Fund — Class K
Actual	$	1,000	$	1,012.30		0.90	%	$	4.56
Hypothetical (5% return before expenses)	$	1,000	$	1,020.67		0.90	%	$	4.58
Baillie Gifford International Smaller Companies Fund — Institutional Class
Actual	$	1,000	$	1,012.10		0.98	%	$	4.97
Hypothetical (5% return before expenses)	$	1,000	$	1,020.27		0.98	%	$	4.99
Baillie Gifford Long Term Global Growth Fund — Class 2
Actual	$	1,000	$	920.80		0.71	%	$	3.44
Hypothetical (5% return before expenses)	$	1,000	$	1,021.63		0.71	%	$	3.62
Baillie Gifford Long Term Global Growth Fund — Class 5
Actual	$	1,000	$	921.50		0.56	%	$	2.71
Hypothetical (5% return before expenses)	$	1,000	$	1,022.38		0.56	%	$	2.85
Baillie Gifford Long Term Global Growth Fund — Class K
Actual	$	1,000	$	920.70		0.71	%	$	3.44
Hypothetical (5% return before expenses)	$	1,000	$	1,021.63		0.71	%	$	3.62
Baillie Gifford Long Term Global Growth Fund — Institutional Class
Actual	$	1,000	$	920.20		0.82	%	$	3.97
Hypothetical (5% return before expenses)	$	1,000	$	1,021.07		0.82	%	$	4.18
Baillie Gifford Positive Change Equities Fund — Class K
Actual	$	1,000	$	967.80		0.65	%	$	3.22
Hypothetical (5% return before expenses)	$	1,000	$	1,021.93		0.65	%	$	3.31
Baillie Gifford Positive Change Equities Fund — Institutional Class
Actual	$	1,000	$	967.40		0.74	%	$	3.67
Hypothetical (5% return before expenses)	$	1,000	$	1,021.48		0.74	%	$	3.77
Baillie Gifford U.S. Discovery Fund — Class K
Actual	$	1,000	$	790.70		0.82	%	$	3.70
Hypothetical (5% return before expenses)	$	1,000	$	1,021.07		0.82	%	$	4.18

	Beginning Account Value July 1, 2021		Ending Account Value December 31, 2021		Annualized Expense Ratios Based on the Period July 1, 2021 to December 31, 2021			Expenses Paid During Period*
Baillie Gifford U.S. Discovery Fund — Institutional Class
Actual	$	1,000	$	790.70		0.82	%	$	3.70
Hypothetical (5% return before expenses)	$	1,000	$	1,021.07		0.82	%	$	4.18
Baillie Gifford U.S. Equity Growth Fund — Class K
Actual	$	1,000	$	836.20		0.65	%	$	3.01
Hypothetical (5% return before expenses)	$	1,000	$	1,021.93		0.65	%	$	3.31
Baillie Gifford U.S. Equity Growth Fund — Institutional Class
Actual	$	1,000	$	835.70		0.75	%	$	3.47
Hypothetical (5% return before expenses)	$	1,000	$	1,021.42		0.75	%	$	3.82

* 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 July 7, 2021. Expenses are calculated using the Fund's annualized expense ratio, multiplied by the ending value for the period, multiplied by 178/365 (to reflect commencement of operations).

⁽²⁾ Commencement of operation October 11, 2021. Expenses are calculated using the Fund's annualized expense ratio, multiplied by the ending value for the period, multiplied by 82/365 (to reflect recommencement of operations).

⁽³⁾ Commencement of operation December 28, 2021. Expenses are calculated using the Fund's annualized expense ratio, multiplied by the ending value for the period, multiplied by 4/365 (to reflect commencement of operations).

December 31, 2021
Baillie Gifford China A Shares Growth Fund

	Value			% of Total Net Assets
Beverages	$	136,266			7.1	%
Chemicals		39,407			2.1
Commercial Services		102,640			5.3
Cosmetics/Personal Care		42,515			2.2
Electrical Components & Equipment		176,172			9.2
Electronics		138,796			7.2
Energy — Alternate Sources		45,177			2.4
Food		32,626			1.7
Healthcare — Products		65,583			3.4
Healthcare — Services		388,720			20.2
Home Furnishings		169,939			8.8
Insurance		63,304			3.3
Internet		81,668			4.2
Machinery — Diversified		22,911			1.2
Metal Fabricate/Hardware		100,125			5.2
Pharmaceuticals		58,565			3.0
Semiconductors		58,223			3.0
Software		151,119			7.9
Transportation		55,205			2.9
Total Value of Investments		1,928,961			100.3
Other assets less liabilities		(6,056	)		(0.3	)
Net Assets	$	1,922,905			100.0	%

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

December 31, 2021
Baillie Gifford China A Shares Growth Fund

	Shares		Value
COMMON STOCKS — 100.3%
CHINA — 100.3%
Anker Innovations Technology Co., Ltd., Class A		2,000	$	32,188
Asymchem Laboratories Tianjin Co., Ltd., Class A		2,100		143,331
Beijing United Information Technology Co., Ltd., Class A		4,000		67,468
Berry Genomics Co., Ltd., Class A *		5,800		17,655
BGI Genomics Co., Ltd., Class A		2,700		37,223
Centre Testing International Group Co., Ltd., Class A		9,600		40,460
Contemporary Amperex Technology Co., Ltd., Class A		1,500		138,172
Foshan Haitian Flavouring & Food Co., Ltd., Class A		1,980		32,626
Glodon Co., Ltd., Class A		8,100		81,296
Guangzhou Kingmed Diagnostics Group Co., Ltd., Class A		4,000		69,761
Hangzhou Tigermed Consulting Co., Ltd., Class A		3,100		62,180
Hefei Meiya Optoelectronic Technology, Inc., Class A		3,900		22,911
Iflytek Co., Ltd., Class A		3,500		28,836
Jafron Biomedical Co., Ltd., Class A		3,400		28,508
Jiangsu Hengrui Medicine Co., Ltd., Class A		3,432		27,346
Kweichow Moutai Co., Ltd., Class A		300		96,407
LONGi Green Energy Technology Co., Ltd., Class A		3,339		45,177
Luzhou Laojiao Co., Ltd., Class A		1,000		39,859
Midea Group Co., Ltd., Class A		8,300		96,119
NanJi E-Commerce Co., Ltd., Class A		13,100		14,199
Oppein Home Group, Inc., Class A		1,800		41,632
Ping An Insurance Group Co. of China Ltd., Class A		8,000		63,304
Proya Cosmetics Co., Ltd., Class A		1,300		42,515
SF Holding Co., Ltd., Class A		5,100		55,205
SG Micro Corp., Class A		1,200		58,223
Shandong Sinocera Functional Material Co., Ltd., Class A		5,900		39,407
Shenzhen Inovance Technology Co., Ltd., Class A		9,150		98,587
Shenzhen Megmeet Electrical Co., Ltd., Class A		8,000		40,210
Sinocare, Inc., Class A		7,900		37,075
Topchoice Medical Corp., Class A *		1,700		53,076
WuXi AppTec Co., Ltd., Class A		3,636		67,674
Wuxi Lead Intelligent Equipment Co., Ltd., Class A		3,258		38,000
Yonyou Network Technology Co., Ltd., Class A		7,280		40,987
Yunnan Baiyao Group Co., Ltd., Class A		1,900		31,219
Zhejiang Sanhua Intelligent Controls Co., Ltd., Class A		25,220		100,125
				1,928,961

December 31, 2021
Baillie Gifford China A Shares Growth Fund

	Value
TOTAL INVESTMENTS — 100.3% **
(cost $1,249,562)	$	1,928,961
Other liabilities less assets — (0.3)%		(6,056	)
NET ASSETS — 100.0%	$	1,922,905

* Non-income producing security.

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

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

Fair Value Measurement

The following is a summary of the inputs used as of December 31, 2021 in valuing the Fund's investments carried at fair value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks ***	$	265,528	$	1,663,433	$	—	$	1,928,961
Total	$	265,528	$	1,663,433	$	—	$	1,928,961

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

December 31, 2021
Baillie Gifford China A Shares Growth Fund

ASSETS
Investments, at value (cost $1,249,562)	$	1,928,961
Cash		28,271
Due from Investment Advisor		29,028
Total Assets		1,986,260
LIABILITIES
Advisory fee payable		2,662
Administration & Supervisory fee payable		823
Trustee fee payable		11
Commitment fee payable		4
Accrued expenses		59,855
Total Liabilities		63,355
NET ASSETS	$	1,922,905
COMPOSITION OF NET ASSETS
Paid-in capital	$	1,206,301
Total distributable earnings		716,604
	$	1,922,905
NET ASSET VALUE, PER SHARE
Class K ($961,452 / 56,129 shares outstanding), unlimited authorized, no par value	$	17.13
Institutional Class ($961,453 / 56,129 shares outstanding), unlimited authorized, no par value	$	17.13

For the Year Ended December 31, 2021
Baillie Gifford China A Shares Growth Fund

INVESTMENT INCOME
Dividends (net of foreign withholding taxes of $1,371)	$	12,193
Interest		3
Total Investment Income		12,196
EXPENSES
Advisory fee (Note B)		10,772
Administration & Supervisory fee — Class K shares (Note B)		1,665
Administration & Supervisory fee — Institutional Class shares (Note B)		1,665
Transfer agency		32,428
Fund accounting		99,699
Professional fees		29,001
Custody		2,965
Legal		211
Registration fees		122
Trustees' fees		41
Commitment fees		16
Miscellaneous		4,376
Total Expenses		182,961
Fees waived/expenses reimbursed		(165,922	)
Total Expenses after waiver		17,039
Net Investment Loss		(4,843	)
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain from:
Investments		181,750
Foreign currency transactions		35
		181,785
Net change in unrealized appreciation on:
Investments		(232,311	)
		(232,311	)
Net realized and unrealized loss		(50,526	)
NET DECREASE IN NET ASSETS FROM OPERATIONS	$	(55,369	)

Baillie Gifford China A Shares Growth Fund

	For the Year Ended December 31, 2021			For the Year Ended December 31, 2020
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment loss	$	(4,843	)	$	(2,062	)
Net realized gain		181,785			70,326
Net change in unrealized appreciation (depreciation)		(232,311	)		881,406
Net increase (decrease) in net assets from operations		(55,369	)		949,670
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings
Class K		(97,909	)		(7,058	)
Institutional Class		(97,909	)		(7,057	)
Total Distributions to Shareholders		(195,818	)		(14,115	)
TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
Net proceeds from shares subscribed:
Dividends reinvested:
Class K		97,909			7,058
Institutional Class		97,909			7,057
Increase in Net Assets from Transactions in Shares of Beneficial Interest		195,818			14,115
Total Increase (Decrease) in Net Assets		(55,369	)		949,670
NET ASSETS
Beginning of year		1,978,274			1,028,604
End of year	$	1,922,905		$	1,978,274

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

	For the Year Ended December 31, 2021			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 loss^(b)		(0.05	)		(0.02	)		(0.00	)^(c)
Net realized and unrealized gain (loss) on investments and foreign currency		(0.52	)		9.51			0.29
Net increase (decrease) in net asset value from investment operations		(0.57	)		9.49			0.29
Dividends and Distributions to Shareholders
From net realized gain on investments		(1.94	)		(0.14	)		—
Total Dividends and Distributions		(1.94	)		(0.14	)		—
Net asset value, end of period	$	17.13		$	19.64		$	10.29
Total Return
Total return based on net asset value^(d)		(2.82	)%		92.29	%		2.90	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	961		$	989		$	514
Ratio of net expenses to average net assets, before waiver		9.34	%		10.52	%		90.51	%*
Ratio of net expenses to average net assets, after waiver		0.87	%		0.87	%		0.87	%*
Ratio of net investment loss to average net assets		(0.25	)%		(0.15	)%		(0.80	)%*
Portfolio turnover rate^(e)		17	%		20	%		0	%

* Annualized.

^(a) Commencement of investment operations.

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

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

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

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

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

	For the Year Ended December 31, 2021			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 loss^(b)		(0.05	)		(0.02	)		(0.00	)^(c)
Net realized and unrealized gain (loss) on investments and foreign currency		(0.52	)		9.51			0.29
Net increase (decrease) in net asset value from investment operations		(0.57	)		9.49			0.29
Dividends and Distributions to Shareholders
From net realized gain on investments		(1.94	)		(0.14	)		—
Total Dividends and Distributions		(1.94	)		(0.14	)		—
Net asset value, end of period	$	17.13		$	19.64		$	10.29
Total Return
Total return based on net asset value^(d)		(2.82	)%		92.29	%		2.90	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	961		$	989		$	514
Ratio of net expenses to average net assets, before waiver		9.34	%		10.52	%		90.51	%*
Ratio of net expenses to average net assets, after waiver		0.87	%		0.87	%		0.87	%*
Ratio of net investment loss to average net assets		(0.25	)%		(0.15	)%		(0.80	)%*
Portfolio turnover rate^(e)		17	%		20	%		0	%

* Annualized.

^(a) Commencement of investment operations.

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

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

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

December 31, 2021
Baillie Gifford China Equities Fund

	Value		% of Total Net Assets
Apparel	$	50,346		1.9	%
Auto Manufacturers		43,709		1.6
Auto Parts & Equipment		118,344		4.4
Banks		132,630		5.0
Beverages		128,294		4.8
Biotechnology		81,841		3.1
Chemicals		35,567		1.3
Commercial Services		26,076		1.0
Cosmetics/Personal Care		32,704		1.2
Distribution/Wholesale		21,822		0.8
Diversified Financial Services		13,129		0.5
Electrical Components & Equipment		128,961		4.8
Electronics		90,403		3.4
Energy — Alternate Sources		31,119		1.2
Gas		33,933		1.3
Healthcare — Products		16,895		0.6
Healthcare — Services		190,034		7.1
Home Furnishings		80,201		3.0
Insurance		86,473		3.2
Internet		747,289		28.0
Machinery — Diversified		19,957		0.7
Metal Fabricate/Hardware		48,038		1.8
Mining		62,723		2.3
Miscellaneous Manufacturing		44,344		1.7
Real Estate		10,583		0.4
Retail		90,619		3.4
Semiconductors		44,977		1.7
Software		194,942		7.3
Total Value of Investments		2,605,953		97.5
Other assets less liabilities		66,552		2.5
Net Assets	$	2,672,505		100.0	%

December 31, 2021
Baillie Gifford China Equities Fund

	Shares		Value
COMMON STOCKS — 96.6%
CHINA — 96.6%
Alibaba Group Holding Ltd. *		12,000	$	176,347
Asymchem Laboratories Tianjin Co., Ltd., Class A		800		54,602
BeiGene Ltd. ADR *		160		43,349
Beijing United Information Technology Co., Ltd., Class A		1,200		20,241
Berry Genomics Co., Ltd., Class A *		2,900		8,827
BGI Genomics Co., Ltd., Class A		1,100		15,165
Bilibili, Inc., Class Z *		584		27,124
Burning Rock Biotech Ltd. ADR *		1,102		10,502
China Merchants Bank Co., Ltd., Class H		11,000		85,575
China Molybdenum Co., Ltd., Class H		69,000		36,449
Contemporary Amperex Technology Co., Ltd., Class A		1,400		128,961
ENN Energy Holdings Ltd.		1,800		33,933
Estun Automation Co., Ltd., Class A		4,900		19,957
Fuyao Glass Industry Group Co., Ltd., Class H		5,200		26,892
Geely Automobile Holdings Ltd.		16,000		43,709
Glodon Co., Ltd., Class A		800		8,029
Guangzhou Kingmed Diagnostics Group Co., Ltd., Class A		2,500		43,601
Haier Smart Home Co., Ltd., Class H		8,000		33,835
Hangzhou Robam Appliances Co., Ltd., Class A		3,900		22,047
Hangzhou Tigermed Consulting Co., Ltd., Class A		1,300		26,076
Huayu Automotive Systems Co., Ltd., Class A		8,900		39,524
HUTCHMED China Ltd. ADR *		262		9,191
JD.com, Inc., Class A *		3,100		106,802
KE Holdings, Inc. ADR *		526		10,583
Kingdee International Software Group Co., Ltd. *		13,000		40,016
Kingsoft Corp., Ltd.		5,000		21,992
Kuaishou Technology *		1,400		12,980
Kweichow Moutai Co., Ltd., Class A		300		96,407
Li Ning Co., Ltd.		7,000		76,790
LONGi Green Energy Technology Co., Ltd., Class A		2,300		31,119
Lufax Holding Ltd. ADR *		2,332		13,129
Luzhou Laojiao Co., Ltd., Class A		800		31,887
Medlive Technology Co., Ltd. *		6,000		20,954
Meituan, Class B *		3,900		112,778
Midea Group Co., Ltd., Class A		2,100		24,319
Minth Group Ltd.		6,000		26,432
NetEase, Inc. ADR		447		45,496

December 31, 2021
Baillie Gifford China Equities Fund

	Shares		Value
Pinduoduo, Inc. ADR *		323	$	18,831
Ping An Bank Co., Ltd., Class A		18,200		47,055
Ping An Insurance Group Co. of China Ltd., Class H		12,000		86,473
Pop Mart International Group Ltd. *		3,800		21,822
Proya Cosmetics Co., Ltd., Class A		1,000		32,704
SG Micro Corp., Class A		927		44,977
Shandong Sinocera Functional Material Co., Ltd., Class A		900		6,011
Shenzhen Inovance Technology Co., Ltd., Class A		5,300		57,105
Shenzhen Megmeet Electrical Co., Ltd., Class A		6,625		33,299
Shenzhou International Group Holdings Ltd.		2,600		50,346
Sinocare, Inc., Class A		3,600		16,895
Sunny Optical Technology Group Co., Ltd.		1,400		44,344
Tencent Holdings Ltd.		4,500		262,580
Tencent Music Entertainment Group ADR *		1,605		10,994
Topchoice Medical Corp., Class A *		900		28,099
Weichai Power Co., Ltd., Class H		13,000		25,496
WuXi AppTec Co., Ltd., Class H		2,300		39,740
Yatsen Holding Ltd. ADR *		2,224		4,782
Yifeng Pharmacy Chain Co., Ltd., Class A		1,600		13,829
Yonyou Network Technology Co., Ltd., Class A		5,900		33,218
Yunnan Energy New Material Co., Ltd., Class A		600		23,546
Zai Lab Ltd. *		77		4,909
Zai Lab Ltd. ADR *		221		13,890
Zhejiang Sanhua Intelligent Controls Co., Ltd., Class A		12,100		48,038
Zijin Mining Group Co., Ltd., Class H		22,000		26,274
				2,580,877
Total Common Stocks
(cost $2,866,684)				2,580,877
PARTICIPATORY NOTES — 0.9%
CHINA — 0.9%
Glodon Co., Ltd., expiring on 1/29/2026 *		1,900		19,067
Shandong Sinocera Functional Material Co., Ltd., expiring on 11/11/2026 *		900		6,009
				25,076
Total Participatory Notes
(cost $24,958)				25,076

December 31, 2021
Baillie Gifford China Equities Fund

	Value
TOTAL INVESTMENTS — 97.5%
(cost $2,891,642)	$	2,605,953
Other assets less liabilities — 2.5%		66,552
NET ASSETS — 100.0%	$	2,672,505

* 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 December 31, 2021 in valuing the Fund's investments carried at fair value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks **	$	281,311	$	2,299,566	$	—	$	2,580,877
Participatory Notes **		—		25,076		—		25,076
Total	$	281,311	$	2,324,642	$	—	$	2,605,953

** Refer to Portfolio of Investments for further detail.

December 31, 2021
Baillie Gifford China Equities Fund

ASSETS
Investments, at value (cost $2,891,642)	$	2,605,953
Cash		106,792
Due from Investment Advisor		17,097
Total Assets		2,729,842
LIABILITIES
Advisory fee payable		2,317
Administration & Supervisory fee payable		716
Trustee fee payable		8
Commitment fee payable		3
Accrued expenses		54,293
Total Liabilities		57,337
NET ASSETS	$	2,672,505
COMPOSITION OF NET ASSETS
Paid-in capital	$	2,976,882
Total accumulated loss		(304,377	)
	$	2,672,505
NET ASSET VALUE, PER SHARE
Class K ($871,700 / 105,353 shares outstanding), unlimited authorized, no par value	$	8.27
Institutional Class ($1,800,805 / 217,722 shares outstanding), unlimited authorized, no par value	$	8.27

For the Period July 7, 2021* through December 31, 2021
Baillie Gifford China Equities Fund

INVESTMENT INCOME
Dividends (net of foreign withholding taxes of $192)	$	2,083
Interest		2
Total Investment Income		2,085
EXPENSES
Advisory fee (Note B)		3,920
Administration & Supervisory fee — Class K shares (Note B)		710
Administration & Supervisory fee — Institutional Class shares (Note B)		501
Transfer agency		16,497
Professional fees		23,106
Fund accounting		17,656
Registration fees		12,517
Custody		4,873
Legal		53
Trustees' fees		15
Commitment fees		7
Miscellaneous		821
Total Expenses		80,676
Fees waived/expenses reimbursed		(74,476	)
Total Expenses after waiver		6,200
Net Investment Loss		(4,115	)
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) from:
Investments		(18,688	)
Foreign currency transactions		1,262
		(17,426	)
Net change in unrealized depreciation on:
Investments		(285,689	)
		(285,689	)
Net realized and unrealized loss		(303,115	)
NET DECREASE IN NET ASSETS FROM OPERATIONS	$	(307,230	)

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

	For the Period July 7, 2021^(a)through December 31, 2021
Net asset value, beginning of period	$	10.00
From Investment Operations
Net investment loss^(b)		(0.02	)
Net realized and unrealized loss on investments and foreign currency		(1.71	)
Net (decrease) in net asset value from investment operations		(1.73	)
Net asset value, end of period	$	8.27
Total Return
Total return based on net asset value^(c)		(17.30	)%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	872
Ratio of net expenses to average net assets, before waiver		11.32	%*
Ratio of net expenses to average net assets, after waiver		0.87	%*
Ratio of net investment loss to average net assets		(0.56	)%*
Portfolio turnover rate^(d)		6	%

* Annualized.

^(a) Commencement of investment operations.

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

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

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

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

	For the Period July 7, 2021^(a)through December 31, 2021
Net asset value, beginning of period	$	10.00
From Investment Operations
Net investment loss^(b)		(0.03	)
Net realized and unrealized loss on investments and foreign currency		(1.70	)
Net (decrease) in net asset value from investment operations		(1.73	)
Net asset value, end of period	$	8.27
Total Return
Total return based on net asset value^(c)		(17.30	)%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	1,801
Ratio of net expenses to average net assets, before waiver		11.32	%*
Ratio of net expenses to average net assets, after waiver		0.87	%*
Ratio of net investment loss to average net assets		(0.60	)%*
Portfolio turnover rate^(d)		6	%

* Annualized.

^(a) Commencement of investment operations.

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

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

December 31, 2021
Baillie Gifford Developed EAFE All Cap Fund

	Value		% of Total Net Assets
Apparel	$	39,216,512		5.4	%
Auto Manufacturers		6,860,328		1.0
Auto Parts & Equipment		12,124,008		1.7
Banks		11,525,460		1.6
Beverages		15,088,041		2.1
Building Materials		24,877,111		3.5
Chemicals		6,234,647		0.9
Commercial Services		17,665,593		2.5
Computers		14,953,196		2.1
Cosmetics/Personal Care		17,705,911		2.5
Distribution/Wholesale		10,323,726		1.4
Diversified Financial Services		30,398,839		4.2
Electronics		78,151,435		10.8
Engineering & Construction		5,005,567		0.7
Food		12,557,078		1.7
Hand/Machine Tools		17,193,855		2.4
Healthcare — Products		45,036,406		6.3
Healthcare — Services		5,001,093		0.7
Home Furnishings		7,099,012		1.0
Insurance		15,686,304		2.2
Internet		89,901,922		12.5
Investment Companies		6,634,168		0.9
Leisure Time		18,668,988		2.6
Machinery — Construction & Mining		11,582,883		1.7
Machinery — Diversified		51,713,786		7.2
Retail		53,290,499		7.4
Semiconductors		33,295,232		4.6
Software		29,838,560		4.2
Telecommunications		7,737,543		1.1
Toys/Games/Hobbies		8,344,296		1.2
Total Value of Investments		703,711,999		98.1
Other assets less liabilities		13,731,172		1.9
Net Assets	$	717,443,171		100.0	%

December 31, 2021
Baillie Gifford Developed EAFE All Cap Fund

	Shares		Value
COMMON STOCKS — 95.1%
AUSTRALIA — 1.8%
Cochlear Ltd.		81,237	$	12,750,188
CHINA — 0.8%
Prosus NV *		71,138		5,892,009
FRANCE — 6.4%
Kering		13,310		10,679,310
LVMH Moet Hennessy Louis Vuitton SE		17,819		14,726,225
Remy Cointreau SA		62,073		15,088,041
Ubisoft Entertainment SA *		111,485		5,438,271
				45,931,847
GERMANY — 8.3%
adidas AG		26,711		7,691,309
Auto1 Group SE *		162,335		3,587,858
Bechtle AG		210,136		14,953,196
Nemetschek SE		67,089		8,578,274
Rational AG		6,941		7,099,012
Zalando SE *		216,779		17,462,958
				59,372,607
HONG KONG — 4.6%
AIA Group Ltd.		1,554,200		15,686,304
Techtronic Industries Co., Ltd.		862,500		17,193,855
				32,880,159
JAPAN — 24.9%
Denso Corp.		146,300		12,124,008
Kakaku.com, Inc.		298,500		7,979,884
Kao Corp.		118,300		6,195,885
Keyence Corp.		16,900		10,626,014
Murata Manufacturing Co., Ltd.		123,900		9,882,569
Nidec Corp.		112,300		13,284,462
Olympus Corp.		790,700		18,207,640
Pigeon Corp.		119,000		2,277,359
Recruit Holdings Co., Ltd.		172,000		10,467,184
Shimano, Inc.		70,100		18,668,988

December 31, 2021
Baillie Gifford Developed EAFE All Cap Fund

	Shares		Value
Shiseido Co., Ltd.		165,500	$	9,232,668
SMC Corp.		27,900		18,856,442
SoftBank Group Corp.		161,400		7,737,543
Sugi Holdings Co., Ltd.		54,800		3,320,199
Suzuki Motor Corp.		177,900		6,860,328
Sysmex Corp.		104,300		14,078,578
Z Holdings Corp.		1,564,900		9,029,461
				178,829,212
NETHERLANDS — 6.1%
ASML Holding NV		41,566		33,295,232
IMCD NV		46,713		10,323,726
				43,618,958
NEW ZEALAND — 2.2%
Ryman Healthcare Ltd.		596,411		5,001,093
Xero Ltd. *		104,636		10,710,461
				15,711,554
PORTUGAL — 1.8%
Jeronimo Martins SGPS SA		548,731		12,557,078
SINGAPORE — 1.6%
United Overseas Bank Ltd.		577,089		11,525,460
SPAIN — 1.7%
Industria de Diseno Textil SA		373,935		12,059,421
SWEDEN — 11.2%
Atlas Copco AB, A Shares		321,723		22,231,330
Avanza Bank Holding AB		516,256		18,910,135
Epiroc AB, B Shares		359,646		7,605,512
Investor AB, B Shares		264,380		6,634,168
Nibe Industrier AB, B Shares		1,646,407		24,877,111
				80,258,256
SWITZERLAND — 2.8%
Cie Financiere Richemont SA		136,835		20,447,921

December 31, 2021
Baillie Gifford Developed EAFE All Cap Fund

	Shares		Value
UNITED KINGDOM — 14.6%
ASOS PLC *		153,179	$	4,957,390
Auto Trader Group PLC		1,661,562		16,640,339
Burberry Group PLC		247,938		6,119,668
Farfetch Ltd., Class A *		284,297		9,504,049
Games Workshop Group PLC		61,892		8,344,296
Hargreaves Lansdown PLC		625,196		11,488,704
HomeServe PLC		422,882		5,005,567
Intertek Group PLC		94,359		7,198,409
Johnson Matthey PLC		224,365		6,234,647
Rightmove PLC		1,467,369		15,834,081
Trainline PLC *		1,143,864		4,319,693
Weir Group PLC (The)		171,397		3,977,372
Wise PLC, Class A *		497,070		5,111,554
				104,735,769
UNITED STATES — 6.3%
Mettler-Toledo International, Inc. *		19,562		33,200,822
Spotify Technology SA *		51,947		12,157,156
				45,357,978
Total Common Stocks
(cost $448,928,224)				681,928,417
PREFERRED STOCKS — 3.0%
GERMANY — 3.0%
Sartorius AG 0.13% (cost $6,381,632)		32,208		21,783,582
TOTAL INVESTMENTS — 98.1%
(cost $455,309,856)			$	703,711,999
Other assets less liabilities — 1.9%				13,731,172
NET ASSETS — 100.0%			$	717,443,171

* Non-income producing security.

December 31, 2021
Baillie Gifford Developed EAFE All Cap Fund

ASSETS
Investments, at value (cost $455,309,856)	$	703,711,999
Cash		4,661,862
Foreign cash, at value (cost $104,956)		105,076
Capital shares sold receivable		9,722,456
Tax reclaims receivable		649,022
Dividends receivable		347,059
Prepaid assets		37,733
Total Assets		719,235,207
LIABILITIES
Advisory fee payable		621,274
Payable for investment purchased		741,077
Administration & Supervisory fee payable		159,417
Shareholder Servicing fee payable		93,981
Capital shares purchased payable		23,714
Trustee fee payable		3,934
Commitment fee payable		1,686
Accrued expenses		146,953
Total Liabilities		1,792,036
NET ASSETS	$	717,443,171
COMPOSITION OF NET ASSETS
Paid-in capital	$	471,175,812
Total distributable earnings		246,267,359
	$	717,443,171
NET ASSET VALUE, PER SHARE
Class 2 ($103,630,433 / 5,974,893 shares outstanding), unlimited authorized, no par value	$	17.34
Class 3 ($108,808,202 / 6,212,069 shares outstanding), unlimited authorized, no par value	$	17.52
Class 4 ($116,923,004 / 6,651,854 shares outstanding), unlimited authorized, no par value	$	17.58
Class K ($345,051,766 / 19,939,276 shares outstanding), unlimited authorized, no par value	$	17.31
Institutional Class ($43,029,766 / 2,491,140 shares outstanding), unlimited authorized, no par value	$	17.27

For the Year Ended December 31, 2021
Baillie Gifford Developed EAFE All Cap Fund

INVESTMENT INCOME
Dividends (net of foreign withholding taxes of $798,329)	$	6,589,683
Interest		1,034
Total Investment Income		6,590,717
EXPENSES
Advisory fee (Note B)		2,319,325
Shareholder Servicing fees — Class 2 shares (Note B)		208,278
Shareholder Servicing fees — Class 3 shares (Note B)		107,568
Shareholder Servicing fees — Class 4 shares (Note B)		78,173
Administration & Supervisory fee — Class K shares (Note B)		511,445
Administration & Supervisory fee — Institutional Class shares (Note B)		34,094
Transfer agency		92,183
Sub-transfer agency — Institutional Class shares		12,333
Fund accounting		198,247
Custody		79,155
Legal		69,767
Registration fees		57,482
Professional fees		48,199
Trustees' fees		14,115
Commitment fees		5,357
Miscellaneous		19,526
Total Expenses		3,855,247
Net Investment Income		2,735,470
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) from:
Investments		19,367,161
Foreign currency transactions		(44,161	)
		19,323,000
Net change in unrealized appreciation (depreciation) on:
Investments		22,867,263
Translation of net assets and liabilities denominated in foreign currencies		(66,153	)
		22,801,110
Net realized and unrealized gain		42,124,110
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	44,859,580

Baillie Gifford Developed EAFE All Cap Fund

	For the Year Ended December 31, 2021			For the Year Ended December 31, 2020
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	2,735,470		$	2,705,662
Net realized gain		19,323,000			11,744,538
Net change in unrealized appreciation		22,801,110			121,526,290
Net increase in net assets from operations		44,859,580			135,976,490
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings
Class 2		(3,070,717	)		(2,184,122	)
Class 3		(3,299,115	)		(1,158,667	)
Class 4		(3,568,899	)		—
Class K		(10,436,889	)		(2,481,439	)
Institutional Class		(1,033,964	)		(109,348	)
Total Distributions to Shareholders		(21,409,584	)		(5,933,576	)
TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
Net proceeds from shares subscribed:
Class 2		6,000			6,000
Class 3		103,921,278			—
Class 4		111,639,409			—
Class K		111,763,657			9,101,965
Institutional Class		37,047,091			17,007,484
Dividends reinvested:
Class 2		3,070,718			2,184,122
Class 3		3,299,115			1,158,667
Class 4		3,568,899			—
Class K		10,047,376			2,359,735
Institutional Class		1,029,566			109,348
Cost of shares redeemed:
Class 2		(128,955,703	)		(65,191,959	)
Class 3		(111,639,409	)		—
Class K		(31,415,609	)		(62,538,353	)
Institutional Class		(7,719,308	)		(17,016,373	)
Increase (Decrease) in Net Assets from Transactions in Shares of Beneficial Interest		105,663,080			(112,819,364	)
Total Increase in Net Assets		129,113,076			17,223,550
NET ASSETS
Beginning of year		588,330,095			571,106,545
End of year	$	717,443,171		$	588,330,095

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

	For the Year Ended December 31, 2021			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
Net asset value, beginning of year	$	16.64		$	13.13		$	10.04		$	12.06		$	9.55
From Investment Operations
Net investment income^(a)		0.07			0.07			0.13			0.15			0.14
Net realized and unrealized gain (loss) on investments and foreign currency		1.16			3.61			3.11			(2.08	)		2.58
Net increase (decrease) in net asset value from investment operations		1.23			3.68			3.24			(1.93	)		2.72
Dividends and Distributions to Shareholders
From net investment income		(0.20	)		(0.17	)		(0.15	)		(0.03	)		(0.22	)
From net realized gain on investments		(0.33	)		—			—			(0.06	)		—
Total Dividends and Distributions		(0.53	)		(0.17	)		(0.15	)		(0.09	)		(0.22	)
Proceeds from Purchase Fees and Redemption Fees^(a)		—			—			—			—			0.01
Net asset value, end of year	$	17.34		$	16.64		$	13.13		$	10.04		$	12.06
Total Return
Total return based on net asset value^(b)		7.44	%		27.95	%		32.33	%		(16.05	)%		28.59	%
Ratios/Supplemental Data
Net assets, end of year (000's omitted)	$	103,630		$	221,181		$	229,861		$	181,679		$	221,316
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		0.37	%		0.50	%		1.08	%		1.23	%		1.22	%
Portfolio turnover rate^(c)		14	%		12	%		19	%		14	%		21	%

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

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

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

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

	For the Year Ended December 31, 2021			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)		0.08			0.07			0.14			0.16			0.12
Net realized and unrealized gain (loss) on investments and foreign currency		1.19			3.65			3.15			(2.11	)		1.79
Net increase (decrease) in net asset value from investment operations		1.27			3.72			3.29			(1.95	)		1.91
Dividends and Distributions to Shareholders
From net investment income		(0.22	)		(0.18	)		(0.16	)		(0.03	)		(0.23	)
From net realized gain on investments		(0.33	)		—			—			(0.06	)		—
Total Dividends and Distributions		(0.55	)		(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	$	17.52		$	16.80		$	13.26		$	10.13		$	12.17
Total Return
Total return based on net asset value^(d)		7.51	%		28.04	%		32.42	%		(15.99	)%		18.25	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	108,808		$	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		0.46	%		0.55	%		1.16	%		1.31	%		1.32	%*
Portfolio turnover rate^(e)		14	%		12	%		19	%		14	%		21	%

* Annualized.

^(a) Commencement of investment operations.

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

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

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

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

	For the Period January 13, 2021^(a)through December 31, 2021
Net asset value, beginning of period	$	17.31
From Investment Operations
Net investment income^(b)		0.09
Net realized and unrealized gain on investments and foreign currency		0.73
Net increase in net asset value from investment operations		0.82
Dividends and Distributions to Shareholders
From net investment income		(0.22	)
From net realized gain on investments		(0.33	)
Total Dividends and Distributions		(0.55	)
Net asset value, end of period	$	17.58
Total Return
Total return based on net asset value^(c)		4.74	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	116,923
Ratio of net expenses to average net assets		0.51	%*
Ratio of net investment income to average net assets		0.54	%*
Portfolio turnover rate^(d)		14	%

* Annualized.

^(a) Commencement of investment operations.

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

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

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

	For the Year Ended December 31, 2021			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)		0.07			0.06			0.12			0.11			0.07
Net realized and unrealized gain (loss) on investments and foreign currency		1.17			3.61			3.11			(2.04	)		1.47
Net increase (decrease) in net asset value from investment operations		1.24			3.67			3.23			(1.93	)		1.54
Dividends and Distributions to Shareholders
From net investment income		(0.21	)		(0.17	)		(0.15	)		(0.04	)		(0.22	)
From net realized gain on investments		(0.33	)		—			—			(0.06	)		—
Total Dividends and Distributions		(0.54	)		(0.17	)		(0.15	)		(0.10	)		(0.22	)
Net asset value, end of period	$	17.31		$	16.61		$	13.11		$	10.03		$	12.06
Total Return
Total return based on net asset value^(c)		7.47	%		27.98	%		32.24	%		(16.05	)%		14.39	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	345,052		$	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		0.38	%		0.49	%		1.04	%		0.99	%		0.87	%*
Portfolio turnover rate^(d)		14	%		12	%		19	%		14	%		21	%

* Annualized.

^(a) Commencement of investment operations.

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

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

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

	For the Year Ended December 31, 2021			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)		0.05			0.06			0.11			0.06			0.07
Net realized and unrealized gain (loss) on investments and foreign currency		1.17			3.58			3.13			(2.00	)		1.47
Net increase (decrease) in net asset value from investment operations		1.22			3.64			3.24			(1.94	)		1.54
Dividends and Distributions to Shareholders
From net investment income		(0.21	)		(0.15	)		(0.16	)		(0.04	)		(0.22	)
From net realized gain on investments		(0.33	)		—			—			(0.06	)		—
Total Dividends and Distributions		(0.54	)		(0.15	)		(0.16	)		(0.10	)		(0.22	)
Net asset value, end of period	$	17.27		$	16.59		$	13.10		$	10.02		$	12.06
Total Return
Total return based on net asset value^(c)		7.36	%		27.77	%		32.28	%		(16.13	)%		14.39	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	43,030		$	12,143		$	9,179		$	1,862		$	6
Ratio of net expenses to average net assets		0.67	%		0.76	%		0.73	%		0.77	%		0.66	%*
Ratio of net investment income to average net assets		0.29	%		0.43	%		0.89	%		0.59	%		0.87	%*
Portfolio turnover rate^(d)		14	%		12	%		19	%		14	%		21	%

* Annualized.

^(a) Commencement of investment operations.

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

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

December 31, 2021
Baillie Gifford EAFE Plus All Cap Fund

	Value		% of Total Net Assets
Apparel	$	27,410,585		4.5	%
Auto Manufacturers		4,851,204		0.8
Auto Parts & Equipment		9,190,380		1.5
Banks		8,675,176		1.4
Beverages		11,377,588		1.9
Building Materials		19,626,135		3.2
Chemicals		4,171,752		0.7
Commercial Services		15,201,096		2.5
Computers		13,019,932		2.1
Cosmetics/Personal Care		15,204,403		2.5
Distribution/Wholesale		8,968,755		1.5
Diversified Financial Services		10,705,404		1.7
Electronics		70,764,421		11.7
Engineering & Construction		4,227,026		0.7
Food		9,860,537		1.6
Hand/Machine Tools		11,651,952		1.9
Healthcare — Products		34,467,295		5.7
Home Furnishings		6,374,894		1.1
Insurance		20,496,656		3.4
Internet		104,074,820		17.1
Investment Companies		11,875,131		2.0
Leisure Time		10,439,720		1.7
Machinery — Construction & Mining		10,851,328		1.8
Machinery — Diversified		41,753,795		6.9
Retail		44,256,551		7.3
Semiconductors		35,509,411		5.9
Software		23,825,485		4.0
Telecommunications		5,446,003		0.9
Toys/Games/Hobbies		6,410,703		1.1
Total Value of Investments		600,688,138		99.1
Other assets less liabilities		5,351,933		0.9
Net Assets	$	606,040,071		100.0	%

December 31, 2021
Baillie Gifford EAFE Plus All Cap Fund

	Shares		Value
COMMON STOCKS — 95.6%
ARGENTINA — 1.3%
MercadoLibre, Inc. *		6,014	$	8,109,278
AUSTRALIA — 1.6%
Cochlear Ltd.		60,026		9,421,111
BRAZIL — 0.5%
Raia Drogasil SA		755,400		3,288,795
CHINA — 4.6%
Alibaba Group Holding Ltd. ADR *		48,353		5,743,853
Baidu, Inc. ADR *		18,442		2,743,985
Meituan, Class B *		285,000		8,241,485
Ping An Insurance Group Co. of China Ltd., Class H		816,000		5,880,194
Prosus NV *		35,319		2,925,299
Trip.com Group Ltd. ADR *		92,874		2,286,558
				27,821,374
FRANCE — 5.0%
Kering		8,491		6,812,774
LVMH Moet Hennessy Louis Vuitton SE		9,796		8,095,746
Remy Cointreau SA		46,808		11,377,588
Ubisoft Entertainment SA *		81,071		3,954,667
				30,240,775
GERMANY — 8.7%
adidas AG		28,108		8,093,568
Auto1 Group SE *		147,582		3,261,794
Bechtle AG		182,968		13,019,932
Nemetschek SE		61,016		7,801,756
Rational AG		6,233		6,374,894
Zalando SE *		172,038		13,858,779
				52,410,723
HONG KONG — 4.3%
AIA Group Ltd.		1,448,200		14,616,462
Techtronic Industries Co., Ltd.		584,500		11,651,952
				26,268,414

December 31, 2021
Baillie Gifford EAFE Plus All Cap Fund

	Shares		Value
INDIA — 0.9%
Housing Development Finance Corp., Ltd.		90,923	$	3,145,854
MakeMyTrip Ltd. *		81,188		2,249,720
				5,395,574
JAPAN — 22.5%
Denso Corp.		110,900		9,190,380
Kakaku.com, Inc.		171,100		4,574,064
Kao Corp.		81,700		4,278,984
Keyence Corp.		14,700		9,242,746
Murata Manufacturing Co., Ltd.		112,900		9,005,182
Nidec Corp.		90,800		10,741,132
Olympus Corp.		526,700		12,128,448
Pigeon Corp.		107,400		2,055,364
Recruit Holdings Co., Ltd.		135,400		8,239,865
Shimano, Inc.		39,200		10,439,720
Shiseido Co., Ltd.		159,000		8,870,055
SMC Corp.		23,000		15,544,737
SoftBank Group Corp.		113,600		5,446,003
Sugi Holdings Co., Ltd.		49,300		2,986,968
Suzuki Motor Corp.		125,800		4,851,204
Sysmex Corp.		95,700		12,917,736
Z Holdings Corp.		1,027,900		5,930,975
				136,443,563
NETHERLANDS — 4.7%
ASML Holding NV		24,623		19,723,536
IMCD NV		40,582		8,968,755
				28,692,291
NEW ZEALAND — 1.5%
Xero Ltd. *		88,113		9,019,179
PORTUGAL — 1.6%
Jeronimo Martins SGPS SA		430,895		9,860,536
SINGAPORE — 1.4%
United Overseas Bank Ltd.		434,373		8,675,176

December 31, 2021
Baillie Gifford EAFE Plus All Cap Fund

	Shares		Value
SOUTH AFRICA — 0.8%
Naspers Ltd., N Shares		32,820	$	5,094,030
SOUTH KOREA — 0.8%
Coupang, Inc. *		161,520		4,745,458
SPAIN — 1.5%
Industria de Diseno Textil SA		278,609		8,985,153
SWEDEN — 9.2%
Atlas Copco AB, A Shares		155,977		10,778,142
Atlas Copco AB, B Shares		105,348		6,188,170
Epiroc AB, B Shares		338,146		7,150,846
Investor AB, B Shares		473,239		11,875,131
Nibe Industrier AB, B Shares		1,298,889		19,626,135
				55,618,424
SWITZERLAND — 2.5%
Cie Financiere Richemont SA		101,294		15,136,856
TAIWAN — 2.6%
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		131,210		15,785,875
UNITED KINGDOM — 13.2%
ASOS PLC *		105,042		3,399,514
Auto Trader Group PLC		1,305,284		13,072,259
Burberry Group PLC		178,610		4,408,497
Farfetch Ltd., Class A *		194,343		6,496,887
Games Workshop Group PLC		47,550		6,410,703
Hargreaves Lansdown PLC		411,378		7,559,550
HomeServe PLC		357,109		4,227,026
Intertek Group PLC		91,250		6,961,231
Johnson Matthey PLC		150,128		4,171,752
Rightmove PLC		1,131,909		12,214,200
Trainline PLC *		1,056,884		3,991,221
Weir Group PLC (The)		159,465		3,700,482
Wise PLC, Class A *		296,584		3,049,883
				79,663,205

December 31, 2021
Baillie Gifford EAFE Plus All Cap Fund

	Shares		Value
UNITED STATES — 6.4%
Mettler-Toledo International, Inc. *		17,504	$	29,707,964
Spotify Technology SA *		38,432		8,994,241
				38,702,205
Total Common Stocks
(cost $361,238,390)				579,377,995
PREFERRED STOCKS — 3.5%
GERMANY — 3.5%
Sartorius AG 0.13% (cost $5,836,369)		31,508		21,310,143
TOTAL INVESTMENTS — 99.1%
(cost $367,074,759)			$	600,688,138
Other assets less liabilities — 0.9%				5,351,933
NET ASSETS — 100.0%			$	606,040,071

* Non-income producing security.

ADR — American Depositary Receipt

Fair Value Measurement

The following is a summary of the inputs used as of December 31, 2021 in valuing the Fund's investments carried at fair value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks **	$	111,630,910	$	467,747,085	$	—	$	579,377,995
Preferred Stocks **		—		21,310,143		—		21,310,143
Total	$	111,630,910	$	489,057,228	$	—	$	600,688,138

** Refer to Portfolio of Investments for further detail.

December 31, 2021
Baillie Gifford EAFE Plus All Cap Fund

ASSETS
Investments, at value (cost $367,074,759)	$	600,688,138
Cash		5,322,522
Foreign cash, at value (cost $2,791)		2,830
Tax reclaims receivable		480,648
Dividends receivable		336,550
Capital shares sold receivable		134,466
Prepaid assets		20,517
Total Assets		606,985,671
LIABILITIES
Advisory fee payable		561,454
Shareholder Servicing fee payable		134,355
Administration & Supervisory fee payable		99,660
Trustee fee payable		3,616
Commitment fee payable		1,550
Accrued expenses		144,965
Total Liabilities		945,600
NET ASSETS	$	606,040,071
COMPOSITION OF NET ASSETS
Paid-in capital	$	372,250,578
Total distributable earnings		233,789,493
	$	606,040,071
NET ASSET VALUE, PER SHARE
Class 2 ($179,912,866 / 9,026,370 shares outstanding), unlimited authorized, no par value	$	19.93
Class 3 ($211,864,929 / 10,648,955 shares outstanding), unlimited authorized, no par value	$	19.90
Class 4 ($4,910,409 / 246,485 shares outstanding), unlimited authorized, no par value	$	19.92
Class K ($166,910,364 / 8,405,820 shares outstanding), unlimited authorized, no par value	$	19.86
Institutional Class ($42,441,503 / 2,142,943 shares outstanding), unlimited authorized, no par value	$	19.81

For the Year Ended December 31, 2021
Baillie Gifford EAFE Plus All Cap Fund

INVESTMENT INCOME
Dividends (net of foreign withholding taxes of $758,340)	$	6,202,515
Interest		557
Total Investment Income		6,203,072
EXPENSES
Advisory fee (Note B)		2,363,583
Shareholder Servicing fees — Class 2 shares (Note B)		432,654
Shareholder Servicing fees — Class 3 shares (Note B)		179,764
Shareholder Servicing fees — Class 4 shares (Note B)		736
Administration & Supervisory fee — Class K shares (Note B)		333,387
Administration & Supervisory fee — Institutional Class shares (Note B)		74,598
Transfer agency		80,623
Sub-transfer agency — Institutional Class shares		45,330
Fund accounting		223,066
Custody		86,024
Legal		73,531
Registration fees		62,324
Professional fees		54,691
Trustees' fees		14,251
Commitment fees		5,439
Line of credit Interest		1,830
Miscellaneous		21,013
Total Expenses		4,052,844
Net Investment Income		2,150,228
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) from:
Investments		52,951,046
Foreign currency transactions		(94,451	)
		52,856,595
Net change in unrealized depreciation on:
Investments		(32,455,548	)
Translation of net assets and liabilities denominated in foreign currencies		(31,322	)
		(32,486,870	)
Net realized and unrealized gain		20,369,725
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	22,519,953

Baillie Gifford EAFE Plus All Cap Fund

	For the Year Ended December 31, 2021			For the Year Ended December 31, 2020
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	2,150,228		$	2,090,625
Net realized gain		52,856,595			11,700,117
Net change in unrealized appreciation (depreciation)		(32,486,870	)		147,139,024
Net increase in net assets from operations		22,519,953			160,929,766
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings
Class 2		(15,772,463	)		(5,732,100	)
Class 3		(18,905,378	)		(2,604,537	)
Class 4		(440,760	)		—
Class K		(14,734,840	)		(3,457,873	)
Institutional Class		(3,749,028	)		(652,549	)
Total Distributions to Shareholders		(53,602,469	)		(12,447,059	)
TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
Net proceeds from shares subscribed:
Class 2		6,000			786,000
Class 3		108,708,698			118,434,820
Class 4		4,689,893			—
Class K		14,492,662			70,360,885
Institutional Class		9,054,805			11,245,159
Dividends reinvested:
Class 2		15,772,464			5,732,100
Class 3		18,905,377			2,604,536
Class 4		440,760			—
Class K		14,725,746			3,452,561
Institutional Class		3,736,271			650,466
Cost of shares redeemed:
Class 2		(177,343,738	)		(45,075,399	)
Class 3		(45,139,893	)		—
Class K		(55,928,721	)		(28,250,000	)
Institutional Class		(7,859,622	)		(3,196,880	)
Increase (Decrease) in Net Assets from Transactions in Shares of Beneficial Interest		(95,739,298	)		136,744,248
Total Increase (Decrease) in Net Assets		(126,821,814	)		285,226,955
NET ASSETS
Beginning of year		732,861,885			447,634,930
End of year	$	606,040,071		$	732,861,885

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

	For the Year Ended December 31, 2021			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
Net asset value, beginning of year	$	21.15		$	16.71		$	13.15		$	16.11		$	12.46
From Investment Operations
Net investment income^(a)		0.07			0.07			0.27			0.17			0.16
Net realized and unrealized gain (loss) on investments and foreign currency		0.63			4.73			3.91			(2.81	)		3.74
Net increase (decrease) in net asset value from investment operations		0.70			4.80			4.18			(2.64	)		3.90
Dividends and Distributions to Shareholders
From net investment income		(0.28	)		(0.14	)		(0.33	)		(0.09	)		(0.25	)
From net realized gain on investments		(1.64	)		(0.22	)		(0.29	)		(0.23	)		—
Total Dividends and Distributions		(1.92	)		(0.36	)		(0.62	)		(0.32	)		(0.25	)
Proceeds from Purchase Fees and Redemption Fees^(a)		—			—			—			—			0.00	^(b)
Net asset value, end of year	$	19.93		$	21.15		$	16.71		$	13.15		$	16.11
Total Return
Total return based on net asset value^(c)		3.31	%		28.77	%		31.73	%		(16.39	)%		31.28	%
Ratios/Supplemental Data
Net assets, end of year (000's omitted)	$	179,913		$	343,888		$	309,335		$	232,937		$	280,488
Ratio of net expenses to average net assets		0.61	%		0.62	%		0.65	%		0.68	%		0.67	%
Ratio of net investment income to average net assets		0.32	%		0.42	%		1.76	%		1.06	%		1.06	%
Portfolio turnover rate^(d)		10	%		20	%		11	%		26	%		12	%

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

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

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

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

	For the Year Ended December 31, 2021			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 year	$	21.14		$	17.57		$	12.58		$	12.67
From Investment Operations
Net investment income^(b)		0.08			0.03			0.16			0.20
Net realized and unrealized gain on investments and foreign currency		0.63			3.93			3.79			(0.13	)
Net increase in net asset value from investment operations		0.71			3.96			3.95			0.07
Dividends and Distributions to Shareholders
From net investment income		(0.31	)		(0.17	)		(0.27	)		(0.17	)
From net realized gain on investments		(1.64	)		(0.22	)		—			—
Total Dividends and Distributions		(1.95	)		(0.39	)		(0.27	)		(0.17	)
Proceeds from Purchase Fees and Redemption Fees^(b)		—			—			.00	^(c)		0.01
Net asset value, end of year	$	19.90		$	21.14		$	16.26		$	12.58
Total Return
Total return based on net asset value^(d)		3.38	%		22.49	%		31.37	%		0.66	%
Ratios/Supplemental Data
Net assets, end of year (000's omitted)	$	211,865		$	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		0.36	%*		0.35	%*		1.06	%		1.59	%
Portfolio turnover rate^(e)		10	%		20	%		12	%		23	%

* Annualized

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

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

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

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

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

	For the Period October 11, 2021^(a)through December 31, 2021
Net asset value, beginning of year	$	20.79
From Investment Operations
Net investment income^(b)		0.00	^(c)
Net realized and unrealized gain on investments and foreign currency		1.10
Net increase in net asset value from investment operations		1.10
Dividends and Distributions to Shareholders
From net investment income		(0.33	)
From net realized gain on investments		(1.64	)
Total Dividends and Distributions		(1.97	)
Proceeds from Purchase Fees and Redemption Fees^(b)		—
Net asset value, end of year	$	19.92
Total Return
Total return based on net asset value^(c)		5.33	%
Ratios/Supplemental Data
Net assets, end of year (000's omitted)	$	4,910
Ratio of net expenses to average net assets		0.53	%*
Ratio of net investment income to average net assets		0.01	%
Portfolio turnover rate^(d)		10	%

* Annualized

^(a) New Shares were issued at $20.79 on October 11, 2021.

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

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

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

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

	For the Year Ended December 31, 2021			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)		0.07			0.07			0.26			0.04			0.08
Net realized and unrealized gain (loss) on investments and foreign currency		0.63			4.73			3.91			(2.68	)		2.13
Net increase (decrease) in net asset value from investment operations		0.70			4.80			4.17			(2.64	)		2.21
Dividends and Distributions to Shareholders
From net investment income		(0.29	)		(0.15	)		(0.34	)		(0.11	)		(0.26	)
From net realized gain on investments		(1.64	)		(0.22	)		(0.29	)		(0.23	)		—
Total Dividends and Distributions		(1.93	)		(0.37	)		(0.63	)		(0.34	)		(0.26	)
Net asset value, end of period	$	19.86		$	21.09		$	16.66		$	13.12		$	16.10
Total Return
Total return based on net asset value^(c)		3.33	%		28.78	%		31.72	%		(16.36	)%		15.63	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	166,910		$	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		0.31	%		0.40	%		1.73	%		0.42	%		0.73	%*
Portfolio turnover rate^(d)		10	%		20	%		11	%		26	%		12	%

* Annualized.

^(a) Commencement of investment operations.

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

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

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

	For the Year Ended December 31, 2021			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)		0.05			0.05			0.26			0.07			0.01
Net realized and unrealized gain (loss) on investments and foreign currency		0.62			4.72			3.88			(2.73	)		2.21
Net increase (decrease) in net asset value from investment operations		0.67			4.77			4.14			(2.66	)		2.22
Dividends and Distributions to Shareholders
From net investment income		(0.27	)		(0.13	)		(0.32	)		(0.10	)		(0.28	)
From net realized gain on investments		(1.64	)		(0.22	)		(0.29	)		(0.23	)		—
Total Dividends and Distributions		(1.91	)		(0.35	)		(0.61	)		(0.33	)		(0.28	)
Net asset value, end of period	$	19.81		$	21.05		$	16.63		$	13.10		$	16.09
Total Return
Total return based on net asset value^(c)		3.20	%		28.68	%		31.60	%		(16.50	)%		15.68	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	42,442		$	39,894		$	23,378		$	10,768		$	201
Ratio of net expenses to average net assets		0.72	%		0.72	%		0.75	%		0.78	%		0.68	%*
Ratio of net investment income to average net assets		0.21	%		0.30	%		1.72	%		0.47	%		0.14	%*
Portfolio turnover rate^(d)		10	%		20	%		11	%		26	%		12	%

* Annualized.

^(a) Commencement of investment operations.

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

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

December 31, 2021
Baillie Gifford Emerging Markets Equities Fund

	Value		% of Total Net Assets
Airlines	$	53,541,031		0.9	%
Apparel		51,280,839		0.8
Auto Manufacturers		232,038,611		3.8
Auto Parts & Equipment		52,195,052		0.8
Banks		616,429,645		9.9
Biotechnology		75,368,070		1.2
Building Materials		113,119,980		1.8
Chemicals		76,453,524		1.2
Commercial Services		8,499,210		0.1
Computers		99,954,143		1.6
Diversified Financial Services		325,410,922		5.3
Electrical Components & Equipment		137,669,543		2.2
Food		28,533,966		0.5
Gas		45,332,315		0.7
Home Furnishings		114,688,462		1.8
Insurance		243,398,486		3.9
Internet		1,220,827,646		19.7
Iron/Steel		70,432,568		1.1
Machinery — Construction & Mining		31,479,135		0.5
Mining		440,217,482		7.1
Oil & Gas		511,487,431		8.2
Real Estate		14,458,534		0.2
Retail		103,684,976		1.7
Semiconductors		1,279,996,100		20.6
Software		143,313,779		2.3
Telecommunications		96,728,544		1.6
Total Value of Investments		6,186,539,994		99.5
Other assets less liabilities		28,413,678		0.5
Net Assets	$	6,214,953,672		100.0	%

December 31, 2021
Baillie Gifford Emerging Markets Equities Fund

	Shares		Value
COMMON STOCKS — 96.1%
ARGENTINA — 1.9%
MercadoLibre, Inc. *		89,863	$	121,171,269
BRAZIL — 6.5%
B3 SA — Brasil Bolsa Balcao		24,488,900		48,766,822
Banco Bradesco SA ADR		14,499,748		49,589,138
Petroleo Brasileiro SA ADR		20,503,029		225,123,259
StoneCo Ltd., Class A *		504,105		8,499,210
Vale SA ADR		5,023,721		70,432,569
				402,410,998
CANADA — 0.0% ⁽¹⁾
Valeura Energy, Inc. *		4,672,400		1,606,778
CHILE — 1.2%
Lundin Mining Corp.		9,281,813		72,496,393
CHINA — 28.9%
Alibaba Group Holding Ltd. *		15,213,320		223,568,604
BeiGene Ltd. ADR *		131,686		35,677,688
Brilliance China Automotive Holdings Ltd. *^(a)		35,694,000		16,708,210
Burning Rock Biotech Ltd. ADR *		1,232,049		11,741,427
China Merchants Bank Co., Ltd., Class H		19,695,500		153,222,692
Contemporary Amperex Technology Co., Ltd., Class A		1,494,545		137,669,543
Dada Nexus Ltd. ADR *		1,087,973		14,317,725
Geely Automobile Holdings Ltd.		24,594,000		67,186,283
Haier Smart Home Co., Ltd., Class H		14,896,280		63,001,272
HUYA, Inc. ADR *		1,847,930		12,824,634
JD.com, Inc., Class A *		2,124,502		73,194,096
KE Holdings, Inc. ADR *		718,615		14,458,534
Kingsoft Cloud Holdings Ltd. ADR *		1,175,442		18,513,211
Kuaishou Technology *		2,642,200		24,497,072
Li Ning Co., Ltd.		5,965,500		65,441,792
Lufax Holding Ltd. ADR *		6,343,355		35,713,089
Meituan, Class B *		5,113,500		147,869,592
Midea Group Co., Ltd., Class A		4,463,270		51,687,190
Minth Group Ltd.		11,848,000		52,195,052

December 31, 2021
Baillie Gifford Emerging Markets Equities Fund

	Shares		Value
Ping An Bank Co., Ltd., Class A		20,072,950	$	51,896,967
Ping An Insurance Group Co. of China Ltd., Class H		19,682,500		141,834,467
Shenzhou International Group Holdings Ltd.		2,648,300		51,280,839
Tencent Holdings Ltd.		4,360,300		254,428,389
Tencent Music Entertainment Group ADR *		3,258,592		22,321,355
Zai Lab Ltd. ADR *		444,693		27,948,955
Zijin Mining Group Co., Ltd., Class H		23,218,000		27,728,975
				1,796,927,653
INDIA — 14.3%
HDFC Life Insurance Co., Ltd.		8,501,790		74,102,832
Housing Development Finance Corp., Ltd.		4,369,550		151,182,522
ICICI Lombard General Insurance Co., Ltd.		1,460,056		27,461,187
IDFC First Bank Ltd. *		69,540,491		45,090,004
Mahindra & Mahindra Ltd.		3,622,508		40,645,312
Piramal Enterprises Ltd.		1,696,175		60,150,003
Reliance Industries Ltd.		6,995,089		222,210,191
Tata Consultancy Services Ltd.		1,992,883		99,954,143
Tech Mahindra Ltd.		4,666,673		111,975,933
UltraTech Cement Ltd.		573,255		58,391,433
				891,163,560
INDONESIA — 1.1%
Bank Rakyat Indonesia Persero Tbk PT		227,971,363		65,638,928
MEXICO — 2.3%
Cemex SAB de CV, Participating Certificates ADR *		8,072,057		54,728,546
Grupo Financiero Banorte SAB de CV, Class O		7,775,716		50,572,250
Wal-Mart de Mexico SAB de CV		10,273,528		38,243,184
				143,543,980
PANAMA — 0.9%
Copa Holdings SA, Class A *		647,726		53,541,031
POLAND — 1.1%
Allegro.eu SA *		3,717,023		35,782,392
KGHM Polska Miedz SA		897,734		31,161,403
				66,943,795

December 31, 2021
Baillie Gifford Emerging Markets Equities Fund

	Shares		Value
RUSSIA — 7.4%
Magnit PJSC GDR Reg S		1,902,505	$	28,533,966
MMC Norilsk Nickel PJSC ADR		5,524,152		170,883,002
Moscow Exchange MICEX-RTS PJSC		14,557,370		29,598,487
Ozon Holdings PLC ADR *		1,051,835		31,144,834
Sberbank of Russia PJSC ADR		12,491,094		200,419,666
				460,579,955
SOUTH AFRICA — 1.9%
Naspers Ltd., N Shares		764,295		118,627,116
SOUTH KOREA — 12.5%
Coupang, Inc. *		1,524,740		44,796,861
Doosan Bobcat, Inc. *		919,829		31,479,135
Hyundai Motor Co.		612,426		107,498,806
LG Chem Ltd. *		147,890		76,453,524
NAVER Corp. *		116,275		36,908,175
Samsung Electronics Co., Ltd.		4,513,432		296,419,514
Samsung SDI Co., Ltd.		175,879		96,728,544
SK Hynix, Inc.		788,003		86,548,421
				776,832,980
TAIWAN — 13.9%
MediaTek, Inc.		4,099,000		175,886,156
Sea Ltd. ADR *		322,740		72,200,165
Taiwan Semiconductor Manufacturing Co., Ltd.		27,733,310		613,488,522
				861,574,843
ZAMBIA — 2.2%
First Quantum Minerals Ltd.		5,764,683		137,947,709
Total Common Stocks
(cost $4,501,880,552)				5,971,006,988
PREFERRED STOCKS — 3.4%
BRAZIL — 1.7%
Petroleo Brasileiro SA ADR 20.85%		6,186,667		62,547,203
Raizen SA 0.66%		39,364,710		45,332,315
				107,879,518

December 31, 2021
Baillie Gifford Emerging Markets Equities Fund

	Shares		Value
SOUTH KOREA — 1.7%
Samsung Electronics Co., Ltd. 1.53%		1,800,657	$	107,653,488
Total Preferred Stocks
(cost $168,950,994)				215,533,006
TOTAL INVESTMENTS — 99.5%
(cost $4,670,831,546)			$	6,186,539,994
Other assets less liabilities — 0.5%				28,413,678
NET ASSETS — 100.0%			$	6,214,953,672

⁽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

Reg S — Regulation S ("Reg S") under the Securities Act of 1933, as amended ("1933 Act") is a safe harbor that defines when an offering of securities will be deemed to come to rest abroad and therefore is not subject to the registration obligations imposed under Section 5 of the 1933 Act. The regulation includes two safe harbor provisions: an issuer safe harbor and a resale safe harbor. In each case, the regulation demands that offers and sales of the securities be made outside the United States and that no offering participant (which includes the issuer, the banks assisting with the offer and their respective affiliates) engage in "directed" selling efforts. In the case of issuers for whose securities there is substantial U.S. market interest, the regulation also requires that no offers and sales be made to U.S. persons (including U.S. persons physically located outside the United States). These securities have been deemed liquid under procedures approved by the Fund's Board of Trustees. At December 31, 2021, the net value of these securities was $28,533,966 representing 0.5% of net assets.

Fair Value Measurement

The following is a summary of the inputs used as of December 31, 2021 in valuing the Fund's investments carried at fair value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks **	$	1,274,376,637	$	4,679,922,141	$	16,708,210	$	5,971,006,988
Preferred Stocks **		107,879,518		107,653,488		—		215,533,006
Total	$	1,382,256,155	$	4,787,575,629	$	16,708,210	$	6,186,539,994

** Refer to Portfolio of Investments for further detail.

The following is a reconciliation of the Fund's Level 3 investments for which significant unobservable inputs were used in determining value:

Balance at December 31, 2020	$	—
Purchases		1,643,357
Sales		—
Realized gain (loss)		—
Change in unrealized gain (loss)		(15,782,732	)
Transfers into Level 3		30,847,585
Transfers out of Level 3		—
Balance at December 31, 2021	$	16,708,210
Change in unrealized gain (loss) related to Investments still held at December 31, 2021.	($	15,782,732	)

$30,847,585 was transferred out of Level 2 into Level 3 during the year ended December 31, 2021 as a result of the unavailability of a quoted market price in an active market for identical securities and other significant observable inputs.

December 31, 2021
Baillie Gifford Emerging Markets Equities Fund

ASSETS
Investments, at value (cost $4,670,831,546)	$	6,186,539,994
Foreign cash, at value (cost $3,522,438)		3,547,555
Capital shares sold receivable		54,986,727
Receivable for investments sold		28,084,817
Dividends receivable		9,082,337
Tax reclaims receivable		205,868
Receivable for India capital gains tax refunds (Note A)		188,100
Prepaid assets		62,711
Total Assets		6,282,698,109
LIABILITIES
Due to custodian		3,830,226
Advisory fee payable		8,400,706
Deferred India capital gains tax liability (Note A)		28,901,809
Capital shares purchased payable		23,244,680
Administration & Supervisory fee payable		1,746,259
Shareholder Servicing fee payable		238,949
Trustee fee payable		35,621
Commitment fee payable		15,263
Accrued expenses		1,330,924
Total Liabilities		67,744,437
NET ASSETS	$	6,214,953,672
COMPOSITION OF NET ASSETS
Paid-in capital	$	4,853,971,974
Total distributable earnings		1,360,981,698
	$	6,214,953,672
NET ASSET VALUE, PER SHARE
Class 2 ($66,301,476 / 2,700,923 shares outstanding), unlimited authorized, no par value	$	24.55
Class 3 ($291,673,661 / 11,781,326 shares outstanding), unlimited authorized, no par value	$	24.76
Class 4 ($252,836,708 / 10,068,041 shares outstanding), unlimited authorized, no par value	$	25.11
Class 5 ($1,746,589,430 / 68,583,277 shares outstanding), unlimited authorized, no par value	$	25.47
Class K ($2,654,519,949 / 108,631,710 shares outstanding), unlimited authorized, no par value	$	24.44
Institutional Class ($1,203,032,448 / 49,246,054 shares outstanding), unlimited authorized, no par value	$	24.43

For the Year Ended December 31, 2021
Baillie Gifford Emerging Markets Equities Fund

INVESTMENT INCOME
Dividends (net of foreign withholding taxes of $17,199,988)	$	156,748,896
Interest		6,381
Total Investment Income		156,755,277
EXPENSES
Advisory fee (Note B)		34,612,885
Shareholder Servicing fees — Class 2 shares (Note B)		175,728
Shareholder Servicing fees — Class 3 shares (Note B)		281,232
Shareholder Servicing fees — Class 4 shares (Note B)		195,789
Shareholder Servicing fees — Class 5 shares (Note B)		373,705
Administration & Supervisory fee — Class K shares (Note B)		4,818,259
Administration & Supervisory fee — Institutional Class shares (Note B)		2,260,004
Transfer agency		191,853
Sub-transfer agency — Institutional Class shares		1,247,389
Custody		2,668,627
Fund accounting		1,960,533
Legal		722,173
Registration fees		240,540
Trustees' fees		147,602
Professional fees		59,163
Commitment fees		54,244
Miscellaneous		218,460
Total Expenses		50,228,186
Net Investment Income		106,527,091
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 $6,350,185)		156,489,576
Foreign currency transactions		(2,992,923	)
		153,496,653
Net change in unrealized depreciation on:
Investments (net of deferred India capital gains tax expense of $5,034,264) (Note A)		(883,445,802	)
Translation of net assets and liabilities denominated in foreign currencies		(51,113	)
		(883,496,915	)
Net realized and unrealized loss		(730,000,262	)
NET DECREASE IN NET ASSETS FROM OPERATIONS	$	(623,473,171	)

Baillie Gifford Emerging Markets Equities Fund

	For the Year Ended December 31, 2021			For the Year Ended December 31, 2020
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	106,527,091		$	42,529,223
Net realized gain (loss)		153,496,653			(142,423,101	)
Net change in unrealized appreciation (depreciation)		(883,496,915	)		1,560,067,025
Net increase (decrease) in net assets from operations		(623,473,171	)		1,460,173,147
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings
Class 2		(1,803,685	)		(1,826,111	)
Class 3		(8,340,251	)		(2,184,364	)
Class 4		(7,173,573	)		(3,613,950	)
Class 5		(49,817,720	)		(25,856,284	)
Class K		(75,297,311	)		(31,409,509	)
Institutional Class		(32,956,981	)		(14,749,236	)
Total Distributions to Shareholders		(175,389,521	)		(79,639,454	)
TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
Net proceeds from shares subscribed:
Class 2		90,006,000			10,006,000
Class 3		16,0385,840	*		—
Class 4		—			218,894,438	*
Class 5		166,800,000			232,200,000
Class K		1,143,888,868			851,114,264
Institutional Class		524,250,455			497,607,207
Dividends reinvested:
Class 2		1,803,685			1,826,111
Class 3		8,340,251			2,184,364
Class 4		7,173,573			3,613,950
Class 5		49,817,720			25,856,285
Class K		62,411,077			24,127,144
Institutional Class		32,461,628			14,702,902
Cost of shares redeemed:
Class 2		(160,385,840	)*		(13,000,000	)
Class 3		(5,000,000	)		(218,894,438	)*
Class 5		(227,640,000	)		(112,120,000	)
Class K		(635,251,719	)		(280,870,445	)
Institutional Class		(416,430,456	)		(214,228,570	)
Increase in Net Assets from Transactions in Shares of Beneficial Interest		802,631,082			1,043,019,212
Total Increase in Net Assets		3,768,390			2,423,552,905
NET ASSETS
Beginning of year		6,211,185,282			3,787,632,377
End of year	$	6,214,953,672		$	6,211,185,282

* See Note D for details of share class conversions.

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

	For the Year Ended December 31, 2021			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
Net asset value, beginning of year	$	27.66		$	21.71		$	17.62		$	22.82		$	15.20
From Investment Operations
Net investment income^(a)		0.34			0.19			0.63			0.28			0.16
Net realized and unrealized gain (loss) on investments and foreign currency		(2.76	)		6.11			4.30			(3.70	)		7.89
Net increase (decrease) in net asset value from investment operations		(2.42	)		6.30			4.93			(3.42	)		8.05
Dividends and Distributions to Shareholders
From net investment income		(0.33	)		(0.35	)		(0.65	)		(0.23	)		(0.25	)
From net realized gain on investments		(0.36	)		—			(0.19	)		(1.55	)		(0.18	)
Total Dividends and Distributions		(0.69	)		(0.35	)		(0.84	)		(1.78	)		(0.43	)
Proceeds from Purchase Fees and Redemption Fees^(a)		—			—			—			—			(0.00	)^(b)
Net asset value, end of year	$	24.55		$	27.66		$	21.71		$	17.62		$	22.82
Total Return
Total return based on net asset value^(c)		(8.75	)%		29.06	%		28.00	%		(14.92	)%		53.02	%
Ratios/Supplemental Data
Net assets, end of year (000's omitted)	$	66,301		$	144,906		$	118,856		$	191,177		$	203,830
Ratio of net expenses to average net assets, before waiver		0.78	%		0.80	%		0.83	%		0.84	%		0.85	%
Ratio of net investment income to average net assets		1.20	%		0.90	%		3.29	%^(d)		1.31	%		0.82	%
Portfolio turnover rate^(e)		19	%		24	%		15	%		22	%		33	%

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

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

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

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

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

	For the Year Ended December 31, 2021			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
Net asset value, beginning of year	$	27.92		$	21.91		$	17.77		$	23.00		$	15.32
From Investment Operations
Net investment income^(a)		0.50			0.20			0.71			0.29			0.17
Net realized and unrealized gain (loss) on investments and foreign currency		(2.93	)		6.18			4.29			(3.72	)		7.96
Net increase (decrease) in net asset value from investment operations		(2.43	)		6.38			5.00			(3.43	)		8.13
Dividends and Distributions to Shareholders
From net investment income		(0.37	)		(0.37	)		(0.67	)		(0.25	)		(0.27	)
From net realized gain on investments		(0.36	)		—			(0.19	)		(1.55	)		(0.18	)
Total Dividends and Distributions		(0.73	)		(0.37	)		(0.86	)		(1.80	)		(0.45	)
Proceeds from Purchase Fees and Redemption Fees^(a)		—			—			—			—			0.00	^(b)
Net asset value, end of year	$	24.76		$	27.92		$	21.91		$	17.77		$	23.00
Total Return
Total return based on net asset value^(c)		(8.68	)%		29.15	%		28.09	%		(14.86	)%		53.13	%
Ratios/Supplemental Data
Net assets, end of year (000's omitted)	$	291,674		$	168,460		$	344,702		$	167,268		$	196,468
Ratio of net expenses to average net assets		0.71	%		0.73	%		0.76	%		0.77	%		0.78	%
Ratio of net investment income to average net assets		1.79	%		0.95	%		3.45	%^(d)		1.33	%		0.84	%
Portfolio turnover rate^(e)		19	%		24	%		15	%		22	%		33	%

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

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

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

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

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

	For the Year Ended December 31, 2021			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)		0.47			0.22			0.11			0.02
Net realized and unrealized gain (loss) on investments and foreign currency		(2.93	)		5.76			1.69			(0.28	)
Net increase (decrease) in net asset value from investment operations		(2.46	)		5.98			1.80			(0.26	)
Dividends and Distributions to Shareholders
From net investment income		(0.37	)		(0.37	)		—			(0.06	)
From net realized gain on investments		(0.36	)		—			—			(0.00	)^(d)
Total Dividends and Distributions		(0.73	)		(0.37	)		—			(0.06	)
Proceeds from Purchase Fees and Redemption Fees^(a)		—			—			0.01			0.04
Net asset value, end of period	$	25.11		$	28.30			16.93			15.12
Total Return
Total return based on net asset value^(e)		(8.66	)%		26.45	%		12.04	%		(1.40	)%
Ratios/Supplemental Data
Net assets, end of year (000's omitted)	$	252,837		$	276,791		$	110,086		$	98,273
Ratio of net expenses to average net assets		0.68	%		0.70	%*		0.73	%*		0.76	%*
Ratio of net investment income to average net assets		1.64	%		1.05	%*		1.29	%*		0.88	%*
Portfolio turnover rate^(d)		19	%		24	%		24	%		46	%

* Annualized.

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

^(b) Commencement of investment operations.

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

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

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

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

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

	For the Year Ended December 31, 2021			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
Net asset value, beginning of year	$	28.69		$	22.50		$	18.23		$	23.55		$	15.67
From Investment Operations
Net investment income^(a)		0.49			0.24			0.72			0.31			0.19
Net realized and unrealized gain (loss) on investments and foreign currency		(2.96	)		6.33			4.42			(3.81	)		8.15
Net increase (decrease) in net asset value from investment operations		(2.47	)		6.57			5.14			(3.50	)		8.34
Dividends and Distributions to Shareholders
From net investment income		(0.39	)		(0.38	)		(0.68	)		(0.27	)		(0.28	)
From net realized gain on investments		(0.36	)		—			(0.19	)		(1.55	)		(0.18	)
Total Dividends and Distributions		(0.75	)		(0.38	)		(0.87	)		(1.82	)		(0.46	)
Proceeds from Purchase Fees and Redemption Fees^(a)		—			—			—			—			0.00	^(b)
Net asset value, end of year	$	25.47		$	28.69		$	22.50		$	18.23		$	23.55
Total Return
Total return based on net asset value^(c)		(8.61	)%		29.25	%		28.19	%		(14.80	)%		53.25	%
Ratios/Supplemental Data
Net assets, end of year (000's omitted)	$	1,746,589		$	1,953,356		$	1,331,946		$	1,063,434		$	1,232,137
Ratio of net expenses to average net assets, before waiver		0.63	%		0.65	%		0.68	%		0.69	%		0.70	%
Ratio of net investment income to average net assets		1.68	%		1.08	%		3.47	%^(d)		1.41	%		0.91	%
Portfolio turnover rate^(e)		19	%		24	%		15	%		22	%		33	%

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

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

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

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

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

	For the Year Ended December 31, 2021			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)		0.44			0.20			0.71			0.34			0.02
Net realized and unrealized gain (loss) on investments and foreign currency		(2.85	)		6.08			4.21			(3.75	)		5.00
Net increase (decrease) in net asset value from investment operations		(2.41	)		6.28			4.92			(3.41	)		5.02
Dividends and Distributions to Shareholders
From net investment income		(0.35	)		(0.36	)		(0.66	)		(0.26	)		(0.27	)
From net realized gain on investments		(0.36	)		—			(0.19	)		(1.55	)		(0.18	)
Total Dividends and Distributions		(0.71	)		(0.36	)		(0.85	)		(1.81	)		(0.45	)
Net asset value, end of period	$	24.44		$	27.56		$	21.64		$	17.57		$	22.79
Total Return
Total return based on net asset value^(c)		(8.72	)%		29.04	%		28.00	%		(14.91	)%		27.57	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	2,654,520		$	2,441,338		$	1,328,535		$	499,172		$	73,349
Ratio of net expenses to average net assets		0.78	%		0.80	%		0.83	%		0.84	%		0.85	%*
Ratio of net investment income to average net assets		1.58	%		0.95	%		3.55	%^(d)		1.65	%		0.18	%*
Portfolio turnover rate^(e)		19	%		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 non-cash income

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

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

	For the Year Ended December 31, 2021			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)		0.41			0.18			0.79			0.11			0.16
Net realized and unrealized gain (loss) on investments and foreign currency		(2.85	)		6.07			4.12			(3.54	)		4.86
Net increase (decrease) in net asset value from investment operations		(2.44	)		6.25			4.91			(3.43	)		5.02
Dividends and Distributions to Shareholders
From net investment income		(0.32	)		(0.34	)		(0.64	)		(0.26	)		(0.26	)
From net realized gain on investments		(0.36	)		—			(0.19	)		(1.55	)		(0.18	)
Total Dividends and Distributions		(0.68	)		(0.34	)		(0.83	)		(1.81	)		(0.44	)
Net asset value, end of period	$	24.43		$	27.55		$	21.64		$	17.56		$	22.80
Total Return
Total return based on net asset value^(c)		(8.82	)%		28.91	%		27.94	%		(14.98	)%		27.61	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	1,203,032		$	1,226,335		$	663,593		$	255,795		$	6
Ratio of net expenses to average net assets		0.87	%		0.89	%		0.92	%		0.95	%		0.85	%*
Ratio of net investment income to average net assets		1.46	%		0.86	%		3.81	%^(d)		0.68	%		1.13	%*
Portfolio turnover rate^(e)		19	%		24	%		15	%		22	%		33	%

* Annualized.

^(a) Commencement of investment operations.

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

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

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

December 31, 2021
Baillie Gifford Emerging Markets ex China Fund

	Value		% of Total Net Assets
Airlines	$	8,762		0.9	%
Auto Manufacturers		43,553		4.3
Auto Parts & Equipment		5,530		0.5
Banks		146,133		14.6
Building Materials		10,421		1.0
Chemicals		16,026		1.6
Commercial Services		5,068		0.5
Computers		55,019		5.5
Diversified Financial Services		9,492		1.0
Electronics		10,796		1.1
Food		6,734		0.7
Internet		106,315		10.6
Iron/Steel		12,870		1.3
Leisure Time		11,807		1.2
Machinery — Construction & Mining		5,647		0.6
Mining		73,540		7.2
Oil & Gas		118,722		11.9
Retail		9,429		0.9
Semiconductors		294,168		29.3
Software		4,539		0.5
Telecommunications		24,749		2.5
Total Value of Investments		979,320		97.7
Other assets less liabilities		23,020		2.3
Net Assets	$	1,002,340		100.0	%

December 31, 2021
Baillie Gifford Emerging Markets ex China Fund

	Shares		Value
COMMON STOCKS — 94.9%
ARGENTINA — 3.0%
MercadoLibre, Inc. *		22	$	29,665
BRAZIL — 7.2%
Banco Bradesco SA ADR		1,582		5,410
Pagseguro Digital Ltd., Class A *		148		3,881
Petroleo Brasileiro SA ADR		4,514		49,564
Vale SA ADR		918		12,870
				71,725
CANADA — 1.1%
Ivanhoe Mines Ltd., Class A *		1,400		11,422
CHILE — 0.9%
Lundin Mining Corp.		1,167		9,115
INDIA — 20.2%
HDFC Bank Ltd. ADR		693		45,094
ICICI Bank Ltd. ADR		1,649		32,634
Infosys Ltd. ADR		1,609		40,724
Reliance Industries Ltd. GDR		938		60,009
Tata Motors Ltd. ADR *		761		24,420
				202,881
INDONESIA — 1.1%
Bank Rakyat Indonesia Persero Tbk PT		39,800		11,459
MEXICO — 2.9%
Cemex SAB de CV, Participating Certificates ADR *		1,537		10,421
Grupo Financiero Banorte SAB de CV, Class O		1,335		8,683
Wal-Mart de Mexico SAB de CV		2,533		9,429
				28,533
PANAMA — 0.9%
Copa Holdings SA, Class A *		106		8,762
PERU — 0.7%
Credicorp Ltd.		59		7,202

December 31, 2021
Baillie Gifford Emerging Markets ex China Fund

	Shares		Value
RUSSIA — 8.2%
Magnit PJSC GDR Reg S		449	$	6,734
MMC Norilsk Nickel PJSC ADR		953		29,480
Moscow Exchange MICEX-RTS PJSC		2,760		5,612
Ozon Holdings PLC ADR *		142		4,204
Sberbank of Russia PJSC ADR		2,222		35,652
				81,682
SOUTH AFRICA — 2.0%
Naspers Ltd., N Shares		130		20,177
SOUTH KOREA — 21.1%
Coupang, Inc. *		229		6,728
Doosan Bobcat, Inc. *		165		5,647
Douzone Bizon Co., Ltd. *		74		4,538
Hanon Systems		489		5,530
Hyundai Motor Co.		109		19,133
Koh Young Technology, Inc. *		542		10,795
LG Chem Ltd. *		31		16,026
NAVER Corp. *		42		13,332
NCSoft Corp. *		12		6,481
Samsung Electronics Co., Ltd.		1,166		76,577
Samsung SDI Co., Ltd.		45		24,749
SK Hynix, Inc.		204		22,406
				211,942
TAIWAN — 22.7%
Advantech Co., Ltd.		1,000		14,295
MediaTek, Inc.		1,000		42,909
Merida Industry Co., Ltd.		1,000		11,807
Sea Ltd. ADR *		115		25,727
Taiwan Semiconductor Manufacturing Co., Ltd.		6,000		132,726
				227,464
URUGUAY — 0.5%
Dlocal Ltd. *		142		5,068

December 31, 2021
Baillie Gifford Emerging Markets ex China Fund

	Shares		Value
ZAMBIA — 2.4%
First Quantum Minerals Ltd.		983	$	23,523
Total Common Stocks
(cost $948,999)				950,620
PREFERRED STOCKS — 2.8%
BRAZIL — 0.9%
Petroleo Brasileiro SA ADR 20.85%		905		9,150
SOUTH KOREA — 1.9%
Samsung Electronics Co., Ltd. 1.53%		327		19,550
Total Preferred Stocks
(cost $29,164)				28,700
TOTAL INVESTMENTS — 97.7%
(cost $978,163)			$	979,320
Other assets less liabilities — 2.3%				23,020
NET ASSETS — 100.0%			$	1,002,340

* Non-income producing security.

ADR — American Depositary Receipt

GDR — Global Depositary Receipt

Fair Value Measurement

The following is a summary of the inputs used as of December 31, 2021 in valuing the Fund's investments carried at fair value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks **	$	374,545	$	576,075	$	—	$	950,620
Preferred Stocks **		9,150		19,550		—		28,700
Total	$	383,695	$	595,625	$	—	$	979,320

** Refer to Portfolio of Investments for further detail.

December 31, 2021
Baillie Gifford Emerging Markets ex China Fund

ASSETS
Investments, at value (cost $978,163)	$	979,320
Cash		27,281
Due from Investment Advisor		26,954
Dividends receivable		1,518
Total Assets		1,035,073
LIABILITIES
Payable for investment purchased		5,708
Advisory fee payable		45
Administration & Supervisory fee payable		14
Accrued expenses		26,966
Total Liabilities		32,733
NET ASSETS	$	1,002,340
COMPOSITION OF NET ASSETS
Paid-in capital	$	1,000,000
Total distributable earnings		2,340
	$	1,002,340
NET ASSET VALUE, PER SHARE
Class K ($501,170 / 50,000 shares outstanding), unlimited authorized, no par value	$	10.02
Institutional Class ($501,170 / 50,000 shares outstanding), unlimited authorized, no par value	$	10.02

For the Period December 28, 2021 through December 31, 2021
Baillie Gifford Emerging Markets ex China Fund

INVESTMENT INCOME
Dividends (net of foreign withholding taxes of $294)	$	1,519
Total Investment Income		1,519
EXPENSES
Advisory fee (Note B)		45
Administration & Supervisory fee — Class K shares (Note B)		7
Administration & Supervisory fee — Institutional Class shares (Note B)		7
Transfer agency		2,500
Professional fees		23,106
Fund accounting		1,333
Custody		25
Legal		1
Total Expenses		27,024
Fees waived/expenses reimbursed		(26,953	)
Total Expenses after waiver		71
Net Investment Income		1,448
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized loss from:
Investments		—
Foreign currency transactions		(264	)
		(264	)
Net change in unrealized appreciation (depreciation) on:
Investments		1,157
Translation of net assets and liabilities denominated in foreign currencies		(1	)
		1,156
Net realized and unrealized gain		892
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	2,340

* Commencement of investment operations

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

	For the Period December 28, 2021^(a)through December 31, 2021
Net asset value, beginning of period	$	10.00
From Investment Operations
Net investment income^(b)		0.01
Net realized and unrealized gain on investments and foreign currency		0.01
Net increase in net asset value from investment operations		0.02
Net asset value, end of period	$	10.02
Total Return
Total return based on net asset value^(c)		0.20	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	501
Ratio of net expenses to average net assets, before waiver		328.89	%*
Ratio of net expenses to average net assets, after waiver		0.87	%*
Ratio of net investment income to average net assets		17.62	%*
Portfolio turnover rate^(d)		0	%

* Annualized.

^(a) Commencement of investment operations.

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

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

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

	For the Period December 28, 2021^(a)through December 31, 2021
Net asset value, beginning of period	$	10.00
From Investment Operations
Net investment income^(b)		0.01
Net realized and unrealized gain on investments and foreign currency		0.01
Net increase in net asset value from investment operations		0.02
Net asset value, end of period	$	10.02
Total Return
Total return based on net asset value^(c)		0.20	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	501
Ratio of net expenses to average net assets, before waiver		328.89	%*
Ratio of net expenses to average net assets, after waiver		0.87	%*
Ratio of net investment income to average net assets		17.62	%*
Portfolio turnover rate^(d)		0	%

* Annualized.

^(a) Commencement of investment operations.

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

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

December 31, 2021
Baillie Gifford Global Alpha Equities Fund

	Value		% of Total Net Assets
Advertising	$	23,757,395		1.6	%
Airlines		34,641,619		2.3
Apparel		11,402,924		0.7
Auto Manufacturers		39,309,114		2.6
Auto Parts & Equipment		10,499,739		0.7
Banks		8,310,655		0.5
Beverages		27,364,527		1.8
Biotechnology		66,180,560		4.4
Building Materials		61,520,964		4.1
Chemicals		21,958,016		1.4
Commercial Services		112,640,432		7.4
Cosmetics/Personal Care		22,530,002		1.5
Distribution/Wholesale		18,982,638		1.2
Diversified Financial Services		63,771,397		4.2
Environmental Control		5,634,489		0.4
Healthcare — Products		88,331,732		5.8
Healthcare — Services		48,985,031		3.2
Home Furnishings		3,423,323		0.2
Insurance		96,853,371		6.4
Internet		369,086,490		24.2
Leisure Time		3,772,716		0.2
Lodging		3,730,915		0.2
Machinery — Construction & Mining		11,126,481		0.7
Machinery — Diversified		30,916,489		2.1
Media		13,055,388		0.9
Mining		42,669,432		2.8
Miscellaneous Manufacturing		11,992,131		0.8
Oil & Gas		24,012,693		1.6
Real Estate		32,081,625		2.1
Retail		22,607,190		1.5
Semiconductors		54,970,638		3.7
Software		124,606,695		8.2
Total Value of Investments		1,510,726,811		99.4
Other assets less liabilities		8,637,131		0.6
Net Assets	$	1,519,363,942		100.0	%

December 31, 2021
Baillie Gifford Global Alpha Equities Fund

	Shares		Value
COMMON STOCKS — 99.4%
AUSTRALIA — 2.8%
BHP Group PLC		792,347	$	23,576,067
Rio Tinto PLC		289,529		19,093,365
				42,669,432
BRAZIL — 0.3%
B3 SA — Brasil Bolsa Balcao		2,208,800		4,398,571
CANADA — 1.8%
Shopify, Inc., Class A *		20,045		27,609,782
CHINA — 7.0%
Alibaba Group Holding Ltd. ADR *		114,226		13,568,906
Brilliance China Automotive Holdings Ltd. *^(a)		6,366,000		2,979,897
KE Holdings, Inc. ADR *		48,180		969,382
Li Auto, Inc. ADR *		293,998		9,437,336
Meituan, Class B *		706,900		20,441,774
Ping An Insurance Group Co. of China Ltd., Class H		1,533,500		11,050,586
Prosus NV *		548,328		45,415,302
Tencent Music Entertainment Group ADR *		472,635		3,237,550
				107,100,733
DENMARK — 0.6%
Genmab A/S *		22,225		8,871,177
FRANCE — 2.5%
Adevinta ASA *		575,666		7,647,186
Pernod Ricard SA		113,745		27,364,527
Ubisoft Entertainment SA *		61,884		3,018,720
				38,030,433
GERMANY — 1.3%
adidas AG		39,601		11,402,924
Deutsche Boerse AG		54,488		9,098,104
				20,501,028
HONG KONG — 1.4%
AIA Group Ltd.		2,073,200		20,924,492

December 31, 2021
Baillie Gifford Global Alpha Equities Fund

	Shares		Value
INDIA — 2.6%
Housing Development Finance Corp., Ltd.		427,759	$	14,800,079
Reliance Industries Ltd. GDR		375,342		24,012,693
				38,812,772
IRELAND — 3.2%
CRH PLC		396,044		20,984,754
Ryanair Holdings PLC ADR *		264,700		27,086,751
				48,071,505
JAPAN — 5.4%
CyberAgent, Inc.		633,300		10,557,003
Denso Corp.		126,700		10,499,739
Hoshizaki Corp.		45,500		3,423,323
Olympus Corp.		1,066,800		24,565,461
SMC Corp.		21,500		14,530,950
Sysmex Corp.		141,200		19,059,398
				82,635,874
MACAU — 0.2%
Sands China Ltd. *		1,607,600		3,730,915
NETHERLANDS — 0.8%
Adyen NV *		4,641		12,182,637
NORWAY — 0.9%
Schibsted ASA, Class A		338,620		13,055,388
RUSSIA — 0.7%
Sberbank of Russia PJSC ADR		517,959		8,310,655
VK Co., Ltd. GDR Reg S *		150,608		1,743,379
				10,054,034
SOUTH AFRICA — 0.8%
Naspers Ltd., N Shares		75,851		11,772,922
SOUTH KOREA — 0.5%
Coupang, Inc. *		279,091		8,199,694

December 31, 2021
Baillie Gifford Global Alpha Equities Fund

	Shares		Value
SWEDEN — 1.8%
Atlas Copco AB, B Shares		278,949	$	16,385,539
Epiroc AB, B Shares		526,144		11,126,481
				27,512,020
SWITZERLAND — 1.5%
Cie Financiere Richemont SA		103,636		15,486,833
Wizz Air Holdings PLC *		133,138		7,554,868
				23,041,701
TAIWAN — 4.0%
Sea Ltd. ADR *		126,467		28,291,933
Taiwan Semiconductor Manufacturing Co., Ltd.		1,487,000		32,893,925
				61,185,858
UNITED KINGDOM — 2.8%
Farfetch Ltd., Class A *		425,483		14,223,897
Prudential PLC		1,594,313		27,570,231
				41,794,128
UNITED STATES — 56.5%
ABIOMED, Inc. *		25,363		9,109,629
Albemarle Corp.		93,930		21,958,016
Alnylam Pharmaceuticals, Inc. *		93,963		15,934,246
Alphabet, Inc., Class C *		14,345		41,508,549
Amazon.com, Inc. *		9,090		30,309,151
Anthem, Inc.		91,774		42,540,920
Arthur J Gallagher & Co.		160,677		27,262,067
Axon Enterprise, Inc. *		76,383		11,992,131
Booking Holdings, Inc. *		6,766		16,233,190
Broadridge Financial Solutions, Inc.		83,045		15,182,287
Carvana Co. *		30,719		7,120,357
CBRE Group, Inc., Class A *		221,395		24,023,571
Certara, Inc. *		249,158		7,081,070
Charles Schwab Corp. (The)		150,663		12,670,758
Chegg, Inc. *		112,388		3,450,312
Chewy, Inc., Class A *		110,560		6,519,723
Cloudflare, Inc., Class A *		155,940		20,506,110
CoStar Group, Inc. *		126,410		9,990,182
Datadog, Inc., Class A *		69,410		12,362,615

December 31, 2021
Baillie Gifford Global Alpha Equities Fund

	Shares		Value
DoorDash, Inc., Class A *		86,077	$	12,816,865
Estee Lauder Cos., Inc. (The), Class A		60,859		22,530,002
Exact Sciences Corp. *		59,267		4,612,751
Howard Hughes Corp. (The) *		69,647		7,088,672
IAC/InterActiveCorp *		38,725		5,061,745
Illumina, Inc. *		29,402		11,185,697
Lyft, Inc., Class A *		154,062		6,583,069
Markel Corp. *		8,141		10,045,994
Martin Marietta Materials, Inc.		92,019		40,536,210
Mastercard, Inc., Class A		63,464		22,803,884
Meta Platforms, Inc., Class A *		55,842		18,782,457
Microsoft Corp.		132,658		44,615,539
Moderna, Inc. *		90,985		23,108,370
Moody's Corp.		111,666		43,614,506
Netflix, Inc. *		18,012		10,851,149
Novocure Ltd. *		77,650		5,829,962
Oscar Health, Inc., Class A *		413,577		3,246,579
Peloton Interactive, Inc., Class A *		105,501		3,772,716
S&P Global, Inc.		38,252		18,052,266
Service Corp. International		357,100		25,350,529
SiteOne Landscape Supply, Inc. *		78,350		18,982,638
Snowflake, Inc., Class A *		32,885		11,139,794
Spotify Technology SA *		25,104		5,875,089
STAAR Surgical Co. *		59,477		5,430,250
Stericycle, Inc. *		94,475		5,634,489
Teladoc Health, Inc. *		70,182		6,444,111
Teradyne, Inc.		135,001		22,076,713
Tesla, Inc. *		25,447		26,891,881
Thermo Fisher Scientific, Inc.		29,561		19,724,282
Trade Desk, Inc. (The), Class A *		259,247		23,757,395
Twilio, Inc., Class A *		55,195		14,535,051
Vimeo, Inc. *		166,584		2,991,849
Wayfair, Inc., Class A *		48,440		9,202,147
Zillow Group, Inc., Class C *		151,013		9,642,180
				858,571,715
TOTAL INVESTMENTS — 99.4%
(cost $980,010,166)			$	1,510,726,811
Other assets less liabilities — 0.6%				8,637,131
NET ASSETS — 100.0%			$	1,519,363,942

December 31, 2021
Baillie Gifford Global Alpha Equities Fund

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

* Non-income producing security.

ADR — American Depositary Receipt

GDR — Global Depositary Receipt

Fair Value Measurement

The following is a summary of the inputs used as of December 31, 2021 in valuing the Fund's investments carried at fair value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks **	$	995,595,517	$	512,151,397	$	2,979,897	$	1,510,726,811
Total	$	995,595,517	$	512,151,397	$	2,979,897	$	1,510,726,811

** Refer to Portfolio of Investments for further detail.

The following is a reconciliation of the Fund's Level 3 investments for which significant unobservable inputs were used in determining value:

Balance at December 31, 2020	$	—
Purchases		—
Sales		—
Realized gain (loss)		—
Change in unrealized gain (loss)		(2,831,411	)
Transfers into Level 3		5,811,308
Transfers out of Level 3		—
Balance at December 31, 2021	$	2,979,897
Change in unrealized gain (loss) related to Investments still held at December 31, 2021.	($	2,831,411	)

$5,811,308 was transferred out of Level 2 into Level 3 during the year ended December 31, 2021 as a result of the unavailability of a quoted market price in an active market for identical securities and other significant observable inputs.

December 31, 2021
Baillie Gifford Global Alpha Equities Fund

ASSETS
Investments, at value (cost $980,010,166)	$	1,510,726,811
Cash		10,298,155
Foreign cash, at value (cost $58,139)		59,279
Tax reclaims receivable		478,638
Dividends receivable		241,445
Capital shares sold receivable		209,730
Prepaid assets		23,974
Total Assets		1,522,038,032
LIABILITIES
Advisory fee payable		1,559,678
Deferred India capital gains tax liability (Note A)		352,270
Administration & Supervisory fee payable		239,803
Shareholder Servicing fee payable		237,865
Capital shares purchased payable		15,862
Trustee fee payable		8,638
Commitment fee payable		3,701
Accrued expenses		256,273
Total Liabilities		2,674,090
NET ASSETS	$	1,519,363,942
COMPOSITION OF NET ASSETS
Paid-in capital	$	966,090,973
Total distributable earnings		553,272,969
	$	1,519,363,942
NET ASSET VALUE, PER SHARE
Class 2 ($187,472,529 / 9,506,989 shares outstanding), unlimited authorized, no par value	$	19.72
Class 3 ($101,327,619 / 4,970,970 shares outstanding), unlimited authorized, no par value	$	20.38
Class 4 ($665,712,017 / 31,707,851 shares outstanding), unlimited authorized, no par value	$	21.00
Class K ($513,806,716 / 26,185,495 shares outstanding), unlimited authorized, no par value	$	19.62
Institutional Class ($51,045,061 / 2,597,442 shares outstanding), unlimited authorized, no par value	$	19.65

For the Year Ended December 31, 2021
Baillie Gifford Global Alpha Equities Fund

INVESTMENT INCOME
Dividends (net of foreign withholding taxes of $796,303)	$	14,226,104
Interest		4,006
Total Investment Income		14,230,110
EXPENSES
Advisory fee (Note B)		6,064,269
Shareholder Servicing fees — Class 2 shares (Note B)		456,636
Shareholder Servicing fees — Class 3 shares (Note B)		153,912
Shareholder Servicing fees — Class 4 shares (Note B)		482,821
Administration & Supervisory fee — Class K shares (Note B)		614,616
Administration & Supervisory fee — Institutional Class shares (Note B)		71,846
Transfer agency		97,124
Sub-transfer agency — Institutional Class shares		40,629
Fund accounting		474,830
Legal		166,871
Custody		152,600
Registration fees		85,413
Professional fees		63,296
Trustees' fees		32,820
Commitment fees		12,210
Line of credit Interest		235
Miscellaneous		37,822
Total Expenses		9,007,950
Net Investment Income		5,222,160
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 $105,343)		225,457,534
In-kind redemptions		11,678,940
Foreign currency transactions		(37,151	)
		237,099,323
Net change in unrealized appreciation on:
Investments (net of deferred India capital gains tax benefit of $51,423) (Note A)		(122,637,814	)
Translation of net assets and liabilities denominated in foreign currencies		(31,018	)
		(122,668,832	)
Net realized and unrealized gain		114,430,491
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	119,652,651

Baillie Gifford Global Alpha Equities Fund

	For the Year Ended December 31, 2021			For the Year Ended December 31, 2020
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	5,222,160		$	3,240,769
Net realized gain		237,099,323			76,002,418
Net change in unrealized appreciation (depreciation)		(122,668,832	)		317,960,026
Net increase in net assets from operations		119,652,651			397,203,213
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings
Class 2		(25,318,524	)		(13,975,367	)
Class 3		(13,371,461	)		(15,207,662	)
Class 4		(86,057,906	)		(36,754,305	)
Class K		(70,277,149	)		(15,897,931	)
Institutional Class		(7,445,427	)		(1,590,334	)
Total Distributions to Shareholders		(202,470,467	)		(83,425,599	)
TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
Net proceeds from shares subscribed:
Class 2		170,721,384			21,406,000
Class 4		30,000,000			453,824,236	*
Class K		271,493,367			162,657,595
Institutional Class		27,820,913			22,514,998
Dividends reinvested:
Class 2		25,318,524			13,975,368
Class 3		13,371,461			15,207,661
Class 4		86,057,906			36,754,305
Class K		70,027,474			15,897,930
Institutional Class		6,687,568			1,590,334
Cost of shares redeemed:
Class 2		(258,817,289	)		(12,867,763	)
Class 3		(201,670,946	)		(440,824,236	)*
Class 4		(100,000,000	)		(25,000,000	)*
Class K		(45,018,740	)		(36,392,473	)
Institutional Class		(5,284,272	)		(1,613,033	)
Increase in Net Assets from Transactions in Shares of Beneficial Interest		90,707,350			227,130,922
Total Increase in Net Assets		7,889,534			540,908,536
NET ASSETS
Beginning of year		1,511,474,408			970,565,872
End of year	$	1,519,363,942		$	1,511,474,408

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

	For the Year Ended December 31, 2021			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
Net asset value, beginning of year	$	21.18		$	16.46		$	13.13		$	18.85		$	14.52
From Investment Operations
Net investment income^(a)		0.08			0.04			0.39			0.11			0.10
Net realized and unrealized gain (loss) on investments and foreign currency		1.54			5.93			3.89			(1.93	)		4.91
Net increase (decrease) in net asset value from investment operations		1.62			5.97			4.28			(1.82	)		5.01
Dividends and Distributions to Shareholders
From net investment income		(0.30	)		(0.13	)		(0.57	)		(0.13	)		(0.11	)
From net realized gain on investments		(2.78	)		(1.12	)		(0.38	)		(3.77	)		(0.57	)
Total Dividends and Distributions		(3.08	)		(1.25	)		(0.95	)		(3.90	)		(0.68	)
Proceeds from Purchase Fees and Redemption Fees^(a)		—			—			—			—			0.00	^(b)
Net asset value, end of year	$	19.72		$	21.18		$	16.46		$	13.13		$	18.85
Total Return
Total return based on net asset value^(c)		7.65	%		36.31	%		32.56	%		(9.44	)%		34.56	%
Ratios/Supplemental Data
Net assets, end of year (000's omitted)	$	187,473		$	250,776		$	173,625		$	129,690		$	154,523
Ratio of net expenses to average net assets		0.64	%		0.65	%		0.67	%		0.68	%		0.67	%
Ratio of net investment income to average net assets		0.33	%		0.25	%		2.52	%^(d)		0.59	%		0.59	%
Portfolio turnover rate^(e)		40	%		23	%		17	%		18	%		27	%

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

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

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

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

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

	For the Year Ended December 31, 2021			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
Net asset value, beginning of year	$	21.80		$	16.90		$	13.46		$	19.22		$	14.79
From Investment Operations
Net investment income^(a)		0.09			0.07			0.41			0.13			0.10
Net realized and unrealized gain (loss) on investments and foreign currency		1.59			6.07			3.99			(1.97	)		5.04
Net increase (decrease) in net asset value from investment operations		1.68			6.14			4.40			(1.84	)		5.14
Dividends and Distributions to Shareholders
From net investment income		(0.32	)		(0.12	)		(0.58	)		(0.15	)		(0.14	)
From net realized gain on investments		(2.78	)		(1.12	)		(0.38	)		(3.77	)		(0.57	)
Total Dividends and Distributions		(3.10	)		(1.24	)		(0.96	)		(3.92	)		(0.71	)
Proceeds from Purchase Fees and Redemption Fees^(a)		—			—			—			—			0.00	^(b)
Net asset value, end of year	$	20.38		$	21.80		$	16.90		$	13.46		$	19.22
Total Return
Total return based on net asset value^(c)		7.72	%		36.40	%		32.65	%		(9.37	)%		34.65	%
Ratios/Supplemental Data
Net assets, end of year (000's omitted)	$	101,328		$	282,859		$	568,608		$	449,177		$	564,714
Ratio of net expenses to average net assets		0.57	%		0.58	%		0.60	%		0.61	%		0.60	%
Ratio of net investment income to average net assets		0.38	%		0.41	%		2.61	%^(d)		0.67	%		0.60	%
Portfolio turnover rate^(e)		40	%		23	%		17	%		18	%		27	%

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

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

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

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

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

	For the Year Ended December 31, 2021			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)		0.10			0.03			0.42			0.11			0.01
Net realized and unrealized gain (loss) on investments and foreign currency		1.64			6.28			4.10			(1.98	)		2.31
Net increase (decrease) in net asset value from investment operations		1.74			6.31			4.52			(1.87	)		2.32
Dividends and Distributions to Shareholders
From net investment income		(0.34	)		(0.15	)		(0.59	)		(0.15	)		(0.16	)
From net realized gain on investments		(2.78	)		(1.12	)		(0.38	)		(3.77	)		(0.57	)
Total Dividends and Distributions		(3.12	)		(1.27	)		(0.97	)		(3.92	)		(0.73	)
Net asset value, end of period	$	21.00		$	22.38		$	17.34		$	13.79		$	19.58
Total Return
Total return based on net asset value^(c)		7.76	%		36.45	%		32.69	%		(9.35	)%		12.87	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	665,712		$	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		0.41	%		0.16	%		2.62	%^(d)		0.57	%		0.15	%*
Portfolio turnover rate^(e)		40	%		23	%		17	%		18	%		27	%

* Annualized.

^(a) Commencement of investment operations.

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

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

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

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

	For the Year Ended December 31, 2021			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)		0.05			0.03			0.35			0.11			0.02
Net realized and unrealized gain (loss) on investments and foreign currency		1.56			5.93			3.92			(1.92	)		2.96
Net increase (decrease) in net asset value from investment operations		1.61			5.96			4.27			(1.81	)		2.98
Dividends and Distributions to Shareholders
From net investment income		(0.33	)		(0.14	)		(0.58	)		(0.13	)		(0.15	)
From net realized gain on investments		(2.78	)		(1.12	)		(0.38	)		(3.77	)		(0.57	)
Total Dividends and Distributions		(3.11	)		(1.26	)		(0.96	)		(3.90	)		(0.72	)
Net asset value, end of period	$	19.62		$	21.12		$	16.42		$	13.11		$	18.82
Total Return
Total return based on net asset value^(c)		7.64	%		36.35	%		32.48	%		(9.38	)%		17.97	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	513,807		$	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		0.23	%		0.18	%		2.22	%^(d)		0.56	%		0.17	%*
Portfolio turnover rate^(e)		40	%		23	%		17	%		18	%		27	%

* Annualized.

^(a) Commencement of investment operations.

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

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

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

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

	For the Year Ended December 31, 2021			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)		0.05			0.02			0.39			0.12			0.04
Net realized and unrealized gain (loss) on investments and foreign currency		1.54			5.93			3.89			(1.94	)		2.95
Net increase (decrease) in net asset value from investment operations		1.59			5.95			4.28			(1.82	)		2.99
Dividends and Distributions to Shareholders
From net investment income		(0.31	)		(0.13	)		(0.57	)		(0.13	)		(0.14	)
From net realized gain on investments		(2.78	)		(1.12	)		(0.38	)		(3.77	)		(0.57	)
Total Dividends and Distributions		(3.09	)		(1.25	)		(0.95	)		(3.90	)		(0.71	)
Net asset value, end of period	$	19.65		$	21.15		$	16.45		$	13.12		$	18.84
Total Return
Total return based on net asset value^(c)		7.53	%		36.22	%		32.56	%		(9.42	)%		18.03	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	51,045		$	27,677		$	7		$	5		$	6
Ratio of net expenses to average net assets		0.74	%		0.74	%		0.67	%		0.68	%		0.67	%*
Ratio of net investment income to average net assets		0.21	%		0.09	%		2.56	%^(d)		0.62	%		0.35	%*
Portfolio turnover rate^(e)		40	%		23	%		17	%		18	%		27	%

* Annualized.

^(a) Commencement of investment operations.

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

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

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

December 31, 2021
Baillie Gifford Global Stewardship Equities Fund

	Value		% of Total Net Assets
Advertising	$	140,209		2.2	%
Apparel		64,212		1.0
Auto Manufacturers		222,981		3.6
Auto Parts & Equipment		122,109		1.9
Banks		222,212		3.5
Biotechnology		183,049		2.9
Building Materials		88,680		1.4
Chemicals		102,409		1.6
Commercial Services		317,711		5.1
Distribution/Wholesale		309,614		5.0
Diversified Financial Services		252,927		4.0
Energy-Alternate Sources		64,885		1.0
Food		25,049		0.4
Hand/Machine Tools		72,260		1.2
Healthcare — Products		447,313		7.1
Healthcare — Services		48,739		0.8
Home Furnishings		30,964		0.5
Insurance		279,916		4.4
Internet		1,399,893		22.3
Leisure Time		21,921		0.3
Machinery — Diversified		358,866		5.8
Metal Fabricate/Hardware		82,164		1.3
Pharmaceuticals		140,482		2.3
Real Estate		65,916		1.1
Retail		102,692		1.6
Semiconductors		386,080		6.1
Software		372,189		6.0
Telecommunications		201,081		3.3
Toys/Games/Hobbies		52,241		0.8
Total Value of Investments		6,178,764		98.5
Other assets less liabilities		95,635		1.5
Net Assets	$	6,274,399		100.0	%

December 31, 2021
Baillie Gifford Global Stewardship Equities Fund

	Shares		Value
COMMON STOCKS — 98.5%
ARGENTINA — 0.9%
MercadoLibre, Inc.*		41	$	55,284
CANADA — 5.0%
Shopify, Inc., Class A *		226		311,290
CHINA — 5.6%
Alibaba Group Holding Ltd. *		4,832		71,009
Baidu, Inc., Class A *		1,000		18,651
JD.com, Inc., Class A *		2,852		98,258
Meituan, Class B *		2,700		78,077
Tencent Holdings Ltd.		1,500		87,527
				353,522
FRANCE — 3.5%
Adevinta ASA *		4,033		53,575
Dassault Systemes SE		1,137		67,476
Sartorius Stedim Biotech		175		96,111
				217,162
GERMANY — 1.9%
adidas AG		223		64,212
Zalando SE *		702		56,551
				120,763
HONG KONG — 2.3%
AIA Group Ltd.		9,000		90,836
Hong Kong Exchanges & Clearing Ltd.		900		52,635
				143,471
INDIA — 1.8%
HDFC Life Insurance Co., Ltd.		7,346		64,029
Metropolis Healthcare Ltd.		1,054		48,739
				112,768
IRELAND — 0.5%
COSMO Pharmaceuticals NV *		400		28,746

December 31, 2021
Baillie Gifford Global Stewardship Equities Fund

	Shares		Value
JAPAN — 12.0%
Bridgestone Corp.		1,300		55,813
Denso Corp.		800		66,297
DMG Mori Seiki Co., Ltd.		4,200		72,260
FANUC Corp. ADR		3,107		66,148
FANUC Corp.		200		42,512
Kubota Corp.		4,600		102,286
MISUMI Group, Inc.		2,000		82,164
Nintendo Co., Ltd. ADR		895		52,241
Rakuten Group, Inc.		5,300		53,176
SoftBank Group Corp.		1,900		91,086
Sumitomo Mitsui Trust Holdings, Inc.		2,100		70,221
				754,204
NETHERLANDS — 2.5%
IMCD NV		700		154,702
SOUTH KOREA — 1.7%
Samsung SDI Co., Ltd.		200		109,995
SWEDEN — 3.8%
Atlas Copco AB, B Shares		1,408		82,707
Beijer Ref AB		2,991		65,214
Nibe Industrier AB, B Shares		5,869		88,680
				236,601
TAIWAN — 2.8%
Taiwan Semiconductor Manufacturing Co., Ltd.		8,000		176,968
UNITED KINGDOM — 5.3%
Hargreaves Lansdown PLC		1,800	$	33,077
ITM Power PLC *		12,088		64,885
Just Group PLC *		36,025		40,783
Ocado Group PLC *		1,101		25,049
Prudential PLC		4,873		84,268
St James's Place PLC		3,686		84,233
				332,295
UNITED STATES — 48.9%
10X Genomics, Inc., Class A *		466		69,415

December 31, 2021
Baillie Gifford Global Stewardship Equities Fund

	Shares		Value
ABIOMED, Inc. *		240		86,201
Affirm Holdings, Inc. *		742		74,615
Alphabet, Inc., Class A *		13		37,662
Amazon.com, Inc. *		30		100,030
Chegg, Inc. *		2,801		85,991
Codexis, Inc. *		3,275		102,409
Denali Therapeutics, Inc. *		1,622		72,341
Exact Sciences Corp. *		578		44,986
Fastenal Co.		1,163		74,502
First Republic Bank		736		151,991
Illumina, Inc. *		291		110,708
iRobot Corp. *		470		30,964
LendingTree, Inc. *		246		30,160
MarketAxess Holdings, Inc.		382		157,105
Mastercard, Inc., Class A		147		52,820
Netflix, Inc. *		282		169,888
NVIDIA Corp.		711		209,112
Pacira BioSciences, Inc. *		1,857		111,736
Peloton Interactive, Inc., Class A *		613		21,921
Redfin Corp. *		1,717		65,916
Spotify Technology SA *		302		70,677
STAAR Surgical Co. *		1,070		97,691
Tesla, Inc. *		211		222,981
Trade Desk, Inc. (The), Class A *		1,530		140,209
Twilio, Inc., Class A *		442		116,396
Upwork, Inc. *		3,133		107,023
Warby Parker, Inc., Class A *		991		46,141
Waters Corp. *		142		52,909
Watsco, Inc.		257		80,410
Wayfair, Inc., Class A ^*		462		87,766
Workday, Inc., Class A *		482		131,673
Zoom Video Communications, Inc., Class A *		308		56,644
				3,070,993
TOTAL INVESTMENTS — 98.5%
(cost $3,861,975)			$	6,178,764
Other assets less liabilities — 1.5%				95,635
NET ASSETS — 100.0%			$	6,274,399

* Non-income producing security.

ADR — American Depositary Receipt

December 31, 2021
Baillie Gifford Global Stewardship Equities Fund

ASSETS
Investments, at value (cost $3,861,975)	$	6,178,764
Cash		105,657
Due from Investment Advisor		32,439
Dividends receivable		3,111
Tax reclaims receivable		475
Prepaid assets		22,994
Total Assets		6,343,440
LIABILITIES
Advisory fee payable		5,423
Administration & Supervisory fee payable		2,793
Trustee fee payable		37
Commitment fee payable		16
Accrued expenses		60,772
Total Liabilities		69,041
NET ASSETS	$	6,274,399
COMPOSITION OF NET ASSETS
Paid-in capital	$	3,846,751
Total distributable earnings		2,427,648
	$	6,274,399
NET ASSET VALUE, PER SHARE
Class K ($3,137,200 / 174,568 shares outstanding), unlimited authorized, no par value	$	17.97
Institutional Class ($3,137,199 / 174,568 shares outstanding), unlimited authorized, no par value	$	17.97

For the Year Ended December 31, 2021
Baillie Gifford Global Stewardship Equities Fund

INVESTMENT INCOME
Dividends (net of foreign withholding taxes of $2,798)	$	35,766
Interest		10
Total Investment Income		35,776
EXPENSES
Advisory fee (Note B)		21,851
Administration & Supervisory fee — Class K shares (Note B)		5,628
Administration & Supervisory fee — Institutional Class shares (Note B)		5,628
Transfer agency		32,350
Fund accounting		96,239
Registration fees		40,886
Professional fees		30,975
Custody		2,231
Legal		718
Trustees' fees		143
Commitment fees		53
Miscellaneous		4,594
Total Expenses		241,296
Fees waived/expenses reimbursed		(198,256	)
Total Expenses after waiver		43,040
Net Investment Loss		(7,264	)
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain from:
Investments		657,043
Foreign currency transactions		1,547
		658,590
Net change in unrealized depreciation on:
Investments		(635,833	)
Translation of net assets and liabilities denominated in foreign currencies		(35	)
		(635,868	)
Net realized and unrealized gain		22,722
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	15,458

Baillie Gifford Global Stewardship Equities Fund

	For the Year Ended December 31, 2021			For the Year Ended December 31, 2020
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment loss	$	(7,264	)	$	(4,320	)
Net realized gain		658,590			240,045
Net change in unrealized appreciation (depreciation)		(635,868	)		2,456,180
Net increase in net assets from operations		15,458			2,691,905
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings
Class K		(275,056	)		(111,795	)
Institutional Class		(275,056	)		(111,795	)
Total Distributions to Shareholders		(550,112	)		(223,590	)
TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
Dividends reinvested:
Class K		275,056			111,795
Institutional Class		275,056			111,795
Increase in Net Assets from Transactions in Shares of Beneficial Interest		550,112			223,590
Total Increase in Net Assets		15,458			2,691,905
NET ASSETS
Beginning of year		6,258,941			3,567,036
End of year	$	6,274,399		$	6,258,941

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

	For the Year Ended December 31, 2021			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)		(0.02	)		(0.01	)		0.03			0.03			(0.00	)^(c)
Net realized and unrealized gain (loss) on investments and foreign currency		0.06			8.77			2.64			(0.99	)		0.15
Net increase (decrease) in net asset value from investment operations		0.04			8.76			2.67			(0.96	)		0.15
Dividends and Distributions to Shareholders
From net investment income		(0.23	)		—			(0.03	)		(0.02	)		—
From net realized gain on investments		(1.49	)		(0.73	)		(0.11	)		(0.08	)		—
Total Dividends and Distributions		(1.72	)		(0.73	)		(0.14	)		(0.10	)		—
Net asset value, end of period	$	17.97		$	19.65		$	11.62		$	9.09		$	10.15
Total Return
Total return based on net asset value^(d)		0.25	%		75.39	%		29.37	%		(9.43	)%		1.50	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	3,137		$	3,129		$	1,784		$	1,378		$	1,523
Ratio of net expenses to average net assets, before waiver		3.64	%		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		(0.11	)%		(0.10	)%		0.24	%		0.25	%		(0.31	)%*
Portfolio turnover rate^(e)		18	%		17	%		21	%		14	%		0	%

* Annualized.

^(a) Commencement of investment operations.

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

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

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

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

	For the Year Ended December 31, 2021			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)		(0.02	)		(0.01	)		0.03			0.03			(0.00	)^(c)
Net realized and unrealized gain (loss) on investments and foreign currency		0.06			8.77			2.64			(0.99	)		0.15
Net increase (decrease) in net asset value from investment operations		0.04			8.76			2.67			(0.96	)		0.15
Dividends and Distributions to Shareholders
From net investment income		(0.23	)		—			(0.03	)		(0.02	)		—
From net realized gain on investments		(1.49	)		(0.73	)		(0.11	)		(0.08	)		—
Total Dividends and Distributions		(1.72	)		(0.73	)		(0.14	)		(0.10	)		—
Net asset value, end of period	$	17.97		$	19.65		$	11.62		$	9.09		$	10.15
Total Return
Total return based on net asset value^(d)		0.25	%		75.39	%		29.37	%		(9.43	)%		1.50	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	3,137		$	3,129		$	1,784		$	1,379		$	1,523
Ratio of net expenses to average net assets, before waiver		3.64	%		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		(0.11	)%		(0.10	)%		0.24	%		0.25	%		(0.31	)%*
Portfolio turnover rate^(e)		18	%		17	%		21	%		14	%		0	%

* Annualized.

^(a) Commencement of investment operations.

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

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

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

December 31, 2021
Baillie Gifford Health Innovation Equities Fund

	Value		% of Total Net Assets
Biotechnology	$	3,853,234		38.6	%
Electronics		570,155		5.7
Healthcare — Products		3,237,027		32.4
Healthcare — Services		551,069		5.5
Internet		504,214		5.1
Pharmaceuticals		736,178		7.4
Software		336,929		3.4
Total Value of Investments		9,788,806		98.1
Other assets less liabilities		187,267		1.9
Net Assets	$	9,976,073		100.0	%

December 31, 2021
Baillie Gifford Health Innovation Equities Fund

	Shares		Value
COMMON STOCKS — 92.4%
CHINA — 3.4%
Wuxi Biologics Cayman, Inc. *		22,500	$	266,375
Zai Lab Ltd. ADR *		1,119		70,329
				336,704
DENMARK — 13.6%
ALK-Abello A/S *		608		319,263
Ambu A/S, B Shares		16,441		433,941
Ascendis Pharma A/S ADR *		1,047		140,853
Genmab A/S *		1,172		467,807
				1,361,864
JAPAN — 5.1%
M3, Inc.		10,000		504,214
NETHERLANDS — 5.2%
Argenx SE *		1,469		522,388
UNITED KINGDOM — 1.0%
Exscientia PLC ADR *		4,893		96,686
UNITED STATES — 64.1%
10X Genomics, Inc., Class A *		3,818		568,729
ABIOMED, Inc. *		802		288,054
Alector, Inc. *		4,239		87,535
Alnylam Pharmaceuticals, Inc. *		2,598		440,569
American Well Corp., Class A *		6,439		38,892
Berkeley Lights, Inc. *		8,267		150,294
Bridgebio Pharma, Inc. *		5,833		97,294
Butterfly Network, Inc. *		16,985		113,630
Denali Therapeutics, Inc. *		3,834		170,996
Dexcom, Inc. *		494		265,253
Edwards Lifesciences Corp. *		3,690		478,040
Exact Sciences Corp. *		1,807		140,639
Health Catalyst, Inc. *		4,800		190,176
Illumina, Inc. *		1,328		505,224
Ionis Pharmaceuticals, Inc. *		3,825		116,395
Lyell Immunopharma, Inc. *		8,285		64,126

December 31, 2021
Baillie Gifford Health Innovation Equities Fund

	Shares		Value
Masimo Corp. *		1,092	$	319,716
Moderna, Inc. *		2,619		665,174
Novocure Ltd. *		2,151		161,497
Oscar Health, Inc., Class A *		3,073		24,123
Recursion Pharmaceuticals, Inc., Class A *		9,653		165,356
Relay Therapeutics, Inc. *		2,728		83,777
ResMed, Inc.		1,166		303,720
Sage Therapeutics, Inc. *		1,030		43,816
Sana Biotechnology, Inc. *		1,926		29,814
Shockwave Medical, Inc. *		2,406		429,062
Teladoc Health, Inc. *		2,677		245,802
Veeva Systems, Inc., Class A *		480		122,630
Vir Biotechnology, Inc. *		2,065		86,462
				6,396,795
Total Common Stocks
(cost $9,253,663)				9,218,651
PREFERRED STOCKS — 5.7%
GERMANY — 5.7%
Sartorius AG 0.13% (cost $560,762)		843		570,155
TOTAL INVESTMENTS — 98.1%
(cost $9,814,425)			$	9,788,806
Other assets less liabilities — 1.9%				187,267
NET ASSETS — 100.0%			$	9,976,073

* Non-income producing security.

ADR — American Depositary Receipt

Fair Value Measurement

The following is a summary of the inputs used as of December 31, 2021 in valuing the Fund's investments carried at fair value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks **	$	7,023,926	$	2,194,725	$	—	$	9,218,651
Preferred Stocks **		—		570,155		—		570,155
Total	$	7,023,926	$	2,764,880	$	—	$	9,788,806

** Refer to Portfolio of Investments for further detail.

December 31, 2021
Baillie Gifford Health Innovation Equities Fund

ASSETS
Investments, at value (cost $9,814,425)	$	9,788,806
Cash		417,689
Due from Investment Advisor		26,855
Dividends receivable		36
Total Assets		10,233,386
LIABILITIES
Advisory fee payable		270
Payable for investment purchased		229,927
Administration & Supervisory fee payable		139
Trustee fee payable		2
Accrued expenses		26,975
Total Liabilities		257,313
NET ASSETS	$	9,976,073
COMPOSITION OF NET ASSETS
Paid-in capital	$	10,000,000
Total accumulated loss		(23,927	)
	$	9,976,073
NET ASSET VALUE, PER SHARE
Class K ($4,988,037 / 500,000 shares outstanding), unlimited authorized, no par value	$	9.98
Institutional Class ($4,988,036 / 500,000 shares outstanding), unlimited authorized, no par value	$	9.98

For the Period December 28, 2021* through December 31, 2021
Baillie Gifford Health Innovation Equities Fund

EXPENSES
Advisory fee (Note B)	$	270
Administration & Supervisory fee — Class K shares (Note B)		70
Administration & Supervisory fee — Institutional Class shares (Note B)		70
Transfer agency		2,500
Professional fees		23,106
Fund accounting		1,333
Custody		26
Legal		9
Trustees' fees		2
Miscellaneous		1
Total Expenses		27,387
Fees waived/expenses reimbursed		(26,855	)
Total Expenses after waiver		532
Net Investment Loss		(532	)
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain from:
Investments		—
Foreign currency transactions		2,188
		2,188
Net change in unrealized appreciation (depreciation) on:
Investments		(25,619	)
Translation of net assets and liabilities denominated in foreign currencies		36
		(25,583	)
Net realized and unrealized loss		(23,395	)
NET DECREASE IN NET ASSETS FROM OPERATIONS	$	(23,927	)

* Commencement of investment operations.

Baillie Gifford Health Innovation Equities Fund
Selected data for a Class K share outstanding throughout the period:

	For the Period December 28, 2021^(a)through December 31, 2021
Net asset value, beginning of period	$	10.00
From Investment Operations
Net investment income^(b)		0.00	^(c)
Net realized and unrealized loss on investments and foreign currency		(0.02	)
Net (decrease) in net asset value from investment operations		(0.02	)
Net asset value, end of period	$	9.98
Total Return
Total return based on net asset value^(d)		(0.20	)%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	4,988
Ratio of net expenses to average net assets, before waiver		33.47	%*
Ratio of net expenses to average net assets, after waiver		0.65	%*
Ratio of net investment income to average net assets		(0.65	)%*
Portfolio turnover rate^(e)		0	%

* Annualized.

^(a) Commencement of investment operations.

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

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

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

Baillie Gifford Health Innovation Equities Fund
Selected data for an Institutional Class share outstanding throughout the period:

	For the Period December 28, 2021^(a)through December 31, 2021
Net asset value, beginning of period	$	10.00
From Investment Operations
Net investment income^(b)		0.00	^(c)
Net realized and unrealized loss on investments and foreign currency		(0.02	)
Net (decrease) in net asset value from investment operations		(0.02	)
Net asset value, end of period	$	9.98
Total Return
Total return based on net asset value^(d)		(0.20	)%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	4,988
Ratio of net expenses to average net assets, before waiver		33.47	%*
Ratio of net expenses to average net assets, after waiver		0.65	%*
Ratio of net investment income to average net assets		(0.65	)%*
Portfolio turnover rate^(e)		0	%

* Annualized.

^(a) Commencement of investment operations.

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

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

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

December 31, 2021
Baillie Gifford International Alpha Fund

	Value		% of Total Net Assets
Airlines	$	123,449,869		3.2	%
Auto Parts & Equipment		66,354,706		1.7
Banks		39,251,514		1.0
Beverages		37,442,578		1.0
Biotechnology		84,002,071		2.1
Building Materials		153,358,187		4.0
Chemicals		113,781,568		2.9
Commercial Services		229,986,490		6.0
Cosmetics/Personal Care		37,806,518		1.0
Distribution/Wholesale		93,081,498		2.4
Diversified Financial Services		294,246,484		7.5
Electronics		71,946,657		1.9
Energy — Alternate Sources		45,026,051		1.2
Food		155,328,582		4.0
Healthcare — Products		56,626,952		1.5
Healthcare — Services		16,473,834		0.4
Home Furnishings		125,744,284		3.2
Insurance		241,318,604		6.2
Internet		589,933,345		15.2
Leisure Time		54,009,569		1.4
Machinery — Construction & Mining		60,575,671		1.6
Machinery — Diversified		240,711,746		6.2
Mining		80,796,286		2.1
Real Estate		9,392,680		0.2
Retail		79,442,456		2.1
Semiconductors		321,890,452		8.3
Software		269,861,652		6.8
Toys/Games/Hobbies		31,580,380		0.8
Transportation		117,193,784		3.1
Total Value of Investments		3,840,614,468		99.0
Other assets less liabilities		37,738,355		1.0
Net Assets	$	3,878,352,823		100.0	%

December 31, 2021
Baillie Gifford International Alpha Fund

	Shares		Value
COMMON STOCKS — 99.0%
ARGENTINA — 3.9%
MercadoLibre, Inc. *		111,641	$	150,536,724
AUSTRALIA — 3.8%
Cochlear Ltd.		211,820		33,245,255
CSL Ltd.		269,516		57,002,734
Rio Tinto PLC		859,344		56,670,553
				146,918,542
BELGIUM — 0.6%
Umicore SA		583,233		23,792,668
CANADA — 1.9%
Constellation Software, Inc.		23,516		43,630,690
Ritchie Bros. Auctioneers, Inc.		493,754		30,222,682
				73,853,372
CHINA — 9.3%
Alibaba Group Holding Ltd. *		3,849,788		56,574,879
Futu Holdings Ltd. ADR *		188,600		8,166,380
Hangzhou Tigermed Consulting Co., Ltd., Class H		1,127,900		14,311,243
KE Holdings, Inc. ADR *		466,833		9,392,680
Meituan, Class B *		1,893,800		54,763,945
Ping An Healthcare and Technology Co., Ltd. *		4,050,300		14,763,755
Ping An Insurance Group Co. of China Ltd., Class H		5,847,500		42,137,790
Prosus NV *		334,801		27,729,914
Tencent Holdings Ltd.		1,403,800		81,913,302
Tencent Music Entertainment Group ADR *		3,795,378		25,998,339
Wuxi Biologics Cayman, Inc. *		1,391,500		16,473,834
Zai Lab Ltd. ADR *		153,830		9,668,216
				361,894,277
DENMARK — 4.6%
Ambu A/S, B Shares		885,878		23,381,696
Chr. Hansen Holding A/S		402,940		31,771,979
DSV A/S		276,669		64,471,708
Novozymes A/S, B Shares		709,013		58,216,921
				177,842,304

December 31, 2021
Baillie Gifford International Alpha Fund

	Shares		Value
FINLAND — 1.4%
Kone Oyj, B Shares		752,391	$	53,990,640
FRANCE — 3.6%
Danone SA		654,563		40,687,294
Dassault Systemes SE		932,064		55,313,675
Edenred		939,369		43,378,536
				139,379,505
GERMANY — 7.6%
BioNTech SE ADR *		67,227		17,331,121
Deutsche Boerse AG		440,702		73,585,973
Rational AG		52,927		54,131,882
SAP SE		560,795		78,926,036
Scout24 SE		993,996		69,407,136
				293,382,148
HONG KONG — 3.2%
AIA Group Ltd.		6,950,400		70,149,328
Hong Kong Exchanges & Clearing Ltd.		892,500		52,196,954
				122,346,282
INDIA — 2.8%
Housing Development Finance Corp., Ltd.		2,285,459		79,074,837
ICICI Lombard General Insurance Co., Ltd.		1,670,895		31,426,713
				110,501,550
IRELAND — 5.9%
CRH PLC		1,427,718		75,648,945
Kingspan Group PLC		651,458		77,709,241
Ryanair Holdings PLC ADR *		719,102		73,585,708
				226,943,894
ITALY — 1.0%
FinecoBank Banca Fineco SpA		2,241,338		39,251,514
JAPAN — 12.4%
Denso Corp.		800,700		66,354,706
FANUC Corp.		191,300		40,663,111
Japan Exchange Group, Inc.		1,984,200		43,472,627

December 31, 2021
Baillie Gifford International Alpha Fund

	Shares		Value
Nidec Corp.		608,200	$	71,946,657
Nintendo Co., Ltd.		67,500		31,580,380
Shimano, Inc.		202,800		54,009,569
Shiseido Co., Ltd.		677,700		37,806,518
SMC Corp.		95,400		64,476,867
Sony Group Corp.		567,100		71,612,402
				481,922,837
NETHERLANDS — 7.2%
Adyen NV *		11,243		29,512,904
ASML Holding NV		96,369		77,193,577
Heineken Holding NV		406,080		37,442,578
IMCD NV		421,177		93,081,498
Topicus.com, Inc. *		476,010		43,689,285
				280,919,842
NORWAY — 1.2%
Aker Carbon Capture ASA *		14,484,615		45,026,051
PANAMA — 0.7%
Copa Holdings SA, Class A *		329,350		27,224,071
RUSSIA — 1.1%
Magnit PJSC GDR Reg S		1,228,786		18,429,459
MMC Norilsk Nickel PJSC ADR		779,915		24,125,733
				42,555,192
SOUTH AFRICA — 1.1%
Discovery Ltd. *		4,809,879		43,335,697
SOUTH KOREA — 3.3%
NAVER Corp. *		114,313		36,285,395
Samsung Electronics Co., Ltd.		1,382,246		90,778,965
				127,064,360
SPAIN — 1.3%
Amadeus IT Group SA *		758,174		51,301,279

December 31, 2021
Baillie Gifford International Alpha Fund

	Shares		Value
SWEDEN — 3.7%
Atlas Copco AB, B Shares		1,388,845	$	81,581,129
Epiroc AB, B Shares		2,864,475		60,575,671
				142,156,800
SWITZERLAND — 7.3%
Cie Financiere Richemont SA		432,822		64,678,701
Kuehne + Nagel International AG		163,704		52,722,076
Nestle SA		689,111		96,211,829
Temenos AG		350,417		48,301,966
Wizz Air Holdings PLC *		398,982		22,640,090
				284,554,662
TAIWAN — 4.7%
Sea Ltd. ADR *		134,116		30,003,090
Taiwan Semiconductor Manufacturing Co., Ltd.		6,958,000		153,917,911
				183,921,001
UNITED KINGDOM — 4.3%
Experian PLC		1,243,706		61,259,846
Hargreaves Lansdown PLC		2,054,276		37,749,714
Just Eat Takeaway *		235,166		12,977,839
Prudential PLC		3,138,236		54,269,076
				166,256,475
UNITED STATES — 1.1%
Spotify Technology SA *		186,911		43,742,781
TOTAL INVESTMENTS — 99.0%
(cost $2,467,020,172)			$	3,840,614,468
Other assets less liabilities — 1.0%				37,738,355
NET ASSETS — 100.0%			$	3,878,352,823

* Non-income producing security.

ADR — American Depositary Receipt

GDR — Global Depositary Receipt

December 31, 2021
Baillie Gifford International Alpha Fund

ASSETS
Investments, at value (cost $2,467,020,172)	$	3,840,614,468
Cash		21,824,119
Foreign cash, at value (cost $69,446)		70,888
Receivable for investments sold		14,009,118
Tax reclaims receivable		4,800,993
Capital shares sold receivable		3,461,169
Dividends receivable		1,870,948
Prepaid assets		35,807
Total Assets		3,886,687,510
LIABILITIES
Advisory fee payable		3,261,179
Deferred India capital gains tax liability (Note A)		1,862,235
Capital shares purchased payable		1,208,817
Administration & Supervisory fee payable		845,675
Shareholder fee payable		454,985
Trustee fee payable		21,872
Commitment fee payable		9,372
Accrued expenses		670,552
Total Liabilities		8,334,687
NET ASSETS	$	3,878,352,823
COMPOSITION OF NET ASSETS
Paid-in capital	$	2,526,863,382
Total distributable earnings		1,351,489,441
	$	3,878,352,823
NET ASSET VALUE, PER SHARE
Class 2 ($334,568,542 / 21,688,196 shares outstanding), unlimited authorized, no par value	$	15.43
Class 3 ($524,716,973 / 33,478,199 shares outstanding), unlimited authorized, no par value	$	15.67
Class 4 ($912,394,500 / 57,158,159 shares outstanding), unlimited authorized, no par value	$	15.96
Class 5 ($125,577,998 / 7,709,658 shares outstanding), unlimited authorized, no par value	$	16.29
Class K ($1,222,693,360 / 79,608,457 shares outstanding), unlimited authorized, no par value	$	15.36
Institutional Class ($758,401,450 / 49,212,064 shares outstanding), unlimited authorized, no par value	$	15.41

For the Year Ended December 31, 2021
Baillie Gifford International Alpha Fund

INVESTMENT INCOME
Dividends (net of foreign withholding taxes of $8,077,401)	$	54,310,936
Non-cash income		8,476,709
Interest		2,291
Total Investment Income		62,789,936
EXPENSES
Advisory fee (Note B)		13,737,213
Shareholder Servicing fees — Class 2 shares (Note B)		642,116
Shareholder Servicing fees — Class 3 shares (Note B)		642,630
Shareholder Servicing fees — Class 4 shares (Note B)		732,510
Shareholder Servicing fees — Class 5 shares (Note B)		28,689
Administration & Supervisory fee — Class K shares (Note B)		2,006,925
Administration & Supervisory fee — Institutional Class shares (Note B)		1,330,277
Transfer Agency		142,696
Sub-transfer agency — Institutional Class shares		827,819
Fund accounting		1,270,733
Custody		724,769
Legal		451,258
Registration fees		183,547
Trustees' fees		89,181
Professional fees		52,887
Commitment fees		33,384
Miscellaneous		240,240
Total Expenses		23,136,874
Net Investment Income		39,653,062
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 $373,597)		206,395,689
Foreign currency transactions		(188,106	)
		206,207,583
Net change in unrealized depreciation on:
Investments (net of deferred India capital gains tax benefit of $893,211) (Note A)		(261,135,556	)
Translation of net assets and liabilities denominated in foreign currencies		(310,357	)
		(261,445,913	)
Net realized and unrealized loss		(55,238,330	)
NET DECREASE IN NET ASSETS FROM OPERATIONS	$	(15,585,268	)

Baillie Gifford International Alpha Fund

	For the Year Ended December 31, 2021			For the Year Ended December 31, 2020
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	39,653,062		$	24,867,498
Net realized gain		206,207,583			132,765,822
Net change in unrealized appreciation (depreciation)		(261,445,913	)		752,927,715
Net increase (decrease) in net assets from operations		(15,585,268	)		910,561,035
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings
Class 2		(24,786,900	)		(8,221,408	)
Class 3		(38,629,582	)		(17,027,749	)
Class 4		(66,380,678	)		(24,650,239	)
Class 5		(9,031,853	)		(3,388,104	)
Class K		(91,864,785	)		(24,860,209	)
Institutional Class		(56,749,052	)		(16,563,536	)
Total Distributions to Shareholders		(287,442,850	)		(94,711,245	)
TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
Net proceeds from shares subscribed:
Class 2		21,780,009			72,006,000
Class 3		167,796,050			295,090,505	*
Class 4		233,443,729			397,280,701
Class 5		—			11,000,000
Class K		251,570,911			488,403,549
Institutional Class		272,576,224			572,999,510
Dividends reinvested:
Class 2		24,786,899			8,221,408
Class 3		38,629,582			17,027,749
Class 4		66,380,677			24,650,239
Class 5		9,031,928			3,388,104
Class K		82,904,506			21,998,469
Institutional Class		51,732,944			16,542,889
Cost of shares redeemed:
Class 2		(54,578,192	)		(294,390,504	)*
Class 3		(404,578,419	)		(453,876,207	)
Class 4		(402,768,420	)		(84,000,000	)
Class 5		(24,534,404	)		—
Class K		(94,925,921	)		(180,996,529	)
Institutional Class		(228,187,591	)		(120,707,617	)
Increase in Net Assets from Transactions in Shares of Beneficial Interest		11,060,512			794,638,266
Total Increase (Decrease) in Net Assets		(291,967,606	)		1,610,488,056
NET ASSETS
Beginning of year		4,170,320,429			2,559,832,373
End of year	$	3,878,352,823		$	4,170,320,429

* See Note D for details of share class conversions.

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

	For the Year Ended December 31, 2021			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
Net asset value, beginning of year	$	16.78		$	13.57		$	10.78		$	14.20		$	10.90
From Investment Operations
Net investment income^(a)		0.16			0.12			0.27			0.22			0.18
Net realized and unrealized gain (loss) on investments and foreign currency		(0.28	)		3.47			3.20			(2.59	)		3.62
Net increase (decrease) in net asset value from investment operations		(0.12	)		3.59			3.47			(2.37	)		3.80
Dividends and Distributions to Shareholders
From net investment income		(0.16	)		(0.10	)		(0.34	)		(0.17	)		(0.14	)
From net realized gain on investments		(1.07	)		(0.28	)		(0.34	)		(0.88	)		(0.36	)
Total Dividends and Distributions		(1.23	)		(0.38	)		(0.68	)		(1.05	)		(0.50	)
Proceeds from Purchase Fees and Redemption Fees^(a)		—			—			—			—			0.00	^(b)
Net asset value, end of year	$	15.43		$	16.78		$	13.57		$	10.78		$	14.20
Total Return
Total return based on net asset value^(c)		(0.65	)%		26.45	%		32.14	%		(16.57	)%		34.96	%
Ratios/Supplemental Data
Net assets, end of year (000's omitted)	$	334,569		$	367,841		$	513,803		$	335,450		$	478,079
Ratio of net expenses to average net assets		0.58	%		0.59	%		0.61	%		0.62	%		0.61	%
Ratio of net investment income to average net assets		0.94	%		0.85	%		2.11	%^(d)		1.57	%		1.41	%
Portfolio turnover rate^(e)		16	%		24	%		13	%		33	%		12	%

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

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

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

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

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

	For the Year Ended December 31, 2021			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
Net asset value, beginning of year	$	17.02		$	13.76		$	10.92		$	14.37		$	11.03
From Investment Operations
Net investment income^(a)		0.18			0.13			0.28			0.22			0.18
Net realized and unrealized gain (loss) on investments and foreign currency		(0.28	)		3.52			3.24			(2.60	)		3.68
Net increase (decrease) in net asset value from investment operations		(0.10	)		3.65			3.52			(2.38	)		3.86
Dividends and Distributions to Shareholders
From net investment income		(0.18	)		(0.11	)		(0.34	)		(0.19	)		(0.16	)
From net realized gain on investments		(1.07	)		(0.28	)		(0.34	)		(0.88	)		(0.36	)
Total Dividends and Distributions		(1.25	)		(0.39	)		(0.68	)		(1.07	)		(0.52	)
Proceeds from Purchase Fees and Redemption Fees^(a)		—			—			—			—			0.00	^(b)
Net asset value, end of year	$	15.67		$	17.02		$	13.76		$	10.92		$	14.37
Total Return
Total return based on net asset value^(c)		(0.58	)%		26.54	%		32.23	%		(16.51	)%		35.05	%
Ratios/Supplemental Data
Net assets, end of year (000's omitted)	$	524,717		$	757,194		$	668,206		$	613,224		$	1,119,162
Ratio of net expenses to average net assets		0.51	%		0.52	%		0.54	%		0.55	%		0.55	%
Ratio of net investment income to average net assets		1.01	%		0.92	%		2.18	%^(d)		1.58	%		1.35	%
Portfolio turnover rate^(e)		16	%		24	%		13	%		33	%		12	%

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

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

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

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

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

	For the Year Ended December 31, 2021			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)
Net asset value, beginning of year	$	17.32		$	14.00		$	11.10		$	14.59		$	13.43		$	11.60
From Investment Operations
Net investment income^(b)		0.19			0.12			0.28			0.23			0.05			0.19
Net realized and unrealized gain (loss) on investments and foreign currency		(0.30	)		3.60			3.31			(2.65	)		1.64			(0.33	)
Net increase (decrease) in net asset value from investment operations		(0.11	)		3.72			3.59			(2.42	)		1.69			(0.14	)
Dividends and Distributions to Shareholders
From net investment income		(0.18	)		(0.12	)		(0.35	)		(0.19	)		(0.17	)		(0.01	)
From net realized gain on investments		(1.07	)		(0.28	)		(0.34	)		(0.88	)		(0.36	)		—
Total Dividends and Distributions		(1.25	)		(0.40	)		(0.69	)		(1.07	)		(0.53	)		(0.01	)
Net asset value, end of year	$	15.96		$	17.32		$	14.00		$	11.10		$	14.59		$	11.46
Total Return
Total return based on net asset value^(c)		(0.55	)%		26.57	%		32.27	%		(16.49	)%		12.60	%		(1.04	)%
Ratios/Supplemental Data
Net assets, end of year (000's omitted)	$	912,395		$	1,082,123		$	580,146		$	438,616		$	232,741		$	59
Ratio of net expenses to average net assets		0.48	%		0.49	%		0.51	%		0.52	%		0.53	%		0.52	%*
Ratio of net investment income to average net assets		1.03	%		0.82	%		2.20	%^(d)		1.61	%		0.77	%		1.72	%*
Portfolio turnover rate^(e)		16	%		24	%		13	%		33	%		12	%		15	%

^(a) Recommencement of investment operations.

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

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

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

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

	For the Year Ended December 31, 2021			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
Net asset value, beginning of year	$	17.65		$	14.26		$	11.30		$	14.82		$	11.36
From Investment Operations
Net investment income^(a)		0.20			0.14			0.30			0.21			0.20
Net realized and unrealized gain (loss) on investments and foreign currency		(0.30	)		3.66			3.35			(2.65	)		3.79
Net increase (decrease) in net asset value from investment operations		(0.10	)		3.80			3.65			(2.44	)		3.99
Dividends and Distributions to Shareholders
From net investment income		(0.19	)		(0.13	)		(0.35	)		(0.20	)		(0.17	)
From net realized gain on investments		(1.07	)		(0.28	)		(0.34	)		(0.88	)		(0.36	)
Total Dividends and Distributions		(1.26	)		(0.41	)		(0.69	)		(1.08	)		(0.53	)
Proceeds from Purchase Fees and Redemption Fees^(a)		—			—			—			—			0.00	^(b)
Net asset value, end of year	$	16.29		$	17.65		$	14.26		$	11.30		$	14.82
Total Return
Total return based on net asset value^(c)		(0.50	)%		26.64	%		32.34	%		(16.44	)%		35.16	%
Ratios/Supplemental Data
Net assets, end of year (000's omitted)	$	125,578		$	149,745		$	104,935		$	79,293		$	183,384
Ratio of net expenses to average net assets		0.43	%		0.44	%		0.46	%		0.47	%		0.47	%
Ratio of net investment income to average net assets		1.09	%		0.94	%		2.25	%^(d)		1.55	%		1.45	%
Portfolio turnover rate^(e)		16	%		24	%		13	%		33	%		12	%

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

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

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

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

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

	For the Year Ended December 31, 2021			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)		0.16			0.10			0.26			0.17			0.01
Net realized and unrealized gain (loss) on investments and foreign currency		(0.27	)		3.47			3.20			(2.52	)		2.25
Net increase (decrease) in net asset value from investment operations		(0.11	)		3.57			3.46			(2.35	)		2.26
Dividends and Distributions to Shareholders
From net investment income		(0.17	)		(0.11	)		(0.34	)		(0.19	)		(0.17	)
From net realized gain on investments		(1.07	)		(0.28	)		(0.34	)		(0.88	)		(0.36	)
Total Dividends and Distributions		(1.24	)		(0.39	)		(0.68	)		(1.07	)		(0.53	)
Net asset value, end of period	$	15.36		$	16.71		$	13.53		$	10.75		$	14.17
Total Return
Total return based on net asset value^(c)		(0.62	)%		26.40	%		32.16	%		(16.54	)%		18.19	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	1,222,693		$	1,083,711		$	566,554		$	290,186		$	108,728
Ratio of net expenses to average net assets		0.58	%		0.59	%		0.61	%		0.62	%		0.63	%*
Ratio of net investment income to average net assets		0.92	%		0.74	%		2.09	%^(d)		1.26	%		0.12	%*
Portfolio turnover rate^(e)		16	%		24	%		13	%		33	%		12	%

* Annualized.

^(a) Commencement of investment operations.

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

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

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

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

	For the Year Ended December 31, 2021			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)		0.14			0.08			0.25			0.22			0.09
Net realized and unrealized gain (loss) on investments and foreign currency		(0.27	)		3.49			3.22			(2.59	)		2.17
Net increase (decrease) in net asset value from investment operations		(0.13	)		3.57			3.47			(2.37	)		2.26
Dividends and Distributions to Shareholders
From net investment income		(0.15	)		(0.11	)		(0.34	)		(0.15	)		(0.15	)
From net realized gain on investments		(1.07	)		(0.28	)		(0.34	)		(0.88	)		(0.36	)
Total Dividends and Distributions		(1.22	)		(0.39	)		(0.68	)		(1.03	)		(0.51	)
Net asset value, end of period	$	15.41		$	16.76		$	13.58		$	10.79		$	14.19
Total Return
Total return based on net asset value^(c)		(0.74	)%		26.29	%		32.11	%		(16.68	)%		18.25	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	758,401		$	729,705		$	126,189		$	38,019		$	6
Ratio of net expenses to average net assets		0.68	%		0.67	%		0.67	%		0.72	%		0.62	%*
Ratio of net investment income to average net assets		0.82	%		0.52	%		1.93	%^(d)		1.58	%		1.01	%*
Portfolio turnover rate^(e)		16	%		24	%		13	%		33	%		12	%

* Annualized.

^(a) Commencement of investment operations.

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

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

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

December 31, 2021
Baillie Gifford International Concentrated Growth Equities Fund

	Value		% of Total Net Assets
Apparel	$	10,136,444		8.9	%
Auto Manufacturers		11,197,775		9.8
Biotechnology		11,857,417		10.5
Commercial Services		6,412,881		5.6
Cosmetics/Personal Care		1,770,406		1.6
Food		4,020,867		3.5
Insurance		1,769,103		1.6
Internet		39,992,517		35.1
Investment Companies		1,548,752		1.4
Machinery — Diversified		1,363,068		1.2
Retail		5,261,387		4.6
Semiconductors		17,881,941		15.7
Total Value of Investments		113,212,558		99.5
Other assets less liabilities		578,512		0.5
Net Assets	$	113,791,070		100.0	%

December 31, 2021
Baillie Gifford International Concentrated Growth Equities Fund

	Shares		Value
COMMON STOCKS — 99.5%
ARGENTINA — 8.5%
MercadoLibre, Inc. *		7,171	$	9,669,376
CANADA — 2.6%
Shopify, Inc., Class A *		2,176		2,997,201
CHINA — 16.3%
Alibaba Group Holding Ltd. *		191,724		2,817,496
Meituan, Class B *		229,200		6,627,889
NIO, Inc. ADR *		67,913		2,151,484
Ping An Insurance Group Co. of China Ltd., Class H		245,500		1,769,103
Tencent Holdings Ltd.		88,000		5,134,898
				18,500,870
DENMARK — 2.4%
Genmab A/S *		6,975		2,784,093
FRANCE — 10.5%
Hermes International		3,146		5,497,243
Kering		5,782		4,639,201
L'Oreal SA		3,713		1,770,406
				11,906,850
GERMANY — 4.6%
Zalando SE *		65,313		5,261,387
ITALY — 3.8%
Ferrari NV		16,891		4,347,847
JAPAN — 2.6%
M3, Inc.		58,200		2,934,524
NETHERLANDS — 19.9%
Adyen NV *		2,443		6,412,881
ASML Holding NV		20,223		16,199,044
				22,611,925

December 31, 2021
Baillie Gifford International Concentrated Growth Equities Fund

	Shares		Value
SAUDI ARABIA — 4.4%
Delivery Hero SE *		45,606	$	5,048,154
SWEDEN — 2.6%
Atlas Copco AB, B Shares		23,205		1,363,068
Kinnevik AB, B Shares *		43,561		1,548,752
				2,911,820
UNITED KINGDOM — 3.5%
Ocado Group PLC *		176,731		4,020,867
UNITED STATES — 17.8%
Illumina, Inc. *		10,274		3,908,641
Moderna, Inc. *		20,335		5,164,683
NVIDIA Corp.		5,722		1,682,897
Spotify Technology SA *		20,352		4,762,979
Tesla, Inc. *		4,446		4,698,444
				20,217,644
TOTAL INVESTMENTS — 99.5%
(cost $93,162,467)			$	113,212,558
Other assets less liabilities — 0.5%				578,512
NET ASSETS — 100.0%			$	113,791,070

* Non-income producing security.

ADR — American Depositary Receipt

Fair Value Measurement

The following is a summary of the inputs used as of December 31, 2021 in valuing the Fund's investments carried at fair value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks **	$	35,035,705	$	78,176,853	$	—	$	113,212,558
Total	$	35,035,705	$	78,176,853	$	—	$	113,212,558

** Refer to Portfolio of Investments for further detail.

December 31, 2021
Baillie Gifford International Concentrated Growth Equities Fund

ASSETS
Investments, at value (cost $93,162,467)	$	113,212,558
Cash		28,610
Receivable for investments sold		3,822,413
Capital shares sold receivable		3,131,768
Due from Investment Advisor		19,318
Tax reclaims receivable		16,765
Prepaid assets		30,395
Total Assets		120,261,827
LIABILITIES
Advisory fee payable		126,643
Line of credit payable		4,900,000
Capital shares purchased payable		1,310,225
Administration & Supervisory fee payable		53,823
Trustee fee payable		714
Commitment fee payable		306
Accrued expenses		79,046
Total Liabilities		6,470,757
NET ASSETS	$	113,791,070
COMPOSITION OF NET ASSETS
Paid-in capital	$	95,294,329
Total distributable earnings		18,496,741
	$	113,791,070
NET ASSET VALUE, PER SHARE
Class K ( $56,512,922 / 5,712,784 shares outstanding), unlimited authorized, no par value	$	9.89
Institutional Class ( $57,278,148 / 5,857,622 shares outstanding), unlimited authorized, no par value	$	9.78

For the Year Ended December 31, 2021
Baillie Gifford International Concentrated Growth Equities Fund

INVESTMENT INCOME
Dividends (net of foreign withholding taxes of $64,847)	$	332,270
Non-cash income		924,043
Interest		86
Total Investment Income		1,256,399
EXPENSES
Advisory fee (Note B)		521,126
Administration & Supervisory fee — Class K shares (Note B)		109,183
Administration & Supervisory fee — Institutional Class shares (Note B)		112,295
Transfer agency		40,561
Sub-transfer agency — Institutional Class shares		70,301
Fund accounting		94,789
Registration fees		59,880
Professional fees		31,550
Custody		27,706
Legal		14,205
Trustees' fees		2,921
Line of credit Interest		2,310
Commitment fees		1,086
Miscellaneous		14,956
Total Expenses		1,102,869
Fees waived/expenses reimbursed		(94,541	)
Total Expenses after waiver		1,008,328
Net Investment Income		248,071
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) from:
Investments		3,680,018
Foreign currency transactions		(13,770	)
		3,666,248
Net change in unrealized appreciation (depreciation) on:
Investments		(11,778,961	)
Translation of net assets and liabilities denominated in foreign currencies		88,551
		(11,690,410	)
Net realized and unrealized loss		(8,024,162	)
NET DECREASE IN NET ASSETS FROM OPERATIONS	$	(7,776,091	)

Baillie Gifford International Concentrated Growth Equities Fund

	For the Year Ended December 31, 2021			For the Year Ended December 31, 2020
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)	$	248,071		$	(353,242	)
Net realized gain		3,666,248			78,019,857
Net change in unrealized appreciation (depreciation)		(11,690,410	)		18,689,189
Net increase (decrease) in net assets from operations		(7,776,091	)		96,355,804
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings
Class K		(12,048,790	)		(40,877,596	)
Institutional Class		(11,556,065	)		(13,601,434	)
Total Distributions to Shareholders		(23,604,855	)		(54,479,030	)
TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
Net proceeds from shares subscribed:
Class K		32,264,192			33,989,078
Institutional Class		103,591,639			21,921,486
Dividends reinvested:
Class K		11,398,944			38,023,629
Institutional Class		11,556,064			13,601,434
Cost of shares redeemed:
Class K		(16,619,698	)		(178,597,888	)
Institutional Class		(57,388,368	)		(13,118,779	)
Increase (Decrease) in Net Assets from Transactions in Shares of Beneficial Interest		84,802,773			(84,181,040	)
Total Increase (Decrease) in Net Assets		53,421,827			(42,304,266	)
NET ASSETS
Beginning of year		60,369,243			102,673,509
End of year	$	113,791,070		$	60,369,243

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

	For the Year Ended December 31, 2021			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)		0.04			(0.04	)		0.03			(0.03	)		(0.00	)^(c)
Net realized and unrealized gain (loss) on investments and foreign currency		0.03	^(d)		12.16			3.94			(1.27	)		0.05
Net increase (decrease) in net asset value from investment operations		0.07			12.12			3.97			(1.30	)		0.05
Dividends and Distributions to Shareholders
From net investment income		(0.03	)		—			(0.02	)		—			—
From net realized gain on investments		(2.46	)		(12.51	)		—			—			—
Total Dividends and Distributions		(2.49	)		(12.51	)		(0.02	)		—			—
Net asset value, end of period	$	9.89		$	12.31		$	12.70		$	8.75		$	10.05
Total Return
Total return based on net asset value^(e)		0.74	%		97.24	%		45.26	%		(12.84	)%		0.50	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	56,513		$	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		0.27	%		(0.26	)%		0.26	%^(f)		(0.26	)%		(0.68	)%*
Portfolio turnover rate^(g)		54	%		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) Calculation of the net gain or loss per share (both realized and unrealized) may not correlate to the aggregate realized and unrealized gains or losses presented in the Statement of Operations due to the timing of sales and repurchases of Class shares in relation to fluctuating market values of the investments of the Fund.

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

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

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

	For the Year Ended December 31, 2021			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)		0.01			(0.09	)		0.03			(0.06	)		(0.00	)^(c)
Net realized and unrealized gain (loss) on investments and foreign currency		0.05	^(d)		12.14			3.92			(1.27	)		0.05
Net increase (decrease) in net asset value from investment operations		0.06			12.05			3.95			(1.33	)		0.05
Dividends and Distributions to Shareholders
From net investment income		(0.01	)		—			(0.02	)		—			—
From net realized gain on investments		(2.46	)		(12.51	)		—			—			—
Total Dividends and Distributions		(2.47	)		(12.51	)		(0.02	)		—			—
Net asset value, end of period	$	9.78		$	12.19		$	12.65		$	8.72		$	10.05
Total Return
Total return based on net asset value^(e)		0.69	%		97.09	%		45.32	%		(13.23	)%		0.50	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	57,278		$	18,012		$	876		$	476		$	502
Ratio of net expenses to average net assets, before waiver		0.90	%		0.87	%		0.91	%		1.16	%		53.29	%*
Ratio of net expenses to average net assets, after waiver		0.83	%		0.80	%		0.73	%		0.81	%		0.87	%*
Ratio of net investment income (loss) to average net assets		0.11	%		(0.47	)%		0.30	%^(f)		(0.53	)%		(0.68	)%*
Portfolio turnover rate^(g)		54	%		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.

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

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

December 31, 2021
Baillie Gifford International Growth Fund

	Value		% of Total Net Assets
Apparel	$	176,258,360		4.7	%
Auto Manufacturers		298,583,191		7.8
Beverages		9,822,353		0.3
Biotechnology		202,782,494		5.4
Chemicals		89,823,967		2.3
Commercial Services		221,245,484		5.9
Cosmetics/Personal Care		104,666,625		2.8
Diversified Financial Services		81,368,072		2.2
Electronics		197,782,576		5.2
Energy — Alternate Sources		39,320,575		1.0
Food		139,549,782		3.7
Healthcare — Products		36,011,161		1.0
Healthcare — Services		31,722,342		0.8
Insurance		110,124,359		2.9
Internet		990,741,222		26.1
Investment Companies		93,370,390		2.4
Machinery — Diversified		178,002,202		4.7
Media		19,011,952		0.5
Retail		202,085,717		5.4
Semiconductors		418,107,493		11.0
Software		123,017,560		3.3
Total Value of Investments		3,763,397,877		99.4
Other assets less liabilities		23,897,248		0.6
Net Assets	$	3,787,295,125		100.0	%

December 31, 2021
Baillie Gifford International Growth Fund

	Shares		Value
COMMON STOCKS — 96.9%
ARGENTINA — 5.0%
MercadoLibre, Inc. *		141,447	$	190,727,135
AUSTRALIA — 2.3%
Afterpay Ltd. *		531,450		32,082,162
WiseTech Global Ltd.		1,309,250		55,527,164
				87,609,326
BELGIUM — 1.5%
Umicore SA		1,427,843		58,248,066
CHINA — 14.7%
Alibaba Group Holding Ltd. *		5,537,108		81,371,029
Meituan, Class B *		5,201,000		150,399,872
NIO, Inc. ADR *		1,824,522		57,800,857
Pinduoduo, Inc. ADR *		280,511		16,353,791
Ping An Insurance Group Co. of China Ltd., Class H		5,283,500		38,073,538
TAL Education Group ADR *		565,843		2,223,763
Tencent Holdings Ltd.		3,036,300		177,171,506
Wuxi Biologics Cayman, Inc. *		2,679,500		31,722,342
				555,116,698
DENMARK — 5.8%
Ambu A/S, B Shares		1,364,379		36,011,162
Genmab A/S *		286,077		114,188,514
Novozymes A/S, B Shares		384,557		31,575,901
Vestas Wind Systems A/S		1,291,098		39,320,575
				221,096,152
FRANCE — 7.6%
Adevinta ASA *		626,550		8,323,133
Kering		219,677		176,258,360
L'Oreal SA		219,513		104,666,624
				289,248,117
GERMANY — 6.6%
Aixtron SE		1,145,970		23,212,127
CureVac NV *		233,787		8,021,232

December 31, 2021
Baillie Gifford International Growth Fund

	Shares		Value
HelloFresh SE *		1,016,019	$	77,865,806
MorphoSys AG *		162,909		6,169,231
Zalando SE *		1,647,133		132,687,271
				247,955,667
HONG KONG — 2.9%
AIA Group Ltd.		7,138,800		72,050,820
Hong Kong Exchanges & Clearing Ltd.		638,901		37,365,475
				109,416,295
INDIA — 0.5%
Housing Development Finance Corp., Ltd.		564,415		19,528,254
ISRAEL — 1.2%
Wix.com Ltd. *		289,273		45,644,387
ITALY — 5.4%
Ferrari NV		785,787		202,266,414
JAPAN — 8.6%
M3, Inc.		2,161,000		108,960,601
Nidec Corp.		861,900		101,957,948
Pan Pacific International Holdings Corp.		973,300		13,415,815
SBI Holdings, Inc.		897,300		24,474,343
SMC Corp.		110,900		74,952,668
				323,761,375
NETHERLANDS — 15.9%
Adyen NV *		71,215		186,939,559
Argenx SE *		209,229		74,403,519
ASML Holding NV		361,317		289,422,443
EXOR NV		561,946		50,304,137
				601,069,658
NEW ZEALAND — 0.7%
Xero Ltd. *		271,911		27,832,602

December 31, 2021
Baillie Gifford International Growth Fund

	Shares		Value
NORWAY — 0.5%
Schibsted ASA, Class A		241,038	$	9,293,144
Schibsted ASA, B Shares		288,179		9,718,808
				19,011,952
SAUDI ARABIA — 1.9%
Delivery Hero SE *		659,450		72,994,896
SOUTH KOREA — 0.2%
Coupang, Inc. *		277,478		8,152,304
SPAIN — 1.5%
Industria de Diseno Textil SA		1,735,893		55,982,631
SWEDEN — 3.9%
Atlas Copco AB, A Shares		1,491,292		103,049,534
Kinnevik AB, B Shares *		1,211,304		43,066,253
				146,115,787
SWITZERLAND — 1.1%
Temenos AG		287,706		39,657,794
TAIWAN — 2.8%
Taiwan Semiconductor Manufacturing Co., Ltd.		4,768,000		105,472,923
UNITED KINGDOM — 1.6%
Ocado Group PLC *		2,711,224		61,683,976
UNITED STATES — 4.7%
Oatly Group AB ADR *		1,233,964		9,822,353
Spotify Technology SA *		558,230		130,642,567
Stellantis NV		2,040,190		38,515,920
				178,980,840
Total Common Stocks
(cost $1,782,982,994)				3,667,573,249

December 31, 2021
Baillie Gifford International Growth Fund

	Shares		Value
PREFERRED STOCKS — 2.5%
GERMANY — 2.5%
Sartorius AG 0.13% (cost $31,607,444)		141,681	$	95,824,628
TOTAL INVESTMENTS — 99.4%
(cost $1,814,590,438)			$	3,763,397,877
Other assets less liabilities — 0.6%				23,897,248
NET ASSETS — 100.0%			$	3,787,295,125

* Non-income producing security.

ADR — American Depositary Receipt

Fair Value Measurement

The following is a summary of the inputs used as of December 31, 2021 in valuing the Fund's investments carried at fair value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks **	$	479,107,197	$	3,188,466,052	$	—	$	3,667,573,249
Preferred Stocks **		—		95,824,628		—		95,824,628
Total	$	479,107,197	$	3,284,290,680	$	—	$	3,763,397,877

** Refer to Portfolio of Investments for further detail.

December 31, 2021
Baillie Gifford International Growth Fund

ASSETS
Investments, at value (cost $1,814,590,438)	$	3,763,397,877
Cash		6,943,953
Receivable for investments sold		17,347,923
Capital shares sold receivable		8,778,653
Tax reclaims receivable		1,567,667
Dividends receivable		341,142
Prepaid assets		34,991
Total Assets		3,798,412,206
LIABILITIES
Due to foreign custodian (cost $459)		459
Advisory fee payable		3,334,753
Capital shares purchased payable		5,973,208
Shareholder fee payable		569,963
Deferred India capital gains tax liability (Note A)		451,900
Administration & Supervisory fee payable		219,140
Trustee fee payable		22,809
Commitment fee payable		9,773
Accrued expenses		535,076
Total Liabilities		11,117,081
NET ASSETS	$	3,787,295,125
COMPOSITION OF NET ASSETS
Paid-in capital	$	1,870,698,209
Total distributable earnings		1,916,596,916
	$	3,787,295,125
NET ASSET VALUE, PER SHARE
Class 2 ( $455,383,746 / 27,084,764 shares outstanding), unlimited authorized, no par value	$	16.81
Class 3 ( $503,783,241 / 29,894,729 shares outstanding), unlimited authorized, no par value	$	16.85
Class 4 ( $860,634,956 / 51,041,986 shares outstanding), unlimited authorized, no par value	$	16.86
Class 5 ( $1,562,791,011 / 92,433,053 shares outstanding), unlimited authorized, no par value	$	16.91
Class K ( $82,819,956 / 4,938,051 shares outstanding), unlimited authorized, no par value	$	16.77
Institutional Class ( $321,882,215 / 19,246,953 shares outstanding), unlimited authorized, no par value	$	16.72

For the Year Ended December 31, 2021
Baillie Gifford International Growth Fund

INVESTMENT INCOME
Dividends (net of foreign withholding taxes of $3,314,470)	$	26,658,853
Non-cash income		26,274,207
Interest		2,253
Total Investment Income		52,935,313
EXPENSES
Advisory fee (Note B)		14,048,723
Shareholder Servicing fees — Class 2 shares (Note B)		846,981
Shareholder Servicing fees — Class 3 shares (Note B)		576,378
Shareholder Servicing fees — Class 4 shares (Note B)		672,333
Shareholder Servicing fees — Class 5 shares (Note B)		345,424
Administration & Supervisory fee — Class K shares (Note B)		209,431
Administration & Supervisory fee — Institutional Class shares (Note B)		660,261
Transfer agency		133,007
Sub-transfer agency — Institutional Class shares		328,105
Fund accounting		1,265,810
Custody		565,377
Legal		478,730
Registration fees		104,957
Trustees' fees		92,322
Professional fees		52,428
Commitment fees		34,423
Miscellaneous		113,187
Total Expenses		20,527,877
Net Investment Income		32,407,436
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) from:
Investments		396,983,958
In-kind redemptions		50,883,147
Foreign currency transactions		(228,379	)
		447,638,726
Net change in unrealized depreciation on:
Investments (net of deferred India capital gains tax expense of $103,466) (Note A)		(868,932,151	)
Translation of net assets and liabilities denominated in foreign currencies		(129,011	)
		(869,061,162	)
Net realized and unrealized loss		(421,422,436	)
NET DECREASE IN NET ASSETS FROM OPERATIONS	$	(389,015,000	)

Baillie Gifford International Growth Fund

	For the Year Ended December 31, 2021			For the Year Ended December 31, 2020
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	32,407,436		$	2,279,011
Net realized gain		447,638,726			470,418,997
Net change in unrealized appreciation (depreciation)		(869,061,162	)		1,383,834,789
Net increase (decrease) in net assets from operations		(389,015,000	)		1,856,532,797
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings
Class 2		(62,818,687	)		(55,541,011	)
Class 3		(69,076,213	)		(64,060,790	)
Class 4		(120,474,576	)		(91,315,840	)
Class 5		(219,002,340	)		(170,297,829	)
Class K		(12,174,900	)		(8,879,140	)
Institutional Class		(47,370,977	)		(29,144,231	)
Total Distributions to Shareholders		(530,917,693	)		(419,238,841	)
TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
Net proceeds from shares subscribed:
Class 2		94,862,331			81,506,000
Class 3		152,146,174			592,448,173	*
Class 4		32,700,771			434,310,417	*
Class 5		2,000,000			—
Class K		12,785,685			115,840,279
Institutional Class		237,406,612			230,631,609
Dividends reinvested:
Class 2		62,797,066			55,541,011
Class 3		69,053,504			64,060,790
Class 4		120,474,576			91,315,840
Class 5		219,002,340			170,297,829
Class K		9,023,516			6,873,455
Institutional Class		46,287,943			28,803,483
Cost of shares redeemed:
Class 2		(195,081,174	)		(695,348,173	)*
Class 3		(299,199,945	)		(764,520,237	)**
Class 4		(53,552,555	)		(78,000,000	)*
Class 5		(125,000,000	)		(225,000,000	)
Class K		(45,641,020	)		(229,035	)
Institutional Class		(175,527,255	)		(32,662,300	)
Increase in Net Assets from Transactions in Shares of Beneficial Interest		164,538,569			75,869,141
Total Increase (Decrease) in Net Assets		(755,394,124	)		1,513,163,097
NET ASSETS
Beginning of year		4,542,689,249			3,029,526,152
End of year	$	3,787,295,125		$	4,542,689,249

* See Note D for details of share class conversions.

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

	For the Year Ended December 31, 2021			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
Net asset value, beginning of year	$	21.56		$	14.59		$	10.74		$	14.39		$	10.09
From Investment Operations
Net investment income^(a)		0.15			0.00	^(b)		0.15			0.11			0.05
Net realized and unrealized gain (loss) on investments and foreign currency		(2.20	)		9.17			3.87			(2.61	)		4.60
Net increase (decrease) in net asset value from investment operations		(2.05	)		9.17			4.02			(2.50	)		4.65
Dividends and Distributions to Shareholders
From net investment income		(0.41	)		—			(0.15	)		(0.10	)		(0.06	)
From net realized gain on investments		(2.29	)		(2.20	)		(0.02	)		(1.03	)		(0.29	)
Return of capital		—			—			—			(0.02	)		—
Total Dividends and Distributions		(2.70	)		(2.20	)		(0.17	)		(1.15	)		(0.35	)
Proceeds from Purchase Fees and Redemption Fees^(a)		—			—			—			—			0.00	^(b)
Net asset value, end of year	$	16.81		$	21.56		$	14.59		$	10.74		$	14.39
Total Return
Total return based on net asset value^(c)		(9.40	)%		62.95	%		37.34	%		(17.33	)%		46.09	%
Ratios/Supplemental Data
Net assets, end of year (000's omitted)	$	455,384		$	599,275		$	874,230		$	632,645		$	746,817
Ratio of net expenses to average net assets		0.57	%		0.58	%		0.60	%		0.60	%		0.61	%
Ratio of net investment income to average net assets		0.68	%		0.02	%		1.16	%^(d)		0.72	%		0.42	%
Portfolio turnover rate^(e)		13	%		26	%		6	%		14	%		9	%

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

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

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

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

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

	For the Year Ended December 31, 2021			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
Net asset value, beginning of year	$	21.63		$	14.62		$	10.76		$	14.42		$	10.11
From Investment Operations
Net investment income^(a)		0.16			0.01			0.16			0.11			0.05
Net realized and unrealized gain (loss) on investments and foreign currency		(2.21	)		9.20			3.88			(2.61	)		4.62
Net increase (decrease) in net asset value from investment operations		(2.05	)		9.21			4.04			(2.50	)		4.67
Dividends and Distributions to Shareholders
From net investment income		(0.44	)		—			(0.16	)		(0.11	)		(0.07	)
From net realized gain on investments		(2.29	)		(2.20	)		(0.02	)		(1.03	)		(0.29	)
Return of capital		—			—			—			(0.02	)		—
Total Dividends and Distributions		(2.73	)		(2.20	)		(0.18	)		(1.16	)		(0.36	)
Proceeds from Purchase Fees and Redemption Fees^(a)		—			—			—			—			0.00	^(b)
Net asset value, end of year	$	16.85		$	21.63		$	14.62		$	10.76		$	14.42
Total Return
Total return based on net asset value^(c)		(9.34	)%		63.07	%		37.44	%		(17.27	)%		46.20	%
Ratios/Supplemental Data
Net assets, end of year (000's omitted)	$	503,783		$	693,179		$	546,477		$	393,050		$	601,549
Ratio of net expenses to average net assets		0.50	%		0.51	%		0.53	%		0.53	%		0.54	%
Ratio of net investment income to average net assets		0.74	%		0.03	%		1.22	%^(d)		0.74	%		0.41	%
Portfolio turnover rate^(e)		13	%		26	%		6	%		14	%		9	%

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

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

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

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

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

	For the Year Ended December 31, 2021			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
Net asset value, beginning of year	$	21.65		$	14.63		$	10.77		$	14.43		$	10.12
From Investment Operations
Net investment income^(a)		0.17			0.01			0.16			0.12			0.06
Net realized and unrealized gain (loss) on investments and foreign currency		(2.21	)		9.21			3.88			(2.61	)		4.62
Net increase (decrease) in net asset value from investment operations		(2.04	)		9.22			4.04			(2.49	)		4.68
Dividends and Distributions to Shareholders
From net investment income		(0.46	)		0.00	^(b)		(0.16	)		(0.12	)		(0.08	)
From net realized gain on investments		(2.29	)		(2.20	)		(0.02	)		(1.03	)		(0.29	)
Return of capital		—			—			—			(0.02	)		—
Total Dividends and Distributions		(2.75	)		(2.20	)		(0.18	)		(1.17	)		(0.37	)
Proceeds from Purchase Fees and Redemption Fees^(a)		—			—			—			—			0.00	^(b)
Net asset value, end of year	$	16.86		$	21.65		$	14.63		$	10.77		$	14.43
Total Return
Total return based on net asset value^(c)		(9.31	)%		63.12	%		37.48	%		(17.24	)%		46.24	%
Ratios/Supplemental Data
Net assets, end of year (000's omitted)	$	860,635		$	969,427		$	283,094		$	205,923		$	302,474
Ratio of net expenses to average net assets		0.47	%		0.48	%		0.50	%		0.50	%		0.51	%
Ratio of net investment income to average net assets		0.78	%		0.06	%		1.26	%^(d)		0.83	%		0.45	%
Portfolio turnover rate^(e)		13	%		26	%		6	%		14	%		9	%

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

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

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

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

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

	For the Year Ended December 31, 2021			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
Net asset value, beginning of year	$	21.70		$	14.66		$	10.79		$	14.46		$	10.14
From Investment Operations
Net investment income^(a)		0.18			0.02			0.17			0.12			0.07
Net realized and unrealized gain (loss) on investments and foreign currency		(2.21	)		9.23			3.89			(2.61	)		4.62
Net increase (decrease) in net asset value from investment operations		(2.03	)		9.25			4.06			(2.49	)		4.69
Dividends and Distributions to Shareholders
From net investment income		(0.47	)		(0.01	)		(0.17	)		(0.13	)		(0.08	)
From net realized gain on investments		(2.29	)		(2.20	)		(0.02	)		(1.03	)		(0.29	)
Return of capital		—			—			—			(0.02	)		—
Total Dividends and Distributions		(2.76	)		(2.21	)		(0.19	)		(1.18	)		(0.37	)
Proceeds from Purchase Fees and Redemption Fees^(a)		—			—			—			—			0.00	^(b)
Net asset value, end of year	$	16.91		$	21.70		$	14.66		$	10.79		$	14.46
Total Return
Total return based on net asset value^(c)		(9.27	)%		63.20	%		37.55	%		(17.20	)%		46.31	%
Ratios/Supplemental Data
Net assets, end of year (000's omitted)	$	1,562,791		$	1,842,231		$	1,298,918		$	944,366		$	1,139,553
Ratio of net expenses to average net assets		0.42	%		0.43	%		0.45	%		0.45	%		0.46	%
Ratio of net investment income to average net assets		0.82	%		0.13	%		1.31	%^(d)		0.84	%		0.51	%
Portfolio turnover rate^(e)		13	%		26	%		6	%		14	%		9	%

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

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

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

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

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

	For the Year Ended December 31, 2021			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)		0.15			(0.05	)^(c)		0.15			0.10			0.01
Net realized and unrealized gain (loss) on investments and foreign currency		(2.20	)		9.21			3.87			(2.60	)		2.71
Net increase (decrease) in net asset value from investment operations		(2.05	)		9.16			4.02			(2.50	)		2.72
Dividends and Distributions to Shareholders
From net investment income		(0.43	)		0.00	^(d)		(0.15	)		(0.10	)		(0.07	)
From net realized gain on investments		(2.29	)		(2.20	)		(0.02	)		(1.03	)		(0.29	)
Return of capital		—			—			—			(0.02	)		—
Total Dividends and Distributions		(2.72	)		(2.20	)		(0.17	)		(1.15	)		(0.36	)
Net asset value, end of period	$	16.77		$	21.54		$	14.58		$	10.73		$	14.38
Total Return
Total return based on net asset value^(e)		(9.43	)%		62.95	%		37.40	%		(17.32	)%		22.62	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	82,820		$	130,401		$	7		$	5		$	6
Ratio of net expenses to average net assets		0.57	%		0.58	%		0.60	%		0.60	%		0.60	%*
Ratio of net investment income (loss) to average net assets		0.69	%		(0.26	)%		1.17	%^(f)		0.72	%		0.14	%*
Portfolio turnover rate^(g)		13	%		26	%		6	%		14	%		9	%

* Annualized.

^(a) Commencement of investment operations.

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

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

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

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

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

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

	For the Year Ended December 31, 2021			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)		0.12			(0.03	)^(c)		0.15			(0.01	)		0.01
Net realized and unrealized gain (loss) on investments and foreign currency		(2.18	)		9.16			3.85			(2.49	)^(d)		2.71
Net increase (decrease) in net asset value from investment operations		(2.06	)		9.13			4.00			(2.50	)		2.72
Dividends and Distributions to Shareholders
From net investment income		(0.41	)		—			(0.15	)		(0.11	)		(0.07	)
From net realized gain on investments		(2.29	)		(2.20	)		(0.02	)		(1.03	)		(0.29	)
Return of capital		—			—			—			(0.02	)		—
Total Dividends and Distributions		(2.70	)		(2.20	)		(0.17	)		(1.16	)		(0.36	)
Net asset value, end of period	$	16.72		$	21.48		$	14.55		$	10.72		$	14.38
Total Return
Total return based on net asset value^(e)		(9.49	)%		62.84	%		37.25	%		(17.34	)%		22.62	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	321,882		$	308,176		$	26,800		$	2,081		$	6
Ratio of net expenses to average net assets		0.65	%		0.64	%		0.65	%		0.69	%		0.60	%*
Ratio of net investment income (loss) to average net assets		0.55	%		(0.16	)%		1.09	%^(f)		(0.23	)%		0.14	%*
Portfolio turnover rate^(g)		13	%		26	%		6	%		14	%		9	%

* Annualized.

^(a) Commencement of investment operations.

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

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

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

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

December 31, 2021
Baillie Gifford International Smaller Companies Fund

	Value		% of Total Net Assets
Auto Parts & Equipment	$	155,733		0.3	%
Banks		278,023		0.5
Biotechnology		289,125		0.5
Building Materials		2,697,797		4.7
Chemicals		400,884		0.7
Commercial Services		4,013,869		7.1
Computers		1,250,146		2.2
Distribution/Wholesale		2,938,573		5.2
Diversified Financial Services		5,727,482		10.1
Electrical Components & Equipment		517,440		0.9
Electronics		2,496,863		4.4
Food		526,310		0.9
Hand/Machine Tools		406,034		0.7
Healthcare — Products		710,289		1.3
Insurance		226,981		0.4
Internet		6,147,043		10.8
Investment Companies		509,923		0.9
Leisure Time		2,024,302		3.5
Machinery — Diversified		1,351,727		2.3
Media		221,203		0.4
Miscellaneous Manufacturing		2,138,096		3.8
Office/Business Equipment		271,901		0.5
Pharmaceuticals		1,316,455		2.3
Private Equity		596,989		1.1
Retail		2,484,128		4.3
Semiconductors		7,422,982		13.1
Software		7,124,247		12.5
Telecommunications		1,197,179		2.1
Toys/Games/Hobbies		916,778		1.6
Total Value of Investments		56,358,502		99.1
Other assets less liabilities		528,435		0.9
Net Assets	$	56,886,937		100.0	%

December 31, 2021
Baillie Gifford International Smaller Companies Fund

	Shares		Value
COMMON STOCKS — 99.1%
AUSTRALIA — 1.4%
Cleanspace Holdings Ltd. *		170,294	$	178,955
Netwealth Group Ltd.		49,533		638,047
				817,002
BELGIUM — 1.0%
Biocartis Group NV *		21,980		90,463
Melexis NV		4,049		482,466
				572,929
CANADA — 3.9%
Docebo, Inc. *		11,596		778,017
Kinaxis, Inc. *		10,154		1,423,462
				2,201,479
CHINA — 3.8%
Airtac International Group		58,229		2,138,096
DENMARK — 1.3%
ALK-Abello A/S *		1,434		752,998
FRANCE — 0.8%
Cellectis SA ADR *		19,224		156,099
Cellectis SA *		506		4,179
ESI Group *		3,553		300,955
				461,233
GERMANY — 4.9%
Aumann AG *		8,886		138,396
Hypoport SE *		3,125		1,812,444
New Work SE		2,562		634,358
Veganz Group AG *		1,813		186,801
				2,771,999
HONG KONG — 1.2%
Hypebeast Ltd. *		1,335,000		186,829
Johnson Electric Holdings Ltd.		244,000		517,440
				704,269

December 31, 2021
Baillie Gifford International Smaller Companies Fund

	Shares		Value
INDIA — 0.5%
CreditAccess Grameen Ltd. *		33,517	$	268,212
IRELAND — 1.2%
Keywords Studios PLC		17,070		679,752
ISRAEL — 2.5%
Maytronics Ltd.		58,066		1,432,333
ITALY — 8.0%
Brunello Cucinelli SpA *		27,643		1,899,989
Reply SpA		10,235		2,078,808
Technogym SpA		61,588		591,969
				4,570,766
JAPAN — 25.7%
Anicom Holdings, Inc.		31,500		226,981
Bengo4.com, Inc. *		16,000		847,211
COLOPL, Inc.		54,700		312,532
Daikyonishikawa Corp.		30,600		155,733
Demae-Can Co., Ltd. *		22,100		176,002
DMG Mori Seiki Co., Ltd.		23,600		406,034
eGuarantee, Inc.		29,800		599,584
GA Technologies Co. Ltd. *		19,100		216,578
Healios K.K. *		28,100		313,509
Ichiyoshi Securities Co., Ltd.		48,500		278,023
Infomart Corp.		67,400		548,037
Inter Action Corp.		10,600		229,026
Iriso Electronics Co., Ltd.		8,300		313,003
Istyle, Inc. *		74,600		174,499
JMDC, Inc. *		10,600		789,147
Kamakura Shinsho Ltd.		60,200		318,254
Katitas Co., Ltd.		32,600		1,254,757
KH Neochem Co., Ltd.		14,500		400,884
Kitanotatsujin Corp.		107,300		312,127
Locondo, Inc.		21,400		240,735
Megachips Corp.		34,900		1,562,703
Optex Group Co., Ltd.		20,600		294,152
Outsourcing, Inc.		41,600		561,306
Raksul, Inc. *		33,200		1,640,118

December 31, 2021
Baillie Gifford International Smaller Companies Fund

	Shares		Value
Sansan, Inc. *		26,400	$	570,885
Sato Holdings Corp.		14,200		271,901
Tsugami Corp.		67,800		1,034,375
Uzabase, Inc. *		10,600		135,070
WealthNavi, Inc. *		23,700		420,607
				14,603,773
SOUTH KOREA — 4.8%
Cafe24 Corp. *		12,114		278,535
Douzone Bizon Co., Ltd. *		18,210		1,116,857
Genexine, Inc. *		2,635		128,847
Koh Young Technology, Inc. *		60,763		1,210,288
				2,734,527
SWEDEN — 13.6%
AddTech AB, B Shares		85,550		2,034,835
Avanza Bank Holding AB		74,458		2,727,350
Bactiguard Holding AB *		9,640		176,025
Cellavision AB		4,620		165,859
HMS Networks AB		19,387		1,197,179
Paradox Interactive AB		20,879		412,441
Storytel AB *		12,158		221,203
VNV Global AB *		44,070		509,923
Xvivo Perfusion AB *		9,030		277,942
				7,722,757
SWITZERLAND — 4.4%
Bossard Holding AG		2,513		903,738
Sensirion Holding AG *		9,620		1,402,880
u-blox Holding AG *		2,594		199,949
				2,506,567
TAIWAN — 8.4%
ASPEED Technology, Inc.		18,000		2,320,989
Chroma ATE, Inc.		135,000		973,573
Global Unichip Corp.		58,000		1,224,969
TCI Co., Ltd.		33,148		249,948
				4,769,479

December 31, 2021
Baillie Gifford International Smaller Companies Fund

	Shares		Value
UNITED KINGDOM — 11.0%
Alpha FX Group PLC		21,992	$	650,415
dotdigital group PLC		89,515		239,661
FD Technologies PLC *		21,000		571,333
FDM Group Holdings PLC		33,047		570,394
Games Workshop Group PLC		6,800		916,778
Hotel Chocolat Group PLC *		49,669		339,509
Molten Ventures PLC *		42,999		596,989
Naked Wines PLC *		66,292		584,139
Team17 Group PLC *		57,679		608,957
Victoria PLC *		70,733		1,148,888
				6,227,063
UNITED STATES — 0.7%
Burford Capital Ltd.		40,559		423,268
TOTAL INVESTMENTS — 99.1%
(cost $54,815,649)			$	56,358,502
Other assets less liabilities — 0.9%				528,435
NET ASSETS — 100.0%			$	56,886,937

* Non-income producing security.

ADR — American Depositary Receipt

Fair Value Measurement

The following is a summary of the inputs used as of December 31, 2021 in valuing the Fund's investments carried at fair value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks **	$	10,858,758	$	45,499,744	$	—	$	56,358,502
Total	$	10,858,758	$	45,499,744	$	—	$	56,358,502

** Refer to Portfolio of Investments for further detail.

December 31, 2021
Baillie Gifford International Smaller Companies Fund

ASSETS
Investments, at value (cost $54,815,649)	$	56,358,502
Cash		1,363,720
Due from Investment Advisor		64,506
Dividends receivable		37,906
Tax reclaims receivable		2,239
Prepaid assets		25,234
Total Assets		57,852,107
LIABILITIES
Advisory fee payable		76,834
Payable for investment purchased		788,686
Administration & Supervisory fee payable		22,520
Trustee fee payable		293
Commitment fee payable		126
Accrued expenses		76,711
Total Liabilities		965,170
NET ASSETS	$	56,886,937
COMPOSITION OF NET ASSETS
Paid-in capital	$	55,666,888
Total distributable earnings		1,220,049
	$	56,886,937
NET ASSET VALUE, PER SHARE
Class K ( $41,517,348 / 2,238,059 shares outstanding), unlimited authorized, no par value	$	18.55
Institutional Class ( $15,369,589 / 828,749 shares outstanding), unlimited authorized, no par value	$	18.55

For the Year Ended December 31, 2021
Baillie Gifford International Smaller Companies Fund

INVESTMENT INCOME
Dividends (net of foreign withholding taxes of $18,982)	$	155,594
Interest		81
Total Investment Income		155,675
EXPENSES
Advisory fee (Note B)		148,451
Administration & Supervisory fee — Class K shares (Note B)		33,443
Administration & Supervisory fee — Institutional Class shares (Note B)		10,068
Transfer agency		35,012
Sub-transfer agency — Institutional Class shares		4,257
Fund accounting		109,899
Registration fees		61,349
Professional fees		34,221
Custody		24,410
Legal		6,914
Trustees' fees		605
Commitment fees		237
Miscellaneous		5,481
Total Expenses		474,347
Fees waived/expenses reimbursed		(239,736	)
Total Expenses after waiver		234,611
Net Investment Loss		(78,936	)
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) from:
Investments		15,597
Foreign currency transactions		(37,299	)
		(21,702	)
Net change in unrealized appreciation on:
Investments		783,279
Translation of net assets and liabilities denominated in foreign currencies		97
		783,376
Net realized and unrealized gain		761,674
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	682,738

Baillie Gifford International Smaller Companies Fund

	For the Year Ended December 31, 2021			For the Year Ended December 31, 2020
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment loss	$	(78,936	)	$	(3,233	)
Net realized gain (loss)		(21,702	)		99,104
Net change in unrealized appreciation		783,376			516,292
Net increase in net assets from operations		682,738			612,163
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings
Class K		(168,144	)		(40,101	)
Institutional Class		(60,637	)		(40,101	)
Total Distributions to Shareholders		(228,781	)		(80,202	)
TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
Net proceeds from shares subscribed:
Class K		40,085,550			—
Institutional Class		14,302,761			—
Dividends reinvested:
Class K		166,380			40,101
Institutional Class		60,637			40,101
Cost of shares redeemed:
Institutional Class		(53,975	)		—
Increase in Net Assets from Transactions in Shares of Beneficial Interest		54,561,353			80,202
Total Increase in Net Assets		55,015,310			612,163
NET ASSETS
Beginning of year		1,871,627			1,259,464
End of year	$	56,886,937		$	1,871,627

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

	For the Year Ended December 31, 2021			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)		(0.06	)		(0.03	)		0.01			0.01
Net realized and unrealized gain (loss) on investments and foreign currency		1.20			6.00			2.64			(0.06	)
Net increase (decrease) in net asset value from investment operations		1.14			5.97			2.65			(0.05	)
Dividends and Distributions to Shareholders
From net investment income		(0.01	)		—			(0.11	)		—
From net realized gain on investments		(0.07	)		(0.78	)		(0.19	)		—
Total Dividends and Distributions		(0.08	)		(0.78	)		(0.30	)		—
Net asset value, end of period	$	18.55		$	17.49		$	12.30		$	9.95
Total Return
Total return based on net asset value^(c)		6.49	%		48.61	%		26.58	%		(0.50	)%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	41,517		$	936		$	630		$	497
Ratio of net expenses to average net assets, before waiver		1.84	%		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		(0.31	)%		(0.23	)%		0.13	%		1.85	%*
Portfolio turnover rate^(d)		16	%		16	%		11	%		0	%

* Annualized.

^(a) Commencement of investment operations.

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

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

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

	For the Year Ended December 31, 2021			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)		(0.06	)		(0.03	)		0.01			0.01
Net realized and unrealized gain (loss) on investments and foreign currency		1.20			6.00			2.64			(0.06	)
Net increase (decrease) in net asset value from investment operations		1.14			5.97			2.65			(0.05	)
Dividends and Distributions to Shareholders
From net investment income		(0.01	)		—			(0.11	)		—
From net realized gain on investments		(0.07	)		(0.78	)		(0.19	)		—
Total Dividends and Distributions		(0.08	)		(0.78	)		(0.30	)		—
Net asset value, end of period	$	18.55		$	17.49		$	12.30		$	9.95
Total Return
Total return based on net asset value^(c)		6.48	%		48.61	%		26.58	%		(0.50	)%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	15,370		$	936		$	630		$	498
Ratio of net expenses to average net assets, before waiver		1.91	%		17.20	%		15.15	%		95.80	%*
Ratio of net expenses to average net assets, after waiver		0.97	%		0.90	%		0.90	%		0.90	%*
Ratio of net investment income (loss) to average net assets		(0.30	)%		(0.23	)%		0.13	%		1.85	%*
Portfolio turnover rate^(d)		16	%		16	%		11	%		0	%

* Annualized.

^(a) Commencement of investment operations.

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

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

December 31, 2021

Baillie Gifford Long Term Global Growth Fund

	Value		% of Total Net Assets
Advertising	$	30,033,361		2.5	%
Apparel		70,633,152		6.0
Auto Manufacturers		75,114,200		6.4
Biotechnology		143,767,195		12.2
Commercial Services		42,753,170		3.6
Diversified Financial Services		18,726,178		1.6
Electrical Components & Equipment		24,861,754		2.1
Food		8,323,147		0.7
Healthcare — Products		30,065,505		2.6
Internet		380,438,878		32.3
Leisure Time		13,835,329		1.2
Pharmaceuticals		34,897,454		3.0
Real Estate		3,856,622		0.3
Retail		21,226,865		1.8
Semiconductors		118,855,803		10.0
Software		144,755,628		12.2
Total Value of Investments		1,162,144,241		98.5
Other assets less liabilities		17,743,721		1.5
Net Assets	$	1,179,887,962		100.0	%

December 31, 2021
Baillie Gifford Long Term Global Growth Fund

	Shares		Value
COMMON STOCKS — 98.5%
CANADA — 3.3%
Shopify, Inc., Class A *		28,575	$	39,358,919
CHINA — 17.6%
Alibaba Group Holding Ltd. *		1,939,852		28,507,256
BeiGene Ltd. ADR *		63,373		17,169,647
Bilibili, Inc., Class Z *		158,665		7,369,218
Contemporary Amperex Technology Co., Ltd., Class A		269,900		24,861,754
KE Holdings, Inc. ADR *		191,681		3,856,622
Meituan, Class B *		1,613,400		46,655,480
NIO, Inc. ADR *		428,562		13,576,844
Pinduoduo, Inc. ADR *		376,800		21,967,440
Tencent Holdings Ltd.		756,000		44,113,447
				208,077,708
FRANCE — 6.0%
Hermes International		13,776		24,071,842
Kering		58,031		46,561,310
				70,633,152
GERMANY — 2.5%
BioNTech SE ADR *		115,719		29,832,358
INDIA — 1.6%
Housing Development Finance Corp., Ltd.		541,233		18,726,178
NETHERLANDS — 7.2%
Adyen NV *		12,161		31,922,657
ASML Holding NV		66,794		53,503,385
				85,426,042
SAUDI ARABIA — 1.6%
Delivery Hero SE *		166,619		18,443,152
SOUTH KOREA — 1.9%
Coupang, Inc. *		754,786		22,175,613

December 31, 2021
Baillie Gifford Long Term Global Growth Fund

	Shares		Value
UNITED STATES — 56.8%
Affirm Holdings, Inc. *		107,702	$	10,830,513
Amazon.com, Inc. *		19,620		65,419,751
Atlassian Corp. PLC, Class A *		106,406		40,571,544
Beyond Meat, Inc. *		127,734		8,323,147
Carvana Co. *		91,578		21,226,865
Cloudflare, Inc., Class A *		264,031		34,720,077
Dexcom, Inc. *		64,992		34,897,454
Illumina, Inc. *		122,287		46,522,866
Intuitive Surgical, Inc. *		83,678		30,065,505
Meta Platforms, Inc., Class A *		91,316		30,714,137
Moderna, Inc. *		197,820		50,242,324
Netflix, Inc. *		72,107		43,440,141
NVIDIA Corp.		222,204		65,352,418
Peloton Interactive, Inc., Class A *		386,894		13,835,329
salesforce.com, Inc. *		68,742		17,469,404
Spotify Technology SA *		83,936		19,643,542
Tesla, Inc. *		58,231		61,537,356
Trade Desk, Inc. (The), Class A *		327,732		30,033,361
Workday, Inc., Class A *		118,603		32,399,968
Zoom Video Communications, Inc., Class A *		66,475		12,225,417
				669,471,119
TOTAL INVESTMENTS — 98.5%
(cost $815,931,952)			$	1,162,144,241
Other assets less liabilities — 1.5%				17,743,721
NET ASSETS — 100.0%			$	1,179,887,962

* Non-income producing security.

ADR — American Depositary Receipt

Fair Value Measurement

The following is a summary of the inputs used as of December 31, 2021 in valuing the Fund's investments carried at fair value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks **	$	817,408,562	$	344,735,679	$	—	$	1,162,144,241
Total	$	817,408,562	$	344,735,679	$	—	$	1,162,144,241

** Refer to Portfolio of Investments for further detail.

December 31, 2021
Baillie Gifford Long Term Global Growth Fund

ASSETS
Investments, at value (cost $815,931,952)	$	1,162,144,241
Cash		18,057,946
Capital shares sold receivable		7,211,215
Tax reclaims receivable		60,330
Prepaid assets		27,105
Total Assets		1,187,500,837
LIABILITIES
Advisory fee payable		1,379,402
Capital shares purchased payable		5,488,600
Administration & Supervisory fee payable		419,663
Shareholder fee payable		60,915
Trustee fee payable		7,046
Commitment fee payable		3,019
Accrued expenses		254,230
Total Liabilities		7,612,875
NET ASSETS	$	1,179,887,962
COMPOSITION OF NET ASSETS
Paid-in capital	$	820,323,399
Total distributable earnings		359,564,563
	$	1,179,887,962
NET ASSET VALUE, PER SHARE
Class 2 ($121,252,196 / 3,236,255 shares outstanding), unlimited authorized, no par value	$	37.47
Class 5 ($100,340,162 / 2,065,875 shares outstanding), unlimited authorized, no par value	$	48.57
Class K ($432,974,957 / 11,550,754 shares outstanding), unlimited authorized, no par value	$	37.48
Institutional Class ($525,320,647 / 14,060,714 shares outstanding), unlimited authorized, no par value	$	37.36

For the Year Ended December 31, 2021
Baillie Gifford Long Term Global Growth Fund

INVESTMENT INCOME
Dividends (net of foreign withholding taxes of $178,392)	$	1,018,827
Interest		2,259
Total Investment Income		1,021,086
EXPENSES
Advisory fee (Note B)		4,879,136
Shareholder Servicing fees — Class 2 shares (Note B)		219,569
Shareholder Servicing fees — Class 5 shares (Note B)		21,972
Administration & Supervisory fee — Class K shares (Note B)		611,473
Administration & Supervisory fee — Institutional Class shares (Note B)		825,428
Transfer agency		92,383
Sub-transfer agency — Institutional Class shares		503,046
Fund accounting		343,002
Legal		116,801
Custody		95,863
Registration fees		84,645
Professional fees		50,028
Trustees' fees		24,723
Commitment fees		9,104
Miscellaneous		42,113
Total Expenses		7,919,286
Net Investment Loss		(6,898,200	)
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain from:
Investments		66,832,878
Foreign currency transactions		12,301
		66,845,179
Net change in unrealized depreciation on:
Investments		(63,910,097	)
Translation of net assets and liabilities denominated in foreign currencies		(16,643	)
		(63,926,740	)
Net realized and unrealized gain		2,918,439
NET DECREASE IN NET ASSETS FROM OPERATIONS	$	(3,979,761	)

Baillie Gifford Long Term Global Growth Fund

	For the Year Ended December 31, 2021			For the Year Ended December 31, 2020
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment loss	$	(6,898,200	)	$	(2,891,454	)
Net realized gain		66,845,179			72,767,512
Net change in unrealized appreciation (depreciation)		(63,926,740	)		296,102,012
Net increase (decrease) in net assets from operations		(3,979,761	)		365,978,070
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings
Class 2		(5,937,177	)		(10,181,428	)
Class 5		(3,833,233	)		(6,648,326	)
Class K		(21,200,289	)		(17,015,889	)
Institutional Class		(26,334,555	)		(25,886,267	)
Total Distributions to Shareholders		(57,305,254	)		(59,731,910	)
TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
Net proceeds from shares subscribed:
Class 2		32,500			164,000
Class 5		—			109,513,867	*
Class K		252,634,576			52,083,127
Institutional Class		290,000,498	*		223,565,185
Dividends reinvested:
Class 2		5,937,177			10,181,428
Class 5		3,833,233			6,648,326
Class K		21,145,301			17,015,889
Institutional Class		26,299,259			25,886,267
Cost of shares redeemed:
Class 2		(14,000,000	)		(12,000,000	)
Class 4		—			(113,363,867	)*
Class 5		(11,000,000	)		(32,000,000	)
Class K		(31,354,012	)		(83,087,481	)
Institutional Class		(114,269,725	)*		(38,874,654	)
Increase in Net Assets from Transactions in Shares of Beneficial Interest		429,258,807			165,732,087
Total Increase in Net Assets		367,973,792			471,978,247
NET ASSETS
Beginning of year		811,914,170			339,935,923
End of year	$	1,179,887,962		$	811,914,170

* See Note D for details of share class conversions.

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

	For the Year Ended December 31, 2021			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
Net asset value, beginning of year	$	38.45		$	20.68		$	15.51		$	17.33		$	11.25
From Investment Operations
Net investment loss^(a)		(0.25	)		(0.17	)		(0.07	)		(0.04	)		(0.08	)
Net realized and unrealized gain (loss) on investments and foreign currency		1.20			21.17			5.27			(0.22	)		6.16
Net increase (decrease) in net asset value from investment operations		0.95			21.00			5.20			(0.26	)		6.08
Dividends and Distributions to Shareholders
From net realized gain on investments		(1.93	)		(3.23	)		(0.03	)		(1.56	)		—
Total Dividends and Distributions		(1.93	)		(3.23	)		(0.03	)		(1.56	)		—
Proceeds from Purchase Fees and Redemption Fees^(a)		—			—			—			—			0.00	^(b)
Net asset value, end of year	$	37.47		$	38.45		$	20.68		$	15.51		$	17.33
Total Return
Total return based on net asset value^(c)		2.50	%		101.77	%		33.49	%		(1.42	)%		54.07	%
Ratios/Supplemental Data
Net assets, end of year (000's omitted)	$	121,252		$	131,695		$	72,023		$	54,661		$	59,870
Ratio of net expenses to average net assets		0.70	%		0.71	%		0.76	%		0.79	%		0.82	%
Ratio of net investment loss to average net assets		(0.60	)%		(0.58	)%		(0.40	)%		(0.22	)%		(0.50	)%
Portfolio turnover rate^(d)		16	%		40	%		5	%		16	%		13	%

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

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

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

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

	For the Year Ended December 31, 2021			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)		(0.24	)		(0.11	)		(0.02	)		0.02
Net realized and unrealized gain (loss) on investments and foreign currency		1.53			12.66			4.17			(1.47	)^(d)
Net increase (decrease) in net asset value from investment operations		1.29			12.55			4.15			(1.45	)
Dividends and Distributions to Shareholders
From net realized gain on investments		(1.93	)		(3.23	)		—			(1.56	)
Total Dividends and Distributions		(1.93	)		(3.23	)		—			(1.56	)
Net asset value, end of period	$	48.57		$	49.21		$	23.61		$	19.46
Total Return
Total return based on net asset value^(e)		2.65	%		31.57	%^(f)		21.27	%		(6.41	)%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	100,340		$	108,171		$	67,815		$	58,008
Ratio of net expenses to average net assets, before waiver		0.55	%		0.55	%		0.61	%		0.64	%*
Ratio of net expenses to average net assets, after waiver		0.55	%		0.55	%		0.61	%		0.62	%*
Ratio of net investment income (loss) to average net assets		(0.45	)%		(0.54	)%		(0.37	)%		0.09	%*
Portfolio turnover rate^(g)		16	%		40	%		5	%		16	%

* Annualized.

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

^(b) Commencement of investment operations.

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

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

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

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

	For the Year Ended December 31, 2021			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)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)		(0.25	)		(0.17	)		(0.07	)		(0.04	)		(0.07	)
Net realized and unrealized gain (loss) on investments and foreign currency		1.19			21.18			5.27			(0.22	)		3.45
Net increase (decrease) in net asset value from investment operations		0.94			21.01			5.20			(0.26	)		3.38
Dividends and Distributions to Shareholders
From net realized gain on investments		(1.93	)		(3.23	)		(0.03	)		(1.56	)		—
Total Dividends and Distributions		(1.93	)		(3.23	)		(0.03	)		(1.56	)		—
Net asset value, end of period	$	37.48		$	38.47		$	20.69		$	15.52		$	17.34
Total Return
Total return based on net asset value^(c)		2.48	%		101.76	%		33.50	%		(1.41	)%		24.21	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	432,975		$	221,188		$	136,096		$	75,402		$	70,639
Ratio of net expenses to average net assets, before waiver		0.70	%		0.71	%		0.76	%		0.79	%		0.80	%*
Ratio of net expenses to average net assets, after waiver		0.70	%		0.71	%		0.76	%		0.77	%		0.77	%*
Ratio of net investment loss to average net assets		(0.61	)%		(0.57	)%		(0.41	)%		(0.23	)%		(0.61	)%*
Portfolio turnover rate^(d)		16	%		40	%		5	%		16	%		13	%

* Annualized.

^(a) Commencement of investment operations.

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

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

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

	For the Year Ended December 31, 2021			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)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)		(0.29	)		(0.22	)		(0.10	)		(0.19	)		(0.06	)
Net realized and unrealized gain (loss) on investments and foreign currency		1.20			21.17			5.28			(0.08	)^(c)		3.44
Net increase (decrease) in net asset value from investment operations		0.91			20.95			5.18			(0.27	)		3.38
Dividends and Distributions to Shareholders
From net realized gain on investments		(1.93	)		(3.23	)		(0.03	)		(1.56	)		—
Total Dividends and Distributions		(1.93	)		(3.23	)		(0.03	)		(1.56	)		—
Net asset value, end of period	$	37.36		$	38.38		$	20.66		$	15.51		$	17.34
Total Return
Total return based on net asset value^(d)		2.40	%		101.61	%		33.40	%		(1.47	)%		24.21	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	525,321		$	350,860		$	57,009		$	356		$	6
Ratio of net expenses to average net assets, before waiver		0.80	%		0.79	%		0.86	%		0.88	%		0.80	%*
Ratio of net expenses to average net assets, after waiver		0.80	%		0.79	%		0.86	%		0.87	%		0.80	%*
Ratio of net investment loss to average net assets		(0.71	)%		(0.68	)%		(0.53	)%		(0.91	)%		(0.56	)%*
Portfolio turnover rate^(e)		16	%		40	%		5	%		16	%		13	%

* Annualized.

^(a) Commencement of investment operations.

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

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

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

December 31, 2021
Baillie Gifford Positive Change Equities Fund

	Value		% of Total Net Assets
Auto Manufacturers	$	11,640,432		5.8	%
Banks		7,705,128		3.9
Biotechnology		26,934,195		13.5
Building Materials		4,768,017		2.4
Chemicals		18,278,149		9.2
Commercial Services		2,726,624		1.4
Computers		1,693,921		0.8
Diversified Financial Services		6,186,285		3.1
Electric		7,152,804		3.6
Electronics		5,124,634		2.6
Food		1,913,619		1.0
Healthcare — Products		10,538,211		5.3
Healthcare — Services		4,140,623		2.1
Insurance		3,649,534		1.8
Internet		23,602,830		11.9
Leisure Time		1,201,000		0.6
Machinery — Diversified		13,190,386		6.6
Pharmaceuticals		11,333,411		5.7
Semiconductors		31,937,077		16.1
Software		1,616,798		0.8
Telecommunications		1,279,731		0.6
Total Value of Investments		196,613,409		98.8
Other assets less liabilities		2,464,859		1.2
Net Assets	$	199,078,268		100.0	%

December 31, 2021
Baillie Gifford Positive Change Equities Fund

	Shares		Value
COMMON STOCKS — 96.2%
ARGENTINA — 4.7%
MercadoLibre, Inc. *		6,943	$	9,361,941
BELGIUM — 2.6%
Umicore SA		126,011		5,140,549
BRAZIL — 1.4%
NU Holdings Ltd., Class A *		289,125		2,711,993
CANADA — 3.5%
AbCellera Biologics, Inc. *		69,391		992,291
Shopify, Inc., Class A *		4,269		5,880,078
				6,872,369
CHINA — 1.2%
Alibaba Group Holding Ltd. *		167,500		2,461,510
DENMARK — 8.0%
Chr. Hansen Holding A/S		50,709		3,998,425
Novozymes A/S, B Shares		58,575		4,809,582
Orsted AS		55,852		7,152,804
				15,960,811
INDIA — 3.1%
Housing Development Finance Corp., Ltd.		178,799		6,186,286
INDONESIA — 2.5%
Bank Rakyat Indonesia Persero Tbk PT		17,341,717		4,993,135
JAPAN — 3.0%
M3, Inc.		117,000		5,899,301
KENYA — 0.6%
Safaricom PLC		3,820,800		1,279,731
NETHERLANDS — 9.1%
ASML Holding NV		22,500		18,022,969

December 31, 2021
Baillie Gifford Positive Change Equities Fund

	Shares		Value
SOUTH AFRICA — 1.8%
Discovery Ltd. *		405,066	$	3,649,534
SWEDEN — 2.4%
Nibe Industrier AB, B Shares		315,555		4,768,017
TAIWAN — 7.0%
Taiwan Semiconductor Manufacturing Co., Ltd.		629,000		13,914,108
UNITED KINGDOM — 0.8%
FDM Group Holdings PLC		98,141		1,693,921
UNITED STATES — 44.5%
10X Genomics, Inc., Class A *		35,079		5,225,368
ABIOMED, Inc. *		14,792		5,312,843
Alnylam Pharmaceuticals, Inc. *		29,735		5,042,461
Berkeley Lights, Inc. *		40,050		728,109
Beyond Meat, Inc. *		29,368		1,913,619
Coursera, Inc. *		111,564		2,726,624
Deere & Co.		21,459		7,358,076
Dexcom, Inc. *		19,259		10,341,120
Duolingo, Inc. *		15,237		1,616,798
Ecolab, Inc.		18,456		4,329,593
Illumina, Inc. *		22,082		8,400,876
Moderna, Inc. *		50,251		12,762,749
Peloton Interactive, Inc., Class A *		33,585		1,201,000
Teladoc Health, Inc. *		45,095		4,140,623
Tesla, Inc. *		11,015		11,640,432
Xylem, Inc.		48,635		5,832,309
				88,572,600
Total Common Stocks
(cost $170,291,744)				191,488,775

December 31, 2021
Baillie Gifford Positive Change Equities Fund

	Shares		Value
PREFERRED STOCKS — 2.6%
GERMANY — 2.6%
Sartorius AG 0.13% (cost $3,222,741)		7,577	$	5,124,634
TOTAL INVESTMENTS — 98.8%
(cost $173,514,485)			$	196,613,409
Other assets less liabilities — 1.2%				2,464,859
NET ASSETS — 100.0%			$	199,078,268

* Non-income producing security.

Fair Value Measurement

The following is a summary of the inputs used as of December 31, 2021 in valuing the Fund's investments carried at fair value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks **	$	111,168,437	$	80,320,338	$	—	$	191,488,775
Preferred Stocks **		—		5,124,634		—		5,124,634
Total	$	111,168,437	$	85,444,972	$	—	$	196,613,409

** Refer to Portfolio of Investments for further detail.

December 31, 2021
Baillie Gifford Positive Change Equities Fund

ASSETS
Investments, at value (cost $173,514,485)	$	196,613,409
Cash		5,802,179
Foreign cash, at value (cost $49,967)		49,967
Capital shares sold receivable		332,034
Dividends receivable		79,898
Tax reclaims receivable		46,104
Due from Investment Advisor		14,580
Prepaid assets		26,569
Total Assets		202,964,740
LIABILITIES
Advisory fee payable		165,181
Payable for investment purchased		3,433,349
Capital shares purchased payable		116,237
Administration & Supervisory fee payable		85,093
Trustee fee payable		1,137
Commitment fee payable		487
Accrued expenses		84,988
Total Liabilities		3,886,472
NET ASSETS	$	199,078,268
COMPOSITION OF NET ASSETS
Paid-in capital	$	175,004,529
Total distributable earnings		24,073,739
	$	199,078,268
NET ASSET VALUE, PER SHARE
Class K ($111,918,656 / 4,677,102 shares outstanding), unlimited authorized, no par value	$	23.93
Institutional Class ($87,159,612 / 3,648,357 shares outstanding), unlimited authorized, no par value	$	23.89

For the Year Ended December 31, 2021
Baillie Gifford Positive Change Equities Fund

INVESTMENT INCOME
Dividends (net of foreign withholding taxes of $110,290)	$	674,167
Interest		232
Total Investment Income		674,399
EXPENSES
Advisory fee (Note B)		512,236
Administration & Supervisory fee — Class K shares (Note B)		146,311
Administration & Supervisory fee — Institutional Class shares (Note B)		117,568
Transfer agency		52,100
Sub-transfer agency — Institutional Class shares		48,377
Fund accounting		95,971
Registration fees		47,406
Custody		42,402
Professional fees		38,038
Legal		16,413
Trustees' fees		3,670
Commitment fees		1,328
Miscellaneous		9,013
Total Expenses		1,130,833
Fees waived/expenses reimbursed		(73,506	)
Total Expenses after waiver		1,057,327
Net Investment Loss		(382,928	)
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) from:
Investments		14,483,897
Foreign currency transactions		(10,909	)
		14,472,988
Net change in unrealized depreciation on:
Investments		(8,379,304	)
Translation of net assets and liabilities denominated in foreign currencies		(2,061	)
		(8,381,365	)
Net realized and unrealized gain		6,091,623
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	5,708,695

Baillie Gifford Positive Change Equities Fund

	For the Year Ended December 31, 2021			For the Year Ended December 31, 2020
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment loss	$	(382,928	)	$	(99,787	)
Net realized gain		14,472,988			6,603,452
Net change in unrealized appreciation (depreciation)		(8,381,365	)		27,867,351
Net increase in net assets from operations		5,708,695			34,371,016
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings
Class K		(8,594,847	)		(2,264,794	)
Institutional Class		(7,069,330	)		(1,368,157	)
Total Distributions to Shareholders		(15,664,177	)		(3,632,951	)
TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
Net proceeds from shares subscribed:
Class K		54,298,913			29,045,519
Institutional Class		61,117,014			15,232,525
Dividends reinvested:
Class K		6,310,451			1,516,124
Institutional Class		6,617,326			1,350,344
Cost of shares redeemed:
Class K		(4,799,354	)		(5,528,256	)
Institutional Class		(10,504,977	)		(3,001,141	)
Increase in Net Assets from Transactions in Shares of Beneficial Interest		113,039,373			38,615,115
Total Increase in Net Assets		103,083,891			69,353,180
NET ASSETS
Beginning of year		95,994,377			26,641,197
End of year	$	199,078,268		$	95,994,377

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

	For the Year Ended December 31, 2021			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)		(0.06	)		(0.04	)		0.05			(0.02	)		(0.00	)^(c)
Net realized and unrealized gain (loss) on investments and foreign currency		2.25			11.65			3.04			(0.04	)^(d)		0.16
Net increase (decrease) in net asset value from investment operations		2.19			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		(2.07	)		(0.93	)		(0.02	)		—			—
Total Dividends and Distributions		(2.07	)		(0.93	)		(0.06	)		—			—
Net asset value, end of period	$	23.93		$	23.81		$	13.13		$	10.10		$	10.16
Total Return
Total return based on net asset value^(e)		9.22	%		88.43	%		30.53	%		(0.59	)%		1.60	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	111,919		$	59,594		$	15,923		$	5,036		$	508
Ratio of net expenses to average net assets, before waiver		0.70	%		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		(0.22	)%		(0.19	)%		0.44	%		(0.14	)%		(0.47	)%*
Portfolio turnover rate^(f)		28	%		40	%		7	%		7	%		0	%

* Annualized.

^(a) Commencement of investment operations.

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

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

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

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

	For the Year Ended December 31, 2021			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)		(0.08	)		(0.04	)		0.05			(0.02	)		(0.00	)^(c)
Net realized and unrealized gain (loss) on investments and foreign currency		2.25			11.63			3.03			(0.04	)^(d)		0.16
Net increase (decrease) in net asset value from investment operations		2.17			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		(2.07	)		(0.93	)		(0.02	)		—			—
Total Dividends and Distributions		(2.07	)		(0.93	)		(0.05	)		—			—
Net asset value, end of period	$	23.89		$	23.79		$	13.13		$	10.10		$	10.16
Total Return
Total return based on net asset value^(e)		9.15	%		88.28	%		30.49	%		(0.59	)%		1.60	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	87,160		$	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		0.72	%		0.68	%		0.65	%		0.65	%		0.80	%
Ratio of net investment income (loss) to average net assets		(0.28	)%		(0.21	)%		0.41	%		(0.14	)%		(0.47	)%*
Portfolio turnover rate^(f)		28	%		40	%		7	%		7	%		0	%

* Annualized.

^(a) Commencement of investment operations.

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

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

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

December 31, 2021
Baillie Gifford U.S. Discovery Fund

	Value		% of Total Net Assets
Aerospace/Defense	$	20,408		1.3	%
Biotechnology		136,898		8.9
Chemicals		63,165		4.1
Commercial Services		60,880		4.0
Computers		97,452		6.4
Diversified Financial Services		20,965		1.4
Electrical Components & Equipment		36,324		2.4
Healthcare — Products		205,870		13.5
Healthcare — Services		14,870		1.0
Home Furnishings		22,860		1.5
Insurance		58,225		3.8
Internet		147,963		9.7
Miscellaneous Manufacturing		47,571		3.1
Pharmaceuticals		35,320		2.3
Real Estate		20,040		1.3
Retail		18,673		1.2
Semiconductors		155,595		10.2
Software		354,655		23.2
Total Value of Investments		1,517,734		99.3
Other assets less liabilities		10,967		0.7
Net Assets	$	1,528,701		100.0	%

December 31, 2021
Baillie Gifford U.S. Discovery Fund

	Shares		Value
COMMON STOCKS — 99.3%
ISRAEL — 1.7%
JFrog Ltd. *		856	$	25,423
UNITED STATES — 97.6%
Adaptimmune Therapeutics PLC ADR *		3,178		11,918
AeroVironment, Inc. *		329		20,408
Ambarella, Inc. *		383		77,707
American Well Corp., Class A *		2,462		14,870
Axogen, Inc. *		193		1,808
Axon Enterprise, Inc. *		303		47,571
Bandwidth, Inc., Class A *		287		20,595
Benefitfocus, Inc. *		1,332		14,199
Berkeley Lights, Inc. *		732		13,308
Blackline, Inc. *		401		41,520
Cardlytics, Inc. *		455		30,071
Cargurus, Inc. *		759		25,533
CEVA, Inc. *		339		14,658
Chegg, Inc. *		543		16,670
Codexis, Inc. *		2,020		63,165
CS Disco, Inc. *		504		18,018
CyberArk Software Ltd. *		325		56,316
Denali Therapeutics, Inc. *		309		13,781
Digimarc Corp. *		563		22,227
Everbridge, Inc. *		357		24,037
EverQuote, Inc., Class A *		1,451		22,723
Expensify, Inc., Class A *		722		31,768
Freshpet, Inc. *		196		18,673
Glaukos Corp. *		290		12,888
IPG Photonics Corp. *		171		29,436
iRobot Corp. *		347		22,860
Kaleido Biosciences, Inc. *		1,836		4,388
LendingTree, Inc. *		171		20,965
LiveRamp Holdings, Inc. *		922		44,210
Novanta, Inc. *		206		36,324
Novocure Ltd. *		380		28,530
Pacira BioSciences, Inc. *		587		35,320
Precision BioSciences, Inc. *		1,468		10,863
Q2 Holdings, Inc. *		437		34,715

December 31, 2021
Baillie Gifford U.S. Discovery Fund

	Shares		Value
Quanterix Corp. *		746	$	31,630
Redfin Corp. *		522		20,040
Rubius Therapeutics, Inc. *		733		7,095
Shockwave Medical, Inc. *		286		51,002
Sprout Social, Inc., Class A *		688		62,395
STAAR Surgical Co. *		390		35,607
Stitch Fix, Inc., Class A *		828		15,666
Stratasys Ltd. *		634		15,527
Sutro Biopharma, Inc. *		1,786		26,576
Tabula Rasa HealthCare, Inc. *		753		11,295
Tandem Diabetes Care, Inc. *		295		44,403
TransMedics Group, Inc. *		822		15,750
Trupanion, Inc. *		441		58,225
Upwork, Inc. *		1,444		49,327
Varonis Systems, Inc. *		525		25,610
Veeco Instruments, Inc. *		1,187		33,794
Xencor, Inc. *		828		33,219
Zuora, Inc., Class A *		2,843		53,107
				1,492,311
TOTAL INVESTMENTS — 99.3%
(cost $1,759,742)			$	1,517,734
Other assets less liabilities — 0.7%				10,967
NET ASSETS — 100.0%			$	1,528,701

* Non-income producing security.

ADR — American Depositary Receipt

Fair Value Measurement

The following is a summary of the inputs used as of December 31, 2021 in valuing the Fund's investments carried at fair value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks **	$	1,517,734	$	—	$	—	$	1,517,734
Total	$	1,517,734	$	—	$	—	$	1,517,734

** Refer to Portfolio of Investments for further detail.

December 31, 2021
Baillie Gifford U.S. Discovery Fund

ASSETS
Investments, at value (cost $1,759,742)	$	1,517,734
Cash		55,394
Due from Investment Advisor		8,657
Receivable for investments sold		560
Total Assets		1,582,345
LIABILITIES
Advisory fee payable		2,119
Shareholder fee payable		720
Trustee fee payable		10
Commitment fee payable		4
Accrued expenses		50,791
Total Liabilities		53,644
NET ASSETS	$	1,528,701
COMPOSITION OF NET ASSETS
Paid-in capital	$	1,778,029
Total accumulated loss		(249,328	)
	$	1,528,701
NET ASSET VALUE, PER SHARE
Class K ($1,095,892 / 126,855 shares outstanding), unlimited authorized, no par value	$	8.64
Institutional Class ($432,809 / 50,109 shares outstanding), unlimited authorized, no par value	$	8.64

For the Period May 6, 2021* through December 31, 2021
Baillie Gifford U.S. Discovery Fund

INVESTMENT INCOME
Interest	$	3
Total Investment Income		3
EXPENSES
Advisory fee (Note B)		4,793
Administration & Supervisory fee — Class K shares (Note B)		1,074
Administration & Supervisory fee — Institutional Class shares (Note B)		556
Transfer agency		21,917
Fund accounting		26,829
Professional fees		20,650
Registration fees		13,405
Custody		1,236
Legal		87
Trustees' fees		25
Commitment fees		10
Miscellaneous		3,998
Total Expenses		94,580
Fees waived/expenses reimbursed		(86,719	)
Total Expenses after waiver		7,861
Net Investment Loss		(7,858	)
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain from:
Investments		3,567
		3,567
Net change in unrealized depreciation on:
Investments		(242,008	)
		(242,008	)
Net realized and unrealized loss		(238,441	)
NET DECREASE IN NET ASSETS FROM OPERATIONS	$	(246,299	)

* Commencement of investment operations

Baillie Gifford U.S. Discovery Fund

	For the Period May 6, 2021^(a)through December 31, 2021
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment loss	$	(7,858	)
Net realized gain		3,567
Net change in unrealized depreciation		(242,008	)
Net decrease in net assets from operations		(246,299	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings
Class K		(2,362	)
Institutional Class		(933	)
Total Distributions to Shareholders		(3,295	)
TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
Net proceeds from shares subscribed:
Class K		1,275,000
Institutional Class		500,000
Dividends reinvested:
Class K		2,362
Institutional Class		933
Increase in Net Assets from Transactions in Shares of Beneficial Interest		1,778,295
Total Increase in Net Assets		1,528,701
NET ASSETS
Beginning of period		—
End of period	$	1,528,701

^(a) Commencement of investment operations.

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 December 31, 2021
Net asset value, beginning of period	$	10.00
From Investment Operations
Net investment loss^(b)		(0.05	)
Net realized and unrealized loss on investments and foreign currency		(1.29	)
Net (decrease) in net asset value from investment operations		(1.34	)
Dividends and Distributions to Shareholders
From net realized gain on investments		(0.02	)
Total Dividends and Distributions		(0.02	)
Net asset value, end of period	$	8.64
Total Return
Total return based on net asset value^(c)		(13.41	)%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	1,096
Ratio of net expenses to average net assets, before waiver		9.87	%*
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)		6	%

* Annualized.

^(a) Commencement of investment operations.

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

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

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 December 31, 2021
Net asset value, beginning of period	$	10.00
From Investment Operations
Net investment loss^(b)		(0.05	)
Net realized and unrealized loss on investments and foreign currency		(1.29	)
Net (decrease) in net asset value from investment operations		(1.34	)
Dividends and Distributions to Shareholders
From net realized gain on investments		(0.02	)
Total Dividends and Distributions		(0.02	)
Net asset value, end of period	$	8.64
Total Return
Total return based on net asset value^(c)		(13.41	)%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	433
Ratio of net expenses to average net assets, before waiver		9.87	%*
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)		6	%

* Annualized.

^(a) Commencement of investment operations.

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

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

December 31, 2021
Baillie Gifford U.S. Equity Growth Fund

	Value		% of Total Net Assets
Advertising	$	6,708,873		6.9	%
Auto Manufacturers		6,748,017		6.9
Banks		2,830,220		2.9
Biotechnology		11,489,059		11.8
Commercial Services		7,356,169		7.5
Distribution/Wholesale		1,731,791		1.8
Healthcare — Products		5,762,345		5.9
Healthcare — Services		1,832,354		1.9
Insurance		655,189		0.7
Internet		29,325,224		30.1
Leisure Time		546,341		0.6
Real Estate		1,254,086		1.3
Retail		2,268,544		2.3
Semiconductors		2,775,516		2.8
Software		15,476,625		15.9
Total Value of Investments		96,760,353		99.3
Other assets less liabilities		716,508		0.7
Net Assets	$	97,476,861		100.0	%

December 31, 2021
Baillie Gifford U.S. Equity Growth Fund

	Shares		Value
COMMON STOCKS — 99.3%
CANADA — 9.6%
Shopify, Inc., Class A *		6,765	$	9,318,043
UNITED STATES — 89.7%
10X Genomics, Inc., Class A *		10,504		1,564,676
ABIOMED, Inc. *		5,310		1,907,193
Affirm Holdings, Inc. *		17,826		1,792,583
Alnylam Pharmaceuticals, Inc. *		7,558		1,281,686
Amazon.com, Inc. *		1,246		4,154,588
Appian Corp. *		15,083		983,562
Carvana Co. *		7,744		1,794,982
Chegg, Inc. *		32,123		986,176
Chewy, Inc., Class A *		26,765		1,578,332
Cloudflare, Inc., Class A *		22,258		2,926,927
CoStar Group, Inc. *		25,385		2,006,177
Coursera, Inc. *		38,383		938,080
Datadog, Inc., Class A *		10,368		1,846,644
Denali Therapeutics, Inc. *		26,145		1,166,067
DoorDash, Inc., Class A *		6,972		1,038,131
Duolingo, Inc. *		4,231		448,951
First Republic Bank		13,705		2,830,220
Ginkgo Bioworks Holdings, Inc. *		98,924		822,058
HashiCorp, Inc., Class A *		5,864		533,859
Illumina, Inc. *		7,452		2,835,039
Lemonade, Inc. *		15,559		655,189
MarketAxess Holdings, Inc.		3,971		1,633,153
Moderna, Inc. *		21,647		5,497,905
Netflix, Inc. *		6,709		4,041,770
Novocure Ltd. *		13,669		1,026,269
NVIDIA Corp.		9,437		2,775,516
Peloton Interactive, Inc., Class A *		15,278		546,341
Penumbra, Inc. *		4,400		1,264,208
Pinterest, Inc., Class A *		22,265		809,333
Recursion Pharmaceuticals, Inc., Class A *		24,560		420,713
Redfin Corp. *		32,667		1,254,086
Rivian Automotive, Inc., Class A *		11,827		1,226,342
Roku, Inc. *		12,202		2,784,496
Sana Biotechnology, Inc. *		18,582		287,649

December 31, 2021
Baillie Gifford U.S. Equity Growth Fund

	Shares		Value
Snap, Inc., Class A *		39,582	$	1,861,541
Snowflake, Inc., Class A *		5,099		1,727,286
Teladoc Health, Inc. *		11,003		1,010,295
Tesla, Inc. *		5,225		5,521,675
Trade Desk, Inc. (The), Class A *		73,209		6,708,873
Twilio, Inc., Class A *		11,608		3,056,851
Vroom, Inc. *		43,889		473,562
Watsco, Inc.		5,535		1,731,791
Wayfair, Inc., Class A *		19,682		3,738,990
Workday, Inc., Class A *		7,587		2,072,617
Zoom Video Communications, Inc., Class A *		10,222		1,879,928
				87,442,310
TOTAL INVESTMENTS — 99.3%
(cost $76,002,664)			$	96,760,353
Other assets less liabilities — 0.7%				716,508
NET ASSETS — 100.0%			$	97,476,861

* Non-income producing security.

Fair Value Measurement

The following is a summary of the inputs used as of December 31, 2021 in valuing the Fund's investments carried at fair value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks **	$	96,760,353	$	—	$	—	$	96,760,353
Total	$	96,760,353	$	—	$	—	$	96,760,353

** Refer to Portfolio of Investments for further detail.

December 31, 2021
Baillie Gifford U.S. Equity Growth Fund

ASSETS
Investments, at value (cost $76,002,664)	$	96,760,353
Cash		947,259
Capital shares sold receivable		29,600
Due from Investment Advisor		9,384
Prepaid assets		23,450
Total Assets		97,770,046
LIABILITIES
Advisory fee payable		114,178
Administration & Supervisory fee payable		58,819
Capital shares purchased payable		58,675
Trustee fee payable		843
Commitment fee payable		362
Accrued expenses		60,308
Total Liabilities		293,185
NET ASSETS	$	97,476,861
COMPOSITION OF NET ASSETS
Paid-in capital	$	77,097,422
Total distributable earnings		20,379,439
	$	97,476,861
NET ASSET VALUE, PER SHARE
Class K ($38,673,017 / 1,116,700 shares outstanding), unlimited authorized, no par value	$	34.63
Institutional Class ($58,803,844 / 1,702,753 shares outstanding), unlimited authorized, no par value	$	34.53

For the Year Ended December 31, 2021
Baillie Gifford U.S. Equity Growth Fund

INVESTMENT INCOME
Dividends	$	96,007
Interest		204
Total Investment Income		96,211
EXPENSES
Advisory fee (Note B)		479,310
Administration & Supervisory fee — Class K shares (Note B)		119,246
Administration & Supervisory fee — Institutional Class shares (Note B)		127,671
Transfer agency		44,732
Sub-transfer agency — Institutional Class shares		73,680
Fund accounting		82,150
Registration fees		60,717
Professional fees		24,466
Legal		15,733
Custody		9,944
Trustees' fees		3,285
Line of Credit Interest		3,048
Commitment fees		1,220
Miscellaneous		9,681
Total Expenses		1,054,883
Fees waived/expenses reimbursed		(37,107	)
Total Expenses after waiver		1,017,776
Net Investment Loss		(921,565	)
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain from:
Investments		6,517,195
		6,517,195
Net change in unrealized depreciation on:
Investments		(14,946,640	)
		(14,946,640	)
Net realized and unrealized loss		(8,429,445	)
NET DECREASE IN NET ASSETS FROM OPERATIONS	$	(9,351,010	)

Baillie Gifford U.S. Equity Growth Fund

	For the Year Ended December 31, 2021			For the Year Ended December 31, 2020
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment loss	$	(921,565	)	$	(267,455	)
Net realized gain		6,517,195			6,406,378
Net change in unrealized appreciation (depreciation)		(14,946,640	)		33,266,753
Net increase (decrease) in net assets from operations		(9,351,010	)		39,405,676
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings
Class K		(3,628,645	)		(1,796,813	)
Institutional Class		(5,556,811	)		(1,331,225	)
Total Distributions to Shareholders		(9,185,456	)		(3,128,038	)
TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
Net proceeds from shares subscribed:
Class K		21,778,411			26,113,885
Institutional Class		106,488,365			29,537,484
Dividends reinvested:
Class K		3,493,770			1,747,331
Institutional Class		5,556,812			1,331,225
Cost of shares redeemed:
Class K		(41,666,785	)		(7,048,968	)
Institutional Class		(80,445,589	)		(4,481,602	)
Increase in Net Assets from Transactions in Shares of Beneficial Interest		15,204,984			47,199,355
Total Increase (Decrease) in Net Assets		(3,331,482	)		83,476,993
NET ASSETS
Beginning of year		100,808,343			17,331,350
End of year	$	97,476,861		$	100,808,343

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

	For the Year Ended December 31, 2021			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)		(0.25	)		(0.16	)		(0.08	)		(0.07	)		(0.03	)
Net realized and unrealized gain (loss) on investments and foreign currency		(1.40	)		23.07			4.33			1.22	^(c)		1.98
Net increase (decrease) in net asset value from investment operations		(1.65	)		22.91			4.25			1.15			1.95
Dividends and Distributions to Shareholders
From net realized gain on investments		(3.57	)		(1.31	)		(0.25	)		(0.29	)		(0.05	)
Total Dividends and Distributions		(3.57	)		(1.31	)		(0.25	)		(0.29	)		(0.05	)
Net asset value, end of period	$	34.63		$	39.85		$	18.25		$	14.25		$	13.39
Total Return
Total return based on net asset value^(d)		(4.17	)%		125.57	%		29.78	%		8.60	%		17.01	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	38,673		$	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)		70	%		33	%		18	%		107	%		15	%

* Annualized.

^(a) Commencement of investment operations.

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

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

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

	For the Year Ended December 31, 2021			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)		(0.29	)		(0.20	)		(0.10	)		(0.10	)		(0.03	)
Net realized and unrealized gain (loss) on investments and foreign currency		(1.39	)		23.06			4.37			1.21	^(c)		1.98
Net increase (decrease) in net asset value from investment operations		(1.68	)		22.86			4.27			1.11			1.95
Dividends and Distributions to Shareholders
From net realized gain on investments		(3.57	)		(1.31	)		(0.25	)		(0.29	)		(0.05	)
Total Dividends and Distributions		(3.57	)		(1.31	)		(0.25	)		(0.29	)		(0.05	)
Net asset value, end of period	$	34.53		$	39.78		$	18.23		$	14.21		$	13.39
Total Return
Total return based on net asset value^(d)		(4.25	)%		125.43	%		30.01	%^(e)		8.30	%		17.01	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	58,804		$	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		0.75	%		0.74	%		0.75	%		0.78	%		0.72	%*
Ratio of net investment loss to average net assets		(0.68	)%		(0.65	)%		(0.56	)%		(0.53	)%		(0.31	)%*
Portfolio turnover rate^(f)		70	%		33	%		18	%		107	%		15	%

* Annualized.

^(a) Commencement of investment operations.

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

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

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

The following table is a summary of classes of the Funds with shares outstanding as of December 31, 2021:

Baillie
Gifford
China A
Shares
Growth
Fund*

Baillie
Gifford
China
Equities
Fund

Baillie
Gifford
Developed
EAFE
All Cap
Fund

Baillie
Gifford
EAFE
Plus
All Cap
Fund

Baillie
Gifford
Emerging
Markets
Equities
Fund

Baillie
Gifford
Emerging
Markets
ex China
Fund

Baillie
Gifford
Global
Alpha
Equities
Fund

Baillie
Gifford
Global
Stewardship
Equities
Fund

Baillie
Gifford
Health
Innovation
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

Class 3

N/A

Class 4

N/A

Class 5

N/A

Class K

Institutional
Class

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

With respect to Baillie Gifford China Equities Fund, the Fund invests in Participatory Notes ("P-Notes"). P-Notes are notes issued by certain counterparties that are designed to offer the holder a return linked to the performance of a particular underlying equity security or market, and used where direct investment in the relevant underlying equity security or market is not possible for regulatory or other reasons. P-Notes are valued by a third party provider based on a price supplied by the counterparty.

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 the securities are traded. To the extent that securities are valued using this service, the securities will be classified as Level 2 securities in the fair value measurement framework described below.

Fair Value Measurement

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

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

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

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

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

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

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

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

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 value of securities received.

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

U.S. Federal and Other Taxes

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

Investment income received from investments in foreign jurisdictions may be subject to foreign withholding tax. Investment income is recorded net of any foreign

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

As a result of several court cases in certain countries across the European Union ("EU"), some Funds may file European tax reclaims for previously withheld taxes on dividends earned in the those countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. If any such reclaims are received, they are reflected as dividend income in the Statement of Operations and related receivables, if any, are reflected within tax reclaims receivable in the Statements of Assets and Liabilities. If the associated cash is received, the Funds will follow, for tax purposes, IRS guidance in Notice 2016-10 and reduce the current year foreign taxes paid by the amount of the refund. When uncertainty exists as to the ultimate resolution of these proceedings and the likelihood of receipt of these EU reclaims, no amounts are reflected in the financial statements.

In addition to the requirements of the Code, the 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 tax liability for unrealized gains in excess of available loss carryforwards based on existing tax rates and holding periods of the securities. As of December 31, 2021, Baillie Gifford Emerging Markets Equities Fund recorded a receivable for India capital gains tax refunds of $188,100. As of December 31, 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 tax liability for potential future India capital gains taxes of $28,901,809, $352,270, $1,862,235 and $451,900, respectively.

With respect to Baillie Gifford China A Shares Growth Fund and Baillie Gifford China Equities 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.

At December 31, 2021 for federal income tax purposes, the following Fund had capital loss carryforwards available to offset future capital gains. To the extent that these loss carryforwards are utilized, capital gains so offset will not be distributed to shareholders.

Fund				Short Term Capital Losses No Expiration				Long Term Capital Losses No Expiration				Capital Loss Available Total
Baillie Gifford China Equities Fund				$	(15,043	)		$	—			$	(15,043	)

During the year ended December 31, 2021, the following Fund utilized capital loss carryforwards:

Fund				Utilized
Baillie Gifford Emerging Markets Equities Fund				$	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, 2021, the Funds shown below incurred and will elect to defer net post-October or late year losses as indicated.

At December 31, 2021, the components of accumulated earnings on a tax basis were as follows:

Fund	Undistributed Net Ordinary Income		Long Term Capital Gains		Capital Loss Carryforwards			Post October Capital/Late Year Ordinary Losses			Other Temporary Differences		Net Unrealized Appreciation/ Depreciation on Investments, Foreign Currency and Foreign Tax			Distributable Earnings/ Accumulated Deficit
Baillie Gifford China A Shares Growth Fund	$	—	$	37,205	$	—		$	—		$	—	$	679,399		$	716,604
Baillie Gifford China Equities Fund		—		—		(15,043	)		—			—		(289,334	)		(304,377	)
Baillie Gifford Developed EAFE All Cap Fund		—		5,465,947		—			(301,863	)		110,984		240,992,291			246,267,359
Baillie Gifford EAFE Plus All Cap Fund		230,926		10,818,588		—			—			—		222,739,979			233,789,493
Baillie Gifford Emerging Markets Equities Fund		—		—		—			(28,612,500	)		—		1,389,594,198			1,360,981,698
Baillie Gifford Emerging Markets ex China Fund		1,553		—		—			—			—		787			2,340

Fund	Undistributed Net Ordinary Income		Long Term Capital Gains		Capital Loss Carryforwards		Post October Capital/Late Year Ordinary Losses			Other Temporary Differences		Net Unrealized Appreciation/ Depreciation on Investments, Foreign Currency and Foreign Tax			Distributable Earnings/ Accumulated Deficit
Baillie Gifford Global Alpha Equities Fund	$	684,133	$	29,166,245	$	—	$	(562,212	)	$	—	$	523,984,803		$	553,272,969
Baillie Gifford Global Stewardship Equities Fund		—		148,726		—		(16,167	)		—		2,295,089			2,427,648
Baillie Gifford Health Innovation Equities Fund		1,656		—		—		—			—		(25,583	)		(23,927	)
Baillie Gifford International Alpha Fund		—		—		—		(8,140,904	)		1,572,738		1,358,057,607			1,351,489,441
Baillie Gifford International Concentrated Growth Equities Fund		40,510		4,069,715		—		—			—		14,386,516			18,496,741
Baillie Gifford International Growth Fund		1		—		—		(24,301,226	)		—		1,940,898,141			1,916,596,916
Baillie Gifford International Smaller Companies Fund		—		—		—		(190,149	)		—		1,410,198			1,220,049
Baillie Gifford Long Term Global Growth Fund		—		19,036,622		—		—			—		340,527,941			359,564,563
Baillie Gifford Positive Change Equities Fund		—		3,130,448		—		(44,847	)		—		20,988,138			24,073,739
Baillie Gifford U.S. Discovery Fund		—		—		—		(7,320	)		—		(242,008	)		(249,328	)
Baillie Gifford U.S. Equity Growth Fund		—		3,178,985		—		—			—		17,200,454			20,379,439

Fund	Total Distributable Earnings			Paid-in Capital
Baillie Gifford International Alpha Fund	$	(20,646,484	)	$	20,646,484
Baillie Gifford International Concentrated Growth Equities Fund		(634,746	)		634,746
Baillie Gifford International Growth Fund		(50,877,874	)		50,877,874
Baillie Gifford International Smaller Companies Fund		4,035			(4,035	)
Baillie Gifford Long Term Global Growth Fund		2,388,851			(2,388,851	)
Baillie Gifford Positive Change Equities Fund		(271,043	)		271,043
Baillie Gifford U.S. Discovery Fund		266			(266	)
Baillie Gifford U.S. Equity Growth Fund		41,580			(41,580	)

For the years or periods ended December 31, 2021 and December 31, 2020, the tax characters of the dividends paid were:

Fund	Ordinary Income 2021		Long Term Capital Gains 2021		Return of Capital 2021		Ordinary Income 2020		Long Term Capital Gains 2020		Return of Capital 2020
Baillie Gifford China A Shares Growth Fund	$	52,713	$	143,105	$	—	$	14,115	$	—	$	—
Baillie Gifford China Equities Fund		—		—		—		—		—		—
Baillie Gifford Developed EAFE All Cap Fund		8,308,514		13,101,070		—		5,933,576		—		—
Baillie Gifford EAFE Plus All Cap Fund		9,741,701		43,860,768		—		5,070,822		7,376,237		—
Baillie Gifford Emerging Markets Equities Fund		87,014,813		88,374,708		—		79,639,454		—		—
Baillie Gifford Emerging Markets ex China Fund		—		—		—		—		—		—
Baillie Gifford Global Alpha Equities Fund		25,463,667		177,006,800		—		9,585,960		73,839,639		—
Baillie Gifford Global Stewardship Equities Fund		85,490		464,622		—		2,763		220,827		—
Baillie Gifford Health Innovation Equities Fund		—		—		—		—		—		—
Baillie Gifford International Alpha Fund		43,424,575		244,018,275		—		27,591,429		67,119,816		—
Baillie Gifford International Concentrated Growth Equities Fund		8,817,775		14,787,080		—		5,409,561		49,069,469		—
Baillie Gifford International Growth Fund		87,678,200		443,239,493		—		733,011		418,505,830		—
Baillie Gifford International Smaller Companies Fund		40,765		188,016		—		1,323		78,879		—
Baillie Gifford Long Term Global Growth Fund		—		57,305,254		—		—		59,731,910		—
Baillie Gifford Positive Change Equities Fund		359,178		15,304,999		—		—		3,632,951		—
Baillie Gifford U.S. Discovery Fund		3,295		—		—		—		—		—
Baillie Gifford U.S. Equity Growth Fund		—		9,185,456		—		—		3,128,038		—

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

The Funds' cost of investments and gross unrealized appreciation (depreciation) at December 31, 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	$	1,249,562	$	800,347	$	(120,948	)	$	679,399
Baillie Gifford China Equities Fund		2,895,287		35,782		(325,116	)		(289,334	)
Baillie Gifford Developed EAFE All Cap Fund		462,703,503		280,402,871		(39,394,375	)		241,008,496
Baillie Gifford EAFE Plus All Cap Fund		377,950,395		260,915,345		(38,177,602	)		222,737,743
Baillie Gifford Emerging Markets Equities Fund		4,767,784,011		2,076,962,776		(658,206,793	)		1,418,755,983
Baillie Gifford Emerging Markets ex China Fund		978,532		7,816		(7,028	)		788
Baillie Gifford Global Alpha Equities Fund		986,381,707		596,191,875		(72,132,873	)		524,059,002
Baillie Gifford Global Stewardship Equities Fund		3,883,696		2,647,930		(352,862	)		2,295,068
Baillie Gifford Health Innovation Equities Fund		9,814,425		116,555		(142,174	)		(25,619	)
Baillie Gifford International Alpha Fund		2,480,462,896		1,614,717,540		(254,565,968	)		1,360,151,572
Baillie Gifford International Concentrated Growth Equities Fund		98,825,085		25,300,150		(10,912,677	)		14,387,473
Baillie Gifford International Growth Fund		1,821,994,784		2,105,194,200		(163,791,107	)		1,941,403,093
Baillie Gifford International Smaller Companies Fund		54,948,427		6,523,437		(5,113,362	)		1,410,075
Baillie Gifford Long Term Global Growth Fund		821,612,608		425,855,102		(85,323,469	)		340,531,633
Baillie Gifford Positive Change Equities Fund		175,624,287		38,783,587		(17,794,465	)		20,989,122
Baillie Gifford U.S. Discovery Fund		1,759,742		168,021		(410,029	)		(242,008	)
Baillie Gifford U.S. Equity Growth Fund		79,559,899		28,617,354		(11,416,900	)		17,200,454

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 China Equities Fund	Class K		0.87	%	April 30, 2023
	Institutional Class		0.87	%	April 30, 2023
Baillie Gifford Emerging Markets ex China Fund	Class K		0.87	%	April 30, 2023
	Institutional Class		0.87	%	April 30, 2023
Baillie Gifford Global Stewardship Equities Fund	Class K		0.65	%	April 30, 2022
	Institutional Class		0.65	%	April 30, 2022
Baillie Gifford Health Innovation Equities Fund	Class K		0.65	%	April 30, 2023
	Institutional Class		0.65	%	April 30, 2023
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

Note C — Investment Transactions

Purchases and proceeds from sales of securities (excluding short term securities and in-kind transactions) for the year ended December 31, 2021 were as follows:

Fund	Purchases		Sales
Baillie Gifford China A Shares Growth Fund	$	343,822	$	335,639
Baillie Gifford China Equities Fund		2,988,890		78,601
Baillie Gifford Developed EAFE All Cap Fund		168,513,914		89,941,458
Baillie Gifford EAFE Plus All Cap Fund		68,796,068		208,625,842
Baillie Gifford Emerging Markets Equities Fund		2,029,080,687		1,243,903,967
Baillie Gifford Emerging Markets ex China Fund		978,163		—
Baillie Gifford Global Alpha Equities Fund		589,783,681		690,621,791
Baillie Gifford Global Stewardship Equities Fund		1,162,360		1,191,652
Baillie Gifford Health Innovation Equities Fund		9,814,426		—
Baillie Gifford International Alpha Fund		662,674,486		878,555,628
Baillie Gifford International Concentrated Growth Equities Fund		124,594,909		67,900,564
Baillie Gifford International Growth Fund		544,030,204		768,086,980
Baillie Gifford International Smaller Companies Fund		57,631,899		3,909,000
Baillie Gifford Long Term Global Growth Fund		538,869,341		171,994,173
Baillie Gifford Positive Change Equities Fund		138,054,456		42,367,133
Baillie Gifford U.S. Discovery Fund		1,828,184		72,008
Baillie Gifford U.S. Equity Growth Fund		104,376,712		98,394,409

Note D — Transactions in Shares of Beneficial Interest

	Baillie Gifford China A Shares Growth Fund
	For the Year Ended December 31, 2021				For the Year Ended December 31, 2020
	Shares		Amount		Shares		Amount
Class K Shares
Shares sold		—	$	—		373	$	7,058
Shares issued in reinvestment of dividends and distributions		5,756		97,909		—		—
Shares redeemed		—		—		—		—
Net increase (decrease)		5,756	$	97,909		373	$	7,058
Institutional Class Shares
Shares sold		—	$	—		373	$	7,057
Shares issued in reinvestment of dividends and distributions		5,756		97,909		—		—
Shares redeemed		—		—		—		—
Net increase (decrease)		5,756	$	97,909		373	$	7,057
Total Net increase (decrease)		11,512	$	195,818		746	$	14,115

	Baillie Gifford China Equities Fund
	For the Period Ended December 31, 2021
	Shares		Amount
Class K Shares
Shares sold		105,353	$	1,017,000
	Shares		Amount
Shares issued in reinvestment of dividends and distributions		—		—
Shares redeemed		—		—
Net increase (decrease)		105,353	$	1,017,000
Institutional Class Shares
Shares sold		217,722	$	1,962,735
Shares issued in reinvestment of dividends and distributions		—		—
Shares redeemed		—		—
Net increase (decrease)		217,722	$	1,962,735
Total Net increase (decrease)		323,075	$	2,979,735

	Baillie Gifford Developed EAFE All Cap Fund
	For the Year Ended December 31, 2021						For the Year Ended December 31, 2020
	Shares			Amount			Shares			Amount
Class 2 Shares
Shares sold		344		$	6,000			459		$	6,000
Shares issued in reinvestment of dividends and distributions		177,235			3,070,718			130,567			2,184,122
Shares redeemed		(7,496,960	)^(a)		(128,955,703	)^(a)		(4,340,986	)		(65,191,959	)
Net increase (decrease)		(7,319,381	)	$	(125,878,985	)		(4,209,960	)	$	(63,001,837	)
Class 3 Shares
Shares sold		6,023,514	^(b)	$	103,921,278	^(b)		—		$	—
Shares issued in reinvestment of dividends and distributions		188,554			3,299,115			68,588			1,158,667
Shares redeemed		(6,470,874	)^(c)		(111,639,409	)^(c)		—			—
Net increase (decrease)		(258,806	)	$	(4,419,016	)		68,588		$	1,158,667
Class 4 Shares
Shares sold		6,448,597	^(d)	$	111,639,409	^(d)		—		$	—
Shares issued in reinvestment of dividends and distributions		203,257			3,568,899			—			—
Shares redeemed		—			—			—			—
Net increase (decrease)		6,651,854		$	115,208,308			—		$	—

	Baillie Gifford Developed EAFE All Cap Fund
	For the Year Ended December 31, 2021						For the Year Ended December 31, 2020
	Shares			Amount			Shares			Amount
Class K Shares
Shares sold		6,335,745		$	111,763,657			781,546		$	9,101,965
Shares issued in reinvestment of dividends and distributions		581,109			10,047,376			141,302			2,359,735
Shares redeemed		(1,805,323	)		(31,415,609	)		(4,944,572	)		(62,538,353	)
Net increase (decrease)		5,111,531		$	90,395,424			(4,021,724	)	$	(51,076,653	)
Institutional Class Shares
Shares sold		2,143,379		$	37,047,091			1,343,178		$	17,007,484
Shares issued in reinvestment of dividends and distributions		59,685			1,029,566			6,555			109,348
Shares redeemed		(443,832	)		(7,719,308	)		(1,318,718	)		(17,016,373	)
Net increase (decrease)		1,759,232		$	30,357,349			31,015		$	100,459
Total Net increase (decrease)		5,944,430		$	105,663,080			(8,132,081	)	$	(112,819,364	)

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

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

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

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

	Baillie Gifford EAFE Plus All Cap Fund
	For the Year Ended December 31, 2021						For the Year Ended December 31, 2020
	Shares			Amount			Shares			Amount
Class 2 Shares
Shares sold		273		$	6,000			51,681		$	786,000
Shares issued in reinvestment of dividends and distributions		793,811			15,772,464			270,825			5,732,100
Shares redeemed		(8,024,318	)^(a)		(177,343,738	)^(a)		(2,582,085	)		(45,075,399	)
Net increase (decrease)		(7,230,234	)	$	(161,565,274	)		(2,259,579	)	$	(38,557,299	)
Class 3 Shares
Shares sold		4,848,759	^(b)	$	108,708,698	^(b)		6,811,061		$	118,434,820
Shares issued in reinvestment of dividends and distributions		953,239			18,905,377			123,158			2,604,536
Shares redeemed		(2,087,262	)^(c)		(45,139,893	)^(c)		—			—
Net increase (decrease)		3,714,736		$	82,474,182			6,934,219		$	121,039,356

	Baillie Gifford EAFE Plus All Cap Fund
	For the Year Ended December 31, 2021						For the Year Ended December 31, 2020
	Shares			Amount			Shares			Amount
Class 4 Shares
Shares sold		224,291	^(d)	$	4,689,893	^(d)		—		$	—
Shares issued in reinvestment of dividends and distributions		22,194			440,760			—			—
Shares redeemed		—			—			—			—
Net increase (decrease)		246,485		$	5,130,653			—		$	—
Class K Shares
Shares sold		658,370	^(e)	$	14,492,662	^(e)		4,055,108		$	70,360,885
Shares issued in reinvestment of dividends and distributions		744,100			14,725,746			163,628			3,452,561
Shares redeemed		(2,599,010	)		(55,928,721	)		(1,513,484	)		(28,250,000	)
Net increase (decrease)		(1,196,540	)	$	(26,710,313	)		2,705,252		$	45,563,446
Institutional Class Shares
Shares sold		411,092		$	9,054,805			631,289		$	11,245,159
Shares issued in reinvestment of dividends and distributions		189,274			3,736,271			30,886			650,466
Shares redeemed		(353,062	)^(f)		(7,859,622	)^(f)		(172,195	)		(3,196,880	)
Net increase (decrease)		247,304		$	4,931,454			489,980		$	8,698,745
Total Net increase (decrease)		(4,218,249	)	$	(95,739,298	)		7,869,872		$	136,744,248

^(a) 4,846,598 shares and $108,708,699 converted from Class 2 into Class 3

^(b) 4,848,759 shares and $108,708,699 converted into Class 3 from Class 2

^(c) 204,363 shares and $4,239,893 converted from Class 3 into Class 4

^(d) 203,987 shares and $4,239,893 converted into Class 4 from Class 3

^(e) 152,082 shares and $3,455,307 converted into Class K from Institutional Class.

^(f) 152,552 shares and $3,455,307 converted from Institutional Class into Class K.

	Baillie Gifford Emerging Markets Equities Fund
	For the Year Ended December 31, 2021						For the Year Ended December 31, 2020
	Shares			Amount			Shares			Amount
Class 2 Shares
Shares sold		3,043,916		$	90,006,000			433,207		$	10,006,000
Shares issued in reinvestment of dividends and distributions		74,348			1,803,685			67,036			1,826,111
Shares redeemed		(5,655,693	)^(a)		(160,385,840	)^(a)		(736,002	)		(13,000,000	)
Net increase (decrease)		(2,537,429	)	$	(68,576,155	)		(235,759	)	$	(1,167,889	)
Class 3 Shares
Shares sold		5,602,725	^(b)	$	160,385,840	^(b)		—		$	—
Shares issued in reinvestment of dividends and distributions		340,872			8,340,251			79,451			2,184,364
Shares redeemed		(196,231	)		(5,000,000	)		(9,780,806	)^(c)		(218,894,438	)^(c)
Net increase (decrease)		5,747,366		$	163,726,091			(9,701,355	)	$	(216,710,074	)

	Baillie Gifford Emerging Markets Equities Fund
	For the Year Ended December 31, 2021						For the Year Ended December 31, 2020
	Shares			Amount			Shares			Amount
Class 4 Shares
Shares sold		—		$	—			9,649,345	^(d)	$	218,894,438	^(d)
Shares issued in reinvestment of dividends and distributions		289,039			7,173,573			129,657			3,613,950
Shares redeemed		—			—			—			—
Net increase (decrease)		289,039		$	7,173,573			9,779,002		$	222,508,388
Class 5 Shares
Shares sold		6,114,978		$	166,800,000			12,179,541		$	232,200,000
Shares issued in reinvestment of dividends and distributions		1,979,376			49,817,720			915,065			25,856,285
Shares redeemed		(7,587,417	)		(227,640,000	)		(4,209,013	)		(112,120,000	)
Net increase (decrease)		506,937		$	(11,022,280	)		8,885,593		$	145,936,285
Class K Shares
Shares sold		41,053,308	^(e)	$	1,143,888,868	^(e)		40,913,876		$	851,114,264
Shares issued in reinvestment of dividends and distributions		2,584,310			62,411,077			888,988			24,127,144
Shares redeemed		(23,579,566	)^(f)		(635,251,719	)^(f)		(14,622,141	)		(280,870,445	)
Net increase (decrease)		20,058,052		$	571,048,226			27,180,723		$	594,370,963
Institutional Class Shares
Shares sold		18,703,308	^(g)	$	524,250,455	^(g)		23,699,958		$	497,607,207
Shares issued in reinvestment of dividends and distributions		1,344,723			32,461,628			541,663			14,702,902
Shares redeemed		(15,312,378	)^(h)		(416,430,456	)^(h)		(10,401,670	)		(214,228,570	)
Net increase (decrease)		4,735,653		$	140,281,627			13,839,951		$	298,081,539
Total Net increase (decrease)		28,799,618		$	802,631,082			49,748,155		$	1,043,019,212

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

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

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

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

^(e)50,077 shares and $1,296,500 converted into Class K from Institutional Class.

^(f)41 shares and $1,064 converted from Class K into Institutional Class.

^(g)41 shares and $1,064 converted into Institutional Class from Class K.

^(h)50,152 shares and $1,296,500 converted from Institutional Class into Class K.

	Baillie Gifford Emerging Markets ex China Fund
	For the Year Ended December 31, 2021
	Shares		Amount
Class K Shares
Shares sold		50,000	$	500,000
Shares issued in reinvestment of dividends and distributions		—		—
Shares redeemed		—		—
Net increase (decrease)		50,000	$	500,000
Institutional Class Shares
Shares sold		50,000	$	500,000
Shares issued in reinvestment of dividends and distributions		—		—
Shares redeemed		—		—
Net increase (decrease)		50,000	$	500,000
Total Net increase (decrease)		100,000	$	1,000,000

	Baillie Gifford Global Alpha Equities Fund
	For the Year Ended December 31, 2021						For the Year Ended December 31, 2020
	Shares			Amount			Shares			Amount
Class 2 Shares
Shares sold		7,480,245	^(a)	$	170,721,384	^(a)		1,395,617		$	21,406,000
Shares issued in reinvestment of dividends and distributions		1,285,909			25,318,524			663,645			13,975,368
Shares redeemed		(11,097,275	)		(258,817,289	)		(767,153	)		(12,867,763	)
Net increase (decrease)		(2,331,121	)	$	(62,777,381	)		1,292,109		$	22,513,605
Class 3 Shares
Shares sold		—		$	—			—		$	—
Shares issued in reinvestment of dividends and distributions		656,990			13,371,461			701,609			15,207,661
Shares redeemed		(8,658,562	)^(b)		(201,670,946	)^(b)		(21,376,629	)^(c)		(440,824,236	)^(c)
Net increase (decrease)		(8,001,572	)	$	(188,299,485	)		(20,675,020	)	$	(425,616,575	)
Class 4 Shares
Shares sold		1,210,976		$	30,000,000			21,747,419	^(d)	$	453,824,236	^(d)
Shares issued in reinvestment of dividends and distributions		4,105,248			86,057,906			1,651,924			36,754,305
Shares redeemed		(4,090,097	)		(100,000,000	)		(1,398,930	)		(25,000,000	)
Net increase (decrease)		1,226,127		$	16,057,906			22,000,413		$	465,578,541

	Baillie Gifford Global Alpha Equities Fund
	For the Year Ended December 31, 2021						For the Year Ended December 31, 2020
	Shares			Amount			Shares			Amount
Class K Shares
Shares sold		11,893,493		$	271,493,367			8,761,839		$	162,657,595
Shares issued in reinvestment of dividends and distributions		3,574,655			70,027,474			757,044			15,897,930
Shares redeemed		(1,968,026	)		(45,018,740	)		(1,779,493	)		(36,392,473	)
Net increase (decrease)		13,500,122		$	296,502,101			7,739,390		$	142,163,052
Institutional Class Shares
Shares sold		1,201,553		$	27,820,913			1,312,156		$	22,514,998
Shares issued in reinvestment of dividends and distributions		340,854			6,687,568			75,658			1,590,334
Shares redeemed		(253,620	)		(5,284,272	)		(79,590	)		(1,613,033	)
Net increase (decrease)		1,288,787		$	29,224,209			1,308,224		$	22,492,299
Total Net increase (decrease)		5,682,343		$	90,707,350			11,665,116		$	227,130,922

^(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.

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

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

	Baillie Gifford Global Stewardship Equities Fund
	For the Year Ended December 31, 2021				For the Year Ended December 31, 2020
	Shares		Amount		Shares		Amount
Class K Shares
Shares sold		—	$	—		—	$	—
Shares issued in reinvestment of dividends and distributions		15,323		275,056		5,710		111,795
Shares redeemed		—		—		—		—
Net increase (decrease)		15,323	$	275,056		5,710	$	111,795
Institutional Class Shares
Shares sold		—	$	—		—	$	—
Shares issued in reinvestment of dividends and distributions		15,324		275,056		5,709		111,795
Shares redeemed		—		—		—		—
Net increase (decrease)		15,324	$	275,056		5,709	$	111,795
Total Net increase (decrease)		30,647	$	550,112		11,419	$	223,590

	Baillie Gifford Health Innovation Equities Fund
	For the Period Ended December 31, 2021
	Shares		Amount
Class K Shares
Shares sold		500,000	$	5,000,000
Shares issued in reinvestment of dividends and distributions		—		—
Shares redeemed		—		—
Net increase (decrease)		500,000	$	5,000,000
Institutional Class Shares
Shares sold		500,000	$	5,000,000
Shares issued in reinvestment of dividends and distributions		—		—
Shares redeemed		—		—
Net increase (decrease)		500,000	$	5,000,000
Total Net increase (decrease)		1,000,000	$	10,000,000

	Baillie Gifford International Alpha Fund
	For the Year Ended December 31, 2021						For the Year Ended December 31, 2020
	Shares			Amount			Shares			Amount
Class 2 Shares
Shares sold		1,286,623		$	21,780,009			7,362,309		$	72,006,000
Shares issued in reinvestment of dividends and distributions		1,614,613			24,786,899			490,406			8,221,408
Shares redeemed		(3,139,152	)^(a)		(54,578,192	)^(a)		(23,786,305	)^(b)		(294,390,504	)^(b)
Net increase (decrease)		(237,916	)	$	(8,011,284	)		(15,933,590	)	$	(214,163,096	)
Class 3 Shares
Shares sold		9,378,598	^(c)	$	167,796,050	^(c)		23,777,552	^(d)	$	295,090,505	^(d)
Shares issued in reinvestment of dividends and distributions		2,476,668			38,629,582			1,000,902			17,027,749
Shares redeemed		(22,853,592	)^(e)		(404,578,419	)^(e)		(28,848,451	)^(f)		(453,876,207	)^(f)
Net increase (decrease)		(10,998,326	)	$	(198,152,787	)		(4,069,997	)	$	(141,757,953	)
Class 4 Shares
Shares sold		12,884,594	^(g)	$	233,443,729	^(g)		24,894,421	^(h)	$	397,280,701	^(h)
Shares issued in reinvestment of dividends and distributions		4,178,776			66,380,677			1,424,466			24,650,239
Shares redeemed		(22,393,336	)⁽ⁱ⁾		(402,768,420	)⁽ⁱ⁾		(5,267,481	)		(84,000,000	)
Net increase (decrease)		(16,926,066	)	$	(102,944,014	)		21,051,406		$	337,930,940

	Baillie Gifford International Alpha Fund
	For the Year Ended December 31, 2021						For the Year Ended December 31, 2020
	Shares			Amount			Shares			Amount
Class 5 Shares
Shares sold		—		$	—			933,778		$	11,000,000
Shares issued in reinvestment of dividends and distributions		557,199			9,031,928			192,144			3,388,104
Shares redeemed		(1,333,617	)		(24,534,404	)		—			—
Net increase (decrease)		(776,418	)	$	(15,502,476	)		1,125,922		$	14,388,104
Class K Shares
Shares sold		14,849,984		$	251,570,911			33,933,960	^(j)	$	488,403,549	^(j)
Shares issued in reinvestment of dividends and distributions		5,425,688			82,904,506			1,317,169			21,998,469
Shares redeemed		(5,504,581	)		(94,925,921	)		(12,293,910	)^(k)		(180,996,529	)^(k)
Net increase (decrease)		14,771,091		$	239,549,496			22,957,219		$	329,405,489
Institutional Class Shares
Shares sold		15,712,386		$	272,576,224			41,667,953	^(l)	$	572,999,510	^(l)
Shares issued in reinvestment of dividends and distributions		3,372,421			51,732,944			987,601			16,542,889
Shares redeemed		(13,401,497	)		(228,187,591	)		(8,421,705	)^(m)		(120,707,617	)^(m)
Net increase (decrease)		5,683,310		$	96,121,577			34,233,849		$	468,834,782
Total Net increase (decrease)		79,635,685		$	11,060,512			59,364,809		$	794,638,266

^(a) 1,286,279 shares and $22,778,192 converted from Class 2 into Class 3.

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

^(c) 1,267,060 shares and $22,778,192 converted into Class 3 from Class 2. 7,679,274 shares and $137,460,543 converted into Class 3 from Class 4.

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

^(e) 12,342,734 shares and $220,102,199 converted from Class 3 into Class 4.

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

^(g) 12,132,971 shares and $220,102,199 converted into Class 4 from Class 3.

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

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

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

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

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

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

	Baillie Gifford International Concentrated Growth Equities Fund
	For the Period Ended December 31, 2021						For the Year Ended December 31, 2020
	Shares			Amount			Shares			Amount
Class K Shares
Shares sold		2,492,265		$	32,264,192			2,646,999		$	33,989,078
Shares issued in reinvestment of dividends and distributions		1,163,157			11,398,944			3,145,048			38,023,629
Shares redeemed		(1,384,438	)		(16,619,698	)		(10,365,471	)		(178,597,888	)
Net increase (decrease)		2,270,984		$	27,043,438			(4,573,424	)	$	(106,585,181	)

	Baillie Gifford International Concentrated Growth Equities Fund
	For the Period Ended December 31, 2021						For the Year Ended December 31, 2020
	Shares			Amount			Shares			Amount
Institutional Class Shares
Shares sold		7,992,818		$	103,591,639			1,288,248		$	21,921,486
Shares issued in reinvestment of dividends and distributions		1,192,576			11,556,064			1,136,294			13,601,434
Shares redeemed		(4,805,157	)		(57,388,368	)		(1,016,427	)		(13,118,779	)
Net increase (decrease)		4,380,237		$	57,759,335			1,408,115		$	22,404,141
Total Net increase (decrease)		6,651,221		$	84,802,773			(3,165,309	)	$	(84,181,040	)
	Baillie Gifford International Growth Fund
	For the Period Ended December 31, 2021						For the Year Ended December 31, 2020
	Shares			Amount			Shares			Amount
Class 2 Shares
Shares sold		4,324,682	^(a)	$	94,862,331	^(a)		5,590,575		$	81,506,000
Shares issued in reinvestment of dividends and distributions		3,767,026			62,797,066			2,589,071			55,541,011
Shares redeemed		(8,806,245	)^(b)		(195,081,174	)^(b)		(40,310,173	)^(c)		(695,348,173	)^(c)
Net increase (decrease)		(714,537	)	$	(37,421,777	)		(32,130,527	)	$	(558,301,162	)
Class 3 Shares
Shares sold		7,058,372	^(d)	$	152,146,174	^(d)		34,452,980	^(e)	$	592,448,173	^(e)
Shares issued in reinvestment of dividends and distributions		4,132,837			69,053,504			2,976,844	^(f)		64,060,790	^(f)
Shares redeemed		(13,350,707	)^(g)		(299,199,945	)^(g)		(42,757,002	)		(764,520,237	)
Net increase (decrease)		(2,159,498	)	$	(78,000,267	)		(5,327,178	)	$	(108,011,274	)
Class 4 Shares
Shares sold		1,662,426		$	32,700,771			25,043,754	^(h)	$	434,310,417	^(h)
Shares issued in reinvestment of dividends and distributions		7,206,366			120,474,576			4,238,692			91,315,840
Shares redeemed		(2,606,084	)		(53,552,555	)		(3,853,216	)		(78,000,000	)
Net increase (decrease)		6,262,708		$	99,622,792			25,429,230		$	447,626,257
Class 5 Shares
Shares sold		94,102		$	2,000,000			—		$	—
Shares issued in reinvestment of dividends and distributions		13,064,393			219,002,340			7,885,948			170,297,829
Shares redeemed		(5,616,791	)		(125,000,000	)		(11,604,279	)		(225,000,000	)
Net increase (decrease)		7,541,704		$	96,002,340			(3,718,331	)	$	(54,702,171	)

	Baillie Gifford International Growth Fund
	For the Period Ended December 31, 2021						For the Year Ended December 31, 2020
	Shares			Amount			Shares			Amount
Class K Shares
Shares sold		613,671		$	12,785,685			5,745,433		$	115,840,279
Shares issued in reinvestment of dividends and distributions		542,605			9,023,516			320,740			6,873,455
Shares redeemed		(2,272,662	)		(45,641,020	)		(12,214	)		(229,035	)
Net increase (decrease)		(1,116,386	)	$	(23,831,819	)		6,053,959		$	122,484,699
Institutional Class Shares
Shares sold		10,979,214		$	237,406,612			12,952,871		$	230,631,609
Shares issued in reinvestment of dividends and distributions		2,791,793			46,287,943			1,347,216			28,803,483
Shares redeemed		(8,869,161	)		(175,527,255	)		(1,797,254	)		(32,662,300	)
Net increase (decrease)		4,901,846		$	108,167,300			12,502,833		$	226,772,792
Total Net increase (decrease)		14,715,837		$	164,538,569			2,809,986		$	75,869,141

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

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

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

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

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

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

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

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

	Baillie Gifford International Smaller Companies Fund
	For the Year Ended December 31, 2021						For the Year Ended December 31, 2020
	Shares			Amount			Shares		Amount
Class K Shares
Shares sold		2,175,577		$	40,085,550			—	$	—
Shares issued in reinvestment of dividends and distributions		8,974			166,380			2,310		40,101
Shares redeemed		—			—			—		—
Net increase (decrease)		2,184,551		$	40,251,930			2,310	$	40,101
Institutional Class Shares
Shares sold		774,881		$	14,302,761			—	$	—
Shares issued in reinvestment of dividends and distributions		3,272			60,637			2,311		40,101
Shares redeemed		(2,913	)		(53,975	)		—		—
Net increase (decrease)		775,240		$	14,309,423			2,311	$	40,101
Total Net increase (decrease)		2,959,791		$	54,561,353			4,621	$	80,202

	Baillie Gifford Long Term Global Growth Fund
	For the Period Ended December 31, 2021						For the Year Ended December 31, 2020
	Shares			Amount			Shares			Amount
Class 2 Shares
Shares sold		816		$	32,500			6,508		$	164,000
Shares issued in reinvestment of dividends and distributions		159,599			5,937,177			268,661			10,181,428
Shares redeemed		(349,440	)		(14,000,000	)		(333,008	)		(12,000,000	)
Net increase (decrease)		(189,025	)	$	(8,030,323	)		(57,839	)	$	(1,654,572	)
Class 5 Shares
Shares sold		—		$	—			2,745,672	^(a)	$	109,513,867	^(a)
Shares issued in reinvestment of dividends and distributions		79,486			3,833,233			137,077			6,648,326
Shares redeemed		(211,915	)		(11,000,000	)		(684,445	)		(32,000,000	)
Net increase (decrease)		(132,429	)	$	(7,166,767	)		2,198,304		$	84,162,193
Class K Shares
Shares sold		5,982,410	^(b)	$	252,634,576	^(b)		1,689,135		$	52,083,127
Shares issued in reinvestment of dividends and distributions		568,116			21,145,301			448,850			17,015,889
Shares redeemed		(750,143	)		(31,354,012	)		(2,966,787	)		(83,087,481	)
Net increase (decrease)		5,800,383		$	242,425,865			(828,802	)	$	(13,988,465	)
Institutional Class Shares
Shares sold		7,080,296		$	290,000,498			6,896,944		$	223,565,185
Shares issued in reinvestment of dividends and distributions		708,875			26,299,259			684,278			25,886,267
Shares redeemed		(2,869,323	)^(c)		(114,269,725	)^(c)		(1,199,421	)		(38,874,654	)
Net increase (decrease)		4,919,848		$	202,030,032			6,381,801		$	210,576,798
Total Net increase (decrease)		10,398,777		$	429,258,807			(5,392,510	)	$	165,732,087

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

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

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

	Baillie Gifford Positive Change Equities Fund
	For the Year Ended December 31, 2021						For the Year Ended December 31, 2020
	Shares			Amount			Shares			Amount
Class K Shares
Shares sold		2,097,316		$	54,298,913			1,527,722		$	29,045,519
Shares issued in reinvestment of dividends and distributions		264,700			6,310,451			63,836			1,516,124
Shares redeemed		(187,837	)		(4,799,354	)		(301,001	)		(5,528,256	)
Net increase (decrease)		2,174,179		$	55,810,010			1,290,557		$	25,033,387

	Baillie Gifford Positive Change Equities Fund
	For the Year Ended December 31, 2021						For the Year Ended December 31, 2020
	Shares			Amount			Shares			Amount
Institutional Class Shares
Shares sold		2,246,493		$	61,117,014			807,287		$	15,232,525
Shares issued in reinvestment of dividends and distributions		278,039			6,617,326			56,904			1,350,344
Shares redeemed		(406,206	)		(10,504,977	)		(150,680	)		(3,001,141	)
Net increase (decrease)		2,118,326		$	57,229,363			713,511		$	13,581,728
Total Net increase (decrease)		4,292,505		$	113,039,373			2,004,068		$	38,615,115

	Baillie Gifford U.S. Discovery Fund
	For the Period Ended December 31, 2021
	Shares		Amount
Class K Shares
Shares sold		126,581	$	1,275,000
Shares issued in reinvestment of dividends and distributions		274		2,362
Shares redeemed		—		—
Net increase (decrease)		126,855	$	1,277,362
Institutional Class Shares
Shares sold		50,000	$	500,000
Shares issued in reinvestment of dividends and distributions		109		933
Shares redeemed		—		—
Net increase (decrease)		50,109	$	500,933
Total Net increase (decrease)		176,964	$	1,778,295

	Baillie Gifford U.S. Equity Growth Fund
	For the Year Ended December 31, 2021						For the Year Ended December 31, 2020
	Shares			Amount			Shares			Amount
Class K Shares
Shares sold		535,696		$	21,778,411			862,472		$	26,113,885
Shares issued in reinvestment of dividends and distributions		100,801			3,493,770			43,694			1,747,331
Shares redeemed		(977,315	)		(41,666,785	)		(208,574	)		(7,048,968	)
Net increase (decrease)		(340,818	)	$	(16,394,604	)		697,592		$	20,812,248

	Baillie Gifford U.S. Equity Growth Fund
	For the Year Ended December 31, 2021						For the Year Ended December 31, 2020
	Shares			Amount			Shares			Amount
Institutional Class Shares
Shares sold		2,467,221		$	106,488,365			991,300		$	29,537,484
Shares issued in reinvestment of dividends and distributions		160,787			5,556,812			33,339			1,331,225
Shares redeemed		(1,999,426	)		(80,445,589	)		(140,455	)		(4,481,602	)
Net increase (decrease)		628,582		$	31,599,588			884,184		$	26,387,107
Total Net increase (decrease)		287,764		$	15,204,984			1,581,776		$	47,199,355

Note E — Beneficial Ownership

Beneficial ownership, either direct or indirect, of more than 25% of the voting securities of a Fund creates a presumption of control under Section 2(a)(9) of the 1940 Act. As of December 31, 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 China Equities Fund	Baillie Gifford International LLC		30.95	%
Baillie Gifford Developed EAFE All Cap Fund	Verus Investments		33.53	%
Baillie Gifford Emerging Markets ex China Fund	Baillie Gifford International LLC		100.00	%
Baillie Gifford Global Stewardship Equities Fund	Baillie Gifford International LLC		100.00	%
Baillie Gifford Health Innovation Equities Fund	Baillie Gifford International LLC		100.00	%
Baillie Gifford International Concentrated Growth Equities Fund	Crestone Asset Management		45.95	%
Baillie Gifford International Growth Fund	Teachers' Retirement System of Kentucky		41.26	%
Baillie Gifford International Smaller Companies Fund	Landmark Management New York		69.99	%
Baillie Gifford U.S. Discovery Fund	Baillie Gifford International LLC		56.63	%
Baillie Gifford U.S. Discovery Fund	Bessemer Trust		43.37	%

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

At December 31, 2021, Baillie Gifford International LLC, a wholly owned subsidiary of the Manager, owned 100% of Baillie Gifford China A Shares Growth Fund, Baillie Gifford Emerging Markets ex China Fund, Baillie Gifford Global Stewardship Equities Fund and Baillie Gifford Health Innovation Equities Fund and as a result may be deemed to control such Funds.

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 China Equities Fund, Baillie Gifford Emerging Markets ex China Fund, Baillie Gifford International Concentrated Growth Equities Fund, Baillie Gifford Health Innovation 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.

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. Discovery & U.S. Equity Growth)

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

S&P (U.S. Equity Growth)

The S&P 500 and S&P Global Small Cap ("Index") is a product of S&P Dow Jones Indices LLC, a division of S&P Global, or its affiliates ("SPDJI"). Standard & Poor's^® and S&P^® are registered trademarks of Standard & Poor's

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

Note J — Liquidity Risk Management Program (Unaudited)

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

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

During the reporting period, there were no liquidity events that materially affected the performance of the Funds or their ability to timely meet redemptions without

To the Shareholders and Board of Trustees of
Baillie Gifford Funds

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Baillie Gifford Funds comprising the funds listed below (the "Funds") as of December 31, 2021, the related statements of operations and changes in net assets, the related notes, and the financial highlights for each of the periods indicated below (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2021, the results of their operations, the changes in net assets, and the financial highlights for each of the periods indicated below in conformity with accounting principles generally accepted in the United States of America.

Fund Name

Statements of Operations

Statements of Changes
in Net Assets

Financial Highlights

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

For the year ended December 31, 2021

For the years ended December 31, 2021 and 2020

For the years ended December 31, 2021, 2020, 2019, 2018, and 2017

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

For the year ended December 31, 2021

For the years ended December 31, 2021 and 2020

For the years ended December 31, 2021, 2020, 2019, 2018 and for the period from December 14, 2017 (commencement of operations) through December 31, 2017

Baillie Gifford U.S. Equity Growth Fund

For the year ended December 31, 2021

For the years ended December 31, 2021 and 2020

For the years ended December 31, 2021, 2020, 2019, 2018 and for the period from April 28, 2017 (commencement of operations) through December 31, 2017

Baillie Gifford International Smaller Companies Fund

For the year ended December 31, 2021

For the years ended December 31, 2021 and 2020

For the years ended December 31, 2021, 2020, and 2019, and for the period from December 19, 2018 (commencement of operations) through December 31, 2018

Baillie Gifford China A Shares Growth Fund

For the year ended December 31, 2021

For the years ended December 31, 2021 and 2020

For the years ended December 31, 2021 and 2020, and for the period
December 19, 2019 (commencement of operations) through December 31, 2019

Baillie Gifford Emerging Markets ex China Fund and Baillie Gifford Health Innovation Equities Fund

For the period from December 28, 2021 (commencement of operations) through December 31, 2021

Fund Name

Statements of Operations

Statements of Changes
in Net Assets

Financial Highlights

Baillie Gifford China Equities Fund

For the period from July 7, 2021 (commencement of operations) through December 31, 2021

Baillie Gifford U.S. Discovery Fund

For the period from May 6, 2021 (commencement of operations) through December 31, 2021

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2021, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Funds' auditor since 2017.

COHEN & COMPANY, LTD.

Cleveland, Ohio
February 25, 2022

Federal Income Tax Information

The Funds intend to designate the maximum amount of dividends that qualify for the reduced tax rate pursuant to the Jobs and Growth Tax Relief Reconciliation Act of 2003 for the year ended December 31, 2021.

For corporate shareholders, the percentage of ordinary income distributions for the year/period ended December 31, 2021 for the corporate dividends-received deduction for each Fund is as follows.

Fund	Qualified Dividend Income			Dividends-received Deductions
Baillie Gifford China A Shares Growth Fund		25.73	%		0.00	%
Baillie Gifford China Equities Fund		0.00	%		0.00	%
Baillie Gifford Developed EAFE All Cap Fund		67.30	%		0.00	%
Baillie Gifford EAFE Plus All Cap Fund		53.99	%		0.00	%
Baillie Gifford Emerging Markets Equities Fund		100.00	%		0.00	%
Baillie Gifford Emerging Markets ex China Fund		0.00	%		0.00	%
Baillie Gifford Global Alpha Equities Fund		48.60	%		11.12	%
Baillie Gifford Global Stewardship Equities Fund		34.55	%		6.57	%
Baillie Gifford Health Innovation Equities Fund		0.00	%		0.00	%
Baillie Gifford International Alpha Fund		100.00	%		0.00	%
Baillie Gifford International Concentrated Growth Equities Fund		3.97	%		0.00	%
Baillie Gifford International Growth Fund		26.36	%		0.00	%
Baillie Gifford International Smaller Companies Fund		0.00	%		0.00	%
Baillie Gifford Long Term Global Growth Fund		0.00	%		0.00	%
Baillie Gifford Positive Change Equities Fund		100.00	%		34.91	%
Baillie Gifford U.S. Discovery Fund		0.00	%		0.00	%
Baillie Gifford U.S. Equity Growth Fund		0.00	%		0.00	%

In February 2022, certain U.S. shareholders will be advised on IRS Form 1099 DIV or substitute 1099 DIV as to the U.S. federal tax status of the distributions received in the calendar year 2021.

Foreign Taxes Paid — The following Funds elect under the Code Section 853 to pass through foreign taxes paid to its shareholders. The total amounts of foreign taxes passed through to shareholders on a per share basis for the year ended December 31, 2021, are as follows:

Fund	Foreign Taxes Per Share		Foreign Income Per Share
Baillie Gifford China A Shares Growth Fund		—		—
Baillie Gifford China Equities Fund		—		—
Baillie Gifford Developed EAFE All Cap Fund		0.0171		0.1790
Baillie Gifford EAFE Plus All Cap Fund		0.0223		0.2284
Baillie Gifford Emerging Markets Equities Fund		0.0856		0.7020
Baillie Gifford Emerging Markets ex China Fund		—		—
Baillie Gifford Global Alpha Equities Fund		—		—
Baillie Gifford Global Stewardship Equities Fund		—		—
Baillie Gifford Health Innovation Equities Fund		—		—
Baillie Gifford International Alpha Fund		0.0315		0.2768
Baillie Gifford International Concentrated Growth Equities Fund		0.0031		0.1135

Management of the Trust

The following tables set forth the Trustees and officers of the Trust, their principal occupations during the past five years, and certain other information as of December 31, 2021.

Name and Year of Birth

Position(s)
Held with
Trust

Length of
Time
Served
as Trustee⁽¹⁾

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

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

Indepedent Trustees

Howard W. Chin
1952

Trustee, Chair of the Nominating and Governance Committee

Since 2015

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

Pamela M.J. Cox
1952

Trustee

Since 2017

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

Robert E. Rigsby
1949

Trustee, Chair of the Audit Oversight Committee

Since 2014

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

Donald P. Sullivan Jr.
1954

Trustee

Since 2020

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

Interested Trustee

David Salter⁽⁴⁾1975

Trustee, Chairman of the Board, and President

Since 2016 (Previously Vice President since 2014)

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

Name and Year of Birth

Position(s)
Held with
Trust

Length of
Time
Served⁽¹⁾

Principal Occupation During Past 5 Years⁽²⁾

Officers (other than officers who are also Trustees)

Andrew Telfer
1967

Vice President

Since 2008

Managing Partner, Baillie Gifford & Co.

Michael Stirling-Aird
1977

Vice President

Since 2012

Client Service Director, Baillie Gifford Overseas Limited

Julie Paul
1975

Vice President

Since 2012

Manager, North American Funds Operations Department, Baillie Gifford & Co.

Tim Campbell
1975

Vice President

Since 2014

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

Lindsay Cockburn
1978

Treasurer

Since 2015

Manager, North American Funds Operations Department, Baillie Gifford & Co.

Name and Year of Birth

Position(s)
Held with
Trust

Length of
Time
Served⁽¹⁾

Principal Occupation During Past 5 Years⁽²⁾

Officers (other than officers who are also Trustees)

Gareth Griffiths
1973

Secretary and Chief Legal Officer

Secretary since 2015; Chief Legal Officer since 2017

Senior Legal Counsel for Baillie Gifford & Co.

Graham Laybourn
1966

Vice President

Since 2018

Partner, Baillie Gifford & Co.

Suzanne Quinn
1979

Chief Compliance Officer and AML Compliance Officer

Since 2018

Manager, Compliance Department, Baillie Gifford & Co.

Lesley-Anne Archibald
1988

Vice President

Since 2017

Manager, North American Funds Operations Department, Baillie Gifford & Co.

Kelly Cameron
1989

Vice President

Since 2020

Client Service Director, Baillie Gifford Overseas Limited

Neil Riddell
1988

Chief Risk Officer

Since 2021

Head of Group Business Risk, Baillie Gifford & Co.

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

(1) There is no stated term of office for the Trustees and a Trustee may serve until such Trustee reaches the age of 75 years. The Chair of the Board and officers of the Trust, including the President of the Trust, are elected annually by the Board.

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

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

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

BAILLIE GIFFORD FUNDS

At a meeting held on June 16-18, 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 investment advisory agreement (the "Advisory Agreement") between the Trust, on behalf of Baillie Gifford China Equities Fund (the "China Fund"), and Baillie Gifford Overseas Limited (the "Manager"). At a meeting held on December 13-15, 2021, the Board, including the Independent Trustees, approved the Advisory Agreement between the Trust, on behalf of Baillie Gifford Emerging Markets ex China Fund (the "EM ex China Fund") and Baillie Gifford Health Innovation Equities Fund (the "Health Fund" and collectively with the China Fund and the EM ex China Fund, the "Funds" and each a "Fund"), and the Manager. As part of each 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. The Independent Trustees were represented by independent legal counsel and advised by their independent legal counsel of their fiduciary duties pertaining to approval of investment advisory agreements and the factors that they should consider in evaluating such agreements. The Independent Trustees reviewed materials received from the Manager and Broadridge, an independent provider of mutual fund data ("Broadridge"). The Board determined that, given the totality of the information provided with respect to the Advisory Agreement, the Board had received sufficient information to approve the Advisory Agreement.

The Board concluded that it was in the best interests of each Fund to approve 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 expected to be provided by the Manager to the Funds. The Board noted that, pursuant to the Funds' Advisory Agreement, the Manager will provide portfolio management services to the Funds 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 Funds and reviewed information regarding each Fund's advisory fee and the Class K and Institutional Class administration and supervisory fee, and the estimated expense ratio for each share class of each Fund giving effect to the proposed expense limitation, compared to a peer group of similar funds. The Board considered the proposed investment objective and investment philosophy and process for each Fund and reviewed performance information for other clients of the Manager that followed a similar strategy. The Board noted that the Manager provides advisory services to other funds in the Trust and that the Board also reviewed extensive information during the 2021 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 each Fund, and in particular when assessing comparative data, the Board also considered the advisory fee in combination with the Class K and Institutional Class administration and supervisory 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 expected to be satisfactory.

With respect to profitability, the Board considered that, because the Funds were 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 Funds, including receipt of the administration and supervisory fee. The Board considered whether there were economies of scale with respect to management of the Funds. The Board considered that the Funds were not yet operational and had no assets and that the proposed advisory fee schedules include breakpoints. 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 each Fund through April 30, 2023 and that the contractual expense limitation agreement may only be terminated by the Board.

Baillie Gifford China Equities Fund

The Board reviewed the China Fund's advisory fee (plus the administration and supervisory fee) and estimated net expense ratio for the China Fund's Class K and Institutional Class, and compared them to the management fees and expense ratios of an expense peer group and expense universe of funds based on data provided by Broadridge. The peer group information showed that the contractual 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 with a similar investment mandate. The Board considered that the advisory fee (plus the Class K and Institutional Class administration and supervisory 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 ex China Fund

The Board reviewed the EM ex China Fund's advisory fee (plus the administration and supervisory fee) and estimated net expense ratio for the EM ex China Fund's Class K and Institutional Class, and compared them to the management fees and expense ratios of an expense peer group and expense universe of funds based on data provided by Broadridge. The peer group information showed that the contractual 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 with a similar investment mandate. The Board considered that the advisory fee (plus the Class K and Institutional Class administration and supervisory 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 Health Innovation Equities Fund

The Board reviewed the Health Fund's advisory fee (plus the administration and supervisory fee) and estimated net expense ratio for the Health Fund's Class K and Institutional Class, and compared them to the management fees and expense ratios of an expense peer group and expense universe of funds based on data provided by Broadridge. The peer group information showed that the contractual 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 with a similar investment mandate. The Board considered that the advisory fee (plus the Class K and Institutional Class administration and supervisory 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.

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 approval of the Advisory Agreement was in the best interests of each Fund.

Baillie Gifford International All Cap Fund

Market Conditions and Review of Performance during 2021

Supply chain bottlenecks including microchip shortages, backed-up container ships, lack of delivery trucks and truck drivers, and over-demand for many consumer goods have become increasingly familiar over the year. These bottlenecks are a persistent challenge for many of the Fund's holdings, and it's something we are constantly challenging ourselves on — how long will these problems last, is there something more material or structural behind them? Meanwhile inflation has been on the rise, both in the absolute sense and in the level of rhetoric. It appears the U.S. Federal Reserve and central banks the world over created far more liquidity than pandemic-plagued economies turned out to need. Rightly so, many might argue. Afterall, there is no blueprint for navigating the once in a generation health crisis we have all endured. The challenge from here on out, though, is what to do next. What are the implications if excess liquidity is out there for too long? Rather than fixating on answering these questions now, we believe it is important to remain open-minded. When we turn to the Fund, most of the holdings are in a strong position with what we believe to be high quality business franchises, resilient balance sheets, high profit margins, and robust cashflows. These are the fundamental qualities that brought the companies into the Fund and we think they will help them navigate whatever challenges the next year brings.

performers for the past year have been NIBE, ASML and Sartorius.

ASML is the world's largest manufacturer of high-end lithography equipment. Results continue to be strong, operating margins continue to rise, and the management continue to be upbeat on the long-term outlook. We remain enthused about the ongoing implications of the advancement of Moore's Law (which holds that, generally, the number of transistors on a microchip doubles about every two years), ASML's strong monopolistic position, and the broader implications of this for technology.

Sartorius is a German Company which makes single-use equipment and products that are used in the manufacturing of biological products, for example antibodies and vaccines. In addition to being exposed to an attractive area of biological drugs, the company is well-positioned to benefit from the structural shift from reusable to single-use bio-manufacturing technology. Its operational performance continues to be strong, order growth continues to be promising, and management have reiterated their confidence in the long-term growth opportunity.

Zalando specializes in fashion retail and is the European leader in this space. The company continues to make good operational progress, it has launched recently in new markets, is growing steadily, and is doing well at retaining its lockdown customers. However, there have been mounting concerns as to what the long-term growth of the business will be. We believe Zalando has an enormous potential market with the shift of fashion to online and are encouraged that the company has continued to invest heavily in its logistics infrastructure.

Auto1 is a pan-European used car marketplace. This was purchased for the Fund in early 2021. We believe it is a market maker with potential to disrupt the existing second hand / classifieds franchises and is driving developments in efficiency and trust for both consumers and dealers. Even though there has been strong revenue

Fund Performance for periods ended 12/31/21 (Average Annual Total Returns)

	One Year			% p.a. Five Year			% p.a. Since Inception			Inception Date
Baillie Gifford International All Cap Fund Class 2*		3.34	%		14.90	%		10.04	%	04/09/13
Baillie Gifford International All Cap Fund Class 3		3.41	%		14.98	%		10.10	%	05/01/13
Baillie Gifford International All Cap Fund Class 4**		3.21	%		14.91	%		10.05	%	07/12/21
Baillie Gifford International All Cap Fund Class 5**		3.49	%		14.99	%		10.09	%	07/10/19
MSCI ACWI (ex U.S.) Index		8.29	%		10.11	%		7.05	%	09/24/12

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

** Performance for Class 4 and Class 5 shares prior to their dates of inception are derived from the historical performance of Class 2 shares and have not been adjusted for the lower shareholder servicing fees applicable to both Class 4 and Class 5 shares. Prior to the inception of Class 2 (April 9, 2013), Class 4 and Class 5 shares historical performance is derived from Class 1 shares and have not been adjusted for the lower shareholder servicing fees applicable to both Class 4 and Class 5 shares.

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

	Beginning Account Value July 1, 2021		Ending Account Value December 31, 2021		Annualized Expense Ratios Based on the Period January 1, 2021 to December 31, 2021			Expenses Paid During Period*
Baillie Gifford International All Cap Fund — Class 2
Actual	$	1,000	$	968.00		0.62	%	$	3.08
Hypothetical (5% return before expenses)	$	1,000	$	1,022.08		0.62	%	$	3.16
Baillie Gifford International All Cap Fund — Class 3
Actual	$	1,000	$	968.40		0.55	%	$	2.73
Hypothetical (5% return before expenses)	$	1,000	$	1,022.43		0.55	%	$	2.80
Baillie Gifford International All Cap Fund — Class 4⁽¹⁾
Actual	$	1,000	$	965.20		0.52	%	$	2.41
Hypothetical (5% return before expenses)	$	1,000	$	1,022.58		0.52	%	$	2.65
Baillie Gifford International All Cap Fund — Class 5
Actual	$	1,000	$	968.80		0.47	%	$	2.33
Hypothetical (5% return before expenses)	$	1,000	$	1,022.84		0.47	%	$	2.40

(1) Commencement of operation July 12, 2021. Expenses are calculated using the Fund's annualized expense ratio, multiplied by the ending value for the period, multiplied by 172/365 (to reflect recommencement of operations).

December 31, 2021
Baillie Gifford International All Cap Fund

	Value		% of Total Net Assets
Apparel	$	19,314,427		4.1	%
Auto Manufacturers		3,451,374		0.7
Auto Parts & Equipment		4,251,276		0.9
Banks		5,540,135		1.2
Beverages		12,321,310		2.6
Biotechnology		3,788,962		0.8
Building Materials		13,039,395		2.8
Chemicals		11,899,823		2.5
Commercial Services		9,988,232		2.2
Computers		9,108,999		2.0
Cosmetics/Personal Care		8,440,171		1.8
Distribution/Wholesale		6,903,479		1.5
Diversified Financial Services		14,029,077		3.0
Electrical Components & Equipment		5,200,335		1.1
Electronics		38,287,416		8.3
Energy — Alternate Sources		5,206,827		1.1
Engineering & Construction		2,212,025		0.5
Food		5,274,865		1.1
Hand/Machine Tools		8,492,269		1.8
Healthcare — Products		23,475,936		5.0
Home Furnishings		4,903,135		1.1
Insurance		12,804,168		2.8
Internet		92,420,930		19.8
Investment Companies		6,100,584		1.3
Leisure Time		6,444,929		1.4
Machinery — Construction & Mining		7,820,766		1.7
Machinery — Diversified		24,344,809		5.2
Retail		40,100,047		8.6
Semiconductors		32,082,867		6.9
Software		16,552,712		3.5
Telecommunications		3,087,347		0.7
Toys/Games/Hobbies		4,628,245		1.0
Total Value of Investments		461,516,872		99.0
Other assets less liabilities		4,812,086		1.0
Net Assets	$	466,328,958		100.0	%

December 31, 2021
Baillie Gifford International All Cap Fund

	Shares		Value
COMMON STOCKS — 96.3%
ARGENTINA — 1.3%
MercadoLibre, Inc. *		4,459	$	6,012,516
AUSTRALIA — 1.3%
Cochlear Ltd.		39,066		6,131,428
BRAZIL — 0.8%
Raia Drogasil SA		890,800		3,878,287
CANADA — 2.3%
Shopify, Inc., Class A *		7,665		10,557,694
CHINA — 10.0%
Alibaba Group Holding Ltd. ADR *		51,396		6,105,331
Baidu, Inc. ADR *		20,016		2,978,181
BeiGene Ltd. ADR *		10,913		2,956,659
Burning Rock Biotech Ltd. ADR *		87,335		832,302
Contemporary Amperex Technology Co., Ltd., Class A		56,455		5,200,335
Li Ning Co., Ltd.		714,500		7,838,096
LONGi Green Energy Technology Co., Ltd., Class A		384,833		5,206,827
Meituan, Class B *		210,500		6,087,132
Ping An Insurance Group Co. of China Ltd., Class H		638,500		4,601,108
Prosus NV *		31,565		2,614,373
Trip.com Group Ltd. ADR *		70,854		1,744,425
Yatsen Holding Ltd. ADR *		255,509		549,344
				46,714,113
FRANCE — 4.7%
Kering		6,222		4,992,236
LVMH Moet Hennessy Louis Vuitton SE		7,720		6,380,070
Remy Cointreau SA		33,009		8,023,474
Ubisoft Entertainment SA *		47,679		2,325,796
				21,721,576
GERMANY — 7.6%
adidas AG		16,892		4,863,973
Auto1 Group SE *		106,585		2,355,696
Bechtle AG		128,008		9,108,999
Nemetschek SE		40,085		5,125,433

December 31, 2021
Baillie Gifford International All Cap Fund

	Shares		Value
Rational AG		4,794	$	4,903,135
Zalando SE *		111,502		8,982,211
				35,339,447
HONG KONG — 3.1%
AIA Group Ltd.		606,400		6,120,303
Techtronic Industries Co., Ltd.		426,000		8,492,269
				14,612,572
INDIA — 5.3%
Asian Paints Ltd.		208,440		9,471,460
Housing Development Finance Corp., Ltd.		258,743		8,952,277
ICICI Lombard General Insurance Co., Ltd.		110,736		2,082,757
MakeMyTrip Ltd. *		54,285		1,504,237
United Spirits Ltd. *		240,967		2,904,462
				24,915,193
JAPAN — 18.8%
Denso Corp.		51,300		4,251,276
Kakaku.com, Inc.		131,400		3,512,753
Kao Corp.		40,400		2,115,923
Keyence Corp.		10,300		6,476,210
Murata Manufacturing Co., Ltd.		84,000		6,700,047
Nidec Corp.		65,100		7,700,966
Olympus Corp.		338,200		7,787,813
Pigeon Corp.		71,900		1,375,984
Recruit Holdings Co., Ltd.		95,500		5,811,721
Shimano, Inc.		24,200		6,444,929
Shiseido Co., Ltd.		88,700		4,948,263
SMC Corp.		11,900		8,042,712
SoftBank Group Corp.		64,400		3,087,347
Sugi Holdings Co., Ltd.		32,700		1,981,214
Suzuki Motor Corp.		89,500		3,451,374
Sysmex Corp.		70,800		9,556,695
Z Holdings Corp.		786,900		4,540,407
				87,785,634
MEXICO — 0.5%
Wal-Mart de Mexico SAB de CV		639,191		2,379,387

December 31, 2021
Baillie Gifford International All Cap Fund

	Shares		Value
NETHERLANDS — 4.7%
ASML Holding NV		18,752	$	15,020,743
IMCD NV		31,237		6,903,479
				21,924,222
NEW ZEALAND — 1.4%
Xero Ltd. *		65,773		6,732,474
PORTUGAL — 1.1%
Jeronimo Martins SGPS SA		230,506		5,274,865
SINGAPORE — 1.2%
United Overseas Bank Ltd.		277,399		5,540,135
SOUTH AFRICA — 1.1%
Naspers Ltd., N Shares		32,571		5,055,383
SOUTH KOREA — 1.7%
Coupang, Inc. *		123,742		3,635,540
NAVER Corp. *		14,079		4,468,976
				8,104,516
SPAIN — 1.2%
Industria de Diseno Textil SA		169,853		5,477,767
SWEDEN — 7.4%
Atlas Copco AB, A Shares		861		59,496
Atlas Copco AB, B Shares		166,264		9,766,392
Epiroc AB, B Shares		252,603		5,341,850
Investor AB, B Shares		243,116		6,100,584
Nibe Industrier AB, B Shares		862,968		13,039,395
				34,307,717
SWITZERLAND — 2.1%
Cie Financiere Richemont SA		63,995		9,563,085
TAIWAN — 3.7%
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		141,818		17,062,124
THAILAND — 0.3%
Thai Beverage PCL		2,842,700		1,393,374

December 31, 2021
Baillie Gifford International All Cap Fund

	Shares		Value
UNITED KINGDOM — 11.1%
ASOS PLC *		47,254	$	1,529,299
Auto Trader Group PLC		773,064		7,742,141
Burberry Group PLC		124,711		3,078,148
Farfetch Ltd., Class A *		124,966		4,177,613
Games Workshop Group PLC		34,329		4,628,245
Hargreaves Lansdown PLC		276,271		5,076,801
HomeServe PLC		186,877		2,212,025
Intertek Group PLC		54,747		4,176,510
Johnson Matthey PLC		87,389		2,428,363
Rightmove PLC		846,171		9,130,860
Trainline PLC *		714,487		2,698,192
Weir Group PLC (The)		106,824		2,478,916
Wise PLC, Class A *		230,373		2,369,010
				51,726,123
UNITED STATES — 3.6%
Mettler-Toledo International, Inc. *		6,767		11,485,020
Spotify Technology SA *		23,163		5,420,837
				16,905,857
Total Common Stocks
(cost $258,612,526)				449,115,489
PREFERRED STOCKS — 2.7%
GERMANY — 2.7%
Sartorius AG 0.13% (cost $2,141,859)		18,336		12,401,383
TOTAL INVESTMENTS — 99.0%
(cost $260,754,385)			$	461,516,872
Other assets less liabilities — 1.0%				4,812,086
NET ASSETS — 100.0%			$	466,328,958

* Non-income producing security.

ADR — American Depositary Receipt

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

December 31, 2021
Baillie Gifford International All Cap Fund

ASSETS
Investments, at value (cost $260,754,385)	$	461,516,872
Cash		5,974,125
Foreign cash, at value (cost $51,442)		51,917
Tax reclaims receivable		310,782
Dividends receivable		222,614
Total Assets		468,076,310
LIABILITIES
Advisory fee payable		412,428
Deferred India capital gains tax liability (Note A)		1,106,381
Shareholder Servicing fee payable		114,914
Trustee fee payable		2,641
Commitment fee payable		1,132
Accrued expenses		109,856
Total Liabilities		1,747,352
NET ASSETS	$	466,328,958
COMPOSITION OF NET ASSETS
Paid-in capital	$	270,751,454
Total distributable earnings		195,577,504
	$	466,328,958
NET ASSET VALUE, PER SHARE
Class 2 ( $112,388,117 / 6,676,477 shares outstanding), unlimited authorized, no par value	$	16.83
Class 3 ( $133,795,683 / 7,832,788 shares outstanding), unlimited authorized, no par value	$	17.08
Class 4 ( $171,753,116 / 9,968,903 shares outstanding), unlimited authorized, no par value	$	17.23
Class 5 ( $48,392,042 / 2,759,937 shares outstanding), unlimited authorized, no par value	$	17.53

For the Year Ended December 31, 2021
Baillie Gifford International All Cap Fund

INVESTMENT INCOME
Dividends (net of foreign withholding taxes of $541,236)	$	4,691,922
Interest		594
Total Investment Income		4,692,516
EXPENSES
Advisory fee (Note B)		1,864,057
Shareholder Servicing fees — Class 2 shares (Note B)		242,216
Shareholder Servicing fees — Class 3 shares (Note B)		248,199
Shareholder Servicing fees — Class 4 shares (Note B)		61,930
Shareholder Servicing fees — Class 5 shares (Note B)		10,687
Transfer agency		58,902
Fund accounting		183,295
Custody		96,450
Legal		61,501
Professional fees		43,050
Trustees' fees		11,243
Commitment fees		4,189
Miscellaneous		15,928
Total Expenses		2,901,647
Net Investment Income		1,790,869
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 $311,560)		86,457,472
Foreign currency transactions		(119,799	)
		86,337,673
Net change in unrealized depreciation on:
Investments (net of deferred India capital gains tax expense of $132,038) (Note A)		(64,523,355	)
Translation of net assets and liabilities denominated in foreign currencies		(28,435	)
		(64,551,790	)
Net realized and unrealized gain		21,785,883
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	23,576,752

Baillie Gifford International All Cap Fund

	For the Year Ended December 31, 2021			For the Year Ended December 31, 2020
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	1,790,869		$	1,983,118
Net realized gain		86,337,673			25,971,756
Net change in unrealized appreciation (depreciation)		(64,551,790	)		123,300,902
Net increase in net assets from operations		23,576,752			151,255,776
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings
Class 2		(21,958,684	)		(7,087,594	)
Class 3		(25,864,981	)		(12,911,540	)
Class 4		(33,178,532	)		—
Class 5		(9,222,007	)		(2,339,465	)
Total Distributions to Shareholders		(90,224,204	)		(22,338,599	)
TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
Net proceeds from shares subscribed:
Class 2		10,000,967			7,000,000
Class 3		6,001,749			103,690,220	*
Class 4		207,931,390	*		—
Class 5		—			—
Dividends reinvested:
Class 2		21,958,684			7,087,595
Class 3		25,864,981			12,911,540
Class 4		33,178,532			—
Class 5		9,222,325			2,339,464
Cost of shares redeemed:
Class 2		(89,047,447	)		(134,690,220	)*
Class 3		(222,931,390	)*		(15,000,000	)
Class 4		(30,000,000	)		—
Class 5		(13,700,000	)		—
Decrease in Net Assets from Transactions in Shares of Beneficial Interest		(41,520,209	)		(16,661,401	)
Total Increase (Decrease) in Net Assets		(108,167,661	)		112,255,776
NET ASSETS
Beginning of year		574,496,619			462,240,843
End of year	$	466,328,958		$	574,496,619

* See Note D for details of share class conversions.

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

	For the Year Ended December 31, 2021			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
Net asset value, beginning of year	$	20.27		$	15.82		$	12.26		$	14.85		$	11.44
From Investment Operations
Net investment income^(a)		0.05			0.06			0.27			0.15			0.14
Net realized and unrealized gain (loss) on investments and foreign currency		0.60			5.20			3.73			(2.61	)		3.46
Net increase (decrease) in net asset value from investment operations		0.65			5.26			4.00			(2.46	)		3.60
Dividends and Distributions to Shareholders
From net investment income		(0.19	)		(0.18	)		(0.44	)		(0.13	)		(0.19	)
From net realized gain on investments		(3.90	)		(0.63	)		—			—			—
Total Dividends and Distributions		(4.09	)		(0.81	)		(0.44	)		(0.13	)		(0.19	)
Proceeds from Purchase Fees and Redemption Fees^(a)		—			—			—			—			0.00	^(b)
Net asset value, end of year	$	16.83		$	20.27		$	15.82		$	12.26		$	14.85
Total Return
Total return based on net asset value^(c)		3.34	%		33.31	%		32.65	%		(16.63	)%		31.45	%
Ratios/Supplemental Data
Net assets, end of year (000's omitted)	$	112,388		$	183,037		$	258,860		$	242,317		$	324,764
Ratio of net expenses to average net assets		0.61	%		0.62	%		0.65	%		0.64	%		0.65	%
Ratio of net investment income to average net assets		0.26	%		0.34	%		1.92	%^(d)		1.02	%		1.03	%
Portfolio turnover rate^(e)		14	%		12	%		13	%		15	%		12	%

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

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

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

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

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

	For the Year Ended December 31, 2021			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
Net asset value, beginning of year	$	20.50		$	15.99		$	12.39		$	15.01		$	11.56
From Investment Operations
Net investment income^(a)		0.09			0.07			0.30			0.16			0.15
Net realized and unrealized gain (loss) on investments and foreign currency		0.59			5.27			3.75			(2.64	)		3.50
Net increase (decrease) in net asset value from investment operations		0.68			5.34			4.05			(2.48	)		3.65
Dividends and Distributions to Shareholders
From net investment income		(0.20	)		(0.20	)		(0.45	)		(0.14	)		(0.20	)
From net realized gain on investments		(3.90	)		(0.63	)		—			—			—
Total Dividends and Distributions		(4.10	)		(0.83	)		(0.45	)		(0.14	)		(0.20	)
Proceeds from Purchase Fees and Redemption Fees^(a)		—			—			—			—			0.00	^(b)
Net asset value, end of year	$	17.08		$	20.50		$	15.99		$	12.39		$	15.01
Total Return
Total return based on net asset value^(c)		3.41	%		33.40	%		32.74	%		(16.57	)%		31.54	%
Ratios/Supplemental Data
Net assets, end of year (000's omitted)	$	133,796		$	331,138		$	158,198		$	119,176		$	142,844
Ratio of net expenses to average net assets		0.54	%		0.55	%		0.58	%		0.57	%		0.58	%
Ratio of net investment income to average net assets		0.41	%		0.44	%		2.04	%^(d)		1.09	%		1.13	%
Portfolio turnover rate^(e)		14	%		12	%		13	%		15	%		12	%

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

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

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

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

Baillie Gifford International All Cap Fund
Selected data for a Class 4 share outstanding throughout each year

	For the Period July 12, 2021^(a)through December 31, 2021			For the Period April 10, 2019^(a)through July 9, 2019 (unaudited)			For the Period April 3, 2017^(b)through December 31, 2017
Net asset value, beginning of period	$	22.15		$	14.52		$	12.86
From Investment Operations
Net investment income^(c)		0.02			0.06			0.11
Net realized and unrealized gain (loss) on investments and foreign currency		(0.81	)^(d)		0.40			2.40
Net increase (decrease) in net asset value from investment operations		(0.79	)		0.46			2.51
Dividends and Distributions to Shareholders
From net investment income		(0.23	)		—			(0.20	)
From net realized gain on investments		(3.90	)		—			—
Total Dividends and Distributions		(4.13	)		—			(0.20	)
Net asset value, end of period	$	17.23		$	14.98		$	15.17
Total Return
Total return based on net asset value^(e)		(3.48	)%		3.18	%		19.56	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	171,753		$	40,721		$	40,746
Ratio of net expenses to average net assets		0.52	%		0.55	%*		0.54	%*
Ratio of net investment income to average net assets		0.21	%		1.53	%*		0.99	%*
Portfolio turnover rate^(f)		14	%		13	%		12	%

* Annualized.

^(a) Recommencement of investment operations. Class had no shareholders from January 10, 2018 to April 9, 2019 and from June 10, 2019 to July 11, 2021. All shares of this class were redeemed on January 10, 2018 at $15.56. New shares were issued at $14.52 on April 10, 2019. All shares of this class were redeemed on July 9, 2019 at $14.98. New shares were issued at $22.15 on July 12, 2021.

^(b) Commencement of investment operations.

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

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

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

	For the Year Ended December 31, 2021			For the Year Ended December 31, 2020			For the Period July 10, 2019 through December 31, 2019^(b)			For the Period January 1, 2019 through April 10, 2019^(b)			For the Period January 10, 2018^(a)through December 31, 2018
Net asset value, beginning of period	$	20.96		$	16.33		$	15.14		$	12.64		$	15.72
From Investment Operations
Net investment income^(c)		0.09			0.09			0.20			0.06			0.18
Net realized and unrealized gain (loss) on investments and foreign currency		0.61			5.38			1.46			1.97			(3.11	)
Net increase (decrease) in net asset value from investment operations		0.70			5.47			1.66			2.03			(2.93	)
Dividends and Distributions to Shareholders
From net investment income		(0.23	)		(0.21	)		(0.47	)		—			(0.15	)
From net realized gain on investments		(3.90	)		(0.63	)		—			—			—
Total Dividends and Distributions		(4.13	)		(0.84	)		(0.47	)		—			(0.15	)
Net asset value, end of period	$	17.53		$	20.96		$	16.33		$	14.67		$	12.64
Total Return
Total return based on net asset value^(d)		3.49	%		33.51	%		10.95	%		16.02	%		(18.61	)%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	48,392		$	60,321		$	45,183		$	39,464		$	34,016
Ratio of net expenses to average net assets		0.46	%		0.47	%		0.50	%*		0.49	%*		0.49	%*
Ratio of net investment income to average net assets		0.43	%		0.51	%		2.66	%^(e)		1.59	%*		1.21	%*
Portfolio turnover rate^(f)		14	%		12	%		13	%		13	%		15	%

* Annualized.

^(a) Commencement of investment operations.

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

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

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

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

Note A — Organization and Accounting Policies

The Fund is a series of Baillie Gifford Funds (the "Trust"). The investment objective of the Fund is to achieve capital appreciation. For information on the specific investment strategies of the Fund and 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, Class 4 and Class 5 share classes had shares outstanding as of December 31, 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 generally accepted accounting principles in the United States of America ("GAAP"). Management is required to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

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

Valuation of Investments

Investments for which there are readily available market quotations are valued at market value. Equity securities listed on a securities exchange, market or automated quotation system (including equity securities traded over the counter) for which quotations are readily available, are valued at the last quoted trade price on the primary exchange or market (foreign or domestic) on which they are most actively traded on the date of valuation (or at approximately 4:00 p.m. Eastern Time if a security's primary exchange is normally open at that time), or, if there

is no such reported sale on the date of valuation, at the most recent quoted bid price.

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

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, the securities will be classified as Level 2 securities in the fair value measurement framework described below.

Fair Value Measurement

GAAP provides guidance on fair value measurements and defines fair value as the price that the Fund would receive to sell an investment or pay to transfer a liability in a timely transaction with an independent buyer in the principal market, or in the absence of a principal market, the most advantageous market for the investment or liability. It establishes a single definition of fair value,

creates a three-tier hierarchy as a framework for measuring fair value based on inputs used to value the Fund's investments, and requires additional disclosure about fair value. The hierarchy of inputs is summarized below:

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

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

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

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

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

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The hierarchy classification of inputs used to value the Fund's investments at December 31, 2021 is disclosed at the end of the Fund's Portfolio of Investments.

For the year ended December 31, 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.

U.S. Federal and Other Taxes

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

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

As a result of several court cases in certain countries across the European Union ("EU"), the Fund may file European tax reclaims for previously withheld taxes on dividends earned in those countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. If any such reclaims are received, they are reflected as dividend income in the Statement of Operations and related receivables, if any, are reflected within tax reclaims receivable in the Statements of Assets and Liabilities. If the associated cash is received, the Fund will follow, for tax purposes, IRS guidance in Notice 2016-10 and reduce the current year foreign taxes paid by the amount of the refund. When uncertainty exists as to the ultimate resolution of these proceedings and the likelihood of receipt of these EU reclaims, no amounts are reflected in the financial statements.

Note C — Investment Transactions

Purchases and proceeds from sales of securities (excluding short-term securities) for the year ended December 31, 2021 were as follows:

Fund				Purchases				Sales
Baillie Gifford International All Cap Fund				$	71,506,422			$	202,389,031

Note D — Transactions in Shares of Beneficial Interest

	Baillie Gifford International All Cap Fund
	For the Period Ended December 31, 2021						For the Year Ended December 31, 2020
	Shares			Amount			Shares			Amount
Class 2 Shares
Shares sold		496,825		$	10,000,967			440,817		$	7,000,000
Shares issued in reinvestment of dividends and distributions		1,311,381			21,958,684			350,101			7,087,594
Shares redeemed		(4,161,237	)		(89,047,447	)		(8,124,339	)^(a)		(134,690,220	)^(a)
Net increase (decrease)		(2,353,031	)	$	(57,087,796	)		(7,333,421	)	$	(120,602,626	)
Class 3 Shares
Shares sold		283,970		$	6,001,749			6,425,102	^(c)	$	103,690,220	^(c)
Shares issued in reinvestment of dividends and distributions		1,522,240			25,864,981			630,594			12,911,540
Shares redeemed		(10,124,764	)^(b)		(222,931,390	)^(b)		(795,798	)		(15,000,000	)
Net increase (decrease)		(8,318,554	)	$	(191,064,660	)		6,259,898		$	101,601,760
Class 4 Shares
Shares sold		9,386,871	^(d)	$	207,931,390	^(d)		—		$	—
Shares issued in reinvestment of dividends and distributions		1,935,963			33,178,532			—			—
Shares redeemed		(1,353,931	)		(30,000,000	)		—			—
Net increase (decrease)		9,968,903		$	211,109,922			—		$	—
Class 5 Shares
Shares sold		—		$	—			—		$	—
Shares issued in reinvestment of dividends and distributions		528,748			9,222,325			111,783			2,339,465
Shares redeemed		(647,233	)		(13,700,000	)		—			—
Net increase (decrease)		(118,485	)	$	(4,477,675	)		111,783		$	2,339,465
Total net increase (decrease)		(821,167	)	$	(41,520,209	)		(961,740	)	$	(16,661,401	)

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

(b) 9,465,194 shares and $207,931,390 converted from Class 3 into Class 4.

(d) 9,386,871 shares and $207,931,390 converted into Class 4 from Class 3.

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

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 information is provided on an "as is" basis and the user of

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Baillie Gifford Funds comprising Baillie Gifford International All Cap Fund (the "Fund") as of December 31, 2021, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the related notes, and the financial highlights for each of the five years in the period then ended (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2021, the results of its operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2021, by correspondence with the custodian and brokers. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

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

COHEN & COMPANY, LTD.

Cleveland, Ohio
February 25, 2022

Management of the Trust

The following tables set forth the Trustees and officers of the Trust, their principal occupations during the past five years, and certain other information as of December 31, 2021.

Name and Year of Birth

Position(s)
Held with
Trust

Length of
Time
Served
as Trustee⁽¹⁾

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

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

Indepedent Trustees

Howard W. Chin
1952

Trustee, Chair of the Nominating and Governance Committee

Since 2015

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

Pamela M.J. Cox
1952

Trustee

Since 2017

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

Robert E. Rigsby
1949

Trustee, Chair of the Audit Oversight Committee

Since 2014

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

Donald P. Sullivan Jr.
1954

Trustee

Since 2020

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

Interested Trustee

David Salter⁽⁴⁾1975

Trustee, Chairman of the Board, and President

Since 2016 (Previously Vice President since 2014)

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

Name and Year of Birth

Position(s)
Held with
Trust

Length of
Time
Served⁽¹⁾

Principal Occupation During Past 5 Years⁽²⁾

Officers (other than officers who are also Trustees)

Andrew Telfer
1967

Vice President

Since 2008

Managing Partner, Baillie Gifford & Co.

Michael Stirling-Aird
1977

Vice President

Since 2012

Client Service Director, Baillie Gifford Overseas Limited.

Julie Paul
1975

Vice President

Since 2012

Manager, North American Funds Operations Department, Baillie Gifford & Co.

Tim Campbell
1975

Vice President

Since 2014

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

Name and Year of Birth

Position(s)
Held with
Trust

Length of
Time
Served⁽¹⁾

Principal Occupation During Past 5 Years⁽²⁾

Officers (other than officers who are also Trustees)

Lindsay Cockburn
1978

Treasurer

Since 2015

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

Gareth Griffiths
1973

Secretary and Chief Legal Officer

Secretary since 2015; Chief Legal Officer since 2017

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

Graham Laybourn
1966

Vice President

Since 2018

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

Suzanne Quinn
1979

Chief Compliance Officer and AML Compliance Officer

Since 2018

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

Lesley-Anne Archibald
1988

Vice President

Since 2017

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

Kelly Cameron
1989

Vice President

Since 2020

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

Neil Riddell
1968

Chief Risk Officer

Since 2021

Head of Group Business Risk, Baillie Gifford & Co.

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

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

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

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

The fees disclosed above relate to ad-hoc tax advice provided by the registrant’s accountant to the registrant’s investment adviser, and a review & consent relating to the registrant’s Registration Statement.

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

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

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

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

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

	One Year			% p.a. Since Inception			Inception Date
Baillie Gifford China A Shares Growth Fund Class K		-2.82	%		37.94	%	12/19/19
Baillie Gifford China A Shares Growth Fund Institutional Class		-2.82	%		37.94	%	12/19/19
MSCI China A Onshore Index		4.19	%		21.77	%	12/19/19

	One Year			% p.a. Since Inception			Inception Date
Baillie Gifford International Smaller Companies Fund Class K		6.49	%		25.54	%	12/19/18
Baillie Gifford International Smaller Companies Fund Institutional Class		6.48	%		25.53	%	12/19/18
MSCI ACWI ex-USA Small Cap Index		13.36	%		16.52	%	12/19/18

	% Cumulative Since Inception			Inception Date
Baillie Gifford U.S. Discovery Fund Class K		-13.41	%	05/05/21
Baillie Gifford U.S. Discovery Fund Institutional Class		-13.41	%	05/05/21
Russell 2500 Growth Index		2.52	%	05/05/21

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 China Equities Fund	$0 - $2 > $2 - $5 Above $5	0.55% 0.51% 0.49%
Baillie Gifford Developed EAFE All Cap Fund	$0 - $2 > $2 - $5 Above $5	0.35% 0.31% 0.29%

	01			Management Discussion
	04			Fund Expenses
	06			Industry Diversification Table
	07			Portfolio of Investments
	12			Financial Statements
	15			Financial Highlights
	19			Notes to Financial Statements
	27			Report of Independent Registered Public Accounting Firm
				Supplemental Information
	28			Federal Income Tax Information
	29			Management of the Trust

Investor	Percentage
The Municipal Fire & Police Retirement System of Iowa		36.83	%
Methodist Le Bonheur Healthcare		28.69	%

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 B	ATCO B	SE0011166628	14,159	11/04/2021	278,949	Sudan Accountability and Divestment Act of 2007

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

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