# EDGAR Filing Document

**Accession Number:** 0001120543
**File Stem:** 0001104659-26-023344
**Filing Date:** 2026-3
**Character Count:** 780851
**Document Hash:** 64cd8ef31c18080b9147e06fe2d4a944
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-023344.hdr.sgml**: 20260304

**ACCESSION NUMBER**: 0001104659-26-023344

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 67

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260304

**DATE AS OF CHANGE**: 20260304

**EFFECTIVENESS DATE**: 20260304

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BAILLIE GIFFORD FUNDS
- **CENTRAL INDEX KEY:** 0001120543

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-10145
- **FILM NUMBER:** 26719981

**BUSINESS ADDRESS:**
- **STREET 1:** CALTON SQUARE, 1 GREENSIDE ROW
- **STREET 2:** EDINBURGH SCOTLAND
- **CITY:** EH1 3AN
- **STATE:** X0
- **ZIP:** 00000
- **BUSINESS PHONE:** 0144131222

**MAIL ADDRESS:**
- **STREET 1:** CALTON SQUARE, 1 GREENSIDE ROW
- **STREET 2:** EDINBURGH SCOTLAND
- **CITY:** EH1 3AN
- **STATE:** X0
- **ZIP:** 00000

## Series and Classes Contracts Data

### Baillie Gifford Emerging Markets Equities Fund (Series ID: S000006833)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000018471 | Class 2             | BGEHX           |
| C000018472 | Class 5             | BGEDX           |
| C000157005 | Class 3             | BGELX           |
| C000157006 | Class 4             | BGEPX           |
| C000186026 | Institutional Class | BGEGX           |
| C000186027 | Class K             | BGKEX           |

### Baillie Gifford International Alpha Fund (Series ID: S000012763)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000034445 | Class 2             | BGITX           |
| C000034446 | Class 3             | BGIFX           |
| C000078438 | Class 4             | BGIUX           |
| C000116266 | Class 5             | BGIVX           |
| C000186028 | Institutional Class | BINSX           |
| C000186029 | Class K             | BGIKX           |

### Baillie Gifford International Growth Fund (Series ID: S000012764)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000034448 | Class 2             | BGETX           |
| C000034449 | Class 3             | BGEUX           |
| C000078439 | Class 4             | BGEFX           |
| C000116267 | Class 5             | BGEVX           |
| C000186030 | Institutional Class | BGESX           |
| C000186031 | Class K             | BGEKX           |

### Baillie Gifford EAFE Plus All Cap Fund (Series ID: S000026148)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000078427 | Class 2             | BGCWX           |
| C000186032 | Institutional Class | BGCSX           |
| C000186033 | Class K             | BKGCX           |

### Baillie Gifford Global Alpha Equities Fund (Series ID: S000026149)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000078432 | Class 2             | BGATX           |
| C000078433 | Class 3             | BGAEX           |
| C000186034 | Class K             | BGAKX           |
| C000186035 | Institutional Class | BGASX           |

### Baillie Gifford U.S. Equity Growth Fund (Series ID: S000026150)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000186036 | Institutional Class | BGGSX           |
| C000186037 | Class K             | BGGKX           |

### Baillie Gifford International All Cap Fund (Series ID: S000038499)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000118798 | Class 2      | BGICF2          |
| C000118799 | Class 3      | BGICF3          |

### Baillie Gifford Developed EAFE All Cap Fund (Series ID: S000042130)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000186038 | Institutional Class | BSGPX           |
| C000186039 | Class K             | BGPKX           |

### Baillie Gifford Long Term Global Growth Fund (Series ID: S000046079)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000144091 | Class 2             | BGLTX           |
| C000144092 | Class 3             | BGLOX           |
| C000186040 | Institutional Class | BSGLX           |
| C000186041 | Class K             | BGLKX           |

### Baillie Gifford International Concentrated Growth Equities Fund (Series ID: S000059107)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000193786 | Institutional Class | BTLSX           |
| C000193787 | Class K             | BTLKX           |

### Baillie Gifford China Equities Fund (Series ID: S000072288)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000228388 | Institutional Class | BGCBX           |
| C000228389 | Class K             | BGCDX           |

### Baillie Gifford Emerging Markets ex China Fund (Series ID: S000074798)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000233007 | Class K             | BGEZX           |
| C000233008 | Institutional Class | BGEWX           |

?xml version='1.0' encoding='ASCII'? Consolidated ssr-output-EDGAR XBRL File

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 811-10145&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

---

| |
|:---|
| Baillie Gifford Funds |
| (Exact name of registrant as specified in charter) |
| 780 Third Avenue |
| 43rd Floor |
| New York, New York 10017 |
| (Address of principal executive offices) (Zip code) |

---

---

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

---

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

Date of fiscal year end: <u>December 31</u>

Date of reporting period: <u>December 31, 2025</u>

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

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549-1090. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

**Item 1. Reports to Stockholders.**

(a) The Report to Shareholders is attached herewith.

**TABLE OF CONTENTS**

---

| |
|:---|
|  [Baillie Gifford China Equities Fund](#classname49cc30e5-b153-4d9e-9724-c2b332ee3b8f)<br> **[Class K - BGCDX](#classname49cc30e5-b153-4d9e-9724-c2b332ee3b8f)**  |
|  [Baillie Gifford China Equities Fund](#classname61bb8181-95fe-4c91-96a5-b0ad63a7ad77)<br> **[Institutional Class - BGCBX](#classname61bb8181-95fe-4c91-96a5-b0ad63a7ad77)**  |
|  [Baillie Gifford Developed EAFE All Cap Fund](#classname5d3469ab-f3e4-4239-b020-b31b1a543300)<br> **[Class K - BGPKX](#classname5d3469ab-f3e4-4239-b020-b31b1a543300)**  |
|  [Baillie Gifford Developed EAFE All Cap Fund](#classname9997a965-100c-4030-8690-8f645c0061ca)<br> **[Institutional Class - BSGPX](#classname9997a965-100c-4030-8690-8f645c0061ca)**  |
|  [Baillie Gifford EAFE Plus All Cap Fund](#classname38d69234-1bcc-4d6c-9a3c-bc7ebc6ed89c)<br> **[Class 2 - BGCWX](#classname38d69234-1bcc-4d6c-9a3c-bc7ebc6ed89c)**  |
|  [Baillie Gifford EAFE Plus All Cap Fund](#classnamea9fc933e-32bb-4d7b-b73b-3f922264ecf5)<br> **[Class K - BKGCX](#classnamea9fc933e-32bb-4d7b-b73b-3f922264ecf5)**  |
|  [Baillie Gifford EAFE Plus All Cap Fund](#classname4d78e2c8-3612-466a-b0ad-68ab688106d9)<br> **[Institutional Class - BGCSX](#classname4d78e2c8-3612-466a-b0ad-68ab688106d9)**  |
|  [Baillie Gifford Emerging Markets Equities Fund](#classname20c9d805-798f-4876-a39d-66b3ae295199)<br> **[Class 2 - BGEHX](#classname20c9d805-798f-4876-a39d-66b3ae295199)**  |
|  [Baillie Gifford Emerging Markets Equities Fund](#classname353ba695-8d97-42f7-9da4-a110209b317f)<br> **[Class 3 - BGELX](#classname353ba695-8d97-42f7-9da4-a110209b317f)**  |
|  [Baillie Gifford Emerging Markets Equities Fund](#classname4b74bfd3-1fd5-433a-aff6-a1492a619a08)<br> **[Class 4 - BGEPX](#classname4b74bfd3-1fd5-433a-aff6-a1492a619a08)**  |
|  [Baillie Gifford Emerging Markets Equities Fund](#classname97f34375-b81b-4631-93e8-589cda1228b7)<br> **[Class 5 - BGEDX](#classname97f34375-b81b-4631-93e8-589cda1228b7)**  |
|  [Baillie Gifford Emerging Markets Equities Fund](#classnamee4b52c40-8cbb-4dcc-825f-7e68c4fa7913)<br> **[Class K - BGKEX](#classnamee4b52c40-8cbb-4dcc-825f-7e68c4fa7913)**  |
|  [Baillie Gifford Emerging Markets Equities Fund](#classnamec8d310f5-0148-4ee0-8102-6aecf96627b5)<br> **[Institutional Class - BGEGX](#classnamec8d310f5-0148-4ee0-8102-6aecf96627b5)**  |
|  [Baillie Gifford Emerging Markets ex China Fund](#classnamecab1589c-cb36-4d60-8bda-c40fc4ace1fd)<br> **[Class K - BGEZX](#classnamecab1589c-cb36-4d60-8bda-c40fc4ace1fd)**  |
|  [Baillie Gifford Emerging Markets ex China Fund](#classnamea741cccc-3076-4fde-ac8b-31e1d5331be3)<br> **[Institutional Class - BGEWX](#classnamea741cccc-3076-4fde-ac8b-31e1d5331be3)**  |
|  [Baillie Gifford Global Alpha Equities Fund](#classname5f0d5205-d9b4-4e48-beb6-7577b3de6df2)<br> **[Class 2 - BGATX](#classname5f0d5205-d9b4-4e48-beb6-7577b3de6df2)**  |
|  [Baillie Gifford Global Alpha Equities Fund](#classname514792a9-5698-41b0-b657-274c4d6ce932)<br> **[Class 3 - BGAEX](#classname514792a9-5698-41b0-b657-274c4d6ce932)**  |
|  [Baillie Gifford Global Alpha Equities Fund](#classname0e4d7639-81ec-44b5-ae34-249973cd9b8f)<br> **[Class K - BGAKX](#classname0e4d7639-81ec-44b5-ae34-249973cd9b8f)**  |
|  [Baillie Gifford Global Alpha Equities Fund](#classname99bcbaad-22f5-478b-a070-b5e65b8f51de)<br> **[Institutional Class - BGASX](#classname99bcbaad-22f5-478b-a070-b5e65b8f51de)**  |
|  [Baillie Gifford International Alpha Fund](#classnamee9a30f62-56e8-451a-af90-8ee50454bae1)<br> **[Class 2 - BGITX](#classnamee9a30f62-56e8-451a-af90-8ee50454bae1)**  |
|  [Baillie Gifford International Alpha Fund](#classname81c29921-960b-4fe0-b570-7e4cd993e127)<br> **[Class 3 - BGIFX](#classname81c29921-960b-4fe0-b570-7e4cd993e127)**  |
|  [Baillie Gifford International Alpha Fund](#classname04e2f8d1-2a5e-49ff-bbd2-175c12406513)<br> **[Class 4 - BGIUX](#classname04e2f8d1-2a5e-49ff-bbd2-175c12406513)**  |
|  [Baillie Gifford International Alpha Fund](#classnamea960ccba-eb42-46b3-a428-f7f5649e841d)<br> **[Class 5 - BGIVX](#classnamea960ccba-eb42-46b3-a428-f7f5649e841d)**  |
|  [Baillie Gifford International Alpha Fund](#classname02ca2bfa-1d65-4829-82cb-834cb39fb506)<br> **[Class K - BGIKX](#classname02ca2bfa-1d65-4829-82cb-834cb39fb506)**  |
|  [Baillie Gifford International Alpha Fund](#classnamea69b6083-97ce-44a0-b310-17e46cb867ff)<br> **[Institutional Class - BINSX](#classnamea69b6083-97ce-44a0-b310-17e46cb867ff)**  |
|  [Baillie Gifford International Concentrated Growth Equities Fund](#classnamed59a2c4f-a9b7-40ce-9600-5764fc1e92bf)<br> **[Class K - BTLKX](#classnamed59a2c4f-a9b7-40ce-9600-5764fc1e92bf)**  |
|  [Baillie Gifford International Concentrated Growth Equities Fund](#classname0d4c0f7b-afb2-447b-86a5-5e4e06d7cf4c)<br> **[Institutional Class - BTLSX](#classname0d4c0f7b-afb2-447b-86a5-5e4e06d7cf4c)**  |
|  [Baillie Gifford International Growth Fund](#classname9b6e1836-c645-42b6-9b39-a52b7765549f)<br> **[Class 2 - BGETX](#classname9b6e1836-c645-42b6-9b39-a52b7765549f)**  |
|  [Baillie Gifford International Growth Fund](#classname6b6f2659-d4d3-4de0-830a-cf058c4088c4)<br> **[Class 3 - BGEUX](#classname6b6f2659-d4d3-4de0-830a-cf058c4088c4)**  |
|  [Baillie Gifford International Growth Fund](#classnamea8164280-8525-485a-bf25-db7e48abe050)<br> **[Class 4 - BGEFX](#classnamea8164280-8525-485a-bf25-db7e48abe050)**  |
|  [Baillie Gifford International Growth Fund](#classname8f320d1e-be37-40c8-97c9-54846e0a9b82)<br> **[Class 5 - BGEVX](#classname8f320d1e-be37-40c8-97c9-54846e0a9b82)**  |
|  [Baillie Gifford International Growth Fund](#classname0bd80246-bb6c-42aa-9457-2a3a4ac7feb1)<br> **[Class K - BGEKX](#classname0bd80246-bb6c-42aa-9457-2a3a4ac7feb1)**  |
|  [Baillie Gifford International Growth Fund](#classname7c6735ce-c199-4280-a622-c744d2001590)<br> **[Institutional Class - BGESX](#classname7c6735ce-c199-4280-a622-c744d2001590)**  |
|  [Baillie Gifford Long Term Global Growth Fund](#classname56a60e7d-c872-43f3-8e4e-6ad44a15fc44)<br> **[Class 2 - BGLTX](#classname56a60e7d-c872-43f3-8e4e-6ad44a15fc44)**  |
|  [Baillie Gifford Long Term Global Growth Fund](#classname1a8889c0-0063-49c8-bc64-e009ea965b20)<br> **[Class 3 - BGLOX](#classname1a8889c0-0063-49c8-bc64-e009ea965b20)**  |
|  [Baillie Gifford Long Term Global Growth Fund](#classnamedc1b1c1c-d572-45ff-8bf7-e68aaa6d5ac1)<br> **[Class K - BGLKX](#classnamedc1b1c1c-d572-45ff-8bf7-e68aaa6d5ac1)**  |
|  [Baillie Gifford Long Term Global Growth Fund](#classname384f2199-068b-4121-8ee1-1dea80151161)<br> **[Institutional Class - BSGLX](#classname384f2199-068b-4121-8ee1-1dea80151161)**  |
|  [Baillie Gifford U.S. Equity Growth Fund](#classname49a14a63-a952-4ee1-86a4-d0d537b51c06)<br> **[Class K - BGGKX](#classname49a14a63-a952-4ee1-86a4-d0d537b51c06)**  |
|  [Baillie Gifford U.S. Equity Growth Fund](#classnamee26d15af-8bce-4fb6-a3e4-f7862eb41b63)<br> **[Institutional Class - BGGSX](#classnamee26d15af-8bce-4fb6-a3e4-f7862eb41b63)**  |
|  [Baillie Gifford International All Cap Fund](#classname394d7345-9bb0-475c-8b6e-48cdaa613803)<br> **[Class 2 - BGICF2](#classname394d7345-9bb0-475c-8b6e-48cdaa613803)**  |
|  [Baillie Gifford International All Cap Fund](#classname6f042f6f-996b-4bcb-b78a-540be5b65078)<br> **[Class 3 - BGICF3](#classname6f042f6f-996b-4bcb-b78a-540be5b65078)**  |

---

![Image](tm261905d1_ncsrimg028.jpg)

# Baillie Gifford China Equities Fund

# Class K \| BGCDX
ANNUAL SHAREHOLDER REPORT \| December 31, 2025

The annual shareholder report contains important information about Baillie Gifford China Equities Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.bailliegifford.com/china-equities-fund/TSR. You can also request this information by contacting us at +1-844-394-6127 or via email at northamericanvehiclesteam@bailliegifford.com.&nbsp;&nbsp;&nbsp;&nbsp;

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class K | $103 | 0.87% |

---

## Management's Discussion of Fund Performance
SUMMARY OF RESULTS

The Baillie Gifford China Equities Fund outperformed the MSCI China All Shares Index over the period. China equities rallied in 2025 on a combination of policy support and innovation momentum. Targeted measures to bolster consumption and easier liquidity improved sentiment, while progress in advanced manufacturing lifted earnings expectations in new growth areas. Valuations started the year depressed, so even modest fundamental improvement translated into meaningful multiple expansion.

We remain committed to our philosophy of focusing on individual companies and long-term trends that drive future growth opportunities. It is encouraging to see in the recent year share prices of some of our key holdings start to reflect their fundamental strength and progress. We remain committed to our philosophy of focusing on individual companies and long-term trends that drive future growth opportunities. It is encouraging to see in recent year share prices of some of our key holdings have started to reflect their fundamental strength and progress. Chinese companies are becoming crucial to many developing global trends, and we remain excited about their long-term growth prospects.

### TOP PERFORMANCE CONTRIBUTORS
**Zijin Mining**, one of China's leading copper and gold miners, has reported strong growth driven by both higher metal prices and increased volumes. Its rising profile in global mining rankings and an initial public offering (IPO) of its subsidiary, Zijin Gold, have also boosted sentiment.

**Pop Mart**, a character-based intellectual property toy company, has seen strong revenue growth both domestically and overseas. The company's efforts to expand its global footprint through new stores and innovative product launches bolstered market confidence. Share prices roughly doubled during the period.

### TOP PERFORMANCE DETRACTORS
Meituan, China's leading food delivery operator, delivered softer earnings results in the second half of the year due to intensifying domestic competition from JD.com and Alibaba and increased investment outlays overseas. While these strategies incur losses in the short term, they position Meituan for sustained, diversified growth in the coming years.

Analogue chip designer Silergy's share prices have weakened materially over the period. The company's product concentration on power-management integrated circuits for consumer, industrial and computing applications means that it is exposed to more cyclical demand patterns, and softer consumer electronics demand and margin pressure have weighed on its share price.

## Fund Performance
The following graph and table compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). It assumes a

$10,000,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

### GROWTH OF $10,000,000
![Growth of 10K Chart](tm261905d1_ncsrimg013.jpg)

---

| | | |
|:---|:---|:---|
| | **Class K 7,285,433** | **MSCI China All Shares Index 8,972,946** |
| **7/7/21** | 10000000 | 10000000 |
| **12/31/21** | 8270000 | 8772765 |
| **12/31/22** | 5921543 | 6713797 |
| **12/31/23** | 4850860 | 5951781 |
| **12/31/24** | 5326630 | 6943943 |
| **12/31/25** | 7285433 | 8972946 |

---

---

| | | |
|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | Since Inception 7/7/21 |
| Class K | 36.77% | -6.82% |
| MSCI China All Shares Index | 29.22% | -2.39% |

---

**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.

For updated Fund performance information, please visit: https://www.bailliegifford.com/pages/funds/baillie-gifford-china-equities-fund/?tab=performance.

## Key Fund Statistics as of December 31, 2025
The following table outlines key Fund statistics that you should pay attention to:

* Fund net assets$3,148,312

* Total number of portfolio holdings60

* Total advisory fees paid, net of waiver$0

* Portfolio turnover rate13%

## Tabular Representation of Holdings as of December 31, 2025
The following table shows the industry sector allocation of the Fund.

---

| | |
|:---|:---|
| Sectors | % of Net Assets |
| Internet | 30.1% |
| Auto Parts & Equipment | 7.4% |
| Retail | 5.0% |
| Home Furnishings | 4.3% |
| Insurance | 4.1% |
| Electronics | 4.1% |
| Mining | 4.1% |
| Software | 3.7% |
| Banks | 3.6% |
| Beverages | 3.6% |
| Semiconductors | 3.4% |
| Metal Fabricate/Hardware | 2.7% |
| Chemicals | 2.6% |
| Other sectors | 20.5% |
| Other assets less liabilities | 0.8% |
| Total | 100.0% |

---

## Availability of Additional Information
If you wish to find additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please refer to the website address and contact information included at the beginning of this shareholder report.

![Image](tm261905d1_ncsrimg028.jpg)

# Baillie Gifford China Equities Fund

# Institutional Class \| BGCBX
ANNUAL SHAREHOLDER REPORT \| December 31, 2025

The annual shareholder report contains important information about Baillie Gifford China Equities Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.bailliegifford.com/china-equities-fund/TSR. You can also request this information by contacting us at +1-844-394-6127 or via email at northamericanvehiclesteam@bailliegifford.com.&nbsp;&nbsp;&nbsp;&nbsp;

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Class | $113 | 0.96% |

---

## Management's Discussion of Fund Performance
SUMMARY OF RESULTS

The Baillie Gifford China Equities Fund outperformed the MSCI China All Shares Index over the period. China equities rallied in 2025 on a combination of policy support and innovation momentum. Targeted measures to bolster consumption and easier liquidity improved sentiment, while progress in advanced manufacturing lifted earnings expectations in new growth areas. Valuations started the year depressed, so even modest fundamental improvement translated into meaningful multiple expansion.

We remain committed to our philosophy of focusing on individual companies and long-term trends that drive future growth opportunities. It is encouraging to see in the recent year share prices of some of our key holdings start to reflect their fundamental strength and progress. We remain committed to our philosophy of focusing on individual companies and long-term trends that drive future growth opportunities. It is encouraging to see in recent year share prices of some of our key holdings have started to reflect their fundamental strength and progress. Chinese companies are becoming crucial to many developing global trends, and we remain excited about their long-term growth prospects.

### TOP PERFORMANCE CONTRIBUTORS
**Zijin Mining**, one of China's leading copper and gold miners, has reported strong growth driven by both higher metal prices and increased volumes. Its rising profile in global mining rankings and an initial public offering (IPO) of its subsidiary, Zijin Gold, have also boosted sentiment.

**Pop Mart**, a character-based intellectual property toy company, has seen strong revenue growth both domestically and overseas. The company's efforts to expand its global footprint through new stores and innovative product launches bolstered market confidence. Share prices roughly doubled during the period.

### TOP PERFORMANCE DETRACTORS
Meituan, China's leading food delivery operator, delivered softer earnings results in the second half of the year due to intensifying domestic competition from JD.com and Alibaba and increased investment outlays overseas. While these strategies incur losses in the short term, they position Meituan for sustained, diversified growth in the coming years.

Analogue chip designer Silergy's share prices have weakened materially over the period. The company's product concentration on power-management integrated circuits for consumer, industrial and computing applications means that it is exposed to more cyclical demand patterns, and softer consumer electronics demand and margin pressure have weighed on its share price.

## Fund Performance
The following graph and table compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). It assumes a

$10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

### GROWTH OF $10,000
![Growth of 10K Chart](tm261905d1_ncsrimg029.jpg)

---

| | | |
|:---|:---|:---|
| | **Institutional Class 7,259** | **MSCI China All Shares Index 8,973** |
| **7/7/21** | 10000 | 10000 |
| **12/31/21** | 8270 | 8773 |
| **12/31/22** | 5909 | 6714 |
| **12/31/23** | 4844 | 5952 |
| **12/31/24** | 5317 | 6944 |
| **12/31/25** | 7259 | 8973 |

---

---

| | | |
|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | Since Inception 7/7/21 |
| Institutional Class | 36.53% | -6.89% |
| MSCI China All Shares Index | 29.22% | -2.39% |

---

**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.

For updated Fund performance information, please visit: https://www.bailliegifford.com/pages/funds/baillie-gifford-china-equities-fund/?tab=performance.

## Key Fund Statistics as of December 31, 2025
The following table outlines key Fund statistics that you should pay attention to:

* Fund net assets$3,148,312

* Total number of portfolio holdings60

* Total advisory fees paid, net of waiver$0

* Portfolio turnover rate13%

## Tabular Representation of Holdings as of December 31, 2025
The following table shows the industry sector allocation of the Fund.

---

| | |
|:---|:---|
| Sectors | % of Net Assets |
| Internet | 30.1% |
| Auto Parts & Equipment | 7.4% |
| Retail | 5.0% |
| Home Furnishings | 4.3% |
| Insurance | 4.1% |
| Electronics | 4.1% |
| Mining | 4.1% |
| Software | 3.7% |
| Banks | 3.6% |
| Beverages | 3.6% |
| Semiconductors | 3.4% |
| Metal Fabricate/Hardware | 2.7% |
| Chemicals | 2.6% |
| Other sectors | 20.5% |
| Other assets less liabilities | 0.8% |
| Total | 100.0% |

---

## Availability of Additional Information
If you wish to find additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please refer to the website address and contact information included at the beginning of this shareholder report.

![Image](tm261905d1_ncsrimg028.jpg)

# Baillie Gifford Developed EAFE All Cap Fund

# Class K \| BGPKX
ANNUAL SHAREHOLDER REPORT \| December 31, 2025

The annual shareholder report contains important information about Baillie Gifford Developed EAFE All Cap Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. Additional information about the Fund is available upon request by contacting us at +1-844-394-6127 or via email at northamericanvehiclesteam@bailliegifford.com.

**This report describes changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class K | $73 | 0.68% |

---

## Management's Discussion of Fund Performance
SUMMARY OF RESULTS

2025 was a very strong year for international equities, with returns driven by narrow artificial intelligence leadership and value sectors, such as banks, telecommunications services, and utilities. This proved a challenging backdrop for international growth investors.

More generally, markets were influenced by a combination of easing inflationary pressures, divergent central bank policies and ongoing geopolitical uncertainty.

Monetary conditions became more supportive for equities as several central banks signaled the end of their tightening cycles, with selective rate cuts providing a tailwind for growth-oriented companies. However, economic momentum remained uneven, particularly in parts of Europe and Asia, while concerns around global trade and fiscal sustainability persisted.

Against this backdrop, the Baillie Gifford Developed EAFE All Cap Fund underperformed the MSCI EAFE Index over the year.

### TOP PERFORMANCE CONTRIBUTORS
ASML, the sole supplier of EUV (extreme ultraviolet) lithography systems, which play a crucial role within the semiconductor stack, delivered strong performance as demand for leading-edge lithography tools remained robust. The company continued to benefit from its near-monopoly position in EUV technology, with long-term growth prospects supported by ongoing investment in semiconductor manufacturing capacity globally.

Europe's lowest-cost short-haul carrier, Ryanair, also contributed positively, supported by strong passenger demand and disciplined capacity management. The airline continued to benefit from its low-cost operating model, enabling it to protect margins despite cost pressures, while strong cash generation and market share gains contributed to share price performance.

### TOP PERFORMANCE DETRACTORS
Bunzl, a distributor of essential non-food consumables, detracted from performance over the year as growth slowed and margins came under pressure. Weaker demand in some end markets (especially North America), combined with cost inflation and inventory normalization, weighed on earnings expectations in the first half of the year, although performance improved during the second half of the year.

Online platform Auto Trader, which provides a marketplace for cars, motorcycles, vans and most other types of transportation, detracted modestly as activity in the UK automotive market softened. While the business continued to demonstrate strong cash generation and a resilient operating model, concerns around volumes and affordability pressures led to weaker share price performance over the period.

## Fund Performance
The following graph and table compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). It assumes a

$10,000,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

### GROWTH OF $10,000,000
![Growth of 10K Chart](tm261905d1_ncsrimg022.jpg)

---

| | | |
|:---|:---|:---|
| | **Class K 16,394,301** | **MSCI EAFE Index 23,069,948** |
| **12/31/15** | 10000000 | 10000000 |
| **12/31/16** | 9980187 | 10151000 |
| **12/31/17** | 12841866 | 12751686 |
| **12/31/18** | 10781236 | 11048061 |
| **12/31/19** | 14256759 | 13551552 |
| **12/31/20** | 18245662 | 14673620 |
| **12/31/21** | 19607516 | 16402172 |
| **12/31/22** | 13269139 | 14104228 |
| **12/31/23** | 14623413 | 16763246 |
| **12/31/24** | 14452091 | 17492065 |
| **12/31/25** | 16394301 | 23069948 |

---

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 years | 10 Years |
| Class K | 13.44% | -2.12% | 5.07% |
| MSCI EAFE Index | 31.89% | 9.46% | 8.71% |

---

Returns for Class K 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.

**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.

For updated Fund performance information, please visit: https://www.bailliegifford.com/pages/funds/baillie-gifford-developed-eafe-all-cap-fund/?tab=performance.

## Key Fund Statistics as of December 31, 2025
The following table outlines key Fund statistics that you should pay attention to:

* Fund net assets$39,993,106

* Total number of portfolio holdings62

* Total advisory fees paid, net of waiver$598,883

* Portfolio turnover rate20%

## Tabular Representation of Holdings as of December 31, 2025
The following table shows the industry sector allocation of the Fund.

---

| | |
|:---|:---|
| Sectors | % of Net Assets |
| Banks | 11.1% |
| Semiconductors | 7.5% |
| Commercial Services | 6.9% |
| Machinery - Diversified | 6.9% |
| Internet | 6.7% |
| Pharmaceuticals | 6.0% |
| Cosmetics/Personal Care | 5.3% |
| Investment Companies | 5.3% |
| Chemicals | 4.1% |
| Beverages | 3.8% |
| Healthcare - Products | 3.7% |
| Building Materials | 3.4% |
| Retail | 3.4% |
| Other sectors | 41.5% |
| Other assets less liabilities | (15.6%) |
| Total | 100.0% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since January 1, 2025.

Additional information about the Fund is available upon request by contacting us at +1-844-394-6127 or via email at northamericanvehiclesteam@bailliegifford.com.

On September 15, 2025 the Board of Trustees approved and adopted an Agreement and Plan of Reorganization for Baillie Gifford Developed EAFE All Cap Fund (the 'target fund') to merge with and into Baillie Gifford International Alpha Fund (the surviving fund'), an existing series of the Trust.

On February 2, 2026, pursuant to the Agreement and Plan of Reorganization, each target fund transferred all of it's assets and liabilities to the surviving fund. Shareholders in the target funds received shares in the surviving fund in exchange for their target fund shares.

Ahead of the Plan of Reorganization, Baillie Gifford Overseas Limited has contractually agreed to waive its fees and/or bear Other Expenses of the Fund to the extent that the Fund's Total Annual Fund Operating Expenses (excluding taxes, sub-accounting expenses and extraordinary expenses) exceed 0.67% for Class 2 shares, 0.60% for Class 3 shares, 0.57% for class 4 shares, 0.52% for class 5 shares and 0.67% for Class K and 0.67% for Institutional Class shares.

An additional disclosure of significant exposure to UK companies in recent periods was added to the Fund's prospectus on April 30 2025. As of December 31, 2025, the Fund's exposure to UK companies was 15% of its net asset value.

## Availability of Additional Information
If you wish to request additional information about the Fund, including but not limited to the Fund's financial information, holdings, and proxy voting please refer to the contact information included at the beginning of this shareholder report.

![Image](tm261905d1_ncsrimg028.jpg)

# Baillie Gifford Developed EAFE All Cap Fund

# Institutional Class \| BSGPX
ANNUAL SHAREHOLDER REPORT \| December 31, 2025

The annual shareholder report contains important information about Baillie Gifford Developed EAFE All Cap Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. Additional information about the Fund is available upon request by contacting us at +1-844-394-6127 or via email at northamericanvehiclesteam@bailliegifford.com.

**This report describes changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Class | $82 | 0.77% |

---

## Management's Discussion of Fund Performance
SUMMARY OF RESULTS

2025 was a very strong year for international equities, with returns driven by narrow artificial intelligence leadership and value sectors, such as banks, telecommunications services, and utilities. This proved a challenging backdrop for international growth investors.

More generally, markets were influenced by a combination of easing inflationary pressures, divergent central bank policies and ongoing geopolitical uncertainty.

Monetary conditions became more supportive for equities as several central banks signaled the end of their tightening cycles, with selective rate cuts providing a tailwind for growth-oriented companies. However, economic momentum remained uneven, particularly in parts of Europe and Asia, while concerns around global trade and fiscal sustainability persisted.

Against this backdrop, the Baillie Gifford Developed EAFE All Cap Fund underperformed the MSCI EAFE Index over the year.

### TOP PERFORMANCE CONTRIBUTORS
ASML, the sole supplier of EUV (extreme ultraviolet) lithography systems, which play a crucial role within the semiconductor stack, delivered strong performance as demand for leading-edge lithography tools remained robust. The company continued to benefit from its near-monopoly position in EUV technology, with long-term growth prospects supported by ongoing investment in semiconductor manufacturing capacity globally.

Europe's lowest-cost short-haul carrier, Ryanair, also contributed positively, supported by strong passenger demand and disciplined capacity management. The airline continued to benefit from its low-cost operating model, enabling it to protect margins despite cost pressures, while strong cash generation and market share gains contributed to share price performance.

### TOP PERFORMANCE DETRACTORS
Bunzl, a distributor of essential non-food consumables, detracted from performance over the year as growth slowed and margins came under pressure. Weaker demand in some end markets (especially North America), combined with cost inflation and inventory normalization, weighed on earnings expectations in the first half of the year, although performance improved during the second half of the year.

Online platform Auto Trader, which provides a marketplace for cars, motorcycles, vans and most other types of transportation, detracted modestly as activity in the UK automotive market softened. While the business continued to demonstrate strong cash generation and a resilient operating model, concerns around volumes and affordability pressures led to weaker share price performance over the period.

## Fund Performance
The following graph and table compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). It assumes a

$10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

### GROWTH OF $10,000
![Growth of 10K Chart](tm261905d1_ncsrimg030.jpg)

---

| | | |
|:---|:---|:---|
| | **Institutional Class 16,255** | **MSCI EAFE Index 23,070** |
| **12/31/15** | 10000 | 10000 |
| **12/31/16** | 9965 | 10151 |
| **12/31/17** | 12817 | 12752 |
| **12/31/18** | 10749 | 11048 |
| **12/31/19** | 14219 | 13552 |
| **12/31/20** | 18167 | 14674 |
| **12/31/21** | 19505 | 16402 |
| **12/31/22** | 13197 | 14104 |
| **12/31/23** | 14532 | 16763 |
| **12/31/24** | 14351 | 17492 |
| **12/31/25** | 16255 | 23070 |

---

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 years | 10 Years |
| Institutional Class | 13.75% | -2.20% | 4.98% |
| MSCI EAFE Index | 31.89% | 9.46% | 8.71% |

---

Returns for the 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 and were adjusted to reflect the differences in class expense due to the fees being higher.

**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.

For updated Fund performance information, please visit: https://www.bailliegifford.com/pages/funds/baillie-gifford-developed-eafe-all-cap-fund/?tab=performance.

## Key Fund Statistics as of December 31, 2025
The following table outlines key Fund statistics that you should pay attention to:

* Fund net assets$39,993,106

* Total number of portfolio holdings62

* Total advisory fees paid, net of waiver$598,883

* Portfolio turnover rate20%

## Tabular Representation of Holdings as of December 31, 2025
The following table shows the industry sector allocation of the Fund.

---

| | |
|:---|:---|
| Sectors | % of Net Assets |
| Banks | 11.1% |
| Semiconductors | 7.5% |
| Commercial Services | 6.9% |
| Machinery - Diversified | 6.9% |
| Internet | 6.7% |
| Pharmaceuticals | 6.0% |
| Cosmetics/Personal Care | 5.3% |
| Investment Companies | 5.3% |
| Chemicals | 4.1% |
| Beverages | 3.8% |
| Healthcare - Products | 3.7% |
| Building Materials | 3.4% |
| Retail | 3.4% |
| Other sectors | 41.5% |
| Other assets less liabilities | (15.6%) |
| Total | 100.0% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since January 1, 2025.

Additional information about the Fund is available upon request by contacting us at +1-844-394-6127 or via email at northamericanvehiclesteam@bailliegifford.com.

On September 15, 2025 the Board of Trustees approved and adopted an Agreement and Plan of Reorganization for Baillie Gifford Developed EAFE All Cap Fund (the 'target fund') to merge with and into Baillie Gifford International Alpha Fund (the surviving fund'), an existing series of the Trust.

On February 2, 2026, pursuant to the Agreement and Plan of Reorganization, each target fund transferred all of it's assets and liabilities to the surviving fund. Shareholders in the target funds received shares in the surviving fund in exchange for their target fund shares.

Ahead of the Plan of Reorganization, Baillie Gifford Overseas Limited has contractually agreed to waive its fees and/or bear Other Expenses of the Fund to the extent that the Fund's Total Annual Fund Operating Expenses (excluding taxes, sub-accounting expenses and extraordinary expenses) exceed 0.67% for Class 2 shares, 0.60% for Class 3 shares, 0.57% for class 4 shares, 0.52% for class 5 shares and 0.67% for Class K and 0.67% for Institutional Class shares.

An additional disclosure of significant exposure to UK companies in recent periods was added to the Fund's prospectus on April 30 2025. As of December 31, 2025, the Fund's exposure to UK companies was 15% of its net asset value.

## Availability of Additional Information
If you wish to request additional information about the Fund, including but not limited to the Fund's financial information, holdings, and proxy voting please refer to the contact information included at the beginning of this shareholder report.

![Image](tm261905d1_ncsrimg028.jpg)

# Baillie Gifford EAFE Plus All Cap Fund

# Class 2 \| BGCWX
ANNUAL SHAREHOLDER REPORT \| December 31, 2025

The annual shareholder report contains important information about Baillie Gifford EAFE Plus All Cap Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. Additional information about the Fund is available upon request by contacting us at +1-844-394-6127 or via email at [northamericanvehiclesteam@bailliegifford.com](mailto:northamericanvehiclesteam@bailliegifford.com).

**This report describes changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class 2 | $74 | 0.68% |

---

## Management's Discussion of Fund Performance
SUMMARY OF RESULTS

2025 was a very strong year for international equities, with returns driven by narrow artificial intelligence leadership and value sectors, such as banks, telecommunications services, and utilities. This proved a challenging backdrop for international growth investors.

More generally, markets were influenced by a combination of easing inflationary pressures, divergent central bank policies and ongoing geopolitical uncertainty.

Monetary conditions became more supportive for equities as several central banks signaled the end of their tightening cycles, with selective rate cuts providing a tailwind for growth-oriented companies. However, economic momentum remained uneven, particularly in parts of Europe and Asia, while concerns around global trade and fiscal sustainability persisted.

Against this backdrop, the Baillie Gifford EAFE Plus All Cap Fund underperformed the MSCI EAFE Index over the year.

### TOP PERFORMANCE CONTRIBUTORS
**Korean technology conglomerate**, Samsung Electronics was a strong contributor to performance over the period as the semiconductor cycle continued to recover. Improved pricing conditions in memory markets, alongside growing demand linked to artificial intelligence and advanced computing, contributed to a meaningful improvement in profitability and investor confidence. The company's scale, technological leadership and balance sheet strength were key factors supporting the share price performance.

**SEB Bank**, a North European financial banking group, contributed positively as higher net interest income and resilient credit quality supported earnings. The bank benefited from disciplined cost control and a conservative lending profile, which proved attractive in an environment of economic uncertainty. Capital returns to shareholders further underpinned investor sentiment.

### TOP PERFORMANCE DETRACTORS
**Sysmex**, a global supplier of diagnostic reagents and equipment, experienced a challenging period as slower capital spending by healthcare providers, particularly in China, impacted sales growth. Ongoing uncertainty around near-term demand led to a de-rating of the shares despite the company's strong long-term competitive position.

**Bunzl**, a distributor of essential non-food consumables, detracted from performance over the year as growth slowed and margins came under pressure. Weaker demand in some end markets (especially North America), combined with cost inflation and inventory normalization, weighed on earnings expectations in the first half of the year, although performance improved during the second half of the year.

## Fund Performance
The following graph and table compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). It assumes a

$25,000,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

### GROWTH OF $25,000,000
![Growth of 10K Chart](tm261905d1_ncsrimg036.jpg)

---

| | | |
|:---|:---|:---|
| | **Class 2 42,999,077** | **MSCI EAFE Index 57,674,870** |
| **12/31/15** | 25000000 | 25000000 |
| **12/31/16** | 25147948 | 25377500 |
| **12/31/17** | 33014715 | 31879215 |
| **12/31/18** | 27604401 | 27620152 |
| **12/31/19** | 36364564 | 33878879 |
| **12/31/20** | 46826073 | 36684050 |
| **12/31/21** | 48375594 | 41005431 |
| **12/31/22** | 33296389 | 35260570 |
| **12/31/23** | 36657548 | 41908114 |
| **12/31/24** | 36939386 | 43730162 |
| **12/31/25** | 42999077 | 57674870 |

---

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 years | 10 Years |
| Class 2 | 16.40% | -1.69% | 5.57% |
| MSCI EAFE Index | 31.89% | 9.46% | 8.71% |

---

**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.

## Key Fund Statistics as of December 31, 2025
The following table outlines key Fund statistics that you should pay attention to:

* Fund net assets$108,913,239

* Total number of portfolio holdings71

* Total advisory fees paid$882,991

* Portfolio turnover rate22%

## Tabular Representation of Holdings as of December 31, 2025
The following table shows the industry sector allocation of the Fund.

---

| | |
|:---|:---|
| Sectors | % of Net Assets |
| Semiconductors | 10.2% |
| Banks | 9.8% |
| Internet | 8.3% |
| Machinery - Diversified | 5.5% |
| Commercial Services | 5.0% |
| Investment Companies | 4.7% |
| Retail | 4.1% |
| Pharmaceuticals | 4.1% |
| Cosmetics/Personal Care | 3.8% |
| Beverages | 3.7% |
| Building Materials | 2.5% |
| Insurance | 2.5% |
| Food | 2.4% |
| Other sectors | 31.6% |
| Other assets less liabilities | 1.8% |
| Total | 100.0% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since January 1, 2025.

Additional information about the Fund is available upon request by contacting us at +1-844-394-6127 or via email at northamericanvehiclesteam@bailliegifford.com.

On September 15, 2025 the Board of Trustees approved and adopted an Agreement and Plan of Reorganization for Baillie Gifford EAFE Plus All Cap Fund (the 'target fund') to merge with and into Baillie Gifford International Alpha Fund (the surviving fund'), an existing series of the Trust.

On February 2, 2026, pursuant to the Agreement and Plan of Reorganization, each target fund transferred all of it's assets and liabilities to the surviving fund. At this time there were no Class 2 Shareholders remaining within the Baillie Gifford EAFE Plus All Cap Fund.

Ahead of the Plan of Reorganization, Baillie Gifford Overseas Limited has contractually agreed to waive its fees and/or bear Other Expenses of the Fund to the extent that the Fund's Total Annual Fund Operating Expenses (excluding taxes, sub-accounting expenses and extraordinary expenses) exceed 0.67% for Class 2 shares, 0.60% for Class 3 shares, 0.57% for class 4 shares, 0.52% for class 5 shares and 0.67% for Class K and 0.67% for Institutional Class shares.

An additional disclosure of significant exposure to UK companies in recent periods was added to the Fund's prospectus on April 30 2025. As of December 31, 2025, the Fund's exposure to UK companies was 15% of its net asset value.

## Availability of Additional Information
If you wish to request additional information about the Fund, including but not limited to the Fund's financial information, holdings, and proxy voting please refer to the contact information included at the beginning of this shareholder report.

![Image](tm261905d1_ncsrimg028.jpg)

# Baillie Gifford EAFE Plus All Cap Fund

# Class K \| BKGCX
ANNUAL SHAREHOLDER REPORT \| December 31, 2025

The annual shareholder report contains important information about Baillie Gifford EAFE Plus All Cap Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. Additional information about the Fund is available upon request by contacting us at +1-844-394-6127 or via email at [northamericanvehiclesteam@bailliegifford.com](mailto:northamericanvehiclesteam@bailliegifford.com).

**This report describes changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class K | $74 | 0.68% |

---

## Management's Discussion of Fund Performance
SUMMARY OF RESULTS

2025 was a very strong year for international equities, with returns driven by narrow artificial intelligence leadership and value sectors, such as banks, telecommunications services, and utilities. This proved a challenging backdrop for international growth investors.

More generally, markets were influenced by a combination of easing inflationary pressures, divergent central bank policies and ongoing geopolitical uncertainty.

Monetary conditions became more supportive for equities as several central banks signaled the end of their tightening cycles, with selective rate cuts providing a tailwind for growth-oriented companies. However, economic momentum remained uneven, particularly in parts of Europe and Asia, while concerns around global trade and fiscal sustainability persisted.

Against this backdrop, the Baillie Gifford EAFE Plus All Cap Fund underperformed the MSCI EAFE Index over the year.

### TOP PERFORMANCE CONTRIBUTORS
**Korean technology conglomerate**, Samsung Electronics was a strong contributor to performance over the period as the semiconductor cycle continued to recover. Improved pricing conditions in memory markets, alongside growing demand linked to artificial intelligence and advanced computing, contributed to a meaningful improvement in profitability and investor confidence. The company's scale, technological leadership and balance sheet strength were key factors supporting the share price performance.

**SEB Bank**, a North European financial banking group, contributed positively as higher net interest income and resilient credit quality supported earnings. The bank benefited from disciplined cost control and a conservative lending profile, which proved attractive in an environment of economic uncertainty. Capital returns to shareholders further underpinned investor sentiment.

### TOP PERFORMANCE DETRACTORS
**Sysmex**, a global supplier of diagnostic reagents and equipment, experienced a challenging period as slower capital spending by healthcare providers, particularly in China, impacted sales growth. Ongoing uncertainty around near-term demand led to a de-rating of the shares despite the company's strong long-term competitive position.

**Bunzl**, a distributor of essential non-food consumables, detracted from performance over the year as growth slowed and margins came under pressure. Weaker demand in some end markets (especially North America), combined with cost inflation and inventory normalization, weighed on earnings expectations in the first half of the year, although performance improved during the second half of the year.

## Fund Performance
The following graph and table compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). It assumes a

$10,000,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

### GROWTH OF $10,000,000
![Growth of 10K Chart](tm261905d1_ncsrimg020.jpg)

---

| | | |
|:---|:---|:---|
| | **Class K 17,214,361** | **MSCI EAFE Index 23,069,948** |
| **12/31/15** | 10000000 | 10000000 |
| **12/31/16** | 10059179 | 10151000 |
| **12/31/17** | 13205982 | 12751686 |
| **12/31/18** | 11045467 | 11048061 |
| **12/31/19** | 14549376 | 13551552 |
| **12/31/20** | 18736292 | 14673620 |
| **12/31/21** | 19359658 | 16402172 |
| **12/31/22** | 13321203 | 14104228 |
| **12/31/23** | 14671325 | 16763246 |
| **12/31/24** | 14781682 | 17492065 |
| **12/31/25** | 17214361 | 23069948 |

---

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 years | 10 Years |
| Class K | 16.46% | -1.68% | 5.58% |
| MSCI EAFE Index | 31.89% | 9.46% | 8.71% |

---

Returns for Class K 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.

**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.

For updated Fund performance information, please visit: https://www.bailliegifford.com/pages/funds/baillie-gifford-eafe-plus-all-cap-fund/?tab=performance.

## Key Fund Statistics as of December 31, 2025
The following table outlines key Fund statistics that you should pay attention to:

* Fund net assets$108,913,239

* Total number of portfolio holdings71

* Total advisory fees paid$882,991

* Portfolio turnover rate22%

## Tabular Representation of Holdings as of December 31, 2025
The following table shows the industry sector allocation of the Fund.

---

| | |
|:---|:---|
| Sectors | % of Net Assets |
| Semiconductors | 10.2% |
| Banks | 9.8% |
| Internet | 8.3% |
| Machinery - Diversified | 5.5% |
| Commercial Services | 5.0% |
| Investment Companies | 4.7% |
| Retail | 4.1% |
| Pharmaceuticals | 4.1% |
| Cosmetics/Personal Care | 3.8% |
| Beverages | 3.7% |
| Building Materials | 2.5% |
| Insurance | 2.5% |
| Food | 2.4% |
| Other sectors | 31.6% |
| Other assets less liabilities | 1.8% |
| Total | 100.0% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since January 1, 2025.

Additional information about the Fund is available upon request by contacting us at +1-844-394-6127 or via email at northamericanvehiclesteam@bailliegifford.com.

On September 15, 2025 the Board of Trustees approved and adopted an Agreement and Plan of Reorganization for Baillie Gifford EAFE Plus All Cap Fund (the 'target fund') to merge with and into Baillie Gifford International Alpha Fund (the surviving fund'), an existing series of the Trust.

On February 2, 2026, pursuant to the Agreement and Plan of Reorganization, each target fund transferred all of it's assets and liabilities to the surviving fund. Shareholders in the target funds received shares in the surviving fund in exchange for their target fund shares.

Ahead of the Plan of Reorganization, Baillie Gifford Overseas Limited has contractually agreed to waive its fees and/or bear Other Expenses of the Fund to the extent that the Fund's Total Annual Fund Operating Expenses (excluding taxes, sub-accounting expenses and extraordinary expenses) exceed 0.67% for Class 2 shares, 0.60% for Class 3 shares, 0.57% for class 4 shares, 0.52% for class 5 shares and 0.67% for Class K and 0.67% for Institutional Class shares.

An additional disclosure of significant exposure to UK companies in recent periods was added to the Fund's prospectus on April 30 2025. As of December 31, 2025, the Fund's exposure to UK companies was 15% of its net asset value.

## Availability of Additional Information
If you wish to request additional information about the Fund, including but not limited to the Fund's financial information, holdings, and proxy voting please refer to the contact information included at the beginning of this shareholder report.

![Image](tm261905d1_ncsrimg028.jpg)

# Baillie Gifford EAFE Plus All Cap Fund

# Institutional Class \| BGCSX
ANNUAL SHAREHOLDER REPORT \| December 31, 2025

The annual shareholder report contains important information about Baillie Gifford EAFE Plus All Cap Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. Additional information about the Fund is available upon request by contacting us at +1-844-394-6127 or via email at [northamericanvehiclesteam@bailliegifford.com](mailto:northamericanvehiclesteam@bailliegifford.com).

**This report describes changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Class | $75 | 0.69% |

---

## Management's Discussion of Fund Performance
SUMMARY OF RESULTS

2025 was a very strong year for international equities, with returns driven by narrow artificial intelligence leadership and value sectors, such as banks, telecommunications services, and utilities. This proved a challenging backdrop for international growth investors.

More generally, markets were influenced by a combination of easing inflationary pressures, divergent central bank policies and ongoing geopolitical uncertainty.

Monetary conditions became more supportive for equities as several central banks signaled the end of their tightening cycles, with selective rate cuts providing a tailwind for growth-oriented companies. However, economic momentum remained uneven, particularly in parts of Europe and Asia, while concerns around global trade and fiscal sustainability persisted.

Against this backdrop, the Baillie Gifford EAFE Plus All Cap Fund underperformed the MSCI EAFE Index over the year.

### TOP PERFORMANCE CONTRIBUTORS
**Korean technology conglomerate**, Samsung Electronics was a strong contributor to performance over the period as the semiconductor cycle continued to recover. Improved pricing conditions in memory markets, alongside growing demand linked to artificial intelligence and advanced computing, contributed to a meaningful improvement in profitability and investor confidence. The company's scale, technological leadership and balance sheet strength were key factors supporting the share price performance.

**SEB Bank**, a North European financial banking group, contributed positively as higher net interest income and resilient credit quality supported earnings. The bank benefited from disciplined cost control and a conservative lending profile, which proved attractive in an environment of economic uncertainty. Capital returns to shareholders further underpinned investor sentiment.

### TOP PERFORMANCE DETRACTORS
**Sysmex**, a global supplier of diagnostic reagents and equipment, experienced a challenging period as slower capital spending by healthcare providers, particularly in China, impacted sales growth. Ongoing uncertainty around near-term demand led to a de-rating of the shares despite the company's strong long-term competitive position.

**Bunzl**, a distributor of essential non-food consumables, detracted from performance over the year as growth slowed and margins came under pressure. Weaker demand in some end markets (especially North America), combined with cost inflation and inventory normalization, weighed on earnings expectations in the first half of the year, although performance improved during the second half of the year.

## Fund Performance
The following graph and table compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). It assumes a

$10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

### GROWTH OF $10,000
![Growth of 10K Chart](tm261905d1_ncsrimg008.jpg)

---

| | | |
|:---|:---|:---|
| | **Institutional Class 17,074** | **MSCI EAFE Index 23,070** |
| **12/31/15** | 10000 | 10000 |
| **12/31/16** | 10044 | 10151 |
| **12/31/17** | 13185 | 12752 |
| **12/31/18** | 11010 | 11048 |
| **12/31/19** | 14490 | 13552 |
| **12/31/20** | 18646 | 14674 |
| **12/31/21** | 19243 | 16402 |
| **12/31/22** | 13236 | 14104 |
| **12/31/23** | 14551 | 16763 |
| **12/31/24** | 14656 | 17492 |
| **12/31/25** | 17074 | 23070 |

---

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 years | 10 Years |
| Institutional Class | 16.50% | -1.75% | 5.50% |
| MSCI EAFE Index | 31.89% | 9.46% | 8.71% |

---

Returns for the 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 and were adjusted to reflect the differences in class expense due to the fees being higher.

**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.

For updated Fund performance information, please visit: https://www.bailliegifford.com/pages/funds/baillie-gifford-eafe-plus-all-cap-fund/?tab=performance.

## Key Fund Statistics as of December 31, 2025
The following table outlines key Fund statistics that you should pay attention to:

* Fund net assets$108,913,239

* Total number of portfolio holdings71

* Total advisory fees paid$882,991

* Portfolio turnover rate22%

## Tabular Representation of Holdings as of December 31, 2025
The following table shows the industry sector allocation of the Fund.

---

| | |
|:---|:---|
| Sectors | % of Net Assets |
| Semiconductors | 10.2% |
| Banks | 9.8% |
| Internet | 8.3% |
| Machinery - Diversified | 5.5% |
| Commercial Services | 5.0% |
| Investment Companies | 4.7% |
| Retail | 4.1% |
| Pharmaceuticals | 4.1% |
| Cosmetics/Personal Care | 3.8% |
| Beverages | 3.7% |
| Building Materials | 2.5% |
| Insurance | 2.5% |
| Food | 2.4% |
| Other sectors | 31.6% |
| Other assets less liabilities | 1.8% |
| Total | 100.0% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since January 1, 2025.

Additional information about the Fund is available upon request by contacting us at +1-844-394-6127 or via email at northamericanvehiclesteam@bailliegifford.com.

On September 15, 2025 the Board of Trustees approved and adopted an Agreement and Plan of Reorganization for Baillie Gifford EAFE Plus All Cap Fund (the 'target fund') to merge with and into Baillie Gifford International Alpha Fund (the surviving fund'), an existing series of the Trust.

On February 2, 2026, pursuant to the Agreement and Plan of Reorganization, each target fund transferred all of it's assets and liabilities to the surviving fund. Shareholders in the target funds received shares in the surviving fund in exchange for their target fund shares.

Ahead of the Plan of Reorganization, Baillie Gifford Overseas Limited has contractually agreed to waive its fees and/or bear Other Expenses of the Fund to the extent that the Fund's Total Annual Fund Operating Expenses (excluding taxes, sub-accounting expenses and extraordinary expenses) exceed 0.67% for Class 2 shares, 0.60% for Class 3 shares, 0.57% for class 4 shares, 0.52% for class 5 shares and 0.67% for Class K and 0.67% for Institutional Class shares.

An additional disclosure of significant exposure to UK companies in recent periods was added to the Fund's prospectus on April 30 2025. As of December 31, 2025, the Fund's exposure to UK companies was 15% of its net asset value.

## Availability of Additional Information
If you wish to request additional information about the Fund, including but not limited to the Fund's financial information, holdings, and proxy voting please refer to the contact information included at the beginning of this shareholder report.

![Image](tm261905d1_ncsrimg028.jpg)

# Baillie Gifford Emerging Markets Equities Fund

# Class 2 \| BGEHX
ANNUAL SHAREHOLDER REPORT \| December 31, 2025

The annual shareholder report contains important information about Baillie Gifford Emerging Markets Equities Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.bailliegifford.com/emerging-markets-equities-fund/TSR-2-5. You can also request this information by contacting us at +1-844-394-6127 or via email at northamericanvehiclesteam@bailliegifford.com.&nbsp;&nbsp;&nbsp;&nbsp;

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class 2 | $93 | 0.77% |

---

## Management's Discussion of Fund Performance
SUMMARY OF RESULTS

The Fund delivered strong absolute returns over the year and outperformed the MSCI Emerging Markets Index, supported by improving emerging market fundamentals and a broadening of growth drivers beyond a narrow set of index heavyweights. Performance was led by strength across selective exposure to companies benefiting from the continued evolution of the artificial intelligence ("AI") investment cycle and a recovery in commodities. China remained volatile, though sentiment was supported by a clearer policy focus on consumption, capital market reform and strategic technologies outlined in the 15th Five-Year Plan, the government's medium-term economic roadmap. The Fund's underweight exposure to India was beneficial amid weaker index performance following several years of strong returns.

### TOP PERFORMANCE CONTRIBUTORS
Samsung Electronics, a leading global technology company specializing in consumer electronics and semiconductors, was a top contributor to performance. This time last year, we were writing about this company in a more apologetic light. The company is now forecasted to grow its operating profits by over 150% in 2025. Samsung is seeing strong demand across the board, has the capacity to negotiate with customers and is prioritizing its customer and application mix to maximize profits. It is projected to regain the number one position in global DRAM (dynamic random access memory) market driven by soaring demand for high-performance AI memory and a sharp rise in conventional DRAM prices. Given disciplined capital expenditure throughout the industry, Samsung anticipates that memory shortages will persist well into 2027.

Alongside Samsung, SK Hynix, a major player in the semiconductor industry known for its memory chips, continued its strong performance as the clear winner to-date in high bandwidth memory, reporting a 62% year-on-year growth in profits in the third quarter and announcing that all of its DRAM, NAND and high bandwidth memory capacity, which is critical for AI computing workloads, is fully booked for 2026.

### TOP PERFORMANCE DETRACTORS
Globant, a software development and AI services company, detracted as management cut near-term growth guidance and earnings disappointed, reflecting softer discretionary spending among a few large US clients. However, performance in Europe and newer markets remains strong, and we continue to view Globant as a differentiated, long-term way to access the AI services opportunity, supported by healthy pipeline growth and the rollout of its higher-visibility AI Pods model.

MercadoLibre, a leading e-commerce and financial technology platform in Latin America, also detracted from performance as continued investment in logistics, fintech expansion and customer acquisition weighed on near-term margins. While the market reacted negatively to short-term profitability pressures, we continue to view these investments as strategically important for long-term growth. The company delivered another year of strong revenue growth and retains a leading competitive position across Latin America.

## Fund Performance
The following graph and table compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). It assumes a

$25,000,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

### GROWTH OF $25,000,000
![Growth of 10K Chart](tm261905d1_ncsrimg023.jpg)

---

| | | |
|:---|:---|:---|
| | **Class 2 63,417,827** | **MSCI Emerging Markets Index 58,419,306** |
| **12/31/15** | 25000000 | 25000000 |
| **12/31/16** | 25774475 | 27900000 |
| **12/31/17** | 39440100 | 38432250 |
| **12/31/18** | 33554665 | 32955654 |
| **12/31/19** | 42951295 | 39177682 |
| **12/31/20** | 55643809 | 46499991 |
| **12/31/21** | 50582352 | 45467691 |
| **12/31/22** | 37206544 | 36492369 |
| **12/31/23** | 42532905 | 40240135 |
| **12/31/24** | 45070255 | 43479686 |
| **12/31/25** | 63417827 | 58419306 |

---

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 years | 10 Years |
| Class 2 | 40.71% | 2.65% | 9.76% |
| MSCI Emerging Markets Index | 34.36% | 4.67% | 8.85% |

---

Returns for Class 2 shares are based on actual performance from March 2, 2015. 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.

**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.

## Key Fund Statistics as of December 31, 2025
The following table outlines key Fund statistics that you should pay attention to:

* Fund net assets$7,156,113,823

* Total number of portfolio holdings86

* Total advisory fees paid$31,285,262

* Portfolio turnover rate28%

## Tabular Representation of Holdings as of December 31, 2025
The following table shows the industry sector allocation of the Fund.

---

| | |
|:---|:---|
| Sectors | % of Net Assets |
| Semiconductors | 26.9% |
| Internet | 21.0% |
| Banks | 9.7% |
| Mining | 7.0% |
| Oil & Gas | 4.6% |
| Diversified Financial Services | 2.6% |
| Retail | 2.6% |
| Auto Parts & Equipment | 2.2% |
| Home Furnishings | 2.1% |
| Insurance | 2.0% |
| Auto Manufacturers | 2.0% |
| Airlines | 1.7% |
| Electric | 1.7% |
| Other sectors | 13.7% |
| Other assets less liabilities | 0.2% |
| Total | 100.0% |

---

## Availability of Additional Information
If you wish to find additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please refer to the website address and contact information included at the beginning of this shareholder report.

![Image](tm261905d1_ncsrimg028.jpg)

# Baillie Gifford Emerging Markets Equities Fund

# Class 3 \| BGELX
ANNUAL SHAREHOLDER REPORT \| December 31, 2025

The annual shareholder report contains important information about Baillie Gifford Emerging Markets Equities Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.bailliegifford.com/emerging-markets-equities-fund/TSR-2-5. You can also request this information by contacting us at +1-844-394-6127 or via email at northamericanvehiclesteam@bailliegifford.com.&nbsp;&nbsp;&nbsp;&nbsp;

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class 3 | $84 | 0.70% |

---

## Management's Discussion of Fund Performance
SUMMARY OF RESULTS

The Fund delivered strong absolute returns over the year and outperformed the MSCI Emerging Markets Index, supported by improving emerging market fundamentals and a broadening of growth drivers beyond a narrow set of index heavyweights. Performance was led by strength across selective exposure to companies benefiting from the continued evolution of the artificial intelligence ("AI") investment cycle and a recovery in commodities. China remained volatile, though sentiment was supported by a clearer policy focus on consumption, capital market reform and strategic technologies outlined in the 15th Five-Year Plan, the government's medium-term economic roadmap. The Fund's underweight exposure to India was beneficial amid weaker index performance following several years of strong returns.

### TOP PERFORMANCE CONTRIBUTORS
Samsung Electronics, a leading global technology company specializing in consumer electronics and semiconductors, was a top contributor to performance. This time last year, we were writing about this company in a more apologetic light. The company is now forecasted to grow its operating profits by over 150% in 2025. Samsung is seeing strong demand across the board, has the capacity to negotiate with customers and is prioritizing its customer and application mix to maximize profits. It is projected to regain the number one position in global DRAM (dynamic random access memory) market driven by soaring demand for high-performance AI memory and a sharp rise in conventional DRAM prices. Given disciplined capital expenditure throughout the industry, Samsung anticipates that memory shortages will persist well into 2027.

Alongside Samsung, SK Hynix, a major player in the semiconductor industry known for its memory chips, continued its strong performance as the clear winner to-date in high bandwidth memory, reporting a 62% year-on-year growth in profits in the third quarter and announcing that all of its DRAM, NAND and high bandwidth memory capacity, which is critical for AI computing workloads, is fully booked for 2026.

### TOP PERFORMANCE DETRACTORS
Globant, a software development and AI services company, detracted as management cut near-term growth guidance and earnings disappointed, reflecting softer discretionary spending among a few large US clients. However, performance in Europe and newer markets remains strong, and we continue to view Globant as a differentiated, long-term way to access the AI services opportunity, supported by healthy pipeline growth and the rollout of its higher-visibility AI Pods model.

MercadoLibre, a leading e-commerce and financial technology platform in Latin America, also detracted from performance as continued investment in logistics, fintech expansion and customer acquisition weighed on near-term margins. While the market reacted negatively to short-term profitability pressures, we continue to view these investments as strategically important for long-term growth. The company delivered another year of strong revenue growth and retains a leading competitive position across Latin America.

## Fund Performance
The following graph and table compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). It assumes a

$100,000,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

### GROWTH OF $100,000,000
![Growth of 10K Chart](tm261905d1_ncsrimg021.jpg)

---

| | | |
|:---|:---|:---|
| | **Class 3 255,342,472** | **MSCI Emerging Markets Index 233,677,222** |
| **12/31/15** | 100000000 | 100000000 |
| **12/31/16** | 103121540 | 111600000 |
| **12/31/17** | 157907720 | 153729000 |
| **12/31/18** | 134437912 | 131822618 |
| **12/31/19** | 172207559 | 156710728 |
| **12/31/20** | 223252628 | 185999963 |
| **12/31/21** | 203092600 | 181870764 |
| **12/31/22** | 149492160 | 145969475 |
| **12/31/23** | 171013490 | 160960540 |
| **12/31/24** | 181287535 | 173918742 |
| **12/31/25** | 255342472 | 233677222 |

---

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 years | 10 Years |
| Class 3 | 40.81% | 2.72% | 9.83% |
| MSCI Emerging Markets Index | 34.36% | 4.67% | 8.85% |

---

Returns for Class 3 shares are based on actual performance from March 31, 2016. 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.

**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.

## Key Fund Statistics as of December 31, 2025
The following table outlines key Fund statistics that you should pay attention to:

* Fund net assets$7,156,113,823

* Total number of portfolio holdings86

* Total advisory fees paid$31,285,262

* Portfolio turnover rate28%

## Tabular Representation of Holdings as of December 31, 2025
The following table shows the industry sector allocation of the Fund.

---

| | |
|:---|:---|
| Sectors | % of Net Assets |
| Semiconductors | 26.9% |
| Internet | 21.0% |
| Banks | 9.7% |
| Mining | 7.0% |
| Oil & Gas | 4.6% |
| Diversified Financial Services | 2.6% |
| Retail | 2.6% |
| Auto Parts & Equipment | 2.2% |
| Home Furnishings | 2.1% |
| Insurance | 2.0% |
| Auto Manufacturers | 2.0% |
| Airlines | 1.7% |
| Electric | 1.7% |
| Other sectors | 13.7% |
| Other assets less liabilities | 0.2% |
| Total | 100.0% |

---

## Availability of Additional Information
If you wish to find additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please refer to the website address and contact information included at the beginning of this shareholder report.

![Image](tm261905d1_ncsrimg028.jpg)

# Baillie Gifford Emerging Markets Equities Fund

# Class 4 \| BGEPX
ANNUAL SHAREHOLDER REPORT \| December 31, 2025

The annual shareholder report contains important information about Baillie Gifford Emerging Markets Equities Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.bailliegifford.com/emerging-markets-equities-fund/TSR-2-5. You can also request this information by contacting us at +1-844-394-6127 or via email at northamericanvehiclesteam@bailliegifford.com.&nbsp;&nbsp;&nbsp;&nbsp;

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class 4 | $81 | 0.67% |

---

## Management's Discussion of Fund Performance
SUMMARY OF RESULTS

The Fund delivered strong absolute returns over the year and outperformed the MSCI Emerging Markets Index, supported by improving emerging market fundamentals and a broadening of growth drivers beyond a narrow set of index heavyweights. Performance was led by strength across selective exposure to companies benefiting from the continued evolution of the artificial intelligence ("AI") investment cycle and a recovery in commodities. China remained volatile, though sentiment was supported by a clearer policy focus on consumption, capital market reform and strategic technologies outlined in the 15th Five-Year Plan, the government's medium-term economic roadmap. The Fund's underweight exposure to India was beneficial amid weaker index performance following several years of strong returns.

### TOP PERFORMANCE CONTRIBUTORS
Samsung Electronics, a leading global technology company specializing in consumer electronics and semiconductors, was a top contributor to performance. This time last year, we were writing about this company in a more apologetic light. The company is now forecasted to grow its operating profits by over 150% in 2025. Samsung is seeing strong demand across the board, has the capacity to negotiate with customers and is prioritizing its customer and application mix to maximize profits. It is projected to regain the number one position in global DRAM (dynamic random access memory) market driven by soaring demand for high-performance AI memory and a sharp rise in conventional DRAM prices. Given disciplined capital expenditure throughout the industry, Samsung anticipates that memory shortages will persist well into 2027.

Alongside Samsung, SK Hynix, a major player in the semiconductor industry known for its memory chips, continued its strong performance as the clear winner to-date in high bandwidth memory, reporting a 62% year-on-year growth in profits in the third quarter and announcing that all of its DRAM, NAND and high bandwidth memory capacity, which is critical for AI computing workloads, is fully booked for 2026.

### TOP PERFORMANCE DETRACTORS
Globant, a software development and AI services company, detracted as management cut near-term growth guidance and earnings disappointed, reflecting softer discretionary spending among a few large US clients. However, performance in Europe and newer markets remains strong, and we continue to view Globant as a differentiated, long-term way to access the AI services opportunity, supported by healthy pipeline growth and the rollout of its higher-visibility AI Pods model.

MercadoLibre, a leading e-commerce and financial technology platform in Latin America, also detracted from performance as continued investment in logistics, fintech expansion and customer acquisition weighed on near-term margins. While the market reacted negatively to short-term profitability pressures, we continue to view these investments as strategically important for long-term growth. The company delivered another year of strong revenue growth and retains a leading competitive position across Latin America.

## Fund Performance
The following graph and table compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). It assumes a

$200,000,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

### GROWTH OF $200,000,000
![Growth of 10K Chart](tm261905d1_ncsrimg026.jpg)

---

| | | |
|:---|:---|:---|
| | **Class 4 512,396,720** | **MSCI Emerging Markets Index 467,354,444** |
| **12/31/15** | 200000000 | 200000000 |
| **12/31/16** | 206378205 | 223200000 |
| **12/31/17** | 316118049 | 307458000 |
| **12/31/18** | 269213892 | 263645235 |
| **12/31/19** | 344952542 | 313421455 |
| **12/31/20** | 447337217 | 371999925 |
| **12/31/21** | 407060339 | 363741527 |
| **12/31/22** | 299717257 | 291938950 |
| **12/31/23** | 342967455 | 321921080 |
| **12/31/24** | 363789774 | 347837485 |
| **12/31/25** | 512396720 | 467354444 |

---

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 years | 10 Years |
| Class 4 | 40.85% | 2.75% | 9.87% |
| MSCI Emerging Markets Index | 34.36% | 4.67% | 8.85% |

---

Returns for Class 4 shares are based on actual performance from July 14, 2023. 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.

**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.

## Key Fund Statistics as of December 31, 2025
The following table outlines key Fund statistics that you should pay attention to:

* Fund net assets$7,156,113,823

* Total number of portfolio holdings86

* Total advisory fees paid$31,285,262

* Portfolio turnover rate28%

## Tabular Representation of Holdings as of December 31, 2025
The following table shows the industry sector allocation of the Fund.

---

| | |
|:---|:---|
| Sectors | % of Net Assets |
| Semiconductors | 26.9% |
| Internet | 21.0% |
| Banks | 9.7% |
| Mining | 7.0% |
| Oil & Gas | 4.6% |
| Diversified Financial Services | 2.6% |
| Retail | 2.6% |
| Auto Parts & Equipment | 2.2% |
| Home Furnishings | 2.1% |
| Insurance | 2.0% |
| Auto Manufacturers | 2.0% |
| Airlines | 1.7% |
| Electric | 1.7% |
| Other sectors | 13.7% |
| Other assets less liabilities | 0.2% |
| Total | 100.0% |

---

## Availability of Additional Information
If you wish to find additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please refer to the website address and contact information included at the beginning of this shareholder report.

![Image](tm261905d1_ncsrimg028.jpg)

# Baillie Gifford Emerging Markets Equities Fund

# Class 5 \| BGEDX
ANNUAL SHAREHOLDER REPORT \| December 31, 2025

The annual shareholder report contains important information about Baillie Gifford Emerging Markets Equities Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.bailliegifford.com/emerging-markets-equities-fund/TSR-2-5. You can also request this information by contacting us at +1-844-394-6127 or via email at northamericanvehiclesteam@bailliegifford.com.&nbsp;&nbsp;&nbsp;&nbsp;

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class 5 | $75 | 0.62% |

---

## Management's Discussion of Fund Performance
SUMMARY OF RESULTS

The Fund delivered strong absolute returns over the year and outperformed the MSCI Emerging Markets Index, supported by improving emerging market fundamentals and a broadening of growth drivers beyond a narrow set of index heavyweights. Performance was led by strength across selective exposure to companies benefiting from the continued evolution of the artificial intelligence ("AI") investment cycle and a recovery in commodities. China remained volatile, though sentiment was supported by a clearer policy focus on consumption, capital market reform and strategic technologies outlined in the 15th Five-Year Plan, the government's medium-term economic roadmap. The Fund's underweight exposure to India was beneficial amid weaker index performance following several years of strong returns.

### TOP PERFORMANCE CONTRIBUTORS
Samsung Electronics, a leading global technology company specializing in consumer electronics and semiconductors, was a top contributor to performance. This time last year, we were writing about this company in a more apologetic light. The company is now forecasted to grow its operating profits by over 150% in 2025. Samsung is seeing strong demand across the board, has the capacity to negotiate with customers and is prioritizing its customer and application mix to maximize profits. It is projected to regain the number one position in global DRAM (dynamic random access memory) market driven by soaring demand for high-performance AI memory and a sharp rise in conventional DRAM prices. Given disciplined capital expenditure throughout the industry, Samsung anticipates that memory shortages will persist well into 2027.

Alongside Samsung, SK Hynix, a major player in the semiconductor industry known for its memory chips, continued its strong performance as the clear winner to-date in high bandwidth memory, reporting a 62% year-on-year growth in profits in the third quarter and announcing that all of its DRAM, NAND and high bandwidth memory capacity, which is critical for AI computing workloads, is fully booked for 2026.

### TOP PERFORMANCE DETRACTORS
Globant, a software development and AI services company, detracted as management cut near-term growth guidance and earnings disappointed, reflecting softer discretionary spending among a few large US clients. However, performance in Europe and newer markets remains strong, and we continue to view Globant as a differentiated, long-term way to access the AI services opportunity, supported by healthy pipeline growth and the rollout of its higher-visibility AI Pods model.

MercadoLibre, a leading e-commerce and financial technology platform in Latin America, also detracted from performance as continued investment in logistics, fintech expansion and customer acquisition weighed on near-term margins. While the market reacted negatively to short-term profitability pressures, we continue to view these investments as strategically important for long-term growth. The company delivered another year of strong revenue growth and retains a leading competitive position across Latin America.

## Fund Performance
The following graph and table compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). It assumes a

$500,000,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

### GROWTH OF $500,000,000
![Growth of 10K Chart](tm261905d1_ncsrimg014.jpg)

---

| | | |
|:---|:---|:---|
| | **Class 5 1,287,402,302** | **MSCI Emerging Markets Index 1,168,386,111** |
| **12/31/15** | 500000000 | 500000000 |
| **12/31/16** | 516203407 | 558000000 |
| **12/31/17** | 791081422 | 768645000 |
| **12/31/18** | 674042082 | 659113088 |
| **12/31/19** | 864100392 | 783553638 |
| **12/31/20** | 1121133875 | 929999813 |
| **12/31/21** | 1020708991 | 909353818 |
| **12/31/22** | 751924965 | 729847374 |
| **12/31/23** | 860846476 | 804802699 |
| **12/31/24** | 913569471 | 869593712 |
| **12/31/25** | 1287402302 | 1168386111 |

---

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 years | 10 Years |
| Class 5 | 40.92% | 2.80% | 9.92% |
| MSCI Emerging Markets Index | 34.36% | 4.67% | 8.85% |

---

Effective January 1, 2015, the share class structure of the 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.

**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.

## Key Fund Statistics as of December 31, 2025
The following table outlines key Fund statistics that you should pay attention to:

* Fund net assets$7,156,113,823

* Total number of portfolio holdings86

* Total advisory fees paid$31,285,262

* Portfolio turnover rate28%

## Tabular Representation of Holdings as of December 31, 2025
The following table shows the industry sector allocation of the Fund.

---

| | |
|:---|:---|
| Sectors | % of Net Assets |
| Semiconductors | 26.9% |
| Internet | 21.0% |
| Banks | 9.7% |
| Mining | 7.0% |
| Oil & Gas | 4.6% |
| Diversified Financial Services | 2.6% |
| Retail | 2.6% |
| Auto Parts & Equipment | 2.2% |
| Home Furnishings | 2.1% |
| Insurance | 2.0% |
| Auto Manufacturers | 2.0% |
| Airlines | 1.7% |
| Electric | 1.7% |
| Other sectors | 13.7% |
| Other assets less liabilities | 0.2% |
| Total | 100.0% |

---

## Availability of Additional Information
If you wish to find additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please refer to the website address and contact information included at the beginning of this shareholder report.

![Image](tm261905d1_ncsrimg028.jpg)

# Baillie Gifford Emerging Markets Equities Fund

# Class K \| BGKEX
ANNUAL SHAREHOLDER REPORT \| December 31, 2025

The annual shareholder report contains important information about Baillie Gifford Emerging Markets Equities Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.bailliegifford.com/emerging-markets-equities-fund/TSR-I-K. You can also request this information by contacting us at +1-844-394-6127 or via email at northamericanvehiclesteam@bailliegifford.com.&nbsp;&nbsp;&nbsp;&nbsp;

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class K | $93 | 0.77% |

---

## Management's Discussion of Fund Performance
SUMMARY OF RESULTS

The Fund delivered strong absolute returns over the year and outperformed the MSCI Emerging Markets Index, supported by improving emerging market fundamentals and a broadening of growth drivers beyond a narrow set of index heavyweights. Performance was led by strength across selective exposure to companies benefiting from the continued evolution of the artificial intelligence ("AI") investment cycle and a recovery in commodities. China remained volatile, though sentiment was supported by a clearer policy focus on consumption, capital market reform and strategic technologies outlined in the 15th Five-Year Plan, the government's medium-term economic roadmap. The Fund's underweight exposure to India was beneficial amid weaker index performance following several years of strong returns.

### TOP PERFORMANCE CONTRIBUTORS
Samsung Electronics, a leading global technology company specializing in consumer electronics and semiconductors, was a top contributor to performance. This time last year, we were writing about this company in a more apologetic light. The company is now forecasted to grow its operating profits by over 150% in 2025. Samsung is seeing strong demand across the board, has the capacity to negotiate with customers and is prioritizing its customer and application mix to maximize profits. It is projected to regain the number one position in global DRAM (dynamic random access memory) market driven by soaring demand for high-performance AI memory and a sharp rise in conventional DRAM prices. Given disciplined capital expenditure throughout the industry, Samsung anticipates that memory shortages will persist well into 2027.

Alongside Samsung, SK Hynix, a major player in the semiconductor industry known for its memory chips, continued its strong performance as the clear winner to-date in high bandwidth memory, reporting a 62% year-on-year growth in profits in the third quarter and announcing that all of its DRAM, NAND and high bandwidth memory capacity, which is critical for AI computing workloads, is fully booked for 2026.

### TOP PERFORMANCE DETRACTORS
Globant, a software development and AI services company, detracted as management cut near-term growth guidance and earnings disappointed, reflecting softer discretionary spending among a few large US clients. However, performance in Europe and newer markets remains strong, and we continue to view Globant as a differentiated, long-term way to access the AI services opportunity, supported by healthy pipeline growth and the rollout of its higher-visibility AI Pods model.

MercadoLibre, a leading e-commerce and financial technology platform in Latin America, also detracted from performance as continued investment in logistics, fintech expansion and customer acquisition weighed on near-term margins. While the market reacted negatively to short-term profitability pressures, we continue to view these investments as strategically important for long-term growth. The company delivered another year of strong revenue growth and retains a leading competitive position across Latin America.

## Fund Performance
The following graph and table compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). It assumes a

$10,000,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

### GROWTH OF $10,000,000
![Growth of 10K Chart](tm261905d1_ncsrimg033.jpg)

---

| | | |
|:---|:---|:---|
| | **Class K 25,358,091** | **MSCI Emerging Markets Index 23,367,722** |
| **12/31/15** | 10000000 | 10000000 |
| **12/31/16** | 10308602 | 11160000 |
| **12/31/17** | 15770421 | 15372900 |
| **12/31/18** | 13419279 | 13182262 |
| **12/31/19** | 17176414 | 15671073 |
| **12/31/20** | 22252874 | 18599996 |
| **12/31/21** | 20231686 | 18187076 |
| **12/31/22** | 14876437 | 14596947 |
| **12/31/23** | 17004077 | 16096054 |
| **12/31/24** | 18024599 | 17391874 |
| **12/31/25** | 25358091 | 23367722 |

---

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 years | 10 Years |
| Class K | 40.69% | 2.65% | 9.75% |
| MSCI Emerging Markets Index | 34.36% | 4.67% | 8.85% |

---

Returns for Class K 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 and were adjusted to reflect the differences in class expense due to the fees being higher.

**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.

For updated Fund performance information, please visit: https://www.bailliegifford.com/pages/funds/baillie-gifford-emerging-markets-equities-fund/?tab=performance.

## Key Fund Statistics as of December 31, 2025
The following table outlines key Fund statistics that you should pay attention to:

* Fund net assets$7,156,113,823

* Total number of portfolio holdings86

* Total advisory fees paid$31,285,262

* Portfolio turnover rate28%

## Tabular Representation of Holdings as of December 31, 2025
The following table shows the industry sector allocation of the Fund.

---

| | |
|:---|:---|
| Sectors | % of Net Assets |
| Semiconductors | 26.9% |
| Internet | 21.0% |
| Banks | 9.7% |
| Mining | 7.0% |
| Oil & Gas | 4.6% |
| Diversified Financial Services | 2.6% |
| Retail | 2.6% |
| Auto Parts & Equipment | 2.2% |
| Home Furnishings | 2.1% |
| Insurance | 2.0% |
| Auto Manufacturers | 2.0% |
| Airlines | 1.7% |
| Electric | 1.7% |
| Other sectors | 13.7% |
| Other assets less liabilities | 0.2% |
| Total | 100.0% |

---

## Availability of Additional Information
If you wish to find additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please refer to the website address and contact information included at the beginning of this shareholder report.

![Image](tm261905d1_ncsrimg028.jpg)

# Baillie Gifford Emerging Markets Equities Fund

# Institutional Class \| BGEGX
ANNUAL SHAREHOLDER REPORT \| December 31, 2025

The annual shareholder report contains important information about Baillie Gifford Emerging Markets Equities Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.bailliegifford.com/emerging-markets-equities-fund/TSR-I-K. You can also request this information by contacting us at +1-844-394-6127 or via email at northamericanvehiclesteam@bailliegifford.com.&nbsp;&nbsp;&nbsp;&nbsp;

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Class | $103 | 0.86% |

---

## Management's Discussion of Fund Performance
SUMMARY OF RESULTS

The Fund delivered strong absolute returns over the year and outperformed the MSCI Emerging Markets Index, supported by improving emerging market fundamentals and a broadening of growth drivers beyond a narrow set of index heavyweights. Performance was led by strength across selective exposure to companies benefiting from the continued evolution of the artificial intelligence ("AI") investment cycle and a recovery in commodities. China remained volatile, though sentiment was supported by a clearer policy focus on consumption, capital market reform and strategic technologies outlined in the 15th Five-Year Plan, the government's medium-term economic roadmap. The Fund's underweight exposure to India was beneficial amid weaker index performance following several years of strong returns.

### TOP PERFORMANCE CONTRIBUTORS
Samsung Electronics, a leading global technology company specializing in consumer electronics and semiconductors, was a top contributor to performance. This time last year, we were writing about this company in a more apologetic light. The company is now forecasted to grow its operating profits by over 150% in 2025. Samsung is seeing strong demand across the board, has the capacity to negotiate with customers and is prioritizing its customer and application mix to maximize profits. It is projected to regain the number one position in global DRAM (dynamic random access memory) market driven by soaring demand for high-performance AI memory and a sharp rise in conventional DRAM prices. Given disciplined capital expenditure throughout the industry, Samsung anticipates that memory shortages will persist well into 2027.

Alongside Samsung, SK Hynix, a major player in the semiconductor industry known for its memory chips, continued its strong performance as the clear winner to-date in high bandwidth memory, reporting a 62% year-on-year growth in profits in the third quarter and announcing that all of its DRAM, NAND and high bandwidth memory capacity, which is critical for AI computing workloads, is fully booked for 2026.

### TOP PERFORMANCE DETRACTORS
Globant, a software development and AI services company, detracted as management cut near-term growth guidance and earnings disappointed, reflecting softer discretionary spending among a few large US clients. However, performance in Europe and newer markets remains strong, and we continue to view Globant as a differentiated, long-term way to access the AI services opportunity, supported by healthy pipeline growth and the rollout of its higher-visibility AI Pods model.

MercadoLibre, a leading e-commerce and financial technology platform in Latin America, also detracted from performance as continued investment in logistics, fintech expansion and customer acquisition weighed on near-term margins. While the market reacted negatively to short-term profitability pressures, we continue to view these investments as strategically important for long-term growth. The company delivered another year of strong revenue growth and retains a leading competitive position across Latin America.

## Fund Performance
The following graph and table compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). It assumes a

$10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

### GROWTH OF $10,000
![Growth of 10K Chart](tm261905d1_ncsrimg015.jpg)

---

| | | |
|:---|:---|:---|
| | **Institutional Class 25,146** | **MSCI Emerging Markets Index 23,368** |
| **12/31/15** | 10000 | 10000 |
| **12/31/16** | 10293 | 11160 |
| **12/31/17** | 15743 | 15373 |
| **12/31/18** | 13385 | 13182 |
| **12/31/19** | 17124 | 15671 |
| **12/31/20** | 22162 | 18600 |
| **12/31/21** | 20126 | 18187 |
| **12/31/22** | 14789 | 14597 |
| **12/31/23** | 16890 | 16096 |
| **12/31/24** | 17884 | 17392 |
| **12/31/25** | 25146 | 23368 |

---

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 years | 10 Years |
| Institutional Class | 40.60% | 2.56% | 9.66% |
| MSCI Emerging Markets Index | 34.36% | 4.67% | 8.85% |

---

Returns for the 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 and were adjusted to reflect the differences in class expense due to the fees being higher.

**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.

For updated Fund performance information, please visit: https://www.bailliegifford.com/pages/funds/baillie-gifford-emerging-markets-equities-fund/?tab=performance.

## Key Fund Statistics as of December 31, 2025
The following table outlines key Fund statistics that you should pay attention to:

* Fund net assets$7,156,113,823

* Total number of portfolio holdings86

* Total advisory fees paid$31,285,262

* Portfolio turnover rate28%

## Tabular Representation of Holdings as of December 31, 2025
The following table shows the industry sector allocation of the Fund.

---

| | |
|:---|:---|
| Sectors | % of Net Assets |
| Semiconductors | 26.9% |
| Internet | 21.0% |
| Banks | 9.7% |
| Mining | 7.0% |
| Oil & Gas | 4.6% |
| Diversified Financial Services | 2.6% |
| Retail | 2.6% |
| Auto Parts & Equipment | 2.2% |
| Home Furnishings | 2.1% |
| Insurance | 2.0% |
| Auto Manufacturers | 2.0% |
| Airlines | 1.7% |
| Electric | 1.7% |
| Other sectors | 13.7% |
| Other assets less liabilities | 0.2% |
| Total | 100.0% |

---

## Availability of Additional Information
If you wish to find additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please refer to the website address and contact information included at the beginning of this shareholder report.

![Image](tm261905d1_ncsrimg028.jpg)

# Baillie Gifford Emerging Markets ex China Fund

# Class K \| BGEZX
ANNUAL SHAREHOLDER REPORT \| December 31, 2025

The annual shareholder report contains important information about Baillie Gifford Emerging Markets ex China Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.bailliegifford.com/emerging-markets-ex-china-fund/TSR. You can also request this information by contacting us at +1-844-394-6127 or via email at northamericanvehiclesteam@bailliegifford.com.&nbsp;&nbsp;&nbsp;&nbsp;

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class K | $106 | 0.87% |

---

## Management's Discussion of Fund Performance
The Fund delivered strong absolute returns over the year and outperformed the MSCI Emerging Markets ex China Index, supported by improving emerging market fundamentals and a broadening of growth drivers beyond a narrow set of index heavyweights. Performance was led by strength across selective exposure to companies benefiting from the continued evolution of the artificial intelligence ("AI") investment cycle and a recovery in commodities. The Fund's underweight exposure to India was beneficial amid weaker index performance following several years of strong returns.

### TOP PERFORMANCE CONTRIBUTORS
Samsung Electronics, a leading global technology company specializing in consumer electronics and semiconductors, was a top contributor to performance. The company is now forecasted to grow its operating profits by over 150% in 2025. Samsung is seeing strong demand across the board, has the capacity to negotiate with customers and is prioritizing its customer and application mix to maximize profits. It is projected to regain the number one position in global DRAM (dynamic random access memory) market driven by soaring demand for high-performance AI memory and a sharp rise in conventional DRAM prices. Given disciplined capital expenditure throughout the industry, Samsung anticipates that memory shortages will persist well into 2027.

Alongside Samsung, SK Hynix, a major player in the semiconductor industry known for its memory chips, continued its strong performance as the clear winner to-date in high bandwidth memory, reporting a 62% year-on-year growth in profits in the third quarter and announcing that all of its DRAM, NAND and high bandwidth memory capacity, which is critical for AI computing workloads, is fully booked for 2026.

### TOP PERFORMANCE DETRACTORS
Globant, a software development and AI services company, detracted as management cut near-term growth guidance and earnings disappointed, reflecting softer discretionary spending among a few large US clients. However, performance in Europe and newer markets remains strong, and we continue to view Globant as a differentiated, long-term way to access the AI services opportunity, supported by healthy pipeline growth and the rollout of its higher-visibility AI Pods model.

In a similar vein, Tata Consultancy Services (TCS), a leading global IT services and consulting company also detracted amid a cautious spending environment, with clients delaying or scaling back discretionary IT. This uncertainty has weighed on sentiment across the IT services sector, despite TCS's resilient execution, deep client relationships and capacity to adapt as AI increasingly reshapes enterprise technology spending.

## Fund Performance
The following graph and table compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). It assumes a

$10,000,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

### GROWTH OF $10,000,000
![Growth of 10K Chart](tm261905d1_ncsrimg011.jpg)

---

| | | |
|:---|:---|:---|
| | **Class K 14,132,040** | **MSCI Emerging Markets ex China Index 13,855,639** |
| **12/28/21** | 10000000 | 10000000 |
| **12/31/21** | 10020000 | 10008000 |
| **12/31/22** | 7508092 | 8127497 |
| **12/31/23** | 9299948 | 9803387 |
| **12/31/24** | 9864750 | 10215009 |
| **12/31/25** | 14132040 | 13855639 |

---

---

| | | |
|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | Since Inception 12/28/21 |
| Class K | 43.26% | 9.01% |
| MSCI Emerging Markets ex China Index | 35.64% | 8.47% |

---

**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.

For updated Fund performance information, please visit: https://www.bailliegifford.com/pages/funds/baillie-gifford-emerging-markets-ex-china-fund/?tab=performance.

## Key Fund Statistics as of December 31, 2025
The following table outlines key Fund statistics that you should pay attention to:

* Fund net assets$1,413,579

* Total number of portfolio holdings73

* Total advisory fees paid, net of waiver$0

* Portfolio turnover rate20%

## Tabular Representation of Holdings as of December 31, 2025
The following table shows the industry sector allocation of the Fund.

---

| | |
|:---|:---|
| Sectors | % of Net Assets |
| Semiconductors | 34.3% |
| Internet | 11.8% |
| Banks | 11.5% |
| Mining | 6.5% |
| Oil & Gas | 5.2% |
| Diversified Financial Services | 3.2% |
| Telecommunications | 2.7% |
| Retail | 2.7% |
| Electric | 2.0% |
| Auto Manufacturers | 1.8% |
| Miscellaneous Manufacturing | 1.7% |
| Computers | 1.7% |
| Airlines | 1.7% |
| Other sectors | 11.6% |
| Other assets less liabilities | 1.6% |
| Total | 100.0% |

---

## Availability of Additional Information
If you wish to find additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please refer to the website address and contact information included at the beginning of this shareholder report.

![Image](tm261905d1_ncsrimg028.jpg)

# Baillie Gifford Emerging Markets ex China Fund

# Institutional Class \| BGEWX
ANNUAL SHAREHOLDER REPORT \| December 31, 2025

The annual shareholder report contains important information about Baillie Gifford Emerging Markets ex China Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.bailliegifford.com/emerging-markets-ex-china-fund/TSR. You can also request this information by contacting us at +1-844-394-6127 or via email at northamericanvehiclesteam@bailliegifford.com.&nbsp;&nbsp;&nbsp;&nbsp;

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Class | $106 | 0.87% |

---

## Management's Discussion of Fund Performance
The Fund delivered strong absolute returns over the year and outperformed the MSCI Emerging Markets ex China Index, supported by improving emerging market fundamentals and a broadening of growth drivers beyond a narrow set of index heavyweights. Performance was led by strength across selective exposure to companies benefiting from the continued evolution of the artificial intelligence ("AI") investment cycle and a recovery in commodities. The Fund's underweight exposure to India was beneficial amid weaker index performance following several years of strong returns.

### TOP PERFORMANCE CONTRIBUTORS
Samsung Electronics, a leading global technology company specializing in consumer electronics and semiconductors, was a top contributor to performance. The company is now forecasted to grow its operating profits by over 150% in 2025. Samsung is seeing strong demand across the board, has the capacity to negotiate with customers and is prioritizing its customer and application mix to maximize profits. It is projected to regain the number one position in global DRAM (dynamic random access memory) market driven by soaring demand for high-performance AI memory and a sharp rise in conventional DRAM prices. Given disciplined capital expenditure throughout the industry, Samsung anticipates that memory shortages will persist well into 2027.

Alongside Samsung, SK Hynix, a major player in the semiconductor industry known for its memory chips, continued its strong performance as the clear winner to-date in high bandwidth memory, reporting a 62% year-on-year growth in profits in the third quarter and announcing that all of its DRAM, NAND and high bandwidth memory capacity, which is critical for AI computing workloads, is fully booked for 2026.

### TOP PERFORMANCE DETRACTORS
Globant, a software development and AI services company, detracted as management cut near-term growth guidance and earnings disappointed, reflecting softer discretionary spending among a few large US clients. However, performance in Europe and newer markets remains strong, and we continue to view Globant as a differentiated, long-term way to access the AI services opportunity, supported by healthy pipeline growth and the rollout of its higher-visibility AI Pods model.

In a similar vein, Tata Consultancy Services (TCS), a leading global IT services and consulting company also detracted amid a cautious spending environment, with clients delaying or scaling back discretionary IT. This uncertainty has weighed on sentiment across the IT services sector, despite TCS's resilient execution, deep client relationships and capacity to adapt as AI increasingly reshapes enterprise technology spending.

## Fund Performance
The following graph and table compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). It assumes a

$10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

### GROWTH OF $10,000
![Growth of 10K Chart](tm261905d1_ncsrimg018.jpg)

---

| | | |
|:---|:---|:---|
| | **Institutional Class 14,132** | **MSCI Emerging Markets ex China Index 13,856** |
| **12/28/21** | 10000 | 10000 |
| **12/31/21** | 10020 | 10008 |
| **12/31/22** | 7508 | 8128 |
| **12/31/23** | 9300 | 9803 |
| **12/31/24** | 9865 | 10215 |
| **12/31/25** | 14132 | 13856 |

---

---

| | | |
|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | Since Inception 12/28/21 |
| Institutional Class | 43.26% | 9.01% |
| MSCI Emerging Markets ex China Index | 35.64% | 8.47% |

---

**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.

For updated Fund performance information, please visit: https://www.bailliegifford.com/pages/funds/baillie-gifford-emerging-markets-ex-china-fund/?tab=performance.

## Key Fund Statistics as of December 31, 2025
The following table outlines key Fund statistics that you should pay attention to:

* Fund net assets$1,413,579

* Total number of portfolio holdings73

* Total advisory fees paid, net of waiver$0

* Portfolio turnover rate20%

## Tabular Representation of Holdings as of December 31, 2025
The following table shows the industry sector allocation of the Fund.

---

| | |
|:---|:---|
| Sectors | % of Net Assets |
| Semiconductors | 34.3% |
| Internet | 11.8% |
| Banks | 11.5% |
| Mining | 6.5% |
| Oil & Gas | 5.2% |
| Diversified Financial Services | 3.2% |
| Telecommunications | 2.7% |
| Retail | 2.7% |
| Electric | 2.0% |
| Auto Manufacturers | 1.8% |
| Miscellaneous Manufacturing | 1.7% |
| Computers | 1.7% |
| Airlines | 1.7% |
| Other sectors | 11.6% |
| Other assets less liabilities | 1.6% |
| Total | 100.0% |

---

## Availability of Additional Information
If you wish to find additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please refer to the website address and contact information included at the beginning of this shareholder report.

![Image](tm261905d1_ncsrimg028.jpg)

# Baillie Gifford Global Alpha Equities Fund

# Class 2 \| BGATX
ANNUAL SHAREHOLDER REPORT \| December 31, 2025

The annual shareholder report contains important information about Baillie Gifford Global Alpha Equities Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.bailliegifford.com/global-alpha-equities-fund/TSR-2-5. You can also request this information by contacting us at +1-844-394-6127 or via email at northamericanvehiclesteam@bailliegifford.com.&nbsp;&nbsp;&nbsp;&nbsp;

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class 2 | $72 | 0.66% |

---

## Management's Discussion of Fund Performance
SUMMARY OF RESULTS

In 2025, the Baillie Gifford Global Alpha Equities Fund delivered strong absolute performance but trailed its benchmark, the MSCI ACWI Index. The Fund's returns were driven by its underlying holdings delivering on their potential, resulting in strong profit growth that exceeded that of the benchmark. However, the index benefited from rising valuations that drove its relative outperformance.

### TOP PERFORMANCE CONTRIBUTORS
AppLovin, the in-game advertising company, saw its stock price double in 2025 due to outstanding revenue and profit growth that exceeded market expectations. With its expansion into e-commerce products still in its nascent stage and its targeting algorithm improving, it has demonstrated significant potential.

The European technology holding company Prosus saw its stock price rise 57% in 2025, due to strong results from Tencent, its largest holding. We believe these strong results can continue as Tencent leverages its artificial intelligence (AI) expertise more effectively to boost revenues and efficiency across its social media, finance, and gaming platforms.

### TOP PERFORMANCE DETRACTORS
Advertising platform The Trade Desk was the largest detractor to performance in 2025, due to increasing competition from Amazon and its international customers cutting their advertising spend. However, The Trade Desk's new AI-led Kokai platform is showing successful uptake, and its core connected TV business is growing well. We have remained patient as the company works to reaccelerate growth.

Novo Nordisk, the Danish pharmaceutical giant, was another detractor in 2025 as its stock price fell almost 40%. Novo Nordisk has experienced trial disappointments and ceded market share to both Eli Lilly and the compounders who manufacture generic versions of its obesity drug. Execution has been challenging, but we believe the current market valuation appears to reflect a high degree of scepticism relative to the long-term opportunity.

## Fund Performance
The following graph and table compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). It assumes a

$25,000,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

### GROWTH OF $25,000,000
![Growth of 10K Chart](tm261905d1_ncsrimg040.jpg)

---

| | | |
|:---|:---|:---|
| | **Class 2 68,736,304** | **MSCI ACWI Index 79,602,159** |
| **12/31/15** | 25000000 | 25000000 |
| **12/31/16** | 26238052 | 27120000 |
| **12/31/17** | 35306134 | 33796944 |
| **12/31/18** | 31974913 | 30778877 |
| **12/31/19** | 42385609 | 39181510 |
| **12/31/20** | 57790971 | 45771840 |
| **12/31/21** | 62194096 | 54486799 |
| **12/31/22** | 44110280 | 44700970 |
| **12/31/23** | 52758433 | 54896041 |
| **12/31/24** | 58520374 | 64785675 |
| **12/31/25** | 68736304 | 79602159 |

---

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 years | 10 Years |
| Class 2 | 17.46% | 3.53% | 10.64% |
| MSCI ACWI Index | 22.87% | 11.70% | 12.27% |

---

Returns for Class 2 shares are based on actual performance from January 6, 2013. Prior to that date, returns are calculated based on the oldest share class of the Fund and were adjusted to reflect the differences in class expense due to the fees being higher.

**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.

## Key Fund Statistics as of December 31, 2025
The following table outlines key Fund statistics that you should pay attention to:

* Fund net assets$464,465,144

* Total number of portfolio holdings89

* Total advisory fees paid$2,460,249

* Portfolio turnover rate30%

## Tabular Representation of Holdings as of December 31, 2025
The following table shows the industry sector allocation of the Fund.

---

| | |
|:---|:---|
| Sectors | % of Net Assets |
| Internet | 25.7% |
| Semiconductors | 14.4% |
| Software | 8.3% |
| Commercial Services | 6.9% |
| Retail | 5.0% |
| Building Materials | 4.6% |
| Healthcare - Services | 4.0% |
| Diversified Financial Services | 3.3% |
| Biotechnology | 2.4% |
| Real Estate | 2.2% |
| Aerospace/Defense | 2.0% |
| Airlines | 1.9% |
| Healthcare - Products | 1.8% |
| Other sectors | 16.0% |
| Other assets less liabilities | 1.5% |
| Total | 100.0% |

---

## Availability of Additional Information
If you wish to find additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please refer to the website address and contact information included at the beginning of this shareholder report.

![Image](tm261905d1_ncsrimg028.jpg)

# Baillie Gifford Global Alpha Equities Fund

# Class 3 \| BGAEX
ANNUAL SHAREHOLDER REPORT \| December 31, 2025

The annual shareholder report contains important information about Baillie Gifford Global Alpha Equities Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.bailliegifford.com/global-alpha-equities-fund/TSR-2-5. You can also request this information by contacting us at +1-844-394-6127 or via email at northamericanvehiclesteam@bailliegifford.com.&nbsp;&nbsp;&nbsp;&nbsp;

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class 3 | $12<sup>Footnote Reference\*</sup> | 0.59% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | &nbsp;&nbsp;&nbsp;The period from commencement to the date of this report is less than a full reporting period. Expenses paid for a full reporting period would be higher. |

---

## Management's Discussion of Fund Performance
SUMMARY OF RESULTS

In 2025, the Baillie Gifford Global Alpha Equities Fund delivered strong absolute performance but trailed its benchmark, the MSCI ACWI Index. The Fund's returns were driven by its underlying holdings delivering on their potential, resulting in strong profit growth that exceeded that of the benchmark. However, the index benefited from rising valuations that drove its relative outperformance.

### TOP PERFORMANCE CONTRIBUTORS
AppLovin, the in-game advertising company, saw its stock price double in 2025 due to outstanding revenue and profit growth that exceeded market expectations. With its expansion into e-commerce products still in its nascent stage and its targeting algorithm improving, it has demonstrated significant potential.

The European technology holding company Prosus saw its stock price rise 57% in 2025, due to strong results from Tencent, its largest holding. We believe these strong results can continue as Tencent leverages its artificial intelligence (AI) expertise more effectively to boost revenues and efficiency across its social media, finance, and gaming platforms.

### TOP PERFORMANCE DETRACTORS
Advertising platform The Trade Desk was the largest detractor to performance in 2025, due to increasing competition from Amazon and its international customers cutting their advertising spend. However, The Trade Desk's new AI-led Kokai platform is showing successful uptake, and its core connected TV business is growing well. We have remained patient as the company works to reaccelerate growth.

Novo Nordisk, the Danish pharmaceutical giant, was another detractor in 2025 as its stock price fell almost 40%. Novo Nordisk has experienced trial disappointments and ceded market share to both Eli Lilly and the compounders who manufacture generic versions of its obesity drug. Execution has been challenging, but we believe the current market valuation appears to reflect a high degree of scepticism relative to the long-term opportunity.

## Fund Performance
The following graph and table compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). It assumes a

$100,000,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

### GROWTH OF $100,000,000
![Growth of 10K Chart](tm261905d1_ncsrimg016.jpg)

---

| | | |
|:---|:---|:---|
| | **Class 3 274,986,357** | **MSCI ACWI Index 318,408,638** |
| **12/31/15** | 100000000 | 100000000 |
| **12/31/16** | 104952206 | 108480000 |
| **12/31/17** | 141224535 | 135187776 |
| **12/31/18** | 127899653 | 123115508 |
| **12/31/19** | 169542434 | 156726041 |
| **12/31/20** | 231163884 | 183087361 |
| **12/31/21** | 248776385 | 217947195 |
| **12/31/22** | 176441120 | 178803879 |
| **12/31/23** | 211033734 | 219584166 |
| **12/31/24** | 234081497 | 259142702 |
| **12/31/25** | 274986357 | 318408638 |

---

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 years | 10 Years |
| Class 3 | 17.47% | 3.53% | 10.65% |
| MSCI ACWI Index | 22.87% | 11.70% | 12.27% |

---

Returns for Class 3 shares are based on actual performance from October 21, 2025. Prior to that date, returns are calculated based on the oldest share class of the Fund and were adjusted to reflect the differences in class expense due to the fees being higher.

**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.

## Key Fund Statistics as of December 31, 2025
The following table outlines key Fund statistics that you should pay attention to:

* Fund net assets$464,465,144

* Total number of portfolio holdings89

* Total advisory fees paid$2,460,249

* Portfolio turnover rate30%

## Tabular Representation of Holdings as of December 31, 2025
The following table shows the industry sector allocation of the Fund.

---

| | |
|:---|:---|
| Sectors | % of Net Assets |
| Internet | 25.7% |
| Semiconductors | 14.4% |
| Software | 8.3% |
| Commercial Services | 6.9% |
| Retail | 5.0% |
| Building Materials | 4.6% |
| Healthcare - Services | 4.0% |
| Diversified Financial Services | 3.3% |
| Biotechnology | 2.4% |
| Real Estate | 2.2% |
| Aerospace/Defense | 2.0% |
| Airlines | 1.9% |
| Healthcare - Products | 1.8% |
| Other sectors | 16.0% |
| Other assets less liabilities | 1.5% |
| Total | 100.0% |

---

## Availability of Additional Information
If you wish to find additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please refer to the website address and contact information included at the beginning of this shareholder report.

![Image](tm261905d1_ncsrimg028.jpg)

# Baillie Gifford Global Alpha Equities Fund

# Class K \| BGAKX
ANNUAL SHAREHOLDER REPORT \| December 31, 2025

The annual shareholder report contains important information about Baillie Gifford Global Alpha Equities Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.bailliegifford.com/global-alpha-equities-fund/TSR-I-K. You can also request this information by contacting us at +1-844-394-6127 or via email at northamericanvehiclesteam@bailliegifford.com.&nbsp;&nbsp;&nbsp;&nbsp;

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class K | $71 | 0.65% |

---

## Management's Discussion of Fund Performance
SUMMARY OF RESULTS

In 2025, the Baillie Gifford Global Alpha Equities Fund delivered strong absolute performance but trailed its benchmark, the MSCI ACWI Index. The Fund's returns were driven by its underlying holdings delivering on their potential, resulting in strong profit growth that exceeded that of the benchmark. However, the index benefited from rising valuations that drove its relative outperformance.

### TOP PERFORMANCE CONTRIBUTORS
AppLovin, the in-game advertising company, saw its stock price double in 2025 due to outstanding revenue and profit growth that exceeded market expectations. With its expansion into e-commerce products still in its nascent stage and its targeting algorithm improving, it has demonstrated significant potential.

The European technology holding company Prosus saw its stock price rise 57% in 2025, due to strong results from Tencent, its largest holding. We believe these strong results can continue as Tencent leverages its artificial intelligence (AI) expertise more effectively to boost revenues and efficiency across its social media, finance, and gaming platforms.

### TOP PERFORMANCE DETRACTORS
Advertising platform The Trade Desk was the largest detractor to performance in 2025, due to increasing competition from Amazon and its international customers cutting their advertising spend. However, The Trade Desk's new AI-led Kokai platform is showing successful uptake, and its core connected TV business is growing well. We have remained patient as the company works to reaccelerate growth.

Novo Nordisk, the Danish pharmaceutical giant, was another detractor in 2025 as its stock price fell almost 40%. Novo Nordisk has experienced trial disappointments and ceded market share to both Eli Lilly and the compounders who manufacture generic versions of its obesity drug. Execution has been challenging, but we believe the current market valuation appears to reflect a high degree of scepticism relative to the long-term opportunity.

## Fund Performance
The following graph and table compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). It assumes a

$10,000,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

### GROWTH OF $10,000,000
![Growth of 10K Chart](tm261905d1_ncsrimg004.jpg)

---

| | | |
|:---|:---|:---|
| | **Class K 27,498,258** | **MSCI ACWI Index 31,840,864** |
| **12/31/15** | 10000000 | 10000000 |
| **12/31/16** | 10494866 | 10848000 |
| **12/31/17** | 14118192 | 13518778 |
| **12/31/18** | 12794035 | 12311551 |
| **12/31/19** | 16949847 | 15672604 |
| **12/31/20** | 23121924 | 18308736 |
| **12/31/21** | 24875853 | 21794719 |
| **12/31/22** | 17642158 | 17880388 |
| **12/31/23** | 21108420 | 21958417 |
| **12/31/24** | 23402883 | 25914270 |
| **12/31/25** | 27498258 | 31840864 |

---

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 years | 10 Years |
| Class K | 17.50% | 3.53% | 10.64% |
| MSCI ACWI Index | 22.87% | 11.70% | 12.27% |

---

Returns for Class K 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 and were adjusted to reflect the differences in class expense due to the fees being higher.

**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.

For updated Fund performance information, please visit: https://www.bailliegifford.com/pages/funds/baillie-gifford-global-alpha-equities-fund/?tab=performance.

## Key Fund Statistics as of December 31, 2025
The following table outlines key Fund statistics that you should pay attention to:

* Fund net assets$464,465,144

* Total number of portfolio holdings89

* Total advisory fees paid$2,460,249

* Portfolio turnover rate30%

## Tabular Representation of Holdings as of December 31, 2025
The following table shows the industry sector allocation of the Fund.

---

| | |
|:---|:---|
| Sectors | % of Net Assets |
| Internet | 25.7% |
| Semiconductors | 14.4% |
| Software | 8.3% |
| Commercial Services | 6.9% |
| Retail | 5.0% |
| Building Materials | 4.6% |
| Healthcare - Services | 4.0% |
| Diversified Financial Services | 3.3% |
| Biotechnology | 2.4% |
| Real Estate | 2.2% |
| Aerospace/Defense | 2.0% |
| Airlines | 1.9% |
| Healthcare - Products | 1.8% |
| Other sectors | 16.0% |
| Other assets less liabilities | 1.5% |
| Total | 100.0% |

---

## Availability of Additional Information
If you wish to find additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please refer to the website address and contact information included at the beginning of this shareholder report.

![Image](tm261905d1_ncsrimg028.jpg)

# Baillie Gifford Global Alpha Equities Fund

# Institutional Class \| BGASX
ANNUAL SHAREHOLDER REPORT \| December 31, 2025

The annual shareholder report contains important information about Baillie Gifford Global Alpha Equities Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.bailliegifford.com/global-alpha-equities-fund/TSR-I-K. You can also request this information by contacting us at +1-844-394-6127 or via email at northamericanvehiclesteam@bailliegifford.com.&nbsp;&nbsp;&nbsp;&nbsp;

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Class | $80 | 0.74% |

---

## Management's Discussion of Fund Performance
SUMMARY OF RESULTS

In 2025, the Baillie Gifford Global Alpha Equities Fund delivered strong absolute performance but trailed its benchmark, the MSCI ACWI Index. The Fund's returns were driven by its underlying holdings delivering on their potential, resulting in strong profit growth that exceeded that of the benchmark. However, the index benefited from rising valuations that drove its relative outperformance.

### TOP PERFORMANCE CONTRIBUTORS
AppLovin, the in-game advertising company, saw its stock price double in 2025 due to outstanding revenue and profit growth that exceeded market expectations. With its expansion into e-commerce products still in its nascent stage and its targeting algorithm improving, it has demonstrated significant potential.

The European technology holding company Prosus saw its stock price rise 57% in 2025, due to strong results from Tencent, its largest holding. We believe these strong results can continue as Tencent leverages its artificial intelligence (AI) expertise more effectively to boost revenues and efficiency across its social media, finance, and gaming platforms.

### TOP PERFORMANCE DETRACTORS
Advertising platform The Trade Desk was the largest detractor to performance in 2025, due to increasing competition from Amazon and its international customers cutting their advertising spend. However, The Trade Desk's new AI-led Kokai platform is showing successful uptake, and its core connected TV business is growing well. We have remained patient as the company works to reaccelerate growth.

Novo Nordisk, the Danish pharmaceutical giant, was another detractor in 2025 as its stock price fell almost 40%. Novo Nordisk has experienced trial disappointments and ceded market share to both Eli Lilly and the compounders who manufacture generic versions of its obesity drug. Execution has been challenging, but we believe the current market valuation appears to reflect a high degree of scepticism relative to the long-term opportunity.

## Fund Performance
The following graph and table compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). It assumes a

$10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

### GROWTH OF $10,000
![Growth of 10K Chart](tm261905d1_ncsrimg032.jpg)

---

| | | |
|:---|:---|:---|
| | **Institutional Class 27,291** | **MSCI ACWI Index 31,841** |
| **12/31/15** | 10000 | 10000 |
| **12/31/16** | 10479 | 10848 |
| **12/31/17** | 14098 | 13519 |
| **12/31/18** | 12770 | 12312 |
| **12/31/19** | 16928 | 15673 |
| **12/31/20** | 23070 | 18309 |
| **12/31/21** | 24796 | 21795 |
| **12/31/22** | 17571 | 17880 |
| **12/31/23** | 20997 | 21958 |
| **12/31/24** | 23271 | 25914 |
| **12/31/25** | 27291 | 31841 |

---

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 years | 10 Years |
| Institutional Class | 17.27% | 3.42% | 10.56% |
| MSCI ACWI Index | 22.87% | 11.70% | 12.27% |

---

Returns for the 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 and were adjusted to reflect the differences in class expense due to the fees being higher.

**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.

For updated Fund performance information, please visit: https://www.bailliegifford.com/pages/funds/baillie-gifford-global-alpha-equities-fund/?tab=performance.

## Key Fund Statistics as of December 31, 2025
The following table outlines key Fund statistics that you should pay attention to:

* Fund net assets$464,465,144

* Total number of portfolio holdings89

* Total advisory fees paid$2,460,249

* Portfolio turnover rate30%

## Tabular Representation of Holdings as of December 31, 2025
The following table shows the industry sector allocation of the Fund.

---

| | |
|:---|:---|
| Sectors | % of Net Assets |
| Internet | 25.7% |
| Semiconductors | 14.4% |
| Software | 8.3% |
| Commercial Services | 6.9% |
| Retail | 5.0% |
| Building Materials | 4.6% |
| Healthcare - Services | 4.0% |
| Diversified Financial Services | 3.3% |
| Biotechnology | 2.4% |
| Real Estate | 2.2% |
| Aerospace/Defense | 2.0% |
| Airlines | 1.9% |
| Healthcare - Products | 1.8% |
| Other sectors | 16.0% |
| Other assets less liabilities | 1.5% |
| Total | 100.0% |

---

## Availability of Additional Information
If you wish to find additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please refer to the website address and contact information included at the beginning of this shareholder report.

![Image](tm261905d1_ncsrimg028.jpg)

# Baillie Gifford International Alpha Fund

# Class 2 \| BGITX
ANNUAL SHAREHOLDER REPORT \| December 31, 2025

The annual shareholder report contains important information about Baillie Gifford International Alpha Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.bailliegifford.com/international-alpha-fund/TSR-2-5. You can also request this information by contacting us at +1-844-394-6127 or via email at northamericanvehiclesteam@bailliegifford.com.&nbsp;&nbsp;&nbsp;&nbsp;

**This report describes changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class 2 | $65 | 0.59% |

---

## Management's Discussion of Fund Performance
SUMMARY OF RESULTS

In 2025, international equities delivered very strong returns and outperformed U.S. markets, supported by relatively more accommodative macroeconomic conditions and a weaker U.S. dollar.

During the year, a small number of themes drove investment sentiment, with excitement surrounding artificial intelligence (AI) boosting a number of technology-focused companies. There was also a strong value tilt to the names that were rewarded during the year, whilst growth and quality companies were less in favour.

Against this backdrop, the Baillie Gifford International Alpha Fund achieved positive returns, however, it lagged the MSCI ACWI ex USA Index.

### TOP PERFORMANCE CONTRIBUTORS
Samsung Electronics, a leading global technology company, passed qualification with Nvidia for its high bandwidth memory chips and benefited from a broader memory upcycle, with DRAM (dynamic random access memory) and NAND prices rising strongly. With a strong balance sheet and exposure across the semiconductor value chain, Samsung demonstrated during the period that it is well-positioned to benefit from structurally rising AI-driven demand.

Ryanair, Europe's top low-cost airline, performed well after reporting strong profits during the year, helped by a recovery in ticket pricing, and the announcement of a €750 million share buyback also boosted sentiment, reminding investors of its shareholder-focused capital allocation and the strength of its balance sheet.

### TOP PERFORMANCE DETRACTORS
IMCD, a global distributor of specialty chemicals, was negatively impacted in 2025 by macroeconomic uncertainty affecting demand, especially in industrial markets. Increased competition from Chinese suppliers, currency headwinds, and higher financing costs pressured margins and earnings.

Similarly, Edenred, a leading provider of employment benefits, underperformed during the year as regulatory changes in Brazil's meal and food voucher system created uncertainty in a key market segment. Management lowered its 2026 profit forecast to compensate for a reduction in its take rate (the proportion of transaction value retained by the company) and a rise in competitive pressures as a result of a new requirement for restaurants to offer interoperability between providers. Competitive pressures in the broader voucher and benefits market, along with ongoing macro volatility, contributed to a cautious investor outlook.

## Fund Performance
The following graph and table compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). It assumes a

$25,000,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

### GROWTH OF $25,000,000
![Growth of 10K Chart](tm261905d1_ncsrimg035.jpg)

---

| | | |
|:---|:---|:---|
| | **Class 2 52,328,146** | **MSCI ACWI ex USA Index 58,896,676** |
| **12/31/15** | 25000000 | 25000000 |
| **12/31/16** | 26309370 | 26252500 |
| **12/31/17** | 35506926 | 33542819 |
| **12/31/18** | 29624005 | 28920619 |
| **12/31/19** | 39145302 | 35320752 |
| **12/31/20** | 49529969 | 39251951 |
| **12/31/21** | 49174133 | 42505938 |
| **12/31/22** | 35090262 | 35887764 |
| **12/31/23** | 41657278 | 41705170 |
| **12/31/24** | 43759109 | 44246247 |
| **12/31/25** | 52328146 | 58896676 |

---

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 years | 10 Years |
| Class 2 | 19.58% | 1.11% | 7.67% |
| MSCI ACWI ex USA Index | 33.11% | 8.45% | 8.94% |

---

**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.

## Key Fund Statistics as of December 31, 2025
The following table outlines key Fund statistics that you should pay attention to:

* Fund net assets$2,007,293,889

* Total number of portfolio holdings82

* Total advisory fees paid$7,491,982

* Portfolio turnover rate19%

## Tabular Representation of Holdings as of December 31, 2025
The following table shows the industry sector allocation of the Fund.

---

| | |
|:---|:---|
| Sectors | % of Net Assets |
| Internet | 16.5% |
| Semiconductors | 14.5% |
| Commercial Services | 6.2% |
| Insurance | 5.9% |
| Banks | 5.4% |
| Software | 4.9% |
| Home Furnishings | 4.3% |
| Pharmaceuticals | 4.3% |
| Building Materials | 4.3% |
| Machinery - Diversified | 4.0% |
| Airlines | 3.4% |
| Food | 3.4% |
| Diversified Financial Services | 3.1% |
| Other sectors | 18.9% |
| Other assets less liabilities | 0.9% |
| Total | 100.0% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 30, 2026 at www.bailliegifford.com/international-alpha-fund/TSR-2-5 or upon request by contacting us at +1-844-394-6127 or via email at northamericanvehiclesteam@bailliegifford.com.

A disclosure that the Fund expects to have considerable exposure to Chinese companies was added to the prospectus. As of December 31, 2025, the Fund's exposure to Chinese companies was 10% of its net asset value.

## Availability of Additional Information
If you wish to find additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please refer to the website address and contact information included at the beginning of this shareholder report.

![Image](tm261905d1_ncsrimg028.jpg)

# Baillie Gifford International Alpha Fund

# Class 3 \| BGIFX
ANNUAL SHAREHOLDER REPORT \| December 31, 2025

The annual shareholder report contains important information about Baillie Gifford International Alpha Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.bailliegifford.com/international-alpha-fund/TSR-2-5. You can also request this information by contacting us at +1-844-394-6127 or via email at northamericanvehiclesteam@bailliegifford.com.&nbsp;&nbsp;&nbsp;&nbsp;

**This report describes changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class 3 | $57 | 0.52% |

---

## Management's Discussion of Fund Performance
SUMMARY OF RESULTS

In 2025, international equities delivered very strong returns and outperformed U.S. markets, supported by relatively more accommodative macroeconomic conditions and a weaker U.S. dollar.

During the year, a small number of themes drove investment sentiment, with excitement surrounding artificial intelligence (AI) boosting a number of technology-focused companies. There was also a strong value tilt to the names that were rewarded during the year, whilst growth and quality companies were less in favour.

Against this backdrop, the Baillie Gifford International Alpha Fund achieved positive returns, however, it lagged the MSCI ACWI ex USA Index.

### TOP PERFORMANCE CONTRIBUTORS
Samsung Electronics, a leading global technology company, passed qualification with Nvidia for its high bandwidth memory chips and benefited from a broader memory upcycle, with DRAM (dynamic random access memory) and NAND prices rising strongly. With a strong balance sheet and exposure across the semiconductor value chain, Samsung demonstrated during the period that it is well-positioned to benefit from structurally rising AI-driven demand.

Ryanair, Europe's top low-cost airline, performed well after reporting strong profits during the year, helped by a recovery in ticket pricing, and the announcement of a €750 million share buyback also boosted sentiment, reminding investors of its shareholder-focused capital allocation and the strength of its balance sheet.

### TOP PERFORMANCE DETRACTORS
IMCD, a global distributor of specialty chemicals, was negatively impacted in 2025 by macroeconomic uncertainty affecting demand, especially in industrial markets. Increased competition from Chinese suppliers, currency headwinds, and higher financing costs pressured margins and earnings.

Similarly, Edenred, a leading provider of employment benefits, underperformed during the year as regulatory changes in Brazil's meal and food voucher system created uncertainty in a key market segment. Management lowered its 2026 profit forecast to compensate for a reduction in its take rate (the proportion of transaction value retained by the company) and a rise in competitive pressures as a result of a new requirement for restaurants to offer interoperability between providers. Competitive pressures in the broader voucher and benefits market, along with ongoing macro volatility, contributed to a cautious investor outlook.

## Fund Performance
The following graph and table compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). It assumes a

$100,000,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

### GROWTH OF $100,000,000
![Growth of 10K Chart](tm261905d1_ncsrimg019.jpg)

---

| | | |
|:---|:---|:---|
| | **Class 3 210,781,510** | **MSCI ACWI ex USA Index 235,586,704** |
| **12/31/15** | 100000000 | 100000000 |
| **12/31/16** | 105310716 | 105010000 |
| **12/31/17** | 142226488 | 134171277 |
| **12/31/18** | 118744241 | 115682475 |
| **12/31/19** | 157019072 | 141283007 |
| **12/31/20** | 198813489 | 157007805 |
| **12/31/21** | 197524028 | 170023752 |
| **12/31/22** | 141050609 | 143551054 |
| **12/31/23** | 167564506 | 166820680 |
| **12/31/24** | 176141401 | 176984989 |
| **12/31/25** | 210781510 | 235586704 |

---

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 years | 10 Years |
| Class 3 | 19.67% | 1.18% | 7.74% |
| MSCI ACWI ex USA Index | 33.11% | 8.45% | 8.94% |

---

Returns for Class 3 shares are based on actual performance from September 1, 2010. Prior to that date, returns are calculated based on the oldest share class of the Fund and were not adjusted to reflect the differences in class expense due to the fees being lower.

**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.

## Key Fund Statistics as of December 31, 2025
The following table outlines key Fund statistics that you should pay attention to:

* Fund net assets$2,007,293,889

* Total number of portfolio holdings82

* Total advisory fees paid$7,491,982

* Portfolio turnover rate19%

## Tabular Representation of Holdings as of December 31, 2025
The following table shows the industry sector allocation of the Fund.

---

| | |
|:---|:---|
| Sectors | % of Net Assets |
| Internet | 16.5% |
| Semiconductors | 14.5% |
| Commercial Services | 6.2% |
| Insurance | 5.9% |
| Banks | 5.4% |
| Software | 4.9% |
| Home Furnishings | 4.3% |
| Pharmaceuticals | 4.3% |
| Building Materials | 4.3% |
| Machinery - Diversified | 4.0% |
| Airlines | 3.4% |
| Food | 3.4% |
| Diversified Financial Services | 3.1% |
| Other sectors | 18.9% |
| Other assets less liabilities | 0.9% |
| Total | 100.0% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 30, 2026 at www.bailliegifford.com/international-alpha-fund/TSR-2-5 or upon request by contacting us at +1-844-394-6127 or via email at northamericanvehiclesteam@bailliegifford.com.

A disclosure that the Fund expects to have considerable exposure to Chinese companies was added to the prospectus. As of December 31, 2025, the Fund's exposure to Chinese companies was 10% of its net asset value.

## Availability of Additional Information
If you wish to find additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please refer to the website address and contact information included at the beginning of this shareholder report.

![Image](tm261905d1_ncsrimg028.jpg)

# Baillie Gifford International Alpha Fund

# Class 4 \| BGIUX
ANNUAL SHAREHOLDER REPORT \| December 31, 2025

The annual shareholder report contains important information about Baillie Gifford International Alpha Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.bailliegifford.com/international-alpha-fund/TSR-2-5. You can also request this information by contacting us at +1-844-394-6127 or via email at northamericanvehiclesteam@bailliegifford.com.&nbsp;&nbsp;&nbsp;&nbsp;

**This report describes changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class 4 | $54 | 0.49% |

---

## Management's Discussion of Fund Performance
SUMMARY OF RESULTS

In 2025, international equities delivered very strong returns and outperformed U.S. markets, supported by relatively more accommodative macroeconomic conditions and a weaker U.S. dollar.

During the year, a small number of themes drove investment sentiment, with excitement surrounding artificial intelligence (AI) boosting a number of technology-focused companies. There was also a strong value tilt to the names that were rewarded during the year, whilst growth and quality companies were less in favour.

Against this backdrop, the Baillie Gifford International Alpha Fund achieved positive returns, however, it lagged the MSCI ACWI ex USA Index.

### TOP PERFORMANCE CONTRIBUTORS
Samsung Electronics, a leading global technology company, passed qualification with Nvidia for its high bandwidth memory chips and benefited from a broader memory upcycle, with DRAM (dynamic random access memory) and NAND prices rising strongly. With a strong balance sheet and exposure across the semiconductor value chain, Samsung demonstrated during the period that it is well-positioned to benefit from structurally rising AI-driven demand.

Ryanair, Europe's top low-cost airline, performed well after reporting strong profits during the year, helped by a recovery in ticket pricing, and the announcement of a €750 million share buyback also boosted sentiment, reminding investors of its shareholder-focused capital allocation and the strength of its balance sheet.

### TOP PERFORMANCE DETRACTORS
IMCD, a global distributor of specialty chemicals, was negatively impacted in 2025 by macroeconomic uncertainty affecting demand, especially in industrial markets. Increased competition from Chinese suppliers, currency headwinds, and higher financing costs pressured margins and earnings.

Similarly, Edenred, a leading provider of employment benefits, underperformed during the year as regulatory changes in Brazil's meal and food voucher system created uncertainty in a key market segment. Management lowered its 2026 profit forecast to compensate for a reduction in its take rate (the proportion of transaction value retained by the company) and a rise in competitive pressures as a result of a new requirement for restaurants to offer interoperability between providers. Competitive pressures in the broader voucher and benefits market, along with ongoing macro volatility, contributed to a cautious investor outlook.

## Fund Performance
The following graph and table compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). It assumes a

$200,000,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

### GROWTH OF $200,000,000
![Growth of 10K Chart](tm261905d1_ncsrimg009.jpg)

---

| | | |
|:---|:---|:---|
| | **Class 4 422,194,584** | **MSCI ACWI ex USA Index 471,173,407** |
| **12/31/15** | 200000000 | 200000000 |
| **12/31/16** | 210474958 | 210020000 |
| **12/31/17** | 284193207 | 268342554 |
| **12/31/18** | 237344831 | 231364950 |
| **12/31/19** | 313940659 | 282566014 |
| **12/31/20** | 397626541 | 314015611 |
| **12/31/21** | 395165389 | 340047505 |
| **12/31/22** | 282269414 | 287102108 |
| **12/31/23** | 335428633 | 333641360 |
| **12/31/24** | 352707702 | 353969977 |
| **12/31/25** | 422194584 | 471173407 |

---

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 years | 10 Years |
| Class 4 | 19.70% | 1.21% | 7.76% |
| MSCI ACWI ex USA Index | 33.11% | 8.45% | 8.94% |

---

Returns for Class 4 shares are based on actual performance from July 10, 2017. Prior to that date, returns are calculated based on the oldest share class of the Fund and were not adjusted to reflect the differences in class expense due to the fees being lower.

**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.

## Key Fund Statistics as of December 31, 2025
The following table outlines key Fund statistics that you should pay attention to:

* Fund net assets$2,007,293,889

* Total number of portfolio holdings82

* Total advisory fees paid$7,491,982

* Portfolio turnover rate19%

## Tabular Representation of Holdings as of December 31, 2025
The following table shows the industry sector allocation of the Fund.

---

| | |
|:---|:---|
| Sectors | % of Net Assets |
| Internet | 16.5% |
| Semiconductors | 14.5% |
| Commercial Services | 6.2% |
| Insurance | 5.9% |
| Banks | 5.4% |
| Software | 4.9% |
| Home Furnishings | 4.3% |
| Pharmaceuticals | 4.3% |
| Building Materials | 4.3% |
| Machinery - Diversified | 4.0% |
| Airlines | 3.4% |
| Food | 3.4% |
| Diversified Financial Services | 3.1% |
| Other sectors | 18.9% |
| Other assets less liabilities | 0.9% |
| Total | 100.0% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 30, 2026 at www.bailliegifford.com/international-alpha-fund/TSR-2-5 or upon request by contacting us at +1-844-394-6127 or via email at northamericanvehiclesteam@bailliegifford.com.

A disclosure that the Fund expects to have considerable exposure to Chinese companies was added to the prospectus. As of December 31, 2025, the Fund's exposure to Chinese companies was 10% of its net asset value.

## Availability of Additional Information
If you wish to find additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please refer to the website address and contact information included at the beginning of this shareholder report.

![Image](tm261905d1_ncsrimg028.jpg)

# Baillie Gifford International Alpha Fund

# Class 5 \| BGIVX
ANNUAL SHAREHOLDER REPORT \| December 31, 2025

The annual shareholder report contains important information about Baillie Gifford International Alpha Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.bailliegifford.com/international-alpha-fund/TSR-2-5. You can also request this information by contacting us at +1-844-394-6127 or via email at northamericanvehiclesteam@bailliegifford.com.&nbsp;&nbsp;&nbsp;&nbsp;

**This report describes changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class 5 | $48 | 0.44% |

---

## Management's Discussion of Fund Performance
SUMMARY OF RESULTS

In 2025, international equities delivered very strong returns and outperformed U.S. markets, supported by relatively more accommodative macroeconomic conditions and a weaker U.S. dollar.

During the year, a small number of themes drove investment sentiment, with excitement surrounding artificial intelligence (AI) boosting a number of technology-focused companies. There was also a strong value tilt to the names that were rewarded during the year, whilst growth and quality companies were less in favour.

Against this backdrop, the Baillie Gifford International Alpha Fund achieved positive returns, however, it lagged the MSCI ACWI ex USA Index.

### TOP PERFORMANCE CONTRIBUTORS
Samsung Electronics, a leading global technology company, passed qualification with Nvidia for its high bandwidth memory chips and benefited from a broader memory upcycle, with DRAM (dynamic random access memory) and NAND prices rising strongly. With a strong balance sheet and exposure across the semiconductor value chain, Samsung demonstrated during the period that it is well-positioned to benefit from structurally rising AI-driven demand.

Ryanair, Europe's top low-cost airline, performed well after reporting strong profits during the year, helped by a recovery in ticket pricing, and the announcement of a €750 million share buyback also boosted sentiment, reminding investors of its shareholder-focused capital allocation and the strength of its balance sheet.

### TOP PERFORMANCE DETRACTORS
IMCD, a global distributor of specialty chemicals, was negatively impacted in 2025 by macroeconomic uncertainty affecting demand, especially in industrial markets. Increased competition from Chinese suppliers, currency headwinds, and higher financing costs pressured margins and earnings.

Similarly, Edenred, a leading provider of employment benefits, underperformed during the year as regulatory changes in Brazil's meal and food voucher system created uncertainty in a key market segment. Management lowered its 2026 profit forecast to compensate for a reduction in its take rate (the proportion of transaction value retained by the company) and a rise in competitive pressures as a result of a new requirement for restaurants to offer interoperability between providers. Competitive pressures in the broader voucher and benefits market, along with ongoing macro volatility, contributed to a cautious investor outlook.

## Fund Performance
The following graph and table compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). It assumes a

$500,000,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

### GROWTH OF $500,000,000
![Growth of 10K Chart](tm261905d1_ncsrimg002.jpg)

---

| | | |
|:---|:---|:---|
| | **Class 5 1,062,385,144** | **MSCI ACWI ex USA Index 1,177,933,518** |
| **12/31/15** | 500000000 | 500000000 |
| **12/31/16** | 526978610 | 525050000 |
| **12/31/17** | 712273841 | 670856385 |
| **12/31/18** | 595155379 | 578412375 |
| **12/31/19** | 787617052 | 706415034 |
| **12/31/20** | 998065314 | 785039027 |
| **12/31/21** | 992384768 | 850118762 |
| **12/31/22** | 709223013 | 717755271 |
| **12/31/23** | 843213691 | 834103401 |
| **12/31/24** | 887089063 | 884924943 |
| **12/31/25** | 1062385144 | 1177933518 |

---

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 years | 10 Years |
| Class 5 | 19.76% | 1.26% | 7.83% |
| MSCI ACWI ex USA Index | 33.11% | 8.45% | 8.94% |

---

Returns for Class 5 shares are based on actual performance from April 7, 2014. Prior to that date, returns are calculated based on the oldest share class of the Fund and were not adjusted to reflect the differences in class expense due to the fees being lower.

**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.

## Key Fund Statistics as of December 31, 2025
The following table outlines key Fund statistics that you should pay attention to:

* Fund net assets$2,007,293,889

* Total number of portfolio holdings82

* Total advisory fees paid$7,491,982

* Portfolio turnover rate19%

## Tabular Representation of Holdings as of December 31, 2025
The following table shows the industry sector allocation of the Fund.

---

| | |
|:---|:---|
| Sectors | % of Net Assets |
| Internet | 16.5% |
| Semiconductors | 14.5% |
| Commercial Services | 6.2% |
| Insurance | 5.9% |
| Banks | 5.4% |
| Software | 4.9% |
| Home Furnishings | 4.3% |
| Pharmaceuticals | 4.3% |
| Building Materials | 4.3% |
| Machinery - Diversified | 4.0% |
| Airlines | 3.4% |
| Food | 3.4% |
| Diversified Financial Services | 3.1% |
| Other sectors | 18.9% |
| Other assets less liabilities | 0.9% |
| Total | 100.0% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 30, 2026 at www.bailliegifford.com/international-alpha-fund/TSR-2-5 or upon request by contacting us at +1-844-394-6127 or via email at northamericanvehiclesteam@bailliegifford.com.

A disclosure that the Fund expects to have considerable exposure to Chinese companies was added to the prospectus. As of December 31, 2025, the Fund's exposure to Chinese companies was 10% of its net asset value.

## Availability of Additional Information
If you wish to find additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please refer to the website address and contact information included at the beginning of this shareholder report.

![Image](tm261905d1_ncsrimg028.jpg)

# Baillie Gifford International Alpha Fund

# Class K \| BGIKX
ANNUAL SHAREHOLDER REPORT \| December 31, 2025

The annual shareholder report contains important information about Baillie Gifford International Alpha Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.bailliegifford.com/international-alpha-fund/TSR-I-K. You can also request this information by contacting us at +1-844-394-6127 or via email at northamericanvehiclesteam@bailliegifford.com.&nbsp;&nbsp;&nbsp;&nbsp;

**This report describes changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class K | $65 | 0.59% |

---

## Management's Discussion of Fund Performance
SUMMARY OF RESULTS

In 2025, international equities delivered very strong returns and outperformed U.S. markets, supported by relatively more accommodative macroeconomic conditions and a weaker U.S. dollar.

During the year, a small number of themes drove investment sentiment, with excitement surrounding artificial intelligence (AI) boosting a number of technology-focused companies. There was also a strong value tilt to the names that were rewarded during the year, whilst growth and quality companies were less in favour.

Against this backdrop, the Baillie Gifford International Alpha Fund achieved positive returns, however, it lagged the MSCI ACWI ex USA Index.

### TOP PERFORMANCE CONTRIBUTORS
Samsung Electronics, a leading global technology company, passed qualification with Nvidia for its high bandwidth memory chips and benefited from a broader memory upcycle, with DRAM (dynamic random access memory) and NAND prices rising strongly. With a strong balance sheet and exposure across the semiconductor value chain, Samsung demonstrated during the period that it is well-positioned to benefit from structurally rising AI-driven demand.

Ryanair, Europe's top low-cost airline, performed well after reporting strong profits during the year, helped by a recovery in ticket pricing, and the announcement of a €750 million share buyback also boosted sentiment, reminding investors of its shareholder-focused capital allocation and the strength of its balance sheet.

### TOP PERFORMANCE DETRACTORS
IMCD, a global distributor of specialty chemicals, was negatively impacted in 2025 by macroeconomic uncertainty affecting demand, especially in industrial markets. Increased competition from Chinese suppliers, currency headwinds, and higher financing costs pressured margins and earnings.

Similarly, Edenred, a leading provider of employment benefits, underperformed during the year as regulatory changes in Brazil's meal and food voucher system created uncertainty in a key market segment. Management lowered its 2026 profit forecast to compensate for a reduction in its take rate (the proportion of transaction value retained by the company) and a rise in competitive pressures as a result of a new requirement for restaurants to offer interoperability between providers. Competitive pressures in the broader voucher and benefits market, along with ongoing macro volatility, contributed to a cautious investor outlook.

## Fund Performance
The following graph and table compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). It assumes a

$10,000,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

### GROWTH OF $10,000,000
![Growth of 10K Chart](tm261905d1_ncsrimg042.jpg)

---

| | | |
|:---|:---|:---|
| | **Class K 20,936,166** | **MSCI ACWI ex USA Index 23,558,670** |
| **12/31/15** | 10000000 | 10000000 |
| **12/31/16** | 10523748 | 10501000 |
| **12/31/17** | 14198369 | 13417128 |
| **12/31/18** | 11850079 | 11568248 |
| **12/31/19** | 15661604 | 14128301 |
| **12/31/20** | 19819771 | 15700781 |
| **12/31/21** | 19673101 | 17002375 |
| **12/31/22** | 14036695 | 14355105 |
| **12/31/23** | 16670044 | 16682068 |
| **12/31/24** | 17505973 | 17698499 |
| **12/31/25** | 20936166 | 23558670 |

---

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 years | 10 Years |
| Class K | 19.59% | 1.10% | 7.67% |
| MSCI ACWI ex USA Index | 33.11% | 8.45% | 8.94% |

---

Returns for Class K 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.

**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.

For updated Fund performance information, please visit: https://www.bailliegifford.com/pages/funds/baillie-gifford-international-alpha-fund/?tab=performance.

## Key Fund Statistics as of December 31, 2025
The following table outlines key Fund statistics that you should pay attention to:

* Fund net assets$2,007,293,889

* Total number of portfolio holdings82

* Total advisory fees paid$7,491,982

* Portfolio turnover rate19%

## Tabular Representation of Holdings as of December 31, 2025
The following table shows the industry sector allocation of the Fund.

---

| | |
|:---|:---|
| Sectors | % of Net Assets |
| Internet | 16.5% |
| Semiconductors | 14.5% |
| Commercial Services | 6.2% |
| Insurance | 5.9% |
| Banks | 5.4% |
| Software | 4.9% |
| Home Furnishings | 4.3% |
| Pharmaceuticals | 4.3% |
| Building Materials | 4.3% |
| Machinery - Diversified | 4.0% |
| Airlines | 3.4% |
| Food | 3.4% |
| Diversified Financial Services | 3.1% |
| Other sectors | 18.9% |
| Other assets less liabilities | 0.9% |
| Total | 100.0% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 30, 2026 at www.bailliegifford.com/international-alpha-fund/TSR-I-K or upon request by contacting us at +1-844-394-6127 or via email at northamericanvehiclesteam@bailliegifford.com.

A disclosure that the Fund expects to have considerable exposure to Chinese companies was added to the prospectus. As of December 31, 2025, the Fund's exposure to Chinese companies was 10% of its net asset value.

## Availability of Additional Information
If you wish to find additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please refer to the website address and contact information included at the beginning of this shareholder report.

![Image](tm261905d1_ncsrimg028.jpg)

# Baillie Gifford International Alpha Fund

# Institutional Class \| BINSX
ANNUAL SHAREHOLDER REPORT \| December 31, 2025

The annual shareholder report contains important information about Baillie Gifford International Alpha Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.bailliegifford.com/international-alpha-fund/TSR-I-K. You can also request this information by contacting us at +1-844-394-6127 or via email at northamericanvehiclesteam@bailliegifford.com.&nbsp;&nbsp;&nbsp;&nbsp;

**This report describes changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Class | $76 | 0.69% |

---

## Management's Discussion of Fund Performance
SUMMARY OF RESULTS

In 2025, international equities delivered very strong returns and outperformed U.S. markets, supported by relatively more accommodative macroeconomic conditions and a weaker U.S. dollar.

During the year, a small number of themes drove investment sentiment, with excitement surrounding artificial intelligence (AI) boosting a number of technology-focused companies. There was also a strong value tilt to the names that were rewarded during the year, whilst growth and quality companies were less in favour.

Against this backdrop, the Baillie Gifford International Alpha Fund achieved positive returns, however, it lagged the MSCI ACWI ex USA Index.

### TOP PERFORMANCE CONTRIBUTORS
Samsung Electronics, a leading global technology company, passed qualification with Nvidia for its high bandwidth memory chips and benefited from a broader memory upcycle, with DRAM (dynamic random access memory) and NAND prices rising strongly. With a strong balance sheet and exposure across the semiconductor value chain, Samsung demonstrated during the period that it is well-positioned to benefit from structurally rising AI-driven demand.

Ryanair, Europe's top low-cost airline, performed well after reporting strong profits during the year, helped by a recovery in ticket pricing, and the announcement of a €750 million share buyback also boosted sentiment, reminding investors of its shareholder-focused capital allocation and the strength of its balance sheet.

### TOP PERFORMANCE DETRACTORS
IMCD, a global distributor of specialty chemicals, was negatively impacted in 2025 by macroeconomic uncertainty affecting demand, especially in industrial markets. Increased competition from Chinese suppliers, currency headwinds, and higher financing costs pressured margins and earnings.

Similarly, Edenred, a leading provider of employment benefits, underperformed during the year as regulatory changes in Brazil's meal and food voucher system created uncertainty in a key market segment. Management lowered its 2026 profit forecast to compensate for a reduction in its take rate (the proportion of transaction value retained by the company) and a rise in competitive pressures as a result of a new requirement for restaurants to offer interoperability between providers. Competitive pressures in the broader voucher and benefits market, along with ongoing macro volatility, contributed to a cautious investor outlook.

## Fund Performance
The following graph and table compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). It assumes a

$10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

### GROWTH OF $10,000
![Growth of 10K Chart](tm261905d1_ncsrimg041.jpg)

---

| | | |
|:---|:---|:---|
| | **Institutional Class 20,786** | **MSCI ACWI ex USA Index 23,559** |
| **12/31/15** | 10000 | 10000 |
| **12/31/16** | 10524 | 10501 |
| **12/31/17** | 14205 | 13417 |
| **12/31/18** | 11836 | 11568 |
| **12/31/19** | 15638 | 14128 |
| **12/31/20** | 19760 | 15701 |
| **12/31/21** | 19602 | 17002 |
| **12/31/22** | 13983 | 14355 |
| **12/31/23** | 16584 | 16682 |
| **12/31/24** | 17401 | 17698 |
| **12/31/25** | 20786 | 23559 |

---

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 years | 10 Years |
| Institutional Class | 19.45% | 1.02% | 7.59% |
| MSCI ACWI ex USA Index | 33.11% | 8.45% | 8.94% |

---

Returns for the 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 and were adjusted to reflect the differences in class expense due to the fees being higher.

**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.

For updated Fund performance information, please visit: https://www.bailliegifford.com/pages/funds/baillie-gifford-international-alpha-fund/?tab=performance.

## Key Fund Statistics as of December 31, 2025
The following table outlines key Fund statistics that you should pay attention to:

* Fund net assets$2,007,293,889

* Total number of portfolio holdings82

* Total advisory fees paid$7,491,982

* Portfolio turnover rate19%

## Tabular Representation of Holdings as of December 31, 2025
The following table shows the industry sector allocation of the Fund.

---

| | |
|:---|:---|
| Sectors | % of Net Assets |
| Internet | 16.5% |
| Semiconductors | 14.5% |
| Commercial Services | 6.2% |
| Insurance | 5.9% |
| Banks | 5.4% |
| Software | 4.9% |
| Home Furnishings | 4.3% |
| Pharmaceuticals | 4.3% |
| Building Materials | 4.3% |
| Machinery - Diversified | 4.0% |
| Airlines | 3.4% |
| Food | 3.4% |
| Diversified Financial Services | 3.1% |
| Other sectors | 18.9% |
| Other assets less liabilities | 0.9% |
| Total | 100.0% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 30, 2026 at www.bailliegifford.com/international-alpha-fund/TSR-I-K or upon request by contacting us at +1-844-394-6127 or via email at northamericanvehiclesteam@bailliegifford.com.

A disclosure that the Fund expects to have considerable exposure to Chinese companies was added to the prospectus. As of December 31, 2025, the Fund's exposure to Chinese companies was 10% of its net asset value.

## Availability of Additional Information
If you wish to find additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please refer to the website address and contact information included at the beginning of this shareholder report.

![Image](tm261905d1_ncsrimg028.jpg)

# Baillie Gifford International Concentrated Growth Equities Fund

# Class K \| BTLKX
ANNUAL SHAREHOLDER REPORT \| December 31, 2025

The annual shareholder report contains important information about Baillie Gifford International Concentrated Growth Equities Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.bailliegifford.com/international-concentrated-growth-equities-fund/TSR. You can also request this information by contacting us at +1-844-394-6127 or via email at northamericanvehiclesteam@bailliegifford.com.&nbsp;&nbsp;&nbsp;&nbsp;

**This report describes changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class K | $78 | 0.72% |

---

## Management's Discussion of Fund Performance
SUMMARY OF RESULTS

For the year ended 31 December 2025, the Baillie Gifford International Concentrated Growth Equities Fund underperformed its benchmark, the MSCI ACWI ex USA Index. International equity markets advanced despite ongoing geopolitical uncertainty, but returns were driven by narrow artificial intelligence (AI) leadership and value sectors such as banks, telecommunication services, and utilities, creating a challenging environment for high-conviction international growth investors. While we believe periods of short-term underperformance are inevitable, we have remained focused on identifying companies with the culture, innovation capacity, and financial strength to deliver exceptional long-term returns.

### TOP PERFORMANCE CONTRIBUTORS
The world's largest semiconductor foundry, TSMC, was a strong contributor over the year as AI-led demand drove rapid operational progress. Revenue growth and profitability remained robust, supported by increasing mix from advanced nodes. As compute intensity has risen, we have remained confident in TSMC's long-term prospects, underpinned by its unmatched scale and deep customer entrenchment.

ASML also made a strong contribution, reflecting its unique position as the sole supplier of EUV (extreme ultraviolet) lithography tools used in leading-edge chip manufacturing. Continued growth in both system shipments and services allowed ASML to generate additional revenue from the growing number of tools already in use by customers, reinforcing its role as an essential long-term enabler of next-generation computing.

### TOP PERFORMANCE DETRACTORS
China's leading multi-category service e-commerce platform, Meituan, detracted over the year as market caution grew around intensifying food delivery competition, including from Alibaba and new entrant to the market JD.com. We have continued to see Meituan's scale, network effects and logistics expertise as formidable advantages in a highly complex market, supporting a compelling runway for long-term compounding.

The shares of Ferrari, Italian luxury car manufacturer, were weak following its Capital Markets Day as 2030 targets and electrification messaging disappointed investors. Despite this, we have remained confident in Ferrari's long-term compounding potential, supported by exceptional brand equity, pricing power and disciplined control of supply.

## Fund Performance
The following graph and table compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). It assumes a

$10,000,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

### GROWTH OF $10,000,000
![Growth of 10K Chart](tm261905d1_ncsrimg001.jpg)

---

| | | |
|:---|:---|:---|
| | **Class K 24,297,327** | **MSCI ACWI ex USA Index 17,971,131** |
| **12/14/17** | 10000000 | 10000000 |
| **12/31/17** | 10050000 | 10235000 |
| **12/31/18** | 8760000 | 8824617 |
| **12/31/19** | 12724361 | 10777505 |
| **12/31/20** | 25076753 | 11977041 |
| **12/31/21** | 25282259 | 12969938 |
| **12/31/22** | 15284241 | 10950518 |
| **12/31/23** | 17564660 | 12725597 |
| **12/31/24** | 20822402 | 13500962 |
| **12/31/25** | 24297327 | 17971131 |

---

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 years | Since Inception 12/14/17 |
| Class K | 16.69% | -0.63% | 11.66% |
| MSCI ACWI ex USA Index | 33.11% | 8.45% | 7.55% |

---

**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.

For updated Fund performance information, please visit: https://www.bailliegifford.com/pages/funds/baillie-gifford-international-concentrated-growth-equities-fund/?tab=performance.

## Key Fund Statistics as of December 31, 2025
The following table outlines key Fund statistics that you should pay attention to:

* Fund net assets$98,433,719

* Total number of portfolio holdings27

* Total advisory fees paid, net of waiver$281,105

* Portfolio turnover rate15%

## Tabular Representation of Holdings as of December 31, 2025
The following table shows the industry sector allocation of the Fund.

---

| | |
|:---|:---|
| Sectors | % of Net Assets |
| Internet | 44.9% |
| Semiconductors | 19.9% |
| Commercial Services | 8.6% |
| Apparel | 6.4% |
| Auto Manufacturers | 5.9% |
| Banks | 4.0% |
| Biotechnology | 2.1% |
| Cosmetics/Personal Care | 2.0% |
| Machinery - Diversified | 1.9% |
| Transportation | 1.2% |
| Investment Companies | 1.0% |
| Pharmaceuticals | 0.6% |
| Other assets less liabilities | 1.5% |
| Total | 100.0% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 30, 2026 at www.bailliegifford.com/international-concentrated-growth-equities-fund/TSR or upon request by contacting us at +1-844-394-6127 or via email at [northamericanvehiclesteam@bailliegifford.com](mailto:northamericanvehiclesteam@bailliegifford.com).

On December 8 and 9, 2025, the Board of Trustees of the Fund approved and adopted a Plan of Reorganization for the Fund, an Agreement and Plan of Reorganization (each, a "Plan"), pursuant to which each of Baillie Gifford International Concentrated Growth Equities Fund, Baillie Gifford Long Term Global Growth Fund and Baillie Gifford U.S. Equity Growth Fund will merge into Baillie Gifford International Concentrated Growth ETF, Baillie Gifford Long Term Global Growth ETF, and Baillie Gifford U.S. Equity Growth ETF, each a series of Baillie Gifford ETF Trust, respectively, subject to shareholder approval.

## Availability of Additional Information
If you wish to find additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please refer to the website address and contact information included at the beginning of this shareholder report.

![Image](tm261905d1_ncsrimg028.jpg)

# Baillie Gifford International Concentrated Growth Equities Fund

# Institutional Class \| BTLSX
ANNUAL SHAREHOLDER REPORT \| December 31, 2025

The annual shareholder report contains important information about Baillie Gifford International Concentrated Growth Equities Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.bailliegifford.com/international-concentrated-growth-equities-fund/TSR. You can also request this information by contacting us at +1-844-394-6127 or via email at northamericanvehiclesteam@bailliegifford.com.&nbsp;&nbsp;&nbsp;&nbsp;

**This report describes changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Class | $89 | 0.82% |

---

## Management's Discussion of Fund Performance
SUMMARY OF RESULTS

For the year ended 31 December 2025, the Baillie Gifford International Concentrated Growth Equities Fund underperformed its benchmark, the MSCI ACWI ex USA Index. International equity markets advanced despite ongoing geopolitical uncertainty, but returns were driven by narrow artificial intelligence (AI) leadership and value sectors such as banks, telecommunication services, and utilities, creating a challenging environment for high-conviction international growth investors. While we believe periods of short-term underperformance are inevitable, we have remained focused on identifying companies with the culture, innovation capacity, and financial strength to deliver exceptional long-term returns.

### TOP PERFORMANCE CONTRIBUTORS
The world's largest semiconductor foundry, TSMC, was a strong contributor over the year as AI-led demand drove rapid operational progress. Revenue growth and profitability remained robust, supported by increasing mix from advanced nodes. As compute intensity has risen, we have remained confident in TSMC's long-term prospects, underpinned by its unmatched scale and deep customer entrenchment.

ASML also made a strong contribution, reflecting its unique position as the sole supplier of EUV (extreme ultraviolet) lithography tools used in leading-edge chip manufacturing. Continued growth in both system shipments and services allowed ASML to generate additional revenue from the growing number of tools already in use by customers, reinforcing its role as an essential long-term enabler of next-generation computing.

### TOP PERFORMANCE DETRACTORS
China's leading multi-category service e-commerce platform, Meituan, detracted over the year as market caution grew around intensifying food delivery competition, including from Alibaba and new entrant to the market JD.com. We have continued to see Meituan's scale, network effects and logistics expertise as formidable advantages in a highly complex market, supporting a compelling runway for long-term compounding.

The shares of Ferrari, Italian luxury car manufacturer, were weak following its Capital Markets Day as 2030 targets and electrification messaging disappointed investors. Despite this, we have remained confident in Ferrari's long-term compounding potential, supported by exceptional brand equity, pricing power and disciplined control of supply.

## Fund Performance
The following graph and table compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). It assumes a

$10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

### GROWTH OF $10,000
![Growth of 10K Chart](tm261905d1_ncsrimg027.jpg)

---

| | | |
|:---|:---|:---|
| | **Institutional Class 24,048** | **MSCI ACWI ex USA Index 17,971** |
| **12/14/17** | 10000 | 10000 |
| **12/31/17** | 10050 | 10235 |
| **12/31/18** | 8720 | 8825 |
| **12/31/19** | 12672 | 10778 |
| **12/31/20** | 24954 | 11977 |
| **12/31/21** | 25148 | 12970 |
| **12/31/22** | 15194 | 10951 |
| **12/31/23** | 17435 | 12726 |
| **12/31/24** | 20632 | 13501 |
| **12/31/25** | 24048 | 17971 |

---

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 years | Since Inception 12/14/17 |
| Institutional Class | 16.56% | -0.74% | 11.52% |
| MSCI ACWI ex USA Index | 33.11% | 8.45% | 7.55% |

---

**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.

For updated Fund performance information, please visit: https://www.bailliegifford.com/pages/funds/baillie-gifford-international-concentrated-growth-equities-fund/?tab=performance.

## Key Fund Statistics as of December 31, 2025
The following table outlines key Fund statistics that you should pay attention to:

* Fund net assets$98,433,719

* Total number of portfolio holdings27

* Total advisory fees paid, net of waiver$281,105

* Portfolio turnover rate15%

## Tabular Representation of Holdings as of December 31, 2025
The following table shows the industry sector allocation of the Fund.

---

| | |
|:---|:---|
| Sectors | % of Net Assets |
| Internet | 44.9% |
| Semiconductors | 19.9% |
| Commercial Services | 8.6% |
| Apparel | 6.4% |
| Auto Manufacturers | 5.9% |
| Banks | 4.0% |
| Biotechnology | 2.1% |
| Cosmetics/Personal Care | 2.0% |
| Machinery - Diversified | 1.9% |
| Transportation | 1.2% |
| Investment Companies | 1.0% |
| Pharmaceuticals | 0.6% |
| Other assets less liabilities | 1.5% |
| Total | 100.0% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 30, 2026 at www.bailliegifford.com/international-concentrated-growth-equities-fund/TSR or upon request by contacting us at +1-844-394-6127 or via email at [northamericanvehiclesteam@bailliegifford.com](mailto:northamericanvehiclesteam@bailliegifford.com).

On December 8 and 9, 2025, the Board of Trustees of the Fund approved and adopted a Plan of Reorganization for the Fund, an Agreement and Plan of Reorganization (each, a "Plan"), pursuant to which each of Baillie Gifford International Concentrated Growth Equities Fund, Baillie Gifford Long Term Global Growth Fund and Baillie Gifford U.S. Equity Growth Fund will merge into Baillie Gifford International Concentrated Growth ETF, Baillie Gifford Long Term Global Growth ETF, and Baillie Gifford U.S. Equity Growth ETF, each a series of Baillie Gifford ETF Trust, respectively, subject to shareholder approval.

## Availability of Additional Information
If you wish to find additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please refer to the website address and contact information included at the beginning of this shareholder report.

![Image](tm261905d1_ncsrimg028.jpg)

# Baillie Gifford International Growth Fund

# Class 2 \| BGETX
ANNUAL SHAREHOLDER REPORT \| December 31, 2025

The annual shareholder report contains important information about Baillie Gifford International Growth Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.bailliegifford.com/international-growth-fund/TSR-2-5. You can also request this information by contacting us at +1-844-394-6127 or via email at northamericanvehiclesteam@bailliegifford.com.&nbsp;&nbsp;&nbsp;&nbsp;

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class 2 | $62 | 0.57% |

---

## Management's Discussion of Fund Performance
SUMMARY OF RESULTS

For the year ended December 31, 2025, the Baillie Gifford International Growth Fund underperformed its benchmark, the MSCI ACWI ex USA Index. International equity markets advanced despite ongoing geopolitical uncertainty, but returns were driven by narrow artificial intelligence (AI) leadership and value sectors, such as banks, telecommunications services, and utilities. This proved a challenging backdrop for international growth investors. We have remained focused on the operational progress of the companies the Fund owns, where innovation, disciplined reinvestment and long-term earnings power can compound.

### TOP PERFORMANCE CONTRIBUTORS
**Advantest,** a leading supplier of semiconductor test equipment, contributed strongly during the year, benefiting from its critical role in semiconductor testing. Results exceeded market expectations, with management raising guidance on the back of sustained AI data-center investment and improved visibility. Advantest's deep technical expertise and leadership in advanced logic and memory testing provide a compelling growth story as semiconductor complexity continues to rise.

**ASML** also made a strong contribution, reflecting its unique position as the sole supplier of EUV (extreme ultraviolet) lithography tools used in in leading-edge chip manufacturing. Continued growth in both system shipments and services allowed ASML to generate additional revenue from the growing number of tools already in use by customers, reinforcing its role as an essential long-term enabler of next-generation computing.

### TOP PERFORMANCE DETRACTORS
**WiseTech Global's** shares were pressured due to increased scrutiny on the wider software business industry as a result of AI enthusiasm, as well as governance concerns regarding the founder's continued role in the business. Operationally, revenue growth remained healthy and margins robust. We have maintained our view on WiseTech's long-term opportunity, as a provider of mission-critical logistics software powering global trade.

**Wix.com,** a web development platform for small businesses, was weaker as the market grappled with what AI means for software businesses. Wix has an aggressive AI roadmap, and revenue growth from the agentic AI website builder platform it acquired in June has been impressive. We believe Wix is well-positioned to successfully adopt AI in its product offering, ultimately strengthening its position as a result.

## Fund Performance
The following graph and table compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). It assumes a

$25,000,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index, as required by relevant disclosure rules, and an additional benchmark that the Fund believes better aligns with the Fund's investment objective and strategies for the same period.

### GROWTH OF $25,000,000
![Growth of 10K Chart](tm261905d1_ncsrimg006.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class 2 58,827,155** | **MSCI EAFE Index 57,673,596** | **MSCI ACWI ex USA Index 58,896,676** |
| **12/31/15** | 25000000 | 25000000 | 25000000 |
| **12/31/16** | 25334571 | 25377500 | 26252500 |
| **12/31/17** | 37012092 | 31879215 | 33542819 |
| **12/31/18** | 30599537 | 27620152 | 28920619 |
| **12/31/19** | 42025630 | 33878879 | 35320752 |
| **12/31/20** | 68485723 | 36684050 | 39251951 |
| **12/31/21** | 62042050 | 41005431 | 42505938 |
| **12/31/22** | 40683930 | 35260570 | 35887764 |
| **12/31/23** | 46505331 | 41907188 | 41705170 |
| **12/31/24** | 50161861 | 43729195 | 44246247 |
| **12/31/25** | 58827155 | 57673596 | 58896676 |

---

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 years | 10 Years |
| Class 2 | 17.28% | -3.00% | 8.93% |
| MSCI EAFE Index | 31.89% | 9.46% | 8.71% |
| MSCI ACWI ex USA Index | 33.11% | 8.45% | 8.94% |

---

**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.

## Key Fund Statistics as of December 31, 2025
The following table outlines key Fund statistics that you should pay attention to:

* Fund net assets$3,358,454,937

* Total number of portfolio holdings59

* Total advisory fees paid$10,976,100

* Portfolio turnover rate21%

## Tabular Representation of Holdings as of December 31, 2025
The following table shows the industry sector allocation of the Fund.

---

| | |
|:---|:---|
| Sectors | % of Net Assets |
| Internet | 22.6% |
| Semiconductors | 20.6% |
| Commercial Services | 7.4% |
| Machinery - Diversified | 5.6% |
| Software | 5.3% |
| Auto Manufacturers | 4.3% |
| Biotechnology | 3.9% |
| Transportation | 3.6% |
| Pharmaceuticals | 3.4% |
| Insurance | 3.2% |
| Apparel | 2.7% |
| Cosmetics/Personal Care | 2.6% |
| Banks | 2.5% |
| Other sectors | 11.7% |
| Other assets less liabilities | 0.6% |
| Total | 100.0% |

---

## Availability of Additional Information
If you wish to find additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please refer to the website address and contact information included at the beginning of this shareholder report.

![Image](tm261905d1_ncsrimg028.jpg)

# Baillie Gifford International Growth Fund

# Class 3 \| BGEUX
ANNUAL SHAREHOLDER REPORT \| December 31, 2025

The annual shareholder report contains important information about Baillie Gifford International Growth Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.bailliegifford.com/international-growth-fund/TSR-2-5. You can also request this information by contacting us at +1-844-394-6127 or via email at northamericanvehiclesteam@bailliegifford.com.&nbsp;&nbsp;&nbsp;&nbsp;

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class 3 | $54 | 0.50% |

---

## Management's Discussion of Fund Performance
SUMMARY OF RESULTS

For the year ended December 31, 2025, the Baillie Gifford International Growth Fund underperformed its benchmark, the MSCI ACWI ex USA Index. International equity markets advanced despite ongoing geopolitical uncertainty, but returns were driven by narrow artificial intelligence (AI) leadership and value sectors, such as banks, telecommunications services, and utilities. This proved a challenging backdrop for international growth investors. We have remained focused on the operational progress of the companies the Fund owns, where innovation, disciplined reinvestment and long-term earnings power can compound.

### TOP PERFORMANCE CONTRIBUTORS
**Advantest,** a leading supplier of semiconductor test equipment, contributed strongly during the year, benefiting from its critical role in semiconductor testing. Results exceeded market expectations, with management raising guidance on the back of sustained AI data-center investment and improved visibility. Advantest's deep technical expertise and leadership in advanced logic and memory testing provide a compelling growth story as semiconductor complexity continues to rise.

**ASML** also made a strong contribution, reflecting its unique position as the sole supplier of EUV (extreme ultraviolet) lithography tools used in in leading-edge chip manufacturing. Continued growth in both system shipments and services allowed ASML to generate additional revenue from the growing number of tools already in use by customers, reinforcing its role as an essential long-term enabler of next-generation computing.

### TOP PERFORMANCE DETRACTORS
**WiseTech Global's** shares were pressured due to increased scrutiny on the wider software business industry as a result of AI enthusiasm, as well as governance concerns regarding the founder's continued role in the business. Operationally, revenue growth remained healthy and margins robust. We have maintained our view on WiseTech's long-term opportunity, as a provider of mission-critical logistics software powering global trade.

**Wix.com,** a web development platform for small businesses, was weaker as the market grappled with what AI means for software businesses. Wix has an aggressive AI roadmap, and revenue growth from the agentic AI website builder platform it acquired in June has been impressive. We believe Wix is well-positioned to successfully adopt AI in its product offering, ultimately strengthening its position as a result.

## Fund Performance
The following graph and table compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). It assumes a

$100,000,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index, as required by relevant disclosure rules, and an additional benchmark that the Fund believes better aligns with the Fund's investment objective and strategies for the same period.

### GROWTH OF $100,000,000
![Growth of 10K Chart](tm261905d1_ncsrimg025.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class 3 234,444,621** | **MSCI EAFE Index 230,694,382** | **MSCI ACWI ex USA Index 235,586,704** |
| **12/31/15** | 100000000 | 100000000 | 100000000 |
| **12/31/16** | 101338284 | 101510000 | 105010000 |
| **12/31/17** | 148048370 | 127516862 | 134171277 |
| **12/31/18** | 122398148 | 110480609 | 115682475 |
| **12/31/19** | 168102522 | 135515515 | 141283007 |
| **12/31/20** | 273942892 | 146736200 | 157007805 |
| **12/31/21** | 248168200 | 164021724 | 170023752 |
| **12/31/22** | 162735720 | 141042281 | 143551054 |
| **12/31/23** | 186021324 | 167628751 | 166820680 |
| **12/31/24** | 200647444 | 174916781 | 176984989 |
| **12/31/25** | 234444621 | 230694382 | 235586704 |

---

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 years | 10 Years |
| Class 3 | 16.53% | -3.07% | 8.89% |
| MSCI EAFE Index | 31.89% | 9.46% | 8.71% |
| MSCI ACWI ex USA Index | 33.11% | 8.45% | 8.94% |

---

Returns for Class 3 shares are based on actual performance from April 19, 2010. Prior to that date, returns are calculated based on the oldest share class of the Fund and were not adjusted to reflect the differences in class expense due to the fees being lower.

**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.

## Key Fund Statistics as of December 31, 2025
The following table outlines key Fund statistics that you should pay attention to:

* Fund net assets$3,358,454,937

* Total number of portfolio holdings59

* Total advisory fees paid$10,976,100

* Portfolio turnover rate21%

## Tabular Representation of Holdings as of December 31, 2025
The following table shows the industry sector allocation of the Fund.

---

| | |
|:---|:---|
| Sectors | % of Net Assets |
| Internet | 22.6% |
| Semiconductors | 20.6% |
| Commercial Services | 7.4% |
| Machinery - Diversified | 5.6% |
| Software | 5.3% |
| Auto Manufacturers | 4.3% |
| Biotechnology | 3.9% |
| Transportation | 3.6% |
| Pharmaceuticals | 3.4% |
| Insurance | 3.2% |
| Apparel | 2.7% |
| Cosmetics/Personal Care | 2.6% |
| Banks | 2.5% |
| Other sectors | 11.7% |
| Other assets less liabilities | 0.6% |
| Total | 100.0% |

---

## Availability of Additional Information
If you wish to find additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please refer to the website address and contact information included at the beginning of this shareholder report.

![Image](tm261905d1_ncsrimg028.jpg)

# Baillie Gifford International Growth Fund

# Class 4 \| BGEFX
ANNUAL SHAREHOLDER REPORT \| December 31, 2025

The annual shareholder report contains important information about Baillie Gifford International Growth Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.bailliegifford.com/international-growth-fund/TSR-2-5. You can also request this information by contacting us at +1-844-394-6127 or via email at northamericanvehiclesteam@bailliegifford.com.&nbsp;&nbsp;&nbsp;&nbsp;

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class 4 | $51 | 0.47% |

---

## Management's Discussion of Fund Performance
SUMMARY OF RESULTS

For the year ended December 31, 2025, the Baillie Gifford International Growth Fund underperformed its benchmark, the MSCI ACWI ex USA Index. International equity markets advanced despite ongoing geopolitical uncertainty, but returns were driven by narrow artificial intelligence (AI) leadership and value sectors, such as banks, telecommunications services, and utilities. This proved a challenging backdrop for international growth investors. We have remained focused on the operational progress of the companies the Fund owns, where innovation, disciplined reinvestment and long-term earnings power can compound.

### TOP PERFORMANCE CONTRIBUTORS
**Advantest,** a leading supplier of semiconductor test equipment, contributed strongly during the year, benefiting from its critical role in semiconductor testing. Results exceeded market expectations, with management raising guidance on the back of sustained AI data-center investment and improved visibility. Advantest's deep technical expertise and leadership in advanced logic and memory testing provide a compelling growth story as semiconductor complexity continues to rise.

**ASML** also made a strong contribution, reflecting its unique position as the sole supplier of EUV (extreme ultraviolet) lithography tools used in in leading-edge chip manufacturing. Continued growth in both system shipments and services allowed ASML to generate additional revenue from the growing number of tools already in use by customers, reinforcing its role as an essential long-term enabler of next-generation computing.

### TOP PERFORMANCE DETRACTORS
**WiseTech Global's** shares were pressured due to increased scrutiny on the wider software business industry as a result of AI enthusiasm, as well as governance concerns regarding the founder's continued role in the business. Operationally, revenue growth remained healthy and margins robust. We have maintained our view on WiseTech's long-term opportunity, as a provider of mission-critical logistics software powering global trade.

**Wix.com,** a web development platform for small businesses, was weaker as the market grappled with what AI means for software businesses. Wix has an aggressive AI roadmap, and revenue growth from the agentic AI website builder platform it acquired in June has been impressive. We believe Wix is well-positioned to successfully adopt AI in its product offering, ultimately strengthening its position as a result.

## Fund Performance
The following graph and table compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). It assumes a

$200,000,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index, as required by relevant disclosure rules, and an additional benchmark that the Fund believes better aligns with the Fund's investment objective and strategies for the same period.

### GROWTH OF $200,000,000
![Growth of 10K Chart](tm261905d1_ncsrimg038.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class 4 474,982,668** | **MSCI EAFE Index 461,388,765** | **MSCI ACWI ex USA Index 471,173,407** |
| **12/31/15** | 200000000 | 200000000 | 200000000 |
| **12/31/16** | 202721811 | 203020000 | 210020000 |
| **12/31/17** | 296457827 | 255033724 | 268342554 |
| **12/31/18** | 245342424 | 220961218 | 231364950 |
| **12/31/19** | 337287214 | 271031031 | 282566014 |
| **12/31/20** | 550210257 | 293472400 | 314015611 |
| **12/31/21** | 498940200 | 328043449 | 340047505 |
| **12/31/22** | 327507890 | 282084561 | 287102108 |
| **12/31/23** | 374742956 | 335257501 | 333641360 |
| **12/31/24** | 404614295 | 349833563 | 353969977 |
| **12/31/25** | 474982668 | 461388765 | 471173407 |

---

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 years | 10 Years |
| Class 4 | 17.39% | -2.90% | 9.04% |
| MSCI EAFE Index | 31.89% | 9.46% | 8.71% |
| MSCI ACWI ex USA Index | 33.11% | 8.45% | 8.94% |

---

Returns for Class 4 shares are based on actual performance from October 10, 2016. Prior to that date, returns are calculated based on the oldest share class of the Fund and were not adjusted to reflect the differences in class expense due to the fees being lower.

**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.

## Key Fund Statistics as of December 31, 2025
The following table outlines key Fund statistics that you should pay attention to:

* Fund net assets$3,358,454,937

* Total number of portfolio holdings59

* Total advisory fees paid$10,976,100

* Portfolio turnover rate21%

## Tabular Representation of Holdings as of December 31, 2025
The following table shows the industry sector allocation of the Fund.

---

| | |
|:---|:---|
| Sectors | % of Net Assets |
| Internet | 22.6% |
| Semiconductors | 20.6% |
| Commercial Services | 7.4% |
| Machinery - Diversified | 5.6% |
| Software | 5.3% |
| Auto Manufacturers | 4.3% |
| Biotechnology | 3.9% |
| Transportation | 3.6% |
| Pharmaceuticals | 3.4% |
| Insurance | 3.2% |
| Apparel | 2.7% |
| Cosmetics/Personal Care | 2.6% |
| Banks | 2.5% |
| Other sectors | 11.7% |
| Other assets less liabilities | 0.6% |
| Total | 100.0% |

---

## Availability of Additional Information
If you wish to find additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please refer to the website address and contact information included at the beginning of this shareholder report.

![Image](tm261905d1_ncsrimg028.jpg)

# Baillie Gifford International Growth Fund

# Class 5 \| BGEVX
ANNUAL SHAREHOLDER REPORT \| December 31, 2025

The annual shareholder report contains important information about Baillie Gifford International Growth Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.bailliegifford.com/international-growth-fund/TSR-2-5. You can also request this information by contacting us at +1-844-394-6127 or via email at northamericanvehiclesteam@bailliegifford.com.&nbsp;&nbsp;&nbsp;&nbsp;

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class 5 | $46 | 0.42% |

---

## Management's Discussion of Fund Performance
SUMMARY OF RESULTS

For the year ended December 31, 2025, the Baillie Gifford International Growth Fund underperformed its benchmark, the MSCI ACWI ex USA Index. International equity markets advanced despite ongoing geopolitical uncertainty, but returns were driven by narrow artificial intelligence (AI) leadership and value sectors, such as banks, telecommunications services, and utilities. This proved a challenging backdrop for international growth investors. We have remained focused on the operational progress of the companies the Fund owns, where innovation, disciplined reinvestment and long-term earnings power can compound.

### TOP PERFORMANCE CONTRIBUTORS
**Advantest,** a leading supplier of semiconductor test equipment, contributed strongly during the year, benefiting from its critical role in semiconductor testing. Results exceeded market expectations, with management raising guidance on the back of sustained AI data-center investment and improved visibility. Advantest's deep technical expertise and leadership in advanced logic and memory testing provide a compelling growth story as semiconductor complexity continues to rise.

**ASML** also made a strong contribution, reflecting its unique position as the sole supplier of EUV (extreme ultraviolet) lithography tools used in in leading-edge chip manufacturing. Continued growth in both system shipments and services allowed ASML to generate additional revenue from the growing number of tools already in use by customers, reinforcing its role as an essential long-term enabler of next-generation computing.

### TOP PERFORMANCE DETRACTORS
**WiseTech Global's** shares were pressured due to increased scrutiny on the wider software business industry as a result of AI enthusiasm, as well as governance concerns regarding the founder's continued role in the business. Operationally, revenue growth remained healthy and margins robust. We have maintained our view on WiseTech's long-term opportunity, as a provider of mission-critical logistics software powering global trade.

**Wix.com,** a web development platform for small businesses, was weaker as the market grappled with what AI means for software businesses. Wix has an aggressive AI roadmap, and revenue growth from the agentic AI website builder platform it acquired in June has been impressive. We believe Wix is well-positioned to successfully adopt AI in its product offering, ultimately strengthening its position as a result.

## Fund Performance
The following graph and table compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). It assumes a

$500,000,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index, as required by relevant disclosure rules, and an additional benchmark that the Fund believes better aligns with the Fund's investment objective and strategies for the same period.

### GROWTH OF $500,000,000
![Growth of 10K Chart](tm261905d1_ncsrimg031.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class 5 1,194,336,861** | **MSCI EAFE Index 1,153,471,912** | **MSCI ACWI ex USA Index 1,177,933,518** |
| **12/31/15** | 500000000 | 500000000 | 500000000 |
| **12/31/16** | 507451540 | 507550000 | 525050000 |
| **12/31/17** | 742460461 | 637584310 | 670856385 |
| **12/31/18** | 614754757 | 552403046 | 578412375 |
| **12/31/19** | 845567860 | 677577576 | 706415034 |
| **12/31/20** | 1380032039 | 733681000 | 785039027 |
| **12/31/21** | 1252068845 | 820108622 | 850118762 |
| **12/31/22** | 822271572 | 705211404 | 717755271 |
| **12/31/23** | 941341895 | 838143753 | 834103401 |
| **12/31/24** | 1016884668 | 874583906 | 884924943 |
| **12/31/25** | 1194336861 | 1153471912 | 1177933518 |

---

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 years | 10 Years |
| Class 5 | 17.45% | -2.85% | 9.10% |
| MSCI EAFE Index | 31.89% | 9.46% | 8.71% |
| MSCI ACWI ex USA Index | 33.11% | 8.45% | 8.94% |

---

Returns for Class 5 shares are based on actual performance from July 19, 2012. Prior to that date, returns are calculated based on the oldest share class of the Fund and were not adjusted to reflect the differences in class expense due to the fees being lower.

**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.

## Key Fund Statistics as of December 31, 2025
The following table outlines key Fund statistics that you should pay attention to:

* Fund net assets$3,358,454,937

* Total number of portfolio holdings59

* Total advisory fees paid$10,976,100

* Portfolio turnover rate21%

## Tabular Representation of Holdings as of December 31, 2025
The following table shows the industry sector allocation of the Fund.

---

| | |
|:---|:---|
| Sectors | % of Net Assets |
| Internet | 22.6% |
| Semiconductors | 20.6% |
| Commercial Services | 7.4% |
| Machinery - Diversified | 5.6% |
| Software | 5.3% |
| Auto Manufacturers | 4.3% |
| Biotechnology | 3.9% |
| Transportation | 3.6% |
| Pharmaceuticals | 3.4% |
| Insurance | 3.2% |
| Apparel | 2.7% |
| Cosmetics/Personal Care | 2.6% |
| Banks | 2.5% |
| Other sectors | 11.7% |
| Other assets less liabilities | 0.6% |
| Total | 100.0% |

---

## Availability of Additional Information
If you wish to find additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please refer to the website address and contact information included at the beginning of this shareholder report.

![Image](tm261905d1_ncsrimg028.jpg)

# Baillie Gifford International Growth Fund

# Class K \| BGEKX
ANNUAL SHAREHOLDER REPORT \| December 31, 2025

The annual shareholder report contains important information about Baillie Gifford International Growth Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.bailliegifford.com/international-growth-fund/TSR-I-K. You can also request this information by contacting us at +1-844-394-6127 or via email at northamericanvehiclesteam@bailliegifford.com.&nbsp;&nbsp;&nbsp;&nbsp;

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class K | $62 | 0.57% |

---

## Management's Discussion of Fund Performance
SUMMARY OF RESULTS

For the year ended December 31, 2025, the Baillie Gifford International Growth Fund underperformed its benchmark, the MSCI ACWI ex USA Index. International equity markets advanced despite ongoing geopolitical uncertainty, but returns were driven by narrow artificial intelligence (AI) leadership and value sectors, such as banks, telecommunications services, and utilities. This proved a challenging backdrop for international growth investors. We have remained focused on the operational progress of the companies the Fund owns, where innovation, disciplined reinvestment and long-term earnings power can compound.

### TOP PERFORMANCE CONTRIBUTORS
**Advantest,** a leading supplier of semiconductor test equipment, contributed strongly during the year, benefiting from its critical role in semiconductor testing. Results exceeded market expectations, with management raising guidance on the back of sustained AI data-center investment and improved visibility. Advantest's deep technical expertise and leadership in advanced logic and memory testing provide a compelling growth story as semiconductor complexity continues to rise.

**ASML** also made a strong contribution, reflecting its unique position as the sole supplier of EUV (extreme ultraviolet) lithography tools used in in leading-edge chip manufacturing. Continued growth in both system shipments and services allowed ASML to generate additional revenue from the growing number of tools already in use by customers, reinforcing its role as an essential long-term enabler of next-generation computing.

### TOP PERFORMANCE DETRACTORS
**WiseTech Global's** shares were pressured due to increased scrutiny on the wider software business industry as a result of AI enthusiasm, as well as governance concerns regarding the founder's continued role in the business. Operationally, revenue growth remained healthy and margins robust. We have maintained our view on WiseTech's long-term opportunity, as a provider of mission-critical logistics software powering global trade.

**Wix.com,** a web development platform for small businesses, was weaker as the market grappled with what AI means for software businesses. Wix has an aggressive AI roadmap, and revenue growth from the agentic AI website builder platform it acquired in June has been impressive. We believe Wix is well-positioned to successfully adopt AI in its product offering, ultimately strengthening its position as a result.

## Fund Performance
The following graph and table compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). It assumes a

$10,000,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index, as required by relevant disclosure rules, and an additional benchmark that the Fund believes better aligns with the Fund's investment objective and strategies for the same period.

### GROWTH OF $10,000,000
![Growth of 10K Chart](tm261905d1_ncsrimg024.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class K 23,527,437** | **MSCI EAFE Index 23,069,438** | **MSCI ACWI ex USA Index 23,558,670** |
| **12/31/15** | 10000000 | 10000000 | 10000000 |
| **12/31/16** | 10133828 | 10151000 | 10501000 |
| **12/31/17** | 14802775 | 12751686 | 13417128 |
| **12/31/18** | 12238509 | 11048061 | 11568248 |
| **12/31/19** | 16815399 | 13551552 | 14128301 |
| **12/31/20** | 27400261 | 14673620 | 15700781 |
| **12/31/21** | 24817723 | 16402172 | 17002375 |
| **12/31/22** | 16272408 | 14104228 | 14355105 |
| **12/31/23** | 18608847 | 16762875 | 16682068 |
| **12/31/24** | 20068373 | 17491678 | 17698499 |
| **12/31/25** | 23527437 | 23069438 | 23558670 |

---

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 years | 10 Years |
| Class K | 17.24% | -3.00% | 8.93% |
| MSCI EAFE Index | 31.89% | 9.46% | 8.71% |
| MSCI ACWI ex USA Index | 33.11% | 8.45% | 8.94% |

---

Returns for Class K 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.

**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.

For updated Fund performance information, please visit: https://www.bailliegifford.com/pages/funds/baillie-gifford-international-growth-fund/?tab=performance.

## Key Fund Statistics as of December 31, 2025
The following table outlines key Fund statistics that you should pay attention to:

* Fund net assets$3,358,454,937

* Total number of portfolio holdings59

* Total advisory fees paid$10,976,100

* Portfolio turnover rate21%

## Tabular Representation of Holdings as of December 31, 2025
The following table shows the industry sector allocation of the Fund.

---

| | |
|:---|:---|
| Sectors | % of Net Assets |
| Internet | 22.6% |
| Semiconductors | 20.6% |
| Commercial Services | 7.4% |
| Machinery - Diversified | 5.6% |
| Software | 5.3% |
| Auto Manufacturers | 4.3% |
| Biotechnology | 3.9% |
| Transportation | 3.6% |
| Pharmaceuticals | 3.4% |
| Insurance | 3.2% |
| Apparel | 2.7% |
| Cosmetics/Personal Care | 2.6% |
| Banks | 2.5% |
| Other sectors | 11.7% |
| Other assets less liabilities | 0.6% |
| Total | 100.0% |

---

## Availability of Additional Information
If you wish to find additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please refer to the website address and contact information included at the beginning of this shareholder report.

![Image](tm261905d1_ncsrimg028.jpg)

# Baillie Gifford International Growth Fund

# Institutional Class \| BGESX
ANNUAL SHAREHOLDER REPORT \| December 31, 2025

The annual shareholder report contains important information about Baillie Gifford International Growth Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.bailliegifford.com/international-growth-fund/TSR-I-K. You can also request this information by contacting us at +1-844-394-6127 or via email at northamericanvehiclesteam@bailliegifford.com.&nbsp;&nbsp;&nbsp;&nbsp;

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Class | $71 | 0.65% |

---

## Management's Discussion of Fund Performance
SUMMARY OF RESULTS

For the year ended December 31, 2025, the Baillie Gifford International Growth Fund underperformed its benchmark, the MSCI ACWI ex USA Index. International equity markets advanced despite ongoing geopolitical uncertainty, but returns were driven by narrow artificial intelligence (AI) leadership and value sectors, such as banks, telecommunications services, and utilities. This proved a challenging backdrop for international growth investors. We have remained focused on the operational progress of the companies the Fund owns, where innovation, disciplined reinvestment and long-term earnings power can compound.

### TOP PERFORMANCE CONTRIBUTORS
**Advantest,** a leading supplier of semiconductor test equipment, contributed strongly during the year, benefiting from its critical role in semiconductor testing. Results exceeded market expectations, with management raising guidance on the back of sustained AI data-center investment and improved visibility. Advantest's deep technical expertise and leadership in advanced logic and memory testing provide a compelling growth story as semiconductor complexity continues to rise.

**ASML** also made a strong contribution, reflecting its unique position as the sole supplier of EUV (extreme ultraviolet) lithography tools used in in leading-edge chip manufacturing. Continued growth in both system shipments and services allowed ASML to generate additional revenue from the growing number of tools already in use by customers, reinforcing its role as an essential long-term enabler of next-generation computing.

### TOP PERFORMANCE DETRACTORS
**WiseTech Global's** shares were pressured due to increased scrutiny on the wider software business industry as a result of AI enthusiasm, as well as governance concerns regarding the founder's continued role in the business. Operationally, revenue growth remained healthy and margins robust. We have maintained our view on WiseTech's long-term opportunity, as a provider of mission-critical logistics software powering global trade.

**Wix.com,** a web development platform for small businesses, was weaker as the market grappled with what AI means for software businesses. Wix has an aggressive AI roadmap, and revenue growth from the agentic AI website builder platform it acquired in June has been impressive. We believe Wix is well-positioned to successfully adopt AI in its product offering, ultimately strengthening its position as a result.

## Fund Performance
The following graph and table compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). It assumes a

$10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index, as required by relevant disclosure rules, and an additional benchmark that the Fund believes better aligns with the Fund's investment objective and strategies for the same period.

### GROWTH OF $10,000
![Growth of 10K Chart](tm261905d1_ncsrimg012.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class 23,344** | **MSCI EAFE Index 23,069** | **MSCI ACWI ex USA Index 23,559** |
| **12/31/15** | 10000 | 10000 | 10000 |
| **12/31/16** | 10119 | 10151 | 10501 |
| **12/31/17** | 14774 | 12752 | 13417 |
| **12/31/18** | 12212 | 11048 | 11568 |
| **12/31/19** | 16761 | 13552 | 14128 |
| **12/31/20** | 27293 | 14674 | 15701 |
| **12/31/21** | 24705 | 16402 | 17002 |
| **12/31/22** | 16185 | 14104 | 14355 |
| **12/31/23** | 18484 | 16763 | 16682 |
| **12/31/24** | 19926 | 17492 | 17698 |
| **12/31/25** | 23344 | 23069 | 23559 |

---

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 years | 10 Years |
| Institutional Class | 17.15% | -3.08% | 8.85% |
| MSCI EAFE Index | 31.89% | 9.46% | 8.71% |
| MSCI ACWI ex USA Index | 33.11% | 8.45% | 8.94% |

---

Returns for the 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 and were adjusted to reflect the differences in class expense due to the fees being higher.

**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.

For updated Fund performance information, please visit: https://www.bailliegifford.com/pages/funds/baillie-gifford-international-growth-fund/?tab=performance.

## Key Fund Statistics as of December 31, 2025
The following table outlines key Fund statistics that you should pay attention to:

* Fund net assets$3,358,454,937

* Total number of portfolio holdings59

* Total advisory fees paid$10,976,100

* Portfolio turnover rate21%

## Tabular Representation of Holdings as of December 31, 2025
The following table shows the industry sector allocation of the Fund.

---

| | |
|:---|:---|
| Sectors | % of Net Assets |
| Internet | 22.6% |
| Semiconductors | 20.6% |
| Commercial Services | 7.4% |
| Machinery - Diversified | 5.6% |
| Software | 5.3% |
| Auto Manufacturers | 4.3% |
| Biotechnology | 3.9% |
| Transportation | 3.6% |
| Pharmaceuticals | 3.4% |
| Insurance | 3.2% |
| Apparel | 2.7% |
| Cosmetics/Personal Care | 2.6% |
| Banks | 2.5% |
| Other sectors | 11.7% |
| Other assets less liabilities | 0.6% |
| Total | 100.0% |

---

## Availability of Additional Information
If you wish to find additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please refer to the website address and contact information included at the beginning of this shareholder report.

![Image](tm261905d1_ncsrimg028.jpg)

# Baillie Gifford Long Term Global Growth Fund

# Class 2 \| BGLTX
ANNUAL SHAREHOLDER REPORT \| December 31, 2025

The annual shareholder report contains important information about Baillie Gifford Long Term Global Growth Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.bailliegifford.com/long-term-global-growth-fund/TSR-2-5. You can also request this information by contacting us at +1-844-394-6127 or via email at northamericanvehiclesteam@bailliegifford.com.&nbsp;&nbsp;&nbsp;&nbsp;

**This report describes changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class 2 | $75 | 0.69% |

---

## Management's Discussion of Fund Performance
SUMMARY OF RESULTS

Over the past 12 months, global equity markets delivered strong absolute returns, rebounding from tariff-related uncertainty earlier in the year. Performance moderated toward the end of the period as investor focus shifted toward valuations, the economic cycle, and the near-term return potential from artificial intelligence (AI)-related investment. Against this backdrop and following a small number of stock-specific developments, the Baillie Gifford Long Term Global Growth Fund underperformed the MSCI ACWI Index.

### TOP PERFORMANCE CONTRIBUTORS
**AppLovin,** a mobile advertising and software platform, was a leading contributor, supported by very strong operational performance. Revenues grew nearly 70% year-on-year alongside further margin expansion, reflecting the strength and scalability of its advertising platform. Early traction from the launch of its self-service advertising offering, alongside continued platform enhancements, AI-enabled creative tools, and international expansion, supported the long-term opportunity.

The internet infrastructure and cybersecurity company, **Cloudflare,** also contributed positively as it made clear progress in its transition to a scaled enterprise platform. Record contract wins, an expanding global network, and growing adoption of Cloudflare's serverless developer platform offerings reinforced its role as critical internet infrastructure.

### TOP PERFORMANCE DETRACTORS
Digital advertising technology company, **The Trade Desk** detracted after a sharp share price reaction to earnings, despite revenue growth exceeding expectations. Investor concerns centered on near-term growth and intensifying competition, although adoption of its AI-driven Kokai advertising platform continued to support the long-term opportunity.

**Meituan,** a local services and on-demand platform, was impacted by subsidy-driven competition in China's food delivery and quick commerce markets, which pressured near-term profitability as the company defended market share. Even so, Meituan's order density, scaled logistics, and merchant relationships helped it maintain a market-leading position.

## Fund Performance
The following graph and table compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). It assumes a

$25,000,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

### GROWTH OF $25,000,000
![Growth of 10K Chart](tm261905d1_ncsrimg034.jpg)

---

| | | |
|:---|:---|:---|
| | **Class 2 108,143,102** | **MSCI ACWI Index 79,602,278** |
| **12/31/15** | 25000000 | 25000000 |
| **12/31/16** | 24049595 | 27120000 |
| **12/31/17** | 37053195 | 33796944 |
| **12/31/18** | 36525861 | 30778877 |
| **12/31/19** | 48757897 | 39181510 |
| **12/31/20** | 98378811 | 45771840 |
| **12/31/21** | 100839135 | 54486799 |
| **12/31/22** | 54416870 | 44700970 |
| **12/31/23** | 74334309 | 54896041 |
| **12/31/24** | 92922781 | 64785675 |
| **12/31/25** | 108143102 | 79602278 |

---

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 years | 10 Years |
| Class 2 | 16.38% | 1.91% | 15.77% |
| MSCI ACWI Index | 22.87% | 11.70% | 12.27% |

---

**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.

## Key Fund Statistics as of December 31, 2025
The following table outlines key Fund statistics that you should pay attention to:

* Fund net assets$1,028,798,720

* Total number of portfolio holdings38

* Total advisory fees paid$4,432,958

* Portfolio turnover rate22%

## Tabular Representation of Holdings as of December 31, 2025
The following table shows the industry sector allocation of the Fund.

---

| | |
|:---|:---|
| Sectors | % of Net Assets |
| Internet | 41.3% |
| Semiconductors | 13.6% |
| Software | 10.9% |
| Banks | 3.3% |
| Aerospace/Defense | 3.2% |
| Retail | 3.0% |
| Commercial Services | 2.8% |
| Healthcare - Products | 2.7% |
| Apparel | 2.5% |
| Auto Parts & Equipment | 1.9% |
| Biotechnology | 1.8% |
| Pharmaceuticals | 1.7% |
| Miscellaneous Manufacturing | 1.6% |
| Other sectors | 7.6% |
| Other assets less liabilities | 2.1% |
| Total | 100.0% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 30, 2026 at www.bailliegifford.com/long-term-global-growth-fund/TSR-2-5 or upon request by contacting us at +1-844-394-6127 or via email at northamericanvehiclesteam@bailliegifford.com.

On December 8 and 9, 2025, the Board of Trustees of the Fund approved and adopted a Plan of Reorganization for the Fund, an Agreement and Plan of Reorganization (each, a "Plan"), pursuant to which each of Baillie Gifford International Concentrated Growth Equities Fund, Baillie Gifford Long Term Global Growth Fund and Baillie Gifford U.S. Equity Growth Fund will merge into Baillie Gifford International Concentrated Growth ETF, Baillie Gifford Long Term Global Growth ETF, and Baillie Gifford U.S. Equity Growth ETF, each a series of Baillie Gifford ETF Trust, respectively, subject to shareholder approval.

On October 2, 2025, a plan to launch Baillie Gifford Institutional Trust (BGIT) was approved and adopted. Subsequent to this on February 5, 2026, Baillie Gifford Long Term Global Growth Institutional Fund ("LTGG Institutional Fund") was launched. As part of this launch around $160 million of existing shareholders within the Baillie Gifford Long Term Global Growth Fund transitioned to the LTGG Institutional Fund.

Effective January 30, 2026, Baillie Gifford Overseas Limited has contractually agreed to waive its fees and/or bear Other Expenses of the Fund to the extent that the Fund's Total Annual Fund Operating Expenses (excluding taxes, sub-accounting expenses and extraordinary expenses) exceed 0.70% for Class 2 shares, 0.63% for Class 3 shares, 0.60% for class 4 shares, 0.55% for class 5 shares and 0.70% for Class K and 0.70% for Institutional Class shares. This contractual waiver will expire on June 1, 2026.

## Availability of Additional Information
If you wish to find additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please refer to the website address and contact information included at the beginning of this shareholder report.

![Image](tm261905d1_ncsrimg028.jpg)

# Baillie Gifford Long Term Global Growth Fund

# Class 3 \| BGLOX
ANNUAL SHAREHOLDER REPORT \| December 31, 2025

The annual shareholder report contains important information about Baillie Gifford Long Term Global Growth Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.bailliegifford.com/long-term-global-growth-fund/TSR-2-5. You can also request this information by contacting us at +1-844-394-6127 or via email at northamericanvehiclesteam@bailliegifford.com.&nbsp;&nbsp;&nbsp;&nbsp;

**This report describes changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class 3 | $14<sup>Footnote Reference\*</sup> | 0.65% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | &nbsp;&nbsp;&nbsp;The period from commencement to the date of this report is less than a full reporting period. Expenses paid for a full reporting period would be higher. |

---

## Management's Discussion of Fund Performance
SUMMARY OF RESULTS

Over the past 12 months, global equity markets delivered strong absolute returns, rebounding from tariff-related uncertainty earlier in the year. Performance moderated toward the end of the period as investor focus shifted toward valuations, the economic cycle, and the near-term return potential from artificial intelligence (AI)-related investment. Against this backdrop and following a small number of stock-specific developments, the Baillie Gifford Long Term Global Growth Fund underperformed the MSCI ACWI Index.

### TOP PERFORMANCE CONTRIBUTORS
**AppLovin,** a mobile advertising and software platform, was a leading contributor, supported by very strong operational performance. Revenues grew nearly 70% year-on-year alongside further margin expansion, reflecting the strength and scalability of its advertising platform. Early traction from the launch of its self-service advertising offering, alongside continued platform enhancements, AI-enabled creative tools, and international expansion, supported the long-term opportunity.

The internet infrastructure and cybersecurity company, **Cloudflare,** also contributed positively as it made clear progress in its transition to a scaled enterprise platform. Record contract wins, an expanding global network, and growing adoption of Cloudflare's serverless developer platform offerings reinforced its role as critical internet infrastructure.

### TOP PERFORMANCE DETRACTORS
Digital advertising technology company, **The Trade Desk** detracted after a sharp share price reaction to earnings, despite revenue growth exceeding expectations. Investor concerns centered on near-term growth and intensifying competition, although adoption of its AI-driven Kokai advertising platform continued to support the long-term opportunity.

**Meituan,** a local services and on-demand platform, was impacted by subsidy-driven competition in China's food delivery and quick commerce markets, which pressured near-term profitability as the company defended market share. Even so, Meituan's order density, scaled logistics, and merchant relationships helped it maintain a market-leading position.

## Fund Performance
The following graph and table compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). It assumes a

$100,000,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

### GROWTH OF $100,000,000
![Growth of 10K Chart](tm261905d1_ncsrimg037.jpg)

---

| | | |
|:---|:---|:---|
| | **Class 3 432,644,923** | **MSCI ACWI Index 318,409,113** |
| **12/31/15** | 100000000 | 100000000 |
| **12/31/16** | 96198380 | 108480000 |
| **12/31/17** | 148212780 | 135187776 |
| **12/31/18** | 146103445 | 123115508 |
| **12/31/19** | 195031589 | 156726041 |
| **12/31/20** | 393515246 | 183087361 |
| **12/31/21** | 403356542 | 217947195 |
| **12/31/22** | 217667479 | 178803879 |
| **12/31/23** | 297337236 | 219584166 |
| **12/31/24** | 371691125 | 259142702 |
| **12/31/25** | 432644923 | 318409113 |

---

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 years | 10 Years |
| Class 3 | 16.40% | 1.91% | 15.77% |
| MSCI ACWI Index | 22.87% | 11.70% | 12.27% |

---

Returns for the Class 3 shares are based on actual performance from October 14, 2025. Prior to that date, returns are calculated based on the oldest share class of the Fund and were adjusted to reflect the differences in class expense due to the fees being higher.

**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.

## Key Fund Statistics as of December 31, 2025
The following table outlines key Fund statistics that you should pay attention to:

* Fund net assets$1,028,798,720

* Total number of portfolio holdings38

* Total advisory fees paid$4,432,958

* Portfolio turnover rate22%

## Tabular Representation of Holdings as of December 31, 2025
The following table shows the industry sector allocation of the Fund.

---

| | |
|:---|:---|
| Sectors | % of Net Assets |
| Internet | 41.3% |
| Semiconductors | 13.6% |
| Software | 10.9% |
| Banks | 3.3% |
| Aerospace/Defense | 3.2% |
| Retail | 3.0% |
| Commercial Services | 2.8% |
| Healthcare - Products | 2.7% |
| Apparel | 2.5% |
| Auto Parts & Equipment | 1.9% |
| Biotechnology | 1.8% |
| Pharmaceuticals | 1.7% |
| Miscellaneous Manufacturing | 1.6% |
| Other sectors | 7.6% |
| Other assets less liabilities | 2.1% |
| Total | 100.0% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 30, 2026 at www.bailliegifford.com/long-term-global-growth-fund/TSR-2-5 or upon request by contacting us at +1-844-394-6127 or via email at northamericanvehiclesteam@bailliegifford.com.

On December 8 and 9, 2025, the Board of Trustees of the Fund approved and adopted a Plan of Reorganization for the Fund, an Agreement and Plan of Reorganization (each, a "Plan"), pursuant to which each of Baillie Gifford International Concentrated Growth Equities Fund, Baillie Gifford Long Term Global Growth Fund and Baillie Gifford U.S. Equity Growth Fund will merge into Baillie Gifford International Concentrated Growth ETF, Baillie Gifford Long Term Global Growth ETF, and Baillie Gifford U.S. Equity Growth ETF, each a series of Baillie Gifford ETF Trust, respectively, subject to shareholder approval.

On October 2, 2025, a plan to launch Baillie Gifford Institutional Trust (BGIT) was approved and adopted. Subsequent to this on February 5, 2026, Baillie Gifford Long Term Global Growth Institutional Fund ("LTGG Institutional Fund") was launched. As part of this launch around $160 million of existing shareholders within the Baillie Gifford Long Term Global Growth Fund transitioned to the LTGG Institutional Fund.

Effective January 30, 2026, Baillie Gifford Overseas Limited has contractually agreed to waive its fees and/or bear Other Expenses of the Fund to the extent that the Fund's Total Annual Fund Operating Expenses (excluding taxes, sub-accounting expenses and extraordinary expenses) exceed 0.70% for Class 2 shares, 0.63% for Class 3 shares, 0.60% for class 4 shares, 0.55% for class 5 shares and 0.70% for Class K and 0.70% for Institutional Class shares. This contractual waiver will expire on June 1, 2026.

## Availability of Additional Information
If you wish to find additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please refer to the website address and contact information included at the beginning of this shareholder report.

![Image](tm261905d1_ncsrimg028.jpg)

# Baillie Gifford Long Term Global Growth Fund

# Class K \| BGLKX
ANNUAL SHAREHOLDER REPORT \| December 31, 2025

The annual shareholder report contains important information about Baillie Gifford Long Term Global Growth Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.bailliegifford.com/long-term-global-growth-fund/TSR-I-K. You can also request this information by contacting us at +1-844-394-6127 or via email at northamericanvehiclesteam@bailliegifford.com.&nbsp;&nbsp;&nbsp;&nbsp;

**This report describes changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class K | $76 | 0.70% |

---

## Management's Discussion of Fund Performance
SUMMARY OF RESULTS

Over the past 12 months, global equity markets delivered strong absolute returns, rebounding from tariff-related uncertainty earlier in the year. Performance moderated toward the end of the period as investor focus shifted toward valuations, the economic cycle, and the near-term return potential from artificial intelligence (AI)-related investment. Against this backdrop and following a small number of stock-specific developments, the Baillie Gifford Long Term Global Growth Fund underperformed the MSCI ACWI Index.

### TOP PERFORMANCE CONTRIBUTORS
**AppLovin,** a mobile advertising and software platform, was a leading contributor, supported by very strong operational performance. Revenues grew nearly 70% year-on-year alongside further margin expansion, reflecting the strength and scalability of its advertising platform. Early traction from the launch of its self-service advertising offering, alongside continued platform enhancements, AI-enabled creative tools, and international expansion, supported the long-term opportunity.

The internet infrastructure and cybersecurity company, **Cloudflare,** also contributed positively as it made clear progress in its transition to a scaled enterprise platform. Record contract wins, an expanding global network, and growing adoption of Cloudflare's serverless developer platform offerings reinforced its role as critical internet infrastructure.

### TOP PERFORMANCE DETRACTORS
Digital advertising technology company, **The Trade Desk** detracted after a sharp share price reaction to earnings, despite revenue growth exceeding expectations. Investor concerns centered on near-term growth and intensifying competition, although adoption of its AI-driven Kokai advertising platform continued to support the long-term opportunity.

**Meituan,** a local services and on-demand platform, was impacted by subsidy-driven competition in China's food delivery and quick commerce markets, which pressured near-term profitability as the company defended market share. Even so, Meituan's order density, scaled logistics, and merchant relationships helped it maintain a market-leading position.

## Fund Performance
The following graph and table compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). It assumes a

$10,000,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

### GROWTH OF $10,000,000
![Growth of 10K Chart](tm261905d1_ncsrimg007.jpg)

---

| | | |
|:---|:---|:---|
| | **Class K 43,263,374** | **MSCI ACWI Index 31,840,911** |
| **12/31/15** | 10000000 | 10000000 |
| **12/31/16** | 9619838 | 10848000 |
| **12/31/17** | 14822499 | 13518778 |
| **12/31/18** | 14613517 | 12311551 |
| **12/31/19** | 19509147 | 15672604 |
| **12/31/20** | 39360641 | 18308736 |
| **12/31/21** | 40335940 | 21794719 |
| **12/31/22** | 21765906 | 17880388 |
| **12/31/23** | 29740773 | 21958417 |
| **12/31/24** | 37178763 | 25914270 |
| **12/31/25** | 43263374 | 31840911 |

---

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 years | 10 Years |
| Class K | 16.40% | 1.91% | 15.77% |
| MSCI ACWI Index | 22.87% | 11.70% | 12.27% |

---

Returns for Class K 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.

**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.

For updated Fund performance information, please visit: https://www.bailliegifford.com/pages/funds/baillie-gifford-long-term-global-growth-fund/?tab=performance.

## Key Fund Statistics as of December 31, 2025
The following table outlines key Fund statistics that you should pay attention to:

* Fund net assets$1,028,798,720

* Total number of portfolio holdings38

* Total advisory fees paid$4,432,958

* Portfolio turnover rate22%

## Tabular Representation of Holdings as of December 31, 2025
The following table shows the industry sector allocation of the Fund.

---

| | |
|:---|:---|
| Sectors | % of Net Assets |
| Internet | 41.3% |
| Semiconductors | 13.6% |
| Software | 10.9% |
| Banks | 3.3% |
| Aerospace/Defense | 3.2% |
| Retail | 3.0% |
| Commercial Services | 2.8% |
| Healthcare - Products | 2.7% |
| Apparel | 2.5% |
| Auto Parts & Equipment | 1.9% |
| Biotechnology | 1.8% |
| Pharmaceuticals | 1.7% |
| Miscellaneous Manufacturing | 1.6% |
| Other sectors | 7.6% |
| Other assets less liabilities | 2.1% |
| Total | 100.0% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 30, 2026 at www.bailliegifford.com/long-term-global-growth-fund/TSR-I-K or upon request by contacting us at +1-844-394-6127 or via email at northamericanvehiclesteam@bailliegifford.com.

On December 8 and 9, 2025, the Board of Trustees of the Fund approved and adopted a Plan of Reorganization for the Fund, an Agreement and Plan of Reorganization (each, a "Plan"), pursuant to which each of Baillie Gifford International Concentrated Growth Equities Fund, Baillie Gifford Long Term Global Growth Fund and Baillie Gifford U.S. Equity Growth Fund will merge into Baillie Gifford International Concentrated Growth ETF, Baillie Gifford Long Term Global Growth ETF, and Baillie Gifford U.S. Equity Growth ETF, each a series of Baillie Gifford ETF Trust, respectively, subject to shareholder approval.

On October 2, 2025, a plan to launch Baillie Gifford Institutional Trust (BGIT) was approved and adopted. Subsequent to this on February 5, 2026, Baillie Gifford Long Term Global Growth Institutional Fund ("LTGG Institutional Fund") was launched. As part of this launch around $160 million of existing shareholders within the Baillie Gifford Long Term Global Growth Fund transitioned to the LTGG Institutional Fund.

Effective January 30, 2026, Baillie Gifford Overseas Limited has contractually agreed to waive its fees and/or bear Other Expenses of the Fund to the extent that the Fund's Total Annual Fund Operating Expenses (excluding taxes, sub-accounting expenses and extraordinary expenses) exceed 0.70% for Class 2 shares, 0.63% for Class 3 shares, 0.60% for class 4 shares, 0.55% for class 5 shares and 0.70% for Class K and 0.70% for Institutional Class shares. This contractual waiver will expire on June 1, 2026.

## Availability of Additional Information
If you wish to find additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please refer to the website address and contact information included at the beginning of this shareholder report.

![Image](tm261905d1_ncsrimg028.jpg)

# Baillie Gifford Long Term Global Growth Fund

# Institutional Class \| BSGLX
ANNUAL SHAREHOLDER REPORT \| December 31, 2025

The annual shareholder report contains important information about Baillie Gifford Long Term Global Growth Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.bailliegifford.com/long-term-global-growth-fund/TSR-I-K. You can also request this information by contacting us at +1-844-394-6127 or via email at northamericanvehiclesteam@bailliegifford.com.&nbsp;&nbsp;&nbsp;&nbsp;

**This report describes changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Class | $85 | 0.79% |

---

## Management's Discussion of Fund Performance
SUMMARY OF RESULTS

Over the past 12 months, global equity markets delivered strong absolute returns, rebounding from tariff-related uncertainty earlier in the year. Performance moderated toward the end of the period as investor focus shifted toward valuations, the economic cycle, and the near-term return potential from artificial intelligence (AI)-related investment. Against this backdrop and following a small number of stock-specific developments, the Baillie Gifford Long Term Global Growth Fund underperformed the MSCI ACWI Index.

### TOP PERFORMANCE CONTRIBUTORS
**AppLovin,** a mobile advertising and software platform, was a leading contributor, supported by very strong operational performance. Revenues grew nearly 70% year-on-year alongside further margin expansion, reflecting the strength and scalability of its advertising platform. Early traction from the launch of its self-service advertising offering, alongside continued platform enhancements, AI-enabled creative tools, and international expansion, supported the long-term opportunity.

The internet infrastructure and cybersecurity company, **Cloudflare,** also contributed positively as it made clear progress in its transition to a scaled enterprise platform. Record contract wins, an expanding global network, and growing adoption of Cloudflare's serverless developer platform offerings reinforced its role as critical internet infrastructure.

### TOP PERFORMANCE DETRACTORS
Digital advertising technology company, **The Trade Desk** detracted after a sharp share price reaction to earnings, despite revenue growth exceeding expectations. Investor concerns centered on near-term growth and intensifying competition, although adoption of its AI-driven Kokai advertising platform continued to support the long-term opportunity.

**Meituan,** a local services and on-demand platform, was impacted by subsidy-driven competition in China's food delivery and quick commerce markets, which pressured near-term profitability as the company defended market share. Even so, Meituan's order density, scaled logistics, and merchant relationships helped it maintain a market-leading position.

## Fund Performance
The following graph and table compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). It assumes a

$10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

### GROWTH OF $10,000
![Growth of 10K Chart](tm261905d1_ncsrimg010.jpg)

---

| | | |
|:---|:---|:---|
| | **Institutional Class 42,889** | **MSCI ACWI Index 31,841** |
| **12/31/15** | 10000 | 10000 |
| **12/31/16** | 9605 | 10848 |
| **12/31/17** | 14793 | 13519 |
| **12/31/18** | 14576 | 12312 |
| **12/31/19** | 19444 | 15673 |
| **12/31/20** | 39200 | 18309 |
| **12/31/21** | 40143 | 21795 |
| **12/31/22** | 21645 | 17880 |
| **12/31/23** | 29531 | 21958 |
| **12/31/24** | 36891 | 25914 |
| **12/31/25** | 42889 | 31841 |

---

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 years | 10 Years |
| Institutional Class | 16.26% | 1.82% | 15.67% |
| MSCI ACWI Index | 22.87% | 11.70% | 12.27% |

---

Returns for the 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 and were adjusted to reflect the differences in class expense due to the fees being higher.

**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.

For updated Fund performance information, please visit: https://www.bailliegifford.com/pages/funds/baillie-gifford-long-term-global-growth-fund/?tab=performance.

## Key Fund Statistics as of December 31, 2025
The following table outlines key Fund statistics that you should pay attention to:

* Fund net assets$1,028,798,720

* Total number of portfolio holdings38

* Total advisory fees paid$4,432,958

* Portfolio turnover rate22%

## Tabular Representation of Holdings as of December 31, 2025
The following table shows the industry sector allocation of the Fund.

---

| | |
|:---|:---|
| Sectors | % of Net Assets |
| Internet | 41.3% |
| Semiconductors | 13.6% |
| Software | 10.9% |
| Banks | 3.3% |
| Aerospace/Defense | 3.2% |
| Retail | 3.0% |
| Commercial Services | 2.8% |
| Healthcare - Products | 2.7% |
| Apparel | 2.5% |
| Auto Parts & Equipment | 1.9% |
| Biotechnology | 1.8% |
| Pharmaceuticals | 1.7% |
| Miscellaneous Manufacturing | 1.6% |
| Other sectors | 7.6% |
| Other assets less liabilities | 2.1% |
| Total | 100.0% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 30, 2026 at www.bailliegifford.com/long-term-global-growth-fund/TSR-I-K or upon request by contacting us at +1-844-394-6127 or via email at northamericanvehiclesteam@bailliegifford.com.

On December 8 and 9, 2025, the Board of Trustees of the Fund approved and adopted a Plan of Reorganization for the Fund, an Agreement and Plan of Reorganization (each, a "Plan"), pursuant to which each of Baillie Gifford International Concentrated Growth Equities Fund, Baillie Gifford Long Term Global Growth Fund and Baillie Gifford U.S. Equity Growth Fund will merge into Baillie Gifford International Concentrated Growth ETF, Baillie Gifford Long Term Global Growth ETF, and Baillie Gifford U.S. Equity Growth ETF, each a series of Baillie Gifford ETF Trust, respectively, subject to shareholder approval.

On October 2, 2025, a plan to launch Baillie Gifford Institutional Trust (BGIT) was approved and adopted. Subsequent to this on February 5, 2026, Baillie Gifford Long Term Global Growth Institutional Fund ("LTGG Institutional Fund") was launched. As part of this launch around $160 million of existing shareholders within the Baillie Gifford Long Term Global Growth Fund transitioned to the LTGG Institutional Fund.

Effective January 30, 2026, Baillie Gifford Overseas Limited has contractually agreed to waive its fees and/or bear Other Expenses of the Fund to the extent that the Fund's Total Annual Fund Operating Expenses (excluding taxes, sub-accounting expenses and extraordinary expenses) exceed 0.70% for Class 2 shares, 0.63% for Class 3 shares, 0.60% for class 4 shares, 0.55% for class 5 shares and 0.70% for Class K and 0.70% for Institutional Class shares. This contractual waiver will expire on June 1, 2026.

## Availability of Additional Information
If you wish to find additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please refer to the website address and contact information included at the beginning of this shareholder report.

![Image](tm261905d1_ncsrimg028.jpg)

# Baillie Gifford U.S. Equity Growth Fund

# Class K \| BGGKX
ANNUAL SHAREHOLDER REPORT \| December 31, 2025

The annual shareholder report contains important information about Baillie Gifford U.S. Equity Growth Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.bailliegifford.com/u-s-equity-growth-fund/TSR. You can also request this information by contacting us at +1-844-394-6127 or via email at northamericanvehiclesteam@bailliegifford.com.&nbsp;&nbsp;&nbsp;&nbsp;

**This report describes changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class K | $68 | 0.65% |

---

## Management's Discussion of Fund Performance
SUMMARY OF RESULTS

For the 12 months ended December 31, 2025, the Fund delivered a positive absolute return but trailed its primary benchmark, the S&P 500 Index. US equities performed well despite intermittent volatility, with US trade policy dominating the first half of the year and rising scepticism over the payoffs from artificial intelligence (AI) investment in the second half. Despite these concerns, the broader economy proved resilient. Inflation continued to ease, and while the labor market softened, this provided room for the Federal Reserve to begin cutting interest rates over the year, helping to support equity market valuations.

### TOP PERFORMANCE CONTRIBUTORS
**Cloudflare,** the internet infrastructure company, was a leading contributor as investors gained confidence in its ability to sustain strong growth while improving operating leverage. Cloudflare benefited from structural demand for internet security, performance and reliability, and remained well-positioned to support artificial intelligence workloads at the network edge.

**Shopify,** the global commerce platform, also contributed strongly as consistent execution reinforced confidence in its combination of growth and cash generation. The company continued to deepen merchant relationships across payments and adjacent services while investing with discipline. An 18% free cash flow margin underscores a sustained track record of strong cash generation alongside robust growth.

### TOP PERFORMANCE DETRACTORS
**The Trade Desk,** the programmatic advertising platform, detracted as shares fell despite continued revenue growth, reflecting a valuation reset and investor caution around near-term execution and competition. The business remained well-positioned in programmatic advertising, particularly connected television. However, concerns around the durability of its competitive advantage led us to exit the position.

**Sweetgreen,** the fast-casual healthy food restaurant chain, detracted as weaker consumer demand pressured traffic and profitability, especially in coastal markets and at dinner. Average unit volumes were broadly stable, but margins fell and losses increased. Management slowed new openings and refocused on execution. The $186.4 million sale of Spyce improved liquidity and simplified the operating model.

## Fund Performance
The following graph and table compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). It assumes a

$10,000,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index, as required by relevant disclosure rules, and an additional benchmark that the Fund believes better aligns with the Fund's investment objective and strategies for the same period.

### GROWTH OF $10,000,000
![Growth of 10K Chart](tm261905d1_ncsrimg003.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class K 33,326,356** | **S&P 500 Index 36,178,682** | **Russell 1000 Growth Index 50,085,804** |
| **12/5/16** | 10000000 | 10000000 | 10000000 |
| **12/31/16** | 10150000 | 10169000 | 10137000 |
| **12/31/17** | 11701293 | 12388893 | 13199388 |
| **12/31/18** | 12707461 | 11846259 | 13000077 |
| **12/31/19** | 16492012 | 15576646 | 17730805 |
| **12/31/20** | 37200711 | 18442593 | 24555392 |
| **12/31/21** | 35650305 | 23737462 | 31332680 |
| **12/31/22** | 15834559 | 19438608 | 22202337 |
| **12/31/23** | 23121862 | 24549017 | 31678294 |
| **12/31/24** | 30193497 | 30691113 | 42244980 |
| **12/31/25** | 33326356 | 36178682 | 50085804 |

---

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 years | Since Inception 12/5/16 |
| Class K | 10.38% | -2.18% | 15.95% |
| S&P 500 Index | 17.88% | 14.42% | 15.22% |
| Russell 1000 Growth Index | 18.56% | 15.31% | 19.42% |

---

The inception date for the Fund is December 5, 2016, when Baillie Gifford International, LLC purchased Class 1 shares. Classes 1-5 of the Fund were terminated effective May 1, 2017, and Class 1 shares were converted to Class K shares.

The Fund has changed its broad-based securities market index from the Russell 1000 Growth Index to the S&P 500 Index in light of revisions to the regulatory definition of a broad-based securities market index included in mutual fund prospectuses and shareholder reports. The Fund has retained the S&P 500 Index as an additional benchmark.

**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.

For updated Fund performance information, please visit: https://www.bailliegifford.com/pages/funds/baillie-gifford-us-equity-growth-fund/?tab=performance.

## Key Fund Statistics as of December 31, 2025
The following table outlines key Fund statistics that you should pay attention to:

* Fund net assets$18,327,346

* Total number of portfolio holdings47

* Total advisory fees paid, net of waiver$0

* Portfolio turnover rate18%

## Tabular Representation of Holdings as of December 31, 2025
The following table shows the industry sector allocation of the Fund.

---

| | |
|:---|:---|
| Sectors | % of Net Assets |
| Internet | 36.6% |
| Software | 18.0% |
| Healthcare - Products | 8.6% |
| Semiconductors | 6.8% |
| Biotechnology | 4.9% |
| Auto Manufacturers | 3.6% |
| Real Estate | 3.0% |
| Commercial Services | 3.0% |
| Healthcare - Services | 2.1% |
| Entertainment | 1.6% |
| Home Furnishings | 1.4% |
| Distribution/Wholesale | 1.4% |
| Insurance | 1.3% |
| Other sectors | 5.3% |
| Other assets less liabilities | 2.4% |
| Total | 100.0% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 30, 2026 at www.bailliegifford.com/u-s-equity-growth-fund/TSR or upon request by contacting us at +1-844-394-6127 or via email at northamericanvehiclesteam@bailliegifford.com.

On December 8 and 9, 2025, the Board of Trustees of the Fund approved and adopted a Plan of Reorganization for the Fund, an Agreement and Plan of Reorganization (each, a "Plan"), pursuant to which each of Baillie Gifford International Concentrated Growth Equities Fund, Baillie Gifford Long Term Global Growth Fund and Baillie Gifford U.S. Equity Growth Fund will merge into Baillie Gifford International Concentrated Growth ETF, Baillie Gifford Long Term Global Growth ETF, and Baillie Gifford U.S. Equity Growth ETF, each a series of Baillie Gifford ETF Trust, respectively, subject to shareholder approval.

## Availability of Additional Information
If you wish to find additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please refer to the website address and contact information included at the beginning of this shareholder report.

![Image](tm261905d1_ncsrimg028.jpg)

# Baillie Gifford U.S. Equity Growth Fund

# Institutional Class \| BGGSX
ANNUAL SHAREHOLDER REPORT \| December 31, 2025

The annual shareholder report contains important information about Baillie Gifford U.S. Equity Growth Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.bailliegifford.com/u-s-equity-growth-fund/TSR. You can also request this information by contacting us at +1-844-394-6127 or via email at northamericanvehiclesteam@bailliegifford.com.&nbsp;&nbsp;&nbsp;&nbsp;

**This report describes changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Class | $79 | 0.75% |

---

## Management's Discussion of Fund Performance
SUMMARY OF RESULTS

For the 12 months ended December 31, 2025, the Fund delivered a positive absolute return but trailed its primary benchmark, the S&P 500 Index. US equities performed well despite intermittent volatility, with US trade policy dominating the first half of the year and rising scepticism over the payoffs from artificial intelligence (AI) investment in the second half. Despite these concerns, the broader economy proved resilient. Inflation continued to ease, and while the labor market softened, this provided room for the Federal Reserve to begin cutting interest rates over the year, helping to support equity market valuations.

### TOP PERFORMANCE CONTRIBUTORS
**Cloudflare,** the internet infrastructure company, was a leading contributor as investors gained confidence in its ability to sustain strong growth while improving operating leverage. Cloudflare benefited from structural demand for internet security, performance and reliability, and remained well-positioned to support artificial intelligence workloads at the network edge.

**Shopify,** the global commerce platform, also contributed strongly as consistent execution reinforced confidence in its combination of growth and cash generation. The company continued to deepen merchant relationships across payments and adjacent services while investing with discipline. An 18% free cash flow margin underscores a sustained track record of strong cash generation alongside robust growth.

### TOP PERFORMANCE DETRACTORS
**The Trade Desk,** the programmatic advertising platform, detracted as shares fell despite continued revenue growth, reflecting a valuation reset and investor caution around near-term execution and competition. The business remained well-positioned in programmatic advertising, particularly connected television. However, concerns around the durability of its competitive advantage led us to exit the position.

**Sweetgreen,** the fast-casual healthy food restaurant chain, detracted as weaker consumer demand pressured traffic and profitability, especially in coastal markets and at dinner. Average unit volumes were broadly stable, but margins fell and losses increased. Management slowed new openings and refocused on execution. The $186.4 million sale of Spyce improved liquidity and simplified the operating model.

## Fund Performance
The following graph and table compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). It assumes a

$10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index, as required by relevant disclosure rules, and an additional benchmark that the Fund believes better aligns with the Fund's investment objective and strategies for the same period.

### GROWTH OF $10,000
![Growth of 10K Chart](tm261905d1_ncsrimg017.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class 33,114** | **S&P 500 Index 36,179** | **Russell 1000 Growth Index 50,086** |
| **12/5/16** | 10000 | 10000 | 10000 |
| **12/31/16** | 10150 | 10169 | 10137 |
| **12/31/17** | 11701 | 12389 | 13199 |
| **12/31/18** | 12672 | 11846 | 13000 |
| **12/31/19** | 16475 | 15577 | 17731 |
| **12/31/20** | 37139 | 18443 | 24555 |
| **12/31/21** | 35561 | 23737 | 31333 |
| **12/31/22** | 15779 | 19439 | 22202 |
| **12/31/23** | 23027 | 24549 | 31678 |
| **12/31/24** | 30036 | 30691 | 42245 |
| **12/31/25** | 33114 | 36179 | 50086 |

---

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 years | Since Inception 12/5/16 |
| Institutional Class | 10.25% | -2.27% | 15.86% |
| S&P 500 Index | 17.88% | 14.42% | 15.22% |
| Russell 1000 Growth Index | 18.56% | 15.31% | 19.42% |

---

The inception date for the Fund is December 5, 2016, when Baillie Gifford International, LLC purchased Class 1 shares. Classes 1-5 of the Fund were terminated effective May 1, 2017, and Class 1 shares were converted to Class K shares. Performance for Institutional Class shares prior to their date of inception (April 28, 2017) is derived from the historical performance of Class 1 shares and has been adjusted for the higher total annual operating expenses incurred by Institutional Class.

The Fund has changed its broad-based securities market index from the Russell 1000 Growth Index to the S&P 500 Index in light of revisions to the regulatory definition of a broad-based securities market index included in mutual fund prospectuses and shareholder reports. The Fund has retained the S&P 500 Index as an additional benchmark.

**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.

For updated Fund performance information, please visit: https://www.bailliegifford.com/pages/funds/baillie-gifford-us-equity-growth-fund/?tab=performance.

## Key Fund Statistics as of December 31, 2025
The following table outlines key Fund statistics that you should pay attention to:

* Fund net assets$18,327,346

* Total number of portfolio holdings47

* Total advisory fees paid, net of waiver$0

* Portfolio turnover rate18%

## Tabular Representation of Holdings as of December 31, 2025
The following table shows the industry sector allocation of the Fund.

---

| | |
|:---|:---|
| Sectors | % of Net Assets |
| Internet | 36.6% |
| Software | 18.0% |
| Healthcare - Products | 8.6% |
| Semiconductors | 6.8% |
| Biotechnology | 4.9% |
| Auto Manufacturers | 3.6% |
| Real Estate | 3.0% |
| Commercial Services | 3.0% |
| Healthcare - Services | 2.1% |
| Entertainment | 1.6% |
| Home Furnishings | 1.4% |
| Distribution/Wholesale | 1.4% |
| Insurance | 1.3% |
| Other sectors | 5.3% |
| Other assets less liabilities | 2.4% |
| Total | 100.0% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 30, 2026 at www.bailliegifford.com/u-s-equity-growth-fund/TSR or upon request by contacting us at +1-844-394-6127 or via email at northamericanvehiclesteam@bailliegifford.com.

On December 8 and 9, 2025, the Board of Trustees of the Fund approved and adopted a Plan of Reorganization for the Fund, an Agreement and Plan of Reorganization (each, a "Plan"), pursuant to which each of Baillie Gifford International Concentrated Growth Equities Fund, Baillie Gifford Long Term Global Growth Fund and Baillie Gifford U.S. Equity Growth Fund will merge into Baillie Gifford International Concentrated Growth ETF, Baillie Gifford Long Term Global Growth ETF, and Baillie Gifford U.S. Equity Growth ETF, each a series of Baillie Gifford ETF Trust, respectively, subject to shareholder approval.

## Availability of Additional Information
If you wish to find additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please refer to the website address and contact information included at the beginning of this shareholder report.

![Image](tm261905d1_ncsrimg028.jpg)

# Baillie Gifford International All Cap Fund

# Class 2 \| BGICF2
ANNUAL SHAREHOLDER REPORT \| December 31, 2025

The annual shareholder report contains important information about Baillie Gifford International All Cap Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. Additional information about the Fund is available upon request by contacting us at +1-844-394-6127 or via email at northamericanvehiclesteam@bailliegifford.com.

**This report describes changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class 2 | $68 | 0.63% |

---

## Management's Discussion of Fund Performance
SUMMARY OF RESULTS

2025 was a very strong year for international equities, with returns driven by narrow artificial intelligence leadership and value sectors, such as banks, telecommunications services, and utilities. This proved a challenging backdrop for international growth investors.

More generally, markets were influenced by a combination of easing inflationary pressures, divergent central bank policies and ongoing geopolitical uncertainty.

Monetary conditions became more supportive for equities as several central banks signalled the end of their tightening cycles, with selective rate cuts providing a tailwind for growth-oriented companies. However, economic momentum remained uneven, particularly in parts of Europe and Asia, while concerns around global trade and fiscal sustainability persisted.

Against this backdrop, the Baillie Gifford International All Cap Fund underperformed the MSCI ACWI ex USA Index. over the year.

### TOP PERFORMANCE CONTRIBUTORS
Korean technology conglomerate, Samsung Electronics was a strong contributor to performance over the period as the semiconductor cycle continued to recover. Improved pricing conditions in memory markets, alongside growing demand linked to artificial intelligence and advanced computing, contributed to a meaningful improvement in profitability and investor confidence. The company's scale, technological leadership and balance sheet strength were key factors supporting the share price performance.

Chroma ATE, a manufacturer of electronic and automation testing instruments, benefited from sustained demand for testing equipment across semiconductor and electronics end markets. The company continued to gain share through its strong product offering and close customer relationships, particularly in areas linked to electric vehicles and advanced chip testing. Solid execution and favorable industry dynamics contributed to strong share price performance during the year.

### TOP PERFORMANCE DETRACTORS
Bunzl, a distributor of essential non-food consumables, detracted from performance over the year as growth slowed and margins came under pressure. Weaker demand in some end markets (especially North America), combined with cost inflation and inventory normalization, weighed on earnings expectations in the first half of the year, although performance improved during the second half of the year.

Sysmex, a global supplier of diagnostic reagents and equipment, experienced a challenging period as slower capital spending by healthcare providers, particularly in China, impacted sales growth. Ongoing uncertainty around near-term demand led to a de-rating of the shares despite the company's strong long-term competitive position.

## Fund Performance
The following graph and table compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). It assumes a

$25,000,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

### GROWTH OF $25,000,000
![Growth of 10K Chart](tm261905d1_ncsrimg005.jpg)

---

| | | |
|:---|:---|:---|
| | **Class 2 46,108,999** | **MSCI ACWI ex USA Index 58,896,676** |
| **12/31/15** | 25000000 | 25000000 |
| **12/31/16** | 25135572 | 26252500 |
| **12/31/17** | 33039936 | 33542819 |
| **12/31/18** | 27546274 | 28920619 |
| **12/31/19** | 36539526 | 35320752 |
| **12/31/20** | 48792734 | 39251951 |
| **12/31/21** | 50336519 | 42505938 |
| **12/31/22** | 34397785 | 35887764 |
| **12/31/23** | 37916239 | 41705170 |
| **12/31/24** | 39009383 | 44246247 |
| **12/31/25** | 46108999 | 58896676 |

---

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 years | 10 Years |
| Class 2 | 18.20% | -1.13% | 6.31% |
| MSCI ACWI ex USA Index | 33.11% | 8.45% | 8.94% |

---

Returns for Class 2 shares are based on actual performance from April 9, 2013. Prior to that date, returns are calculated based on the oldest share class of the Fund and were not adjusted to reflect the differences in class expense due to the fees being lower.

**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.

## Key Fund Statistics as of December 31, 2025
The following table outlines key Fund statistics that you should pay attention to:

* Fund net assets$279,720,206

* Total number of portfolio holdings83

* Total advisory fees paid$1,026,597

* Portfolio turnover rate20%

## Tabular Representation of Holdings as of December 31, 2025
The following table shows the industry sector allocation of the Fund.

---

| | |
|:---|:---|
| Sectors | % of Net Assets |
| Semiconductors | 13.5% |
| Internet | 11.8% |
| Banks | 10.0% |
| Commercial Services | 4.7% |
| Retail | 4.6% |
| Machinery - Diversified | 3.7% |
| Beverages | 3.6% |
| Investment Companies | 3.3% |
| Electronics | 3.2% |
| Pharmaceuticals | 3.2% |
| Cosmetics/Personal Care | 2.5% |
| Building Materials | 2.5% |
| Software | 2.3% |
| Other sectors | 30.0% |
| Other assets less liabilities | 1.1% |
| Total | 100.0% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since January 1, 2025.

Additional information about the Fund is available upon request by contacting us at +1-844-394-6127 or via email at northamericanvehiclesteam@bailliegifford.com.

On September 15, 2025, the Board of Trustees approved and adopted an Agreement and Plan of Reorganization for Baillie Gifford International All Cap Fund (the 'target fund') to merge with and into Baillie Gifford International Alpha Fund (the surviving fund'), an existing series of the Trust."

On February 2, 2026, pursuant to the Agreement and Plan of Reorganization, each target fund transferred all of it's assets and liabilities to the surviving fund. Shareholders in the target funds received shares in the surviving fund in exchange for their target fund shares.

Ahead of the Plan of Reorganization, Baillie Gifford Overseas Limited has contractually agreed to waive its fees and/or bear Other Expenses of the Fund to the extent that the Fund's Total Annual Fund Operating Expenses (excluding taxes, sub-accounting expenses and extraordinary expenses) exceed 0.67% for Class 2 shares, 0.60% for Class 3 shares, 0.57% for class 4 shares, 0.52% for class 5 shares and 0.67% for Class K and 0.67% for Institutional Class shares.

## Availability of Additional Information
If you wish to request additional information about the Fund, including but not limited to the Fund's financial information, holdings, and proxy voting please refer to the contact information included at the beginning of this shareholder report.

![Image](tm261905d1_ncsrimg028.jpg)

# Baillie Gifford International All Cap Fund

# Class 3 \| BGICF3
ANNUAL SHAREHOLDER REPORT \| December 31, 2025

The annual shareholder report contains important information about Baillie Gifford International All Cap Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. Additional information about the Fund is available upon request by contacting us at +1-844-394-6127 or via email at northamericanvehiclesteam@bailliegifford.com.

**This report describes changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class 3 | $61 | 0.56% |

---

## Management's Discussion of Fund Performance
SUMMARY OF RESULTS

2025 was a very strong year for international equities, with returns driven by narrow artificial intelligence leadership and value sectors, such as banks, telecommunications services, and utilities. This proved a challenging backdrop for international growth investors.

More generally, markets were influenced by a combination of easing inflationary pressures, divergent central bank policies and ongoing geopolitical uncertainty.

Monetary conditions became more supportive for equities as several central banks signalled the end of their tightening cycles, with selective rate cuts providing a tailwind for growth-oriented companies. However, economic momentum remained uneven, particularly in parts of Europe and Asia, while concerns around global trade and fiscal sustainability persisted.

Against this backdrop, the Baillie Gifford International All Cap Fund underperformed the MSCI ACWI ex USA Index. over the year.

### TOP PERFORMANCE CONTRIBUTORS
Korean technology conglomerate, Samsung Electronics was a strong contributor to performance over the period as the semiconductor cycle continued to recover. Improved pricing conditions in memory markets, alongside growing demand linked to artificial intelligence and advanced computing, contributed to a meaningful improvement in profitability and investor confidence. The company's scale, technological leadership and balance sheet strength were key factors supporting the share price performance.

Chroma ATE, a manufacturer of electronic and automation testing instruments, benefited from sustained demand for testing equipment across semiconductor and electronics end markets. The company continued to gain share through its strong product offering and close customer relationships, particularly in areas linked to electric vehicles and advanced chip testing. Solid execution and favorable industry dynamics contributed to strong share price performance during the year.

### TOP PERFORMANCE DETRACTORS
Bunzl, a distributor of essential non-food consumables, detracted from performance over the year as growth slowed and margins came under pressure. Weaker demand in some end markets (especially North America), combined with cost inflation and inventory normalization, weighed on earnings expectations in the first half of the year, although performance improved during the second half of the year.

Sysmex, a global supplier of diagnostic reagents and equipment, experienced a challenging period as slower capital spending by healthcare providers, particularly in China, impacted sales growth. Ongoing uncertainty around near-term demand led to a de-rating of the shares despite the company's strong long-term competitive position.

## Fund Performance
The following graph and table compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). It assumes a

$100,000,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

### GROWTH OF $100,000,000
![Growth of 10K Chart](tm261905d1_ncsrimg039.jpg)

---

| | | |
|:---|:---|:---|
| | **Class 3 185,731,092** | **MSCI ACWI ex USA Index 235,586,704** |
| **12/31/15** | 100000000 | 100000000 |
| **12/31/16** | 100610290 | 105010000 |
| **12/31/17** | 132341601 | 134171277 |
| **12/31/18** | 110414468 | 115682475 |
| **12/31/19** | 146564915 | 141283007 |
| **12/31/20** | 195852779 | 157007805 |
| **12/31/21** | 202192897 | 170023752 |
| **12/31/22** | 138267619 | 143551054 |
| **12/31/23** | 152516191 | 166820680 |
| **12/31/24** | 157023181 | 176984989 |
| **12/31/25** | 185731092 | 235586704 |

---

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 years | 10 Years |
| Class 3 | 18.28% | -1.06% | 6.39% |
| MSCI ACWI ex USA Index | 33.11% | 8.45% | 8.94% |

---

Returns for Class 3 shares are based on actual performance from May 1, 2013. Prior to that date, returns are calculated based on the oldest share class of the Fund and were not adjusted to reflect the differences in class expense due to the fees being lower.

**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.

## Key Fund Statistics as of December 31, 2025
The following table outlines key Fund statistics that you should pay attention to:

* Fund net assets$279,720,206

* Total number of portfolio holdings83

* Total advisory fees paid$1,026,597

* Portfolio turnover rate20%

## Tabular Representation of Holdings as of December 31, 2025
The following table shows the industry sector allocation of the Fund.

---

| | |
|:---|:---|
| Sectors | % of Net Assets |
| Semiconductors | 13.5% |
| Internet | 11.8% |
| Banks | 10.0% |
| Commercial Services | 4.7% |
| Retail | 4.6% |
| Machinery - Diversified | 3.7% |
| Beverages | 3.6% |
| Investment Companies | 3.3% |
| Electronics | 3.2% |
| Pharmaceuticals | 3.2% |
| Cosmetics/Personal Care | 2.5% |
| Building Materials | 2.5% |
| Software | 2.3% |
| Other sectors | 30.0% |
| Other assets less liabilities | 1.1% |
| Total | 100.0% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since January 1, 2025.

Additional information about the Fund is available upon request by contacting us at +1-844-394-6127 or via email at northamericanvehiclesteam@bailliegifford.com.

On September 15, 2025, the Board of Trustees approved and adopted an Agreement and Plan of Reorganization for Baillie Gifford International All Cap Fund (the 'target fund') to merge with and into Baillie Gifford International Alpha Fund (the surviving fund'), an existing series of the Trust."

On February 2, 2026, pursuant to the Agreement and Plan of Reorganization, each target fund transferred all of it's assets and liabilities to the surviving fund. Shareholders in the target funds received shares in the surviving fund in exchange for their target fund shares.

Ahead of the Plan of Reorganization, Baillie Gifford Overseas Limited has contractually agreed to waive its fees and/or bear Other Expenses of the Fund to the extent that the Fund's Total Annual Fund Operating Expenses (excluding taxes, sub-accounting expenses and extraordinary expenses) exceed 0.67% for Class 2 shares, 0.60% for Class 3 shares, 0.57% for class 4 shares, 0.52% for class 5 shares and 0.67% for Class K and 0.67% for Institutional Class shares.

## Availability of Additional Information
If you wish to request additional information about the Fund, including but not limited to the Fund's financial information, holdings, and proxy voting please refer to the contact information included at the beginning of this shareholder report.

(b) Not applicable

**Item 2. Code of Ethics.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant, as of the end of the period covered by this report, has adopted a code of ethics that
applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller,
or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(c) There have been no amendments, during the period covered by
this report, to a provision of the code of ethics that applies to the registrant's principal executive officer, principal financial
officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals
are employed by the registrant or a third party, and that relates to any element of the code of ethics description.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The registrant has not granted any waivers, including an implicit waiver, from a provision of the code
of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer
or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third
party, that relates to one or more of the items set forth in paragraph (b) of this item's instructions.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The registrant's Code of Ethics is attached hereto as
an exhibit.

**Item 3. Audit Committee Financial Expert.**

As of the end of the period covered by the report, the registrant's Board of Trustees has determined that Mr. John Kavanaugh, who serves as Chair of the Audit Oversight Committee of the Board of Trustees (the "Audit Oversight Committee"), is qualified to serve as an audit committee financial

expert serving on the Audit Oversight Committee and that he is "independent," as defined by Item 3 of Form N-CSR.

**Item 4. Principal Accountant Fees and Services.**

<u>Audit Fees</u>

&nbsp;&nbsp;&nbsp;&nbsp;(a) The aggregate fees billed for each of the last two fiscal years for professional services rendered by
the principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant
in connection with statutory and regulatory filings or engagements for those fiscal years are $299,320 for 2025 and $338,810 for 2024.

<u>Audit-Related Fees</u>

&nbsp;&nbsp;&nbsp;&nbsp;(b) The aggregate fees billed in each of the last two fiscal years for assurance and related services by the
principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not
reported under paragraph (a) of this Item are $6,849 for 2025 and $18,649 for 2024.

The fees disclosed above relate to out-of-pocket expenses incurred.

<u>Tax Fees</u>

&nbsp;&nbsp;&nbsp;&nbsp;(c) The aggregate fees billed in each of the last two fiscal years for professional services rendered by the
principal accountant for tax compliance, tax advice, and tax planning are $90,150 for 2025 and $114,750 for 2024. These services are related
to the review of federal and state income tax returns, excise tax returns, and the review of the distribution requirements for excise
tax purposes.

<u>All Other Fees</u>

&nbsp;&nbsp;&nbsp;&nbsp;(d) The aggregate fees billed in each of the last two fiscal years for
products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item
are $0 for 2025 and $0 for 2024.

(e)(1) In order for the Trust's accountant to remain independent, the following engagements must be approved in advance by the Audit Oversight Committee or pursuant to the Pre-Approval Policies and Procedures for Audit and Non-Audit Services, as adopted by the Audit Oversight Committee:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any engagement of the accountant to provide non-audit services
to the Trust's investment adviser, or any entity controlling, controlled by or under common

control with the investment adviser that provides ongoing services to the Trust ("Service Providers"), if the engagement relates directly to the operations and financial reporting of the Trust.

(e)(2) No services included in (b)-(d) above were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;(g) The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant,
and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is
subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with
the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant was $3,000 for 2025
and $15,200 for 2024.

The fees disclosed above relate to ad-hoc work for fund mergers and fund closures provided by the registrant's accountant to the registrant and paid by the registrant's investment adviser.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(j) Not applicable.

**Item 5. Audit Committee of Listed Registrants.**

Not applicable.

**Item 6. Investments.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period
is included as part of the report to shareholders filed under Item 7 of this form.

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

**Baillie Gifford Developed EAFE All Cap Fund**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name of<br> Issuer** | &nbsp;&nbsp;**Exchange <br> Ticker<br> Symbol** | &nbsp;&nbsp;**Security <br> Identifier<br> (CUSIP <br> number/ISIN** | &nbsp;&nbsp;**Total<br> Number of <br> Shares<br> Divested** | &nbsp;&nbsp;**Date<br> Securities<br> were<br> Divested** | &nbsp;&nbsp;**Amount<br> Held on<br> Filing Date** | &nbsp;&nbsp;**Statute** |
| &nbsp;&nbsp; **Atlas Copco A**<br>| &nbsp;&nbsp; **ATCO A**<br>| &nbsp;&nbsp; **SE0017486889**<br>| &nbsp;&nbsp; **28182**<br>**6518**<br>**153927**<br>**5192**<br>**63395**<br>**7184**<br>**5862**<br>**13218**<br>**10075**<br>**8156**<br>**88595**<br>**8000**<br>**107898**<br>**1733**<br>**2413**<br>**1445**<br>**2582**<br>**23482**<br>| &nbsp;&nbsp; **01/07/2025**<br>**02/12/2025**<br>**02/18/2025**<br>**03/20/2025**<br>**04/07/2025**<br>**05/30/2025**<br>**06/30/2025**<br>**07/30/2025**<br>**09/09/2025**<br>**09/26/2025**<br>**10/13/2025**<br>**10/13/2025**<br>**11/21/2025**<br>**11/25/2025**<br>**11/26/2025**<br>**12/23/2025**<br>**12/29/2025**<br>**12/30/2025**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **49027**<br>| &nbsp;&nbsp;**Sudan Accountability and Divestment Act of 2007** |
| &nbsp;&nbsp;**Epiroc B** | &nbsp;&nbsp;**EPI B** | &nbsp;&nbsp;**SE0015658117** | &nbsp;&nbsp; **5402**<br>**51226**<br>**3584**<br>**20529**<br>**4011**<br>**3839**<br>**4033**<br>**3773**<br>**3473**  | &nbsp;&nbsp; **02/12/2025**<br>**02/18/2025**<br>**03/20/2025**<br>**04/07/2025**<br>**04/08/2025**<br>**07/24/2025**<br>**07/30/2025**<br>**09/12/2025**<br>**09/16/2025** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **24132**<br>| &nbsp;&nbsp;**Sudan Accountability and Divestment Act of 2007** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br> **54412**<br>**1737**<br>**1017**<br>**1259**<br>**11700**<br>| &nbsp;&nbsp; **11/21/2025**<br>**11/26/2025**<br>**12/23/2025**<br>**12/29/2025**<br>**12/30/2025**<br>|

---

**Baillie Gifford EAFE Plus All Cap Fund**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name of<br> Issuer** | &nbsp;&nbsp;**Exchange<br> Ticker <br> Symbol** | &nbsp;&nbsp;**Security <br> Identifier<br> (CUSIP <br> number/ISIN** | &nbsp;&nbsp;**Total <br> Number of <br> Shares <br> Divested** | &nbsp;&nbsp;**Date <br> Securities<br> were <br> Divested** | &nbsp;&nbsp;**Amount <br> Held on <br> Filing Date** | &nbsp;&nbsp;**Statute** |
| &nbsp;&nbsp;**Atlas Copco A** | &nbsp;&nbsp;**ATCO A** | &nbsp;&nbsp;**SE0017486889** | &nbsp;&nbsp; **9138**<br>**50478**<br>**49701**<br>**14414**<br>**7458**<br>**39652**<br>**3580**<br>**176505**<br>| &nbsp;&nbsp; **01/21/2025**<br>**02/03/2025**<br>**02/19/2025**<br>**05/13/2025**<br>**09/09/2025**<br>**10/13/2025**<br>**10/13/2025**<br>**12/12/2025**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **128505**<br>| &nbsp;&nbsp;**Sudan Accountability and Divestment Act of 2007** |
| &nbsp;&nbsp;**Epiroc B** | &nbsp;&nbsp;**EPI B** | &nbsp;&nbsp;**SE0015658117** | &nbsp;&nbsp; **23064**<br>**19.028**<br>**6601**<br>**6689**<br>**96278**<br>| &nbsp;&nbsp; **02/03/2025**<br>**02/19/2025**<br>**05/13/2025**<br>**06/16/2025**<br>**12/12/2025**<br>| &nbsp;&nbsp;**66751** | &nbsp;&nbsp;**Sudan Accountability and Divestment Act of 2007** |

---

**Baillie Gifford Global Alpha Equities Fund**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name of<br> Issuer** | &nbsp;&nbsp;**Exchange<br> Ticker<br> Symbol** | &nbsp;&nbsp;**Security <br> Identifier <br> (CUSIP <br> number/ISIN** | &nbsp;&nbsp;**Total <br> Number of<br> Shares<br> Divested** | &nbsp;&nbsp;**Date<br> Securities<br> were Divested** | &nbsp;&nbsp;**Amount <br> Held on<br> Filing Date** | &nbsp;&nbsp;**Statute** |
| &nbsp;&nbsp; **Atlas Copco B**<br>| &nbsp;&nbsp; **ATCO B**<br>| &nbsp;&nbsp; **SE0017486897**<br>| &nbsp;&nbsp; **22950**<br>**170055**<br>**14526**<br>**12362**<br>**2927**<br>**23337**<br>**5579**<br>**20201**<br>**934**<br>**45251**<br>**6464** <br>**3232** <br>**46278** <br>**2998** <br>**19393** <br>**29569** <br>**16680** <br>**29693** <br>**8904** <br>**19796** <br>**6842** <br>**37137** <br>**14167** <br>**5547** <br>**31624**<br>| &nbsp;&nbsp; **03/24/2025**<br>**04/25/2025**<br>**05/22/2025**<br>**06/24/2025**<br>**06/25/2025**<br>**06/25/2025**<br>**06/26/2025**<br>**06/26/2025**<br>**06/27/2025**<br>**06/27/2025**<br>**06/30/2025**<br>**06/30/2025**<br>**06/30/2025**<br>**07/01/2025**<br>**07/01/2025**<br>**07/02/2025**<br>**07/03/2025**<br>**07/04/2025**<br>**07/07/2025**<br>**07/07/2025**<br>**07/08/2025**<br>**07/08/2025**<br>**07/09/2025**<br>**10/07/2025**<br>**10/07/2025**<br>| &nbsp;&nbsp;**0** | &nbsp;&nbsp;**Sudan Accountability and Divestment Act of 2007** |
|  |  |  |  |  |  | &nbsp;&nbsp;**Sudan Accountability and Divestment Act of 2007** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Epiroc B** | &nbsp;&nbsp;**EPI B** | &nbsp;&nbsp; **SE0015658117**<br>| &nbsp;&nbsp; **88390**<br>**10342**<br>**24910**<br>**10874**<br>| &nbsp;&nbsp; **04/25/2025**<br>**06/23/2025**<br>**11/21/2025**<br>**12/11/2025**<br>| &nbsp;&nbsp;**133346** |

---

**Baillie Gifford International All Cap Fund**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name of <br> Issuer** | &nbsp;&nbsp;**Exchange<br> Ticker <br> Symbol** | &nbsp;&nbsp;**Security <br> Identifier<br> (CUSIP <br> number/ISIN** | &nbsp;&nbsp;**Total <br> Number of<br> Shares<br> Divested** | &nbsp;&nbsp;**Date <br> Securities <br> were Divested** | &nbsp;&nbsp;**Amount Held<br> on Filing <br> Date** | &nbsp;&nbsp;**Statute** |
| &nbsp;&nbsp;**Atlas Copco B** | &nbsp;&nbsp;**ATCO B** | &nbsp;&nbsp;**SE0017486897** | &nbsp;&nbsp; **28057**<br>**12254**<br>**19097**<br>**2639**<br>**46876**<br>**65507**<br>**25038**<br>| &nbsp;&nbsp; **02/05/2025**<br>**05/13/2025**<br>**07/02/2025**<br>**10/13/2025**<br>**10/13/2025**<br>**10/14/2025**<br>**10/28/2025**<br>| &nbsp;&nbsp;**164462** | &nbsp;&nbsp;**Sudan Accountability and Divestment Act of 2007** |
| &nbsp;&nbsp;**Epiroc B** | &nbsp;&nbsp;**EPI B** | &nbsp;&nbsp;**SE0015658117** | &nbsp;&nbsp; **9604**<br>**8158**<br>**6484**<br>**5980**<br>**15601**<br>| &nbsp;&nbsp; **01/07/2025**<br>**02/05/2025**<br>**05/13/2025**<br>**10/21/2025**<br>**10/28/2025**<br>| &nbsp;&nbsp;**163930** | &nbsp;&nbsp;**Sudan Accountability and Divestment Act of 2007** |

---

**Baillie Gifford International Alpha Fund**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name of <br> Issuer** | &nbsp;&nbsp;**Exchange<br> Ticker<br> Symbol** | &nbsp;&nbsp;**Security <br> Identifier <br> (CUSIP <br> number/ISIN** | &nbsp;&nbsp;**Total <br> Number of <br> Shares <br> Divested** | &nbsp;&nbsp;**Date <br> Securities <br> were <br> Divested** | &nbsp;&nbsp;**Amount <br> Held on <br> Filing Date** | &nbsp;&nbsp;**Statute** |
| &nbsp;&nbsp;**Atlas Copco B** | &nbsp;&nbsp;**ATCO B** | &nbsp;&nbsp;**SE0017486897** | &nbsp;&nbsp; **77289**<br>**110162**<br>**55143**<br>**55143**<br>**78625**<br>**68319**<br>**30878**<br>**146069**<br>**187061**<br>**103559**<br>**102252**<br>| &nbsp;&nbsp; **03/27/2025**<br>**06/10/2025**<br>**08/19/2025**<br>**08/20/2025**<br>**08/29/2025**<br>**09/01/2025**<br>**09/02/2025**<br>**09/03/2025**<br>**09/04/2025**<br>**09/05/2025**<br>**11/25/2025**<br>| &nbsp;&nbsp;**1683550** | &nbsp;&nbsp;**Sudan Accountability and Divestment Act of 2007** |

---

**Baillie Gifford International Growth Fund**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name of<br> Issuer** | &nbsp;&nbsp;**Exchange<br> Ticker <br> Symbol** | &nbsp;&nbsp;**Security<br> Identifier<br> (CUSIP<br> number/ISIN** | &nbsp;&nbsp;**Total <br> Number of<br> Shares<br> Divested** | &nbsp;&nbsp;**Date<br> Securities<br> were Divested** | &nbsp;&nbsp;**Amount<br> Held on<br> Filing Date** | &nbsp;&nbsp;**Statute** |
| &nbsp;&nbsp;**Atlas Copco A** | &nbsp;&nbsp;**ATCO A** | &nbsp;&nbsp; **SE0017486889**<br>| &nbsp;&nbsp; **98446**<br>**123893**<br>| &nbsp;&nbsp; **03/27/2025**<br>**12/04/2025**<br>| &nbsp;&nbsp; **6648951**<br>| &nbsp;&nbsp;**Sudan Accountability and Divestment Act of 2007** |

---

**Baillie Gifford International Concentrated Growth Fund**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name of <br> Issuer** | &nbsp;&nbsp;**Exchange <br> Ticker <br> Symbol** | &nbsp;&nbsp;**Security<br> Identifier<br> (CUSIP <br> number/ISIN** | &nbsp;&nbsp;**Total <br> Number of <br> Shares <br> Divested** | &nbsp;&nbsp;**Date <br> Securities<br> were Divested** | &nbsp;&nbsp;**Amount Held<br> on Filing<br> Date** | &nbsp;&nbsp;**Statute** |
| &nbsp;&nbsp;**Atlas Copco A** | &nbsp;&nbsp;**ATCO B** | &nbsp;&nbsp; **SE0017486897**<br>| &nbsp;&nbsp;**2583** | &nbsp;&nbsp;**11/19/2025** | &nbsp;&nbsp;**119098** | &nbsp;&nbsp;**Sudan Accountability and Divestment Act of 2007** |

---

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

The annual financial statements are attached herewith.

![](j2619052_aa001.jpg)

Baillie Gifford Funds

**Annual Financial Statements and Other Information, December 31, 2025**

![](j2619052_aa002.jpg)

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 International Alpha Fund

Baillie Gifford International Concentrated Growth

Equities Fund

Baillie Gifford International Growth Fund

Baillie Gifford Long Term Global Growth Fund

Baillie Gifford U.S. Equity Growth Fund

------

**Index**

---

| | |
|:---|:---|
| Page Number |  |
|  | **Baillie Gifford China Equities Fund** |
| 01 | [Industry Diversification Table](#ChinaIndustryDiversificationTable-2) |
| 02 | [Portfolio of Investments](#ChinaPortfolioofInvestments-2) |
| 05 | [Financial Statements](#ChinaStatementofAssetsandLiabilities-2) |
| 08 | [Financial Highlights](#ChinaFinancialHighlights-2) |
|  | **Baillie Gifford Developed EAFE All Cap Fund** |
| 10 | [Industry Diversification Table](#DevelopedDiversificationTable-2) |
| 11 | [Portfolio of Investments](#DevelopedPortfolioofInvestments-2) |
| 15 | [Financial Statements](#DevelopedStatementofAssetsandLiabilities-2) |
| 19 | [Financial Highlights](#DevelopedFinancialHighlights-2) |
|  | **Baillie Gifford EAFE Plus All Cap Fund** |
| 21 | [Industry Diversification Table](#EafeIndustryDiversificationTable-2) |
| 22 | [Portfolio of Investments](#EafePortfolioofInvestments-2) |
| 26 | [Financial Statements](#EafeStatementofAssetsandLiabilities-2) |
| 29 | [Financial Highlights](#EafeFinancialHighlights-2) |
|  | **Baillie Gifford Emerging Markets Equities Fund** |
| 32 | [Industry Diversification Table](#EmergingIndustryDiversificationTable-2) |
| 33 | [Portfolio of Investments](#EmergingPortfolioofInvestments-2) |
| 38 | [Financial Statements](#EmergingStatementofAssetsandLiabilities-2) |
| 41 | [Financial Highlights](#EmergingFinancialHighlights-2) |
|  | **Baillie Gifford Emerging Markets ex China Fund** |
| 47 | [Industry Diversification Table](#ExIndustryDiversificationTable-2) |
| 48 | [Portfolio of Investments](#ExPortfolioofInvestments-2) |
| 53 | [Financial Statements](#ExStatementofAssetsandLiabilities-2) |
| 56 | [Financial Highlights](#ExFinancialHighlights-2) |
|  | **Baillie Gifford Global Alpha Equities Fund** |
| 58 | [Industry Diversification Table](#AlphaIndustryDiversificationTable-2) |
| 59 | [Portfolio of Investments](#AlphaPortfolioofInvestments-2) |
| 64 | [Financial Statements](#AlphaStatementofAssetsandLiabilities-2) |
| 67 | [Financial Highlights](#AlphaFinancialHighlights-2) |
|  | **Baillie Gifford International Alpha Fund** |
| 71 | [Industry Diversification Table](#ConcentratedIndustryDiversificationTable-2) |
| 72 | [Portfolio of Investments](#ConcentratedPortfolioofInvestments-2) |
| 77 | [Financial Statements](#ConcentratedStatementofAssetsandLiabilities-2) |
| 80 | [Financial Highlights](#ConcentratedFinancialHighlights-2) |
|  | **Baillie Gifford International Concentrated Growth Equities Fund** |
| 86 | [Industry Diversification Table](#InterIndustryDiversificationTable-2) |
| 87 | [Portfolio of Investments](#InterPortfolioofInvestments-2) |
| 90 | [Financial Statements](#InterStatementofAssetsandLiabilities-2) |
| 93 | [Financial Highlights](#InterFinancialHighlights-2) |
|  | **Baillie Gifford International Growth Fund** |
| 95 | [Industry Diversification Table](#IngrowthIndustryDiversificationTable-2) |
| 96 | [Portfolio of Investments](#IngrowthPortfolioofInvestments-2) |
| 100 | [Financial Statements](#IngrowthStatementofAssetsandLiabilities-2) |
| 103 | [Financial Highlights](#IngrowthFinancialHighlights-2) |
|  | **Baillie Gifford Long Term Global Growth Fund** |
| 109 | [Industry Diversification Table](#LongIndustryDiversificationTable-2) |
| 110 | [Portfolio of Investments](#LongPortfolioofInvestments-2) |
| 113 | [Financial Statements](#LongStatementofAssetsandLiabilities-2) |
| 116 | [Financial Highlights](#LongFinancialHighlights-2) |

---

---

| | |
|:---|:---|
| Page Number |  |
|  | **Baillie Gifford U.S. Equity Growth Fund** |
| 120 | [Industry Diversification Table](#UsIndustryDiversificationTable-2) |
| 121 | [Portfolio of Investments](#UsPortfolioofInvestments-2) |
| 123 | [Financial Statements](#UsStatementofAssetsandLiabilities-2) |
| 126 | [Financial Highlights](#UsFinancialHighlights-2) |
| **128** | [**Notes to Financial Statements**](#NotestoFinancialStatements-2) |
| **151** | [**Report of Independent Registered Public Accounting Firm**](#ReportofIndependentRegisteredPublicAccountingFirm-2) |
|  | [**Supplemental Information**](#SupplementalInformationunaudited-2) |
| 153 | [Federal Income Tax Information](#FederalIncomeTaxInformation-2) |

---

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

*The statements and views expressed in this report are as of this report's period end and are subject to change at any time based on a variety of factors. The respective parties disclaim any responsibility to update such views. Actual outcomes may differ significantly from the views expressed.*

*These views may not be relied on as investment advice or as an indication of trading intent on behalf of any of the Funds.*

*All investments entail risk, including the possible loss of principal.*

------

**Industry Diversification Table**

Annual Financial Statements and Other Information December 31, 2025

December 31, 2025

Baillie Gifford China Equities Fund

---

| | | |
|:---|:---|:---|
| | Value | % of Total<br>Net Assets |
| Apparel | $35459 | 1.1% |
| Auto Manufacturers | 54993 | 1.7 |
| Auto Parts & Equipment | 233017 | 7.4 |
| Banks | 112248 | 3.6 |
| Beverages | 113352 | 3.6 |
| Biotechnology | 62807 | 2.0 |
| Chemicals | 81825 | 2.6 |
| Commercial Services | 35451 | 1.1 |
| Computers | 33484 | 1.1 |
| Cosmetics/Personal Care | 20556 | 0.7 |
| Distribution/Wholesale | 57904 | 1.8 |
| Electric | 37352 | 1.2 |
| Electronics | 127857 | 4.1 |
| Energy — Alternate Sources | 47973 | 1.5 |
| Gas | 31132 | 1.0 |
| Home Furnishings | 136792 | 4.3 |
| Insurance | 130195 | 4.1 |
| Internet | 947620 | 30.1 |
| Lodging | 81901 | 2.6 |
| Machinery — Diversified | 24918 | 0.8 |
| Metal Fabricate/Hardware | 85662 | 2.7 |
| Mining | 129716 | 4.1 |
| Miscellaneous Manufacturing | 32090 | 1.0 |
| Oil & Gas Services | 14378 | 0.5 |
| Real Estate | 30501 | 1.0 |
| Retail | 156372 | 5.0 |
| Semiconductors | 108650 | 3.4 |
| Software | 115557 | 3.7 |
| Telecommunications | 43443 | 1.4 |
| **Total Value of Investments** | 3123205 | 99.2 |
| Other assets less liabilities | 25107 | 0.8 |
| **Net Assets** | $3148312 | 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

------

**Portfolio of Investments**

Annual Financial Statements and Other Information December 31, 2025

December 31, 2025

Baillie Gifford China Equities Fund

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| **COMMON STOCKS — 99.2%** | **COMMON STOCKS — 99.2%** | **COMMON STOCKS — 99.2%** |
| CHINA — 97.7% | CHINA — 97.7% | CHINA — 97.7% |
| Advanced Micro-Fabrication Equipment, Inc. China, Class A | 991 | $39084 |
| Alibaba Group Holding Ltd. | 12700 | 233184 |
| Anker Innovations Technology Co., Ltd., Class A | 1810 | 29633 |
| ANTA Sports Products Ltd. | 3400 | 35308 |
| Atour Lifestyle Holdings Ltd. ADR | 915 | 36051 |
| BYD Co., Ltd., Class H | 4500 | 54993 |
| Centre Testing International Group Co., Ltd., Class A | 18300 | 35451 |
| China Merchants Bank Co., Ltd., Class H | 16500 | 112248 |
| China Oilfield Services Ltd., Class H | 16000 | 14378 |
| China Yangtze Power Co., Ltd., Class A | 9600 | 37352 |
| Contemporary Amperex Technology Co., Ltd., Class A | 2500 | 131456 |
| DiDi Global, Inc. ADR \* | 5600 | 29568 |
| Dongguan Yiheda Automation Co., Ltd., Class A | 2360 | 8948 |
| DPC Dash Ltd. \* | 2000 | 18454 |
| ENN Energy Holdings Ltd. | 3500 | 31132 |
| Estun Automation Co., Ltd., Class A \* | 4700 | 15970 |
| Fuyao Glass Industry Group Co., Ltd., Class H | 4800 | 41490 |
| H World Group Ltd. | 9700 | 45850 |
| Haidilao International Holding Ltd. | 17000 | 31244 |
| Haier Smart Home Co., Ltd., Class H | 11400 | 35599 |
| Horizon Robotics \* | 30000 | 33484 |
| Innovent Biologics, Inc. \* | 1500 | 14680 |
| Jiangsu Azure Corp., Class A | 16800 | 42867 |
| KE Holdings, Inc., Class A | 5767 | 30501 |
| Kingdee International Software Group Co., Ltd. \* | 11000 | 18858 |
| Kingsoft Corp., Ltd. | 4600 | 16876 |
| Kuaishou Technology | 4100 | 33892 |
| Kweichow Moutai Co., Ltd., Class A | 500 | 98592 |
| Li Ning Co., Ltd. | 9500 | 22827 |
| Luckin Coffee, Inc. ADR \* | 894 | 29949 |
| Luxshare Precision Industry Co., Ltd., Class A | 4800 | 39041 |
| Medlive Technology Co., Ltd. | 11000 | 13702 |
| Meituan, Class B \* | 4090 | 54201 |
| Midea Group Co., Ltd., Class A | 6400 | 71559 |
| Minth Group Ltd. | 4000 | 16388 |
| NAURA Technology Group Co., Ltd., Class A | 675 | 44338 |
| NetEase, Inc. | 2900 | 79823 |

---

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

------

**Portfolio of Investments**

Annual Financial Statements and Other Information December 31, 2025

December 31, 2025

Baillie Gifford China Equities Fund

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| PDD Holdings, Inc. ADR \* | 819 | $92867 |
| Ping An Insurance Group Co. of China Ltd., Class H | 15500 | 130195 |
| Pop Mart International Group Ltd. | 2400 | 57904 |
| Proya Cosmetics Co., Ltd., Class A | 2096 | 20556 |
| SG Micro Corp., Class A | 2570 | 25228 |
| Shandong Sinocera Functional Material Co., Ltd., Class A | 13500 | 52943 |
| Shanxi Xinghuacun Fen Wine Factory Co., Ltd., Class A | 600 | 14760 |
| Shenzhen Inovance Technology Co., Ltd., Class A | 4700 | 50654 |
| Shenzhen Megmeet Electrical Co., Ltd., Class A | 2025 | 26034 |
| Shenzhou International Group Holdings Ltd. | 4500 | 35459 |
| Silergy Corp. | 2000 | 12129 |
| Sungrow Power Supply Co., Ltd., Class A | 1960 | 47973 |
| Sunny Optical Technology Group Co., Ltd. | 3800 | 32090 |
| Tencent Holdings Ltd. | 5500 | 422089 |
| Tianqi Lithium Corp., Class H \* | 4400 | 28882 |
| Trip.com Group Ltd. | 950 | 68116 |
| Weichai Power Co., Ltd., Class H | 18000 | 43683 |
| Yifeng Pharmacy Chain Co., Ltd., Class A | 5980 | 18591 |
| Zhejiang Sanhua Intelligent Controls Co., Ltd., Class A | 5400 | 42795 |
| Zhongji Innolight Co., Ltd., Class A | 500 | 43443 |
| Zijin Mining Group Co., Ltd., Class H | 28000 | 128196 |
|  |  | 3073558 |
| HONG KONG — 0.0% <sup>(a)</sup> | HONG KONG — 0.0% <sup>(a)</sup> | HONG KONG — 0.0% <sup>(a)</sup> |
| Zijin Gold International Co., Ltd. \* | 81 | 1520 |
| UNITED STATES — 1.5% | UNITED STATES — 1.5% | UNITED STATES — 1.5% |
| BeOne Medicines Ltd., Class H \* | 2091 | 48127 |
| **TOTAL INVESTMENTS — 99.2%** | **TOTAL INVESTMENTS — 99.2%** | **TOTAL INVESTMENTS — 99.2%** |
| (cost $2,568,248) |  | $3123205 |
| Other assets less liabilities — 0.8% |  | 25107 |
| **NET ASSETS — 100.0%** |  | $3148312 |

---

<sup>(a)</sup> Amount rounds to less than 0.1%.

\* Non-income producing security.

ADR — American Depositary Receipt

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

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

------

**Portfolio of Investments**

Annual Financial Statements and Other Information December 31, 2025

December 31, 2025

Baillie Gifford China Equities Fund

**Fair Value Measurement**

The following is a summary of the inputs used as of December 31, 2025 in valuing the Fund's investments carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Investments in Securities | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks \*\* | $227307 | $2895898 | $— | $3123205 |
| **Total** | $227307 | $2895898 | $— | $3123205 |

---

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

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

------

**Statement of Assets and Liabilities**

Annual Financial Statements and Other Information December 31, 2025

December 31, 2025

Baillie Gifford China Equities Fund

---

| | |
|:---|:---|
| **ASSETS** | **ASSETS** |
| Investments, at value (cost $2,568,248) | $3123205 |
| Cash | 35626 |
| Foreign cash, at value (cost $5) | 5 |
| Due from Manager | 79128 |
| Prepaid assets | 12238 |
| Total Assets | 3250202 |
| **LIABILITIES** | **LIABILITIES** |
| Advisory fee payable | 4433 |
| Administration & Supervisory fee payable | 1370 |
| Trustee fee payable | 45 |
| Commitment fee payable | 10 |
| Accrued expenses | 96032 |
| Total Liabilities | 101890 |
| **NET ASSETS** | $3148312 |
| **COMPOSITION OF NET ASSETS** | **COMPOSITION OF NET ASSETS** |
| Paid-in capital | $3709221 |
| Total accumulated (loss) | (560909) |
|  | $3148312 |
| **NET ASSET VALUE, PER SHARE** | **NET ASSET VALUE, PER SHARE** |
| **Class K** ($364,473 / 52,640 shares outstanding), unlimited authorized, no par value | $6.92 |
| **Institutional Class** ($2,783,839 / 403,278 shares outstanding), unlimited authorized, no par value | $6.90 |

---

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

------

**Statement of Operations**

Annual Financial Statements and Other Information December 31, 2025

For the Year Ended December 31, 2025

Baillie Gifford China Equities Fund

---

| | |
|:---|:---|
| **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| Dividends (net of foreign withholding taxes of $3,916) | $52106 |
| Interest | 395 |
| Total Investment Income | 52501 |
| **EXPENSES** | **EXPENSES** |
| Advisory fee (Note B) | 16121 |
| Administration & Supervisory fee — Class K shares (Note B) | 553 |
| Administration & Supervisory fee — Institutional Class shares (Note B) | 4430 |
| Transfer agency | 26864 |
| Sub-transfer agency — Institutional Class shares | 2297 |
| Fund accounting | 103364 |
| Professional fees | 44609 |
| Registration fees | 37499 |
| Custody | 8527 |
| Legal | 543 |
| Line of Credit Interest | 173 |
| Trustees' fees | 158 |
| Commitment fees | 40 |
| Miscellaneous | 5413 |
| Total Expenses | 250591 |
| Fees waived/expenses reimbursed | (222794) |
| Total Expenses after Waiver | 27797 |
| Net Investment Income | 24704 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS <br>AND FOREIGN CURRENCY TRANSACTIONS** | **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS <br>AND FOREIGN CURRENCY TRANSACTIONS** |
| Net realized (loss) from: | Net realized (loss) from: |
| Investments | (186479) |
| Foreign currency transactions | (275) |
|  | (186754) |
| Net change in unrealized appreciation on: | Net change in unrealized appreciation on: |
| Investments | 1049261 |
|  | 1049261 |
| Net realized and unrealized gain | 862507 |
| **NET INCREASE IN NET ASSETS FROM OPERATIONS** | $887211 |

---

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

------

**Statements of Changes in Net Assets**

Annual Financial Statements and Other Information December 31, 2025

Baillie Gifford China Equities Fund

---

| | | |
|:---|:---|:---|
| | For the<br>Year Ended<br>December 31, <br>2025 | For the<br>Year Ended<br>December 31,<br>2024 |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** |
| Net investment income | $24704 | $48323 |
| Net realized (loss) | (186754) | (320159) |
| Net change in unrealized appreciation | 1049261 | 527794 |
| Net Increase in Net Assets from Operations | 887211 | 255958 |
| **DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:** | **DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:** | **DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:** |
| Distributable earnings | Distributable earnings | Distributable earnings |
| Class K | (3603) | (5449) |
| Institutional Class | (25190) | (46349) |
| Total Distributions to Shareholders | (28793) | (51798) |
| **TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST** | **TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST** | **TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST** |
| Net proceeds from shares subscribed: | Net proceeds from shares subscribed: | Net proceeds from shares subscribed: |
| Institutional Class | 10000 | 447600 |
| Dividends reinvested: | Dividends reinvested: | Dividends reinvested: |
| Class K | 3603 | 5449 |
| Institutional Class | 25190 | 46349 |
| Cost of shares redeemed: | Cost of shares redeemed: | Cost of shares redeemed: |
| Institutional Class | (345405) | (152779) |
| Increase (Decrease) in Net Assets from Transactions in Shares of Beneficial Interest | (306612) | 346619 |
| Total Increase in Net Assets | 551806 | 550779 |
| **NET ASSETS** | **NET ASSETS** | **NET ASSETS** |
| Beginning of Year | 2596506 | 2045727 |
| End of Year | $3148312 | $2596506 |

---

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

------

**Financial Highlights**

Annual Financial Statements and Other Information December 31, 2025

Baillie Gifford China Equities Fund

Selected data for a Class K share outstanding throughout each period:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | For the<br>Year Ended<br>December 31,<br>2025 | For the<br>Year Ended<br>December 31,<br>2024 | For the<br>Year Ended<br>December 31,<br>2023 | For the<br>Year Ended<br>December 31,<br>2022 | For the Period<br>July 7, 2021<sup>(a)</sup>through<br>December 31,<br>2021 |
| Net asset value, beginning of period | $5.11 | $4.75 | $5.89 | $8.27 | $10.00 |
| **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** |
| Net investment income (loss)<sup>(b)</sup> | 0.06 | 0.11 | 0.08 | 0.05 | (0.02 |
| Net realized and unrealized gain (loss) on <br>investments and foreign currency | 1.82 | 0.36 | (1.15) | (2.40) | (1.71 |
| Net increase (decrease) in net asset value from <br>investment operations | 1.88 | 0.47 | (1.07) | (2.35) | (1.73 |
| **Dividends and Distributions to Shareholders** |  |  |  |  |  |
| From net investment income | (0.07) | (0.11) | (0.07) | (0.03) |  |
| Total dividends and distributions | (0.07) | (0.11) | (0.07) | (0.03) |  |
| Net asset value, end of period | $6.92 | $5.11 | $4.75 | $5.89 | $8.27 |
| **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** |
| Total return based on net asset value<sup>(c)</sup> | 36.77% | 9.81% | (18.08)% | (28.40)% | (17.30 |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (000's omitted) | $364 | $267 | $243 | $296 | $872 |
| Ratio of net expenses to average net assets, <br>before waiver | 8.47% | 10.75% | 11.17% | 9.21% | 11.32 |
| Ratio of net expenses to average net assets, <br>after waiver | 0.87% | 0.87% | 0.87% | 0.87% | 0.87 |
| Ratio of net investment income (loss) to <br>average net assets | 0.95% | 2.26% | 1.48% | 0.73% | (0.56 |
| Portfolio turnover rate<sup>(d)</sup> | 13% | 25% | 14% | 31% | 6 |

---

\* Annualized.

<sup>(a)</sup> Commencement of investment operations.

<sup>(b)</sup> Calculated based upon average shares outstanding during the period.

<sup>(c)</sup> 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.

<sup>(d)</sup> Portfolio turnover rate calculated at Fund level. Portfolio turnover is not annualized for periods less than one year.

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

------

**Financial Highlights**

Annual Financial Statements and Other Information December 31, 2025

Baillie Gifford China Equities Fund

Selected data for an Institutional Class share outstanding throughout each period:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | For the<br>Year Ended<br>December 31,<br>2025 | For the<br>Year Ended<br>December 31,<br>2024 | For the<br>Year Ended<br>December 31,<br>2023 | For the<br>Year Ended<br>December 31,<br>2022 | For the Period<br>July 7, 2021<sup>(a)</sup>through<br>December 31,<br>2021 |
| Net asset value, beginning of period | $5.10 | $4.74 | $5.88 | $8.27 | $10.00 |
| **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** |
| Net investment income (loss)<sup>(b)</sup> | 0.05 | 0.10 | 0.07 | 0.03 | (0.03 |
| Net realized and unrealized gain (loss) on <br>investments and foreign currency | 1.81 | 0.36 | (1.14) | (2.38) | (1.70 |
| Net increase (decrease) in net asset value from <br>investment operations | 1.86 | 0.46 | (1.07) | (2.35) | (1.73 |
| **Dividends and Distributions to Shareholders** |  |  |  |  |  |
| From net investment income | (0.06) | (0.10) | (0.07) | (0.04) |  |
| Total dividends and distributions | (0.06) | (0.10) | (0.07) | (0.04) |  |
| Net asset value, end of period | $6.90 | $5.10 | $4.74 | $5.88 | $8.27 |
| **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** |
| Total return based on net asset value<sup>(c)</sup> | 36.53% | 9.76% | (18.03)% | (28.43)% | (17.30 |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (000's omitted) | $2784 | $2330 | $1803 | $1785 | $1801 |
| Ratio of net expenses to average net assets, <br>before waiver | 8.56% | 10.84% | 11.25% | 9.30% | 11.32 |
| Ratio of net expenses to average net assets, <br>after waiver | 0.96% | 0.96% | 0.95% | 0.96% | 0.87 |
| Ratio of net investment income (loss) to <br>average net assets | 0.83% | 2.11% | 1.34% | 0.55% | (0.60 |
| Portfolio turnover rate<sup>(d)</sup> | 13% | 25% | 14% | 31% | 6 |

---

\* Annualized.

<sup>(a)</sup> Commencement of investment operations.

<sup>(b)</sup> Calculated based upon average shares outstanding during the period.

<sup>(c)</sup> 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.

<sup>(d)</sup> Portfolio turnover rate calculated at Fund level. Portfolio turnover is not annualized for periods less than one year.

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

------

**Industry Diversification Table**

Annual Financial Statements and Other Information December 31, 2025

December 31, 2025

Baillie Gifford Developed EAFE All Cap Fund

---

| | | |
|:---|:---|:---|
| | Value | % of Total<br>Net Assets |
| Airlines | $691580 | 1.7% |
| Apparel | 1251201 | 3.1 |
| Banks | 4454094 | 11.1 |
| Beverages | 1500812 | 3.8 |
| Building Materials | 1378948 | 3.4 |
| Chemicals | 1628614 | 4.1 |
| Commercial Services | 2773854 | 6.9 |
| Computers | 446944 | 1.1 |
| Cosmetics/Personal Care | 2102338 | 5.3 |
| Distribution/Wholesale | 971334 | 2.4 |
| Diversified Financial Services | 932122 | 2.3 |
| Electronics | 990881 | 2.5 |
| Food | 1150513 | 2.9 |
| Hand/Machine Tools | 730449 | 1.8 |
| Healthcare — Products | 1464167 | 3.7 |
| Healthcare — Services | 1091049 | 2.7 |
| Home Furnishings | 389716 | 1.0 |
| Insurance | 1171354 | 2.9 |
| Internet | 2690739 | 6.7 |
| Investment Companies | 2103860 | 5.3 |
| Leisure Time | 805197 | 2.0 |
| Machinery — Construction & Mining | 1042793 | 2.6 |
| Machinery — Diversified | 2769628 | 6.9 |
| Mining | 659595 | 1.7 |
| Oil & Gas | 1034888 | 2.6 |
| Pharmaceuticals | 2383695 | 6.0 |
| Private Equity | 539872 | 1.4 |
| Retail | 1358056 | 3.4 |
| Semiconductors | 3016471 | 7.5 |
| Software | 1152118 | 2.9 |
| Toys/Games/Hobbies | 827834 | 2.1 |
| Transportation | 730888 | 1.8 |
| **Total Value of Investments** | 46235604 | 115.6 |
| Other assets less liabilities | (6242498) | (15.6) |
| **Net Assets** | $39993106 | 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

------

**Portfolio of Investments**

Annual Financial Statements and Other Information December 31, 2025

December 31, 2025

Baillie Gifford Developed EAFE All Cap Fund

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| **COMMON STOCKS — 115.6%** | **COMMON STOCKS — 115.6%** | **COMMON STOCKS — 115.6%** |
| AUSTRALIA — 1.6% | AUSTRALIA — 1.6% | AUSTRALIA — 1.6% |
| BHP Group Ltd. | 21856 | $659595 |
| BELGIUM — 2.7% | BELGIUM — 2.7% | BELGIUM — 2.7% |
| Anheuser-Busch InBev SA/NV | 16579 | 1064058 |
| CHINA — 2.1% | CHINA — 2.1% | CHINA — 2.1% |
| Prosus NV \* | 13290 | 822903 |
| DENMARK — 1.8% | DENMARK — 1.8% | DENMARK — 1.8% |
| DSV A/S | 2902 | 730888 |
| FRANCE — 8.3% | FRANCE — 8.3% | FRANCE — 8.3% |
| Air Liquide SA | 3389 | 636976 |
| BioMerieux | 2544 | 329180 |
| LVMH Moet Hennessy Louis Vuitton SE | 1660 | 1251201 |
| SOITEC \* | 2509 | 67793 |
| TotalEnergies SE | 15873 | 1034888 |
|  |  | 3320038 |
| GERMANY — 2.9% | GERMANY — 2.9% | GERMANY — 2.9% |
| Nemetschek SE | 10649 | 1152118 |
| HONG KONG — 6.3% | HONG KONG — 6.3% | HONG KONG — 6.3% |
| AIA Group Ltd. | 113800 | 1171354 |
| Hong Kong Exchanges & Clearing Ltd. | 11600 | 606928 |
| Techtronic Industries Co., Ltd. | 63500 | 730449 |
|  |  | 2508731 |
| IRELAND — 1.5% | IRELAND — 1.5% | IRELAND — 1.5% |
| Kingspan Group PLC | 7132 | 614557 |
| ITALY — 1.7% | ITALY — 1.7% | ITALY — 1.7% |
| Ryanair Holdings PLC ADR | 9580 | 691580 |
| JAPAN — 24.5% | JAPAN — 24.5% | JAPAN — 24.5% |
| Chugai Pharmaceutical Co., Ltd. | 16500 | 865616 |
| Cosmos Pharmaceutical Corp. | 15900 | 805127 |

---

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

------

**Portfolio of Investments**

Annual Financial Statements and Other Information December 31, 2025

December 31, 2025

Baillie Gifford Developed EAFE All Cap Fund

---

| | | | |
|:---|:---|:---|:---|
| | Shares | Value | Value |
| Hoshizaki Corp. | 11700 | $| 389716 |
| Keyence Corp. | 1900 |  | 687278 |
| Nippon Paint Holdings Co., Ltd. | 148100 |  | 991638 |
| Olympus Corp. | 68000 |  | 862189 |
| Recruit Holdings Co., Ltd. | 14200 |  | 797920 |
| Shimano, Inc. | 7700 |  | 805197 |
| Shiseido Co., Ltd. | 34400 |  | 500620 |
| SMC Corp. | 2100 |  | 726602 |
| Sysmex Corp. | 61300 |  | 601978 |
| Tokyo Electron Ltd. | 5600 |  | 1247273 |
| Unicharm Corp. | 92300 |  | 527378 |
|  |  |  | 9808532 |
| NETHERLANDS — 9.4% | NETHERLANDS — 9.4% | NETHERLANDS — 9.4% | NETHERLANDS — 9.4% |
| Adyen NV \* | 480 |  | 774036 |
| ASML Holding NV | 1579 |  | 1701404 |
| EXOR NV | 10621 |  | 902192 |
| IMCD NV | 3479 |  | 315763 |
| Magnum Ice Cream Co. NV (The) \* | 3801 |  | 60330 |
|  |  |  | 3753725 |
| PORTUGAL — 1.7% | PORTUGAL — 1.7% | PORTUGAL — 1.7% | PORTUGAL — 1.7% |
| Jeronimo Martins SGPS SA | 29042 |  | 691094 |
| SINGAPORE — 5.0% | SINGAPORE — 5.0% | SINGAPORE — 5.0% | SINGAPORE — 5.0% |
| United Overseas Bank Ltd. | 73389 |  | 1998788 |
| SPAIN — 1.3% | SPAIN — 1.3% | SPAIN — 1.3% | SPAIN — 1.3% |
| CaixaBank SA | 40957 |  | 500745 |
| SWEDEN — 12.2% | SWEDEN — 12.2% | SWEDEN — 12.2% | SWEDEN — 12.2% |
| Assa Abloy AB, B Shares | 25650 |  | 990882 |
| Atlas Copco AB, A Shares | 49027 |  | 872807 |
| Avanza Bank Holding AB | 8563 |  | 325194 |
| Epiroc AB, B Shares | 24132 |  | 485502 |
| Investor AB, B Shares | 33721 |  | 1201668 |
| Skandinaviska Enskilda Banken AB, A Shares | 48240 |  | 1017077 |
|  |  |  | 4893130 |

---

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

------

**Portfolio of Investments**

Annual Financial Statements and Other Information December 31, 2025

December 31, 2025

Baillie Gifford Developed EAFE All Cap Fund

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| SWITZERLAND — 8.9% | SWITZERLAND — 8.9% | SWITZERLAND — 8.9% |
| Cie Financiere Richemont SA | 2564 | $552929 |
| Lonza Group AG | 1130 | 761869 |
| Partners Group Holding AG | 440 | 539872 |
| Sika AG | 3765 | 764391 |
| UBS Group AG | 20303 | 937483 |
|  |  | 3556544 |
| UNITED KINGDOM — 16.5% | UNITED KINGDOM — 16.5% | UNITED KINGDOM — 16.5% |
| Auto Trader Group PLC | 82639 | 651969 |
| Bunzl PLC | 23477 | 655571 |
| Diageo PLC | 20269 | 436755 |
| Games Workshop Group PLC | 3254 | 827834 |
| Greggs PLC | 17705 | 399089 |
| Rightmove PLC | 82736 | 578052 |
| Softcat PLC | 23480 | 446944 |
| Spirax Group PLC | 5284 | 482942 |
| Trainline PLC \* | 51579 | 152922 |
| Unilever PLC | 16443 | 1074339 |
| Weir Group PLC (The) | 14580 | 557291 |
| Wise PLC, Class A \* | 27912 | 334387 |
|  |  | 6598095 |
| UNITED STATES — 7.2% | UNITED STATES — 7.2% | UNITED STATES — 7.2% |
| Experian PLC | 19241 | 867511 |
| Roche Holding AG | 3676 | 1518079 |
| Spotify Technology SA \* | 835 | 484893 |
|  |  | 2870483 |
| **TOTAL INVESTMENTS — 115.6% \*\*** | **TOTAL INVESTMENTS — 115.6% \*\*** | **TOTAL INVESTMENTS — 115.6% \*\*** |
| (cost $32,859,053) |  | $46235604 |
| Other assets less liabilities — (15.6)% |  | (6242498) |
| **NET ASSETS — 100.0%** |  | $39993106 |

---

\* Non-income producing security.

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

ADR — American Depositary Receipt

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

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

------

**Portfolio of Investments**

Annual Financial Statements and Other Information December 31, 2025

December 31, 2025

Baillie Gifford Developed EAFE All Cap Fund

**Fair Value Measurement**

The following is a summary of the inputs used as of December 31, 2025 in valuing the Fund's investments carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Investments in Securities | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks \*\* | $1764181 | $44471423 | $— | $46235604 |
| **Total** | $1764181 | $44471423 | $— | $46235604 |

---

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

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

------

**Statement of Assets and Liabilities**

Annual Financial Statements and Other Information December 31, 2025

December 31, 2025

Baillie Gifford Developed EAFE All Cap Fund

---

| | |
|:---|:---|
| **ASSETS** | **ASSETS** |
| Investments, at value (cost $32,859,053) | $46235604 |
| Cash | 3158 |
| Foreign cash, at value (cost $2,408) | 2407 |
| Receivable for investments sold | 5641295 |
| Tax reclaims receivable | 322048 |
| Dividends receivable | 98938 |
| Due from Manager | 24220 |
| Prepaid assets | 1518 |
| Total Assets | 52329188 |
| **LIABILITIES** | **LIABILITIES** |
| Advisory fee payable | 110333 |
| Line of credit payable | 9950000 |
| Capital shares purchased payable | 2151561 |
| Administration & Supervisory fee payable | 29302 |
| Shareholder Servicing fee payable | 11348 |
| Trustee fee payable | 2049 |
| Commitment fee payable | 454 |
| Accrued expenses | 81035 |
| Total Liabilities | 12336082 |
| **NET ASSETS** | $39993106 |
| **COMPOSITION OF NET ASSETS** | **COMPOSITION OF NET ASSETS** |
| Paid-in capital | $27640090 |
| Total distributable earnings | 12353016 |
|  | $39993106 |
| **NET ASSET VALUE, PER SHARE** | **NET ASSET VALUE, PER SHARE** |
| **Class K** ($34,496,812 / 13,615,361 shares outstanding), unlimited authorized, no par value | $2.53 |
| **Institutional Class** ($5,496,294 / 2,303,939 shares outstanding), unlimited authorized, no par value | $2.39 |

---

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

------

**Statement of Operations**

Annual Financial Statements and Other Information December 31, 2025

For the Year Ended December 31, 2025

Baillie Gifford Developed EAFE All Cap Fund

---

| | |
|:---|:---|
| **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| Dividends (net of foreign withholding taxes of $335,936) | $3842698 |
| Windfall tax recovery (Note A) | 602258 |
| Interest | 45879 |
| Total Investment Income | 4490835 |
| **EXPENSES** | **EXPENSES** |
| Advisory fee (Note B) | 652623 |
| Shareholder Servicing fees — Class 2 shares (Note B) | 35921 |
| Shareholder Servicing fees — Class 3 shares (Note B) | 73933 |
| Shareholder Servicing fees — Class 4 shares (Note B) | 6858 |
| Administration & Supervisory fee — Class K shares (Note B) | 62868 |
| Administration & Supervisory fee — Institutional Class shares (Note B) | 75858 |
| Transfer agency | 49167 |
| Sub-transfer agency — Institutional Class shares | 39219 |
| Fund accounting | 100282 |
| Registration fees | 57325 |
| Legal | 39497 |
| Professional fees | 34717 |
| Custody | 31322 |
| Trustees' fees | 8390 |
| Commitment fees | 2244 |
| Line of Credit Interest | 1844 |
| Miscellaneous | 25548 |
| Total Expenses | 1297616 |
| Fees waived/expenses reimbursed | (53741) |
| Total Expenses after Waiver | 1243875 |
| Net Investment Income | 3246960 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS <br>AND FOREIGN CURRENCY TRANSACTIONS** | **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS <br>AND FOREIGN CURRENCY TRANSACTIONS** |
| Net realized gain from: | Net realized gain from: |
| Investments | 68397266 |
| Foreign currency transactions | 35846 |
|  | 68433112 |

---

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

------

**Statement of Operations**

Annual Financial Statements and Other Information December 31, 2025

---

| | |
|:---|:---|
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| Investments | $(51779577) |
| Translation of net assets and liabilities denominated in foreign currencies | 61253 |
|  | (51718324) |
| Net realized and unrealized gain | 16714788 |
| **NET INCREASE IN NET ASSETS FROM OPERATIONS** | $19961748 |

---

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

------

**Statements of Changes in Net Assets**

Annual Financial Statements and Other Information December 31, 2025

Baillie Gifford Developed EAFE All Cap Fund

---

| | | |
|:---|:---|:---|
| | For the<br>Year Ended<br>December 31, <br>2025 | For the<br>Year Ended<br>December 31, <br>2024 |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** |
| Net investment income | $3246960 | $4621074 |
| Net realized gain | 68433112 | 53355779 |
| Net change in unrealized (depreciation) | (51718324 | (54591210) |
| Net Increase in Net Assets from Operations | 19961748 | 3385643 |
| **DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:** | **DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:** | **DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:** |
| Distributable earnings | Distributable earnings | Distributable earnings |
| Class 2 |  | (3679755) |
| Class 3 |  | (2909079) |
| Class K | (28511523 | (669657) |
| Institutional Class | (26951436 | (1388208) |
| Total Distributions to Shareholders | (55462959 | (8646699) |
| **TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST** | **TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST** | **TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST** |
| Net proceeds from shares subscribed: | Net proceeds from shares subscribed: | Net proceeds from shares subscribed: |
| Class 2 | 1810 | 6000 |
| Class 4 | 95249020 |  |
| Class K | 1439 | 2304008 |
| Institutional Class | 2511128 | 4447538 |
| Dividends reinvested: | Dividends reinvested: | Dividends reinvested: |
| Class 2 |  | 3679755 |
| Class 3 |  | 2909079 |
| Class K | 28416868 | 667758 |
| Institutional Class | 26524273 | 1371266 |
| Cost of shares redeemed: | Cost of shares redeemed: | Cost of shares redeemed: |
| Class 2 | (118810551 | (34592927) |
| Class 3 | (95249020 |  |
| Class 4 | (91649545 |  |
| Class K | (6418655 | (195506276) |
| Institutional Class | (54089932 | (26224994) |
| (Decrease) in Net Assets from Transactions in Shares of Beneficial Interest | (213513165 | (240938793) |
| Total (Decrease) in Net Assets | (249014376 | (246199849) |
| **NET ASSETS** | **NET ASSETS** | **NET ASSETS** |
| Beginning of Year | 289007482 | 535207331 |
| End of Year | $39993106 | $289007482 |

---

\*<sub> See Note D for details of share class conversions.</sub>

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

------

**Financial Highlights**

Annual Financial Statements and Other Information December 31, 2025

Baillie Gifford Developed EAFE All Cap Fund

Selected data for a Class K share outstanding throughout each year:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | For the<br>Year Ended<br>December 31,<br>2025 | For the<br>Year Ended<br>December 31,<br>2024 | For the<br>Year Ended<br>December 31,<br>2023 | For the<br>Year Ended<br>December 31,<br>2022 | For the<br>Year Ended<br>December 31,<br>2021 |
| Net asset value, beginning of year | $12.32 | $12.70 | $11.60 | $17.31 | $16.61 |
| **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** |
| Net investment income<sup>(a)</sup> | 0.23 | 0.14 | 0.11 | 0.11 | 0.07 |
| Net realized and unrealized gain (loss) on <br>investments and foreign currency | 1.51 | (0.29) | 1.07 | (5.71) | 1.17 |
| Net increase (decrease) in net asset value from <br>investment operations | 1.74 | (0.15) | 1.18 | (5.60) | 1.24 |
| **Dividends and Distributions to Shareholders** |  |  |  |  |  |
| From net investment income | (2.53) | (0.23) | (0.08) |  | (0.21) |
| From net realized gain on investments | (9.00) |  |  | (0.11) | (0.33) |
| Total dividends and distributions | (11.53) | (0.23) | (0.08) | (0.11) | (0.54) |
| Net asset value, end of year | $2.53 | $12.32 | $12.70 | $11.60 | $17.31 |
| **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** |
| Total return based on net asset value<sup>(b)</sup> | 13.44% | (1.17)% | 10.21% | (32.33)% | 7.47% |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of year (000's omitted) | $34497 | $36321 | $224553 | $214016 | $345052 |
| Ratio of net expenses to average net assets, <br>before waiver | 0.73% | 0.65% | 0.63% | 0.64% | 0.61% |
| Ratio of net expenses to average net assets, <br>after waiver | 0.68% | 0.65% | 0.63% | 0.64% | 0.61% |
| Ratio of net investment income to average <br>net assets | 1.75% | 1.07% | 0.87% | 0.91% | 0.38% |
| Portfolio turnover rate<sup>(c)</sup> | 20% | 17% | 15% | 25% | 14% |

---

<sup>(a)</sup> Calculated based upon average shares outstanding during the period.

<sup>(b)</sup> 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.

<sup>(c)</sup> Portfolio turnover rate calculated at Fund level.

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

------

**Financial Highlights**

Annual Financial Statements and Other Information December 31, 2025

Baillie Gifford Developed EAFE All Cap Fund

Selected data for an Institutional Class share outstanding throughout each year:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | For the<br>Year Ended<br>December 31,<br>2025 | For the<br>Year Ended<br>December 31,<br>2024 | For the<br>Year Ended<br>December 31,<br>2023 | For the<br>Year Ended<br>December 31,<br>2022 | For the<br>Year Ended<br>December 31,<br>2021 |
| Net asset value, beginning of year | $12.18 | $12.67 | $11.57 | $17.27 | $16.59 |
| **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** |
| Net investment income<sup>(a)</sup> | 0.23 | 0.12 | 0.10 | 0.09 | 0.05 |
| Net realized and unrealized gain (loss) on <br>investments and foreign currency | 1.49 | (0.28) | 1.07 | (5.68) | 1.17 |
| Net increase (decrease) in net asset value from <br>investment operations | 1.72 | (0.16) | 1.17 | (5.59) | 1.22 |
| **Dividends and Distributions to Shareholders** |  |  |  |  |  |
| From net investment income | (2.51) | (0.33) | (0.07) |  | (0.21) |
| From net realized gain on investments | (9.00) |  |  | (0.11) | (0.33) |
| Total dividends and distributions | (11.51) | (0.33) | (0.07) | (0.11) | (0.54) |
| Net asset value, end of year | $2.39 | $12.18 | $12.67 | $11.57 | $17.27 |
| **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** |
| Total return based on net asset value<sup>(b)</sup> | 13.75% | (1.24)% | 10.11% | (32.34)% | 7.36% |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of year (000's omitted) | $5496 | $51133 | $73054 | $135136 | $43030 |
| Ratio of net expenses to average net assets, <br>before waiver | 0.81% | 0.72% | 0.73% | 0.71% | 0.67% |
| Ratio of net expenses to average net assets, <br>after waiver | 0.77% | 0.72% | 0.73% | 0.71% | 0.67% |
| Ratio of net investment income to average <br>net assets | 1.73% | 0.95% | 0.79% | 0.80% | 0.29% |
| Portfolio turnover rate<sup>(c)</sup> | 20% | 17% | 15% | 25% | 14% |

---

<sup>(a)</sup> Calculated based upon average shares outstanding during the period.

<sup>(b)</sup> 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.

<sup>(c)</sup> Portfolio turnover rate calculated at Fund level.

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

------

**Industry Diversification Table**

Annual Financial Statements and Other Information December 31, 2025

December 31, 2025

Baillie Gifford EAFE Plus All Cap Fund

---

| | | |
|:---|:---|:---|
| | Value | % of Total<br>Net Assets |
| Airlines | $1415285 | 1.3% |
| Apparel | 2472253 | 2.3 |
| Auto Parts & Equipment | 932569 | 0.9 |
| Banks | 10644880 | 9.8 |
| Beverages | 3986594 | 3.7 |
| Building Materials | 2772009 | 2.5 |
| Chemicals | 2329514 | 2.1 |
| Commercial Services | 5404365 | 5.0 |
| Computers | 955980 | 0.9 |
| Cosmetics/Personal Care | 4180290 | 3.8 |
| Distribution/Wholesale | 2128815 | 2.0 |
| Diversified Financial Services | 2170411 | 2.0 |
| Electronics | 2276362 | 2.1 |
| Food | 2580611 | 2.4 |
| Hand/Machine Tools | 1506910 | 1.4 |
| Healthcare — Products | 2084307 | 1.9 |
| Healthcare — Services | 2507596 | 2.3 |
| Home Furnishings | 605970 | 0.6 |
| Insurance | 2768842 | 2.5 |
| Internet | 9033211 | 8.3 |
| Investment Companies | 5097911 | 4.7 |
| Leisure Time | 1024796 | 0.9 |
| Machinery — Construction & Mining | 2623177 | 2.4 |
| Machinery — Diversified | 6017926 | 5.5 |
| Mining | 1346834 | 1.2 |
| Oil & Gas | 2412066 | 2.2 |
| Pharmaceuticals | 4440814 | 4.1 |
| Private Equity | 1223301 | 1.1 |
| Retail | 4457845 | 4.1 |
| Semiconductors | 11149942 | 10.2 |
| Software | 1553071 | 1.4 |
| Toys/Games/Hobbies | 1456977 | 1.3 |
| Transportation | 1397804 | 1.3 |
| **Total Value of Investments** | 106959238 | 98.2 |
| Other assets less liabilities | 1954001 | 1.8 |
| **Net Assets** | $108913239 | 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

------

**Portfolio of Investments**

Annual Financial Statements and Other Information December 31, 2025

December 31, 2025

Baillie Gifford EAFE Plus All Cap Fund

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| **COMMON STOCKS — 98.2%** | **COMMON STOCKS — 98.2%** | **COMMON STOCKS — 98.2%** |
| AUSTRALIA — 1.2% | AUSTRALIA — 1.2% | AUSTRALIA — 1.2% |
| BHP Group Ltd. | 44628 | $1346834 |
| BELGIUM — 2.0% | BELGIUM — 2.0% | BELGIUM — 2.0% |
| Anheuser-Busch InBev SA/NV | 34073 | 2186841 |
| BRAZIL — 2.6% | BRAZIL — 2.6% | BRAZIL — 2.6% |
| B3 SA — Brasil Bolsa Balcao | 326400 | 830984 |
| MercadoLibre, Inc. \* | 669 | 1347540 |
| Raia Drogasil SA | 158851 | 677497 |
|  |  | 2856021 |
| CHINA — 4.9% | CHINA — 4.9% | CHINA — 4.9% |
| Contemporary Amperex Technology Co., Ltd., Class A | 17704 | 932569 |
| Midea Group Co., Ltd., Class A | 54100 | 605970 |
| Prosus NV \* | 28023 | 1735156 |
| Tencent Holdings Ltd. | 26200 | 2010681 |
|  |  | 5284376 |
| DENMARK — 1.3% | DENMARK — 1.3% | DENMARK — 1.3% |
| DSV A/S | 5550 | 1397804 |
| FRANCE — 6.4% | FRANCE — 6.4% | FRANCE — 6.4% |
| Air Liquide SA | 5800 | 1090133 |
| BioMerieux | 5561 | 719564 |
| LVMH Moet Hennessy Louis Vuitton SE | 3280 | 2472253 |
| SOITEC \* | 9624 | 260039 |
| TotalEnergies SE | 36996 | 2412066 |
|  |  | 6954055 |
| GERMANY — 1.4% | GERMANY — 1.4% | GERMANY — 1.4% |
| Nemetschek SE | 14355 | 1553071 |
| HONG KONG — 5.2% | HONG KONG — 5.2% | HONG KONG — 5.2% |
| AIA Group Ltd. | 269000 | 2768842 |
| Hong Kong Exchanges & Clearing Ltd. | 25600 | 1339427 |
| Techtronic Industries Co., Ltd. | 131000 | 1506910 |
|  |  | 5615179 |

---

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

------

**Portfolio of Investments**

Annual Financial Statements and Other Information December 31, 2025

December 31, 2025

Baillie Gifford EAFE Plus All Cap Fund

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| INDIA — 1.1% | INDIA — 1.1% | INDIA — 1.1% |
| HDFC Bank Ltd. | 109719 | $1212054 |
| IRELAND — 1.2% | IRELAND — 1.2% | IRELAND — 1.2% |
| Kingspan Group PLC | 15243 | 1313473 |
| ITALY — 1.3% | ITALY — 1.3% | ITALY — 1.3% |
| Ryanair Holdings PLC ADR | 19605 | 1415285 |
| JAPAN — 13.3% | JAPAN — 13.3% | JAPAN — 13.3% |
| Chugai Pharmaceutical Co., Ltd. | 24500 | 1285308 |
| Cosmos Pharmaceutical Corp. | 28300 | 1433024 |
| Keyence Corp. | 3400 | 1229865 |
| Nippon Paint Holdings Co., Ltd. | 185100 | 1239381 |
| Olympus Corp. | 85000 | 1077737 |
| Recruit Holdings Co., Ltd. | 24300 | 1365455 |
| Shimano, Inc. | 9800 | 1024796 |
| Shiseido Co., Ltd. | 54900 | 798955 |
| SMC Corp. | 3500 | 1211003 |
| Sysmex Corp. | 102500 | 1006570 |
| Tokyo Electron Ltd. | 7700 | 1715001 |
| Unicharm Corp. | 183500 | 1048471 |
|  |  | 14435566 |
| MEXICO — 1.5% | MEXICO — 1.5% | MEXICO — 1.5% |
| Fomento Economico Mexicano SAB de CV ADR | 7685 | 776723 |
| Wal-Mart de Mexico SAB de CV | 276349 | 859548 |
|  |  | 1636271 |
| NETHERLANDS — 6.8% | NETHERLANDS — 6.8% | NETHERLANDS — 6.8% |
| Adyen NV \* | 1099 | 1772220 |
| ASML Holding NV | 2788 | 3004126 |
| EXOR NV | 20448 | 1736939 |
| IMCD NV | 8385 | 761043 |
| Magnum Ice Cream Co. NV (The) \* | 7662 | 121612 |
|  |  | 7395940 |
| PORTUGAL — 1.6% | PORTUGAL — 1.6% | PORTUGAL — 1.6% |
| Jeronimo Martins SGPS SA | 71123 | 1692468 |

---

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

------

**Portfolio of Investments**

Annual Financial Statements and Other Information December 31, 2025

December 31, 2025

Baillie Gifford EAFE Plus All Cap Fund

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| SINGAPORE — 3.4% | SINGAPORE — 3.4% | SINGAPORE — 3.4% |
| United Overseas Bank Ltd. | 136273 | $3711468 |
| SOUTH KOREA — 2.1% | SOUTH KOREA — 2.1% | SOUTH KOREA — 2.1% |
| Samsung Electronics Co., Ltd. | 27877 | 2336508 |
| SPAIN — 1.0% | SPAIN — 1.0% | SPAIN — 1.0% |
| CaixaBank SA | 87436 | 1069003 |
| SWEDEN — 10.8% | SWEDEN — 10.8% | SWEDEN — 10.8% |
| Assa Abloy AB, B Shares | 58926 | 2276362 |
| Atlas Copco AB, A Shares | 128505 | 2287720 |
| Epiroc AB, B Shares | 66751 | 1342936 |
| Investor AB, B Shares | 94315 | 3360972 |
| Skandinaviska Enskilda Banken AB, A Shares | 118508 | 2498586 |
|  |  | 11766576 |
| SWITZERLAND — 7.4% | SWITZERLAND — 7.4% | SWITZERLAND — 7.4% |
| Cie Financiere Richemont SA | 6899 | 1487777 |
| Lonza Group AG | 2652 | 1788031 |
| Partners Group Holding AG | 997 | 1223301 |
| Sika AG | 7184 | 1458535 |
| UBS Group AG | 46644 | 2153768 |
|  |  | 8111412 |
| TAIWAN — 3.5% | TAIWAN — 3.5% | TAIWAN — 3.5% |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 78000 | 3834268 |
| UNITED KINGDOM — 12.6% | UNITED KINGDOM — 12.6% | UNITED KINGDOM — 12.6% |
| Auto Trader Group PLC | 159272 | 1256554 |
| Bunzl PLC | 48982 | 1367773 |
| Diageo PLC | 47477 | 1023030 |
| Games Workshop Group PLC | 5727 | 1456977 |
| Greggs PLC | 34006 | 766531 |
| Rightmove PLC | 163216 | 1140342 |
| Softcat PLC | 50222 | 955981 |
| Spirax Group PLC | 14107 | 1289338 |
| Trainline PLC \* | 82849 | 245632 |
| Unilever PLC | 35705 | 2332864 |

---

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

------

**Portfolio of Investments**

Annual Financial Statements and Other Information December 31, 2025

December 31, 2025

Baillie Gifford EAFE Plus All Cap Fund

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Weir Group PLC (The) | 33494 | $1280241 |
| Wise PLC, Class A \* | 51628 | 618505 |
|  |  | 13733768 |
| UNITED STATES — 5.6% | UNITED STATES — 5.6% | UNITED STATES — 5.6% |
| Experian PLC | 36556 | 1648185 |
| Roche Holding AG | 7641 | 3155506 |
| Spotify Technology SA \* | 2234 | 1297306 |
|  |  | 6100997 |
| **TOTAL INVESTMENTS — 98.2%** | **TOTAL INVESTMENTS — 98.2%** | **TOTAL INVESTMENTS — 98.2%** |
| (cost $75,305,077) |  | $106959238 |
| Other assets less liabilities — 1.8% |  | 1954001 |
| **NET ASSETS — 100.0%** |  | $108913239 |

---

\* 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, 2025 in valuing the Fund's investments carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Investments in Securities | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks \*\* | $6866485 | $100092753 | $— | $106959238 |
| **Total** | $6866485 | $100092753 | $— | $106959238 |

---

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

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

------

**Statement of Assets and Liabilities**

Annual Financial Statements and Other Information December 31, 2025

December 31, 2025

Baillie Gifford EAFE Plus All Cap Fund

---

| | |
|:---|:---|
| **ASSETS** | **ASSETS** |
| Investments, at value (cost $75,305,077) | $106959238 |
| Cash | 1881935 |
| Foreign cash, at value (cost $10,707) | 10757 |
| Tax reclaims receivable | 531141 |
| Dividends receivable | 200147 |
| Receivable for investments sold | 15332 |
| Prepaid assets | 1568 |
| Total Assets | 109600118 |
| **LIABILITIES** | **LIABILITIES** |
| Advisory fee payable | 209234 |
| Deferred India capital gains tax liability (Note A) | 290968 |
| Shareholder Servicing fee payable | 63058 |
| Administration & Supervisory fee payable | 13768 |
| Payable for investment purchased | 11020 |
| Trustee fee payable | 3612 |
| Commitment fee payable | 801 |
| Accrued expenses | 94418 |
| Total Liabilities | 686879 |
| **NET ASSETS** | $108913239 |
| **COMPOSITION OF NET ASSETS** | **COMPOSITION OF NET ASSETS** |
| Paid-in capital | $83139336 |
| Total distributable earnings | 25773903 |
|  | $108913239 |
| **NET ASSET VALUE, PER SHARE** | **NET ASSET VALUE, PER SHARE** |
| **Class 2** ($77,686,387 / 14,017,444 shares outstanding), unlimited authorized, no par value | $5.54 |
| **Class K** ($30,716,978 / 5,618,321 shares outstanding), unlimited authorized, no par value | $5.47 |
| **Institutional Class** ($509,874 / 90,613 shares outstanding), unlimited authorized, no par value | $5.63 |

---

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

------

**Statement of Operations**

Annual Financial Statements and Other Information December 31, 2025

For the Year Ended December 31, 2025

Baillie Gifford EAFE Plus All Cap Fund

---

| | |
|:---|:---|
| **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| Dividends (net of foreign withholding taxes of $452,271) | $5029291 |
| Windfall tax recovery (Note A) | 163887 |
| Interest | 55368 |
| Total Investment Income | 5248546 |
| **EXPENSES** | **EXPENSES** |
| Advisory fee (Note B) | 882991 |
| Shareholder Servicing fees — Class 2 shares (Note B) | 130495 |
| Shareholder Servicing fees — Class 3 shares (Note B) | 135309 |
| Administration & Supervisory fee — Class K shares (Note B) | 63791 |
| Administration & Supervisory fee — Institutional Class shares (Note B) | 4569 |
| Transfer agency | 44584 |
| Sub-transfer agency — Institutional Class shares | 487 |
| Fund accounting | 105566 |
| Professional fees | 57863 |
| Registration fees | 55505 |
| Legal | 50585 |
| Custody | 38791 |
| Trustees' fees | 13203 |
| Line of Credit Interest | 8755 |
| Commitment fees | 3413 |
| Miscellaneous | 15050 |
| Total Expenses | 1610957 |
| Net Investment Income | 3637589 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS <br>AND FOREIGN CURRENCY TRANSACTIONS** | **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS <br>AND FOREIGN CURRENCY TRANSACTIONS** |
| Net realized gain from: | Net realized gain from: |
| Investments (net of India capital gains tax expense of $12,341) | 61708604 |
| Foreign currency transactions | 104008 |
|  | 61812612 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| Investments (net of change in deferred India capital gains tax liability of $285,707) (Note A) | (26115510) |
| Translation of net assets and liabilities denominated in foreign currencies | 63172 |
|  | (26052338) |
| Net realized and unrealized gain | 35760274 |
| **NET INCREASE IN NET ASSETS FROM OPERATIONS** | $39397863 |

---

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

------

**Statements of Changes in Net Assets**

Annual Financial Statements and Other Information December 31, 2025

Baillie Gifford EAFE Plus All Cap Fund

---

| | | |
|:---|:---|:---|
| | For the<br>Year Ended<br>December 31,<br>2025 | For the<br>Year Ended<br>December 31,<br>2024 |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** |
| Net investment income | $3637589 | $3313603 |
| Net realized gain | 61812612 | 42468282 |
| Net change in unrealized (depreciation) | (26052338) | (39533355) |
| Net Increase in Net Assets from Operations | 39397863 | 6248530 |
| **DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:** | **DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:** | **DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:** |
| Distributable earnings | Distributable earnings | Distributable earnings |
| Class 2 | (48241963) | (5068956) |
| Class 3 |  | (7484805) |
| Class K | (19172974) | (3911099) |
| Institutional Class | (424633) | (184717) |
| Return of Capital | Return of Capital | Return of Capital |
| Class 2 | (3302385) |  |
| Class K | (1312479) |  |
| Institutional Class | (29068) |  |
| Total Distributions to Shareholders | (72483502) | (16649577) |
| **TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST** | **TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST** | **TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST** |
| Net proceeds from shares subscribed: | Net proceeds from shares subscribed: | Net proceeds from shares subscribed: |
| Class 2 | 1500 | 4006000 |
| Class K | 317363 | 679419 |
| Institutional Class | 27942 | 79577 |
| Dividends reinvested: | Dividends reinvested: | Dividends reinvested: |
| Class 2 | 51544348 | 5068956 |
| Class 3 |  | 7484804 |
| Class K | 20468151 | 3902405 |
| Institutional Class | 429722 | 175489 |
| Cost of shares redeemed: | Cost of shares redeemed: | Cost of shares redeemed: |
| Class 2 | (29635470) | (113074888) |
| Class 3 | (148471949) |  |
| Class K | (47864940) | (49972066) |
| Institutional Class | (3816936) | (1257965) |
| (Decrease) in Net Assets from Transactions in Shares of Beneficial Interest | (157000269) | (142908269) |
| Total (Decrease) in Net Assets | (190085908) | (153309316) |
| **NET ASSETS** | **NET ASSETS** | **NET ASSETS** |
| Beginning of Year | 298999147 | 452308463 |
| End of Year | $108913239 | $298999147 |

---

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

------

**Financial Highlights**

Annual Financial Statements and Other Information December 31, 2025

Baillie Gifford EAFE Plus All Cap Fund

Selected data for a Class 2 share outstanding throughout each year:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | For the<br>Year Ended<br>December 31,<br>2025 | For the<br>Year Ended<br>December 31,<br>2024 | For the<br>Year Ended<br>December 31,<br>2023 | For the<br>Year Ended<br>December 31,<br>2022 | For the<br>Year Ended<br>December 31,<br>2021 |
| Net asset value, beginning of year | $14.04 | $14.72 | $13.37 | $19.93 | $21.15 |
| **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** |
| Net investment income<sup>(a)</sup> | 0.20 | 0.13 | 0.11 | 0.11 | 0.07 |
| Net realized and unrealized gain (loss) on <br>investments and foreign currency | 2.15 | (0.02)<sup>(b)</sup> | 1.24 | (6.32) | 0.63 |
| Net increase (decrease) in net asset value from <br>investment operations | 2.35 | 0.11 | 1.35 | (6.21) | 0.70 |
| **Dividends and Distributions to Shareholders** |  |  |  |  |  |
| From net investment income | (1.18) | (0.58) |  | (0.01) | (0.28) |
| From net realized gain on investments | (8.97) | (0.21) |  | (0.34) | (1.64) |
| From return of capital | (0.70) |  |  |  |  |
| Total dividends and distributions | (10.85) | (0.79) |  | (0.35) | (1.92) |
| Net asset value, end of year | $5.54 | $14.04 | $14.72 | $13.37 | $19.93 |
| **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** |
| Total return based on net asset value<sup>(c)</sup> | 16.40% | 0.77% | 10.09% | (31.17)% | 3.31% |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of year (000's omitted) | $77686 | $94280 | $199195 | $176604 | $179913 |
| Ratio of net expenses to average net assets, <br>before waiver | 0.68% | 0.66% | 0.63% | 0.64% | 0.61% |
| Ratio of net expenses to average net assets, <br>after waiver | 0.68% | 0.66% | 0.63% | 0.64% | 0.61% |
| Ratio of net investment income to average <br>net assets | 1.35% | 0.88% | 0.80% | 0.80% | 0.32% |
| Portfolio turnover rate<sup>(d)</sup> | 22% | 23% | 16% | 17% | 10% |

---

<sup>(a)</sup> Calculated based upon average shares outstanding during the period.

<sup>(b)</sup> 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.

<sup>(c)</sup> 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.

<sup>(d)</sup> Portfolio turnover rate calculated at Fund level.

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

------

**Financial Highlights**

Annual Financial Statements and Other Information December 31, 2025

Baillie Gifford EAFE Plus All Cap Fund

Selected data for a Class K share outstanding throughout each year:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | For the<br>Year Ended<br>December 31,<br>2025 | For the<br>Year Ended<br>December 31,<br>2024 | For the<br>Year Ended<br>December 31,<br>2023 | For the<br>Year Ended<br>December 31,<br>2022 | For the<br>Year Ended<br>December 31,<br>2021 |
| Net asset value, beginning of year | $13.97 | $14.67 | $13.32 | $19.86 | $21.09 |
| **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** |
| Net investment income<sup>(a)</sup> | 0.21 | 0.13 | 0.11 | 0.10 | 0.07 |
| Net realized and unrealized gain (loss) on <br>investments and foreign currency | 2.13 | (0.02)<sup>(b)</sup> | 1.24 | (6.29) | 0.63 |
| Net increase (decrease) in net asset value from <br>investment operations | 2.34 | 0.11 | 1.35 | (6.19) | 0.70 |
| **Dividends and Distributions to Shareholders** |  |  |  |  |  |
| From net investment income | (1.17) | (0.60) |  | (0.01) | (0.29) |
| From net realized gain on investments | (8.98) | (0.21) |  | (0.34) | (1.64) |
| From return of capital | (0.69) |  |  |  |  |
| Total dividends and distributions | (10.84) | (0.81) |  | (0.35) | (1.93) |
| Net asset value, end of year | $5.47 | $13.97 | $14.67 | $13.32 | $19.86 |
| **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** |
| Total return based on net asset value<sup>(c)</sup> | 16.46% | 0.75% | 10.14% | (31.19)% | 3.33% |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of year (000's omitted) | $30717 | $71222 | $119604 | $124889 | $166910 |
| Ratio of net expenses to average net assets, <br>before waiver | 0.68% | 0.66% | 0.63% | 0.64% | 0.61% |
| Ratio of net expenses to average net assets, <br>after waiver | 0.68% | 0.66% | 0.63% | 0.64% | 0.61% |
| Ratio of net investment income to average <br>net assets | 1.40% | 0.87% | 0.80% | 0.70% | 0.31% |
| Portfolio turnover rate<sup>(d)</sup> | 22% | 23% | 16% | 17% | 10% |

---

<sup>(a)</sup> Calculated based upon average shares outstanding during the period.

<sup>(b)</sup> 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.

<sup>(c)</sup> 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.

<sup>(d)</sup> Portfolio turnover rate calculated at Fund level.

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

------

**Financial Highlights**

Annual Financial Statements and Other Information December 31, 2025

Baillie Gifford EAFE Plus All Cap Fund

Selected data for an Institutional Class share outstanding throughout each year:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | For the<br>Year Ended<br>December 31,<br>2025 | For the<br>Year Ended<br>December 31,<br>2024 | For the<br>Year Ended<br>December 31,<br>2023 | For the<br>Year Ended<br>December 31,<br>2022 | For the<br>Year Ended<br>December 31,<br>2021 |
| Net asset value, beginning of year | $14.03 | $14.60 | $13.28 | $19.81 | $21.05 |
| **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** |
| Net investment income<sup>(a)</sup> | 0.25 | 0.14 | 0.11 | 0.10 | 0.05 |
| Net realized and unrealized gain (loss) on <br>investments and foreign currency | 2.11 | (0.04)<sup>(b)</sup> | 1.21 | (6.28) | 0.62 |
| Net increase (decrease) in net asset value from <br>investment operations | 2.36 | 0.10 | 1.32 | (6.18) | 0.67 |
| **Dividends and Distributions to Shareholders** |  |  |  |  |  |
| From net investment income | (1.09) | (0.46) |  | (0.01) | (0.27) |
| From net realized gain on investments | (8.98) | (0.21) |  | (0.34) | (1.64) |
| From return of capital | (0.69) |  |  |  |  |
| Total dividends and distributions | (10.76) | (0.67) |  | (0.35) | (1.91) |
| Net asset value, end of year | $5.63 | $14.03 | $14.60 | $13.28 | $19.81 |
| **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** |
| Total return based on net asset value<sup>(c)</sup> | 16.50% | 0.72% | 9.94% | (31.22)% | 3.20% |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of year (000's omitted) | $510 | $3844 | $4940 | $17625 | $42442 |
| Ratio of net expenses to average net assets, <br>before waiver | 0.69% | 0.67% | 0.72% | 0.73% | 0.72% |
| Ratio of net expenses to average net assets, <br>after waiver | 0.69% | 0.67% | 0.72% | 0.73% | 0.72% |
| Ratio of net investment income to average <br>net assets | 1.63% | 0.92% | 0.74% | 0.65% | 0.21% |
| Portfolio turnover rate<sup>(d)</sup> | 22% | 23% | 16% | 17% | 10% |

---

<sup>(a)</sup> Calculated based upon average shares outstanding during the period.

<sup>(b)</sup> 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.

<sup>(c)</sup> 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.

<sup>(d)</sup> Portfolio turnover rate calculated at Fund level.

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

------

**Industry Diversification Table**

Annual Financial Statements and Other Information December 31, 2025

December 31, 2025

Baillie Gifford Emerging Markets Equities Fund

---

| | | |
|:---|:---|:---|
| | Value | % of Total<br>Net Assets |
| Airlines | $119978561 | 1.7% |
| Auto Manufacturers | 142239813 | 2.0 |
| Auto Parts & Equipment | 156962979 | 2.2 |
| Banks | 694613711 | 9.7 |
| Beverages | 111103323 | 1.6 |
| Biotechnology | 32551804 | 0.5 |
| Building Materials | 49417604 | 0.7 |
| Chemicals | 90311971 | 1.3 |
| Commercial Services | 27638331 | 0.4 |
| Computers | 110420322 | 1.5 |
| Cosmetics/Personal Care | 16439361 | 0.2 |
| Diversified Financial Services | 188844165 | 2.6 |
| Electric | 122407334 | 1.7 |
| Electronics | 80824415 | 1.1 |
| Gas | 6808092 | 0.1 |
| Home Furnishings | 149815469 | 2.1 |
| Insurance | 144282128 | 2.0 |
| Internet | 1505028669 | 21.0 |
| Metal Fabricate/Hardware | 58046791 | 0.8 |
| Mining | 502746598 | 7.0 |
| Miscellaneous Manufacturing | 64529566 | 0.9 |
| Oil & Gas | 329765496 | 4.6 |
| Real Estate | 86461343 | 1.2 |
| Retail | 184469229 | 2.6 |
| Semiconductors | 1922732425 | 26.9 |
| Software | 34718466 | 0.5 |
| Telecommunications | 93663232 | 1.3 |
| Transportation | 114193808 | 1.6 |
| **Total Value of Investments** | 7141015006 | 99.8 |
| Other assets less liabilities | 15098817 | 0.2 |
| **Net Assets** | $7156113823 | 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

------

**Portfolio of Investments**

Annual Financial Statements and Other Information December 31, 2025

December 31, 2025

Baillie Gifford Emerging Markets Equities Fund

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| **COMMON STOCKS — 97.2%** | **COMMON STOCKS — 97.2%** | **COMMON STOCKS — 97.2%** |
| BRAZIL — 9.1% | BRAZIL — 9.1% | BRAZIL — 9.1% |
| Axia Energia | 10567600 | $97509478 |
| B3 SA — Brasil Bolsa Balcao | 49068200 | 124923110 |
| Banco Bradesco SA ADR | 17218828 | 57338697 |
| MercadoLibre, Inc. \* | 122625 | 246998632 |
| Natura Cosmeticos SA \* | 12123000 | 16439361 |
| NU Holdings Ltd., Class A \* | 3076244 | 51496325 |
| Petroleo Brasileiro SA — Petrobras ADR | 5164719 | 61201920 |
|  |  | 655907523 |
| CHILE — 2.2% | CHILE — 2.2% | CHILE — 2.2% |
| Lundin Mining Corp. | 2966544 | 63759461 |
| Sociedad Quimica y Minera de Chile SA ADR \* | 1312674 | 90311971 |
|  |  | 154071432 |
| CHINA — 25.2% | CHINA — 25.2% | CHINA — 25.2% |
| Alibaba Group Holding Ltd. | 13560520 | 248984196 |
| Anker Innovations Technology Co., Ltd., Class A | 2969500 | 48702810 |
| Baidu, Inc., Class A \* | 2681800 | 44102791 |
| Brilliance China Automotive Holdings Ltd. | 43528000 | 22660685 |
| China Merchants Bank Co., Ltd., Class H | 11987500 | 81549733 |
| Contemporary Amperex Technology Co., Ltd., Class A | 2417300 | 127332809 |
| DiDi Global, Inc. ADR \* | 10737115 | 56691967 |
| Goneo Group Co., Ltd., Class A | 5472050 | 32030264 |
| Haidilao International Holding Ltd. | 21928000 | 40301329 |
| JD.com, Inc., Class A | 2408635 | 34634337 |
| Kanzhun Ltd. ADR | 3519777 | 71733055 |
| Kuaishou Technology | 3700400 | 30589028 |
| Kweichow Moutai Co., Ltd., Class A | 296217 | 58512661 |
| Luckin Coffee, Inc. ADR \* | 1768436 | 59242606 |
| Meituan, Class B \* | 5080300 | 67325148 |
| Midea Group Co., Ltd., Class A | 9027170 | 101112660 |
| Montage Technology Co., Ltd., Class A | 3226541 | 54491145 |
| Ping An Insurance Group Co. of China Ltd., Class H | 11120000 | 93404718 |
| Pony AI, Inc. ADR \* | 2043460 | 29630170 |
| Silergy Corp. | 3768000 | 22851895 |
| Tencent Holdings Ltd. | 4053900 | 311110635 |
| Tencent Music Entertainment Group ADR | 768880 | 13478467 |

---

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

------

**Portfolio of Investments**

Annual Financial Statements and Other Information December 31, 2025

December 31, 2025

Baillie Gifford Emerging Markets Equities Fund

---

| | | | |
|:---|:---|:---|:---|
| | Shares | Value | Value |
| Tencent Music Entertainment Group, Class A, Entitlement | 3279382 | $| 29040540 |
| Zhejiang Sanhua Intelligent Controls Co., Ltd., Class H | 11752400 |  | 58046791 |
| Zijin Mining Group Co., Ltd., Class H | 14514000 |  | 66451435 |
|  |  |  | 1804011875 |
| HONG KONG — 1.0% | HONG KONG — 1.0% | HONG KONG — 1.0% | HONG KONG — 1.0% |
| Zijin Gold International Co., Ltd. \* | 3681055 |  | 69054959 |
| INDIA — 10.6% | INDIA — 10.6% | INDIA — 10.6% | INDIA — 10.6% |
| Axis Bank Ltd. | 9169653 |  | 129663362 |
| Delhivery Ltd. \* | 11847883 |  | 53290231 |
| HDFC Life Insurance Co., Ltd. | 6089889 |  | 50877410 |
| Hyundai Motor India Ltd. | 625796 |  | 16000098 |
| InterGlobe Aviation Ltd. | 1309428 |  | 73858865 |
| Kotak Mahindra Bank Ltd. | 3843701 |  | 94287747 |
| PB Fintech Ltd. \* | 1707033 |  | 34718466 |
| Reliance Industries Ltd. | 11031502 |  | 193036026 |
| Tata Consultancy Services Ltd. | 1878798 |  | 67127922 |
| UltraTech Cement Ltd. | 376613 |  | 49417604 |
|  |  |  | 762277731 |
| INDONESIA — 0.9% | INDONESIA — 0.9% | INDONESIA — 0.9% | INDONESIA — 0.9% |
| Bank Rakyat Indonesia Persero Tbk PT | 280448263 |  | 61420109 |
| KAZAKHSTAN — 0.4% | KAZAKHSTAN — 0.4% | KAZAKHSTAN — 0.4% | KAZAKHSTAN — 0.4% |
| Kaspi.KZ JSC ADR \* | 353748 |  | 27638331 |
| MEXICO — 2.3% | MEXICO — 2.3% | MEXICO — 2.3% | MEXICO — 2.3% |
| Fomento Economico Mexicano SAB de CV ADR | 520339 |  | 52590663 |
| Grupo Financiero Banorte SAB de CV, Class O | 8348136 |  | 77345717 |
| Wal-Mart de Mexico SAB de CV | 10943187 |  | 34037368 |
|  |  |  | 163973748 |
| PANAMA — 0.7% | PANAMA — 0.7% | PANAMA — 0.7% | PANAMA — 0.7% |
| Copa Holdings SA, Class A | 382387 |  | 46119696 |
| PERU — 1.0% | PERU — 1.0% | PERU — 1.0% | PERU — 1.0% |
| Credicorp Ltd. | 241924 |  | 69432188 |

---

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

------

**Portfolio of Investments**

Annual Financial Statements and Other Information December 31, 2025

December 31, 2025

Baillie Gifford Emerging Markets Equities Fund

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| POLAND — 1.4% | POLAND — 1.4% | POLAND — 1.4% |
| Allegro.eu SA \* | 5254592 | $45089478 |
| KGHM Polska Miedz SA \* | 713683 | 55451810 |
|  |  | 100541288 |
| RUSSIA — 0.0% <sup>(a)</sup> | RUSSIA — 0.0% <sup>(a)</sup> | RUSSIA — 0.0% <sup>(a)</sup> |
| GMK Norilskiy Nickel PAO \*<sup>(b)</sup> | 54812700 | 0 |
| GMK Norilskiy Nickel PAO ADR \*<sup>(b)</sup> | 2 | 0 |
| Moscow Exchange MICEX-RTS PJSC \*<sup>(b)</sup> | 14557370 | 0 |
| Sberbank of Russia PJSC \*<sup>(b)</sup> | 31444360 | 0 |
|  |  | 0 |
| SAUDI ARABIA — 0.3% | SAUDI ARABIA — 0.3% | SAUDI ARABIA — 0.3% |
| Saudi Tadawul Group Holding Co. | 631840 | 23634199 |
| SINGAPORE — 1.2% | SINGAPORE — 1.2% | SINGAPORE — 1.2% |
| Sea Ltd. ADR \* | 687599 | 87717004 |
| SOUTH AFRICA — 4.8% | SOUTH AFRICA — 4.8% | SOUTH AFRICA — 4.8% |
| Capitec Bank Holdings Ltd. | 160492 | 40286856 |
| FirstRand Ltd. | 7456055 | 40859133 |
| Impala Platinum Holdings Ltd. | 6669127 | 104806379 |
| Naspers Ltd., N Shares | 2358230 | 157273914 |
|  |  | 343226282 |
| SOUTH KOREA — 12.1% | SOUTH KOREA — 12.1% | SOUTH KOREA — 12.1% |
| Coupang, Inc. \* | 2554450 | 60259476 |
| Hyundai Glovis Co., Ltd. | 485208 | 60903577 |
| Hyundai Motor Co. | 501574 | 103579031 |
| Samsung Electronics Co., Ltd. | 4075868 | 341618462 |
| SK hynix, Inc. | 661322 | 299498303 |
|  |  | 865858849 |
| TAIWAN — 17.0% | TAIWAN — 17.0% | TAIWAN — 17.0% |
| Accton Technology Corp. | 2482000 | 93663232 |
| E Ink Holdings, Inc. | 4129000 | 25942255 |

---

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

------

**Portfolio of Investments**

Annual Financial Statements and Other Information December 31, 2025

December 31, 2025

Baillie Gifford Emerging Markets Equities Fund

---

| | | | |
|:---|:---|:---|:---|
| | Shares | Value | Value |
| MediaTek, Inc. | 2235000 | $| 101480602 |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 20210310 |  | 993483973 |
|  |  |  | 1214570062 |
| THAILAND — 2.1% | THAILAND — 2.1% | THAILAND — 2.1% | THAILAND — 2.1% |
| Fabrinet \* | 141736 |  | 64529566 |
| SCB X PCL | 7083900 |  | 31220699 |
| Valeura Energy, Inc. \* | 9007961 |  | 53684836 |
|  |  |  | 149435101 |
| UNITED ARAB EMIRATES — 1.2% | UNITED ARAB EMIRATES — 1.2% | UNITED ARAB EMIRATES — 1.2% | UNITED ARAB EMIRATES — 1.2% |
| Emaar Properties PJSC | 22654355 |  | 86461343 |
| UNITED STATES — 0.6% | UNITED STATES — 0.6% | UNITED STATES — 0.6% | UNITED STATES — 0.6% |
| BeOne Medicines Ltd., Class H \* | 1414295 |  | 32551804 |
| Globant SA \* | 244510 |  | 15983619 |
|  |  |  | 48535423 |
| VIETNAM — 1.1% | VIETNAM — 1.1% | VIETNAM — 1.1% | VIETNAM — 1.1% |
| FPT Corp. | 7505700 |  | 27308781 |
| Mobile World Investment Corp. | 15165600 |  | 50887926 |
|  |  |  | 78196707 |
| ZAMBIA — 2.0% | ZAMBIA — 2.0% | ZAMBIA — 2.0% | ZAMBIA — 2.0% |
| First Quantum Minerals Ltd. \* | 5341851 |  | 143222554 |
| **Total Common Stocks** | **Total Common Stocks** | **Total Common Stocks** | **Total Common Stocks** |
| (cost $4,557,722,969)  |  |  | 6955306404 |
| **PREFERRED STOCKS — 2.6%** | **PREFERRED STOCKS — 2.6%** | **PREFERRED STOCKS — 2.6%** | **PREFERRED STOCKS — 2.6%** |
| BRAZIL — 0.8% | BRAZIL — 0.8% | BRAZIL — 0.8% | BRAZIL — 0.8% |
| Axia Energia 0.00% \* | 2777566 |  | 24897856 |
| Petroleo Brasileiro SA — Petrobras ADR 9.46% | 1938129 |  | 21842714 |
| Raizen SA 0.98% | 46070210 |  | 6808092 |
|  |  |  | 53548662 |

---

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

------

**Portfolio of Investments**

Annual Financial Statements and Other Information December 31, 2025

December 31, 2025

Baillie Gifford Emerging Markets Equities Fund

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| SOUTH KOREA — 1.8% | SOUTH KOREA — 1.8% | SOUTH KOREA — 1.8% |
| Samsung Electronics Co., Ltd. 1.64% | 2129180 | $132159940 |
| **Total Preferred Stocks** | **Total Preferred Stocks** | **Total Preferred Stocks** |
| (cost $150,511,037) |  | 185708602 |
| **TOTAL INVESTMENTS — 99.8%** | **TOTAL INVESTMENTS — 99.8%** | **TOTAL INVESTMENTS — 99.8%** |
| (cost $4,708,234,007) |  | $7141015006 |
| Other assets less liabilities — 0.2% |  | 15098817 |
| **NET ASSETS — 100.0%** |  | $7156113823 |

---

<sup>(a)</sup> Amount rounds to less than 0.1%.

<sup>(b)</sup> Investment was valued using significant unobservable inputs.

\* 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, 2025 in valuing the Fund's investments carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Investments in Securities | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks \*\* | $1643133545 | $5312172859 | $0 | $6955306404 |
| Preferred Stocks \*\* | 46740570 | 138968032 |  | 185708602 |
| **Total** | $1689874115 | $5451140891 | $0 | $7141015006 |

---

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

There were no transfers into or out of Level 3 during the year ended December 31, 2025.

**Summary of Unobservable Inputs for Level 3 Investments**

The ongoing conflict in Russia and Ukraine has led to significant disruption and volatility in the global stock market. This impacted the Fund in 2022 in terms of suspensions of trading activities on the Russian Stock Exchange as well as suspensions of depositary receipts traded on exchanges outside of Russia. These market conditions have not changed during the year ended December 31, 2025 and as a result, management continue to value all the Russian securities listed in the Portfolio of Investments at $0 and include them within Level 3.

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

------

**Statement of Assets and Liabilities**

Annual Financial Statements and Other Information December 31, 2025

December 31, 2025

Baillie Gifford Emerging Markets Equities Fund

---

| | |
|:---|:---|
| **ASSETS** | **ASSETS** |
| Investments, at value (cost $4,708,234,007) | $7141015006 |
| Cash | 24051854 |
| Foreign cash, at value (cost $3,505,667) | 3504777 |
| Receivable for investments sold | 12791576 |
| Dividends receivable | 10240448 |
| Capital shares sold receivable | 6891502 |
| Tax reclaims receivable | 107881 |
| Receivable for India capital gains tax refunds (Note A) | 229635 |
| Prepaid assets | 28674 |
| Total Assets | 7198861353 |
| **LIABILITIES** | **LIABILITIES** |
| Advisory fee payable | 9120968 |
| Deferred India capital gains tax liability (Note A) | 23529954 |
| Capital shares purchased payable | 6139965 |
| Administration & Supervisory fee payable | 2125186 |
| Shareholder Servicing fee payable | 242044 |
| Trustee fee payable | 99705 |
| Commitment fee payable | 22095 |
| Accrued expenses | 1467613 |
| Total Liabilities | 42747530 |
| **NET ASSETS** | $7156113823 |
| **COMPOSITION OF NET ASSETS** | **COMPOSITION OF NET ASSETS** |
| Paid-in capital | $5193158136 |
| Total distributable earnings | 1962955687 |
|  | $7156113823 |
| **NET ASSET VALUE, PER SHARE** | **NET ASSET VALUE, PER SHARE** |
| **Class 2** ($169,955,069 / 6,374,706 shares outstanding), unlimited authorized, no par value | $26.66 |
| **Class 3** ($193,411,640 / 7,175,666 shares outstanding), unlimited authorized, no par value | $26.95 |
| **Class 4** ($318,239,614 / 11,815,305 shares outstanding), unlimited authorized, no par value | $26.93 |
| **Class 5** ($1,438,215,693 / 51,663,702 shares outstanding), unlimited authorized, no par value | $27.84 |
| **Class K** ($2,959,764,605 / 111,555,840 shares outstanding), unlimited authorized, no par value | $26.53 |
| **Institutional Class** ($2,076,527,202 / 78,333,830 shares outstanding), unlimited authorized, no par value | $26.51 |

---

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

------

**Statement of Operations**

Annual Financial Statements and Other Information December 31, 2025

For the Year Ended December 31, 2025

Baillie Gifford Emerging Markets Equities Fund

---

| | |
|:---|:---|
| **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| Dividends (net of foreign withholding taxes of $14,496,160) | $121133930 |
| Non-cash income | 24305667 |
| Interest | 856098 |
| Total Investment Income | 146295695 |
| **EXPENSES** | **EXPENSES** |
| Advisory fee (Note B) | 31285262 |
| Shareholder Servicing fees — Class 2 shares (Note B) | 231188 |
| Shareholder Servicing fees — Class 3 shares (Note B) | 176870 |
| Shareholder Servicing fees — Class 4 shares (Note B) | 186195 |
| Shareholder Servicing fees — Class 5 shares (Note B) | 245939 |
| Administration & Supervisory fee — Class K shares (Note B) | 4513583 |
| Administration & Supervisory fee — Institutional Class shares (Note B) | 2641457 |
| Transfer agency | 159303 |
| Sub-transfer agency — Institutional Class shares | 1371446 |
| Custody | 1843615 |
| Legal | 1100517 |
| Fund accounting | 920890 |
| Trustees' fees | 323824 |
| Commitment fees | 82865 |
| Registration fees | 69905 |
| Professional fees | 47404 |
| Line of Credit Interest | 4311 |
| Miscellaneous | 232197 |
| Total Expenses | 45436771 |
| Net Investment Income | 100858924 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS <br>AND FOREIGN CURRENCY TRANSACTIONS** | **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS <br>AND FOREIGN CURRENCY TRANSACTIONS** |
| Net realized gain (loss) from: | Net realized gain (loss) from: |
| Investments (net of India capital gains tax expense of $4,206,297) | 175328277 |
| Foreign currency transactions | (1299461) |
|  | 174028816 |
| Net change in unrealized appreciation on: | Net change in unrealized appreciation on: |
| Investments (net of change in deferred India capital gains tax benefit of $4,905,883) (Note A) | 1807235794 |
| Translation of net assets and liabilities denominated in foreign currencies | 36980 |
|  | 1807272774 |
| Net realized and unrealized gain | 1981301590 |
| **NET INCREASE IN NET ASSETS FROM OPERATIONS** | $2082160514 |

---

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

------

**Statements of Changes in Net Assets**

Annual Financial Statements and Other Information December 31, 2025

Baillie Gifford Emerging Markets Equities Fund

---

| | | |
|:---|:---|:---|
| | For the<br>Year Ended<br>December 31,<br>2025 | For the<br>Year Ended<br>December 31,<br>2024 |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** |
| Net investment income | $100858924 | $133089664 |
| Net realized gain (loss) | 174028816 | (58354562 |
| Net change in unrealized appreciation | 1807272774 | 191780108 |
| Net Increase in Net Assets from Operations | 2082160514 | 266515210 |
| **DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:** | **DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:** | **DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:** |
| Distributable earnings | Distributable earnings | Distributable earnings |
| Class 2 | (2768795 | (2970188 |
| Class 3 | (3199046 | (6404724 |
| Class 4 | (5370492 | (7787109 |
| Class 5 | (24054260 | (35912627 |
| Class K | (48312811 | (81659764 |
| Institutional Class | (33062254 | (40323189 |
| Total Distributions to Shareholders | (116767658 | (175057601 |
| **TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST** | **TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST** | **TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST** |
| Net proceeds from shares subscribed: | Net proceeds from shares subscribed: | Net proceeds from shares subscribed: |
| Class 2 | 50414743 | 25006000 |
| Class 5 |  | 16800000 |
| Class K | 243924527 | 365179690 |
| Institutional Class | 673102375 | 434342491 |
| Dividends reinvested: | Dividends reinvested: | Dividends reinvested: |
| Class 2 | 2768795 | 2970188 |
| Class 3 | 3199045 | 6404724 |
| Class 4 | 5370492 | 7787109 |
| Class 5 | 24054260 | 35912627 |
| Class K | 39210672 | 69935064 |
| Institutional Class | 32623185 | 39196634 |
| Cost of shares redeemed: | Cost of shares redeemed: | Cost of shares redeemed: |
| Class 2 | (20186800 | (120000 |
| Class 3 | (50413243 | (53000000 |
| Class 5 | (48400000 | (127000000 |
| Class K | (561794517 | (344833406 |
| Institutional Class | (327820600 | (225034398 |
| Increase in Net Assets from Transactions in Shares of Beneficial Interest | 66052934 | 253546723 |
| Total Increase in Net Assets | 2031445790 | 345004332 |
| **NET ASSETS** | **NET ASSETS** | **NET ASSETS** |
| Beginning of Year | 5124668033 | 4779663701 |
| End of Year | $7156113823 | $5124668033 |

---

\*<sub> See Note D for details of share class conversions.</sub>

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

------

**Financial Highlights**

Annual Financial Statements and Other Information December 31, 2025

Baillie Gifford Emerging Markets Equities Fund

Selected data for a Class 2 share outstanding throughout each year:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | For the<br>Year Ended<br>December 31,<br>2025 | For the<br>Year Ended<br>December 31,<br>2024 | For the<br>Year Ended<br>December 31,<br>2023 | For the<br>Year Ended<br>December 31,<br>2022 | For the<br>Year Ended<br>December 31,<br>2021 |
| Net asset value, beginning of year | $19.26 | $18.82 | $17.13 | $24.55 | $27.66 |
| **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** |
| Net investment income<sup>(a)</sup> | 0.40 | 0.49 | 0.46 | 0.77 | 0.34 |
| Net realized and unrealized gain (loss) on <br>investments and foreign currency | 7.44 | 0.63 | 1.99 | (7.26) | (2.76) |
| Net increase (decrease) in net asset value from <br>investment operations | 7.84 | 1.12 | 2.45 | (6.49) | (2.42) |
| **Dividends and Distributions to Shareholders** |  |  |  |  |  |
| From net investment income | (0.44) | (0.68) | (0.76) | (0.93) | (0.33) |
| From net realized gain on investments |  |  |  |  | (0.36) |
| Total dividends and distributions | (0.44) | (0.68) | (0.76) | (0.93) | (0.69) |
| Net asset value, end of year | $26.66 | $19.26 | $18.82 | $17.13 | $24.55 |
| **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** |
| Total return based on net asset value<sup>(b)</sup> | 40.71% | 5.97% | 14.32% | (26.44)% | (8.75)% |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of year (000's omitted) | $169955 | $87006 | $59144 | $51848 | $66301 |
| Ratio of net expenses to average net assets | 0.77% | 0.79% | 0.81% | 0.83% | 0.78% |
| Ratio of net investment income to average <br>net assets | 1.76% | 2.42% | 2.47% | 3.96% | 1.20% |
| Portfolio turnover rate<sup>(c)</sup> | 28% | 21% | 23% | 15% | 19% |

---

<sup>(a)</sup> Calculated based upon average shares outstanding during the period.

<sup>(b)</sup> 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.

<sup>(c)</sup> Portfolio turnover rate calculated at Fund level.

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

------

**Financial Highlights**

Annual Financial Statements and Other Information December 31, 2025

Baillie Gifford Emerging Markets Equities Fund

Selected data for a Class 3 share outstanding throughout each year:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | For the<br>Year Ended<br>December 31,<br>2025 | For the<br>Year Ended<br>December 31,<br>2024 | For the<br>Year Ended<br>December 31,<br>2023 | For the<br>Year Ended<br>December 31,<br>2022 | For the<br>Year Ended<br>December 31,<br>2021 |
| Net asset value, beginning of year | $19.46 | $19.00 | $17.28 | $24.76 | $27.92 |
| **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** |
| Net investment income<sup>(a)</sup> | 0.38 | 0.56 | 0.55 | 0.78 | 0.50 |
| Net realized and unrealized gain (loss) on <br>investments and foreign currency | 7.56 | 0.59 | 1.93 | (7.32) | (2.93) |
| Net increase (decrease) in net asset value from <br>investment operations | 7.94 | 1.15 | 2.48 | (6.54) | (2.43) |
| **Dividends and Distributions to Shareholders** |  |  |  |  |  |
| From net investment income | (0.45) | (0.69) | (0.76) | (0.94) | (0.37) |
| From net realized gain on investments |  |  |  |  | (0.36) |
| Total dividends and distributions | (0.45) | (0.69) | (0.76) | (0.94) | (0.73) |
| Net asset value, end of year | $26.95 | $19.46 | $19.00 | $17.28 | $24.76 |
| **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** |
| Total return based on net asset value<sup>(b)</sup> | 40.81% | 6.04% | 14.40% | (26.39)% | (8.68)% |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of year (000's omitted) | $193412 | $188292 | $226753 | $214704 | $291674 |
| Ratio of net expenses to average net assets | 0.70% | 0.72% | 0.74% | 0.76% | 0.71% |
| Ratio of net investment income to average <br>net assets | 1.68% | 2.73% | 2.94% | 3.97% | 1.79% |
| Portfolio turnover rate<sup>(c)</sup> | 28% | 21% | 23% | 15% | 19% |

---

<sup>(a)</sup> Calculated based upon average shares outstanding during the period.

<sup>(b)</sup> 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.

<sup>(c)</sup> Portfolio turnover rate calculated at Fund level.

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

------

**Financial Highlights**

Annual Financial Statements and Other Information December 31, 2025

Baillie Gifford Emerging Markets Equities Fund

Selected data for a Class 4 share outstanding throughout each period:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | For the<br>Year Ended<br>December 31,<br>2025 | For the<br>Year Ended<br>December 31,<br>2024 | For the Period<br>July 14, 2023<sup>(a)</sup>through<br>December 31,<br>2023 | For the Period <br>January 1, 2023<br>through<br>April 13,<br>2023<sup>(a)</sup> | For the Period <br>January 1, 2023<br>through<br>April 13,<br>2023<sup>(a)</sup> | For the<br>Year Ended<br>December 31,<br>2022 | For the<br>Year Ended<br>December 31,<br>2021 |
| Net asset value, <br>beginning of period | $19.45 | $18.99 | $19.96 | $17.54 |  | $25.11 | $28.30 |
| **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** |
| Net investment income<sup>(b)</sup> | 0.41 | 0.55 | 0.19 | 0.07 |  | 0.80 | 0.47 |
| Net realized and unrealized gain <br>(loss) on investments and foreign <br>currency | 7.53 | 0.60 | (0.38 | 1.42 |  | (7.42) | (2.93) |
| Net increase (decrease) in net asset <br>value from investment operations | 7.94 | 1.15 | (0.19 | 1.49 |  | (6.62) | (2.46) |
| **Dividends and Distributions to <br>Shareholders** |  |  |  |  |  |  |  |
| From net investment income | (0.46) | (0.69) | (0.78 |  |  | (0.95) | (0.37) |
| From net realized gain on <br>investments |  |  |  |  |  |  | (0.36) |
| Total dividends and distributions | (0.46) | (0.69) | (0.78 |  |  | (0.95) | (0.73) |
| Net asset value, end of period | $26.93 | $19.45 | $18.99 | $19.03 |  | $17.54 | $25.11 |
| **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** |
| Total return based on net asset <br>value<sup>(c)</sup> | 40.85% | 6.07% | (0.94 | 8.48 | % | (26.37)% | (8.66)% |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period <br>(000's omitted) | $318240 | $225922 | $212997 | $201945 |  | $186171 | $252837 |
| Ratio of net expenses to average <br>net assets | 0.67% | 0.69% | 0.71 | 0.71 | %\* | 0.73% | 0.68% |
| Ratio of net investment income to <br>average net assets | 1.77% | 2.69% | 2.10 | 1.36 | %\* | 4.00% | 1.64% |
| Portfolio turnover rate<sup>(d)</sup> | 28% | 21% | 23 | 23 | % | 15% | 19% |

---

\* Annualized.

<sup>(a)</sup> Recommencement of investment operations. Class had no shareholders from April 13, 2023 to July 13, 2023. All shares of this class were redeemed on April 13, 2023 at $19.03. New shares were issued at $19.96 on July 14, 2023.

<sup>(b)</sup> Calculated based upon average shares outstanding during the period.

<sup>(c)</sup> 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.

<sup>(d)</sup> Portfolio turnover rate calculated at Fund level. Portfolio turnover is not annualized for periods less than one year.

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

------

**Financial Highlights**

Annual Financial Statements and Other Information December 31, 2025

Baillie Gifford Emerging Markets Equities Fund

Selected data for a Class 5 share outstanding throughout each year:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | For the<br>Year Ended<br>December 31,<br>2025 | For the<br>Year Ended<br>December 31,<br>2024 | For the<br>Year Ended<br>December 31,<br>2023 | For the<br>Year Ended<br>December 31,<br>2022 | For the<br>Year Ended<br>December 31,<br>2021 |
| Net asset value, beginning of year | $20.09 | $19.59 | $17.80 | $25.47 | $28.69 |
| **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** |
| Net investment income<sup>(a)</sup> | 0.43 | 0.58 | 0.52 | 0.82 | 0.49 |
| Net realized and unrealized gain (loss) on <br>investments and foreign currency | 7.79 | 0.62 | 2.05 | (7.53) | (2.96) |
| Net increase (decrease) in net asset value from <br>investment operations | 8.22 | 1.20 | 2.57 | (6.71) | (2.47) |
| **Dividends and Distributions to Shareholders** |  |  |  |  |  |
| From net investment income | (0.47) | (0.70) | (0.78) | (0.96) | (0.39) |
| From net realized gain on investments |  |  |  |  | (0.36) |
| Total dividends and distributions | (0.47) | (0.70) | (0.78) | (0.96) | (0.75) |
| Net asset value, end of year | $27.84 | $20.09 | $19.59 | $17.80 | $25.47 |
| **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** |
| Total return based on net asset value<sup>(b)</sup> | 40.92% | 6.12% | 14.48% | (26.33)% | (8.61)% |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of year (000's omitted) | $1438216 | $1060159 | $1115352 | $1162457 | $1746589 |
| Ratio of net expenses to average net assets | 0.62% | 0.64% | 0.66% | 0.68% | 0.63% |
| Ratio of net investment income to average <br>net assets | 1.81% | 2.73% | 2.68% | 4.01% | 1.68% |
| Portfolio turnover rate<sup>(c)</sup> | 28% | 21% | 23% | 15% | 19% |

---

<sup>(a)</sup> Calculated based upon average shares outstanding during the period.

<sup>(b)</sup> 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.

<sup>(c)</sup> Portfolio turnover rate calculated at Fund level.

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

------

**Financial Highlights**

Annual Financial Statements and Other Information December 31, 2025

Baillie Gifford Emerging Markets Equities Fund

Selected data for a Class K share outstanding throughout each year:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | For the<br>Year Ended<br>December 31,<br>2025 | For the<br>Year Ended<br>December 31,<br>2024 | For the<br>Year Ended<br>December 31,<br>2023 | For the<br>Year Ended<br>December 31,<br>2022 | For the<br>Year Ended<br>December 31,<br>2021 |
| Net asset value, beginning of year | $19.17 | $18.72 | $17.04 | $24.44 | $27.56 |
| **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** |
| Net investment income<sup>(a)</sup> | 0.37 | 0.52 | 0.45 | 0.76 | 0.44 |
| Net realized and unrealized gain (loss) on <br>investments and foreign currency | 7.43 | 0.60 | 1.99 | (7.23) | (2.85) |
| Net increase (decrease) in net asset value from <br>investment operations | 7.80 | 1.12 | 2.44 | (6.47) | (2.41) |
| **Dividends and Distributions to Shareholders**  |  |  |  |  |  |
| From net investment income | (0.44) | (0.67) | (0.76) | (0.93) | (0.35) |
| From net realized gain on investments |  |  |  |  | (0.36) |
| Total dividends and distributions | (0.44) | (0.67) | (0.76) | (0.93) | (0.71) |
| Net asset value, end of year | $26.53 | $19.17 | $18.72 | $17.04 | $24.44 |
| **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** |
| Total return based on net asset value<sup>(b)</sup> | 40.69% | 6.00% | 14.30% | (26.47)% | (8.72)% |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of year (000's omitted) | $2959765 | $2374315 | $2233351 | $1949586 | $2654520 |
| Ratio of net expenses to average net assets | 0.77% | 0.79% | 0.81% | 0.83% | 0.78% |
| Ratio of net investment income to average <br>net assets | 1.64% | 2.59% | 2.45% | 3.94% | 1.58% |
| Portfolio turnover rate<sup>(c)</sup> | 28% | 21% | 23% | 15% | 19% |

---

<sup>(a)</sup> Calculated based upon average shares outstanding during the period.

<sup>(b)</sup> 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.

<sup>(c)</sup> Portfolio turnover rate calculated at Fund level.

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

------

**Financial Highlights**

Annual Financial Statements and Other Information December 31, 2025

Baillie Gifford Emerging Markets Equities Fund

Selected data for an Institutional Class share outstanding throughout each year:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | For the<br>Year Ended<br>December 31,<br>2025 | For the<br>Year Ended<br>December 31,<br>2024 | For the<br>Year Ended<br>December 31,<br>2023 | For the<br>Year Ended<br>December 31,<br>2022 | For the<br>Year Ended<br>December 31,<br>2021 |
| Net asset value, beginning of year | $19.16 | $18.72 | $17.04 | $24.43 | $27.55 |
| **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** |
| Net investment income<sup>(a)</sup> | 0.36 | 0.49 | 0.44 | 0.74 | 0.41 |
| Net realized and unrealized gain (loss) on <br>investments and foreign currency | 7.42 | 0.61 | 1.98 | (7.22) | (2.85) |
| Net increase (decrease) in net asset value from <br>investment operations | 7.78 | 1.10 | 2.42 | (6.48) | (2.44) |
| **Dividends and Distributions to Shareholders** |  |  |  |  |  |
| From net investment income | (0.43) | (0.66) | (0.74) | (0.91) | (0.32) |
| From net realized gain on investments |  |  |  |  | (0.36) |
| Total dividends and distributions | (0.43) | (0.66) | (0.74) | (0.91) | (0.68) |
| Net asset value, end of year | $26.51 | $19.16 | $18.72 | $17.04 | $24.43 |
| **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** |
| Total return based on net asset value<sup>(b)</sup> | 40.60% | 5.89% | 14.21% | (26.52)% | (8.82)% |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of year (000's omitted) | $2076527 | $1188974 | $932066 | $838274 | $1203032 |
| Ratio of net expenses to average net assets | 0.86% | 0.87% | 0.89% | 0.91% | 0.87% |
| Ratio of net investment income to average <br>net assets | 1.60% | 2.44% | 2.40% | 3.81% | 1.46% |
| Portfolio turnover rate<sup>(c)</sup> | 28% | 21% | 23% | 15% | 19% |

---

<sup>(a)</sup> Calculated based upon average shares outstanding during the period.

<sup>(b)</sup> 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.

<sup>(c)</sup> Portfolio turnover rate calculated at Fund level.

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

------

**Industry Diversification Table**

Annual Financial Statements and Other Information December 31, 2025

December 31, 2025

Baillie Gifford Emerging Markets ex China Fund

---

| | | |
|:---|:---|:---|
| | Value | % of Total<br>Net Assets |
| Airlines | $23863 | 1.7% |
| Auto Manufacturers | 24962 | 1.8 |
| Auto Parts & Equipment | 11805 | 0.8 |
| Banks | 162650 | 11.5 |
| Beverages | 15868 | 1.1 |
| Building Materials | 11416 | 0.8 |
| Chemicals | 19814 | 1.4 |
| Commercial Services | 6094 | 0.4 |
| Computers | 23774 | 1.7 |
| Cosmetics/Personal Care | 3797 | 0.3 |
| Diversified Financial Services | 45549 | 3.2 |
| Electric | 27800 | 2.0 |
| Electronics | 6283 | 0.4 |
| Gas | 1433 | 0.1 |
| Insurance | 17795 | 1.3 |
| Internet | 167100 | 11.8 |
| Investment Companies | 6869 | 0.5 |
| Leisure Time | 7815 | 0.6 |
| Machinery — Diversified | 6184 | 0.4 |
| Mining | 92101 | 6.5 |
| Miscellaneous Manufacturing | 24677 | 1.7 |
| Oil & Gas | 73024 | 5.2 |
| Real Estate | 20232 | 1.4 |
| Retail | 37962 | 2.7 |
| Semiconductors | 484828 | 34.3 |
| Software | 7078 | 0.5 |
| Telecommunications | 37737 | 2.7 |
| Transportation | 21879 | 1.6 |
| **Total Value of Investments** | 1390389 | 98.4 |
| Other assets less liabilities | 23190 | 1.6 |
| **Net Assets** | $1413579 | 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

------

**Portfolio of Investments**

Annual Financial Statements and Other Information December 31, 2025

December 31, 2025

Baillie Gifford Emerging Markets ex China Fund

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| **COMMON STOCKS — 95.1%** | **COMMON STOCKS — 95.1%** | **COMMON STOCKS — 95.1%** |
| BRAZIL — 10.6% | BRAZIL — 10.6% | BRAZIL — 10.6% |
| Axia Energia | 2400 | $22145 |
| B3 SA — Brasil Bolsa Balcao | 8800 | 22404 |
| Banco Bradesco SA ADR | 3857 | 12844 |
| Lojas Renner SA | 2500 | 6123 |
| MercadoLibre, Inc. \* | 22 | 44313 |
| Natura Cosmeticos SA \* | 2800 | 3797 |
| NU Holdings Ltd., Class A \* | 1027 | 17192 |
| Petroleo Brasileiro SA — Petrobras ADR | 1035 | 12265 |
| Raia Drogasil SA | 816 | 3480 |
| WEG SA | 700 | 6184 |
|  |  | 150747 |
| CHILE — 2.5% | CHILE — 2.5% | CHILE — 2.5% |
| Lundin Mining Corp. | 715 | 15367 |
| Sociedad Quimica y Minera de Chile SA ADR \* | 288 | 19815 |
|  |  | 35182 |
| CONGO (DEMOCRATIC REPUBLIC) — 0.7% | CONGO (DEMOCRATIC REPUBLIC) — 0.7% | CONGO (DEMOCRATIC REPUBLIC) — 0.7% |
| Ivanhoe Mines Ltd., Class A \* | 928 | 10554 |
| INDIA — 15.2% | INDIA — 15.2% | INDIA — 15.2% |
| Axis Bank Ltd. | 1975 | 27927 |
| Cholamandalam Investment and Finance Co., Ltd. | 392 | 7435 |
| Delhivery Ltd. \* | 2269 | 10206 |
| Eicher Motors Ltd. | 96 | 7815 |
| Escorts Kubota Ltd. | 178 | 7376 |
| HDFC Life Insurance Co., Ltd. | 2130 | 17795 |
| Hyundai Motor India Ltd. | 104 | 2659 |
| ICICI Bank Ltd. | 963 | 14413 |
| InterGlobe Aviation Ltd. | 252 | 14214 |
| Kotak Mahindra Bank Ltd. | 598 | 14669 |
| PB Fintech Ltd. \* | 348 | 7078 |
| Reliance Industries Ltd. | 2522 | 44132 |
| Samvardhana Motherson International Ltd. | 8837 | 11805 |
| Tata Consultancy Services Ltd. | 423 | 15113 |
| UltraTech Cement Ltd. | 87 | 11416 |
|  |  | 214053 |

---

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

------

**Portfolio of Investments**

Annual Financial Statements and Other Information December 31, 2025

December 31, 2025

Baillie Gifford Emerging Markets ex China Fund

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| INDONESIA — 1.2% | INDONESIA — 1.2% | INDONESIA — 1.2% |
| Bank Mandiri Persero Tbk PT | 17800 | $5428 |
| Bank Rakyat Indonesia Persero Tbk PT | 52500 | 11498 |
|  |  | 16926 |
| KAZAKHSTAN — 0.4% | KAZAKHSTAN — 0.4% | KAZAKHSTAN — 0.4% |
| Kaspi.KZ JSC ADR \* | 78 | 6094 |
| MEXICO — 3.7% | MEXICO — 3.7% | MEXICO — 3.7% |
| BBB Foods, Inc., Class A \* | 315 | 10518 |
| Fomento Economico Mexicano SAB de CV ADR | 157 | 15868 |
| Grupo Financiero Banorte SAB de CV, Class O | 1744 | 16158 |
| Wal-Mart de Mexico SAB de CV | 3147 | 9789 |
|  |  | 52333 |
| PANAMA — 0.7% | PANAMA — 0.7% | PANAMA — 0.7% |
| Copa Holdings SA, Class A | 80 | 9649 |
| PERU — 1.3% | PERU — 1.3% | PERU — 1.3% |
| Credicorp Ltd. | 64 | 18368 |
| POLAND — 0.8% | POLAND — 0.8% | POLAND — 0.8% |
| Allegro.eu SA \* | 1260 | 10812 |
| RUSSIA — 0.0% <sup>(a)</sup> | RUSSIA — 0.0% <sup>(a)</sup> | RUSSIA — 0.0% <sup>(a)</sup> |
| GMK Norilskiy Nickel PAO \*<sup>(b)</sup> | 9400 | 0 |
| GMK Norilskiy Nickel PAO ADR \*<sup>(b)</sup> | 6 | 0 |
| Moscow Exchange MICEX-RTS PJSC \*<sup>(b)</sup> | 2760 | 0 |
| Sberbank of Russia PJSC \*<sup>(b)</sup> | 5512 | 0 |
|  |  | 0 |
| SAUDI ARABIA — 0.3% | SAUDI ARABIA — 0.3% | SAUDI ARABIA — 0.3% |
| Saudi Tadawul Group Holding Co. | 118 | 4414 |
| SINGAPORE — 2.9% | SINGAPORE — 2.9% | SINGAPORE — 2.9% |
| Grab Holdings Ltd., Class A \* | 2480 | 12375 |
| Sea Ltd. ADR \* | 221 | 28193 |
|  |  | 40568 |

---

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

------

**Portfolio of Investments**

Annual Financial Statements and Other Information December 31, 2025

December 31, 2025

Baillie Gifford Emerging Markets ex China Fund

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| SOUTH AFRICA — 7.4% | SOUTH AFRICA — 7.4% | SOUTH AFRICA — 7.4% |
| Capitec Bank Holdings Ltd. | 45 | $11296 |
| FirstRand Ltd. | 1342 | 7354 |
| Impala Platinum Holdings Ltd. | 1751 | 27517 |
| Naspers Ltd., N Shares | 769 | 51286 |
| Remgro Ltd. | 626 | 6869 |
|  |  | 104322 |
| SOUTH KOREA — 15.2% | SOUTH KOREA — 15.2% | SOUTH KOREA — 15.2% |
| Coupang, Inc. \* | 568 | 13399 |
| Hyundai Glovis Co., Ltd. | 93 | 11673 |
| Hyundai Motor Co. | 108 | 22303 |
| NCSoft Corp. | 48 | 6721 |
| Samsung Electronics Co., Ltd. | 1093 | 91610 |
| SK Hynix, Inc. | 151 | 68385 |
|  |  | 214091 |
| TAIWAN — 23.7% | TAIWAN — 23.7% | TAIWAN — 23.7% |
| Accton Technology Corp. | 1000 | 37737 |
| E Ink Holdings, Inc. | 1000 | 6283 |
| MediaTek, Inc. | 1000 | 45405 |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 5000 | 245787 |
|  |  | 335212 |
| THAILAND — 2.7% | THAILAND — 2.7% | THAILAND — 2.7% |
| Fabrinet \* | 38 | 17301 |
| SCB X PCL | 2200 | 9696 |
| Valeura Energy, Inc. \* | 1750 | 10429 |
|  |  | 37426 |
| UNITED ARAB EMIRATES — 1.4% | UNITED ARAB EMIRATES — 1.4% | UNITED ARAB EMIRATES — 1.4% |
| Emaar Properties PJSC | 5301 | 20231 |
| UNITED STATES — 0.2% | UNITED STATES — 0.2% | UNITED STATES — 0.2% |
| Globant SA \* | 49 | 3203 |

---

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

------

**Portfolio of Investments**

Annual Financial Statements and Other Information December 31, 2025

December 31, 2025

Baillie Gifford Emerging Markets ex China Fund

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| VIETNAM — 1.5% | VIETNAM — 1.5% | VIETNAM — 1.5% |
| FPT Corp. | 1500 | $5458 |
| Military Commercial Joint Stock Bank | 7400 | 7102 |
| Mobile World Investment Corp. | 2400 | 8053 |
|  |  | 20613 |
| ZAMBIA — 2.7% | ZAMBIA — 2.7% | ZAMBIA — 2.7% |
| First Quantum Minerals Ltd. \* | 1442 | 38662 |
| **Total Common Stocks** | **Total Common Stocks** | **Total Common Stocks** |
| (cost $1,004,225) |  | 1343460 |
| **PREFERRED STOCKS — 3.3%** | **PREFERRED STOCKS — 3.3%** | **PREFERRED STOCKS — 3.3%** |
| BRAZIL — 0.9% | BRAZIL — 0.9% | BRAZIL — 0.9% |
| Axia Energia 0.00% \* | 631 | 5655 |
| Petroleo Brasileiro SA — Petrobras ADR 9.23% | 550 | 6198 |
| Raizen SA 0.98% \* | 9700 | 1434 |
|  |  | 13287 |
| SOUTH KOREA — 2.4% | SOUTH KOREA — 2.4% | SOUTH KOREA — 2.4% |
| Samsung Electronics Co., Ltd. 2.20% | 542 | 33642 |
| **Total Preferred Stocks** | **Total Preferred Stocks** | **Total Preferred Stocks** |
| (cost $46,796) |  | 46929 |
| **TOTAL INVESTMENTS — 98.4%** | **TOTAL INVESTMENTS — 98.4%** | **TOTAL INVESTMENTS — 98.4%** |
| (cost $1,051,021) |  | $1390389 |
| Other assets less liabilities — 1.6% |  | 23190 |
| **NET ASSETS — 100.0%** |  | $1413579 |

---

<sup>(a)</sup> Amount rounds to less than 0.1%.

<sup>(b)</sup> Investment was valued using significant unobservable inputs.

\* Non-income producing security.

ADR — American Depositary Receipt

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

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

------

**Portfolio of Investments**

Annual Financial Statements and Other Information December 31, 2025

December 31, 2025

Baillie Gifford Emerging Markets ex China Fund

**Fair Value Measurement**

The following is a summary of the inputs used as of December 31, 2025 in valuing the Fund's investments carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Investments in Securities | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks \*\* | $349429 | $994031 | $0 | $1343460 |
| Preferred Stocks \*\* | 11853 | 35076 |  | 46929 |
| **Total** | $361282 | $1029107 | $0 | $1390389 |

---

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

There were no transfers into or out of Level 3 during the year ended December 31, 2025.

**Summary of Unobservable Inputs for Level 3 Investments**

The ongoing conflict in Russia and Ukraine has led to significant disruption and volatility in the global stock market. This impacted the Fund in 2022 in terms of suspensions of trading activities on the Russian Stock Exchange as well as suspensions of depositary receipts traded on exchanges outside of Russia. These market conditions have not changed during the year ended December 31, 2025 and as a result, management continue to value all the Russian securities listed in the Portfolio of Investments at $0 and include them within Level 3.

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

------

**Statement of Assets and Liabilities**

Annual Financial Statements and Other Information December 31, 2025

December 31, 2025

Baillie Gifford Emerging Markets ex China Fund

---

| | |
|:---|:---|
| **ASSETS** | **ASSETS** |
| Investments, at value (cost $1,051,021) | $1390389 |
| Cash | 6222 |
| Foreign cash, at value (cost $2,309) | 2312 |
| Due from Manager | 96669 |
| Dividends receivable | 2534 |
| Prepaid assets | 22733 |
| Total Assets | 1520859 |
| **LIABILITIES** | **LIABILITIES** |
| Advisory fee payable | 1852 |
| Deferred India capital gains tax liability (Note A) | 5749 |
| Administration & Supervisory fee payable | 573 |
| Trustee fee payable | 19 |
| Commitment fee payable | 4 |
| Accrued expenses | 99083 |
| Total Liabilities | 107280 |
| **NET ASSETS** | $1413579 |
| **COMPOSITION OF NET ASSETS** | **COMPOSITION OF NET ASSETS** |
| Paid-in capital | $1112879 |
| Total distributable earnings | 300700 |
|  | $1413579 |
| **NET ASSET VALUE, PER SHARE** | **NET ASSET VALUE, PER SHARE** |
| **Class K** ($706,789 / 56,483 shares outstanding), unlimited authorized, no par value | $12.51 |
| **Institutional Class** ($706,790 / 56,483 shares outstanding), unlimited authorized, no par value | $12.51 |

---

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

------

**Statement of Operations**

Annual Financial Statements and Other Information December 31, 2025

For the Year Ended December 31, 2025

Baillie Gifford Emerging Markets ex China Fund

---

| | |
|:---|:---|
| **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| Dividends (net of foreign withholding taxes of $3,281) | $19865 |
| Non-cash income | 5555 |
| Interest | 100 |
| Total Investment Income | 25520 |
| **EXPENSES** | **EXPENSES** |
| Advisory fee (Note B) | 6318 |
| Administration & Supervisory fee — Class K shares (Note B) | 976 |
| Administration & Supervisory fee — Institutional Class shares (Note B) | 976 |
| Transfer agency | 26813 |
| Fund accounting | 105300 |
| Professional fees | 40271 |
| Registration fees | 35474 |
| Custody | 10198 |
| Legal | 210 |
| Trustees' fees | 61 |
| Commitment fees | 16 |
| Miscellaneous | 4856 |
| Total Expenses | 231469 |
| Fees waived/expenses reimbursed | (221475) |
| Total Expenses after Waiver | 9994 |
| Net Investment Income | 15526 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS <br>AND FOREIGN CURRENCY TRANSACTIONS** | **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS <br>AND FOREIGN CURRENCY TRANSACTIONS** |
| Net realized gain (loss) from: | Net realized gain (loss) from: |
| Investments (net of India capital gains tax expense of $350) | 42177 |
| Foreign currency transactions | (49) |
|  | 42128 |
| Net change in unrealized appreciation on: | Net change in unrealized appreciation on: |
| Investments (net of change in deferred India capital gains tax liability of $421) (Note A) | 369134 |
| Translation of net assets and liabilities denominated in foreign currencies | 10 |
|  | 369144 |
| Net realized and unrealized gain | 411272 |
| **NET INCREASE IN NET ASSETS FROM OPERATIONS** | $426798 |

---

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

------

**Statements of Changes in Net Assets**

Annual Financial Statements and Other Information December 31, 2025

Baillie Gifford Emerging Markets ex China Fund

---

| | | |
|:---|:---|:---|
| | For the<br>Year Ended<br>December 31, <br>2025 | For the<br>Year Ended<br>December 31, <br>2024 |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** |
| Net investment income | $15526 | $14403 |
| Net realized gain (loss) | 42128 | (3916) |
| Net change in unrealized appreciation | 369144 | 46555 |
| Net Increase in Net Assets from Operations | 426798 | 57042 |
| **DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:** | **DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:** | **DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:** |
| Distributable earnings | Distributable earnings | Distributable earnings |
| Class K | (13256) | (13180) |
| Institutional Class | (13256) | (13180) |
| Total Distributions to Shareholders | (26512) | (26360) |
| **TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST** | **TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST** | **TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST** |
| Dividends reinvested: | Dividends reinvested: | Dividends reinvested: |
| Class K | 13256 | 13180 |
| Institutional Class | 13256 | 13180 |
| Increase in Net Assets from Transactions in Shares of Beneficial Interest | 26512 | 26360 |
| Total Increase in Net Assets | 426798 | 57042 |
| **NET ASSETS** | **NET ASSETS** | **NET ASSETS** |
| Beginning of Year | 986781 | 929739 |
| End of Year | $1413579 | $986781 |

---

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

------

**Financial Highlights**

Annual Financial Statements and Other Information December 31, 2025

Baillie Gifford Emerging Markets ex China Fund

Selected data for a Class K share outstanding throughout each period:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | For the<br>Year Ended<br>December 31,<br>2025 | For the<br>Year Ended<br>December 31,<br>2024 | For the<br>Year Ended<br>December 31,<br>2023 | For the<br>Year Ended<br>December 31,<br>2022 | For the Period<br>December 28,<br>2021<sup>(a)</sup>through<br>December 31,<br>2021 | For the Period<br>December 28,<br>2021<sup>(a)</sup>through<br>December 31,<br>2021 |
| Net asset value, beginning of period | $8.90 | $8.62 | $7.15 | $10.02 | $10.00 |  |
| **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** |
| Net investment income<sup>(b)</sup> | 0.14 | 0.13 | 0.21 | 0.34 | 0.01 |  |
| Net realized and unrealized gain (loss) on <br>investments and foreign currency | 3.71 | 0.39 | 1.50 | (2.85) | 0.01 |  |
| Net increase (decrease) in net asset value from <br>investment operations | 3.85 | 0.52 | 1.71 | (2.51) | 0.02 |  |
| **Dividends and Distributions to Shareholders** |  |  |  |  |  |  |
| From net investment income | (0.24) | (0.24) | (0.24) | (0.36) |  |  |
| Total dividends and distributions | (0.24) | (0.24) | (0.24) | (0.36) |  |  |
| Net asset value, end of period | $12.51 | $8.90 | $8.62 | $7.15 | $10.02 |  |
| **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** |
| Total return based on net asset value<sup>(c)</sup> | 43.26% | 6.07% | 23.87% | (25.07)% | 0.20 | % |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (000's omitted) | $707 | $493 | $465 | $375 | $501 |  |
| Ratio of net expenses to average net assets, <br>before waiver | 20.15% | 24.18% | 27.12% | 19.57% | 328.89 | %\* |
| Ratio of net expenses to average net assets, <br>after waiver | 0.87% | 0.87% | 0.87% | 0.87% | 0.87 | %\* |
| Ratio of net investment income to average net assets | 1.35% | 1.42% | 2.66% | 4.24% | 17.62 | %\* |
| Portfolio turnover rate<sup>(d)</sup> | 20% | 15% | 36% | 13% |  | % |

---

\* Annualized.

<sup>(a)</sup> Commencement of investment operations.

<sup>(b)</sup> Calculated based upon average shares outstanding during the period.

<sup>(c)</sup> 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.

<sup>(d)</sup> Portfolio turnover rate calculated at Fund level. Portfolio turnover is not annualized for periods less than one year.

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

------

**Financial Highlights**

Annual Financial Statements and Other Information December 31, 2025

Baillie Gifford Emerging Markets ex China Fund

Selected data for an Institutional Class share outstanding throughout each period:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | For the<br>Year Ended<br>December 31,<br>2025 | For the<br>Year Ended<br>December 31,<br>2024 | For the<br>Year Ended<br>December 31,<br>2023 | For the<br>Year Ended<br>December 31,<br>2022 | For the Period<br>December 28,<br>2021<sup>(a)</sup>through<br>December 31,<br>2021 | For the Period<br>December 28,<br>2021<sup>(a)</sup>through<br>December 31,<br>2021 |
| Net asset value, beginning of period | $8.90 | $8.62 | $7.15 | $10.02 | $10.00 |  |
| **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** |
| Net investment income<sup>(b)</sup> | 0.14 | 0.13 | 0.21 | 0.34 | 0.01 |  |
| Net realized and unrealized gain (loss) <br>on investments and foreign currency | 3.71 | 0.39 | 1.50 | (2.85) | 0.01 |  |
| Net increase (decrease) in net asset value from <br>investment operations | 3.85 | 0.52 | 1.71 | (2.51) | 0.02 |  |
| **Dividends and Distributions to Shareholders** |  |  |  |  |  |  |
| From net investment income | (0.24) | (0.24) | (0.24) | (0.36) |  |  |
| Total dividends and distributions | (0.24) | (0.24) | (0.24) | (0.36) |  |  |
| Net asset value, end of period | $12.51 | $8.90 | $8.62 | $7.15 | $10.02 |  |
| **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** |
| Total return based on net asset value<sup>(c)</sup> | 43.26% | 6.07% | 23.87% | (25.07)% | 0.20 | % |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (000's omitted) | $707 | $493 | $465 | $375 | $501 |  |
| Ratio of net expenses to average net assets, <br>before waiver | 20.15% | 24.18% | 27.12% | 19.57% | 328.89 | %\* |
| Ratio of net expenses to average net assets, <br>after waiver | 0.87% | 0.87% | 0.87% | 0.87% | 0.87 | %\* |
| Ratio of net investment income to average <br>net assets | 1.35% | 1.42% | 2.66% | 4.24% | 17.62 | %\* |
| Portfolio turnover rate<sup>(d)</sup> | 20% | 15% | 36% | 13% |  | % |

---

\* Annualized.

<sup>(a)</sup> Commencement of investment operations.

<sup>(b)</sup> Calculated based upon average shares outstanding during the period.

<sup>(c)</sup> 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.

<sup>(d)</sup> Portfolio turnover rate calculated at Fund level. Portfolio turnover is not annualized for periods less than one year.

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

------

**Industry Diversification Table**

Annual Financial Statements and Other Information December 31, 2025

December 31, 2025

Baillie Gifford Global Alpha Equities Fund

---

| | | |
|:---|:---|:---|
| | Value | % of Total<br>Net Assets |
| Advertising | $2028089 | 0.4% |
| Aerospace/Defense | 9383865 | 2.0 |
| Airlines | 8984262 | 1.9 |
| Auto Manufacturers | 93990 | 0.0 |
| Auto Parts & Equipment | 6621327 | 1.4 |
| Banks | 4164075 | 0.9 |
| Beverages | 2409904 | 0.5 |
| Biotechnology | 11210329 | 2.4 |
| Building Materials | 21203152 | 4.6 |
| Chemicals | 2178792 | 0.5 |
| Commercial Services | 31772156 | 6.9 |
| Computers | 3381339 | 0.7 |
| Distribution/Wholesale | 2232253 | 0.5 |
| Diversified Financial Services | 15389485 | 3.3 |
| Electrical Components & Equipment | 4916891 | 1.1 |
| Energy — Alternate Sources | 1016049 | 0.2 |
| Engineering & Construction | 3256249 | 0.7 |
| Healthcare — Products | 8471122 | 1.8 |
| Healthcare — Services | 18531122 | 4.0 |
| Insurance | 7121974 | 1.5 |
| Internet | 119245956 | 25.7 |
| Leisure Time | 1630904 | 0.4 |
| Machinery — Construction & Mining | 2682733 | 0.6 |
| Machinery — Diversified | 4955632 | 1.1 |
| Media | 2863250 | 0.6 |
| Metal Fabricate/Hardware | 3753414 | 0.8 |
| Oil & Gas | 6972860 | 1.5 |
| Pharmaceuticals | 3386270 | 0.7 |
| Private Equity | 3732555 | 0.8 |
| Real Estate | 10087582 | 2.2 |
| Retail | 23333223 | 5.0 |
| Semiconductors | 66628631 | 14.4 |
| Software | 38728487 | 8.3 |
| Toys/Games/Hobbies | 4349052 | 0.9 |
| Transportation | 721913 | 0.2 |
| **Total Value of Investments** | 457438887 | 98.5 |
| Other assets less liabilities | 7026257 | 1.5 |
| **Net Assets** | $464465144 | 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

------

**Portfolio of Investments**

Annual Financial Statements and Other Information December 31, 2025

December 31, 2025

Baillie Gifford Global Alpha Equities Fund

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| **COMMON STOCKS — 98.5%** | **COMMON STOCKS — 98.5%** | **COMMON STOCKS — 98.5%** |
| BRAZIL — 3.2% | BRAZIL — 3.2% | BRAZIL — 3.2% |
| B3 SA — Brasil Bolsa Balcao | 1454600 | $3703277 |
| MercadoLibre, Inc. \* | 2174 | 4379001 |
| NU Holdings Ltd., Class A \* | 248750 | 4164075 |
| Petroleo Brasileiro SA — Petrobras ADR | 196875 | 2332969 |
|  |  | 14579322 |
| CANADA — 2.6% | CANADA — 2.6% | CANADA — 2.6% |
| Brookfield Corp. | 81337 | 3732555 |
| Shopify, Inc., Class A \* | 33335 | 5365935 |
| Stella-Jones, Inc. | 49881 | 3093781 |
|  |  | 12192271 |
| CHINA — 6.2% | CHINA — 6.2% | CHINA — 6.2% |
| Contemporary Amperex Technology Co., Ltd., Class A | 125700 | 6621327 |
| Kweichow Moutai Co., Ltd., Class A | 12200 | 2409904 |
| Li Auto, Inc., Class A \* | 11136 | 93990 |
| PDD Holdings, Inc. ADR \* | 30082 | 3410998 |
| Prosus NV \* | 261278 | 16178067 |
|  |  | 28714286 |
| DENMARK — 0.7% | DENMARK — 0.7% | DENMARK — 0.7% |
| Novo Nordisk A/S, B Shares | 66766 | 3386270 |
| FRANCE — 1.0% | FRANCE — 1.0% | FRANCE — 1.0% |
| Edenred | 116067 | 2565773 |
| Nexans SA | 15460 | 2272621 |
|  |  | 4838394 |
| GERMANY — 0.5% | GERMANY — 0.5% | GERMANY — 0.5% |
| Auto1 Group SE \* | 70402 | 2232253 |
| INDIA — 1.0% | INDIA — 1.0% | INDIA — 1.0% |
| Reliance Industries Ltd. GDR | 66267 | 4639892 |
| ITALY — 2.1% | ITALY — 2.1% | ITALY — 2.1% |
| Poste Italiane SpA | 28757 | 721913 |

---

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

------

**Portfolio of Investments**

Annual Financial Statements and Other Information December 31, 2025

December 31, 2025

Baillie Gifford Global Alpha Equities Fund

---

| | | | |
|:---|:---|:---|:---|
| | Shares | Value | Value |
| Ryanair Holdings PLC ADR | 124453 | $ | 8984262 |
|  |  |  | 9706175 |
| JAPAN — 3.7% | JAPAN — 3.7% | JAPAN — 3.7% | JAPAN — 3.7% |
| Cosmos Pharmaceutical Corp. | 44700 |  | 2263469 |
| Disco Corp. | 10300 |  | 3138021 |
| Keyence Corp. | 13700 |  | 4955633 |
| Kokusai Electric Corp. | 75400 |  | 2636900 |
| Nippon Paint Holdings Co., Ltd. | 325400 |  | 2178792 |
| Rakuten Group, Inc. \* | 333100 |  | 2134495 |
|  |  |  | 17307310 |
| NETHERLANDS — 1.8% | NETHERLANDS — 1.8% | NETHERLANDS — 1.8% | NETHERLANDS — 1.8% |
| Adyen NV \* | 3788 |  | 6108433 |
| ASM International NV | 3678 |  | 2226644 |
|  |  |  | 8335077 |
| RUSSIA — 0.0% <sup>(a)</sup> | RUSSIA — 0.0% <sup>(a)</sup> | RUSSIA — 0.0% <sup>(a)</sup> | RUSSIA — 0.0% <sup>(a)</sup> |
| Sberbank of Russia PJSC \*<sup>(b)</sup> | 1284860 |  | 0 |
| SINGAPORE — 0.8% | SINGAPORE — 0.8% | SINGAPORE — 0.8% | SINGAPORE — 0.8% |
| Sea Ltd. ADR \* | 28070 |  | 3580890 |
| SOUTH KOREA — 1.9% | SOUTH KOREA — 1.9% | SOUTH KOREA — 1.9% | SOUTH KOREA — 1.9% |
| Coupang, Inc. \* | 156768 |  | 3698157 |
| Samsung Electronics Co., Ltd. | 62415 |  | 5231307 |
|  |  |  | 8929464 |
| SWEDEN — 0.6% | SWEDEN — 0.6% | SWEDEN — 0.6% | SWEDEN — 0.6% |
| Epiroc AB, B Shares | 133346 |  | 2682733 |
| SWITZERLAND — 1.1% | SWITZERLAND — 1.1% | SWITZERLAND — 1.1% | SWITZERLAND — 1.1% |
| Cie Financiere Richemont SA | 22974 |  | 4954367 |
| TAIWAN — 4.3% | TAIWAN — 4.3% | TAIWAN — 4.3% | TAIWAN — 4.3% |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 410000 |  | 20154487 |
| UNITED KINGDOM — 1.7% | UNITED KINGDOM — 1.7% | UNITED KINGDOM — 1.7% | UNITED KINGDOM — 1.7% |
| Auto Trader Group PLC | 461313 |  | 3639465 |

---

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

------

**Portfolio of Investments**

Annual Financial Statements and Other Information

December 31, 2025

December 31, 2025

Baillie Gifford Global Alpha Equities Fund

---

| | | | |
|:---|:---|:---|:---|
| | Shares | Value | Value |
| Games Workshop Group PLC | 17095 | $ | 4349052 |
|  |  |  | 7988517 |
| UNITED STATES — 65.3% | UNITED STATES — 65.3% | UNITED STATES — 65.3% | UNITED STATES — 65.3% |
| Advanced Drainage Systems, Inc. | 25916 |  | 3753414 |
| AeroVironment, Inc. \* | 14961 |  | 3618916 |
| Alnylam Pharmaceuticals, Inc. \* | 8928 |  | 3550219 |
| Alphabet, Inc., Class C | 50553 |  | 15863531 |
| Amazon.com, Inc. \* | 71280 |  | 16452850 |
| AppLovin Corp., Class A \* | 13678 |  | 9216510 |
| Arthur J Gallagher & Co. | 9005 |  | 2330404 |
| AutoZone, Inc. \* | 1100 |  | 3730650 |
| Block, Inc. \* | 65409 |  | 4257472 |
| Brunswick Corp. | 21968 |  | 1630904 |
| CBRE Group, Inc., Class A \* | 33169 |  | 5333243 |
| Cloudflare, Inc., Class A \* | 11540 |  | 2275111 |
| Coinbase Global, Inc., Class A \* | 7971 |  | 1802562 |
| Comfort Systems USA, Inc. | 3489 |  | 3256249 |
| CoStar Group, Inc. \* | 70707 |  | 4754339 |
| CRH PLC | 66564 |  | 8271342 |
| Datadog, Inc., Class A \* | 19797 |  | 2692194 |
| Dollar General Corp. | 39724 |  | 5274155 |
| DoorDash, Inc., Class A \* | 39671 |  | 8984688 |
| Dutch Bros, Inc., Class A \* | 39626 |  | 2425904 |
| Eaton Corp. PLC | 8302 |  | 2644270 |
| Elevance Health, Inc. | 24848 |  | 8710466 |
| Enphase Energy, Inc. \* | 31702 |  | 1016049 |
| Ensign Group, Inc. (The) | 34690 |  | 6042998 |
| EPAM Systems, Inc. \* | 16504 |  | 3381340 |
| Floor & Decor Holdings, Inc., Class A \* | 20882 |  | 1271505 |
| FTAI Aviation Ltd. | 29286 |  | 5764949 |
| Markel Group, Inc. \* | 2229 |  | 4791570 |
| Martin Marietta Materials, Inc. | 15800 |  | 9838028 |
| Mastercard, Inc., Class A | 17313 |  | 9883645 |
| Medline, Inc., Class A \* | 77222 |  | 3243324 |
| Medpace Holdings, Inc. \* | 6726 |  | 3777658 |
| Meta Platforms, Inc., Class A | 21177 |  | 13978726 |
| Microsoft Corp. | 39594 |  | 19148450 |
| Moody's Corp. | 8817 |  | 4504164 |
| MSCI, Inc. | 9882 |  | 5669600 |

---

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

------

**Portfolio of Investments**

Annual Financial Statements and Other Information

December 31, 2025

December 31, 2025

Baillie Gifford Global Alpha Equities Fund

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Netflix, Inc. \* | 58205 | $5457301 |
| NVIDIA Corp. | 140995 | 26295567 |
| ON Semiconductor Corp. \* | 59660 | 3230589 |
| Paycom Software, Inc. | 20252 | 3227359 |
| QXO, Inc. \* | 176940 | 3413173 |
| Royalty Pharma PLC, Class A | 198243 | 7660110 |
| S&P Global, Inc. | 8377 | 4377736 |
| Salesforce, Inc. | 13325 | 3529926 |
| Samsara, Inc., Class A \* | 61660 | 2185847 |
| Service Corp. International | 112345 | 8759540 |
| Spotify Technology SA \* | 4734 | 2749081 |
| Texas Instruments, Inc. | 21414 | 3715115 |
| Thermo Fisher Scientific, Inc. | 9022 | 5227798 |
| Trade Desk, Inc. (The), Class A \* | 53427 | 2028089 |
| Uber Technologies, Inc. \* | 50866 | 4156261 |
| Walt Disney Co. (The) | 25167 | 2863250 |
| WillScot Holdings Corp. | 63677 | 1199038 |
|  |  | 303217179 |
| **TOTAL INVESTMENTS — 98.5%** | **TOTAL INVESTMENTS — 98.5%** | **TOTAL INVESTMENTS — 98.5%** |
| (cost $253,366,250) |  | $457438887 |
| Other assets less liabilities — 1.5% |  | 7026257 |
| **NET ASSETS — 100.0%** |  | $464465144 |

---

<sup>(a)</sup> Amount rounds to less than 0.1%.

<sup>(b)</sup> Investment was valued using significant unobservable inputs.

\* Non-income producing security.

ADR — American Depositary Receipt

GDR — Global Depositary Receipt

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

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

------

**Portfolio of Investments**

Annual Financial Statements and Other Information

December 31, 2025

December 31, 2025

Baillie Gifford Global Alpha Equities Fund

**Fair Value Measurement**

The following is a summary of the inputs used as of December 31, 2025 in valuing the Fund's investments carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Investments in Securities | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks \*\* | $337688460 | $119750427 | $0 | $457438887 |
| **Total** | $337688460 | $119750427 | $0 | $457438887 |

---

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

There were no transfers into or out of Level 3 during the year ended December 31, 2025.

**Summary of Unobservable Inputs for Level 3 Investments**

The ongoing conflict in Russia and Ukraine has led to significant disruption and volatility in the global stock market. This impacted the Fund in 2022 in terms of suspensions of trading activities on the Russian Stock Exchange as well as suspensions of depositary receipts traded on exchanges outside of Russia. These market conditions have not changed during the year ended December 31, 2025 and as a result, management continue to value all the Russian securities listed in the Portfolio of Investments at $0 and include them within Level 3.

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

------

**Statement of Assets and Liabilities**

Annual Financial Statements and Other Information December 31, 2025

December 31, 2025

Baillie Gifford Global Alpha Equities Fund

---

| | |
|:---|:---|
| **ASSETS** | **ASSETS** |
| Investments, at value (cost $253,366,250) | $457438887 |
| Cash | 6889739 |
| Receivable for investments sold | 879356 |
| Tax reclaims receivable | 639925 |
| Dividends receivable | 273673 |
| Prepaid assets | 21237 |
| Total Assets | 466142817 |
| **LIABILITIES** | **LIABILITIES** |
| Advisory fee payable | 547703 |
| Payable for investment purchased | 759416 |
| Administration & Supervisory fee payable | 168195 |
| Shareholder Servicing fee payable | 57605 |
| Trustee fee payable | 7981 |
| Commitment fee payable | 1768 |
| Accrued expenses | 135005 |
| Total Liabilities | 1677673 |
| **NET ASSETS** | $464465144 |
| **COMPOSITION OF NET ASSETS** | **COMPOSITION OF NET ASSETS** |
| Paid-in capital | $225503407 |
| Total distributable earnings | 238961737 |
|  | $464465144 |
| **NET ASSET VALUE, PER SHARE** | **NET ASSET VALUE, PER SHARE** |
| **Class 2** ($80,807,266 / 6,042,247 shares outstanding), unlimited authorized, no par value | $13.37 |
| **Class 3** ($48,656,255 / 3,433,663 shares outstanding), unlimited authorized, no par value | $14.17 |
| **Class K** ($297,702,894 / 22,508,398 shares outstanding), unlimited authorized, no par value | $13.23 |
| **Institutional Class** ($37,298,729 / 2,812,250 shares outstanding), unlimited authorized, no par value | $13.26 |

---

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

------

**Statement of Operations**

Annual Financial Statements and Other Information December 31, 2025

For the Year Ended December 31, 2025

Baillie Gifford Global Alpha Equities Fund

---

| | |
|:---|:---|
| **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| Dividends (net of foreign withholding taxes of $354,894) | $4796141 |
| Withholding tax reclaims received | 192861 |
| Windfall tax recovery (Note A) | 143717 |
| Interest  | 147028 |
| Total Investment Income | 5279747 |
| **EXPENSES** | **EXPENSES** |
| Advisory fee (Note B) | 2460249 |
| Shareholder Servicing fees — Class 2 shares (Note B) | 241752 |
| Shareholder Servicing fees — Class 3 shares (Note B) | 9963 |
| Shareholder Servicing fees — Class 4 shares (Note B) | 49359 |
| Administration & Supervisory fee — Class K shares (Note B) | 590184 |
| Administration & Supervisory fee — Institutional Class shares (Note B) | 76863 |
| Transfer agency | 44213 |
| Sub-transfer agency — Institutional Class shares | 38300 |
| Fund accounting | 129529 |
| Legal | 125363 |
| Professional fees | 58359 |
| Custody | 50372 |
| Registration fees | 40588 |
| Trustees' fees  | 31671 |
| Commitment fees | 8304 |
| Line of Credit Interest | 280 |
| Miscellaneous | 27465 |
| Total Expenses | 3982814 |
| Net Investment Income | 1296933 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS <br>AND FOREIGN CURRENCY TRANSACTIONS** | **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS <br>AND FOREIGN CURRENCY TRANSACTIONS** |
| Net realized gain from: | Net realized gain from: |
| Investments  | 152028787 |
| Foreign currency transactions | 83430 |
|  | 152112217 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| Investments (net of change in deferred India capital gains tax benefit of $64,843) (Note A) | (78861443) |
| Translation of net assets and liabilities denominated in foreign currencies | 56264 |
|  | (78805179) |
| Net realized and unrealized gain | 73307038 |
| **NET INCREASE IN NET ASSETS FROM OPERATIONS** | $74603971 |

---

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

------

**Statements of Changes in Net Assets**

Annual Financial Statements and Other Information December 31, 2025

Baillie Gifford Global Alpha Equities Fund

---

| | | |
|:---|:---|:---|
| | For the<br>Year Ended<br>December 31,<br>2025 | For the<br>Year Ended<br>December 31,<br>2024 |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** |
| Net investment income | $1296933 | $4085123 |
| Net realized gain | 152112217 | 160339023 |
| Net change in unrealized (depreciation) | (78805179 | (63088745 |
| Net Increase in Net Assets from Operations | 74603971 | 101335401 |
| **DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:** | **DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:** | **DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:** |
| Distributable earnings | Distributable earnings | Distributable earnings |
| Class 2 | (24096227 | (14023740 |
| Class 3 | (14017546 |  |
| Class 4 |  | (19938354 |
| Class K | (89681764 | (30578776 |
| Institutional Class | (12356277 | (3365544 |
| Total Distributions to Shareholders | (140151814 | (67906414 |
| **TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST** | **TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST** | **TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST** |
| Net proceeds from shares subscribed: | Net proceeds from shares subscribed: | Net proceeds from shares subscribed: |
| Class 2 | 1500 | 87503121 |
| Class 3 | 49227613 |  |
| Class 4 |  | 197603009 |
| Class K | 15005259 | 48860829 |
| Institutional Class | 9600000 | 1572850 |
| Dividends reinvested: | Dividends reinvested: | Dividends reinvested: |
| Class 2 | 24096227 | 14023739 |
| Class 3 | 14017546 |  |
| Class 4 |  | 19938354 |
| Class K | 89681764 | 30578776 |
| Institutional Class | 9358079 | 3365544 |
| Cost of shares redeemed: | Cost of shares redeemed: | Cost of shares redeemed: |
| Class 2 | (96003360 | (97507998 |
| Class 3 |  | (305100130 |
| Class 4 | (215447102 | (114002041 |
| Class K | (97447679 | (127256803 |
| Institutional Class | (11315752 | (15385633 |
| (Decrease) in Net Assets from Transactions in Shares of Beneficial Interest | (209225905 | (255806383 |
| Total (Decrease) in Net Assets | (274773748 | (222377396 |
| **NET ASSETS** | **NET ASSETS** | **NET ASSETS** |
| Beginning of Year | 739238892 | 961616288 |
| End of Year | $464465144 | $739238892 |

---

\* See Note D for details of share class conversions.

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

------

**Financial Highlights**

Annual Financial Statements and Other Information December 31, 2025

Baillie Gifford Global Alpha Equities Fund

Selected data for a Class 2 share outstanding throughout each year:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | For the <br>Year Ended<br>December 31,<br>2025 | For the <br>Year Ended<br>December 31,<br>2024 | For the <br>Year Ended<br>December 31,<br>2023 | For the <br>Year Ended<br>December 31,<br>2022 | For the <br>Year Ended<br>December 31,<br>2021 |
| Net asset value, beginning of year | $16.17 | $16.05 | $13.57 | $19.72 | $21.18 |
| **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** |
| Net investment income<sup>(a)</sup> | 0.04 | 0.08 | 0.09 | 0.11 | 0.08 |
| Net realized and unrealized gain (loss) on <br>investments and foreign currency | 2.82 | 1.69 | 2.57 | (5.85) | 1.54 |
| Net increase (decrease) in net asset value from <br>investment operations | 2.86 | 1.77 | 2.66 | (5.74) | 1.62 |
| **Dividends and Distributions to Shareholders** |  |  |  |  |  |
| From net investment income | (0.57) | (0.25) | (0.18) | (0.01) | (0.30) |
| From net realized gain on investments | (5.09) | (1.40) |  | (0.40) | (2.78) |
| Total dividends and distributions | (5.66) | (1.65) | (0.18) | (0.41) | (3.08) |
| Net asset value, end of year | $13.37 | $16.17 | $16.05 | $13.57 | $19.72 |
| **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** |
| Total return based on net asset value<sup>(b)</sup> | 17.46% | 10.92% | 19.61% | (29.08)% | 7.65% |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of year (000's omitted) | $80807 | $151740 | $138907 | $167683 | $187473 |
| Ratio of net expenses to average net assets | 0.66% | 0.65% | 0.65% | 0.67% | 0.64% |
| Ratio of net investment income to average <br>net assets | 0.21% | 0.47% | 0.58% | 0.77% | 0.33% |
| Portfolio turnover rate<sup>(c)</sup> | 30% | 28% | 19% | 9% | 40% |

---

<sup>(a)</sup> Calculated based upon average shares outstanding during the period.

<sup>(b)</sup> 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.

<sup>(c)</sup> 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.

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

------

**Financial Highlights**

Annual Financial Statements and Other Information December 31, 2025

Baillie Gifford Global Alpha Equities Fund

Selected data for a Class 3 share outstanding throughout each year:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | For the Period <br>October 21, <br>2025<sup>(a)</sup>through<br>December 31,<br>2025 | For the Period <br>January 1, 2024<br>through<br>April 15, <br>2024<sup>(a)</sup> | For the Period <br>January 1, 2024<br>through<br>April 15, <br>2024<sup>(a)</sup> | For the <br>Year Ended<br>December 31,<br>2023 | For the <br>Year Ended<br>December 31,<br>2022 | For the <br>Year Ended<br>December 31,<br>2021 | For the<br>Year Ended<br>December 31,<br>2020 |
| Net asset value, <br>beginning of period | $20.08 | $16.61 |  | $14.05 | $20.38 | $21.80 | $16.90 |
| **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** |
| Net investment income<sup>(b)</sup> | 0.08 | 0.01 |  | 0.10 | 0.13 | 0.09 | 0.07 |
| Net realized and unrealized <br>gain (loss) on investments and <br>foreign currency | (0.28 | 0.71 |  | 2.67 | (6.05) | 1.59 | 6.07 |
| Net increase (decrease) in net asset <br>value from investment operations | (0.20 | 0.72 |  | 2.77 | (5.92) | 1.68 | 6.14 |
| **Dividends and Distributions to <br>Shareholders** |  |  |  |  |  |  |  |
| From net investment income | (0.62 |  |  | (0.21) | (0.01) | (0.32) | (0.12) |
| From net realized gain on <br>investments | (5.09 |  |  |  | (0.40) | (2.78) | (1.12) |
| Total dividends and distributions | (5.71 |  |  | (0.21) | (0.41) | (3.10) | (1.24) |
| Net asset value, end of period | $14.17 | $17.33 |  | $16.61 | $14.05 | $20.38 | $21.80 |
| **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** |
| Total return based on net asset <br>value<sup>(d)</sup> | (1.15 | 5.66 | % | 19.69% | (29.03)% | 7.72% | 36.40% |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period <br>(000's omitted) | $48656 | $87497 |  | $305169 | $98323 | $101328 | $282859 |
| Ratio of net expenses to average <br>net assets | 0.59 | 0.57 | %\* | 0.58% | 0.60% | 0.57% | 0.58% |
| Ratio of net investment income to <br>average net assets | 0.39 | 0.13 | %\* | 0.67% | 0.84% | 0.38% | 0.41% |
| Portfolio turnover rate<sup>(e)</sup> | 30 | 28 | % | 19% | 9% | 40% | 23% |

---

\* Annualized

<sup>(a)</sup> Recommencement of investment operations. Class had no shareholders from April 15, 2024 to October 21, 2025. All shares of this class were redeemed on April 15, 2024 at $17.33. New shares were issued at $20.08 on October 21, 2025.

<sup>(b)</sup> Calculated based upon average shares outstanding during the period.

<sup>(c)</sup> Because of the timing of subscriptions and redemptions in relation to fluctuating markets at value, the amount shown may not agree with the change in aggregate gains and losses.

<sup>(d)</sup> 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.

<sup>(e)</sup> 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. Portfolio turnover is not annualized for periods less than one year.

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

------

**Financial Highlights**

Annual Financial Statements and Other Information December 31, 2025

Baillie Gifford Global Alpha Equities Fund

Selected data for a Class K share outstanding throughout each year:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | For the <br>Year Ended<br>December 31,<br>2025 | For the <br>Year Ended<br>December 31,<br>2024 | For the <br>Year Ended<br>December 31,<br>2023 | For the <br>Year Ended<br>December 31,<br>2022 | For the <br>Year Ended<br>December 31,<br>2021 |
| Net asset value, beginning of year | $16.06 | $15.96 | $13.50 | $19.62 | $21.12 |
| **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** |
| Net investment income<sup>(a)</sup> | 0.04 | 0.07 | 0.08 | 0.11 | 0.05 |
| Net realized and unrealized gain (loss) on <br>investments and foreign currency | 2.81 | 1.69 | 2.56 | (5.82) | 1.56 |
| Net increase (decrease) in net asset value from <br>investment operations | 2.85 | 1.76 | 2.64 | (5.71) | 1.61 |
| **Dividends and Distributions to Shareholders** |  |  |  |  |  |
| From net investment income | (0.59) | (0.26) | (0.18) | (0.01) | (0.33) |
| From net realized gain on investments | (5.09) | (1.40) |  | (0.40) | (2.78) |
| Total dividends and distributions | (5.68) | (1.66) | (0.18) | (0.41) | (3.11) |
| Net asset value, end of year | $13.23 | $16.06 | $15.96 | $13.50 | $19.62 |
| **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** |
| Total return based on net asset value<sup>(b)</sup> | 17.50% | 10.87% | 19.65% | (29.08)% | 7.64% |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of year (000's omitted) | $297703 | $327190 | $368280 | $398663 | $513807 |
| Ratio of net expenses to average net assets | 0.65% | 0.65% | 0.65% | 0.67% | 0.64% |
| Ratio of net investment income to average <br>net assets | 0.21% | 0.43% | 0.55% | 0.74% | 0.23% |
| Portfolio turnover rate<sup>(c)</sup> | 30% | 28% | 19% | 9% | 40% |

---

<sup>(a)</sup> Calculated based upon average shares outstanding during the period.

<sup>(b)</sup> 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.

<sup>(c)</sup> 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.

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

------

**Financial Highlights**

Annual Financial Statements and Other Information December 31, 2025

Baillie Gifford Global Alpha Equities Fund

Selected data for an Institutional Class share outstanding throughout each year:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | For the <br>Year Ended<br>December 31,<br>2025 | For the <br>Year Ended<br>December 31,<br>2024 | For the <br>Year Ended<br>December 31,<br>2023 | For the <br>Year Ended<br>December 31,<br>2022 | For the <br>Year Ended<br>December 31,<br>2021 |
| Net asset value, beginning of year | $16.10 | $15.97 | $13.51 | $19.65 | $21.15 |
| **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** |
| Net investment income<sup>(a)</sup> | 0.02 | 0.06 | 0.07 | 0.09 | 0.05 |
| Net realized and unrealized gain (loss) on <br>investments and foreign currency | 2.81 | 1.68 | 2.56 | (5.82) | 1.54 |
| Net increase (decrease) in net asset value from <br>investment operations | 2.83 | 1.74 | 2.63 | (5.73) | 1.59 |
| **Dividends and Distributions to Shareholders** |  |  |  |  |  |
| From net investment income | (0.58) | (0.21) | (0.17) | (0.01) | (0.31) |
| From net realized gain on investments | (5.09) | (1.40) |  | (0.40) | (2.78) |
| Total dividends and distributions | (5.67) | (1.61) | (0.17) | (0.41) | (3.09) |
| Net asset value, end of year | $13.26 | $16.10 | $15.97 | $13.51 | $19.65 |
| **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** |
| Total return based on net asset value<sup>(b)</sup> | 17.27% | 10.76% | 19.50% | (29.14)% | 7.53% |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of year (000's omitted) | $37299 | $35191 | $44289 | $38317 | $51045 |
| Ratio of net expenses to average net assets | 0.74% | 0.75% | 0.75% | 0.76% | 0.74% |
| Ratio of net investment income to average <br>net assets | 0.14% | 0.33% | 0.48% | 0.58% | 0.21% |
| Portfolio turnover rate<sup>(c)</sup> | 30% | 28% | 19% | 9% | 40% |

---

<sup>(a)</sup> Calculated based upon average shares outstanding during the period.

<sup>(b)</sup> 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.

<sup>(c)</sup> 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.

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

------

**Industry Diversification Table**

Annual Financial Statements and Other Information December 31, 2025

December 31, 2025

Baillie Gifford International Alpha Fund

---

| | | |
|:---|:---|:---|
| | Value | % of Total<br>Net Assets |
| Airlines | $67673035 | 3.4% |
| Apparel | 22929395 | 1.1 |
| Banks | 109324337 | 5.4 |
| Beverages | 11733466 | 0.6 |
| Biotechnology | 8051445 | 0.4 |
| Building Materials | 85565882 | 4.3 |
| Chemicals | 42582808 | 2.1 |
| Commercial Services | 124034426 | 6.2 |
| Cosmetics/Personal Care | 39810164 | 2.0 |
| Distribution/Wholesale | 19388394 | 1.0 |
| Diversified Financial Services | 61323463 | 3.1 |
| Electrical Components & Equipment | 13862696 | 0.7 |
| Electronics | 4924559 | 0.2 |
| Food | 68271194 | 3.4 |
| Healthcare — Products | 41906821 | 2.1 |
| Home Furnishings | 85371946 | 4.3 |
| Insurance | 117690738 | 5.9 |
| Internet | 331318383 | 16.5 |
| Leisure Time | 24509493 | 1.2 |
| Machinery — Diversified | 79904461 | 4.0 |
| Mining | 60691017 | 3.0 |
| Pharmaceuticals | 86201597 | 4.3 |
| Retail | 20012848 | 1.0 |
| Semiconductors | 292119447 | 14.5 |
| Software | 98952322 | 4.9 |
| Toys/Games/Hobbies | 10809082 | 0.5 |
| Transportation | 60437121 | 3.0 |
| **Total Value of Investments** | 1989400540 | 99.1 |
| Other assets less liabilities | 17893349 | 0.9 |
| **Net Assets** | $2007293889 | 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

------

**Portfolio of Investments**

Annual Financial Statements and Other Information December 31, 2025

December 31, 2025

Baillie Gifford International Alpha Fund

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| **COMMON STOCKS — 99.1%** | **COMMON STOCKS — 99.1%** | **COMMON STOCKS — 99.1%** |
| AUSTRALIA — 2.0% | AUSTRALIA — 2.0% | AUSTRALIA — 2.0% |
| Rio Tinto PLC | 507795 | $40903417 |
| BRAZIL — 3.9% | BRAZIL — 3.9% | BRAZIL — 3.9% |
| B3 SA — Brasil Bolsa Balcao | 8019700 | 20417416 |
| MercadoLibre, Inc. \* | 29178 | 58772078 |
|  |  | 79189494 |
| CANADA — 4.1% | CANADA — 4.1% | CANADA — 4.1% |
| Constellation Software, Inc. | 8258 | 19863000 |
| Lumine Group, Inc. \* | 611408 | 12089624 |
| Shopify, Inc., Class A \* | 160474 | 25831500 |
| Stella-Jones, Inc. | 187465 | 11627187 |
| TFI International, Inc. | 116833 | 12076134 |
|  |  | 81487445 |
| CHILE — 1.0% | CHILE — 1.0% | CHILE — 1.0% |
| Lundin Mining Corp. | 920660 | 19787600 |
| CHINA — 10.0% | CHINA — 10.0% | CHINA — 10.0% |
| Kweichow Moutai Co., Ltd., Class A | 59400 | 11733466 |
| Meituan, Class B \* | 983900 | 13038839 |
| Midea Group Co., Ltd., Class A | 2779000 | 31127372 |
| PDD Holdings, Inc. ADR \* | 123586 | 14013417 |
| Ping An Insurance Group Co. of China Ltd., Class H | 1962500 | 16484421 |
| Silergy Corp. | 812000 | 4924559 |
| Tencent Holdings Ltd. | 1065700 | 81785590 |
| Tencent Music Entertainment Group ADR | 1621470 | 28424369 |
|  |  | 201532033 |
| DENMARK — 5.6% | DENMARK — 5.6% | DENMARK — 5.6% |
| Demant A/S \* | 499530 | 16831407 |
| DSV A/S | 192018 | 48360986 |
| Novo Nordisk A/S, B Shares | 342906 | 17391671 |
| Novonesis Novozymes B, B Shares | 455186 | 29123041 |
|  |  | 111707105 |

---

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

------

**Portfolio of Investments**

Annual Financial Statements and Other Information December 31, 2025

December 31, 2025

Baillie Gifford International Alpha Fund

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| FINLAND — 0.7% | FINLAND — 0.7% | FINLAND — 0.7% |
| Kone Oyj, Class B | 182333 | $12917008 |
| FRANCE — 5.4% | FRANCE — 5.4% | FRANCE — 5.4% |
| Danone SA | 469568 | 42354608 |
| Edenred | 819057 | 18106044 |
| LVMH Moet Hennessy Louis Vuitton SE | 30421 | 22929395 |
| Nexans SA | 94304 | 13862696 |
| Sartorius Stedim Biotech | 48414 | 11891525 |
|  |  | 109144268 |
| GERMANY — 6.3% | GERMANY — 6.3% | GERMANY — 6.3% |
| BioNTech SE ADR \* | 84574 | 8051445 |
| Deutsche Boerse AG | 155642 | 40906047 |
| Rational AG | 19891 | 15357675 |
| SAP SE | 113337 | 27537324 |
| Scout24 SE | 336765 | 33824654 |
|  |  | 125677145 |
| HONG KONG — 2.0% | HONG KONG — 2.0% | HONG KONG — 2.0% |
| AIA Group Ltd. | 3806200 | 39177573 |
| INDIA — 2.7% | INDIA — 2.7% | INDIA — 2.7% |
| HDFC Bank Ltd. | 3128364 | 34558709 |
| ICICI Lombard General Insurance Co., Ltd. | 858971 | 18781110 |
|  |  | 53339819 |
| IRELAND — 1.7% | IRELAND — 1.7% | IRELAND — 1.7% |
| Kingspan Group PLC | 403942 | 34807258 |
| ITALY — 5.3% | ITALY — 5.3% | ITALY — 5.3% |
| FinecoBank Banca Fineco SpA | 1504500 | 38980926 |
| Ryanair Holdings PLC ADR | 728493 | 52589910 |
| Technoprobe SpA \* | 1107997 | 15766326 |
|  |  | 107337162 |
| JAPAN — 12.2% | JAPAN — 12.2% | JAPAN — 12.2% |
| Keyence Corp. | 55400 | 20039565 |
| Money Forward, Inc. \* | 462700 | 13765680 |
| MonotaRO Co., Ltd. | 1149400 | 18302139 |

---

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

------

**Portfolio of Investments**

Annual Financial Statements and Other Information December 31, 2025

December 31, 2025

Baillie Gifford International Alpha Fund

---

| | | | |
|:---|:---|:---|:---|
| | Shares | Value | Value |
| Nihon M&A Center Holdings, Inc. | 3606000 | $| 16557364 |
| Nintendo Co., Ltd. | 160100 |  | 10809082 |
| Nippon Paint Holdings Co., Ltd. | 2010200 |  | 13459767 |
| Olympus Corp. | 1039800 |  | 13183889 |
| Recruit Holdings Co., Ltd. | 282300 |  | 15862884 |
| Shimano, Inc. | 170700 |  | 17850271 |
| SMC Corp. | 57900 |  | 20033451 |
| Sony Financial Group, Inc. \* | 10277600 |  | 10891736 |
| Sony Group Corp. | 1516000 |  | 38886899 |
| Tokyo Electron Ltd. | 102900 |  | 22918647 |
| Unicharm Corp. | 2409700 |  | 13768396 |
|  |  |  | 246329770 |
| KAZAKHSTAN — 0.7% | KAZAKHSTAN — 0.7% | KAZAKHSTAN — 0.7% | KAZAKHSTAN — 0.7% |
| Kaspi.KZ JSC ADR \* | 192721 |  | 15057292 |
| NETHERLANDS — 5.5% | NETHERLANDS — 5.5% | NETHERLANDS — 5.5% | NETHERLANDS — 5.5% |
| Adyen NV \* | 18774 |  | 30274479 |
| ASML Holding NV | 33034 |  | 35594801 |
| IMCD NV | 213617 |  | 19388395 |
| Magnum Ice Cream Co. NV (The) \* | 715510 |  | 11356654 |
| Topicus.com, Inc. \* | 132589 |  | 12282752 |
|  |  |  | 108897081 |
| NORWAY — 0.7% | NORWAY — 0.7% | NORWAY — 0.7% | NORWAY — 0.7% |
| Salmar ASA | 238226 |  | 14559932 |
| PANAMA — 0.8% | PANAMA — 0.8% | PANAMA — 0.8% | PANAMA — 0.8% |
| Copa Holdings SA, Class A | 125057 |  | 15083125 |
| RUSSIA — 0.0% <sup>(a)</sup> | RUSSIA — 0.0% <sup>(a)</sup> | RUSSIA — 0.0% <sup>(a)</sup> | RUSSIA — 0.0% <sup>(a)</sup> |
| GMK Norilskiy Nickel PAO \*<sup>(b)</sup> | 7738600 |  | 0 |
| GMK Norilskiy Nickel PAO ADR \*<sup>(b)</sup> | 1 |  | 0 |
|  |  |  | 0 |
| SINGAPORE — 2.2% | SINGAPORE — 2.2% | SINGAPORE — 2.2% | SINGAPORE — 2.2% |
| Sea Ltd. ADR \* | 194376 |  | 24796546 |
| United Overseas Bank Ltd. | 729100 |  | 19857427 |
|  |  |  | 44653973 |

---

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

------

**Portfolio of Investments**

Annual Financial Statements and Other Information December 31, 2025

December 31, 2025

Baillie Gifford International Alpha Fund

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| SOUTH AFRICA — 1.6% | SOUTH AFRICA — 1.6% | SOUTH AFRICA — 1.6% |
| Discovery Ltd. | 2354397 | $32355898 |
| SOUTH KOREA — 4.8% | SOUTH KOREA — 4.8% | SOUTH KOREA — 4.8% |
| Coupang, Inc. \* | 677684 | 15986565 |
| Samsung Electronics Co., Ltd. | 967404 | 81082868 |
|  |  | 97069433 |
| SWEDEN — 2.5% | SWEDEN — 2.5% | SWEDEN — 2.5% |
| Atlas Copco AB, B Shares | 1683550 | 26914437 |
| MIPS AB | 174514 | 6659222 |
| Skandinaviska Enskilda Banken AB, A Shares | 755431 | 15927275 |
|  |  | 49500934 |
| SWITZERLAND — 2.4% | SWITZERLAND — 2.4% | SWITZERLAND — 2.4% |
| Cie Financiere Richemont SA | 92802 | 20012848 |
| Sandoz Group AG | 383785 | 27865162 |
|  |  | 47878010 |
| TAIWAN — 6.8% | TAIWAN — 6.8% | TAIWAN — 6.8% |
| MediaTek, Inc. | 301000 | 13666963 |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 2504000 | 123089842 |
|  |  | 136756805 |
| UNITED KINGDOM — 1.3% | UNITED KINGDOM — 1.3% | UNITED KINGDOM — 1.3% |
| Unilever PLC | 398575 | 26041769 |
| UNITED STATES — 6.9% | UNITED STATES — 6.9% | UNITED STATES — 6.9% |
| CRH PLC | 314912 | 39131437 |
| Experian PLC | 624939 | 28176363 |
| Monday.com Ltd. \* | 90905 | 13413942 |
| Roche Holding AG | 99147 | 40944764 |
| Spotify Technology SA \* | 28487 | 16542685 |
|  |  | 138209191 |
| **Total Common Stocks** | **Total Common Stocks** | **Total Common Stocks** |
| (cost $1,213,118,956) |  | 1989400540 |

---

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

------

**Portfolio of Investments**

Annual Financial Statements and Other Information December 31, 2025

December 31, 2025

Baillie Gifford International Alpha Fund

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| **WARRANT — 0.0% <sup>(a)</sup>** | **WARRANT — 0.0% <sup>(a)</sup>** | **WARRANT — 0.0% <sup>(a)</sup>** |
| CANADA — 0.0% <sup>(a)</sup> | CANADA — 0.0% <sup>(a)</sup> | CANADA — 0.0% <sup>(a)</sup> |
| Constellation Software, Inc., expires 3/31/40 \* | 16097 | $0 |
| **Total Warrant** | **Total Warrant** | **Total Warrant** |
| (cost $0) |  | 0 |
| **TOTAL INVESTMENTS — 99.1%** | **TOTAL INVESTMENTS — 99.1%** | **TOTAL INVESTMENTS — 99.1%** |
| (cost $1,213,118,956) |  | $1989400540 |
| Other assets less liabilities — 0.9% |  | 17893349 |
| **NET ASSETS — 100.0%** |  | $2007293889 |

---

<sup>(a)</sup> Amount rounds to less than 0.1%.

<sup>(b)</sup> Investment was valued using significant unobservable inputs.

\* 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, 2025 in valuing the Fund's investments carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Investments in Securities | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks \*\* | $444661855 | $1544738685 | $0 | $1989400540 |
| Warrant \*\* |  | 0 |  | 0 |
| **Total** | $444661855 | $1544738685 | $0 | $1989400540 |

---

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

There were no transfers into or out of Level 3 during the year ended December 31, 2025.

**Summary of Unobservable Inputs for Level 3 Investments**

The ongoing conflict in Russia and Ukraine has led to significant disruption and volatility in the global stock market. This impacted the Fund in 2022 in terms of suspensions of trading activities on the Russian Stock Exchange as well as suspensions of depositary receipts traded on exchanges outside of Russia. These market conditions have not changed during the year ended December 31, 2025 and as a result, management continue to value all the Russian securities listed in the Portfolio of Investments at $0 and include them within Level 3.

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

------

**Statement of Assets and Liabilities**

Annual Financial Statements and Other Information December 31, 2025

December 31, 2025

Baillie Gifford International Alpha Fund

---

| | |
|:---|:---|
| **ASSETS** | **ASSETS** |
| Investments, at value (cost $1,213,118,956) | $1989400540 |
| Cash | 19837660 |
| Foreign cash, at value (cost $13) | 13 |
| Tax reclaims receivable | 5554933 |
| Receivable for India capital gains tax refunds (Note A) | 493233 |
| Dividends receivable | 1309074 |
| Capital shares sold receivable | 168411 |
| Reimbursement receivable | 4212 |
| Prepaid assets | 21604 |
| Total Assets | 2016789680 |
| **LIABILITIES** | **LIABILITIES** |
| Advisory fee payable | 1814427 |
| Deferred India capital gains tax liability (Note A) | 4458946 |
| Capital shares purchased payable | 1116786 |
| Payable for investment purchased | 945018 |
| Administration & Supervisory fee payable | 369925 |
| Shareholder Servicing fee payable | 367433 |
| Trustee fee payable | 29573 |
| Commitment fee payable | 6554 |
| Accrued expenses | 387129 |
| Total Liabilities | 9495791 |
| **NET ASSETS** | $2007293889 |
| **COMPOSITION OF NET ASSETS** | **COMPOSITION OF NET ASSETS** |
| Paid-in capital | $1242707586 |
| Total distributable earnings | 764586303 |
|  | $2007293889 |
| **NET ASSET VALUE, PER SHARE** | **NET ASSET VALUE, PER SHARE** |
| **Class 2** ($476,622,626 / 35,063,693 shares outstanding), unlimited authorized, no par value | $13.59 |
| **Class 3** ($505,591,601 / 36,490,633 shares outstanding), unlimited authorized, no par value | $13.86 |
| **Class 4** ($176,057,452 / 12,421,327 shares outstanding), unlimited authorized, no par value | $14.17 |
| **Class 5** ($39,312,651 / 2,708,055 shares outstanding), unlimited authorized, no par value | $14.52 |
| **Class K** ($712,102,341 / 52,639,913 shares outstanding), unlimited authorized, no par value | $13.53 |
| **Institutional Class** ($97,607,218 / 7,132,993 shares outstanding), unlimited authorized, no par value | $13.68 |

---

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

------

**Statement of Operations**

Annual Financial Statements and Other Information December 31, 2025

For the Year Ended December 31, 2025

Baillie Gifford International Alpha Fund

---

| | |
|:---|:---|
| **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| Dividends (net of foreign withholding taxes of $4,244,984) | $31466132 |
| Non-cash income | 2204465 |
| Windfall tax recovery (Note A) | 2622267 |
| Interest | 335976 |
| Total Investment Income | 36628840 |
| **EXPENSES** | **EXPENSES** |
| Advisory fee (Note B) | 7491982 |
| Shareholder Servicing fees — Class 2 shares (Note B) | 813894 |
| Shareholder Servicing fees — Class 3 shares (Note B) | 471154 |
| Shareholder Servicing fees — Class 4 shares (Note B) | 175424 |
| Shareholder Servicing fees — Class 5 shares (Note B) | 8172 |
| Administration & Supervisory fee — Class K shares (Note B) | 1384494 |
| Administration & Supervisory fee — Institutional Class shares (Note B) | 175241 |
| Transfer agency | 85666 |
| Sub-transfer agency — Institutional Class shares | 101623 |
| Legal | 415222 |
| Fund accounting | 385073 |
| Custody | 336792 |
| Trustees' fees | 112072 |
| Professional fees | 89371 |
| Registration fees | 40869 |
| Commitment fees | 29028 |
| Line of Credit Interest | 10016 |
| Miscellaneous | 85059 |
| Total Expenses | 12211152 |
| Net Investment Income | 24417688 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS <br>AND FOREIGN CURRENCY TRANSACTIONS** | **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS <br>AND FOREIGN CURRENCY TRANSACTIONS** |
| Net realized gain (loss) from: | Net realized gain (loss) from: |
| Investments (net of India capital gains tax expense of $4,343,692) | 225989094 |
| Foreign currency transactions | (353386) |
|  | 225635708 |
| Net change in unrealized appreciation on: | Net change in unrealized appreciation on: |
| Investments (net of change in deferred India capital gains tax liability of $36,021) (Note A) | 137165669 |
| Translation of net assets and liabilities denominated in foreign currencies | 555378 |
|  | 137721047 |
| Net realized and unrealized gain | 363356755 |
| **NET INCREASE IN NET ASSETS FROM OPERATIONS** | $387774443 |

---

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

------

**Statements of Changes in Net Assets**

Annual Financial Statements and Other Information December 31, 2025

Baillie Gifford International Alpha Fund

---

| | | |
|:---|:---|:---|
| | For the<br>Year Ended<br>December 31,<br>2025 | For the<br>Year Ended<br>December 31,<br>2024 |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** |
| Net investment income | $24417688 | $21987938 |
| Net realized gain | 225635708 | 125846254 |
| Net change in unrealized appreciation (depreciation) | 137721047 | (19885331) |
| Net Increase in Net Assets from Operations | 387774443 | 127948861 |
| **DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:** | **DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:** | **DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:** |
| Distributable earnings | Distributable earnings | Distributable earnings |
| Class 2 | (52820316 | (15896364) |
| Class 3 | (55448359 | (15070893) |
| Class 4 | (18898419 | (15638532) |
| Class 5 | (4157581 | (1853518) |
| Class K | (79359362 | (32134484) |
| Institutional Class | (10965290 | (3914428) |
| Total Distributions to Shareholders | (221649327 | (84508219) |
| **TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST** | **TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST** | **TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST** |
| Net proceeds from shares subscribed: | Net proceeds from shares subscribed: | Net proceeds from shares subscribed: |
| Class 2 | 86627883 | 69408011 |
| Class 3 | 183617707 | 1475000 |
| Class 5 |  | 2000000 |
| Class K | 65294806 | 137886083 |
| Institutional Class | 17594295 | 21978549 |
| Dividends reinvested: | Dividends reinvested: | Dividends reinvested: |
| Class 2 | 52820316 | 15896364 |
| Class 3 | 55448359 | 15070893 |
| Class 4 | 18898419 | 15638532 |
| Class 5 | 4157581 | 1853518 |
| Class K | 77936738 | 31247329 |
| Institutional Class | 10854409 | 3848106 |
| Cost of shares redeemed: | Cost of shares redeemed: | Cost of shares redeemed: |
| Class 2 | (87479324 | (71108095) |
| Class 3 | (130337322 | (128330477) |
| Class 4 | (257548501 | (250000000) |
| Class 5 | (14978464 | (10790367) |
| Class K | (279703634 | (155778856) |
| Institutional Class | (35028227 | (33406456) |
| (Decrease) in Net Assets from Transactions in Shares of Beneficial Interest | (231824959 | (333111866) |
| Total (Decrease) in Net Assets | (65699843 | (289671224) |
| **NET ASSETS** | **NET ASSETS** | **NET ASSETS** |
| Beginning of Year | 2072993732 | 2362664956 |
| End of Year | $2007293889 | $2072993732 |

---

\* See Note D for details of share class conversions.

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

------

**Financial Highlights**

Annual Financial Statements and Other Information December 31, 2025

Baillie Gifford International Alpha Fund

Selected data for a Class 2 share outstanding throughout each year:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | For the<br>Year Ended<br>December 31,<br>2025 | For the<br>Year Ended<br>December 31,<br>2024 | For the<br>Year Ended<br>December 31,<br>2023 | For the<br>Year Ended<br>December 31,<br>2022 | For the<br>Year Ended<br>December 31,<br>2021 |
| Net asset value, beginning of year | $12.78 | $12.68 | $10.81 | $15.43 | $16.78 |
| **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** |
| Net investment income<sup>(a)</sup> | 0.16 | 0.12 | 0.12 | 0.13 | 0.16 |
| Net realized and unrealized gain (loss) on <br>investments and foreign currency | 2.34 | 0.53 | 1.91 | (4.56) | (0.28) |
| Net increase (decrease) in net asset value from <br>investment operations | 2.50 | 0.65 | 2.03 | (4.43) | (0.12) |
| **Dividends and Distributions to Shareholders** |  |  |  |  |  |
| From net investment income | (0.13) | (0.10) | (0.16) | (0.19) | (0.16) |
| From net realized gain on investments | (1.56) | (0.45) |  |  | (1.07) |
| Total dividends and distributions | (1.69) | (0.55) | (0.16) | (0.19) | (1.23) |
| Net asset value, end of year | $13.59 | $12.78 | $12.68 | $10.81 | $15.43 |
| **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** |
| Total return based on net asset value<sup>(b)</sup> | 19.58% | 5.05% | 18.72% | (28.64)% | (0.65)% |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of year (000's omitted) | $476623 | $389290 | $372487 | $324525 | $334569 |
| Ratio of net expenses to average net assets | 0.59% | 0.59% | 0.60% | 0.61% | 0.58% |
| Ratio of net investment income to average <br>net assets | 1.12% | 0.87% | 1.02% | 1.17% | 0.94% |
| Portfolio turnover rate<sup>(c)</sup> | 19% | 20% | 16% | 19% | 16% |

---

<sup>(a)</sup> Calculated based upon average shares outstanding during the period.

<sup>(b)</sup> 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.

<sup>(c)</sup> Portfolio turnover rate calculated at Fund level.

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

------

**Financial Highlights**

Annual Financial Statements and Other Information December 31, 2025

Baillie Gifford International Alpha Fund

Selected data for a Class 3 share outstanding throughout each year:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | For the<br>Year Ended<br>December 31,<br>2025 | For the<br>Year Ended<br>December 31,<br>2024 | For the<br>Year Ended<br>December 31,<br>2023 | For the<br>Year Ended<br>December 31,<br>2022 | For the<br>Year Ended<br>December 31,<br>2021 |
| Net asset value, beginning of year | $13.00 | $12.89 | $10.99 | $15.67 | $17.02 |
| **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** |
| Net investment income<sup>(a)</sup> | 0.17 | 0.14 | 0.11 | 0.15 | 0.18 |
| Net realized and unrealized gain (loss) on <br>investments and foreign currency | 2.39 | 0.53 | 1.96 | (4.63) | (0.28) |
| Net increase (decrease) in net asset value from <br>investment operations | 2.56 | 0.67 | 2.07 | (4.48) | (0.10) |
| **Dividends and Distributions to Shareholders** |  |  |  |  |  |
| From net investment income | (0.14) | (0.11) | (0.17) | (0.20) | (0.18) |
| From net realized gain on investments | (1.56) | (0.45) |  |  | (1.07) |
| Total dividends and distributions | (1.70) | (0.56) | (0.17) | (0.20) | (1.25) |
| Net asset value, end of year | $13.86 | $13.00 | $12.89 | $10.99 | $15.67 |
| **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** |
| Total return based on net asset value<sup>(b)</sup> | 19.67% | 5.12% | 18.80% | (28.59)% | (0.58)% |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of year (000's omitted) | $505592 | $369654 | $466685 | $388155 | $524717 |
| Ratio of net expenses to average net assets | 0.52% | 0.52% | 0.53% | 0.54% | 0.51% |
| Ratio of net investment income to average <br>net assets | 1.15% | 1.00% | 0.93% | 1.22% | 1.01% |
| Portfolio turnover rate<sup>(c)</sup> | 19% | 20% | 16% | 19% | 16% |

---

<sup>(a)</sup> Calculated based upon average shares outstanding during the period.

<sup>(b)</sup> 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.

<sup>(c)</sup> Portfolio turnover rate calculated at Fund level.

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

------

**Financial Highlights**

Annual Financial Statements and Other Information December 31, 2025

Baillie Gifford International Alpha Fund

Selected data for a Class 4 share outstanding throughout each year:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | For the<br>Year Ended<br>December 31,<br>2025 | For the<br>Year Ended<br>December 31,<br>2024 | For the<br>Year Ended<br>December 31,<br>2023 | For the<br>Year Ended<br>December 31,<br>2022 | For the<br>Year Ended<br>December 31,<br>2021 |
| Net asset value, beginning of year | $13.26 | $13.14 | $11.20 | $15.96 | $17.32 |
| **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** |
| Net investment income<sup>(a)</sup> | 0.18 | 0.15 | 0.13 | 0.16 | 0.19 |
| Net realized and unrealized gain (loss) on <br>investments and foreign currency | 2.43 | 0.53 | 1.98 | (4.72) | (0.30) |
| Net increase (decrease) in net asset value from <br>investment operations | 2.61 | 0.68 | 2.11 | (4.56) | (0.11) |
| **Dividends and Distributions to Shareholders** |  |  |  |  |  |
| From net investment income | (0.14) | (0.11) | (0.17) | (0.20) | (0.18) |
| From net realized gain on investments | (1.56) | (0.45) |  |  | (1.07) |
| Total dividends and distributions | (1.70) | (0.56) | (0.17) | (0.20) | (1.25) |
| Net asset value, end of year | $14.17 | $13.26 | $13.14 | $11.20 | $15.96 |
| **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** |
| Total return based on net asset value<sup>(b)</sup> | 19.70% | 5.15% | 18.83% | (28.57)% | (0.55)% |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of year (000's omitted) | $176057 | $388834 | $607974 | $511620 | $912395 |
| Ratio of net expenses to average net assets | 0.49% | 0.49% | 0.50% | 0.51% | 0.48% |
| Ratio of net investment income to average <br>net assets | 1.22% | 1.07% | 1.05% | 1.26% | 1.03% |
| Portfolio turnover rate<sup>(c)</sup> | 19% | 20% | 16% | 19% | 16% |

---

<sup>(a)</sup> Calculated based upon average shares outstanding during the period.

<sup>(b)</sup> 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.

<sup>(c)</sup> Portfolio turnover rate calculated at Fund level.

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

------

**Financial Highlights**

Annual Financial Statements and Other Information December 31, 2025

Baillie Gifford International Alpha Fund

Selected data for a Class 5 share outstanding throughout each year:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | For the<br>Year Ended<br>December 31,<br>2025 | For the<br>Year Ended<br>December 31,<br>2024 | For the<br>Year Ended<br>December 31,<br>2023 | For the<br>Year Ended<br>December 31,<br>2022 | For the<br>Year Ended<br>December 31,<br>2021 |
| Net asset value, beginning of year | $13.55 | $13.41 | $11.43 | $16.29 | $17.65 |
| **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** |
| Net investment income<sup>(a)</sup> | 0.19 | 0.15 | 0.14 | 0.17 | 0.20 |
| Net realized and unrealized gain (loss) on <br>investments and foreign currency | 2.50 | 0.56 | 2.02 | (4.82) | (0.30) |
| Net increase (decrease) in net asset value from <br>investment operations | 2.69 | 0.71 | 2.16 | (4.65) | (0.10) |
| **Dividends and Distributions to Shareholders** |  |  |  |  |  |
| From net investment income | (0.16) | (0.12) | (0.18) | (0.21) | (0.19) |
| From net realized gain on investments | (1.56) | (0.45) |  |  | (1.07) |
| Total dividends and distributions | (1.72) | (0.57) | (0.18) | (0.21) | (1.26) |
| Net asset value, end of year | $14.52 | $13.55 | $13.41 | $11.43 | $16.29 |
| **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** |
| Total return based on net asset value<sup>(b)</sup> | 19.76% | 5.20% | 18.89% | (28.53)% | (0.50)% |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of year (000's omitted) | $39313 | $46307 | $52590 | $51400 | $125578 |
| Ratio of net expenses to average net assets | 0.44% | 0.44% | 0.45% | 0.46% | 0.43% |
| Ratio of net investment income to average <br>net assets | 1.25% | 1.05% | 1.11% | 1.39% | 1.09% |
| Portfolio turnover rate<sup>(c)</sup> | 19% | 20% | 16% | 19% | 16% |

---

<sup>(a)</sup> Calculated based upon average shares outstanding during the period.

<sup>(b)</sup> 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.

<sup>(c)</sup> Portfolio turnover rate calculated at Fund level.

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

------

**Financial Highlights**

Annual Financial Statements and Other Information December 31, 2025

Baillie Gifford International Alpha Fund

Selected data for a Class K share outstanding throughout each year:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | For the<br>Year Ended<br>December 31,<br>2025 | For the<br>Year Ended<br>December 31,<br>2024 | For the<br>Year Ended<br>December 31,<br>2023 | For the<br>Year Ended<br>December 31,<br>2022 | For the<br>Year Ended<br>December 31,<br>2021 |
| Net asset value, beginning of year | $12.72 | $12.63 | $10.77 | $15.36 | $16.71 |
| **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** |
| Net investment income<sup>(a)</sup> | 0.16 | 0.12 | 0.11 | 0.14 | 0.16 |
| Net realized and unrealized gain (loss) on <br>investments and foreign currency | 2.34 | 0.52 | 1.91 | (4.54) | (0.27) |
| Net increase (decrease) in net asset value from <br>investment operations | 2.50 | 0.64 | 2.02 | (4.40) | (0.11) |
| **Dividends and Distributions to Shareholders** |  |  |  |  |  |
| From net investment income | (0.13) | (0.10) | (0.16) | (0.19) | (0.17) |
| From net realized gain on investments | (1.56) | (0.45) |  |  | (1.07) |
| Total dividends and distributions | (1.69) | (0.55) | (0.16) | (0.19) | (1.24) |
| Net asset value, end of year | $13.53 | $12.72 | $12.63 | $10.77 | $15.36 |
| **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** |
| Total return based on net asset value<sup>(b)</sup> | 19.59% | 5.02% | 18.76% | (28.65)% | (0.62)% |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of year (000's omitted) | $712102 | $781330 | $759520 | $700531 | $1222693 |
| Ratio of net expenses to average net assets | 0.59% | 0.59% | 0.60% | 0.61% | 0.58% |
| Ratio of net investment income to average <br>net assets | 1.11% | 0.88% | 0.97% | 1.20% | 0.92% |
| Portfolio turnover rate<sup>(c)</sup> | 19% | 20% | 16% | 19% | 16% |

---

<sup>(a)</sup> Calculated based upon average shares outstanding during the period.

<sup>(b)</sup> 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.

<sup>(c)</sup> Portfolio turnover rate calculated at Fund level.

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

------

**Financial Highlights**

Annual Financial Statements and Other Information December 31, 2025

Baillie Gifford International Alpha Fund

Selected data for an Institutional Class share outstanding throughout each year:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | For the<br>Year Ended<br>December 31,<br>2025 | For the<br>Year Ended<br>December 31,<br>2024 | For the<br>Year Ended<br>December 31,<br>2023 | For the<br>Year Ended<br>December 31,<br>2022 | For the<br>Year Ended<br>December 31,<br>2021 |
| Net asset value, beginning of year | $12.85 | $12.75 | $10.87 | $15.41 | $16.76 |
| **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** |
| Net investment income<sup>(a)</sup> | 0.14 | 0.11 | 0.11 | 0.14 | 0.14 |
| Net realized and unrealized gain (loss) on <br>investments and foreign currency | 2.37 | 0.52 | 1.91 | (4.56) | (0.27) |
| Net increase (decrease) in net asset value from <br>investment operations | 2.51 | 0.63 | 2.02 | (4.42) | (0.13) |
| **Dividends and Distributions to Shareholders** |  |  |  |  |  |
| From net investment income | (0.12) | (0.08) | (0.14) | (0.12) | (0.15) |
| From net realized gain on investments | (1.56) | (0.45) |  |  | (1.07) |
| Total dividends and distributions | (1.68) | (0.53) | (0.14) | (0.12) | (1.22) |
| Net asset value, end of year | $13.68 | $12.85 | $12.75 | $10.87 | $15.41 |
| **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** |
| Total return based on net asset value<sup>(b)</sup> | 19.45% | 4.93% | 18.60% | (28.67)% | (0.74)% |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of year (000's omitted) | $97607 | $97579 | $103409 | $136987 | $758401 |
| Ratio of net expenses to average net assets | 0.69% | 0.68% | 0.68% | 0.71% | 0.68% |
| Ratio of net investment income to average <br>net assets | 0.97% | 0.79% | 0.92% | 1.20% | 0.82% |
| Portfolio turnover rate<sup>(c)</sup> | 19% | 20% | 16% | 19% | 16% |

---

<sup>(a)</sup> Calculated based upon average shares outstanding during the period.

<sup>(b)</sup> 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.

<sup>(c)</sup> Portfolio turnover rate calculated at Fund level.

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

------

**Industry Diversification Table**

Annual Financial Statements and Other Information December 31, 2025

December 31, 2025

Baillie Gifford International Concentrated Growth Equities Fund

---

| | | |
|:---|:---|:---|
| | Value | % of Total<br>Net Assets |
| Apparel | $6273701 | 6.4% |
| Auto Manufacturers | 5781124 | 5.9 |
| Banks | 3901977 | 4.0 |
| Biotechnology | 2081234 | 2.1 |
| Commercial Services | 8496154 | 8.6 |
| Cosmetics/Personal Care | 1986874 | 2.0 |
| Internet | 44149298 | 44.9 |
| Investment Companies | 1004119 | 1.0 |
| Machinery — Diversified | 1903986 | 1.9 |
| Pharmaceuticals | 639002 | 0.6 |
| Semiconductors | 19542618 | 19.9 |
| Transportation | 1214196 | 1.2 |
| **Total Value of Investments** | 96974283 | 98.5 |
| Other assets less liabilities | 1459436 | 1.5 |
| **Net Assets** | $98433719 | 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

------

**Portfolio of Investments**

Annual Financial Statements and Other Information December 31, 2025

December 31, 2025

Baillie Gifford International Concentrated Growth Equities Fund

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| **COMMON STOCKS — 98.5%** | **COMMON STOCKS — 98.5%** | **COMMON STOCKS — 98.5%** |
| BRAZIL — 15.3% | BRAZIL — 15.3% | BRAZIL — 15.3% |
| MercadoLibre, Inc. \* | 5520 | $11118715 |
| NU Holdings Ltd., Class A \* | 233093 | 3901977 |
|  |  | 15020692 |
| CANADA — 4.3% | CANADA — 4.3% | CANADA — 4.3% |
| Shopify, Inc., Class A \* | 26448 | 4257335 |
| CHINA — 12.1% | CHINA — 12.1% | CHINA — 12.1% |
| BYD Co., Ltd., Class H | 193300 | 2362273 |
| Meituan, Class B \* | 210630 | 2791311 |
| PDD Holdings, Inc. ADR \* | 22978 | 2605475 |
| Tencent Holdings Ltd. | 54300 | 4167174 |
|  |  | 11926233 |
| DENMARK — 0.6% | DENMARK — 0.6% | DENMARK — 0.6% |
| Novo Nordisk A/S, B Shares | 12599 | 639002 |
| FRANCE — 8.4% | FRANCE — 8.4% | FRANCE — 8.4% |
| Hermes International | 1517 | 3766485 |
| Kering | 7175 | 2507216 |
| L'Oreal SA | 4628 | 1986874 |
|  |  | 8260575 |
| GERMANY — 1.3% | GERMANY — 1.3% | GERMANY — 1.3% |
| BioNTech SE ADR \* | 13151 | 1251975 |
| ITALY — 3.5% | ITALY — 3.5% | ITALY — 3.5% |
| Ferrari NV | 9200 | 3418851 |
| JAPAN — 0.9% | JAPAN — 0.9% | JAPAN — 0.9% |
| M3, Inc. | 63500 | 854254 |
| NETHERLANDS — 10.7% | NETHERLANDS — 10.7% | NETHERLANDS — 10.7% |
| Adyen NV \* | 3754 | 6053606 |
| ASML Holding NV | 4171 | 4494336 |
|  |  | 10547942 |

---

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

------

**Portfolio of Investments**

Annual Financial Statements and Other Information December 31, 2025

December 31, 2025

Baillie Gifford International Concentrated Growth Equities Fund

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| SINGAPORE — 4.9% | SINGAPORE — 4.9% | SINGAPORE — 4.9% |
| Sea Ltd. ADR \* | 37902 | $4835158 |
| SOUTH KOREA — 5.0% | SOUTH KOREA — 5.0% | SOUTH KOREA — 5.0% |
| Coupang, Inc. \* | 126079 | 2974204 |
| Delivery Hero SE \* | 73315 | 1932582 |
|  |  | 4906786 |
| SWEDEN — 2.9% | SWEDEN — 2.9% | SWEDEN — 2.9% |
| Atlas Copco AB, B Shares | 119098 | 1903986 |
| Kinnevik AB, B Shares \* | 111377 | 1004119 |
|  |  | 2908105 |
| TAIWAN — 10.8% | TAIWAN — 10.8% | TAIWAN — 10.8% |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 216000 | 10617974 |
| UNITED KINGDOM — 3.7% | UNITED KINGDOM — 3.7% | UNITED KINGDOM — 3.7% |
| Ocado Group PLC \* | 383815 | 1214196 |
| Wise PLC, Class A \* | 203885 | 2442548 |
|  |  | 3656744 |
| UNITED STATES — 14.1% | UNITED STATES — 14.1% | UNITED STATES — 14.1% |
| Moderna, Inc. \* | 28120 | 829259 |
| NVIDIA Corp. | 23755 | 4430307 |
| Spotify Technology SA \* | 14832 | 8613091 |
|  |  | 13872657 |
| **TOTAL INVESTMENTS — 98.5%** | **TOTAL INVESTMENTS — 98.5%** | **TOTAL INVESTMENTS — 98.5%** |
| (cost $73,205,644) |  | $96974283 |
| Other assets less liabilities — 1.5% |  | 1459436 |
| **NET ASSETS — 100.0%** |  | $98433719 |

---

\* Non-income producing security.

ADR — American Depositary Receipt

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

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

------

**Portfolio of Investments**

Annual Financial Statements and Other Information December 31, 2025

December 31, 2025

Baillie Gifford International Concentrated Growth Equities Fund

**Fair Value Measurement**

The following is a summary of the inputs used as of December 31, 2025 in valuing the Fund's investments carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Investments in Securities | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks \*\* | $44817496 | $52156787 | $— | $96974283 |
| **Total** | $44817496 | $52156787 | $— | $96974283 |

---

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

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

------

**Statement of Assets and Liabilities**

Annual Financial Statements and Other Information December 31, 2025

December 31, 2025

Baillie Gifford International Concentrated Growth Equities Fund

---

| | |
|:---|:---|
| **ASSETS** | **ASSETS** |
| Investments, at value (cost $73,205,644) | $96974283 |
| Cash | 1405888 |
| Capital shares sold receivable | 226945 |
| Dividends receivable | 27360 |
| Due from Manager | 21555 |
| Tax reclaims receivable | 18757 |
| Prepaid assets | 25325 |
| Total Assets | 98700113 |
| **LIABILITIES** | **LIABILITIES** |
| Advisory fee payable | 104128 |
| Administration & Supervisory fee payable | 44255 |
| Capital shares purchased payable | 8757 |
| Trustee fee payable | 1459 |
| Commitment fee payable | 324 |
| Accrued expenses | 107471 |
| Total Liabilities | 266394 |
| **NET ASSETS** | $98433719 |
| **COMPOSITION OF NET ASSETS** | **COMPOSITION OF NET ASSETS** |
| Paid-in capital | $101638813 |
| Total accumulated (loss) | (3205094) |
|  | $98433719 |
| **NET ASSET VALUE, PER SHARE** | **NET ASSET VALUE, PER SHARE** |
| **Class K** ($39,604,398 / 4,426,589 shares outstanding), unlimited authorized, no par value | $8.95 |
| **Institutional Class** ($58,829,321 / 6,682,071 shares outstanding), unlimited authorized, no par value | $8.80 |

---

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

------

**Statement of Operations**

Annual Financial Statements and Other Information December 31, 2025

For the Year Ended December 31, 2025

Baillie Gifford International Concentrated Growth Equities Fund

---

| | |
|:---|:---|
| **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| Dividends (net of foreign withholding taxes of $83,144) | $373882 |
| Interest | 30562 |
| Total Investment Income | 404444 |
| **EXPENSES** | **EXPENSES** |
| Advisory fee (Note B) | 391544 |
| Administration & Supervisory fee — Class K shares (Note B) | 67745 |
| Administration & Supervisory fee — Institutional Class shares (Note B) | 98661 |
| Transfer agency | 36352 |
| Sub-transfer agency — Institutional Class shares | 59853 |
| Fund accounting | 97421 |
| Registration fees | 39109 |
| Professional fees | 34423 |
| Legal | 18315 |
| Custody | 13913 |
| Trustees' fees | 5248 |
| Commitment fees | 1350 |
| Line of Credit Interest | 161 |
| Miscellaneous | 10975 |
| Total Expenses | 875070 |
| Fees waived/expenses reimbursed | (110439) |
| Total Expenses after Waiver | 764631 |
| Net Investment (Loss) | (360187) |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS <br>AND FOREIGN CURRENCY TRANSACTIONS** | **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS <br>AND FOREIGN CURRENCY TRANSACTIONS** |
| Net realized gain (loss) from: | Net realized gain (loss) from: |
| Investments | 3226164 |
| Foreign currency transactions | (6181) |
|  | 3219983 |
| Net change in unrealized appreciation on: | Net change in unrealized appreciation on: |
| Investments | 10637030 |
| Translation of net assets and liabilities denominated in foreign currencies | 1382 |
|  | 10638412 |
| Net realized and unrealized gain | 13858395 |
| **NET INCREASE IN NET ASSETS FROM OPERATIONS** | $13498208 |

---

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

------

**Statements of Changes in Net Assets**

Annual Financial Statements and Other Information December 31, 2025

Baillie Gifford International Concentrated Growth Equities Fund

---

| | | |
|:---|:---|:---|
| | For the<br>Year Ended<br>December 31,<br>2025 | For the<br>Year Ended<br>December 31, <br>2024 |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** |
| Net investment (loss) | $(360187) | $(65848) |
| Net realized gain | 3219983 | 1784184 |
| Net change in unrealized appreciation | 10638412 | 11503447 |
| Net Increase in Net Assets from Operations | 13498208 | 13221783 |
| **TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST** | **TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST** | **TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST** |
| Net proceeds from shares subscribed: | Net proceeds from shares subscribed: | Net proceeds from shares subscribed: |
| Class K | 4475434 | 5567673 |
| Institutional Class | 24290700 | 13328570 |
| Cost of shares redeemed: | Cost of shares redeemed: | Cost of shares redeemed: |
| Class K | (4810717) | (10142436) |
| Institutional Class | (18493957) | (18078364) |
| Increase (Decrease) in Net Assets from Transactions in Shares of Beneficial Interest | 5461460 | (9324557) |
| Total Increase in Net Assets | 18959668 | 3897226 |
| **NET ASSETS** | **NET ASSETS** | **NET ASSETS** |
| Beginning of Year | 79474051 | 75576825 |
| End of Year | $98433719 | $79474051 |

---

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

------

**Financial Highlights**

Annual Financial Statements and Other Information December 31, 2025

Baillie Gifford International Concentrated Growth Equities Fund

Selected data for a Class K share outstanding throughout each year:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | For the<br>Year Ended<br>December 31,<br>2025 | For the<br>Year Ended<br>December 31,<br>2024 | For the<br>Year Ended<br>December 31,<br>2023 | For the<br>Year Ended<br>December 31,<br>2022 | For the<br>Year Ended<br>December 31,<br>2021 |
| Net asset value, beginning of year | $7.67 | $6.47 | $5.63 | $9.89 | $12.31 |
| **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** |
| Net investment income (loss)<sup>(a)</sup> | (0.03) | 0.00<br> <sup>(b)</sup> | (0.01) | (0.01) | 0.04 |
| Net realized and unrealized gain (loss) on <br>investments and foreign currency | 1.31 | 1.20 | 0.85 | (3.91) | 0.03 |
| Net increase (decrease) in net asset value from <br>investment operations | 1.28 | 1.20 | 0.84 | (3.92) | 0.07 |
| **Dividends and Distributions to Shareholders** |  |  |  |  |  |
| From net investment income |  |  |  | (0.00)<sup>(b)</sup> | (0.03) |
| From net realized gain on investments |  |  |  | (0.34) | (2.46) |
| Total dividends and distributions |  |  |  | (0.34) | (2.49) |
| Net asset value, end of year | $8.95 | $7.67 | $6.47 | $5.63 | $9.89 |
| **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** |
| Total return based on net asset value<sup>(c)</sup> | 16.69% | 18.55% | 14.92% | (39.55)% | 0.74% |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of year (000's omitted) | $39604 | $34058 | $32839 | $29867 | $56513 |
| Ratio of net expenses to average net assets, <br>before waiver | 0.83% | 0.90% | 0.89% | 0.91% | 0.79% |
| Ratio of net expenses to average net assets, <br>after waiver | 0.72% | 0.72% | 0.72% | 0.72% | 0.72% |
| Ratio of net investment income (loss) to average <br>net assets | (0.30)% | (0.02)% | (0.09)% | (0.10)% | 0.27% |
| Portfolio turnover rate<sup>(d)</sup> | 15% | 26% | 28% | 65% | 54% |

---

<sup>(a)</sup> Calculated based upon average shares outstanding during the period.

<sup>(b)</sup> Amount is less than $0.005 per share.

<sup>(c)</sup> 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.

<sup>(d)</sup> Portfolio turnover rate calculated at Fund level.

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

------

**Financial Highlights**

Annual Financial Statements and Other Information December 31, 2025

Baillie Gifford International Concentrated Growth Equities Fund

Selected data for an Institutional Class share outstanding throughout each year:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | For the<br>Year Ended<br>December 31,<br>2025 | For the<br>Year Ended<br>December 31,<br>2024 | For the<br>Year Ended<br>December 31,<br>2023 | For the<br>Year Ended<br>December 31,<br>2022 | For the<br>Year Ended<br>December 31,<br>2021 |
| Net asset value, beginning of year | $7.55 | $6.38 | $5.56 | $9.78 | $12.19 |
| **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** |
| Net investment income (loss)<sup>(a)</sup> | (0.04) | (0.01) | (0.01) | (0.01) | 0.01 |
| Net realized and unrealized gain (loss) on <br>investments and foreign currency | 1.29 | 1.18 | 0.83 | (3.87) | 0.05 |
| Net increase (decrease) in net asset value from <br>investment operations | 1.25 | 1.17 | 0.82 | (3.88) | 0.06 |
| **Dividends and Distributions to Shareholders** |  |  |  |  |  |
| From net investment income |  |  |  | (0.00)<sup>(b)</sup> | (0.01) |
| From net realized gain on investments |  |  |  | (0.34) | (2.46) |
| Total dividends and distributions |  |  |  | (0.34) | (2.47) |
| Net asset value, end of year | $8.80 | $7.55 | $6.38 | $5.56 | $9.78 |
| **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** |
| Total return based on net asset value<sup>(c)</sup> | 16.56% | 18.34% | 14.75% | (39.58)% | 0.69% |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of year (000's omitted) | $58829 | $45416 | $42738 | $37633 | $57278 |
| Ratio of net expenses to average net assets, <br>before waiver | 0.94% | 0.99% | 0.99% | 1.00% | 0.90% |
| Ratio of net expenses to average net assets, <br>after waiver | 0.82% | 0.81% | 0.82% | 0.81% | 0.83% |
| Ratio of net investment income (loss) to average <br>net assets | (0.41)% | (0.13)% | (0.22)% | (0.22)% | 0.11% |
| Portfolio turnover rate<sup>(d)</sup> | 15% | 26% | 28% | 65% | 54% |

---

<sup>(a)</sup> Calculated based upon average shares outstanding during the period.

<sup>(b)</sup> Amount is less than $0.005 per share.

<sup>(c)</sup> 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.

<sup>(d)</sup> Portfolio turnover rate calculated at Fund level.

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

------

**Industry Diversification Table**

Annual Financial Statements and Other Information December 31, 2025

December 31, 2025

Baillie Gifford International Growth Fund

---

| | | |
|:---|:---|:---|
| | Value | % of Total<br>Net Assets |
| Airlines | $17651123 | 0.5% |
| Apparel | 90224311 | 2.7 |
| Auto Manufacturers | 142881253 | 4.3 |
| Auto Parts & Equipment | 57006822 | 1.7 |
| Banks | 84314151 | 2.5 |
| Biotechnology | 131891780 | 3.9 |
| Building Materials | 18061997 | 0.5 |
| Chemicals | 16250834 | 0.5 |
| Commercial Services | 249424563 | 7.4 |
| Cosmetics/Personal Care | 87249458 | 2.6 |
| Diversified Financial Services | 28989074 | 0.9 |
| Electrical Components & Equipment | 35193995 | 1.0 |
| Electronics | 44648039 | 1.3 |
| Healthcare — Products | 23696205 | 0.7 |
| Healthcare — Services | 11288307 | 0.3 |
| Insurance | 105913875 | 3.2 |
| Internet | 757798882 | 22.6 |
| Investment Companies | 58802687 | 1.8 |
| Machinery — Diversified | 188615466 | 5.6 |
| Metal Fabricate/Hardware | 25010326 | 0.7 |
| Pharmaceuticals | 115012132 | 3.4 |
| Retail | 25593407 | 0.8 |
| Semiconductors | 690900860 | 20.6 |
| Software | 178608723 | 5.3 |
| Toys/Games/Hobbies | 31961904 | 1.0 |
| Transportation | 121553559 | 3.6 |
| **Total Value of Investments** | 3338543733 | 99.4 |
| Other assets less liabilities | 19911204 | 0.6 |
| **Net Assets** | $3358454937 | 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

------

**Portfolio of Investments**

Annual Financial Statements and Other Information December 31, 2025

December 31, 2025

Baillie Gifford International Growth Fund

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| **COMMON STOCKS — 98.1%** | **COMMON STOCKS — 98.1%** | **COMMON STOCKS — 98.1%** |
| AUSTRALIA — 2.0% | AUSTRALIA — 2.0% | AUSTRALIA — 2.0% |
| WiseTech Global Ltd. | 1469922 | $66829338 |
| BRAZIL — 5.7% | BRAZIL — 5.7% | BRAZIL — 5.7% |
| MercadoLibre, Inc. \* | 59283 | 119411376 |
| NU Holdings Ltd., Class A \* | 4273883 | 71544801 |
|  |  | 190956177 |
| CANADA — 3.8% | CANADA — 3.8% | CANADA — 3.8% |
| Kinaxis, Inc. \* | 342379 | 43174352 |
| Shopify, Inc., Class A \* | 513098 | 82593385 |
|  |  | 125767737 |
| CHINA — 8.6% | CHINA — 8.6% | CHINA — 8.6% |
| Akeso, Inc. \* | 1174000 | 17086312 |
| BYD Co., Ltd., Class H | 4871100 | 59528539 |
| Contemporary Amperex Technology Co., Ltd., Class A | 998000 | 52477376 |
| Ganfeng Lithium Group Co., Ltd., Class H | 2428600 | 16250834 |
| Meituan, Class B \* | 2589250 | 34313257 |
| PDD Holdings, Inc. ADR \* | 363694 | 41239263 |
| Tencent Holdings Ltd. | 732100 | 56183945 |
| Wuxi Biologics Cayman, Inc. \* | 2791500 | 11288307 |
|  |  | 288367833 |
| DENMARK — 6.3% | DENMARK — 6.3% | DENMARK — 6.3% |
| Ambu A/S, B Shares | 1719656 | 23696204 |
| DSV A/S | 420288 | 105852276 |
| Genmab A/S \* | 146893 | 45534492 |
| Novo Nordisk A/S, B Shares | 602716 | 30568839 |
| Zealand Pharma A/S \* | 100737 | 7318773 |
|  |  | 212970584 |
| FRANCE — 5.3% | FRANCE — 5.3% | FRANCE — 5.3% |
| Hermes International | 36339 | 90224310 |
| L'Oreal SA | 203229 | 87249458 |
| SOITEC \* | 83549 | 2257481 |
|  |  | 179731249 |

---

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

------

**Portfolio of Investments**

Annual Financial Statements and Other Information December 31, 2025

December 31, 2025

Baillie Gifford International Growth Fund

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| GERMANY — 0.6% | GERMANY — 0.6% | GERMANY — 0.6% |
| AIXTRON SE | 1067641 | $21435543 |
| HONG KONG — 3.2% | HONG KONG — 3.2% | HONG KONG — 3.2% |
| AIA Group Ltd. | 10289800 | 105913875 |
| INDIA — 1.2% | INDIA — 1.2% | INDIA — 1.2% |
| HDFC Bank Ltd. | 1155922 | 12769349 |
| MakeMyTrip Ltd. \* | 341994 | 28084547 |
|  |  | 40853896 |
| ISRAEL — 1.1% | ISRAEL — 1.1% | ISRAEL — 1.1% |
| Mobileye Global, Inc., Class A \* | 433855 | 4529446 |
| Wix.com Ltd. \* | 307900 | 31987731 |
|  |  | 36517177 |
| ITALY — 4.8% | ITALY — 4.8% | ITALY — 4.8% |
| Brunello Cucinelli SpA | 223138 | 25593407 |
| Ferrari NV | 224299 | 83352715 |
| Prysmian SpA | 352796 | 35193995 |
| Wizz Air Holdings PLC \* | 1029988 | 17651123 |
|  |  | 161791240 |
| JAPAN — 9.7% | JAPAN — 9.7% | JAPAN — 9.7% |
| Advantest Corp. | 978200 | 123691356 |
| Disco Corp. | 270100 | 82289280 |
| GMO Payment Gateway, Inc. | 307500 | 19071172 |
| Keyence Corp. | 194200 | 70246995 |
| SBI Holdings, Inc. | 1345200 | 28989074 |
|  |  | 324287877 |
| NETHERLANDS — 12.7% | NETHERLANDS — 12.7% | NETHERLANDS — 12.7% |
| Adyen NV \* | 88948 | 143435303 |
| Argenx SE \* | 82119 | 69270976 |
| ASML Holding NV | 156935 | 169100628 |
| EXOR NV | 535009 | 45445912 |
|  |  | 427252819 |
| NEW ZEALAND — 0.5% | NEW ZEALAND — 0.5% | NEW ZEALAND — 0.5% |
| Xero Ltd. \* | 226534 | 17160840 |

---

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

------

**Portfolio of Investments**

Annual Financial Statements and Other Information December 31, 2025

December 31, 2025

Baillie Gifford International Growth Fund

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| SINGAPORE — 3.0% | SINGAPORE — 3.0% | SINGAPORE — 3.0% |
| Sea Ltd. ADR \* | 799926 | $102046560 |
| SOUTH KOREA — 4.0% | SOUTH KOREA — 4.0% | SOUTH KOREA — 4.0% |
| Coupang, Inc. \* | 2558253 | 60349188 |
| Delivery Hero SE \* | 988538 | 26057838 |
| SK hynix, Inc. | 103192 | 46733405 |
|  |  | 133140431 |
| SWEDEN — 3.9% | SWEDEN — 3.9% | SWEDEN — 3.9% |
| Atlas Copco AB, A Shares | 6648951 | 118368471 |
| Kinnevik AB, B Shares \* | 1481535 | 13356775 |
|  |  | 131725246 |
| SWITZERLAND — 4.4% | SWITZERLAND — 4.4% | SWITZERLAND — 4.4% |
| Belimo Holding AG | 18486 | 18061997 |
| Galderma Group AG | 378743 | 77124521 |
| Temenos AG | 263535 | 26209047 |
| VAT Group AG | 52094 | 25010326 |
|  |  | 146405891 |
| TAIWAN — 7.3% | TAIWAN — 7.3% | TAIWAN — 7.3% |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 4992000 | 245393168 |
| UNITED KINGDOM — 4.0% | UNITED KINGDOM — 4.0% | UNITED KINGDOM — 4.0% |
| Games Workshop Group PLC | 125634 | 31961904 |
| Ocado Group PLC \* | 4963274 | 15701283 |
| RELX PLC | 1187301 | 47832579 |
| Wise PLC, Class A \* | 3262556 | 39085509 |
|  |  | 134581275 |
| UNITED STATES — 6.0% | UNITED STATES — 6.0% | UNITED STATES — 6.0% |
| Atlassian Corp., Class A \* | 155638 | 25235145 |
| Spotify Technology SA \* | 302271 | 175531793 |
|  |  | 200766938 |
| **Total Common Stocks** | **Total Common Stocks** | **Total Common Stocks** |
| (cost $2,001,211,937) |  | 3293895694 |

---

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

------

**Portfolio of Investments**

Annual Financial Statements and Other Information December 31, 2025

December 31, 2025

Baillie Gifford International Growth Fund

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| **PREFERRED STOCKS — 1.3%** | **PREFERRED STOCKS — 1.3%** | **PREFERRED STOCKS — 1.3%** |
| GERMANY — 1.3% | GERMANY — 1.3% | GERMANY — 1.3% |
| Sartorius AG 0.38% | 155047 | $44648039 |
| **Total Preferred Stocks** | **Total Preferred Stocks** | **Total Preferred Stocks** |
| (cost $30,260,320) |  | 44648039 |
| **TOTAL INVESTMENTS — 99.4%** | **TOTAL INVESTMENTS — 99.4%** | **TOTAL INVESTMENTS — 99.4%** |
| (cost $2,031,472,257) |  | $3338543733 |
| Other assets less liabilities — 0.6% |  | 19911204 |
| **NET ASSETS — 100.0%** |  | $3358454937 |

---

\* 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, 2025 in valuing the Fund's investments carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Investments in Securities | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks \*\* | $785727587 | $2508168107 | $— | $3293895694 |
| Preferred Stocks \*\* |  | 44648039 |  | 44648039 |
| **Total** | $785727587 | $2552816146 | $— | $3338543733 |

---

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

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

------

**Statement of Assets and Liabilities**

Annual Financial Statements and Other Information December 31, 2025

December 31, 2025

Baillie Gifford International Growth Fund

---

| | |
|:---|:---|
| **ASSETS** | **ASSETS** |
| Investments, at value (cost $2,031,472,257) | $3338543733 |
| Cash | 18638131 |
| Receivable for investments sold | 4724954 |
| Tax reclaims receivable | 1743031 |
| Dividends receivable | 910342 |
| Capital shares sold receivable | 52609 |
| Prepaid assets | 23707 |
| Total Assets | 3364636507 |
| **LIABILITIES** | **LIABILITIES** |
| Advisory fee payable | 2869083 |
| Deferred India capital gains tax liability (Note A) | 2041883 |
| Shareholder Servicing fee payable | 491681 |
| Administration & Supervisory fee payable | 169928 |
| Trustee fee payable | 48188 |
| Capital shares purchased payable | 40735 |
| Commitment fee payable | 10679 |
| Accrued expenses | 509393 |
| Total Liabilities | 6181570 |
| **NET ASSETS** | $3358454937 |
| **COMPOSITION OF NET ASSETS** | **COMPOSITION OF NET ASSETS** |
| Paid-in capital | $2052995028 |
| Total distributable earnings | 1305459909 |
|  | $3358454937 |
| **NET ASSET VALUE, PER SHARE** | **NET ASSET VALUE, PER SHARE** |
| **Class 2** ($491,653,248 / 35,220,715 shares outstanding), unlimited authorized, no par value | $13.96 |
| **Class 3** ($286,290,994 / 20,641,926 shares outstanding), unlimited authorized, no par value | $13.87 |
| **Class 4** ($692,244,740 / 49,494,345 shares outstanding), unlimited authorized, no par value | $13.99 |
| **Class 5** ($1,490,716,904 / 106,251,435 shares outstanding), unlimited authorized, no par value | $14.03 |
| **Class K** ($64,892,712 / 4,667,540 shares outstanding), unlimited authorized, no par value | $13.90 |
| **Institutional Class** ($332,656,339 / 24,009,783 shares outstanding), unlimited authorized, no par value | $13.86 |

---

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

------

**Statement of Operations**

Annual Financial Statements and Other Information December 31, 2025

For the Year Ended December 31, 2025

Baillie Gifford International Growth Fund

---

| | |
|:---|:---|
| **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| Dividends (net of foreign withholding taxes of $2,857,158) | $20239626 |
| Windfall tax recovery (Note A) | 628687 |
| Interest | 496196 |
| Total Investment Income | 21364509 |
| **EXPENSES** | **EXPENSES** |
| Advisory fee (Note B) | 10976100 |
| Shareholder Servicing fees — Class 2 shares (Note B) | 933202 |
| Shareholder Servicing fees — Class 3 shares (Note B) | 260556 |
| Shareholder Servicing fees — Class 4 shares (Note B) | 478075 |
| Shareholder Servicing fees — Class 5 shares (Note B) | 283951 |
| Administration & Supervisory fee — Class K shares (Note B) | 113240 |
| Administration & Supervisory fee — Institutional Class shares (Note B) | 516438 |
| Transfer agency | 70922 |
| Sub-transfer agency — Institutional Class shares | 252105 |
| Legal | 613548 |
| Fund accounting | 545530 |
| Custody | 357063 |
| Trustees' fees | 173432 |
| Professional fees | 113880 |
| Registration fees | 47210 |
| Commitment fees | 44683 |
| Miscellaneous | 100902 |
| Total Expenses | 15880837 |
| Net Investment Income | 5483672 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS <br>AND FOREIGN CURRENCY TRANSACTIONS** | **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS <br>AND FOREIGN CURRENCY TRANSACTIONS** |
| Net realized gain (loss) from: | Net realized gain (loss) from: |
| Investments (net of India capital gains tax expense of $726,099) | 154339757 |
| Foreign currency transactions | (243089) |
|  | 154096668 |
| Net change in unrealized appreciation on: | Net change in unrealized appreciation on: |
| Investments (net of change in deferred India capital gains tax liability of $1,049,466) (Note A) | 349798146 |
| Translation of net assets and liabilities denominated in foreign currencies | 221495 |
|  | 350019641 |
| Net realized and unrealized gain | 504116309 |
| **NET INCREASE IN NET ASSETS FROM OPERATIONS** | $509599981 |

---

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

------

**Statements of Changes in Net Assets**

Annual Financial Statements and Other Information December 31, 2025

Baillie Gifford International Growth Fund

---

| | | |
|:---|:---|:---|
| | For the<br>Year Ended<br>December 31,<br>2025 | For the<br>Year Ended<br>December 31,<br>2024 |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** |
| Net investment income | $5483672 | $12213097 |
| Net realized gain | 154096668 | 191838219 |
| Net change in unrealized appreciation | 350019641 | 33922260 |
| Net Increase in Net Assets from Operations | 509599981 | 237973576 |
| **DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:** | **DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:** | **DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:** |
| Distributable earnings | Distributable earnings | Distributable earnings |
| Class 2 | (25301681 | (27322725 |
| Class 3 | (15094460 | (26841401 |
| Class 4 | (36347708 | (43091869 |
| Class 5 | (78744431 | (89157706 |
| Class K | (3362279 | (4496563 |
| Institutional Class | (17223045 | (17234657 |
| Total Distributions to Shareholders | (176073604 | (208144921 |
| **TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST** | **TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST** | **TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST** |
| Net proceeds from shares subscribed: | Net proceeds from shares subscribed: | Net proceeds from shares subscribed: |
| Class 2 | 370439800 | 185508507 |
| Class 3 | 325315381 | 404465779 |
| Class 4 | 507689 |  |
| Class K | 11654195 | 9891649 |
| Institutional Class | 119131762 | 80697667 |
| Dividends reinvested: | Dividends reinvested: | Dividends reinvested: |
| Class 2 | 25300598 | 27319490 |
| Class 3 | 15094460 | 26841401 |
| Class 4 | 36347708 | 43091869 |
| Class 5 | 78744432 | 89157707 |
| Class K | 3362279 | 4496563 |
| Institutional Class | 16198382 | 16233212 |
| Cost of shares redeemed: | Cost of shares redeemed: | Cost of shares redeemed: |
| Class 2 | (413572261 | (561073272 |
| Class 3 | (416834884 | (265852507 |
| Class 4 | (30903416 |  |
| Class K | (21595106 | (18033260 |
| Institutional Class | (77248360 | (89422431 |
| Increase (Decrease) in Net Assets from Transactions in Shares of Beneficial Interest | 41942659 | (46677626 |
| Total Increase (Decrease) in Net Assets | 375469036 | (16848971 |
| **NET ASSETS** | **NET ASSETS** | **NET ASSETS** |
| Beginning of Year | 2982985901 | 2999834872 |
| End of Year | $3358454937 | $2982985901 |

---

\* See Note D for details of share class conversions.

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

------

**Financial Highlights**

Annual Financial Statements and Other Information December 31, 2025

Baillie Gifford International Growth Fund

Selected data for a Class 2 share outstanding throughout each year:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | For the<br>Year Ended<br>December 31,<br>2025 | For the<br>Year Ended<br>December 31,<br>2024 | For the<br>Year Ended<br>December 31,<br>2023 | For the<br>Year Ended<br>December 31,<br>2022 | For the<br>Year Ended<br>December 31,<br>2021 |
| Net asset value, beginning of year | $12.54 | $12.47 | $10.96 | $16.81 | $21.56 |
| **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** |
| Net investment income<sup>(a)</sup> | 0.03 | 0.05 | 0.04 | 0.08 | 0.15 |
| Net realized and unrealized gain (loss) on <br>investments and foreign currency | 2.15 | 0.94 | 1.52 | (5.87) | (2.20) |
| Net increase (decrease) in net asset value from <br>investment operations | 2.18 | 0.99 | 1.56 | (5.79) | (2.05) |
| **Dividends and Distributions to Shareholders** |  |  |  |  |  |
| From net investment income | (0.01) | (0.03) | (0.04) | (0.01) | (0.41) |
| From net realized gain on investments | (0.75) | (0.89) | (0.01) | (0.05) | (2.29) |
| Total dividends and distributions | (0.76) | (0.92) | (0.05) | (0.06) | (2.70) |
| Net asset value, end of year | $13.96 | $12.54 | $12.47 | $10.96 | $16.81 |
| **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** |
| Total return based on net asset value<sup>(b)</sup> | 17.28% | 7.86% | 14.31% | (34.43)% | (9.40)% |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of year (000's omitted) | $491653 | $401977 | $702932 | $598426 | $455384 |
| Ratio of net expenses to average net assets | 0.57% | 0.57% | 0.58% | 0.60% | 0.57% |
| Ratio of net investment income to average <br>net assets | 0.20% | 0.40% | 0.30% | 0.68% | 0.68% |
| Portfolio turnover rate<sup>(c)</sup> | 21% | 22% | 12% | 12% | 13% |

---

<sup>(a)</sup> Calculated based upon average shares outstanding during the period.

<sup>(b)</sup> 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.

<sup>(c)</sup> 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.

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

------

**Financial Highlights**

Annual Financial Statements and Other Information December 31, 2025

Baillie Gifford International Growth Fund

Selected data for a Class 3 share outstanding throughout each year:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | For the<br>Year Ended<br>December 31,<br>2025 | For the<br>Year Ended<br>December 31,<br>2024 | For the<br>Year Ended<br>December 31,<br>2023 | For the<br>Year Ended<br>December 31,<br>2022 | For the<br>Year Ended<br>December 31,<br>2021 |
| Net asset value, beginning of year | $12.56 | $12.51 | $10.99 | $16.85 | $21.63 |
| **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** |
| Net investment income (loss)<sup>(a)</sup> | (0.01) | 0.02 | 0.05 | 0.08 | 0.16 |
| Net realized and unrealized gain (loss) on <br>investments and foreign currency | 2.09 | 0.98 | 1.53 | (5.87) | (2.21) |
| Net increase (decrease) in net asset value from <br>investment operations | 2.08 | 1.00 | 1.58 | (5.79) | (2.05) |
| **Dividends and Distributions to Shareholders** |  |  |  |  |  |
| From net investment income | (0.02) | (0.06) | (0.05) | (0.02) | (0.44) |
| From net realized gain on investments | (0.75) | (0.89) | (0.01) | (0.05) | (2.29) |
| Total dividends and distributions | (0.77) | (0.95) | (0.06) | (0.07) | (2.73) |
| Net asset value, end of year | $13.87 | $12.56 | $12.51 | $10.99 | $16.85 |
| **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** |
| Total return based on net asset value<sup>(b)</sup> | 16.53% | 7.94% | 14.39% | (34.38)% | (9.34)% |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of year (000's omitted) | $286291 | $382281 | $242269 | $225485 | $503783 |
| Ratio of net expenses to average net assets | 0.50% | 0.50% | 0.51% | 0.53% | 0.50% |
| Ratio of net investment income (loss) to average <br>net assets | (0.08)% | 0.13% | 0.39% | 0.64% | 0.74% |
| Portfolio turnover rate<sup>(c)</sup> | 21% | 22% | 12% | 12% | 13% |

---

<sup>(a)</sup> Calculated based upon average shares outstanding during the period.

<sup>(b)</sup> 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.

<sup>(c)</sup> 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.

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

------

**Financial Highlights**

Annual Financial Statements and Other Information December 31, 2025

Baillie Gifford International Growth Fund

Selected data for a Class 4 share outstanding throughout each year:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | For the<br>Year Ended<br>December 31,<br>2025 | For the<br>Year Ended<br>December 31,<br>2024 | For the<br>Year Ended<br>December 31,<br>2023 | For the<br>Year Ended<br>December 31,<br>2022 | For the<br>Year Ended<br>December 31,<br>2021 |
| Net asset value, beginning of year | $12.57 | $12.51 | $10.99 | $16.86 | $21.65 |
| **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** |
| Net investment income<sup>(a)</sup> | 0.03 | 0.05 | 0.05 | 0.09 | 0.17 |
| Net realized and unrealized gain (loss) on <br>investments and foreign currency | 2.17 | 0.96 | 1.54 | (5.89) | (2.21) |
| Net increase (decrease) in net asset value from <br>investment operations | 2.20 | 1.01 | 1.59 | (5.80) | (2.04) |
| **Dividends and Distributions to Shareholders** |  |  |  |  |  |
| From net investment income | (0.03) | (0.06) | (0.06) | (0.02) | (0.46) |
| From net realized gain on investments | (0.75) | (0.89) | (0.01) | (0.05) | (2.29) |
| Total dividends and distributions | (0.78) | (0.95) | (0.07) | (0.07) | (2.75) |
| Net asset value, end of year | $13.99 | $12.57 | $12.51 | $10.99 | $16.86 |
| **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** |
| Total return based on net asset value<sup>(b)</sup> | 17.39% | 7.97% | 14.42% | (34.36)% | (9.31)% |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of year (000's omitted) | $692245 | $615754 | $570283 | $491265 | $860635 |
| Ratio of net expenses to average net assets | 0.47% | 0.47% | 0.48% | 0.50% | 0.47% |
| Ratio of net investment income to average <br>net assets | 0.18% | 0.41% | 0.41% | 0.72% | 0.78% |
| Portfolio turnover rate<sup>(c)</sup> | 21% | 22% | 12% | 12% | 13% |

---

<sup>(a)</sup> Calculated based upon average shares outstanding during the period.

<sup>(b)</sup> 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.

<sup>(c)</sup> 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.

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

------

**Financial Highlights**

Annual Financial Statements and Other Information December 31, 2025

Baillie Gifford International Growth Fund

Selected data for a Class 5 share outstanding throughout each year:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | For the<br>Year Ended<br>December 31,<br>2025 | For the<br>Year Ended<br>December 31,<br>2024 | For the<br>Year Ended<br>December 31,<br>2023 | For the<br>Year Ended<br>December 31,<br>2022 | For the<br>Year Ended<br>December 31,<br>2021 |
| Net asset value, beginning of year | $12.61 | $12.55 | $11.02 | $16.91 | $21.70 |
| **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** |
| Net investment income<sup>(a)</sup> | 0.03 | 0.06 | 0.06 | 0.09 | 0.18 |
| Net realized and unrealized gain (loss) on <br>investments and foreign currency | 2.17 | 0.95 | 1.54 | (5.90) | (2.21) |
| Net increase (decrease) in net asset value from <br>investment operations | 2.20 | 1.01 | 1.60 | (5.81) | (2.03) |
| **Dividends and Distributions to Shareholders** |  |  |  |  |  |
| From net investment income | (0.03) | (0.06) | (0.06) | (0.03) | (0.47) |
| From net realized gain on investments | (0.75) | (0.89) | (0.01) | (0.05) | (2.29) |
| Total dividends and distributions | (0.78) | (0.95) | (0.07) | (0.08) | (2.76) |
| Net asset value, end of year | $14.03 | $12.61 | $12.55 | $11.02 | $16.91 |
| **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** |
| Total return based on net asset value<sup>(b)</sup> | 17.45% | 8.03% | 14.48% | (34.33)% | (9.27)% |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of year (000's omitted) | $1490717 | $1269244 | $1174929 | $1026319 | $1562791 |
| Ratio of net expenses to average net assets | 0.42% | 0.42% | 0.43% | 0.45% | 0.42% |
| Ratio of net investment income to average <br>net assets | 0.23% | 0.46% | 0.46% | 0.79% | 0.82% |
| Portfolio turnover rate<sup>(c)</sup> | 21% | 22% | 12% | 12% | 13% |

---

<sup>(a)</sup> Calculated based upon average shares outstanding during the period.

<sup>(b)</sup> 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.

<sup>(c)</sup> 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.

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

------

**Financial Highlights**

Annual Financial Statements and Other Information December 31, 2025

Baillie Gifford International Growth Fund

Selected data for a Class K share outstanding throughout each year:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | For the<br>Year Ended<br>December 31,<br>2025 | For the<br>Year Ended<br>December 31,<br>2024 | For the<br>Year Ended<br>December 31,<br>2023 | For the<br>Year Ended<br>December 31,<br>2022 | For the<br>Year Ended<br>December 31,<br>2021 |
| Net asset value, beginning of year | $12.50 | $12.45 | $10.93 | $16.77 | $21.54 |
| **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** |
| Net investment income<sup>(a)</sup> | 0.01 | 0.04 | 0.04 | 0.08 | 0.15 |
| Net realized and unrealized gain (loss) on <br>investments and foreign currency | 2.15 | 0.94 | 1.53 | (5.86) | (2.20) |
| Net increase (decrease) in net asset value from <br>investment operations | 2.16 | 0.98 | 1.57 | (5.78) | (2.05) |
| **Dividends and Distributions to Shareholders** |  |  |  |  |  |
| From net investment income | (0.01) | (0.04) | (0.04) | (0.01) | (0.43) |
| From net realized gain on investments | (0.75) | (0.89) | (0.01) | (0.05) | (2.29) |
| Total dividends and distributions | (0.76) | (0.93) | (0.05) | (0.06) | (2.72) |
| Net asset value, end of year | $13.90 | $12.50 | $12.45 | $10.93 | $16.77 |
| **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** |
| Total return based on net asset value<sup>(b)</sup> | 17.24% | 7.84% | 14.36% | (34.43)% | (9.43)% |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of year (000's omitted) | $64893 | $64776 | $67516 | $57075 | $82820 |
| Ratio of net expenses to average net assets | 0.57% | 0.57% | 0.58% | 0.60% | 0.57% |
| Ratio of net investment income to average <br>net assets | 0.09% | 0.33% | 0.31% | 0.66% | 0.69% |
| Portfolio turnover rate<sup>(c)</sup> | 21% | 22% | 12% | 12% | 13% |

---

<sup>(a)</sup> Calculated based upon average shares outstanding during the period.

<sup>(b)</sup> 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.

<sup>(c)</sup> 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.

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

------

**Financial Highlights**

Annual Financial Statements and Other Information December 31, 2025

Baillie Gifford International Growth Fund

Selected data for an Institutional Class share outstanding throughout each year:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | For the<br>Year Ended<br>December 31,<br>2025 | For the<br>Year Ended<br>December 31,<br>2024 | For the<br>Year Ended<br>December 31,<br>2023 | For the<br>Year Ended<br>December 31,<br>2022 | For the<br>Year Ended<br>December 31,<br>2021 |
| Net asset value, beginning of year | $12.46 | $12.41 | $10.90 | $16.72 | $21.48 |
| **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** |
| Net investment income (loss)<sup>(a)</sup> | 0.00<br> <sup>(b)</sup> | 0.03 | 0.02 | 0.07 | 0.12 |
| Net realized and unrealized gain (loss) on <br>investments and foreign currency | 2.15 | 0.94 | 1.53 | (5.84) | (2.18) |
| Net increase (decrease) in net asset value from <br>investment operations | 2.15 | 0.97 | 1.55 | (5.77) | (2.06) |
| **Dividends and Distributions to Shareholders** |  |  |  |  |  |
| From net investment income | 0.00<br> <sup>(b)</sup> | (0.03) | (0.03) |  | (0.41) |
| From net realized gain on investments | (0.75) | (0.89) | (0.01) | (0.05) | (2.29) |
| Total dividends and distributions | (0.75) | (0.92) | (0.04) | (0.05) | (2.70) |
| Net asset value, end of year | $13.86 | $12.46 | $12.41 | $10.90 | $16.72 |
| **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** |
| Total return based on net asset value<sup>(c)</sup> | 17.23% | 7.80% | 14.20% | (34.49)% | (9.49)% |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of year (000's omitted) | $332656 | $248954 | $241906 | $196648 | $321882 |
| Ratio of net expenses to average net assets | 0.65% | 0.65% | 0.66% | 0.68% | 0.65% |
| Ratio of net investment income (loss) to average <br>net assets | (0.01)% | 0.24% | 0.19% | 0.60% | 0.55% |
| Portfolio turnover rate<sup>(d)</sup> | 21% | 22% | 12% | 12% | 13% |

---

<sup>(a)</sup> Calculated based upon average shares outstanding during the period.

<sup>(b)</sup> Amount is less than $0.005 per share.

<sup>(c)</sup> 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.

<sup>(d)</sup> 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.

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

------

**Industry Diversification Table**

Annual Financial Statements and Other Information December 31, 2025

December 31, 2025

Baillie Gifford Long Term Global Growth Fund

---

| | | |
|:---|:---|:---|
| | Value | % of Total<br>Net Assets |
| Advertising | $12993860 | 1.3% |
| Aerospace/Defense | 32893882 | 3.2 |
| Apparel | 25690056 | 2.5 |
| Auto Manufacturers | 14114587 | 1.4 |
| Auto Parts & Equipment | 19689877 | 1.9 |
| Banks | 34196238 | 3.3 |
| Beverages | 15603788 | 1.5 |
| Biotechnology | 18691932 | 1.8 |
| Commercial Services | 28545799 | 2.8 |
| Computers | 10755646 | 1.0 |
| Cosmetics/Personal Care | 10472913 | 1.0 |
| Healthcare — Products | 27749374 | 2.7 |
| Internet | 425269989 | 41.3 |
| Machinery — Diversified | 14376628 | 1.4 |
| Miscellaneous Manufacturing | 16224624 | 1.6 |
| Pharmaceuticals | 16970875 | 1.7 |
| Retail | 30631674 | 3.0 |
| Semiconductors | 140159642 | 13.6 |
| Software | 112366671 | 10.9 |
| **Total Value of Investments** | 1007398055 | 97.9 |
| Other assets less liabilities | 21400665 | 2.1 |
| **Net Assets** | $1028798720 | 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

------

**Portfolio of Investments**

Annual Financial Statements and Other Information December 31, 2025

December 31, 2025

Baillie Gifford Long Term Global Growth Fund

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| **COMMON STOCKS — 97.9%** | **COMMON STOCKS — 97.9%** | **COMMON STOCKS — 97.9%** |
| BRAZIL — 6.2% | BRAZIL — 6.2% | BRAZIL — 6.2% |
| MercadoLibre, Inc. \* | 14841 | $29893633 |
| NU Holdings Ltd., Class A \* | 2042786 | 34196237 |
|  |  | 64089870 |
| CANADA — 2.7% | CANADA — 2.7% | CANADA — 2.7% |
| Shopify, Inc., Class A \* | 174832 | 28142707 |
| CHINA — 13.5% | CHINA — 13.5% | CHINA — 13.5% |
| Contemporary Amperex Technology Co., Ltd., Class A | 373860 | 19689877 |
| Horizon Robotics \* | 9636600 | 10755646 |
| Kweichow Moutai Co., Ltd., Class A | 79000 | 15603788 |
| Meituan, Class B \* | 1716690 | 22749918 |
| PDD Holdings, Inc. ADR \* | 269182 | 30522547 |
| Tencent Holdings Ltd. | 513900 | 39438505 |
|  |  | 138760281 |
| FRANCE — 2.5% | FRANCE — 2.5% | FRANCE — 2.5% |
| Hermes International | 10347 | 25690056 |
| INDIA — 1.5% | INDIA — 1.5% | INDIA — 1.5% |
| Titan Co., Ltd. | 339562 | 15328982 |
| ITALY — 1.5% | ITALY — 1.5% | ITALY — 1.5% |
| Moncler SpA | 239403 | 15302692 |
| NETHERLANDS — 6.9% | NETHERLANDS — 6.9% | NETHERLANDS — 6.9% |
| Adyen NV \* | 17702 | 28545799 |
| ASML Holding NV | 39569 | 42636396 |
|  |  | 71182195 |
| SINGAPORE — 3.0% | SINGAPORE — 3.0% | SINGAPORE — 3.0% |
| Sea Ltd. ADR \* | 243573 | 31072607 |
| SOUTH KOREA — 2.8% | SOUTH KOREA — 2.8% | SOUTH KOREA — 2.8% |
| Coupang, Inc. \* | 1205498 | 28437698 |

---

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

------

**Portfolio of Investments**

Annual Financial Statements and Other Information December 31, 2025

December 31, 2025

Baillie Gifford Long Term Global Growth Fund

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| TAIWAN — 3.5% | TAIWAN — 3.5% | TAIWAN — 3.5% |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 723000 | $35540717 |
| UNITED STATES — 53.8% | UNITED STATES — 53.8% | UNITED STATES — 53.8% |
| Amazon.com, Inc. \* | 278975 | 64393010 |
| AppLovin Corp., Class A \* | 80592 | 54304501 |
| Atlassian Corp., Class A \* | 115076 | 18658423 |
| Axon Enterprise, Inc. \* | 28568 | 16224624 |
| BeOne Medicines Ltd., Class H \* | 812118 | 18691932 |
| Cloudflare, Inc., Class A \* | 200694 | 39566822 |
| Dexcom, Inc. \* | 255701 | 16970875 |
| Duolingo, Inc. \* | 51265 | 8997008 |
| elf Beauty, Inc. \* | 137729 | 10472913 |
| Intuitive Surgical, Inc. \* | 48996 | 27749375 |
| Joby Aviation, Inc. \* | 722826 | 9541303 |
| Netflix, Inc. \* | 395944 | 37123709 |
| NVIDIA Corp. | 332346 | 61982529 |
| Reddit, Inc., Class A \* | 114040 | 26214375 |
| Rivian Automotive, Inc., Class A \* | 716113 | 14114587 |
| ROBLOX Corp., Class A \* | 278639 | 22578118 |
| Rocket Lab Corp. \* | 334756 | 23352579 |
| Samsara, Inc., Class A \* | 636567 | 22566300 |
| Spotify Technology SA \* | 56787 | 32976779 |
| Symbotic, Inc. \* | 241624 | 14376628 |
| Trade Desk, Inc. (The), Class A \* | 342304 | 12993860 |
|  |  | 553850250 |
| **TOTAL INVESTMENTS — 97.9%** | **TOTAL INVESTMENTS — 97.9%** | **TOTAL INVESTMENTS — 97.9%** |
| (cost $550,464,781) |  | $1007398055 |
| Other assets less liabilities — 2.1% |  | 21400665 |
| **NET ASSETS — 100.0%** |  | $1028798720 |

---

\* Non-income producing security.

ADR — American Depositary Receipt

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

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

------

**Portfolio of Investments**

Annual Financial Statements and Other Information December 31, 2025

December 31, 2025

Baillie Gifford Long Term Global Growth Fund

**Fair Value Measurement**

The following is a summary of the inputs used as of December 31, 2025 in valuing the Fund's investments carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Investments in Securities | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks \*\* | $717423747 | $289974308 | $— | $1007398055 |
| **Total** | $717423747 | $289974308 | $— | $1007398055 |

---

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

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

------

**Statement of Assets and Liabilities**

Annual Financial Statements and Other Information December 31, 2025

December 31, 2025

Baillie Gifford Long Term Global Growth Fund

---

| | |
|:---|:---|
| **ASSETS** | **ASSETS** |
| Investments, at value (cost $550,464,781) | $1007398055 |
| Cash | 23509878 |
| Capital shares sold receivable | 108000 |
| Dividends receivable | 90935 |
| Tax reclaims receivable | 46488 |
| Prepaid assets | 27147 |
| Total Assets | 1031180503 |
| **LIABILITIES** | **LIABILITIES** |
| Advisory fee payable | 1202735 |
| Administration & Supervisory fee payable | 396216 |
| Shareholder Servicing fee payable | 44580 |
| Deferred India capital gains tax liability (Note A) | 353674 |
| Capital shares purchased payable | 129388 |
| Trustee fee payable | 14965 |
| Commitment fee payable | 3316 |
| Accrued expenses | 236909 |
| Total Liabilities | 2381783 |
| **NET ASSETS** | $1028798720 |
| **COMPOSITION OF NET ASSETS** | **COMPOSITION OF NET ASSETS** |
| Paid-in capital | $716320207 |
| Total distributable earnings | 312478513 |
|  | $1028798720 |
| **NET ASSET VALUE, PER SHARE** | **NET ASSET VALUE, PER SHARE** |
| **Class 2** ($39,027,876 / 1,009,478 shares outstanding), unlimited authorized, no par value | $38.66 |
| **Class 3** ($85,758,386 / 2,021,569 shares outstanding), unlimited authorized, no par value | $42.42 |
| **Class K** ($587,590,612 / 15,190,584 shares outstanding), unlimited authorized, no par value | $38.68 |
| **Institutional Class** ($316,421,846 / 8,240,193 shares outstanding), unlimited authorized, no par value | $38.40 |

---

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

------

**Statement of Operations**

Annual Financial Statements and Other Information December 31, 2025

For the Year Ended December 31, 2025

Baillie Gifford Long Term Global Growth Fund

---

| | |
|:---|:---|
| **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| Dividends (net of foreign withholding taxes of $334,750) | $2233180 |
| Windfall tax recovery (Note A) | 16562 |
| Interest | 299828 |
| Total Investment Income | 2549570 |
| **EXPENSES** | **EXPENSES** |
| Advisory fee (Note B) | 4432958 |
| Shareholder Servicing fees — Class 2 shares (Note B) | 183338 |
| Shareholder Servicing fees — Class 3 shares (Note B) | 19387 |
| Administration & Supervisory fee — Class K shares (Note B) | 794641 |
| Administration & Supervisory fee — Institutional Class shares (Note B) | 663737 |
| Transfer agency | 69025 |
| Sub-transfer agency — Institutional Class shares | 383287 |
| Fund accounting | 182491 |
| Legal | 177239 |
| Custody | 90729 |
| Professional fees | 69420 |
| Trustees' fees | 52473 |
| Registration fees | 42996 |
| Commitment fees | 13460 |
| Miscellaneous | 35633 |
| Total Expenses | 7210814 |
| Net Investment (Loss) | (4661244) |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS <br>AND FOREIGN CURRENCY TRANSACTIONS** | **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS <br>AND FOREIGN CURRENCY TRANSACTIONS** |
| Net realized gain (loss) from: | Net realized gain (loss) from: |
| Investments (net of India capital gains tax expense of $4,068) | 28472773 |
| In-Kind Investments | 17636507 |
| Foreign currency transactions | (56244) |
|  | 46053036 |
| Net change in unrealized appreciation on: | Net change in unrealized appreciation on: |
| Investments (net of change in deferred India capital gains tax liability of $353,674) (Note A) | 111816796 |
| Translation of net assets and liabilities denominated in foreign currencies | 7665 |
|  | 111824461 |
| Net realized and unrealized gain | 157877497 |
| **NET INCREASE IN NET ASSETS FROM OPERATIONS** | $153216253 |

---

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

------

**Statements of Changes in Net Assets**

Annual Financial Statements and Other Information December 31, 2025

Baillie Gifford Long Term Global Growth Fund

---

| | | |
|:---|:---|:---|
| | For the<br>Year Ended<br>December 31,<br>2025 | For the<br>Year Ended<br>December 31,<br>2024 |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** |
| Net investment (loss) | $(4661244 | $(3209234) |
| Net realized gain | 46053036 | 51972650 |
| Net change in unrealized appreciation | 111824461 | 120547464 |
| Net Increase in Net Assets from Operations | 153216253 | 169310880 |
| **TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST** | **TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST** | **TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST** |
| Net proceeds from shares subscribed: | Net proceeds from shares subscribed: | Net proceeds from shares subscribed: |
| Class 2 | 1500 | 17006000 |
| Class 3 | 99665878 |  |
| Class K | 179838160 | 143818003 |
| Institutional Class | 94543071 | 92212800 |
| Cost of shares redeemed: | Cost of shares redeemed: | Cost of shares redeemed: |
| Class 2 | (100314686 | (5400000) |
| Class 3 | (10000000 |  |
| Class K | (194396073 | (26437983) |
| Institutional Class | (163820785 | (72030902) |
| Increase (Decrease) in Net Assets from Transactions in Shares of Beneficial Interest | (94482935 | 149167918 |
| Total Increase in Net Assets | 58733318 | 318478798 |
| **NET ASSETS** | **NET ASSETS** | **NET ASSETS** |
| Beginning of Year | 970065402 | 651586604 |
| End of Year | $1028798720 | $970065402 |

---

\* See Note D for details of share class conversions and in-kind transfers.

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

------

**Financial Highlights**

Annual Financial Statements and Other Information December 31, 2025

Baillie Gifford Long Term Global Growth Fund

Selected data for a Class 2 share outstanding throughout each year:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | For the<br>Year Ended<br>December 31,<br>2025 | For the<br>Year Ended<br>December 31,<br>2024 | For the<br>Year Ended<br>December 31,<br>2023 | For the<br>Year Ended<br>December 31,<br>2022 | For the<br>Year Ended<br>December 31,<br>2021 |
| Net asset value, beginning of year | $33.22 | $26.57 | $19.45 | $37.47 | $38.45 |
| **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** |
| Net investment (loss)<sup>(a)</sup> | (0.15) | (0.11) | (0.07) | (0.08) | (0.25) |
| Net realized and unrealized gain (loss) on <br>investments and foreign currency | 5.59 | 6.76 | 7.19 | (17.19) | 1.20 |
| Net increase (decrease) in net asset value from <br>investment operations | 5.44 | 6.65 | 7.12 | (17.27) | 0.95 |
| **Dividends and Distributions to Shareholders** |  |  |  |  |  |
| From net realized gain on investments |  |  |  | (0.75) | (1.93) |
| Total dividends and distributions |  |  |  | (0.75) | (1.93) |
| Net asset value, end of year | $38.66 | $33.22 | $26.57 | $19.45 | $37.47 |
| **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** |
| Total return based on net asset value<sup>(b)</sup> | 16.38% | 25.01% | 36.60% | (46.04)% | 2.50% |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of year (000's omitted) | $39028 | $115559 | $81054 | $60624 | $121252 |
| Ratio of net expenses to average net assets | 0.69% | 0.70% | 0.71% | 0.73% | 0.70% |
| Ratio of net investment loss to average <br>net assets | (0.42)% | (0.38)% | (0.29)% | (0.33)% | (0.60)% |
| Portfolio turnover rate<sup>(c)</sup> | 22% | 27% | 17% | 28% | 16% |

---

<sup>(a)</sup> Calculated based upon average shares outstanding during the period.

<sup>(b)</sup> 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.

<sup>(c)</sup> Portfolio turnover rate calculated at Fund level.

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

------

**Financial Highlights**

Annual Financial Statements and Other Information December 31, 2025

Baillie Gifford Long Term Global Growth Fund

Selected data for a Class 3 share outstanding throughout each year:

---

| | |
|:---|:---|
| | For the Period<br>October 14, 2025<sup>(a)</sup>through<br>December 31, 2025 |
| Net asset value, beginning of period | $44.22 |
| **From Investment Operations** | **From Investment Operations** |
| Net investment (loss)<sup>(b)</sup> | (0.19 |
| Net realized and unrealized (loss) on investments and foreign currency | (1.61 |
| Net (decrease) in net asset value from investment operations | (1.80 |
| **Dividends and Distributions to Shareholders** | **Dividends and Distributions to Shareholders** |
| From net realized gain on investments |  |
| Total dividends and distributions |  |
| Net asset value, end of period | $42.42 |
| **Total Return** | **Total Return** |
| Total return based on net asset value<sup>(d)</sup> | (4.07 |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (000's omitted) | $85758 |
| Ratio of net expenses to average net assets | 0.65 |
| Ratio of net investment loss to average net assets | (0.44 |
| Portfolio turnover rate<sup>(e)</sup> | 22 |

---

\* Annualized

<sup>(a)</sup> Commencement of investment operations.

<sup>(b)</sup> Calculated based upon average shares outstanding during the period.

<sup>(c)</sup> Because of the timing of subscriptions and redemptions in relation to fluctuating markets at value, the amount shown may not agree with the change in aggregate gains and losses.

<sup>(d)</sup> 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.

<sup>(e)</sup> Portfolio turnover rate calculated at Fund level. Portfolio turnover is not annualized for periods less than one year.

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

------

**Financial Highlights**

Annual Financial Statements and Other Information December 31, 2025

Baillie Gifford Long Term Global Growth Fund

Selected data for a Class K share outstanding throughout each year:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | For the<br>Year Ended<br>December 31,<br>2025 | For the<br>Year Ended<br>December 31,<br>2024 | For the<br>Year Ended<br>December 31,<br>2023 | For the<br>Year Ended<br>December 31,<br>2022 | For the<br>Year Ended<br>December 31,<br>2021 |
| Net asset value, beginning of year | $33.24 | $26.59 | $19.46 | $37.48 | $38.47 |
| **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** |
| Net investment (loss)<sup>(a)</sup> | (0.16) | (0.12) | (0.07) | (0.08) | (0.25) |
| Net realized and unrealized gain (loss) on <br>investments and foreign currency | 5.60 | 6.77 | 7.20 | (17.19) | 1.19 |
| Net increase (decrease) in net asset value from <br>investment operations | 5.44 | 6.65 | 7.13 | (17.27) | 0.94 |
| **Dividends and Distributions to Shareholders** |  |  |  |  |  |
| From net realized gain on investments |  |  |  | (0.75) | (1.93) |
| Total dividends and distributions |  |  |  | (0.75) | (1.93) |
| Net asset value, end of year | $38.68 | $33.24 | $26.59 | $19.46 | $37.48 |
| **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** |
| Total return based on net asset value<sup>(b)</sup> | 16.40% | 24.97% | 36.64% | (46.04)% | 2.48% |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of year (000's omitted) | $587591 | $524413 | $320106 | $240856 | $432975 |
| Ratio of net expenses to average net assets | 0.70% | 0.70% | 0.71% | 0.73% | 0.70% |
| Ratio of net investment loss to average <br>net assets | (0.43)% | (0.38)% | (0.29)% | (0.34)% | (0.61)% |
| Portfolio turnover rate<sup>(c)</sup> | 22% | 27% | 17% | 28% | 16% |

---

<sup>(a)</sup> Calculated based upon average shares outstanding during the period.

<sup>(b)</sup> 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.

<sup>(c)</sup> 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.

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

------

**Financial Highlights**

Annual Financial Statements and Other Information December 31, 2025

Baillie Gifford Long Term Global Growth Fund

Selected data for an Institutional Class share outstanding throughout each year:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | For the<br>Year Ended<br>December 31,<br>2025 | For the<br>Year Ended<br>December 31,<br>2024 | For the<br>Year Ended<br>December 31,<br>2023 | For the<br>Year Ended<br>December 31,<br>2022 | For the<br>Year Ended<br>December 31,<br>2021 |
| Net asset value, beginning of year | $33.03 | $26.44 | $19.38 | $37.36 | $38.38 |
| **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** |
| Net investment (loss)<sup>(a)</sup> | (0.20) | (0.14) | (0.09) | (0.10) | (0.29) |
| Net realized and unrealized gain (loss) on <br>investments and foreign currency | 5.57 | 6.73 | 7.15 | (17.13) | 1.20 |
| Net increase (decrease) in net asset value from <br>investment operations | 5.37 | 6.59 | 7.06 | (17.23) | 0.91 |
| **Dividends and Distributions to Shareholders** |  |  |  |  |  |
| From net realized gain on investments |  |  |  | (0.75) | (1.93) |
| Total dividends and distributions |  |  |  | (0.75) | (1.93) |
| Net asset value, end of year | $38.40 | $33.03 | $26.44 | $19.38 | $37.36 |
| **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** |
| Total return based on net asset value<sup>(b)</sup> | 16.26% | 24.92% | 36.43% | (46.08)% | 2.40% |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of year (000's omitted) | $316422 | $330093 | $250427 | $176109 | $525321 |
| Ratio of net expenses to average net assets | 0.79% | 0.80% | 0.81% | 0.84% | 0.80% |
| Ratio of net investment loss to average <br>net assets | (0.54)% | (0.48)% | (0.39)% | (0.42)% | (0.71)% |
| Portfolio turnover rate<sup>(c)</sup> | 22% | 27% | 17% | 28% | 16% |

---

<sup>(a)</sup> Calculated based upon average shares outstanding during the period.

<sup>(b)</sup> 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.

<sup>(c)</sup> Portfolio turnover rate calculated at Fund level.

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

------

**Industry Diversification Table**

Annual Financial Statements and Other Information December 31, 2025

December 31, 2025

Baillie Gifford U.S. Equity Growth Fund

---

| | | |
|:---|:---|:---|
| | Value | % of Total<br>Net Assets |
| Auto Manufacturers | $655461 | 3.6% |
| Auto Parts & Equipment | 146081 | 0.8 |
| Biotechnology | 893207 | 4.9 |
| Building Materials | 165674 | 0.9 |
| Commercial Services | 554583 | 3.0 |
| Computers | 55891 | 0.3 |
| Cosmetics/Personal Care | 139786 | 0.8 |
| Distribution/Wholesale | 245974 | 1.4 |
| Diversified Financial Services | 87494 | 0.5 |
| Entertainment | 293220 | 1.6 |
| Healthcare — Products | 1582931 | 8.6 |
| Healthcare — Services | 379059 | 2.1 |
| Home Furnishings | 255020 | 1.4 |
| Insurance | 240446 | 1.3 |
| Internet | 6706281 | 36.6 |
| Leisure Time | 189666 | 1.0 |
| Real Estate | 546930 | 3.0 |
| REITS | 98140 | 0.5 |
| Retail | 82837 | 0.5 |
| Semiconductors | 1253280 | 6.8 |
| Software | 3306578 | 18.0 |
| **Total Value of Investments** | 17878539 | 97.6 |
| Other assets less liabilities | 448807 | 2.4 |
| **Net Assets** | $18327346 | 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

------

**Portfolio of Investments**

Annual Financial Statements and Other Information December 31, 2025

December 31, 2025

Baillie Gifford U.S. Equity Growth Fund

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| **COMMON STOCKS — 97.6%** | **COMMON STOCKS — 97.6%** | **COMMON STOCKS — 97.6%** |
| CANADA — 5.4% | CANADA — 5.4% | CANADA — 5.4% |
| Shopify, Inc., Class A \* | 6117 | $984654 |
| ISRAEL — 0.8% | ISRAEL — 0.8% | ISRAEL — 0.8% |
| Oddity Tech Ltd., Class A \* | 3479 | 139786 |
| UNITED STATES — 91.4% | UNITED STATES — 91.4% | UNITED STATES — 91.4% |
| Affirm Holdings, Inc. \* | 4657 | 346621 |
| Alnylam Pharmaceuticals, Inc. \* | 1098 | 436620 |
| Alphabet, Inc., Class A | 1162 | 363706 |
| Amazon.com, Inc. \* | 6098 | 1407540 |
| AppLovin Corp., Class A \* | 536 | 361168 |
| Aurora Innovation, Inc. \* | 38042 | 146081 |
| Block, Inc. \* | 3195 | 207963 |
| Circle Internet Group, Inc. \* | 225 | 17843 |
| Cloudflare, Inc., Class A \* | 4273 | 842422 |
| Coinbase Global, Inc., Class A \* | 308 | 69651 |
| CoStar Group, Inc. \* | 8134 | 546930 |
| Datadog, Inc., Class A \* | 2576 | 350310 |
| Denali Therapeutics, Inc. \* | 5783 | 95477 |
| DoorDash, Inc., Class A \* | 4286 | 970693 |
| Doximity, Inc., Class A \* | 3711 | 164323 |
| DraftKings, Inc., Class A \* | 8509 | 293220 |
| Duolingo, Inc. \* | 1692 | 296946 |
| Ensign Group, Inc. (The) | 2176 | 379059 |
| Figma, Inc., Class A \* | 4891 | 182777 |
| Globant SA \* | 855 | 55891 |
| Guardant Health, Inc. \* | 5075 | 518361 |
| Insulet Corp. \* | 923 | 262354 |
| Knife River Corp. \* | 2355 | 165674 |
| Lemonade, Inc. \* | 3378 | 240446 |
| Lineage, Inc. | 2804 | 98140 |
| Medline, Inc., Class A \* | 5814 | 244188 |
| Meta Platforms, Inc., Class A | 1833 | 1209945 |
| Moderna, Inc. \* | 5150 | 151874 |
| Netflix, Inc. \* | 10113 | 948195 |
| NVIDIA Corp. | 6720 | 1253280 |
| Penumbra, Inc. \* | 977 | 303759 |

---

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

------

**Portfolio of Investments**

Annual Financial Statements and Other Information December 31, 2025

December 31, 2025

Baillie Gifford U.S. Equity Growth Fund

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Recursion Pharmaceuticals, Inc., Class A \* | 6841 | $27980 |
| Rivian Automotive, Inc., Class A \* | 5259 | 103655 |
| ROBLOX Corp., Class A \* | 4983 | 403772 |
| Samsara, Inc., Class A \* | 9914 | 351451 |
| SharkNinja, Inc. \* | 2279 | 255020 |
| Snowflake, Inc., Class A \* | 1642 | 360189 |
| Sweetgreen, Inc., Class A \* | 12254 | 82837 |
| Tempus AI, Inc. \* | 4306 | 254269 |
| Tesla, Inc. \* | 1227 | 551806 |
| United Therapeutics Corp. \* | 372 | 181257 |
| Watsco, Inc. | 730 | 245973 |
| Wayfair, Inc., Class A \* | 4585 | 460380 |
| Workday, Inc., Class A \* | 1650 | 354387 |
| YETI Holdings, Inc. \* | 4294 | 189666 |
|  |  | 16754099 |
| **TOTAL INVESTMENTS — 97.6%** | **TOTAL INVESTMENTS — 97.6%** | **TOTAL INVESTMENTS — 97.6%** |
| (cost $9,832,315) |  | $17878539 |
| Other assets less liabilities — 2.4% |  | 448807 |
| **NET ASSETS — 100.0%** |  | $18327346 |

---

\* Non-income producing security.

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

**Fair Value Measurement**

The following is a summary of the inputs used as of December 31, 2025 in valuing the Fund's investments carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Investments in Securities | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks \*\* | $17878539 | $— | $— | $17878539 |
| **Total** | $17878539 | $— | $— | $17878539 |

---

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

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

------

**Statement of Assets and Liabilities**

Annual Financial Statements and Other Information December 31, 2025

December 31, 2025

Baillie Gifford U.S. Equity Growth Fund

---

| | |
|:---|:---|
| **ASSETS** | **ASSETS** |
| Investments, at value (cost $9,832,315) | $17878539 |
| Cash | 467065 |
| Due from Manager | 66422 |
| Dividends receivable | 1621 |
| Prepaid assets | 19362 |
| Total Assets | 18433009 |
| **LIABILITIES** | **LIABILITIES** |
| Advisory fee payable | 16412 |
| Administration & Supervisory fee payable | 8454 |
| Trustee fee payable | 276 |
| Commitment fee payable | 61 |
| Accrued expenses | 80460 |
| Total Liabilities | 105663 |
| **NET ASSETS** | $18327346 |
| **COMPOSITION OF NET ASSETS** | **COMPOSITION OF NET ASSETS** |
| Paid-in capital | $25552671 |
| Total accumulated (loss) | (7225325) |
|  | $18327346 |
| **NET ASSET VALUE, PER SHARE** | **NET ASSET VALUE, PER SHARE** |
| **Class K** ($8,532,910 / 290,627 shares outstanding), unlimited authorized, no par value | $29.36 |
| **Institutional Class** ($9,794,436 / 335,971 shares outstanding), unlimited authorized, no par value | $29.15 |

---

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

------

**Statement of Operations**

Annual Financial Statements and Other Information December 31, 2025

For the Year Ended December 31, 2025

Baillie Gifford U.S. Equity Growth Fund

---

| | |
|:---|:---|
| **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| Dividends | $21343 |
| Interest | 4570 |
| Total Investment Income | 25913 |
| **EXPENSES** | **EXPENSES** |
| Advisory fee (Note B) | 66336 |
| Administration & Supervisory fee — Class K shares (Note B) | 14668 |
| Administration & Supervisory fee — Institutional Class shares (Note B) | 19505 |
| Transfer agency | 35235 |
| Sub-transfer agency — Institutional Class shares | 11767 |
| Fund accounting | 84141 |
| Registration fees | 37361 |
| Professional fees | 28302 |
| Custody | 4097 |
| Legal | 3771 |
| Trustees' fees | 1041 |
| Commitment fees | 269 |
| Line of Credit Interest | 197 |
| Miscellaneous | 6531 |
| Total Expenses | 313221 |
| Fees waived/expenses reimbursed | (170792) |
| Total Expenses after Waiver | 142429 |
| Net Investment (Loss) | (116516) |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** | **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** |
| Net realized gain from: | Net realized gain from: |
| Investments | 4567757 |
|  | 4567757 |
| Net change in unrealized (depreciation) on: | Net change in unrealized (depreciation) on: |
| Investments | (2525248) |
|  | (2525248) |
| Net realized and unrealized gain | 2042509 |
| **NET INCREASE IN NET ASSETS FROM OPERATIONS** | $1925993 |

---

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

------

**Statements of Changes in Net Assets**

Annual Financial Statements and Other Information December 31, 2025

Baillie Gifford U.S. Equity Growth Fund

---

| | | |
|:---|:---|:---|
| | For the<br>Year Ended<br>December 31,<br>2025 | For the<br>Year Ended<br>December 31,<br>2024 |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** |
| Net investment (loss) | $(116516) | $(169541) |
| Net realized gain | 4567757 | 3974914 |
| Net change in unrealized appreciation (depreciation) | (2525248) | 3593074 |
| Net Increase in Net Assets from Operations | 1925993 | 7398447 |
| **TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST** | **TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST** | **TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST** |
| Net proceeds from shares subscribed: | Net proceeds from shares subscribed: | Net proceeds from shares subscribed: |
| Class K | 177298 | 313958 |
| Institutional Class | 210618 | 902616 |
| Cost of shares redeemed: | Cost of shares redeemed: | Cost of shares redeemed: |
| Class K | (954813) | (16249105) |
| Institutional Class | (5541869) | (15365424) |
| (Decrease) in Net Assets from Transactions in Shares of Beneficial Interest | (6108766) | (30397955) |
| Total (Decrease) in Net Assets | (4182773) | (22999508) |
| **NET ASSETS** | **NET ASSETS** | **NET ASSETS** |
| Beginning of Year | 22510119 | 45509627 |
| End of Year | $18327346 | $22510119 |

---

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

------

**Financial Highlights**

Annual Financial Statements and Other Information December 31, 2025

Baillie Gifford U.S. Equity Growth Fund

Selected data for a Class K share outstanding throughout each each year:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | For the<br>Year Ended<br>December 31,<br>2025 | For the<br>Year Ended<br>December 31,<br>2024 | For the<br>Year Ended<br>December 31,<br>2023 | For the<br>Year Ended<br>December 31,<br>2022 | For the<br>Year Ended<br>December 31,<br>2021 |
| Net asset value, beginning of year | $26.60 | $20.37 | $13.95 | $34.63 | $39.85 |
| **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** |
| Net investment (loss)<sup>(a)</sup> | (0.15) | (0.11) | (0.09) | (0.10) | (0.25) |
| Net realized and unrealized gain (loss) on <br>investments and foreign currency | 2.91 | 6.34 | 6.51 | (19.21) | (1.40) |
| Net increase (decrease) in net asset value from <br>investment operations | 2.76 | 6.23 | 6.42 | (19.31) | (1.65) |
| **Dividends and Distributions to Shareholders** |  |  |  |  |  |
| From net realized gain on investments |  |  |  | (1.37) | (3.57) |
| Total dividends and distributions |  |  |  | (1.37) | (3.57) |
| Net asset value, end of year | $29.36 | $26.60 | $20.37 | $13.95 | $34.63 |
| **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** |
| Total return based on net asset value<sup>(b)</sup> | 10.38% | 30.59% | 46.02% | (55.58)% | (4.17)% |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of year (000's omitted) | $8533 | $8615 | $21710 | $16273 | $38673 |
| Ratio of net expenses to average net assets, <br>before waiver | 1.50% | 1.25% | 1.00% | 0.97% | 0.68% |
| Ratio of net expenses to average net assets, <br>after waiver | 0.65% | 0.65% | 0.65% | 0.65% | 0.65% |
| Ratio of net investment loss to average <br>net assets | (0.52)% | (0.51)% | (0.50)% | (0.53)% | (0.58)% |
| Portfolio turnover rate<sup>(c)</sup> | 18% | 19% | 22% | 14% | 70% |

---

<sup>(a)</sup> Calculated based upon average shares outstanding during the period.

<sup>(b)</sup> 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.

<sup>(c)</sup> Portfolio turnover rate calculated at Fund level.

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

------

**Financial Highlights**

Annual Financial Statements and Other Information December 31, 2025

Baillie Gifford U.S. Equity Growth Fund

Selected data for an Institutional Class share outstanding throughout each each year:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | For the<br>Year Ended<br>December 31,<br>2025 | For the<br>Year Ended<br>December 31,<br>2024 | For the<br>Year Ended<br>December 31,<br>2023 | For the<br>Year Ended<br>December 31,<br>2022 | For the<br>Year Ended<br>December 31,<br>2021 |
| Net asset value, beginning of year | $26.44 | $20.27 | $13.90 | $34.53 | $39.78 |
| **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** |
| Net investment (loss)<sup>(a)</sup> | (0.18) | (0.14) | (0.10) | (0.13) | (0.29) |
| Net realized and unrealized gain (loss) on <br>investments and foreign currency | 2.89 | 6.31 | 6.47 | (19.13) | (1.39) |
| Net increase (decrease) in net asset value from <br>investment operations | 2.71 | 6.17 | 6.37 | (19.26) | (1.68) |
| **Dividends and Distributions to Shareholders** |  |  |  |  |  |
| From net realized gain on investments |  |  |  | (1.37) | (3.57) |
| Total dividends and distributions |  |  |  | (1.37) | (3.57) |
| Net asset value, end of year | $29.15 | $26.44 | $20.27 | $13.90 | $34.53 |
| **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** |
| Total return based on net asset value<sup>(b)</sup> | 10.25% | 30.44% | 45.93% | (55.63)% | (4.25)% |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of year (000's omitted) | $9794 | $13895 | $23799 | $18714 | $58804 |
| Ratio of net expenses to average net assets, <br>before waiver | 1.60% | 1.34% | 1.10% | 1.08% | 0.77% |
| Ratio of net expenses to average net assets, <br>after waiver | 0.75% | 0.75% | 0.75% | 0.76% | 0.75% |
| Ratio of net investment loss to average <br>net assets | (0.62)% | (0.61)% | (0.59)% | (0.64)% | (0.68)% |
| Portfolio turnover rate<sup>(c)</sup> | 18% | 19% | 22% | 14% | 70% |

---

<sup>(a)</sup> Calculated based upon average shares outstanding during the period.

<sup>(b)</sup> 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.

<sup>(c)</sup> Portfolio turnover rate calculated at Fund level.

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

------

**Notes to Financial Statements**

Annual Financial Statements and Other Information December 31, 2025

Note A — Organization and Accounting Policies

As of December 31, 2025, each fund identified in the table below (each, a "Fund", and collectively, the "Funds") was a series of Baillie Gifford Funds (the "Trust"). The Trust includes one series, Baillie Gifford International All Cap Fund, that is not included in this report. The investment objective of each Fund includes achieving capital appreciation.

For more detail on specific objectives of each Fund and a description of each share class, please refer to the relevant prospectus. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Trust was organized as a Massachusetts business trust on June 21, 2000, under the laws of Massachusetts. The Trust operates pursuant to the Third Amended and Restated

Agreement and Declaration of Trust dated September 20, 2023, as amended from time to time.

At a meeting held on May 19, 2025, the Board of Trustees of the Trust approved and adopted Plans of Liquidation and Termination of Baillie Gifford International Smaller Companies Fund. Baillie Gifford International Smaller Companies Fund was liquidated on July 21, 2025.

On September 15, 2025 the Board of Trustees approved and adopted an Agreement and Plan of Reorganization for Baillie Gifford Developed EAFE All Cap Fund and Baillie Gifford EAFE Plus All Cap Fund (the 'target funds') to merge with and into Baillie Gifford International Alpha Fund (the 'surviving fund'), an existing series of the Trust.

As further described in Note J, each All Cap Acquired Fund merged with and into Baillie Gifford International Alpha Fund on February 2, 2026.

The following table is a summary of classes of the Funds with shares outstanding as of December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Class 2 | Class 3 | Class 4 | Class 5 | Class K | Institutional<br>Class |
| Baillie Gifford China Equities Fund | N/A | N/A | N/A | N/A | X | X |
| Baillie Gifford Developed EAFE All Cap Fund | N/A | N/A | N/A | N/A | X | X |
| Baillie Gifford EAFE Plus All Cap Fund | X | N/A | N/A | N/A | X | X |
| Baillie Gifford Emerging Markets Equities Fund | X | X | X | X | X | X |
| Baillie Gifford Emerging Markets ex China Fund | N/A | N/A | N/A | N/A | X | X |
| Baillie Gifford Global Alpha Equities Fund | X | X | N/A | N/A | X | X |
| Baillie Gifford International Alpha Fund | X | X | X | X | X | X |
| Baillie Gifford International Concentrated Growth <br>Equities Fund | N/A | N/A | N/A | N/A | X | X |
| Baillie Gifford International Growth Fund | X | X | X | X | X | X |
| Baillie Gifford Long Term Global Growth Fund | X | X | N/A | N/A | X | X |
| Baillie Gifford U.S. Equity Growth Fund | N/A | N/A | N/A | N/A | X | X |

---

**Accounting Policies**

The Funds are investment companies that apply the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board ("FASB"). The financial statements of the Funds 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 Funds:

**Valuation of Investments**

Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated the Funds' investment adviser, Baillie Gifford Overseas Limited (the "Manager") as the valuation designee (the "Valuation Designee") to determine the fair

------

**Notes to Financial Statements**

Annual Financial Statements and Other Information December 31, 2025

value, in good faith, of securities and other instruments for which no readily available market quotation exists, subject to the Board's oversight.

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 the Valuation Designee.

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.

The Valuation Designee 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 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 that the Funds have the ability to access

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, 2025 is disclosed at the end of each Fund's Portfolio of Investments.

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**Notes to Financial Statements**

Annual Financial Statements and Other Information December 31, 2025

**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.

**Segment Reporting**

Each Fund included herein is subject to Topic 946: Investment Companies and is structured as having a limited purpose by design. Each Fund's sole purpose is to

invest to obtain returns from investment income and/or capital appreciation in accordance with their established investment objective. As such, each Fund is deemed to be an individual reporting segment under Topic 280 and is not part of a consolidated reporting entity. The results of the operations, as shown in the Statements of Operations and the financial highlights for each Fund is the information utilized for the day-to-day oversight of the Funds. Due to the significance of oversight and their role, the President / Principal Executive Officer is deemed to be the Chief Operating Decision Maker.

**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 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 a positive decision is reached and as such, reclaims become payable to the Funds, they are reflected as Windfall Tax Recovery within investment income in the Statements of Operations and related receivables, if any, will be reflected within tax reclaims receivable in the Statements of Assets and Liabilities. If the associated cash is received, the Funds will generally follow, for tax purposes, IRS guidance in

------

**Notes to Financial Statements**

Annual Financial Statements and Other Information December 31, 2025

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 the event that EU reclaims received by a Fund during a fiscal year exceed foreign withholding taxes paid by the Fund, and the Fund previously passed through to its shareholders foreign taxes incurred by the Fund to be used as a credit or deduction on a shareholder's income tax return, the Fund will enter into a closing agreement with the IRS in order to pay the associated tax liability on behalf of the Fund's shareholders.

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 in India or other such foreign jurisdictions, 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.

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.

**Improvements to Income Tax Disclosures**

On December 14, 2023, the FASB issued Accounting Standards Update ("ASU"), ASU 2023-09 — Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which aimed to improve transparency of tax information for investors and enhance income tax disclosures. The update requires the Fund to provide a breakdown of total income tax paid, net of refunds, by jurisdiction if the amount exceeds materiality. The amendments under this ASU were effective for fiscal years beginning after December 15, 2024 and hence the Fund adopted this ASU for the year ending December 31, 2025. Total income taxes paid during the period were not material, and no jurisdictional breakdown was required.

At December 31, 2025 for federal income tax purposes, the following Funds had capital loss carryforwards available to offset future capital gains. To the extent that these loss carryforwards are utilized, capital gains so offset will not be distributed to shareholders.

---

| | | | |
|:---|:---|:---|:---|
| Fund | Short Term <br>Capital Losses <br>No Expiration | Long Term <br>Capital Losses <br>No Expiration | Capital Loss <br>Available Total |
| Baillie Gifford China Equities Fund | $(388674) | $(666924) | $(1055598) |
| Baillie Gifford Developed EAFE All Cap Fund |  |  |  |
| Baillie Gifford EAFE Plus All Cap Fund |  |  |  |
| Baillie Gifford Emerging Markets Equities Fund | (181511439) | (99675562) | (281187001) |
| Baillie Gifford Emerging Markets ex China Fund | (10731) |  | (10731) |
| Baillie Gifford Global Alpha Equities Fund |  |  |  |
| Baillie Gifford International Alpha Fund |  |  |  |
| Baillie Gifford International Concentrated Growth Equities Fund | (6924326) | (13142964) | (20067290) |
| Baillie Gifford International Growth Fund |  |  |  |
| Baillie Gifford Long Term Global Growth Fund | (86217102) | (39331373) | (125548475) |
| Baillie Gifford U.S. Equity Growth Fund | (3784369) | (11140003) | (14924372) |

---

------

**Notes to Financial Statements**

Annual Financial Statements and Other Information December 31, 2025

During the year ended December 31, 2025, the Funds shown below utilized capital loss carryforwards.

---

| | |
|:---|:---|
| Fund | Utilized |
| Baillie Gifford Developed EAFE All Cap Fund | $12997734 |
| Baillie Gifford Emerging Markets Equities Fund | 146182025 |
| Baillie Gifford Emerging Markets ex China Fund | 39150 |
| Baillie Gifford International Concentrated Growth Equities Fund | 2538298 |
| Baillie Gifford Long Term Global Growth Fund | 29017218 |
| Baillie Gifford U.S. Equity Growth Fund | 4415223 |

---

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, 2025, the Funds shown below incurred and will elect to defer net post-October or late year losses as indicated.

At December 31, 2025, the components of accumulated earnings on a tax basis were as follows:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Fund | Undistributed<br>Net Ordinary<br>Income | Long Term<br>Capital<br>Gains | Capital<br>Loss<br>Carryforwards | Post October <br>Capital/Late<br>Year Ordinary <br>Losses | Other<br>Temporary<br>Differences | Net Unrealized<br>Appreciation/<br>(Depreciation) on<br>Investments,<br>Foreign<br>Currency and<br>Foreign Tax | Distributable<br>Earnings/<br>(Accumulated <br>Deficit) |
| Baillie Gifford China <br>Equities Fund | $— | $— | $(1055598) | $1953 | $— | $496642 | $(560909) |
| Baillie Gifford Developed <br>EAFE All Cap Fund |  | 1934700 |  |  | 110984 | 10307332 | 12353016 |
| Baillie Gifford EAFE Plus <br>All Cap Fund |  |  |  |  |  | 25773903 | 25773903 |
| Baillie Gifford Emerging <br>Markets Equities Fund | 8291388 |  | (281187001) |  |  | 2235851300 | 1962955687 |
| Baillie Gifford Emerging <br>Markets ex China Fund | 2743 |  | (10731) |  |  | 308688 | 300700 |
| Baillie Gifford Global <br>Alpha Equities Fund |  | 47201925 |  |  |  | 191759812 | 238961737 |
| Baillie Gifford <br>International Alpha Fund |  |  |  |  | 1572738 | 763013565 | 764586303 |
| Baillie Gifford <br>International <br>Concentrated Growth <br>Equities Fund |  |  | (20067290) |  |  | 16862196 | (3205094) |
| Baillie Gifford <br>International Growth <br>Fund |  | 14425935 |  |  |  | 1291033974 | 1305459909 |
| Baillie Gifford Long Term <br>Global Growth Fund |  |  | (125548475) |  |  | 438026988 | 312478513 |
| Baillie Gifford U.S. Equity <br>Growth Fund |  |  | (14924372) |  |  | 7699047 | (7225325) |

---

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**Notes to Financial Statements**

Annual Financial Statements and Other Information December 31, 2025

The differences between the components of distributable earnings on a tax basis and the amounts reflected in the Statements of Assets and Liabilities are primarily due to the differing book/tax treatment of realized losses on wash sales and mark to market income on securities categorized as PFICs and certain corporate actions.

For the year ended December 31, 2025, the following reclassifications have been made on the Statements of Assets and Liabilities as a result of certain differences in the computation of net investment income and net realized capital gains under U.S. federal income tax rules and regulations versus GAAP, such as the utilization of earnings and profits distributed to shareholders on redemption of shares, the tax treatment of redemptions in-kind, and net operating losses.

---

| | | |
|:---|:---|:---|
| Fund | Total Distributable <br>Earnings | Paid-in <br>Capital |
| 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 | (2845181) | 2845181 |
| Baillie Gifford Emerging Markets ex China Fund |  |  |
| Baillie Gifford Global Alpha Equities Fund |  |  |
| Baillie Gifford International Alpha Fund | (43210340) | 43210340 |
| Baillie Gifford International Concentrated Growth Equities Fund | 339563 | (339563) |
| Baillie Gifford International Growth Fund |  |  |
| Baillie Gifford Long Term Global Growth Fund | (12976067) | 12976067 |
| Baillie Gifford U.S. Equity Growth Fund | 116516 | (116516) |

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**Dividends and Distributions to Shareholders**

The Funds intend to distribute each year, as dividends, substantially all net investment income and net capital gains realized. All such dividends or distributions are credited in the form of additional shares of the Funds at net asset value on the ex-dividend date unless the shareholder elects to receive dividends and distributions in cash. Currently, the Funds' policies are to distribute net investment income and net capital gains on an annual basis. Such distributions are determined in conformity with U.S. federal income tax regulations, which may differ from GAAP.

For the years ended December 31, 2025 and December 31, 2024, the tax characters of the dividends paid were:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Fund | Ordinary<br>Income<br>2025 | Long Term <br>Capital Gains<br>2025 | Return of <br>Capital<br>2025 | Ordinary<br>Income<br>2024 | Long Term <br>Capital Gains<br>2024 | Return of <br>Capital<br>2024 |
| Baillie Gifford China Equities Fund | $28793 | $— | $— | $51798 | $— | $— |
| Baillie Gifford Developed EAFE All Cap Fund | 11964810 | 43498149 |  | 8646699 |  |  |
| Baillie Gifford EAFE Plus All Cap Fund | 8813359 | 59026211 | 4643932 | 11720988 | 4928589 |  |
| Baillie Gifford Emerging Markets Equities Fund | 116767658 |  |  | 175057601 |  |  |
| Baillie Gifford Emerging Markets ex China Fund | 26512 |  |  | 26360 |  |  |
| Baillie Gifford Global Alpha Equities Fund | 12198156 | 127953658 |  | 10534417 | 57371997 |  |
| Baillie Gifford International Alpha Fund | 17694871 | 203954456 |  | 15733695 | 68774524 |  |
| Baillie Gifford International Concentrated <br>Growth Equities Fund |  |  |  |  |  |  |
| Baillie Gifford International Growth Fund | 4676752 | 171396852 |  | 11796300 | 196348621 |  |
| Baillie Gifford Long Term Global Growth Fund |  |  |  |  |  |  |
| Baillie Gifford U.S. Equity Growth Fund |  |  |  |  |  |  |

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**Notes to Financial Statements**

Annual Financial Statements and Other Information December 31, 2025

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) on investments and foreign currency at December 31, 2025 for U.S. federal income tax purposes were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| Fund | Cost of <br>Investments | Gross<br>Appreciation | Gross<br>(Depreciation) | Net<br>Appreciation<br>(Depreciation) |
| Baillie Gifford China Equities Fund | $2626562 | $781163 | $(284521) | $496642 |
| Baillie Gifford Developed EAFE All Cap Fund | 35939857 | 15726154 | (5418822) | 10307332 |
| Baillie Gifford EAFE Plus All Cap Fund | 80922892 | 35508737 | (9734834) | 25773903 |
| Baillie Gifford Emerging Markets Equities Fund | 4880315847 | 3181996539 | (946145239) | 2235851300 |
| Baillie Gifford Emerging Markets ex China Fund | 1075953 | 474493 | (165805) | 308688 |
| Baillie Gifford Global Alpha Equities Fund | 265714890 | 217401626 | (25641814) | 191759812 |
| Baillie Gifford International Alpha Fund | 1222704695 | 919640883 | (156627318) | 763013565 |
| Baillie Gifford International Concentrated Growth <br>Equities Fund | 80112528 | 35548863 | (18686667) | 16862196 |
| Baillie Gifford International Growth Fund | 2045555515 | 1565921651 | (274887677) | 1291033974 |
| Baillie Gifford Long Term Global Growth Fund | 569016750 | 486870652 | (48843664) | 438026988 |
| Baillie Gifford U.S. Equity Growth Fund | 10179492 | 8936542 | (1237495) | 7699047 |

---

Note B — Investment Management and Other Services

The Funds are advised and managed by the Manager. The Manager, an investment adviser registered with the SEC, is a wholly owned subsidiary of Baillie Gifford & Co.

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

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

---

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

---

------

**Notes to Financial Statements**

Annual Financial Statements and Other Information December 31, 2025

---

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

---

The Manager has contractually agreed to waive its fees and/or bear expenses of the following Funds to the extent that such Fund's total annual operating expenses (excluding taxes, sub-accounting expenses and extraordinary expenses) exceed the amounts listed below. This contractual waiver will expire on April 30, 2027 with respect to Baillie Gifford International Concentrated Growth Equities Fund and Baillie Gifford U.S. Equity Growth Fund and April 30, 2026 with respect to each other Fund listed below.

---

| | | |
|:---|:---|:---|
| Fund | Class | Expense Limitation |
| Baillie Gifford China Equities Fund | Class K and Institutional Class | 0.87% |
| Baillie Gifford Developed EAFE All Cap Fund\* | Class 2<br>Class 3<br>Class 4<br>Class 5<br>Class K and Institutional Class | 0.67%<br> 0.60%<br> 0.57%<br> 0.52%<br> 0.67% |
| Baillie Gifford EAFE Plus All Cap Fund\* | Class 2<br>Class 3<br>Class 4<br>Class 5<br>Class K and Institutional Class | 0.67%<br> 0.60%<br> 0.57%<br> 0.52%<br> 0.67% |
| Baillie Gifford Emerging Markets ex China Fund | Class K and Institutional Class | 0.87% |
| Baillie Gifford International Concentrated Growth Equities Fund | Class K and Institutional Class | 0.72% |
| Baillie Gifford U.S. Equity Growth Fund | Class K and Institutional Class | 0.65% |

---

\* The waiver of this Fund was introduced by the Manager on April 30, 2025. No waiver was in place prior to this date.

------

**Notes to Financial Statements**

Annual Financial Statements and Other Information December 31, 2025

Fees waived or expenses reimbursed for all Funds are not subject to recoupment. These contractual agreements may only be terminated by the Board.

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

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

With respect to Class K and Institutional Class shares, the Manager is responsible for providing certain administrative services to Fund shareholders as well as coordinating, overseeing and supporting services provided to Fund shareholders by third parties, including financial intermediaries that hold accounts with the Funds, pursuant

to an Administration and Supervisory Agreement between the Manager and the Trust on behalf of each Fund.

Each Fund has adopted an Administration, Supervisory and Sub-Accounting Services Plan with respect to Class K and Institutional Class shares of each Fund, which authorizes each Fund to pay the Manager an Administration and Supervisory Fee quarterly, in arrears, with respect to Class K and Institutional Class shares at an annual rate of 0.17% of such Fund's average net assets.

Institutional Class shares bear expenses in connection with compensating financial intermediaries for sub-transfer agency and other services. Class K shares do not bear such expenses.

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

The Bank of New York Mellon ("BNY") serves as the Funds' administrator and custodian. BNY Mellon Asset Servicing serves as the Trust's transfer agent, registrar and dividend disbursing agent.

Note C — Investment Transactions

Purchases and proceeds from sales of securities (excluding short term securities and in-kind transactions) for the year ended December 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
| Fund | Purchases | Sales |
| Baillie Gifford China Equities Fund | $375730 | $685185 |
| Baillie Gifford Developed EAFE All Cap Fund | 35118143 | 292785991 |
| Baillie Gifford EAFE Plus All Cap Fund | 54592931 | 278285694 |
| Baillie Gifford Emerging Markets Equities Fund | 1733928631 | 1705288080 |
| Baillie Gifford Emerging Markets ex China Fund | 249725 | 227002 |
| Baillie Gifford Global Alpha Equities Fund | 181763516 | 532753417 |
| Baillie Gifford International Alpha Fund | 405208824 | 832753274 |
| Baillie Gifford International Concentrated Growth Equities Fund | 19789137 | 13981314 |
| Baillie Gifford International Growth Fund | 694476512 | 814910084 |
| Baillie Gifford Long Term Global Growth Fund | 210881226 | 215876360 |
| Baillie Gifford U.S. Equity Growth Fund | 3678212 | 10056975 |

---

------

**Notes to Financial Statements**

Annual Financial Statements and Other Information December 31, 2025

Note D — Transactions in Shares of Beneficial Interest

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Baillie Gifford China Equities Fund | Baillie Gifford China Equities Fund | Baillie Gifford China Equities Fund | Baillie Gifford China Equities Fund |
| | For the<br>Year Ended<br>December 31, 2025 | For the<br>Year Ended<br>December 31, 2025 | For the<br>Year Ended<br>December 31, 2024 | For the<br>Year Ended<br>December 31, 2024 |
| | Shares | Amount | Shares | Amount |
| **Class K Shares** | **Class K Shares** | **Class K Shares** | **Class K Shares** | **Class K Shares** |
| Shares sold |  | $— |  | $— |
| Shares issued in reinvestment of dividends and distributions | 520 | 3603 | 1058 | 5449 |
| Shares redeemed |  |  |  |  |
| Net Increase (Decrease) | 520 | $3603 | 1058 | $5449 |
| **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** |
| Shares sold | 1972 | $10000 | 100332 | $447600 |
| Shares issued in reinvestment of dividends and distributions | 3652 | 25190 | 9035 | 46349 |
| Shares redeemed | (59360) | (345405) | (32853) | (152779) |
| Net Increase (Decrease) | (53736) | $(310215) | 76514 | $341170 |
| **Total Net Increase (Decrease)** | **(53216)** | $**(306612)** | **77572** | $**346619** |
|  | Baillie Gifford Developed EAFE All Cap Fund | Baillie Gifford Developed EAFE All Cap Fund | Baillie Gifford Developed EAFE All Cap Fund | Baillie Gifford Developed EAFE All Cap Fund |
|  | For the<br>Year Ended<br>December 31, 2025 | For the<br>Year Ended<br>December 31, 2025 | For the<br>Year Ended<br>December 31, 2024 | For the<br>Year Ended<br>December 31, 2024 |
|  | Shares | Amount | Shares | Amount |
| **Class 2 Shares** | **Class 2 Shares** | **Class 2 Shares** | **Class 2 Shares** | **Class 2 Shares** |
| Shares sold | 124 | $1810 | 467 | $6000 |
| Shares issued in reinvestment of dividends and distributions |  |  | 302050 | 3679755 |
| Shares redeemed | (9458413) | (118810551) | (2657621) | (34592927) |
| Net Increase (Decrease) | (9458289) | $(118808741) | (2355104) | $(30907172) |
| **Class 3 Shares** | **Class 3 Shares** | **Class 3 Shares** | **Class 3 Shares** | **Class 3 Shares** |
| Shares sold |  | $— |  | $— |
| Shares issued in reinvestment of dividends and distributions |  |  | 236447 | 2909079 |
| Shares redeemed | (7027633) | (95249020)<sup>(a)</sup> |  |  |
| Net Increase (Decrease) | (7027633) | $(95249020) | 236447 | $2909079 |
| **Class 4 Shares** | **Class 4 Shares** | **Class 4 Shares** | **Class 4 Shares** | **Class 4 Shares** |
| Shares sold | 6939415 | $95249020<br> <sup>(a)</sup> |  | $— |
| Shares issued in reinvestment of dividends and distributions |  |  |  |  |
| Shares redeemed | (6939415) | (91649545) |  |  |
| Net Increase (Decrease) |  | $3599475 |  | $— |

---

------

**Notes to Financial Statements**

Annual Financial Statements and Other Information December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Baillie Gifford Developed EAFE All Cap Fund | Baillie Gifford Developed EAFE All Cap Fund | Baillie Gifford Developed EAFE All Cap Fund | Baillie Gifford Developed EAFE All Cap Fund |
| | For the<br>Year Ended<br>December 31, 2025 | For the<br>Year Ended<br>December 31, 2025 | For the<br>Year Ended<br>December 31, 2024 | For the<br>Year Ended<br>December 31, 2024 |
| | Shares | Amount | Shares | Amount |
| **Class K Shares** | **Class K Shares** | **Class K Shares** | **Class K Shares** | **Class K Shares** |
| Shares sold | 111 | $1439 | 178958 | $2304008 |
| Shares issued in reinvestment of dividends and distributions | 11143869 | 28416868 | 54157 | 667758 |
| Shares redeemed | (476715) | (6418655) | (14971850) | (195506276) |
| Net Increase (Decrease) | 10667265 | $21999652 | (14738735) | $(192534510) |
| **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** |
| Shares sold | 199024 | $2511128 | 349597 | $4447538 |
| Shares issued in reinvestment of dividends and distributions | 11051781 | 26524273 | 112491 | 1371266 |
| Shares redeemed | (13145123) | (54089932) | (2031994) | (26224994) |
| Net Increase (Decrease) | (1894318) | $(25054531) | (1569906) | $(20406190) |
| **Total Net Increase (Decrease)** | **(7712975)** | $**(213513165)** | **(18427298)** | $**(240938793)** |

---

<sup>(a)</sup> $95,249,020 converted into Class 4 from Class 3.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Baillie Gifford EAFE Plus All Cap Fund | Baillie Gifford EAFE Plus All Cap Fund | Baillie Gifford EAFE Plus All Cap Fund | Baillie Gifford EAFE Plus All Cap Fund |
| | For the<br>Year Ended<br>December 31, 2025 | For the<br>Year Ended<br>December 31, 2025 | For the<br>Year Ended<br>December 31, 2024 | For the<br>Year Ended<br>December 31, 2024 |
| | Shares | Amount | Shares | Amount |
| **Class 2 Shares** | **Class 2 Shares** | **Class 2 Shares** | **Class 2 Shares** | **Class 2 Shares** |
| Shares sold | 107 | $1500 | 263824 | $4006000 |
| Shares issued in reinvestment of dividends and distributions | 9264568 | 51544348 | 360487 | 5068956 |
| Shares redeemed | (1962119) | (29635470) | (7438624) | (113074888) |
| Net Increase (Decrease) | 7302556 | $21910378 | (6814313) | $(103999932) |
| **Class 3 Shares** | **Class 3 Shares** | **Class 3 Shares** | **Class 3 Shares** | **Class 3 Shares** |
| Shares sold |  | $— |  | $— |
| Shares issued in reinvestment of dividends and distributions |  |  | 534403 | 7484804 |
| Shares redeemed | (9270863) | (148471949) |  |  |
| Net Increase (Decrease) | (9270863) | $(148471949) | 534403 | $7484804 |
| **Class K Shares** | **Class K Shares** | **Class K Shares** | **Class K Shares** | **Class K Shares** |
| Shares sold | 20961 | $317363 | 31425 | $679419 |
| Shares issued in reinvestment of dividends and distributions | 3728261 | 20468151 | 278942 | 3902405 |
| Shares redeemed | (3229389) | (47864940) | (3367102) | (49972066) |
| Net Increase (Decrease) | 519833 | $(27079426) | (3056735) | $(45390242) |

---

------

**Notes to Financial Statements**

Annual Financial Statements and Other Information December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Baillie Gifford EAFE Plus All Cap Fund | Baillie Gifford EAFE Plus All Cap Fund | Baillie Gifford EAFE Plus All Cap Fund | Baillie Gifford EAFE Plus All Cap Fund |
| | For the<br>Year Ended<br>December 31, 2025 | For the<br>Year Ended<br>December 31, 2025 | For the<br>Year Ended<br>December 31, 2024 | For the<br>Year Ended<br>December 31, 2024 |
| | Shares | Amount | Shares | Amount |
| **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** |
| Shares sold | 1842 | $27942 | 5306 | $79577 |
| Shares issued in reinvestment of dividends and distributions | 76057 | 429722 | 12481 | 175489 |
| Shares redeemed | (261192) | (3816936) | (82299) | (1257965) |
| Net Increase (Decrease) | (183293) | $(3359272) | (64512) | $(1002899) |
| **Total Net Increase (Decrease)** | **(1631767)** | $**(157000269)** | **(9401157)** | $**(142908269)** |
|  | Baillie Gifford Emerging Markets Equities Fund | Baillie Gifford Emerging Markets Equities Fund | Baillie Gifford Emerging Markets Equities Fund | Baillie Gifford Emerging Markets Equities Fund |
|  | For the<br>Year Ended<br>December 31, 2025 | For the<br>Year Ended<br>December 31, 2025 | For the<br>Year Ended<br>December 31, 2024 | For the<br>Year Ended<br>December 31, 2024 |
|  | Shares | Amount | Shares | Amount |
| **Class 2 Shares** | **Class 2 Shares** | **Class 2 Shares** | **Class 2 Shares** | **Class 2 Shares** |
| Shares sold | 2645622 | $50414743<br> <sup>(a)</sup> | 1226471 | $25006000 |
| Shares issued in reinvestment of dividends and distributions | 104321 | 2768795 | 153919 | 2970188 |
| Shares redeemed | (892492) | (20186800) | (6009) | (120000) |
| Net Increase (Decrease) | 1857451 | $32996738 | 1374381 | $27856188 |
| **Class 3 Shares** | **Class 3 Shares** | **Class 3 Shares** | **Class 3 Shares** | **Class 3 Shares** |
| Shares sold |  | $— |  | $— |
| Shares issued in reinvestment of dividends and distributions | 119222 | 3199045 | 328439 | 6404724 |
| Shares redeemed | (2617428) | (50413243)<sup>(a)</sup> | (2588276) | (53000000) |
| Net Increase (Decrease) | (2498206) | $(47214198) | (2259837) | $(46595276) |
| **Class 4 Shares** | **Class 4 Shares** | **Class 4 Shares** | **Class 4 Shares** | **Class 4 Shares** |
| Shares sold |  | $— |  | $— |
| Shares issued in reinvestment of dividends and distributions | 200291 | 5370492 | 399599 | 7787109 |
| Shares redeemed |  |  |  |  |
| Net Increase (Decrease) | 200291 | $5370492 | 399599 | $7787109 |
| **Class 5 Shares** | **Class 5 Shares** | **Class 5 Shares** | **Class 5 Shares** | **Class 5 Shares** |
| Shares sold |  | $— | 828136 | $16800000 |
| Shares issued in reinvestment of dividends and distributions | 867987 | 24054260 | 1784221 | 35912627 |
| Shares redeemed | (1974325) | (48400000) | (6765735) | (127000000) |
| Net Increase (Decrease) | (1106338) | $(24345740) | (4153378) | $(74287373) |

---

------

**Notes to Financial Statements**

Annual Financial Statements and Other Information December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Baillie Gifford Emerging Markets Equities Fund | Baillie Gifford Emerging Markets Equities Fund | Baillie Gifford Emerging Markets Equities Fund | Baillie Gifford Emerging Markets Equities Fund |
| | For the<br>Year Ended<br>December 31, 2025 | For the<br>Year Ended<br>December 31, 2025 | For the<br>Year Ended<br>December 31, 2024 | For the<br>Year Ended<br>December 31, 2024 |
| | Shares | Amount | Shares | Amount |
| **Class K Shares** | **Class K Shares** | **Class K Shares** | **Class K Shares** | **Class K Shares** |
| Shares sold | 11167438 | $243924527<br> <sup>(b)</sup> | 18289747 | $365179690<br> <sup>(c)</sup> |
| Shares issued in reinvestment of dividends and distributions | 1484690 | 39210672 | 3642451 | 69935064 |
| Shares redeemed | (24975125) | (561794517)<sup>(d)</sup> | (17334531) | (344833406)<sup>(e)</sup> |
| Net Increase (Decrease) | (12322997) | $(278659318) | 4597667 | $90281348 |
| **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** |
| Shares sold | 29858675 | $673102375<br> <sup>(d)</sup> | 21511570 | $434342491<br> <sup>(e)</sup> |
| Shares issued in reinvestment of dividends and distributions | 1236195 | 32623185 | 2042555 | 39196634 |
| Shares redeemed | (14820124) | (327820600)<sup>(b)</sup> | (11281657) | (225034398)<sup>(c)</sup> |
| Net Increase (Decrease) | 16274746 | $377904960 | 12272468 | $248504727 |
| **Total Net Increase (Decrease)** | **2404947** | $**66052934** | **12230900** | $**253546723** |

---

<sup>(a)</sup> $50,413,243 converted into Class 2 from Class 3.

<sup>(b)</sup> $81,337 converted into Class K from Institutional Class.

<sup>(c)</sup> $109,580 converted into Class K from Institutional Class.

<sup>(d)</sup> $392,211 converted from Class K into Institutional Class.

<sup>(e)</sup> $76,433 converted from Class K into Institutional Class.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Baillie Gifford Emerging Markets ex China Fund | Baillie Gifford Emerging Markets ex China Fund | Baillie Gifford Emerging Markets ex China Fund | Baillie Gifford Emerging Markets ex China Fund |
| | For the<br>Year Ended<br>December 31, 2025 | For the<br>Year Ended<br>December 31, 2025 | For the<br>Year Ended<br>December 31, 2024 | For the<br>Year Ended<br>December 31, 2024 |
| | Shares | Amount | Shares | Amount |
| **Class K Shares** | **Class K Shares** | **Class K Shares** | **Class K Shares** | **Class K Shares** |
| Shares sold |  | $— |  | $— |
| Shares issued in reinvestment of dividends and distributions | 1063 | 13256 | 1476 | 13180 |
| Shares redeemed |  |  |  |  |
| Net Increase (Decrease) | 1063 | $13256 | 1476 | $13180 |
| **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** |
| Shares sold |  | $— |  | $— |
| Shares issued in reinvestment of dividends and distributions | 1063 | 13256 | 1476 | 13180 |
| Shares redeemed |  |  |  |  |
| Net Increase (Decrease) | 1063 | $13256 | 1476 | $13180 |
| **Total Net Increase (Decrease)** | **2126** | $**26512** | **2952** | $**26360** |

---

------

**Notes to Financial Statements**

Annual Financial Statements and Other Information December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Baillie Gifford Global Alpha Equities Fund | Baillie Gifford Global Alpha Equities Fund | Baillie Gifford Global Alpha Equities Fund | Baillie Gifford Global Alpha Equities Fund |
| | For the<br>Year Ended<br>December 31, 2025 | For the<br>Year Ended<br>December 31, 2025 | For the<br>Year Ended<br>December 31, 2024 | For the<br>Year Ended<br>December 31, 2024 |
| | Shares | Amount | Shares | Amount |
| **Class 2 Shares** | **Class 2 Shares** | **Class 2 Shares** | **Class 2 Shares** | **Class 2 Shares** |
| Shares sold | 92 | $1500 | 5225183 | $87503121<br> <sup>(a)</sup> |
| Shares issued in reinvestment of dividends and distributions | 1787687 | 24096227 | 862681 | 14023739 |
| Shares redeemed | (5128507) | (96003360)<sup>(b)</sup> | (5357554) | (97507998) |
| Net Increase (Decrease) | (3340728) | $(71905633) | 730310 | $4018862 |
| **Class 3 Shares** | **Class 3 Shares** | **Class 3 Shares** | **Class 3 Shares** | **Class 3 Shares** |
| Shares sold | 2452173 | $49227613<br> <sup>(b)</sup> |  | $— |
| Shares issued in reinvestment of dividends and distributions | 981490 | 14017546 |  |  |
| Shares redeemed |  |  | (18369648) | (305100130)<sup>(c)</sup> |
| Net Increase (Decrease) | 3433663 | $63245159 | (18369648) | $(305100130) |
| **Class 4 Shares** | **Class 4 Shares** | **Class 4 Shares** | **Class 4 Shares** | **Class 4 Shares** |
| Shares sold |  | $— | 11800999 | $197603009<br> <sup>(d)</sup> |
| Shares issued in reinvestment of dividends and distributions |  |  | 1140253 | 19938354 |
| Shares redeemed | (12941252) | (215447102) | (6110613) | (114002041) |
| Net Increase (Decrease) | (12941252) | $(215447102) | 6830639 | $103539322 |
| **Class K Shares** | **Class K Shares** | **Class K Shares** | **Class K Shares** | **Class K Shares** |
| Shares sold | 890521 | $15005259 | 2728231 | $48860829 |
| Shares issued in reinvestment of dividends and distributions | 6727815 | 89681764 | 1893423 | 30578776 |
| Shares redeemed | (5478333) | (97447679) | (7322089) | (127256803) |
| Net Increase (Decrease) | 2140003 | $7239344 | (2700435) | $(47817198) |
| **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** |
| Shares sold | 568720 | $9600000 | 90898 | $1572850 |
| Shares issued in reinvestment of dividends and distributions | 699931 | 9358079 | 208006 | 3365544 |
| Shares redeemed | (642800) | (11315752) | (886402) | (15385633) |
| Net Increase (Decrease) | 625851 | $7642327 | (587498) | $(10447239) |
| **Total Net Increase (Decrease)** | **(10082463)** | $**(209225905)** | **(14096632)** | $**(255806383)** |

---

<sup>(a)</sup> $87,497,120 converted into Class 2 from Class 3.

<sup>(b)</sup> $49,227,613 converted into Class 3 from Class 2.

<sup>(c)</sup> $87,497,120 converted from Class 3 into Class 2. $197,603,009 converted from Class 3 into Class 4.

<sup>(d)</sup> $197,603,009 converted into Class 4 from Class 3.

------

**Notes to Financial Statements**

Annual Financial Statements and Other Information December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Baillie Gifford International Alpha Fund | Baillie Gifford International Alpha Fund | Baillie Gifford International Alpha Fund | Baillie Gifford International Alpha Fund |
| | For the<br>Year Ended<br>December 31, 2025 | For the<br>Year Ended<br>December 31, 2025 | For the<br>Year Ended<br>December 31, 2024 | For the<br>Year Ended<br>December 31, 2024 |
| | Shares | Amount | Shares | Amount |
| **Class 2 Shares** | **Class 2 Shares** | **Class 2 Shares** | **Class 2 Shares** | **Class 2 Shares** |
| Shares sold | 6564508 | $86627883<br> <sup>(a)</sup> | 5054613 | $69408011 |
| Shares issued in reinvestment of dividends and distributions | 3869223 | 52820316 | 1241128 | 15896364 |
| Shares redeemed | (5838977) | (87479324)<sup>(b)</sup> | (5203667) | (71108095) |
| Net Increase (Decrease) | 4594754 | $51968875 | 1092074 | $14196280 |
| **Class 3 Shares** | **Class 3 Shares** | **Class 3 Shares** | **Class 3 Shares** | **Class 3 Shares** |
| Shares sold | 13488895 | $183617707<br> <sup>(c)</sup> | 107844 | $1475000 |
| Shares issued in reinvestment of dividends and distributions | 3984848 | 55448359 | 1156772 | 15070893 |
| Shares redeemed | (9425614) | (130337322)<sup>(a)</sup> | (9034719) | (128330477) |
| Net Increase (Decrease) | 8048129 | $108728744 | (7770103) | $(111784584) |
| **Class 4 Shares** | **Class 4 Shares** | **Class 4 Shares** | **Class 4 Shares** | **Class 4 Shares** |
| Shares sold |  | $— |  | $— |
| Shares issued in reinvestment of dividends and distributions | 1327640 | 18898419 | 1176705 | 15638532 |
| Shares redeemed | (18235495) | (257548501)<sup>(d)</sup> | (18132889) | (250000000) |
| Net Increase (Decrease) | (16907855) | $(238650082) | (16956184) | $(234361468) |
| **Class 5 Shares** | **Class 5 Shares** | **Class 5 Shares** | **Class 5 Shares** | **Class 5 Shares** |
| Shares sold |  | $— | 139442 | $2000000 |
| Shares issued in reinvestment of dividends and distributions | 285172 | 4157581 | 136479 | 1853518 |
| Shares redeemed | (995181) | (14978464) | (778573) | (10790367) |
| Net Increase (Decrease) | (710009) | $(10820883) | (502652) | $(6936849) |
| **Class K Shares** | **Class K Shares** | **Class K Shares** | **Class K Shares** | **Class K Shares** |
| Shares sold | 4482881 | $65294806<br> <sup>(e)</sup> | 10689041 | $137886083 |
| Shares issued in reinvestment of dividends and distributions | 5734859 | 77936738 | 2450771 | 31247329 |
| Shares redeemed | (19008617) | (279703634)<sup>(f)</sup> | (11866029) | (155778856) |
| Net Increase (Decrease) | (8790877) | $(136472090) | 1273783 | $13354556 |
| **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** |
| Shares sold | 1214908 | $17594295<br> <sup>(f)</sup> | 1684385 | $21978549 |
| Shares issued in reinvestment of dividends and distributions | 789986 | 10854409 | 298766 | 3848106 |
| Shares redeemed | (2464486) | (35028227)<sup>(e)</sup> | (2500980) | (33406456) |
| Net Increase (Decrease) | (459592) | $(6579523) | (517829) | $(7579801) |
| **Total Net Increase (Decrease)** | **(14225450)** | $**(231824959)** | **(23380911)** | $**(333111866)** |

---

<sup>(a)</sup> $84,786,383 converted into Class 2 from Class 3.

<sup>(b)</sup> $14,158,837 converted from Class 2 into Class 3.

<sup>(c)</sup> $14,158,837 converted into Class 3 from Class 2. $157,548,870 converted into Class 3 from Class 4.

<sup>(d)</sup> $157,548,870 converted from Class 4 into Class 3.

<sup>(e)</sup> $53,859 converted into Class K from Institutional Class.

<sup>(f)</sup> $186,383 converted into Institutional Class from Class K.

------

**Notes to Financial Statements**

Annual Financial Statements and Other Information December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Baillie Gifford International Concentrated Growth Equities Fund | Baillie Gifford International Concentrated Growth Equities Fund | Baillie Gifford International Concentrated Growth Equities Fund | Baillie Gifford International Concentrated Growth Equities Fund |
| | For the<br>Year Ended<br>December 31, 2025 | For the<br>Year Ended<br>December 31, 2025 | For the<br>Year Ended<br>December 31, 2024 | For the<br>Year Ended<br>December 31, 2024 |
| | Shares | Amount | Shares | Amount |
| **Class K Shares** | **Class K Shares** | **Class K Shares** | **Class K Shares** | **Class K Shares** |
| Shares sold | 521358 | $4475434 | 755675 | $5567673 |
| Shares issued in reinvestment of dividends and distributions |  |  |  |  |
| Shares redeemed | (537510) | (4810717) | (1384868) | (10142436) |
| Net Increase (Decrease) | (16152) | $(335283) | (629193) | $(4574763) |
| **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** |
| Shares sold | 2804440 | $24290700 | 1836878 | $13328570 |
| Shares issued in reinvestment of dividends and distributions |  |  |  |  |
| Shares redeemed | (2136496) | (18493957) | (2517803) | (18078364) |
| Net Increase (Decrease) | 667944 | $5796743 | (680925) | $(4749794) |
| **Total Net Increase (Decrease)** | **651792** | $**5461460** | **(1310118)** | $**(9324557)** |
|  | Baillie Gifford International Growth Fund | Baillie Gifford International Growth Fund | Baillie Gifford International Growth Fund | Baillie Gifford International Growth Fund |
|  | For the<br>Year Ended<br>December 31, 2025 | For the<br>Year Ended<br>December 31, 2025 | For the<br>Year Ended<br>December 31, 2024 | For the<br>Year Ended<br>December 31, 2024 |
|  | Shares | Amount | Shares | Amount |
| **Class 2 Shares** | **Class 2 Shares** | **Class 2 Shares** | **Class 2 Shares** | **Class 2 Shares** |
| Shares sold | 30140166 | $370439800<br> <sup>(a)</sup> | 14663364 | $185508507<br> <sup>(b)</sup> |
| Shares issued in reinvestment of dividends and distributions | 1801024 | 25300598 | 2169350 | 27319490 |
| Shares redeemed | (28764211) | (413572261)<sup>(c)</sup> | (41138212) | (561073272)<sup>(d)</sup> |
| Net Increase (Decrease) | 3176979 | $(17831863) | (24305498) | $(348245275) |
| **Class 3 Shares** | **Class 3 Shares** | **Class 3 Shares** | **Class 3 Shares** | **Class 3 Shares** |
| Shares sold | 22524086 | $325315381<br> <sup>(c)</sup> | 29755384 | $404465779<br> <sup>(d)</sup> |
| Shares issued in reinvestment of dividends and distributions | 1081459 | 15094460 | 2129036 | 26841401 |
| Shares redeemed | (33403413) | (416834884)<sup>(e)</sup> | (20811136) | (265852507)<sup>(b)</sup> |
| Net Increase (Decrease) | (9797868) | $(76425043) | 11073284 | $165454673 |
| **Class 4 Shares** | **Class 4 Shares** | **Class 4 Shares** | **Class 4 Shares** | **Class 4 Shares** |
| Shares sold | 36179 | $507689 |  | $— |
| Shares issued in reinvestment of dividends and distributions | 2582394 | 36347708 | 3414840 | 43091869 |
| Shares redeemed | (2109321) | (30903416)<sup>(f)</sup> |  |  |
| Net Increase (Decrease) | 509252 | $5951981 | 3414840 | $43091869 |

---

------

**Notes to Financial Statements**

Annual Financial Statements and Other Information December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Baillie Gifford International Growth Fund | Baillie Gifford International Growth Fund | Baillie Gifford International Growth Fund | Baillie Gifford International Growth Fund |
| | For the<br>Year Ended<br>December 31, 2025 | For the<br>Year Ended<br>December 31, 2025 | For the<br>Year Ended<br>December 31, 2024 | For the<br>Year Ended<br>December 31, 2024 |
| | Shares | Amount | Shares | Amount |
| **Class 5 Shares** | **Class 5 Shares** | **Class 5 Shares** | **Class 5 Shares** | **Class 5 Shares** |
| Shares sold |  | $— |  | $— |
| Shares issued in reinvestment of dividends and distributions | 5577117 | 78744432 | 7044476 | 89157707 |
| Shares redeemed |  |  |  |  |
| Net Increase (Decrease) | 5577117 | $78744432 | 7044476 | $89157707 |
| **Class K Shares** | **Class K Shares** | **Class K Shares** | **Class K Shares** | **Class K Shares** |
| Shares sold | 813259 | $11654195 | 719879 | $9891649 |
| Shares issued in reinvestment of dividends and distributions | 240334 | 3362279 | 358292 | 4496563 |
| Shares redeemed | (1568870) | (21595106)<sup>(g)</sup> | (1319811) | (18033260) |
| Net Increase (Decrease) | (515277) | $(6578632) | (241640) | $(3645048) |
| **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** |
| Shares sold | 8684911 | $119131762 | 6228233 | $80697667 |
| Shares issued in reinvestment of dividends and distributions | 1162007 | 16198382 | 1297619 | 16233212 |
| Shares redeemed | (5814368) | (77248360) | (7033959) | (89422431) |
| Net Increase (Decrease) | 4032550 | $58081784 | 491893 | $7508448 |
| **Total Net Increase (Decrease)** | **2982753** | $**41942659** | **(2522645)** | $**(46677626)** |

---

<sup>(a)</sup> $343,534,884 converted into Class 2 from Class 3. $903,416 converted into Class 2 from Class 4.

<sup>(b)</sup> $169,902,507 converted into Class 2 from Class 3.

<sup>(c)</sup> $325,315,381 converted into Class 3 from Class 2.

<sup>(d)</sup> $404,465,779 converted from Class 2 to Class 3.

<sup>(e)</sup> $343,534,884 converted from Class 3 into Class 2.

<sup>(f)</sup> $903,416 converted from Class 4 into Class 2.

<sup>(g)</sup> This amount includes an exchange of $9,766,001.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Baillie Gifford Long Term Global Growth Fund | Baillie Gifford Long Term Global Growth Fund | Baillie Gifford Long Term Global Growth Fund | Baillie Gifford Long Term Global Growth Fund |
| | For the<br>Year Ended<br>December 31, 2025 | For the<br>Year Ended<br>December 31, 2025 | For the<br>Year Ended<br>December 31, 2024 | For the<br>Year Ended<br>December 31, 2024 |
| | Shares | Amount | Shares | Amount |
| **Class 2 Shares** | **Class 2 Shares** | **Class 2 Shares** | **Class 2 Shares** | **Class 2 Shares** |
| Shares sold | 44 | $1500 | 600409 | $17006000 |
| Shares issued in reinvestment of dividends and distributions |  |  |  |  |
| Shares redeemed | (2469111) | (100314686)<sup>(a)</sup> | (171971) | (5400000) |
| Net Increase (Decrease) | (2469067) | $(100313186) | 428438 | $11606000 |
| **Class 3 Shares** | **Class 3 Shares** | **Class 3 Shares** | **Class 3 Shares** | **Class 3 Shares** |
| Shares sold | 2253701 | $99665878<br> <sup>(b)</sup> |  | $— |
| Shares issued in reinvestment of dividends and distributions |  |  |  |  |
| Shares redeemed | (232132) | (10000000) |  |  |
| Net Increase (Decrease) | 2021569 | $89665878 |  | $— |

---

------

**Notes to Financial Statements**

Annual Financial Statements and Other Information December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Baillie Gifford Long Term Global Growth Fund | Baillie Gifford Long Term Global Growth Fund | Baillie Gifford Long Term Global Growth Fund | Baillie Gifford Long Term Global Growth Fund |
| | For the<br>Year Ended<br>December 31, 2025 | For the<br>Year Ended<br>December 31, 2025 | For the<br>Year Ended<br>December 31, 2024 | For the<br>Year Ended<br>December 31, 2024 |
| | Shares | Amount | Shares | Amount |
| **Class K Shares** | **Class K Shares** | **Class K Shares** | **Class K Shares** | **Class K Shares** |
| Shares sold | 4916224 | $179838160<br> <sup>(c)</sup> | 4586528 | $143818003 |
| Shares issued in reinvestment of dividends and distributions |  |  |  |  |
| Shares redeemed | (5504134) | (194396073)<sup>(d)</sup> | (847998) | (26437983) |
| Net Increase (Decrease) | (587910) | $(14557913) | 3738530 | $117380020 |
| **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** |
| Shares sold | 2676528 | $94543071 | 3131364 | $92212800 |
| Shares issued in reinvestment of dividends and distributions |  |  |  |  |
| Shares redeemed | (4430791) | (163820785)<sup>(e)</sup> | (2606843) | (72030902) |
| Net Increase (Decrease) | (1754263) | $(69277714) | 524521 | $20181898 |
| **Total Net Increase (Decrease)** | **(2789671)** | $**(94482935)** | **4691489** | $**149167918** |

---

<sup>(a)</sup> $99,665,878 converted from Class 2 into Class 3. $648,808 converted from Class 2 into Class K.

<sup>(b)</sup> $99,665,878 converted into Class 3 from Class 2.

<sup>(c)</sup> $648,808 converted into Class K from Class 2. $18,406,853 converted into Class K from Institutional Class. This amount includes an exchange of $9,766,001.

<sup>(d)</sup> This amount includes an in-kind transfer of $104,007,392.

<sup>(e)</sup> $18,406,853 converted from Institutional Class into Class K.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Baillie Gifford U.S. Equity Growth Fund | Baillie Gifford U.S. Equity Growth Fund | Baillie Gifford U.S. Equity Growth Fund | Baillie Gifford U.S. Equity Growth Fund |
| | For the<br>Year Ended<br>December 31, 2025 | For the<br>Year Ended<br>December 31, 2025 | For the<br>Year Ended<br>December 31, 2024 | For the<br>Year Ended<br>December 31, 2024 |
| | Shares | Amount | Shares | Amount |
| **Class K Shares** | **Class K Shares** | **Class K Shares** | **Class K Shares** | **Class K Shares** |
| Shares sold | 6443 | $177298 | 13793 | $313958 |
| Shares issued in reinvestment of dividends and distributions |  |  |  |  |
| Shares redeemed | (39642) | (954813) | (755544) | (16249105) |
| Net Increase (Decrease) | (33199) | $(777515) | (741751) | $(15935147) |
| **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** |
| Shares sold | 7283 | $210618 | 42065 | $902616 |
| Shares issued in reinvestment of dividends and distributions |  |  |  |  |
| Shares redeemed | (196756) | (5541869) | (690704) | (15365424) |
| Net Increase (Decrease) | (189473) | $(5331251) | (648639) | $(14462808) |
| **Total Net Increase (Decrease)** | **(222672)** | $**(6108766)** | **(1390390)** | $**(30397955)** |

---

------

**Notes to Financial Statements**

Annual Financial Statements and Other Information December 31, 2025

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, 2025, the following Funds had one or more shareholders which beneficially owned 25% or more of the Fund's voting securities:

---

| |
|:---|
| Baillie Gifford China Equities Fund |
| Baillie Gifford Developed EAFE All Cap Fund |
| Baillie Gifford EAFE Plus All Cap Fund<sup>(2)</sup> |
| Baillie Gifford Emerging Markets ex China Fund<sup>(1)</sup> |
| Baillie Gifford Global Alpha Equities Fund |
| Baillie Gifford International Concentrated Growth Equities Fund<sup>(2)</sup> |
| Baillie Gifford International Growth Fund |
| Baillie Gifford Long Term Global Growth Fund |
| Baillie Gifford U.S. Equity Growth Fund<sup>(2)</sup> |

---

<sup>(1)</sup> At December 31, 2025, Baillie Gifford International, LLC, a wholly owned subsidiary of the Manager, beneficially owned 25% or more of the Fund's voting securities and as a result may be deemed to control such Funds.

<sup>(2)</sup> The Fund has two shareholders which each beneficially own 25% or more of the Fund's voting securities.

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

Note F — Commitments and Contingencies

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

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

Note G — Line of Credit

The Trust entered into a committed facility with BNY on May 1, 2017, renewed April 15, 2025, and expiring

April 14, 2026 (unless renewed), which allows the series of the Trust to borrow up to $75 million in total subject to minimum asset coverage requirements set out in the Credit Agreement. Each such series may borrow money under this credit facility for the temporary funding of shareholder redemptions or for other temporary or emergency purposes.

In normal market conditions, borrowings are charged an interest rate of 1.25% per annum plus the greater of the Federal Funds Effective Rate or the Secured Overnight Financing Rate + 0.10%.

The Funds pay a share of a commitment fee on the portion of the facility which is undrawn. The commitment fee is 0.25% on undrawn amounts.

The rate payable at December 31, 2025 was 5.06% on any amounts drawn down. As at December 31, 2025, Baillie Gifford Developed EAFE All Cap Fund has an outstanding balance of $9,950,000.

------

**Notes to Financial Statements**

Annual Financial Statements and Other Information December 31, 2025

The following borrowings were made against the credit facility during the period:

---

| | | | |
|:---|:---|:---|:---|
| Fund | Maximum <br>Amount <br>Borrowed | Average<br>Amount<br>Borrowed<sup>(1)</sup> | Average<br>Interest<br>Rate |
| Baillie Gifford China Equities Fund | $100000 | $100000 | 5.64% |
| Baillie Gifford Developed EAFE All Cap Fund | 20650000 | 6071429 | 5.51% |
| Baillie Gifford EAFE Plus All Cap Fund | 28850000 | 7942857 | 5.64% |
| Baillie Gifford Emerging Markets Equities Fund | 18350000 | 12714286 | 5.23% |
| Baillie Gifford Global Alpha Equities Fund | 1900000 | 1200000 | 5.30% |
| Baillie Gifford International Alpha Fund | 24750000 | 9278571 | 5.65% |
| Baillie Gifford International Concentrated Growth Equities Fund | 1100000 | 1100000 | 5.26% |
| Baillie Gifford U.S Equity Growth Fund | 700000 | 220000 | 5.61% |

---

<sup>(1)</sup> Average amount borrowed is calculated using days with outstanding borrowings.

Note H — Principal Risks (unaudited)

The below is a selection of the Funds' principal risks. The Funds' full list of principal risks, including more commonly known risks, are further described within their respective prospectuses.

**Investment Style Risk**

The Manager actively makes investment decisions for the Funds through bottom-up stock selection. Accordingly, the Funds will have risk characteristics that differ from their benchmark indices. The Manager's judgments about the attractiveness, relative value, or potential appreciation of a particular stock may prove to be incorrect and cause a Fund to lose money or underperform compared to its benchmark index. There can be no assurance that the Manager's investment decisions will produce the desired results.

**Growth Stock Risk**

The prices of growth stocks may be based largely on expectations of future earnings, and their prices can decline rapidly and significantly in reaction to negative news. Growth stocks may underperform stocks in other broad style categories (and the stock market as a whole) over any period of time and may shift in and out of favor with investors generally, sometimes rapidly, depending on changes in market, economic, and other factors.

**Long-Term Investment Strategy Risk**

The Funds pursue a long-term investment approach, typically seeking returns over a period of several years. This investment style may cause a Fund to lose money or underperform compared to its benchmark index or other mutual funds over extended periods of time, and a Fund may not perform as expected in the long term. An investment in a Fund may be more suitable for long-term investors who can bear the risk of short- or medium-term fluctuations in the value of the Fund's portfolio.

**Emerging Markets Risk**

To the extent the Funds invest in emerging market securities, the Funds may be exposed to greater market, credit, currency, liquidity, legal, political, technical and other risks different from, or greater than the risks of investing in developed markets.

**Geographic Focus Risk**

Certain Funds expect to focus investments in a limited number of countries or geographic regions, and as a result may not offer the same level of diversification of risks as a more broadly global fund because these Funds will be exposed to a smaller geographic area. The performance of a fund that is less diversified across countries or geographic regions will be closely tied to market, currency, economic, political, environmental, or regulatory conditions and developments in the countries or regions in

------

**Notes to Financial Statements**

Annual Financial Statements and Other Information December 31, 2025

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 Equities Fund, Baillie Gifford Emerging Markets ex China Fund, Baillie Gifford International Concentrated Growth Equities Fund, Baillie Gifford Long Term Global Growth Fund and Baillie Gifford U.S. Equity Growth Fund are all non-diversified Funds.

**Market Disruption and Geopolitical Risk**

Geopolitical, environmental and other events may disrupt securities markets and adversely affect global economies and markets. These disruptions could prevent the Funds from implementing their investment strategies and achieving their investment objectives, and increase the Funds' exposure to the other risks detailed in this Prospectus. Given the increasing interdependence among global economies and markets, conditions in one country, market, or region might adversely affect markets, issuers, and/or foreign exchange rates in other countries, including the U.S.

War, terrorism, public health crises, and other geopolitical events, such as sanctions, tariffs, trade disputes, the imposition of exchange controls or other cross-border trade barriers, have led, and in the future may lead, to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets generally. For instance, the 2022 Russian invasion of Ukraine and the sanctions that followed had immediate negative effects on global financial markets, sovereign debt and the markets for certain securities and commodities, such as oil and natural gas, and reduced the liquidity and value of Russian securities to zero or near zero. Similarly, terrorism in the

U.S. and around the world has resulted in increased geopolitical risk.

Natural and environmental disasters, such as earthquakes and tsunamis, can be highly disruptive to economies and markets, adversely impacting individual companies and industries, securities markets, interest rates, credit ratings, inflation, investor sentiment, and other factors affecting the value of the Funds' investments. Similarly, dramatic disruptions can be caused by communicable diseases, epidemics, pandemics, plagues and other public health crises.

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

Note I — Legal Notice (unaudited)

**MSCI**

MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, endorsed, reviewed or produced by MSCI. None of the MSCI data 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.

**FTSE Russell (U.S. Equity Growth)**

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", is/are a trademark of the relevant LSE Group companies and is/are used by any other LSE Group company 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.

------

**Notes to Financial Statements**

Annual Financial Statements and Other Information December 31, 2025

**S&P (U.S. Equity Growth)**

The S&P 500 index is a product of S&P Dow Jones Indices LLC or its affiliates ("SPDJI"), and has been licensed for use by Baillie Gifford & Co. S&P<sup>®</sup>, S&P 500<sup>®</sup>, US 500, The 500, iBoxx<sup>®</sup>, iTraxx<sup>®</sup> and CDX<sup>®</sup> are trademarks of S&P Global, Inc. or its affiliates ("S&P"); Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by Baillie Gifford & Co. Baillie Gifford & Co Product(s) are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the S&P 500, S&P Global Small Cap and Dow Jones Islamic Market World Index.

Note J — Subsequent Events

Events or transactions that occur after the financial statement date but before the financial statements are issued are categorized as recognized or non-recognized for financial statement purposes.

On September 15, 2025 the Board of Trustees approved and adopted an Agreement and Plan of Reorganization for Baillie Gifford Developed EAFE All Cap Fund and Baillie Gifford EAFE Plus All Cap Fund (the 'target funds') to merge with and into Baillie Gifford International Alpha Fund (the 'surviving fund'), an existing series of the Trust.

The below table illustrates the specifics of the reorganization:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Pre-<br>Reorganization<br>NAV ($) | Pre-<br>Reorganization<br>Shares<br>Outstanding | Pre-<br>Reorganization<br>Net Assets ($) | Post-<br>Reorganization<br>Shares<br>Outstanding | Post-<br>Reorganization<br>Net Assets ($) | Reorganization<br>Exchange<br>Ratios |
| Baillie Gifford Developed <br>EAFE All Cap <br>Fund — Class K<sup>(1)</sup> | 1.93 | 8205.077 | 15835.80 |  |  | 0.138849 |
| Baillie Gifford Developed <br>EAFE All Cap <br>Fund — Institutional Class<sup>(1)</sup> | 1.79 | 1872259.108 | 3351343.80 |  |  | 0.127402 |
| Baillie Gifford EAFE <br>Plus All Cap <br>Fund — Class K | 1.25 | 25682631.070 | 32103288.84 |  |  | 0.089928 |
| Baillie Gifford EAFE <br>Plus All Cap <br>Fund — Institutional Class | 1.42 | 314188.925 | 446148.27 |  |  | 0.101068 |
| Baillie Gifford <br>International Alpha <br>Fund — Class K | 13.90 | 52066032.041 | 723717845.37 | 54376758.95 | 755836949.47 |  |
| Baillie Gifford <br>International Alpha <br>Fund — Institutional Class | 14.05 | 7194692.155 | 101085424.78 | 7464976.16 | 104882914.99 |  |

---

<sup>(1)</sup> Position has been updated to reflect trading on January 30, 2026, immediately prior to the reorganization.

Share classes 2 & 3 of Baillie Gifford International Alpha Fund were also impacted by the reorganization, with net assets of $41,377,658.95 and $148,577,742.69 respectively moved from Baillie Gifford International All Cap Fund, a Fund advised by the Manager that is not included in this report. There were no assets reorganized into classes 4 or 5 of the Fund.

------

**Notes to Financial Statements**

Annual Financial Statements and Other Information December 31, 2025

Ahead of the reorganization the below distributions took place on January 23, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Funds: | Class | Ordinary<br>Income<br>Rate<br>($ per share) | Long Term <br>Capital <br>Gain Rate<br>($ per share) | Short Term<br>Capital <br>Gain Rate<br>($ per share) |
| Baillie Gifford Developed EAFE All Cap Fund | Class K<br>Institutional Class | 0.004602<br>0.002703 | 0.601051<br>0.601051 | 0.059425<br>0.059425 |
| Baillie Gifford EAFE Plus All Cap Fund | Class K<br>Institutional Class | 0.044157<br>0.043526 | 3.740223<br>3.740223 | 0.715688<br>0.715688 |

---

On February 2, 2026, pursuant to the Agreement and Plan of Reorganization, each target fund transferred all of it's assets and liabilities to the surviving fund. Shareholders in the target funds received shares in the surviving fund in exchange for their target fund shares.

On October 2, 2025, a plan to launch Baillie Gifford Institutional Trust (BGIT) was approved and adopted. Subsequent to this on February 5, 2026, Baillie Gifford Long Term Global Growth Institutional Fund ('LTGG Institutional Fund') was launched. As part of this launch around $160 million of existing shareholders within the Baillie Gifford Long Term Global Growth Fund transitioned to the LTGG Institutional Fund.

On Baillie Gifford Long Term Global Growth Fund effective January 30, 2026, the Manager has contractually

agreed to waive its fees and/or bear expenses of the following Fund to the extent that such Fund's total annual operating expenses (excluding taxes, sub-accounting expenses, and extraordinary expenses) exceed 0.70% for Class K, 0.70% for Institutional Class, 0.70% for Class 2, 0.63% for Class 3, 0.60% for Class 4 and 0.55% for Class 5.

This contractual waiver will expire on June 1, 2026. As the agreement became effective after December 31, 2025, no amounts related to this waiver have been reflected in the accompanying financial statements.

There were no other subsequent events identified between December 31, 2025 and the issuance of the Financial Statements.

------

**Report of Independent Registered Public Accounting Firm**

Annual Financial Statements and Other Information December 31, 2025

**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 the funds listed below (the "Funds"), each a series of Baillie Gifford Funds, as of December 31, 2025, the related statements of operations and changes in net assets, and the financial highlights for each of the periods indicated below, and the related notes (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, 2025, 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 <br>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 International Alpha Fund, Baillie Gifford International Concentrated Growth Equities Fund, Baillie Gifford International Growth Fund, Baillie Gifford Long Term Global Growth Fund, and Baillie Gifford U.S. Equity Growth Fund | For the year ended December 31, 2025 | For the years ended December 31, 2025 and 2024 | For the years ended December 31, 2025, 2024, 2023, 2022, and 2021 |
| Baillie Gifford Global Alpha Equities Fund | For the year ended December 31, 2025 | For the years ended December 31, 2025 and 2024 | For the years ended December 31, 2025, 2024, 2023, 2022, 2021, and 2020 |
| Baillie Gifford Emerging Markets ex China Fund | For the year ended December 31, 2025 | For the years ended December 31, 2025 and 2024 | For the years ended December 31, 2025, 2024, 2023, and 2022, and for the period from December 28, 2021 (commencement of operations) through December 31, 2021 |
| Baillie Gifford China Equities Fund | For the year ended December 31, 2025 | For the years ended December 31, 2025 and 2024 | For the years ended December 31, 2025, 2024, 2023, and 2022, and for the period from July 7, 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.

------

**Report of Independent Registered Public Accounting Firm**

Annual Financial Statements and Other Information December 31, 2025

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, 2025, 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.

![](j2619052_ga003.jpg)

**COHEN & COMPANY, LTD.**

**Milwaukee, Wisconsin February 27, 2026**

------

**Supplemental Information (unaudited)**

Annual Financial Statements and Other Information December 31, 2025

**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, 2025.

For corporate shareholders, the percentage of ordinary income distributions for the year/period ended December 31, 2025 for the corporate dividends-received deduction for each Fund is as follows.

---

| | | |
|:---|:---|:---|
| Fund | Qualified<br>Dividend Income | Dividends-received<br>Deductions |
| Baillie Gifford China Equities Fund | 100.00% | 0.00% |
| Baillie Gifford Developed EAFE All Cap Fund | 25.62% | 0.00% |
| Baillie Gifford EAFE Plus All Cap Fund | 44.19% | 0.00% |
| Baillie Gifford Emerging Markets Equities Fund | 60.11% | 0.00% |
| Baillie Gifford Emerging Markets ex China Fund | 46.55% | 0.00% |
| Baillie Gifford Global Alpha Equities Fund | 33.96% | 13.03% |
| Baillie Gifford International Alpha Fund | 100.00% | 0.00% |
| Baillie Gifford International Concentrated Growth Equities Fund | 0.00% | 0.00% |
| Baillie Gifford International Growth Fund | 100.00% | 0.00% |
| Baillie Gifford Long Term Global Growth Fund | 0.00% | 0.00% |
| Baillie Gifford U.S. Equity Growth Fund | 0.00% | 0.00% |

---

In February 2026, 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 2025.

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, 2025, are as follows:

---

| | | |
|:---|:---|:---|
| Fund | Foreign Taxes<br>Per Share | Foreign Income<br>Per Share |
| Baillie Gifford China Equities Fund | 0.0087 | 0.1241 |
| Baillie Gifford Developed EAFE All Cap Fund | 0.0417 | 0.9466 |
| Baillie Gifford EAFE Plus All Cap Fund | 0.0494 | 0.8337 |
| Baillie Gifford Emerging Markets Equities Fund | 0.0710 | 0.6117 |
| Baillie Gifford Emerging Markets ex China Fund | 0.0328 | 0.2604 |
| Baillie Gifford Global Alpha Equities Fund |  |  |
| Baillie Gifford International Alpha Fund | 0.0630 | 0.2962 |
| Baillie Gifford International Concentrated Growth Equities Fund |  |  |
| Baillie Gifford International Growth Fund | 0.0143 | 0.1040 |
| Baillie Gifford Long Term Global Growth Fund |  |  |
| Baillie Gifford U.S. Equity Growth Fund |  |  |

---

------

![](j2619052_za004.jpg)

Copyright© Baillie Gifford & Co 2025

------

![](j2619054_aa001.jpg)

Baillie Gifford Funds

**Annual Financial Statements and Other Information, December 31, 2025**

![](j2619054_aa002.jpg)

Baillie Gifford International All Cap Fund

------

**Index**

---

| | |
|:---|:---|
| Page Number |  |
| 01 | [Industry Diversification Table](#IndustryDiversificationTable-4) |
| 02 | [Portfolio of Investments](#PortfolioofInvestments-4) |
| 07 | [Financial Statements](#StatementofAssetsandLiabilities-4) |
| 10 | [Financial Highlights](#FinancialHighlights-4) |
| 12 | [Notes to Financial Statements](#NotestoFinancialStatements-4) |
| 21 | [Report of Independent Registered Public Accounting Firm](#ReportofIndependentRegisteredPublicAccountingFirm-4) |
| 22 | [Supplemental Information](#SupplementalInformationunaudited-4) |
| 22 | [Federal Income Tax Information](#FederalIncomeTaxInformation-4) |

---

*This report is intended for shareholders of Baillie Gifford International All Cap Fund (the "Fund") and may not be used as sales literature unless preceded or accompanied by a current prospectus for the Fund.*

*The statements and views expressed in this report are as of this report's period end and are subject to change at any time based on a variety of factors. The respective parties disclaim any responsibility to update such views.*

*Actual outcomes may differ significantly from the views expressed. These views may not be relied on as investment advice or as an indication of trading intent on behalf of the Fund.*

*All investments entail risk, including the possible loss of principal.*

------

**Industry Diversification Table**

Annual Financial Statements and Other Information December 31, 2025

December 31, 2025

Baillie Gifford International All Cap Fund

---

| | | |
|:---|:---|:---|
| | Value | % of Total<br>Net Assets |
| Airlines | $3214693 | 1.2% |
| Apparel | 4878178 | 1.7 |
| Auto Parts & Equipment | 3641941 | 1.3 |
| Banks | 27980818 | 10.0 |
| Beverages | 10121334 | 3.6 |
| Building Materials | 6841836 | 2.5 |
| Chemicals | 5766406 | 2.1 |
| Commercial Services | 13228748 | 4.7 |
| Computers | 2284021 | 0.8 |
| Cosmetics/Personal Care | 7093597 | 2.5 |
| Distribution/Wholesale | 5951288 | 2.1 |
| Diversified Financial Services | 5806735 | 2.1 |
| Electronics | 8804465 | 3.2 |
| Food | 4924037 | 1.8 |
| Hand/Machine Tools | 3462443 | 1.2 |
| Healthcare — Products | 4215403 | 1.5 |
| Healthcare — Services | 5691138 | 2.0 |
| Home Furnishings | 1597252 | 0.6 |
| Insurance | 3853734 | 1.4 |
| Internet | 32979988 | 11.8 |
| Investment Companies | 9283775 | 3.3 |
| Leisure Time | 2039135 | 0.7 |
| Machinery — Construction & Mining | 5963024 | 2.1 |
| Machinery — Diversified | 10291777 | 3.7 |
| Mining | 2793109 | 1.0 |
| Oil & Gas | 5429103 | 1.9 |
| Pharmaceuticals | 9024439 | 3.2 |
| Private Equity | 2938621 | 1.1 |
| Retail | 12896300 | 4.6 |
| Semiconductors | 37817112 | 13.5 |
| Software | 6280507 | 2.3 |
| Toys/Games/Hobbies | 3671826 | 1.3 |
| Transportation | 5795172 | 2.1 |
| **Total Value of Investments** | 276561955 | 98.9 |
| Other assets less liabilities | 3158251 | 1.1 |
| **Net Assets** | $279720206 | 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.

------

**Portfolio of Investments**

Annual Financial Statements and Other Information December 31, 2025

December 31, 2025

Baillie Gifford International All Cap Fund

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| **COMMON STOCKS — 98.9%** | **COMMON STOCKS — 98.9%** | **COMMON STOCKS — 98.9%** |
| AUSTRALIA — 1.0% | AUSTRALIA — 1.0% | AUSTRALIA — 1.0% |
| BHP Group Ltd. | 92551 | $2793109 |
| BELGIUM — 1.6% | BELGIUM — 1.6% | BELGIUM — 1.6% |
| Anheuser-Busch InBev SA/NV | 68312 | 4384335 |
| BRAZIL — 2.8% | BRAZIL — 2.8% | BRAZIL — 2.8% |
| B3 SA — Brasil Bolsa Balcao | 930600 | 2369222 |
| MercadoLibre, Inc. \* | 1506 | 3033476 |
| Raia Drogasil SA | 536092 | 2286426 |
|  |  | 7689124 |
| CANADA — 3.4% | CANADA — 3.4% | CANADA — 3.4% |
| Alimentation Couche-Tard, Inc. | 34449 | 1881386 |
| Canadian Pacific Kansas City Ltd. | 34219 | 2519274 |
| Shopify, Inc., Class A \* | 31516 | 5073131 |
|  |  | 9473791 |
| CHILE — 1.1% | CHILE — 1.1% | CHILE — 1.1% |
| Banco de Chile ADR | 79339 | 3014882 |
| CHINA — 8.3% | CHINA — 8.3% | CHINA — 8.3% |
| Alibaba Group Holding Ltd. | 205356 | 3770534 |
| Centre Testing International Group Co., Ltd., Class A | 667500 | 1295362 |
| Contemporary Amperex Technology Co., Ltd., Class A | 69139 | 3641941 |
| Kweichow Moutai Co., Ltd., Class A | 4900 | 967912 |
| Midea Group Co., Ltd., Class A | 142600 | 1597252 |
| Prosus NV \* | 60619 | 3753467 |
| Silergy Corp. | 145000 | 879385 |
| Tencent Holdings Ltd. | 95500 | 7329008 |
|  |  | 23234861 |
| DENMARK — 1.2% | DENMARK — 1.2% | DENMARK — 1.2% |
| DSV A/S | 13007 | 3275898 |
| FRANCE — 5.4% | FRANCE — 5.4% | FRANCE — 5.4% |
| Air Liquide SA | 14396 | 2705785 |
| BioMerieux | 14121 | 1827184 |

---

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

------

**Portfolio of Investments**

Annual Financial Statements and Other Information December 31, 2025

December 31, 2025

Baillie Gifford International All Cap Fund

---

| | | | |
|:---|:---|:---|:---|
| | Shares | Value | Value |
| LVMH Moet Hennessy Louis Vuitton SE | 6472 | $| 4878178 |
| SOITEC \* | 8013 |  | 216510 |
| TotalEnergies SE | 83271 |  | 5429103 |
|  |  |  | 15056760 |
| GERMANY — 1.1% | GERMANY — 1.1% | GERMANY — 1.1% | GERMANY — 1.1% |
| Nemetschek SE | 29326 |  | 3172788 |
| HONG KONG — 3.9% | HONG KONG — 3.9% | HONG KONG — 3.9% | HONG KONG — 3.9% |
| AIA Group Ltd. | 374400 |  | 3853734 |
| Hong Kong Exchanges & Clearing Ltd. | 65700 |  | 3437513 |
| Techtronic Industries Co., Ltd. | 301000 |  | 3462443 |
|  |  |  | 10753690 |
| INDIA — 2.4% | INDIA — 2.4% | INDIA — 2.4% | INDIA — 2.4% |
| HDFC Bank Ltd. | 403740 |  | 4460073 |
| MakeMyTrip Ltd. \* | 29143 |  | 2393223 |
|  |  |  | 6853296 |
| IRELAND — 1.1% | IRELAND — 1.1% | IRELAND — 1.1% | IRELAND — 1.1% |
| Kingspan Group PLC | 36971 |  | 3185752 |
| ITALY — 1.1% | ITALY — 1.1% | ITALY — 1.1% | ITALY — 1.1% |
| Ryanair Holdings PLC ADR | 44531 |  | 3214693 |
| JAPAN — 10.2% | JAPAN — 10.2% | JAPAN — 10.2% | JAPAN — 10.2% |
| Chugai Pharmaceutical Co., Ltd. | 49400 |  | 2591601 |
| Cosmos Pharmaceutical Corp. | 64700 |  | 3276207 |
| Keyence Corp. | 6600 |  | 2387385 |
| Nippon Paint Holdings Co., Ltd. | 457100 |  | 3060621 |
| Olympus Corp. | 197700 |  | 2506689 |
| Recruit Holdings Co., Ltd. | 51500 |  | 2893866 |
| Shimano, Inc. | 19500 |  | 2039135 |
| Shiseido Co., Ltd. | 104100 |  | 1514959 |
| SMC Corp. | 4300 |  | 1487804 |
| Sysmex Corp. | 174000 |  | 1708714 |
| Tokyo Electron Ltd. | 16600 |  | 3697274 |
| Unicharm Corp. | 249300 |  | 1424435 |
|  |  |  | 28588690 |

---

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

------

**Portfolio of Investments**

Annual Financial Statements and Other Information December 31, 2025

December 31, 2025

Baillie Gifford International All Cap Fund

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| MEXICO — 1.6% | MEXICO — 1.6% | MEXICO — 1.6% |
| Fomento Economico Mexicano SAB de CV ADR | 20975 | $2119943 |
| Wal-Mart de Mexico SAB de CV | 730345 | 2271644 |
|  |  | 4391587 |
| NETHERLANDS — 7.0% | NETHERLANDS — 7.0% | NETHERLANDS — 7.0% |
| Adyen NV \* | 2147 | 3462198 |
| ASML Holding NV | 5820 | 6271168 |
| EXOR NV | 43133 | 3663898 |
| IMCD NV | 30577 | 2775242 |
| Magnum Ice Cream Co. NV (The) \* | 14305 | 227051 |
| Topicus.com, Inc. \* | 33547 | 3107720 |
|  |  | 19507277 |
| PORTUGAL — 0.9% | PORTUGAL — 0.9% | PORTUGAL — 0.9% |
| Jeronimo Martins SGPS SA | 110789 | 2636374 |
| SINGAPORE — 2.9% | SINGAPORE — 2.9% | SINGAPORE — 2.9% |
| United Overseas Bank Ltd. | 298399 | 8127056 |
| SOUTH KOREA — 2.8% | SOUTH KOREA — 2.8% | SOUTH KOREA — 2.8% |
| Samsung Electronics Co., Ltd. | 94495 | 7920089 |
| SPAIN — 1.0% | SPAIN — 1.0% | SPAIN — 1.0% |
| CaixaBank SA | 227723 | 2784170 |
| SWEDEN — 8.1% | SWEDEN — 8.1% | SWEDEN — 8.1% |
| Assa Abloy AB, B Shares | 128959 | 4981797 |
| Atlas Copco AB, A Shares | 64753 | 1152770 |
| Atlas Copco AB, B Shares | 164462 | 2629207 |
| Epiroc AB, B Shares | 163930 | 3298040 |
| Investor AB, B Shares | 157704 | 5619876 |
| Skandinaviska Enskilda Banken AB, A Shares | 239898 | 5057936 |
|  |  | 22739626 |
| SWITZERLAND — 6.5% | SWITZERLAND — 6.5% | SWITZERLAND — 6.5% |
| Cie Financiere Richemont SA | 14749 | 3180637 |
| Lonza Group AG | 5731 | 3863954 |
| Partners Group Holding AG | 2395 | 2938621 |
| Sika AG | 18008 | 3656084 |

---

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

------

**Portfolio of Investments**

Annual Financial Statements and Other Information December 31, 2025

December 31, 2025

Baillie Gifford International All Cap Fund

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| UBS Group AG | 98251 | $4536701 |
|  |  | 18175997 |
| TAIWAN — 8.1% | TAIWAN — 8.1% | TAIWAN — 8.1% |
| Chroma ATE, Inc. | 119000 | 2943283 |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 401000 | 19712071 |
|  |  | 22655354 |
| UNITED KINGDOM — 10.8% | UNITED KINGDOM — 10.8% | UNITED KINGDOM — 10.8% |
| Auto Trader Group PLC | 299358 | 2361743 |
| Bunzl PLC | 113739 | 3176046 |
| Diageo PLC | 122942 | 2649144 |
| Games Workshop Group PLC | 14433 | 3671826 |
| Greggs PLC | 91416 | 2060612 |
| Rightmove PLC | 323895 | 2262959 |
| Softcat PLC | 119990 | 2284021 |
| Spirax Group PLC | 28826 | 2634611 |
| Trainline PLC \* | 169289 | 501911 |
| Unilever PLC | 63581 | 4154203 |
| Weir Group PLC (The) | 69722 | 2664984 |
| Wise PLC, Class A \* | 150142 | 1798705 |
|  |  | 30220765 |
| UNITED STATES — 4.6% | UNITED STATES — 4.6% | UNITED STATES — 4.6% |
| Experian PLC | 83808 | 3778616 |
| Roche Holding AG | 15577 | 6432838 |
| Spotify Technology SA \* | 4306 | 2500537 |
|  |  | 12711991 |
| **TOTAL INVESTMENTS — 98.9%** | **TOTAL INVESTMENTS — 98.9%** | **TOTAL INVESTMENTS — 98.9%** |
| (cost $199,345,884) |  | $276561955 |
| Other assets less liabilities — 1.1% |  | 3158251 |
| **NET ASSETS — 100.0%** |  | $279720206 |

---

\* Non-income producing security.

ADR — American Depositary Receipt

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

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

------

**Portfolio of Investments**

Annual Financial Statements and Other Information December 31, 2025

December 31, 2025

Baillie Gifford International All Cap Fund

**Fair Value Measurement**

The following is a summary of the inputs used as of December 31, 2025 in valuing the Fund's investments carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Investments in Securities | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks \*\* | $32781395 | $243780560 | $— | $276561955 |
| **Total** | $32781395 | $243780560 | $— | $276561955 |

---

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

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

------

**Statement of Assets and Liabilities**

Annual Financial Statements and Other Information December 31, 2025

December 31, 2025

Baillie Gifford International All Cap Fund

---

| | |
|:---|:---|
| **ASSETS** | **ASSETS** |
| Investments, at value (cost $199,345,884) | $276561955 |
| Cash | 3429898 |
| Foreign cash, at value (cost $7,244) | 7318 |
| Tax reclaims receivable | 368596 |
| Dividends receivable | 332916 |
| Receivable for investments sold | 14113 |
| Total Assets | 280714796 |
| **LIABILITIES** | **LIABILITIES** |
| Advisory fee payable | 250734 |
| Deferred India capital gains tax liability (Note A) | 506682 |
| Shareholder Servicing fee payable | 96700 |
| Payable for investment purchased | 40213 |
| Trustee fee payable | 3877 |
| Commitment fee payable | 859 |
| Accrued expenses | 95525 |
| Total Liabilities | 994590 |
| **NET ASSETS** | $279720206 |
| **COMPOSITION OF NET ASSETS** | **COMPOSITION OF NET ASSETS** |
| Paid-in capital | $210269498 |
| Total distributable earnings | 69450708 |
|  | $279720206 |
| **NET ASSET VALUE, PER SHARE** | **NET ASSET VALUE, PER SHARE** |
| **Class 2** ($135,055,197 / 11,502,904 shares outstanding), unlimited authorized, no par value | $11.74 |
| **Class 3** ($144,665,009 / 12,065,321 shares outstanding), unlimited authorized, no par value | $11.99 |

---

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

------

**Statement of Operations**

Annual Financial Statements and Other Information December 31, 2025

For the Year Ended December 31, 2025

Baillie Gifford International All Cap Fund

---

| | |
|:---|:---|
| **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| Dividends (net of foreign withholding taxes of $632,084) | $5688900 |
| Windfall tax recovery (Note A) | 229602 |
| Interest | 57730 |
| Total Investment Income | 5976232 |
| **EXPENSES** | **EXPENSES** |
| Advisory fee (Note B) | 1026597 |
| Shareholder Servicing fees — Class 2 shares (Note B) | 226788 |
| Shareholder Servicing fees — Class 3 shares (Note B) | 159908 |
| Transfer agency | 11642 |
| Fund accounting | 105239 |
| Legal | 62145 |
| Custody | 57453 |
| Professional fees | 45106 |
| Trustees' fees | 15206 |
| Commitment fees | 3939 |
| Miscellaneous | 16211 |
| Total Expenses | 1730234 |
| Net Investment Income | 4245998 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS <br>AND FOREIGN CURRENCY TRANSACTIONS** | **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS <br>AND FOREIGN CURRENCY TRANSACTIONS** |
| Net realized gain from: | Net realized gain from: |
| Investments (net of India capital gains tax expense of $19,619) | 19482082 |
| Foreign currency transactions | 33852 |
|  | 19515934 |
| Net change in unrealized appreciation on: | Net change in unrealized appreciation on: |
| Investments (net of change in deferred India capital gains tax liability of $465,519) (Note A) | 27066097 |
| Translation of net assets and liabilities denominated in foreign currencies | 44577 |
|  | 27110674 |
| Net realized and unrealized gain | 46626608 |
| **NET INCREASE IN NET ASSETS FROM OPERATIONS** | $50872606 |

---

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

------

**Statements of Changes in Net Assets**

Annual Financial Statements and Other Information December 31, 2025

Baillie Gifford International All Cap Fund

---

| | | |
|:---|:---|:---|
| | For the<br>Year Ended<br>December 31,<br>2025 | For the<br>Year Ended<br>December 31, <br>2024 |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** |
| Net investment income | $4245998 | $2840498 |
| Net realized gain | 19515934 | 44269781 |
| Net change in unrealized appreciation (depreciation) | 27110674 | (36240913) |
| Net Increase in Net Assets from Operations | 50872606 | 10869366 |
| **DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:** | **DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:** | **DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:** |
| Distributable earnings | Distributable earnings | Distributable earnings |
| Class 2 | (15523162 | (8488123) |
| Class 3 | (16390550 | (23666138) |
| Total Distributions to Shareholders | (31913712 | (32154261) |
| **TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST** | **TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST** | **TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST** |
| Net proceeds from shares subscribed: | Net proceeds from shares subscribed: | Net proceeds from shares subscribed: |
| Class 2 | 79859579 | 21000000 |
| Dividends reinvested: | Dividends reinvested: | Dividends reinvested: |
| Class 2 | 15523162 | 8488123 |
| Class 3 | 16390550 | 23666138 |
| Cost of shares redeemed: | Cost of shares redeemed: | Cost of shares redeemed: |
| Class 2 | (51000000 | (9903678) |
| Class 3 | (99859579 | (10000000) |
| Class 5 |  | (37438425) |
| (Decrease) in Net Assets from Transactions in Shares of Beneficial Interest | (39086288 | (4187842) |
| Total (Decrease) in Net Assets | (20127394 | (25472737) |
| **NET ASSETS** | **NET ASSETS** | **NET ASSETS** |
| Beginning of Year | 299847600 | 325320337 |
| End of Year | $279720206 | $299847600 |

---

\* See Note D for details of share class conversions.

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

------

**Financial Highlights**

Annual Financial Statements and Other Information December 31, 2025

Baillie Gifford International All Cap Fund

Selected data for a Class 2 share outstanding throughout each year:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | For the<br>Year Ended<br>December 31,<br>2025 | For the<br>Year Ended<br>December 31,<br>2024 | For the<br>Year Ended<br>December 31,<br>2023 | For the<br>Year Ended<br>December 31,<br>2022 | For the<br>Year Ended<br>December 31,<br>2021 |
| Net asset value, beginning of year | $11.22 | $12.22 | $11.24 | $16.83 | $20.27 |
| **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** |
| Net investment income<sup>(a)</sup> | 0.18 | 0.10 | 0.10 | 0.09 | 0.05 |
| Net realized and unrealized gain (loss) <br>on investments and foreign currency | 1.86 | 0.26 | 1.04 | (5.41) | 0.60 |
| Net increase (decrease) in net asset <br>value from investment operations | 2.04 | 0.36 | 1.14 | (5.32) | 0.65 |
| **Dividends and Distributions to Shareholders** | **Dividends and Distributions to Shareholders** | **Dividends and Distributions to Shareholders** | **Dividends and Distributions to Shareholders** | **Dividends and Distributions to Shareholders** | **Dividends and Distributions to Shareholders** |
| From net investment income | (0.35) | (0.37) |  |  | (0.19) |
| From net realized gain on investments | (1.17) | (0.99) | (0.16) | (0.27) | (3.90) |
| Total dividends and distributions | (1.52) | (1.36) | (0.16) | (0.27) | (4.09) |
| Net asset value, end of year | $11.74 | $11.22 | $12.22 | $11.24 | $16.83 |
| **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** |
| Total return based on net asset value<sup>(b)</sup> | 18.20% | 2.88% | 10.23% | (31.67)% | 3.34% |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of year (000's omitted) | $135055 | $78599 | $66048 | $61057 | $112388 |
| Ratio of net expenses to average net assets | 0.63% | 0.65% | 0.63% | 0.64% | 0.61% |
| Ratio of net investment income to average <br>net assets | 1.49% | 0.77% | 0.80% | 0.71% | 0.26% |
| Portfolio turnover rate<sup>(c)</sup> | 20% | 37% | 16% | 19% | 14% |

---

<sup>(a)</sup> Calculated based upon average shares outstanding during the period.

<sup>(b)</sup> 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.

<sup>(c)</sup> Portfolio turnover rate calculated at Fund level.

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

------

**Financial Highlights**

Annual Financial Statements and Other Information December 31, 2025

Baillie Gifford International All Cap Fund

Selected data for a Class 3 share outstanding throughout each year:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | For the<br>Year Ended<br>December 31,<br>2025 | For the<br>Year Ended<br>December 31,<br>2024 | For the<br>Year Ended<br>December 31,<br>2023 | For the<br>Year Ended<br>December 31,<br>2022 | For the<br>Year Ended<br>December 31,<br>2021 |
| Net asset value, beginning of year | $11.43 | $12.42 | $11.41 | $17.08 | $20.50 |
| **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** |
| Net investment income<sup>(a)</sup> | 0.18 | 0.11 | 0.10 | 0.12 | 0.09 |
| Net realized and unrealized gain (loss) <br>on investments and foreign currency | 1.91 | 0.27 | 1.07 | (5.52) | 0.59 |
| Net increase (decrease) in net asset <br>value from investment operations | 2.09 | 0.38 | 1.17 | (5.40) | 0.68 |
| **Dividends and Distributions to Shareholders** | **Dividends and Distributions to Shareholders** | **Dividends and Distributions to Shareholders** | **Dividends and Distributions to Shareholders** | **Dividends and Distributions to Shareholders** | **Dividends and Distributions to Shareholders** |
| From net investment income | (0.36) | (0.38) |  |  | (0.20) |
| From net realized gain on investments | (1.17) | (0.99) | (0.16) | (0.27) | (3.90) |
| Total dividends and distributions | (1.53) | (1.37) | (0.16) | (0.27) | (4.10) |
| Net asset value, end of year | $11.99 | $11.43 | $12.42 | $11.41 | $17.08 |
| **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** |
| Total return based on net asset value<sup>(b)</sup> | 18.28% | 2.96% | 10.31% | (31.62)% | 3.41% |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of year (000's omitted) | $144665 | $221249 | $224428 | $221064 | $133796 |
| Ratio of net expenses to average net assets | 0.56% | 0.57% | 0.56% | 0.58% | 0.54% |
| Ratio of net investment income to average <br>net assets | 1.42% | 0.87% | 0.86% | 1.03% | 0.41% |
| Portfolio turnover rate<sup>(c)</sup> | 20% | 37% | 16% | 19% | 14% |

---

<sup>(a)</sup> Calculated based upon average shares outstanding during the period.

<sup>(b)</sup> 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.

<sup>(c)</sup> Portfolio turnover rate calculated at Fund level.

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

------

**Notes to Financial Statements**

Annual Financial Statements and Other Information December 31, 2025

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 Third Amended and Restated Agreement and Declaration of Trust dated September 20, 2023, as amended from time to time.

The Fund's Class 2 and Class 3 share classes had shares outstanding as of December 31, 2025.

On September 15, 2025, the Board of Trustees approved and adopted an Agreement and Plan of Reorganization for Baillie Gifford International All Cap Fund (the 'target fund') to merge with and into Baillie Gifford International Alpha Fund (the 'surviving fund'), an existing series of the Trust.

As further described in Note J, the Fund merged with and into Baillie Gifford International Alpha Fund on February 2, 2026.

**Accounting Policies**

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 ("FASB"). 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**

Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees of the Trust (the "Board") has designated the Fund's investment adviser, Baillie Gifford Overseas Limited (the "Manager") as the valuation designee (the "Valuation Designee") to determine the fair value, in good faith, of securities and other instruments for which no readily available market quotation exists, subject to the Board's oversight.

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 the Valuation Designee.

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

The Valuation Designee 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

------

**Notes to Financial Statements**

Annual Financial Statements and Other Information December 31, 2025

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 which the Fund has the ability to access

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, 2025 is disclosed at the end of the Fund's Portfolio of Investments.

For the year ended December 31, 2025, 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

------

**Notes to Financial Statements**

Annual Financial Statements and Other Information December 31, 2025

non-cash income exceeding 5% of the Fund's total income stated separately on the Statement of Operations, and is recorded at the fair market value of securities received.

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

**Segment Reporting**

The Fund is subject to Topic 946: Investment Companies and is structured as having a limited purpose by design. The Fund's sole purpose is to invest to obtain returns from investment income and/or capital appreciation in accordance with its established investment objective. As such, the Fund is deemed to be an individual reporting segment under Topic 280 and is not part of a consolidated reporting entity. The results of the operations, as shown in the Statement of Operations and the financial highlights for the Fund is the information utilized for the day-to-day oversight of the Fund. Due to the significance of oversight and their role, the President / Principal Executive Officer is deemed to be the Chief Operating Decision Maker.

**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 a positive decision is reached and as such, reclaims becomes payable to the Fund, they will be reflected as windfall tax recovery within investment income in the Statement of Operations and related receivables, if any, will be reflected within tax reclaims receivable in the Statements of Assets and Liabilities. If the associated cash is received, the Fund will generally 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 Fund may also be subject to capital gains tax in India and potentially other foreign jurisdictions, on gains realized upon the sale of securities in India or other such jurisdictions, 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.

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

------

**Notes to Financial Statements**

Annual Financial Statements and Other Information December 31, 2025

**Improvements to Income Tax Disclosures**

On December 14, 2023, the FASB issued Accounting Standards Update ("ASU"), ASU 2023-09 — Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which aimed to improve transparency of tax information for investors and enhance income tax disclosures. The update requires the Fund to provide a breakdown of total income tax paid, net of refunds, by jurisdiction if the amount exceeds materiality. The amendments under this ASU were effective for fiscal years beginning after December 15, 2024 and hence the Fund adopted this ASU for the year ending December 31, 2025. Total income taxes paid during the period were not material, and no jurisdictional breakdown was required.

At December 31, 2025, the Fund had no capital loss carryforwards.

Realized capital losses, currency losses and passive foreign investment company ("PFIC") losses incurred after October 31 ("post-October capital/late year ordinary losses") within the taxable year are deemed to arise on the first business day of the Fund's next taxable year.

At December 31, 2025, the components of accumulated earnings on a tax basis were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Fund | Undistributed<br>Net Ordinary<br>Income | Long Term<br>Capital<br>Gains | Capital<br>Loss<br>Carryforwards | Post October<br>Capital/<br>Late Year<br>Ordinary<br>Losses | Net Unrealized<br>Appreciation/<br>Depreciation on<br>Investments<br>and Foreign<br>Currencies and<br>Foreign Tax | Total<br>Distributable<br>Earnings/<br>Accumulated<br>Deficit |
| Baillie Gifford International <br>All Cap Fund | $— | $— | $— | $(597038) | $70047746 | $69450708 |

---

The differences between the components of distributable earnings on a tax basis and the amounts reflected in the Statement of Assets and Liabilities are primarily due to the differing book/tax treatment of realized losses on wash sales and mark to market income on securities categorized as PFICs.

For the year ended December 31, 2025, the following reclassification has been made on the Statement of Assets and Liabilities as a result of permanent book to tax differences.

---

| | | |
|:---|:---|:---|
| Fund | Total Distributable Earnings | Paid-in Capital |
| Baillie Gifford International All Cap Fund | $501692 | $(501692) |

---

**Dividends and Distributions to Shareholders**

The Fund intends to distribute each year, as dividends, substantially all net investment income and net capital gains realized. All such dividends or distributions are credited in the form of additional shares of the Fund at net asset value on the ex-dividend date unless the shareholder elects to receive dividends and distributions in cash. Currently, the Fund's policy is to distribute net investment income and net capital gains on an annual basis. Such distributions are determined in conformity with U.S. federal income tax regulations, which may differ from GAAP.

For the years ended December 31, 2025 and December 31, 2024, the tax characters of the dividends paid were:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Fund | Ordinary<br>Income<br>2025 | Long Term<br>Capital Gains<br>2025 | Return of<br>Capital<br>2025 | Ordinary<br>Income<br>2024 | Long Term<br>Capital Gains<br>2024 | Return of<br>Capital<br>2024 |
| Baillie Gifford International All Cap Fund | $7545637 | $24368075 | $— | $8627512 | $23526749 | $— |

---

------

**Notes to Financial Statements**

Annual Financial Statements and Other Information December 31, 2025

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

The Fund's cost of investments and gross unrealized appreciation (depreciation) at December 31, 2025 for U.S. federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund | Cost of<br>Investments | Gross<br>Appreciation | Gross<br>(Depreciation) | Net<br>Appreciation |
| Baillie Gifford International All Cap Fund | $206022489 | $88906592 | $(18858846) | $70047746 |

---

Note B — Investment Management and Other Services

The Fund is advised and managed by the Manager. The Manager, an investment adviser registered with the SEC, is a wholly owned subsidiary of Baillie Gifford & Co.

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

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

---

| | | |
|:---|:---|:---|
| Fund | Average Daily Net Assets <br>of the Fund (billions) | Annual Rate at <br>Each Asset Level |
| Baillie Gifford International All Cap Fund | $0 - $2<br>>$2 - $5<br>Above $5 | 0.35%<br> 0.31%<br> 0.29% |

---

Effective August 25, 2025, the Manager has contractually agreed to waive its fees and/or bear expenses to the extent that such Fund's total annual operating expenses (excluding taxes, sub-accounting expenses and extraordinary expenses) exceed 0.67% for Class 2 and 0.60% for Class 3. This contractual waiver will expire on April 30, 2026.

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

The Fund has adopted a Shareholder Servicing Plan providing that the Fund may pay the Manager, or any other entity that acts from time to time as the shareholder servicing agent with respect to a class of Fund shares, for services rendered and expenses borne in connection with the provision of services provided to Fund investors and/or the maintenance of shareholder accounts. For these services, the Fund pays the Manager a fee at the annualized rate of the Fund's average daily net assets attributed to each class of shares. The fee paid by Class 2 shares is 0.17% and Class 3 shares is 0.10%.

The Bank of New York Mellon ("BNY") serves as the Fund's administrator and custodian. BNY Mellon Investment Servicing (US) Inc. serves as the Trust's transfer agent, registrar and dividend disbursing agent.

Note C — Investment Transactions

Purchases and proceeds from sales of securities (excluding short-term securities) for the year ended December 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
| Fund | Purchases | Sales |
| Baillie Gifford International All Cap Fund | $58796301 | $125460994 |

---

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**Notes to Financial Statements**

Annual Financial Statements and Other Information December 31, 2025

Note D — Transactions in Shares of Beneficial Interest

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Baillie Gifford International All Cap Fund | Baillie Gifford International All Cap Fund | Baillie Gifford International All Cap Fund | Baillie Gifford International All Cap Fund |
| | For the<br>Year Ended<br>December 31, 2025 | For the<br>Year Ended<br>December 31, 2025 | For the<br>Year Ended<br>December 31, 2024 | For the<br>Year Ended<br>December 31, 2024 |
| | Shares | Amount | Shares | Amount |
| **Class 2 Shares** | **Class 2 Shares** | **Class 2 Shares** | **Class 2 Shares** | **Class 2 Shares** |
| Shares sold | 7111018 | $79859579<br> <sup>(a)</sup> | 1643320 | $21000000 |
| Shares issued in reinvestment of dividends and distributions | 1317711 | 15523162 | 755285 | 8488123 |
| Shares redeemed | (3932102) | (51000000) | (797269) | (9903678) |
| Net Increase (Decrease) | 4496627 | $44382741 | 1601336 | $19584445 |
| **Class 3 Shares** | **Class 3 Shares** | **Class 3 Shares** | **Class 3 Shares** | **Class 3 Shares** |
| Shares sold |  | $— |  | $— |
| Shares issued in reinvestment of dividends and distributions | 1362428 | 16390550 | 2067327 | 23666138 |
| Shares redeemed | (8658440) | (99859579)<sup>(a)</sup> | (769013) | (10000000) |
| Net Increase (Decrease) | (7296012) | $(83469029) | 1298314 | $13666138 |
| **Class 5 Shares** | **Class 5 Shares** | **Class 5 Shares** | **Class 5 Shares** | **Class 5 Shares** |
| Shares sold |  | $— |  | $— |
| Shares issued in reinvestment of dividends and distributions |  |  |  |  |
| Shares redeemed |  |  | (2724980) | (37438425) |
| Net Increase (Decrease) |  | $— | (2724980) | $(37438425) |
| **Total Net Increase (Decrease)** | **(2799385)** | $**(39086288)** | **174670** | $**(4187842)** |

---

<sup>(a)</sup> $79,859,579 converted into Class 2 from Class 3.

Note E — Beneficial Ownership

Beneficial ownership, either direct or indirect, of more than 25% of the voting securities of the Fund creates a presumption of control under Section 2(a)(9) of the 1940 Act.

As of December 31, 2025, the Fund had one shareholder which beneficially owned 25% or more of the Fund's voting securities. Purchase and redemption activity of these accounts may have a significant effect on the operation of the Fund.

Note F — Commitments and Contingencies

The Fund indemnifies the Trust's officers and Trustees for certain liabilities that might arise from the performance of

their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties and which provide general indemnifications.

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

Note G — Line of Credit

The Trust entered into a committed facility with BNY on May 1, 2017, most recently renewed April 15, 2025 and expiring April 14, 2026 (unless renewed), which allows the series of the Trust to borrow up to $75 million in total subject to minimum asset coverage requirements set out in

------

**Notes to Financial Statements**

Annual Financial Statements and Other Information December 31, 2025

the Credit Agreement. Each such series may borrow money under this credit facility for the temporary funding of shareholder redemptions or for other temporary or emergency purposes.

In normal market conditions, borrowings are charged an interest rate of 1.25% per annum plus the greater of the Federal Funds Effective Rate or the Secured Overnight Financing Rate + 0.10%.

The Fund pays a share of a commitment fee on the portion of the facility which is undrawn. The commitment fee is 0.25% on undrawn amounts.

The rate payable at December 31, 2025 was 5.80% on any amount drawn down. There were no borrowings made against the credit facility during the period.

Note H — Principal Risks (unaudited)

The below is a selection of the Fund's principal risks. Additional risks of investing in the Fund are included in the Fund's Prospectus.

**Investment Style Risk**

The Manager actively makes investment decisions for the Fund through bottom-up stock selection. Accordingly, the Fund will have risk characteristics that differ from its benchmark index. The Manager's judgments about the attractiveness, relative value, or potential appreciation of a particular stock may prove to be incorrect and cause the Fund to lose money or underperform compared to its benchmark index. There can be no assurance that the Manager's investment decisions will produce the desired results.

**Growth Stock Risk**

The prices of growth stocks may be based largely on expectations of future earnings, and their prices can decline rapidly and significantly in reaction to negative news. Growth stocks may underperform stocks in other broad style categories (and the stock market as a whole) over any period of time and may shift in and out of favor with investors generally, sometimes rapidly, depending on changes in market, economic, and other factors.

**Long-Term Investment Strategy Risk**

The Fund pursues a long-term investment approach, typically seeking returns over a period of several years. This investment style may cause the Fund to lose money or underperform compared to its benchmark index or other mutual funds over extended periods of time, and the Fund may not perform as expected in the long term. An investment in the Fund may be more suitable for long-term investors who can bear the risk of short- or medium-term fluctuations in the value of the Fund's portfolio.

**Asia Risk**

Investing in securities of companies located in or with exposure to Asian countries involves certain risks and considerations not typically associated with investing in securities of U.S. issuers, including different financial reporting standards, currency exchange rate fluctuations, and highly regulated markets with the potential for government interference. The economies of many Asian countries are heavily dependent on international trade and on only a few industries or commodities and, as a result, can be adversely affected by trade barriers, exchange controls and other measures imposed or negotiated by the countries with which they trade. Some Asian securities may be less liquid than U.S. or other foreign securities.

**Market Disruption and Geopolitical Risk**

Geopolitical, environmental and other events may disrupt securities markets and adversely affect global economies and markets. These disruptions could prevent the Fund from implementing its investment strategies and achieving its investment objectives, and increase the Fund's exposure to the other risks detailed in the Prospectus. Given the increasing interdependence among global economies and markets, conditions in one country, market, or region might adversely affect markets, issuers, and/or foreign exchange rates in other countries, including the U.S.

War, terrorism, public health crises, and other geopolitical events, such as sanctions, tariffs, trade disputes, the imposition of exchange controls or other cross-border trade barriers, have led, and in the future may lead, to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets generally. For instance, the 2022 Russian invasion of Ukraine and the sanctions that

------

**Notes to Financial Statements**

Annual Financial Statements and Other Information December 31, 2025

followed had immediate negative effects on global financial markets, sovereign debt and the markets for certain securities and commodities, such as oil and natural gas, and reduced the liquidity and value of Russian securities to zero or near zero. Similarly, terrorism in the U.S. and around the world has resulted in increased geopolitical risk.

**Non-U.S. Investment Risk**

Non-U.S. securities are subject to additional risks, including less liquidity, increased volatility, less transparency, withholding or other taxes, increased vulnerability to adverse changes in local and global economic conditions, less regulation, and possible fluctuation in value due to adverse political conditions. Foreign portfolio transactions generally involve higher commission rates, transfer taxes, and custodial costs than similar transactions in the U.S.

Natural and environmental disasters, such as earthquakes and tsunamis, can be highly disruptive to economies and markets, adversely impacting individual companies and industries, securities markets, interest rates, credit ratings, inflation, investor sentiment, and other factors affecting the value of the Fund's investments. Similarly, dramatic disruptions can be caused by communicable diseases, epidemics, pandemics, plagues and other public health crises.

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

Note I — Legal Notice (unaudited)

**MSCI**

MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, endorsed, reviewed or produced by MSCI. None of the MSCI data 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.

Note J — Subsequent Events

Events or transactions that occur after the financial statement date but before the financial statements are issued are categorized as recognized or non-recognized for financial statement purposes.

On September 15, 2025, the Board of Trustees approved and adopted an Agreement and Plan of Reorganization for Baillie Gifford International All Cap Fund (the 'target fund') to merge with and into Baillie Gifford International Alpha Fund (the 'surviving fund'), an existing series of the Trust.

The below table illustrates the specifics of the reorganization:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Pre-<br>Reorganization<br>NAV ($) | Pre-<br>Reorganization<br>Shares<br>Outstanding | Pre-<br>Reorganization<br>Net Assets ($) | Post-<br>Reorganization<br>Shares<br>Outstanding | Post-<br>Reorganization<br>Net Assets ($) | Reorganization<br>Exchange<br>Ratios |
| Baillie Gifford International <br>All Cap Fund — Class 2 | 8.5186 | 4857330.893 | 41377658.95 |  |  | 0.610084 |
| Baillie Gifford International <br>All Cap Fund — Class 3 | 8.7733 | 16935217.386 | 148577742.69 |  |  | 0.616393 |
| Baillie Gifford International <br>Alpha Fund — Class 2 | 13.9630 | 39051194.911 | 545271834.54 | 42014573.77 | 586649493.49 |  |
| Baillie Gifford International <br>Alpha Fund — Class 3 | 14.2333 | 36465028.100 | 519017684.46 | 46903769.83 | 667595427.15 |  |

---

------

**Notes to Financial Statements**

Annual Financial Statements and Other Information December 31, 2025

Ahead of the reorganization the below distributions took place on January 23, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Funds: | Class | Ordinary<br>Income Rate<br>($ per share) | Long Term<br>Capital Gain Rate<br>($ per share) | Short Term <br>Capital Gain Rate<br>($ per share) |
| Baillie Gifford International All Cap Fund | Class 2 | 0.023621 | 3.124294 | 0.418861 |
|  | Class 3 | 0.025236 | 3.124294 | 0.418861 |

---

On February 2, 2026, pursuant to the Agreement and Plan of Reorganization, the target fund transferred all of it's assets and liabilities to the surviving fund. Shareholders in the target fund received shares in the surviving fund in exchange for their target fund shares.

Events or transactions that occur after the financial statement date but before the financial statements are issued are categorized as recognized or non-recognized for financial statement purposes.

There were no other subsequent events identified between December 31, 2025 and the issuance of the Financial Statements.

------

**Report of Independent Registered Public Accounting Firm**

Annual Financial Statements and Other Information December 31, 2025

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

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Baillie Gifford International All Cap Fund (the "Fund"), a series of Baillie Gifford Funds, as of December 31, 2025, 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 financial highlights for each of the five years in the period then ended, and the related notes (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, 2025, 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.

We conducted our audits in accordance with the standards of the PCAOB and in accordance with the auditing standards generally accepted in the United States of America. 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, 2025, 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 Fund's auditor since 2017.

![](j2619054_ga003.jpg)

**COHEN & COMPANY, LTD.**

**Milwaukee, Wisconsin February 27, 2026**

------

**Supplemental Information (unaudited)**

Annual Financial Statements and Other Information December 31, 2025

**Federal Income Tax Information**

The Fund intends 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, 2025.

---

| | |
|:---|:---|
| Fund | Qualified<br>Dividend Income |
| Baillie Gifford International All Cap Fund | 57.08% |

---

For corporate shareholders, the percentage of ordinary income distributions for the year ended December 31, 2025 for the corporate dividends-received deduction is:

---

| | |
|:---|:---|
| Fund | Dividends-received<br>Deductions |
| Baillie Gifford International All Cap Fund | 0.00% |

---

In February 2026, 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 2025.

Foreign Taxes Paid — The Fund elects 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, 2025, are as follows:

<u> Fund</u> <u> Foreign Taxes Per Share</u> <u> Foreign IncomePer Share</u> <br> Baillie Gifford International All Cap Fund 0.0250 0.3109

------

![](j2619054_za004.jpg)

Copyright© Baillie Gifford & Co 2025

------

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** 

During the period, each of the trustees who are not an "interested person" as defined by the Investment Company Act of 1940, as amended, received from the Trust a retainer fee of $165,000. The chairs of the Audit Oversight Committee and Nominating and Governance Committee of the Board of Trustees received additional compensation of $15,000 and $7,000, respectively. In sum, the total remuneration paid by the Trust was $682,000. No compensation was paid to officers or others of the Trust.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

Not applicable.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

**Item 15. Submission of Matters to a Vote of Security Holders.**

Not applicable.

**Item 16. Controls and Procedures.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's principal executive and principal financial officers, or persons performing similar
functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment
Company Act of 1940 (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date
of this report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required
by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934,
as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the registrant's internal control over financial reporting (as defined
in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that has materially
affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation.**

Not Applicable.

**Item 19. Exhibits.**

[(a)(1)](tm261905d1_ex99-codeeth.htm) [Code of ethics, or any amendment thereto, that is the subject of disclosure required by Item 2 is attached hereto.](tm261905d1_ex99-codeeth.htm)

(a)(2) Not applicable.

[(a)(3)](tm261905d1_ex99-cert.htm) [Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.](tm261905d1_ex99-cert.htm)

(a)(4) Not applicable.

(a)(5) There was no change in the Registrant's independent public accountant during the period covered by the report.

[(b)](tm261905d1_ex99-906cert.htm) [Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.](tm261905d1_ex99-906cert.htm)

**SIGNATURES**

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

(Registrant) Baillie Gifford Funds

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Michael Stirling-Aird |

---

Michael Stirling-Aird, President

(principal executive officer)

Date <u>March 4, 2026</u>

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

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Michael Stirling-Aird |

---

Michael Stirling-Aird, President

(principal executive officer)

---

| | |
|:---|:---|
| By (Signature and Title) | <u>/s/Lindsay Cockburn</u> |

---

Lindsay Cockburn, Treasurer

(principal financial officer)

Date <u>March 4, 2026</u>

 

<sup>\*</sup> Print the name and title of each signing officer under his or her signature.

## Ex-99.Codeeth

**Exhibit 99.CODEETH**

Baillie Gifford U.S. Funds – Compliance Manual

---

| | |
|:---|:---|
| **5** | **Code of Ethics Pursuant to Section 406 of The Sarbanes-Oxley Act Of 2002 for Principal Executive and Senior Financial Officers** |

---

**I.** **Covered Officers/Purpose of the Code** 

This Code of Ethics (this "SOX Code") pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 has been adopted by the Trust and applies to the Trust's Principal Executive Officer, Principal Financial Officer, or other Trust officer performing similar functions (the "Covered Officers," as set forth in <u>Exhibit A</u>) for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;· honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest
between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;· full, fair, accurate, timely, and understandable disclosure in reports
and documents that the Trust files with, or submits to, SEC and in other public communications made by the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;· compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;· the prompt internal reporting of violations of the SOX Code to an appropriate person or persons identified
in the SOX Code; and

&nbsp;&nbsp;&nbsp;&nbsp;· accountability for adherence to the SOX Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to conflicts of interest.

The overarching principle is that the personal interests of a Covered Officer should not be placed improperly before the interests of the Trust.

**II.** **Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest** 

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his or her service to, the Trust. For example, a conflict of interest would arise if a Covered Officer, or a member of the Covered Officer's family, receives improper personal benefits as a result of the Covered Officer's position with the Trust.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Trust and already are subject to conflict of interest provisions in the 1940 Act and the Advisers Act. For example, Covered Officers may not engage in certain transactions (such as the purchase or sale of portfolio securities or other property) with the Trust because of their status as "affiliated persons" of the Trust. The compliance programs and procedures of the Trust and its investment adviser, BGOL, are designed to prevent, or identify and correct, violations of these provisions. This SOX Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this SOX Code. See also Section V of this SOX Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationship between the Trust and BGOL of which the Covered Officers are also officers or employees. As a result, this SOX Code recognizes that the Covered Officers will, in the normal course of their duties (whether for the Trust or for BGOL, or for both) be involved in establishing policies and implementing decisions that will have different

5-1

Baillie Gifford U.S. Funds – Compliance Manual

effects on BGOL and the Trust. The participation of the Covered Officers in such activities is inherent in the contractual relationships between the Trust and BGOL and is consistent with the performance by the Covered Officers of their duties as officers of the Trust. Thus, if performed in conformity with the provisions of the 1940 Act and the Advisers Act, other applicable laws and the Trust's governing documents, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Board that the Covered Officers may also be directors, officers or employees of one or more other investment companies covered by this or other codes and that such service, by itself, does not give rise to a conflict of interest.

Other conflicts of interest are covered by the SOX Code, even if such conflicts of interest are not the subject of provisions of the 1940 Act and the Advisers Act. The following list provides examples of conflicts of interest under the SOX Code, but Covered Officers should keep in mind that these examples are not exhaustive.

Each Covered Officer must not:

&nbsp;&nbsp;&nbsp;&nbsp;· use his or her personal influence or personal relationships to influence investment decisions or financial
reporting by the Trust whereby the Covered Officer would benefit personally to the detriment of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;· cause the Trust to take action, or fail to take action, for the individual personal benefit of the Covered
Officer rather than the benefit of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;· use material non-public information of portfolio transactions made or contemplated for the Trust to profit
personally or cause others to profit, by the market effect of such transactions; or

&nbsp;&nbsp;&nbsp;&nbsp;· retaliate against any other Covered Officer or any employee of the Trust, BGOL or its affiliates for reports
of potential Code of Ethics violations that are made in good faith.

There are some conflict of interest situations that should always be approved by the Compliance Officer of BGOL (the "Compliance Officer"). Examples of these include:

&nbsp;&nbsp;&nbsp;&nbsp;· any outside business activity other than with BGOL or its affiliates that detracts from an individual's
ability to devote appropriate time and attention to his or her responsibilities with the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;· service as a director on the board of any company that files periodic
reports with the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;· service on the board of directors or governing board of any organization, public or private, including
non-profits;

&nbsp;&nbsp;&nbsp;&nbsp;· the receipt of any non-nominal gifts valued in excess of £50 from persons or entities who have or
are seeking business relationships with the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;· the receipt of any entertainment from any company with which the Trust has current or prospective business
dealings unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to
raise any question of impropriety;

5-2

Baillie Gifford U.S. Funds – Compliance Manual

&nbsp;&nbsp;&nbsp;&nbsp;· any ownership interest in, or any consulting or employment relationship with, any entities doing business
with the Trust, other than BGOL or its affiliates. This restriction shall not apply to or otherwise limit the ownership of publicly traded
securities so long as the Covered Officer's ownership does not exceed more than 2% of the outstanding securities of the relevant
class; and

&nbsp;&nbsp;&nbsp;&nbsp;· a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Trust
for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's
employment with BGOL or its affiliates. This restriction shall not apply to or otherwise limit (i) the ownership of publicly traded securities
so long as the Covered Officer's ownership does not exceed more than 2% of the particular class of security outstanding or (ii)
the receipt by BGOL or an affiliate of research or other benefits in exchange for "soft dollars."

**III.** **Disclosure and Compliance** 

Each Covered Officer should:

&nbsp;&nbsp;&nbsp;&nbsp;· familiarize himself or herself with the disclosure requirements generally applicable to the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;· not knowingly misrepresent, or cause others to misrepresent, facts about the Trust to others, whether
within or outside the Trust, including to the Board and auditors, and to governmental regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;· to the extent appropriate within his or her area of responsibility, consult with other officers and employees
of the Trust or BGOL or with counsel to the Trust with the goal of promoting full, fair, accurate, timely and understandable disclosure
in the reports and documents the Trust files with, or submits to, the SEC (which for the sake of clarity, does not include any sales literature,
omitting prospectuses or "tombstone" advertising prepared by the Principal Underwriter, (if any)) and in other public communications
made by the Trust; and

&nbsp;&nbsp;&nbsp;&nbsp;· assume responsibility for promoting compliance with the standards and restrictions imposed by applicable
laws, rules and regulations.

**IV.** **Reporting and Accountability** 

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;· upon adoption of the SOX Code, including amendments to the SOX Code (or thereafter as applicable, upon
becoming a Covered Officer), affirm in writing to the Trust that he or she has received, read, and understands the SOX Code;

&nbsp;&nbsp;&nbsp;&nbsp;· annually thereafter affirm to the Trust that he or she has complied with the requirements of the SOX Code;

&nbsp;&nbsp;&nbsp;&nbsp;· provide full and fair responses to all questions asked in any periodic
Director and/or Officer Questionnaire as well as with respect to any supplemental request for information; and

5-3

Baillie Gifford U.S. Funds – Compliance Manual

&nbsp;&nbsp;&nbsp;&nbsp;· notify the Compliance Officer promptly if he or she knows of any violation of this SOX Code. Failure to
do so is itself a violation of this SOX Code.

Failure to take any of the preceding four actions is itself a violation of this SOX Code.

On an annual basis the Compliance Officer will provide each Covered Officer with a copy of this SOX Code. Each Covered Officer will complete and deliver to the Compliance Officer a completed Acknowledgement and Certification form (as set forth in <u>Exhibit B</u>). A completed Acknowledgement and Certification is one that has been initialed next to each acknowledgement and certification, signed, and dated, with any affiliations or other conflicting relationships provided.

The Compliance Officer is responsible for applying this SOX Code to specific situations in which questions are presented under it and has the authority to interpret this SOX Code in any particular situation. Requests for waivers from the SOX Code shall be submitted in writing to the Compliance Officer.

The President of the Trust shall be authorized to grant waivers, as he or she deems appropriate; in the case of requests by the President, the Independent Trustees of the Trust shall be so authorized. Any changes to or waivers of this SOX Code will, to the extent required, be disclosed as provided by SEC rules currently in effect.

The Trust will follow these procedures in investigating and enforcing this SOX Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the Compliance Officer will take all appropriate action to investigate any potential violations reported
to him or her, which may include the use of internal or external counsel, accountants or other personnel;

&nbsp;&nbsp;&nbsp;&nbsp;· if, after such investigation, the Compliance Officer believes that no violation has occurred, the Compliance
Officer is not required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;· any matter that the Compliance Officer believes is a violation will be reported to the Independent Trustees;

&nbsp;&nbsp;&nbsp;&nbsp;· if the Independent Trustees concur that a violation has occurred, they will inform and make a recommendation
to the full Board, which will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies
and procedures; notification to appropriate personnel of BGOL or its board; or a recommendation to dismiss the Covered Officer as an officer
of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;· the Independent Trustees or the President of the Trust will be responsible for granting waivers and/or
approvals, as appropriate

&nbsp;&nbsp;&nbsp;&nbsp;· the Compliance Officer is responsible for identifying and documenting waivers.

**V.** **Other Policies and Procedures** 

This SOX Code shall be the sole code of ethics adopted by the Trust for purposes of Section 406 of the Sarbanes-Oxley Act 2002 and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Trust or BGOL govern or

5-4

Baillie Gifford U.S. Funds – Compliance Manual

purport to govern the behavior or activities of the Covered Officers who are subject to this SOX Code, they are superseded by this SOX Code to the extent that they conflict with the provisions of this SOX Code. The codes of ethics under Rule 17j-1 under the 1940 Act of the Trust and BGOL and BGOL's more detailed compliance policies and procedures are separate requirements applying independently to the Covered Officers and other persons, and are not part of this SOX Code. This SOX Code does not, and is not intended to, repeat or replace these programs and procedures.

**VI.** **Amendments** 

Any amendments to this SOX Code, other than amendments to <u>Exhibit A</u>, must be approved or ratified by a majority vote of the Board, including a majority of the Independent Trustees, and, to the extent required, disclosed as provided by SEC rules currently in effect.

**VII.** **Confidentiality** 

All reports and records prepared or maintained pursuant to this SOX Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this SOX Code, such matters shall not be disclosed to anyone other than the Board, the Trust, or counsel to the Trust and BGO, as authorized by the Board.

**VIII.** **Internal Use** 

The SOX Code is intended solely for the internal use by the Trust and does not constitute an admission, by or on behalf of the Trust, as to any fact, circumstance, or legal conclusion and does not create any rights of third parties.

**<u>BGF Adoption and Amendment History</u>**

Adopted as restated March 2015

Amended February 2024

**<u>BGIT Adoption and Amendment History</u>**

Adopted October 2025

**<u>ETF Trust Adoption and Amendment History</u>**

Adopted December 2025

5-5

Baillie Gifford U.S. Funds – Compliance Manual

**<u>Exhibit A</u>**

<u>Persons Covered by this SOX Code of Ethics</u>

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Trust** | **President** | **Treasurer** |
| &nbsp;&nbsp;Baillie Gifford Funds | Michael Stirling-Aird | Lindsay Cockburn |
| &nbsp;&nbsp;Baillie Gifford Institutional Trust | Michael Stirling-Aird | Lindsay Cockburn |
| &nbsp;&nbsp;Baillie Gifford ETF Trust | Michael Stirling-Aird | Lindsay Cockburn |

---

5-A-1

Baillie Gifford U.S. Funds – Compliance Manual

**<u>Exhibit B</u>**

**[BAILLIE GIFFORD FUNDS]/[BAILLIE GIFFORD INSTITUTIONAL**

**TRUST]/[BAILLIE GIFFORD ETF TRUST]**

**[Date]**

**CODE OF ETHICS PURSUANT TO SECTION 406**

**OF THE SARBANES-OXLEY ACT OF 2002**

**FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS**

**(*Insert Year*) ACKNOWLEDGEMENT AND CERTIFICATION**

Please initial each individual item and then provide your signature below.

I acknowledge and affirm that I have received, reviewed, and understand the Sarbanes- Oxley Code of Ethics for Principal Executive and Senior Financial Officers (the "Code") (each a "Covered Officer") adopted by the Board of [Baillie Gifford Funds]/[Baillie Gifford Institutional Trust]/[Baillie Gifford ETF Trust] (the "Trust"). ____

I understand that as a Covered Officer it is my responsibility now and going forward to comply with the Code and any amendments thereto. Most importantly, I understand that the Code's overarching principle is that my personal interests should not be placed improperly before the interests of the Trust. ____

I affirm that I have notified the Compliance Officer for the Code (the "Compliance Officer') promptly if I knew of any violation of the Code by myself or any other Covered Officer. ____

I affirm that I have discussed with the Compliance Officer any material personal conflict of interest comparable to those discussed within Section II of the Code prior to entering into any such arrangements. ____

On Schedule A of this (*insert year*) Acknowledgement and Certification, I have provided a complete and accurate listing of all affiliations or other relationships related to conflicts of interest that the Trust's Trustees and Officers Questionnaire covers. ____

I acknowledge and affirm that since I last signed an Acknowledgement and Certification related to the Code, to the best of my knowledge, I have complied with the requirements of the Code.

____

If I have not so complied with the requirements of the Code, I have included a detailed description of any instances of non-compliance immediately below:

5-B-1

Baillie Gifford U.S. Funds – Compliance Manual

---

| |
|:---|
| Covered Officer's Name (Printed): |
| Covered Officer's Signature: |
| Date: |

---

5-B-2

## Ex-99.Cert

**Exhibit 99.CERT**

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and** **Section 302 of the Sarbanes-Oxley Act**

I, Michael Stirling-Aird, certify that:

1. I have reviewed this report on Form N-CSR of Baillie Gifford Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting
(as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing
date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's
internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the
audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report
financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: <u>March 4, 2026</u> | <u>/s/ Michael Stirling-Aird</u> |
|  | Michael Stirling-Aird, President |
|  | (principal executive officer) |

---

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and** **Section 302 of the Sarbanes-Oxley Act**

I, Lindsay Cockburn, certify that:

1. I have reviewed this report on Form N-CSR of Baillie Gifford Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting
(as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing
date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's
internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the
audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report
financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: <u>March 4, 2026</u> | <u>/s/Lindsay Cockburn</u> |
|  | Lindsay Cockburn, Treasurer |
|  | (principal financial officer) |

---

## Exhibit 99.906

**Exhibit 99.906CERT**

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act**

I, Michael Stirling-Aird, President of Baillie Gifford Funds (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant, for the period ended December 31, 2025 (the "Report") fully
complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Registrant.

---

| | |
|:---|:---|
| Date: <u>March 4, 2026</u> | <u>/s/ Michael Stirling-Aird, President</u> |
|  | Michael Stirling-Aird, President |
|  | (principal executive officer) |

---

I, Lindsay Cockburn, Treasurer of Baillie Gifford Funds (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant, for the period ended December 31, 2025 (the "Report") fully
complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Registrant.

---

| | |
|:---|:---|
| Date: <u>March 4, 2026</u> | <u>/s/Lindsay Cockburn</u> |
|  | Lindsay Cockburn, Treasurer |
|  | (principal financial officer) |

---