# EDGAR Filing Document

**Accession Number:** 0001120543
**File Stem:** 0001104659-25-086815
**Filing Date:** 2025-9
**Character Count:** 598606
**Document Hash:** 197bb6e2b47856f3dc08db6343389f87
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-086815.hdr.sgml**: 20250903

**ACCESSION NUMBER**: 0001104659-25-086815

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 21

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250903

**DATE AS OF CHANGE**: 20250903

**EFFECTIVENESS DATE**: 20250903

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-10145
- **FILM NUMBER:** 251288158

**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           |
| 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           |
| C000078428 | Class 3             | BGCJX           |
| 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           |
| 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   |
|:---|:---|:---|
| C000130830 | Class 3             | BGPFX           |
| 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           |
| 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 International Smaller Companies Fund (Series ID: S000063922)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000206904 | Class K             | BICKX           |
| C000206905 | Institutional Class | BICIX           |

### 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, NY 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>June 30, 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, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

**Item 1. Reports to Stockholders.**

(a) The Report to Shareholders is attached herewith.

**TABLE OF CONTENTS**

---

| |
|:---|
|  [Baillie Gifford China Equities Fund](#classname8ae733ea-8066-42ba-9ecc-75fc621ed90f)<br> **[Class K - BGCDX](#classname8ae733ea-8066-42ba-9ecc-75fc621ed90f)**  |
|  [Baillie Gifford China Equities Fund](#classname1288f25c-97d8-46ae-8493-5869dd888598)<br> **[Institutional Class - BGCBX](#classname1288f25c-97d8-46ae-8493-5869dd888598)**  |
|  [Baillie Gifford Developed EAFE All Cap Fund](#classnamec20be157-211c-49bc-a2c3-62419d8b893f)<br> **[Class 3 - BGPFX](#classnamec20be157-211c-49bc-a2c3-62419d8b893f)**  |
|  [Baillie Gifford Developed EAFE All Cap Fund](#classname06382d5a-5b3f-42a2-8293-53b8f5f9f430)<br> **[Class K - BGPKX](#classname06382d5a-5b3f-42a2-8293-53b8f5f9f430)**  |
|  [Baillie Gifford Developed EAFE All Cap Fund](#classname8db09c55-4d2c-4c2f-9170-fae59046a373)<br> **[Institutional Class - BSGPX](#classname8db09c55-4d2c-4c2f-9170-fae59046a373)**  |
|  [Baillie Gifford EAFE Plus All Cap Fund](#classname2cb19893-b456-4683-a844-0cdd97c29939)<br> **[Class 2 - BGCWX](#classname2cb19893-b456-4683-a844-0cdd97c29939)**  |
|  [Baillie Gifford EAFE Plus All Cap Fund](#classnamea00dda04-1308-410d-8b55-440c1bc2626d)<br> **[Class 3 - BGCJX](#classnamea00dda04-1308-410d-8b55-440c1bc2626d)**  |
|  [Baillie Gifford EAFE Plus All Cap Fund](#classname4317d65d-ec6f-4209-be89-b7cb9e85dc0d)<br> **[Class K - BKGCX](#classname4317d65d-ec6f-4209-be89-b7cb9e85dc0d)**  |
|  [Baillie Gifford EAFE Plus All Cap Fund](#classname118a4ce5-db5c-4254-a57a-c8ca28904733)<br> **[Institutional Class - BGCSX](#classname118a4ce5-db5c-4254-a57a-c8ca28904733)**  |
|  [Baillie Gifford Emerging Markets Equities Fund](#classname2128426a-b814-4300-a088-151135936b72)<br> **[Class 2 - BGEHX](#classname2128426a-b814-4300-a088-151135936b72)**  |
|  [Baillie Gifford Emerging Markets Equities Fund](#classname98c38886-bc2d-4700-863e-71651eae6e8b)<br> **[Class 3 - BGELX](#classname98c38886-bc2d-4700-863e-71651eae6e8b)**  |
|  [Baillie Gifford Emerging Markets Equities Fund](#classnamea4a70067-27c7-407b-9d5c-750bba1a1b47)<br> **[Class 4 - BGEPX](#classnamea4a70067-27c7-407b-9d5c-750bba1a1b47)**  |
|  [Baillie Gifford Emerging Markets Equities Fund](#classname5d58c976-6c1e-47ae-a4d7-5179c463a8ca)<br> **[Class 5 - BGEDX](#classname5d58c976-6c1e-47ae-a4d7-5179c463a8ca)**  |
|  [Baillie Gifford Emerging Markets Equities Fund](#classname309278ea-2e4b-43c9-91cb-29d32b4eec29)<br> **[Class K - BGKEX](#classname309278ea-2e4b-43c9-91cb-29d32b4eec29)**  |
|  [Baillie Gifford Emerging Markets Equities Fund](#classname39e7f178-baeb-4dd4-bf98-0bd2585ce6ff)<br> **[Institutional Class - BGEGX](#classname39e7f178-baeb-4dd4-bf98-0bd2585ce6ff)**  |
|  [Baillie Gifford Emerging Markets ex China Fund](#classname77002cf6-4af9-455a-8bcd-314b6105bc06)<br> **[Class K - BGEZX](#classname77002cf6-4af9-455a-8bcd-314b6105bc06)**  |
|  [Baillie Gifford Emerging Markets ex China Fund](#classnamed2a87a3c-385d-485c-896e-ede893b11a48)<br> **[Institutional Class - BGEWX](#classnamed2a87a3c-385d-485c-896e-ede893b11a48)**  |
|  [Baillie Gifford Global Alpha Equities Fund](#classnamef2ae19c4-1535-4e36-aecf-51cd7a71fa64)<br> **[Class 2 - BGATX](#classnamef2ae19c4-1535-4e36-aecf-51cd7a71fa64)**  |
|  [Baillie Gifford Global Alpha Equities Fund](#classnamefd31f33e-0757-4e53-b5b4-26aa6d707b3c)<br> **[Class K - BGAKX](#classnamefd31f33e-0757-4e53-b5b4-26aa6d707b3c)**  |
|  [Baillie Gifford Global Alpha Equities Fund](#classname6c827a5c-4d1e-42e5-8369-d33852bc8f1e)<br> **[Institutional Class - BGASX](#classname6c827a5c-4d1e-42e5-8369-d33852bc8f1e)**  |
|  [Baillie Gifford International Alpha Fund](#classnamec2d686c7-df0d-4020-807f-e313bd62c751)<br> **[Class 2 - BGITX](#classnamec2d686c7-df0d-4020-807f-e313bd62c751)**  |
|  [Baillie Gifford International Alpha Fund](#classnamefe0553ff-25bc-4d60-9c79-a339e43a20c1)<br> **[Class 3 - BGIFX](#classnamefe0553ff-25bc-4d60-9c79-a339e43a20c1)**  |
|  [Baillie Gifford International Alpha Fund](#classnamed7ecec4e-8aa9-4195-858c-385b77714d90)<br> **[Class 4 - BGIUX](#classnamed7ecec4e-8aa9-4195-858c-385b77714d90)**  |
|  [Baillie Gifford International Alpha Fund](#classnamefa19a40d-65b7-45f9-855f-5692b3c81a5a)<br> **[Class 5 - BGIVX](#classnamefa19a40d-65b7-45f9-855f-5692b3c81a5a)**  |
|  [Baillie Gifford International Alpha Fund](#classname33ebae76-ec8e-4393-9af4-ac750c4133cf)<br> **[Class K - BGIKX](#classname33ebae76-ec8e-4393-9af4-ac750c4133cf)**  |
|  [Baillie Gifford International Alpha Fund](#classnamebdbffa20-3d84-4132-b0c3-5eaf348ebf05)<br> **[Institutional Class - BINSX](#classnamebdbffa20-3d84-4132-b0c3-5eaf348ebf05)**  |
|  [Baillie Gifford International Concentrated Growth Equities Fund](#classname7e01dadf-8cb5-4d8b-b71d-175b2e112289)<br> **[Class K - BTLKX](#classname7e01dadf-8cb5-4d8b-b71d-175b2e112289)**  |
|  [Baillie Gifford International Concentrated Growth Equities Fund](#classnameee488a5c-2384-4f0e-8868-c0430552b53c)<br> **[Institutional Class - BTLSX](#classnameee488a5c-2384-4f0e-8868-c0430552b53c)**  |
|  [Baillie Gifford International Growth Fund](#classname69e84e9e-5182-4b9c-8ddc-8ed6d0d31f26)<br> **[Class 2 - BGETX](#classname69e84e9e-5182-4b9c-8ddc-8ed6d0d31f26)**  |
|  [Baillie Gifford International Growth Fund](#classname0c57dbad-bea9-4df4-8068-ef58f6306b71)<br> **[Class 4 - BGEFX](#classname0c57dbad-bea9-4df4-8068-ef58f6306b71)**  |
|  [Baillie Gifford International Growth Fund](#classnamef608a45c-2bc5-40ed-8b0e-ae7e592d910a)<br> **[Class 5 - BGEVX](#classnamef608a45c-2bc5-40ed-8b0e-ae7e592d910a)**  |
|  [Baillie Gifford International Growth Fund](#classname7879cab9-fc71-4b09-9e69-f261f75e6fff)<br> **[Class K - BGEKX](#classname7879cab9-fc71-4b09-9e69-f261f75e6fff)**  |
|  [Baillie Gifford International Growth Fund](#classnameff634fe9-5b47-4ab3-92a4-59ee5c2c35db)<br> **[Institutional Class - BGESX](#classnameff634fe9-5b47-4ab3-92a4-59ee5c2c35db)**  |
|  [Baillie Gifford International Smaller Companies Fund](#classname7e2d10c6-d7e6-4d34-b574-d71352d48f8c)<br> **[Class K - BICKX](#classname7e2d10c6-d7e6-4d34-b574-d71352d48f8c)**  |
|  [Baillie Gifford International Smaller Companies Fund](#classname9c50ebb4-3dcc-4621-a8e4-513a8a3e100a)<br> **[Institutional Class - BICIX](#classname9c50ebb4-3dcc-4621-a8e4-513a8a3e100a)**  |
|  [Baillie Gifford Long Term Global Growth Fund](#classnamedb135503-2224-4abe-ad65-0e78bf317f47)<br> **[Class 2 - BGLTX](#classnamedb135503-2224-4abe-ad65-0e78bf317f47)**  |
|  [Baillie Gifford Long Term Global Growth Fund](#classname2c4b7d7a-1616-4616-824f-0b5a215fdcad)<br> **[Class K - BGLKX](#classname2c4b7d7a-1616-4616-824f-0b5a215fdcad)**  |
|  [Baillie Gifford Long Term Global Growth Fund](#classname59f0c40c-57c1-4cb5-8964-f4866a7d2587)<br> **[Institutional Class - BSGLX](#classname59f0c40c-57c1-4cb5-8964-f4866a7d2587)**  |
|  [Baillie Gifford U.S. Equity Growth Fund](#classname96fb7050-12fb-4665-915c-b2d7f2eee3cc)<br> **[Class K - BGGKX](#classname96fb7050-12fb-4665-915c-b2d7f2eee3cc)**  |
|  [Baillie Gifford U.S. Equity Growth Fund](#classname5fd700fc-11b0-47e1-a376-58f84734419a)<br> **[Institutional Class - BGGSX](#classname5fd700fc-11b0-47e1-a376-58f84734419a)**  |
|  [Baillie Gifford International All Cap Fund](#classname9e10c55b-a333-4cd1-8dee-d9040adf7c33)<br> **[Class 2 - BGICF2](#classname9e10c55b-a333-4cd1-8dee-d9040adf7c33)**  |
|  [Baillie Gifford International All Cap Fund](#classname1c270fd0-f732-4ea2-8771-dd959fe56931)<br> **[Class 3 - BGICF3](#classname1c270fd0-f732-4ea2-8771-dd959fe56931)**  |

---

![Image](tm2510131d1_tsrimg001.jpg)

# Baillie Gifford China Equities Fund

# Class K \| BGCDX
SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025

The semi-annual shareholder report contains important information about Baillie Gifford China Equities Fund (the "Fund") for the period of January 1, 2025 to June 30, 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 six months?
(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 | $47 | 0.87% |

---

## Key Fund Statistics as of June 30, 2025
The following table outlines key Fund statistics that you should pay attention to:

* Fund net assets$2,709,424

* Total number of portfolio holdings59

* Total advisory fees paid, net of waiver$0

* Portfolio turnover rate6%

## Tabular Representation of Holdings as of June 30, 2025
The following table shows the industry sector allocation of the Fund.

---

| | |
|:---|:---|
| Sectors | % of Net Assets |
| Internet | 27.5% |
| Auto Parts & Equipment | 7.2% |
| Retail | 6.1% |
| Home Furnishings | 6.0% |
| Software | 4.6% |
| Banks | 4.3% |
| Beverages | 4.2% |
| Distribution/Wholesale | 3.5% |
| Insurance | 3.5% |
| Electronics | 3.3% |
| Semiconductors | 3.1% |
| Mining | 2.7% |
| Auto Manufacturers | 2.6% |
| Other sectors | 19.4% |
| Other assets less liabilities | 2.0% |
| 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](tm2510131d1_tsrimg001.jpg)

# Baillie Gifford China Equities Fund

# Institutional Class \| BGCBX
SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025

The semi-annual shareholder report contains important information about Baillie Gifford China Equities Fund (the "Fund") for the period of January 1, 2025 to June 30, 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 six months?
(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 | $51 | 0.96% |

---

## Key Fund Statistics as of June 30, 2025
The following table outlines key Fund statistics that you should pay attention to:

* Fund net assets$2,709,424

* Total number of portfolio holdings59

* Total advisory fees paid, net of waiver$0

* Portfolio turnover rate6%

## Tabular Representation of Holdings as of June 30, 2025
The following table shows the industry sector allocation of the Fund.

---

| | |
|:---|:---|
| Sectors | % of Net Assets |
| Internet | 27.5% |
| Auto Parts & Equipment | 7.2% |
| Retail | 6.1% |
| Home Furnishings | 6.0% |
| Software | 4.6% |
| Banks | 4.3% |
| Beverages | 4.2% |
| Distribution/Wholesale | 3.5% |
| Insurance | 3.5% |
| Electronics | 3.3% |
| Semiconductors | 3.1% |
| Mining | 2.7% |
| Auto Manufacturers | 2.6% |
| Other sectors | 19.4% |
| Other assets less liabilities | 2.0% |
| 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](tm2510131d1_tsrimg001.jpg)

# Baillie Gifford Developed EAFE All Cap Fund

# Class 3 \| BGPFX
SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025

The semi-annual shareholder report contains important information about Baillie Gifford Developed EAFE All Cap Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.bailliegifford.com/developed-eafe-all-cap-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 six months?
(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 | $33 | 0.62% |

---

## Key Fund Statistics as of June 30, 2025
The following table outlines key Fund statistics that you should pay attention to:

* Fund net assets$183,851,875

* Total number of portfolio holdings60

* Total advisory fees paid, net of waiver$372,604

* Portfolio turnover rate10%

## Tabular Representation of Holdings as of June 30, 2025
The following table shows the industry sector allocation of the Fund.

---

| | |
|:---|:---|
| Sectors | % of Net Assets |
| Commercial Services | 9.3% |
| Banks | 8.5% |
| Internet | 7.7% |
| Machinery - Diversified | 6.1% |
| Semiconductors | 5.8% |
| Cosmetics/Personal Care | 4.6% |
| Investment Companies | 4.4% |
| Pharmaceuticals | 3.7% |
| Chemicals | 3.3% |
| Food | 3.0% |
| Machinery - Construction & Mining | 3.0% |
| Distribution/Wholesale | 2.9% |
| Beverages | 2.7% |
| Other sectors | 33.9% |
| Other assets less liabilities | 1.1% |
| 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](tm2510131d1_tsrimg001.jpg)

# Baillie Gifford Developed EAFE All Cap Fund

# Class K \| BGPKX
SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025

The semi-annual shareholder report contains important information about Baillie Gifford Developed EAFE All Cap Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.bailliegifford.com/developed-eafe-all-cap-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 six months?
(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 | $36 | 0.69% |

---

## Key Fund Statistics as of June 30, 2025
The following table outlines key Fund statistics that you should pay attention to:

* Fund net assets$183,851,875

* Total number of portfolio holdings60

* Total advisory fees paid, net of waiver$372,604

* Portfolio turnover rate10%

## Tabular Representation of Holdings as of June 30, 2025
The following table shows the industry sector allocation of the Fund.

---

| | |
|:---|:---|
| Sectors | % of Net Assets |
| Commercial Services | 9.3% |
| Banks | 8.5% |
| Internet | 7.7% |
| Machinery - Diversified | 6.1% |
| Semiconductors | 5.8% |
| Cosmetics/Personal Care | 4.6% |
| Investment Companies | 4.4% |
| Pharmaceuticals | 3.7% |
| Chemicals | 3.3% |
| Food | 3.0% |
| Machinery - Construction & Mining | 3.0% |
| Distribution/Wholesale | 2.9% |
| Beverages | 2.7% |
| Other sectors | 33.9% |
| Other assets less liabilities | 1.1% |
| 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](tm2510131d1_tsrimg001.jpg)

# Baillie Gifford Developed EAFE All Cap Fund

# Institutional Class \| BSGPX
SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025

The semi-annual shareholder report contains important information about Baillie Gifford Developed EAFE All Cap Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.bailliegifford.com/developed-eafe-all-cap-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 six months?
(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 | $41 | 0.79% |

---

## Key Fund Statistics as of June 30, 2025
The following table outlines key Fund statistics that you should pay attention to:

* Fund net assets$183,851,875

* Total number of portfolio holdings60

* Total advisory fees paid, net of waiver$372,604

* Portfolio turnover rate10%

## Tabular Representation of Holdings as of June 30, 2025
The following table shows the industry sector allocation of the Fund.

---

| | |
|:---|:---|
| Sectors | % of Net Assets |
| Commercial Services | 9.3% |
| Banks | 8.5% |
| Internet | 7.7% |
| Machinery - Diversified | 6.1% |
| Semiconductors | 5.8% |
| Cosmetics/Personal Care | 4.6% |
| Investment Companies | 4.4% |
| Pharmaceuticals | 3.7% |
| Chemicals | 3.3% |
| Food | 3.0% |
| Machinery - Construction & Mining | 3.0% |
| Distribution/Wholesale | 2.9% |
| Beverages | 2.7% |
| Other sectors | 33.9% |
| Other assets less liabilities | 1.1% |
| 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](tm2510131d1_tsrimg001.jpg)

# Baillie Gifford EAFE Plus All Cap Fund

# Class 2 \| BGCWX
SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025

The semi-annual shareholder report contains important information about Baillie Gifford EAFE Plus All Cap Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.bailliegifford.com/eafe-plus-all-cap-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 six months?
(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 | $36 | 0.68% |

---

## Key Fund Statistics as of June 30, 2025
The following table outlines key Fund statistics that you should pay attention to:

* Fund net assets$254,102,415

* Total number of portfolio holdings69

* Total advisory fees paid, net of waiver$451,066

* Portfolio turnover rate13%

## Tabular Representation of Holdings as of June 30, 2025
The following table shows the industry sector allocation of the Fund.

---

| | |
|:---|:---|
| Sectors | % of Net Assets |
| Internet | 10.6% |
| Banks | 8.5% |
| Semiconductors | 8.4% |
| Commercial Services | 8.1% |
| Machinery - Diversified | 5.5% |
| Investment Companies | 4.3% |
| Cosmetics/Personal Care | 4.2% |
| Retail | 3.7% |
| Pharmaceuticals | 3.2% |
| Beverages | 3.1% |
| Machinery - Construction & Mining | 2.9% |
| Food | 2.9% |
| Chemicals | 2.6% |
| Other sectors | 30.4% |
| 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](tm2510131d1_tsrimg001.jpg)

# Baillie Gifford EAFE Plus All Cap Fund

# Class 3 \| BGCJX
SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025

The semi-annual shareholder report contains important information about Baillie Gifford EAFE Plus All Cap Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.bailliegifford.com/eafe-plus-all-cap-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 six months?
(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 | $32 | 0.61% |

---

## Key Fund Statistics as of June 30, 2025
The following table outlines key Fund statistics that you should pay attention to:

* Fund net assets$254,102,415

* Total number of portfolio holdings69

* Total advisory fees paid, net of waiver$451,066

* Portfolio turnover rate13%

## Tabular Representation of Holdings as of June 30, 2025
The following table shows the industry sector allocation of the Fund.

---

| | |
|:---|:---|
| Sectors | % of Net Assets |
| Internet | 10.6% |
| Banks | 8.5% |
| Semiconductors | 8.4% |
| Commercial Services | 8.1% |
| Machinery - Diversified | 5.5% |
| Investment Companies | 4.3% |
| Cosmetics/Personal Care | 4.2% |
| Retail | 3.7% |
| Pharmaceuticals | 3.2% |
| Beverages | 3.1% |
| Machinery - Construction & Mining | 2.9% |
| Food | 2.9% |
| Chemicals | 2.6% |
| Other sectors | 30.4% |
| 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](tm2510131d1_tsrimg001.jpg)

# Baillie Gifford EAFE Plus All Cap Fund

# Class K \| BKGCX
SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025

The semi-annual shareholder report contains important information about Baillie Gifford EAFE Plus All Cap Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.bailliegifford.com/eafe-plus-all-cap-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 six months?
(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 | $36 | 0.68% |

---

## Key Fund Statistics as of June 30, 2025
The following table outlines key Fund statistics that you should pay attention to:

* Fund net assets$254,102,415

* Total number of portfolio holdings69

* Total advisory fees paid, net of waiver$451,066

* Portfolio turnover rate13%

## Tabular Representation of Holdings as of June 30, 2025
The following table shows the industry sector allocation of the Fund.

---

| | |
|:---|:---|
| Sectors | % of Net Assets |
| Internet | 10.6% |
| Banks | 8.5% |
| Semiconductors | 8.4% |
| Commercial Services | 8.1% |
| Machinery - Diversified | 5.5% |
| Investment Companies | 4.3% |
| Cosmetics/Personal Care | 4.2% |
| Retail | 3.7% |
| Pharmaceuticals | 3.2% |
| Beverages | 3.1% |
| Machinery - Construction & Mining | 2.9% |
| Food | 2.9% |
| Chemicals | 2.6% |
| Other sectors | 30.4% |
| 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](tm2510131d1_tsrimg001.jpg)

# Baillie Gifford EAFE Plus All Cap Fund

# Institutional Class \| BGCSX
SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025

The semi-annual shareholder report contains important information about Baillie Gifford EAFE Plus All Cap Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.bailliegifford.com/eafe-plus-all-cap-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 six months?
(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 | $37 | 0.71% |

---

## Key Fund Statistics as of June 30, 2025
The following table outlines key Fund statistics that you should pay attention to:

* Fund net assets$254,102,415

* Total number of portfolio holdings69

* Total advisory fees paid, net of waiver$451,066

* Portfolio turnover rate13%

## Tabular Representation of Holdings as of June 30, 2025
The following table shows the industry sector allocation of the Fund.

---

| | |
|:---|:---|
| Sectors | % of Net Assets |
| Internet | 10.6% |
| Banks | 8.5% |
| Semiconductors | 8.4% |
| Commercial Services | 8.1% |
| Machinery - Diversified | 5.5% |
| Investment Companies | 4.3% |
| Cosmetics/Personal Care | 4.2% |
| Retail | 3.7% |
| Pharmaceuticals | 3.2% |
| Beverages | 3.1% |
| Machinery - Construction & Mining | 2.9% |
| Food | 2.9% |
| Chemicals | 2.6% |
| Other sectors | 30.4% |
| 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](tm2510131d1_tsrimg001.jpg)

# Baillie Gifford Emerging Markets Equities Fund

# Class 2 \| BGEHX
SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025

The semi-annual shareholder report contains important information about Baillie Gifford Emerging Markets Equities Fund (the "Fund") for the period of January 1, 2025 to June 30, 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 six months?
(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 | $42 | 0.78% |

---

## Key Fund Statistics as of June 30, 2025
The following table outlines key Fund statistics that you should pay attention to:

* Fund net assets$5,914,001,241

* Total number of portfolio holdings81

* Total advisory fees paid$13,970,339

* Portfolio turnover rate10%

## Tabular Representation of Holdings as of June 30, 2025
The following table shows the industry sector allocation of the Fund.

---

| | |
|:---|:---|
| Sectors | % of Net Assets |
| Internet | 23.5% |
| Semiconductors | 22.4% |
| Banks | 11.3% |
| Oil & Gas | 6.7% |
| Mining | 5.0% |
| Retail | 3.9% |
| Home Furnishings | 3.4% |
| Insurance | 2.2% |
| Computers | 2.2% |
| Diversified Financial Services | 2.1% |
| Electronics | 2.0% |
| Auto Manufacturers | 1.9% |
| Beverages | 1.9% |
| Other sectors | 11.3% |
| 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](tm2510131d1_tsrimg001.jpg)

# Baillie Gifford Emerging Markets Equities Fund

# Class 3 \| BGELX
SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025

The semi-annual shareholder report contains important information about Baillie Gifford Emerging Markets Equities Fund (the "Fund") for the period of January 1, 2025 to June 30, 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 six months?
(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 | $39 | 0.71% |

---

## Key Fund Statistics as of June 30, 2025
The following table outlines key Fund statistics that you should pay attention to:

* Fund net assets$5,914,001,241

* Total number of portfolio holdings81

* Total advisory fees paid$13,970,339

* Portfolio turnover rate10%

## Tabular Representation of Holdings as of June 30, 2025
The following table shows the industry sector allocation of the Fund.

---

| | |
|:---|:---|
| Sectors | % of Net Assets |
| Internet | 23.5% |
| Semiconductors | 22.4% |
| Banks | 11.3% |
| Oil & Gas | 6.7% |
| Mining | 5.0% |
| Retail | 3.9% |
| Home Furnishings | 3.4% |
| Insurance | 2.2% |
| Computers | 2.2% |
| Diversified Financial Services | 2.1% |
| Electronics | 2.0% |
| Auto Manufacturers | 1.9% |
| Beverages | 1.9% |
| Other sectors | 11.3% |
| 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](tm2510131d1_tsrimg001.jpg)

# Baillie Gifford Emerging Markets Equities Fund

# Class 4 \| BGEPX
SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025

The semi-annual shareholder report contains important information about Baillie Gifford Emerging Markets Equities Fund (the "Fund") for the period of January 1, 2025 to June 30, 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 six months?
(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 | $37 | 0.68% |

---

## Key Fund Statistics as of June 30, 2025
The following table outlines key Fund statistics that you should pay attention to:

* Fund net assets$5,914,001,241

* Total number of portfolio holdings81

* Total advisory fees paid$13,970,339

* Portfolio turnover rate10%

## Tabular Representation of Holdings as of June 30, 2025
The following table shows the industry sector allocation of the Fund.

---

| | |
|:---|:---|
| Sectors | % of Net Assets |
| Internet | 23.5% |
| Semiconductors | 22.4% |
| Banks | 11.3% |
| Oil & Gas | 6.7% |
| Mining | 5.0% |
| Retail | 3.9% |
| Home Furnishings | 3.4% |
| Insurance | 2.2% |
| Computers | 2.2% |
| Diversified Financial Services | 2.1% |
| Electronics | 2.0% |
| Auto Manufacturers | 1.9% |
| Beverages | 1.9% |
| Other sectors | 11.3% |
| 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](tm2510131d1_tsrimg001.jpg)

# Baillie Gifford Emerging Markets Equities Fund

# Class 5 \| BGEDX
SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025

The semi-annual shareholder report contains important information about Baillie Gifford Emerging Markets Equities Fund (the "Fund") for the period of January 1, 2025 to June 30, 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 six months?
(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 | $34 | 0.63% |

---

## Key Fund Statistics as of June 30, 2025
The following table outlines key Fund statistics that you should pay attention to:

* Fund net assets$5,914,001,241

* Total number of portfolio holdings81

* Total advisory fees paid$13,970,339

* Portfolio turnover rate10%

## Tabular Representation of Holdings as of June 30, 2025
The following table shows the industry sector allocation of the Fund.

---

| | |
|:---|:---|
| Sectors | % of Net Assets |
| Internet | 23.5% |
| Semiconductors | 22.4% |
| Banks | 11.3% |
| Oil & Gas | 6.7% |
| Mining | 5.0% |
| Retail | 3.9% |
| Home Furnishings | 3.4% |
| Insurance | 2.2% |
| Computers | 2.2% |
| Diversified Financial Services | 2.1% |
| Electronics | 2.0% |
| Auto Manufacturers | 1.9% |
| Beverages | 1.9% |
| Other sectors | 11.3% |
| 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](tm2510131d1_tsrimg001.jpg)

# Baillie Gifford Emerging Markets Equities Fund

# Class K \| BGKEX
SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025

The semi-annual shareholder report contains important information about Baillie Gifford Emerging Markets Equities Fund (the "Fund") for the period of January 1, 2025 to June 30, 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 six months?
(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 | $42 | 0.78% |

---

## Key Fund Statistics as of June 30, 2025
The following table outlines key Fund statistics that you should pay attention to:

* Fund net assets$5,914,001,241

* Total number of portfolio holdings81

* Total advisory fees paid$13,970,339

* Portfolio turnover rate10%

## Tabular Representation of Holdings as of June 30, 2025
The following table shows the industry sector allocation of the Fund.

---

| | |
|:---|:---|
| Sectors | % of Net Assets |
| Internet | 23.5% |
| Semiconductors | 22.4% |
| Banks | 11.3% |
| Oil & Gas | 6.7% |
| Mining | 5.0% |
| Retail | 3.9% |
| Home Furnishings | 3.4% |
| Insurance | 2.2% |
| Computers | 2.2% |
| Diversified Financial Services | 2.1% |
| Electronics | 2.0% |
| Auto Manufacturers | 1.9% |
| Beverages | 1.9% |
| Other sectors | 11.3% |
| 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](tm2510131d1_tsrimg001.jpg)

# Baillie Gifford Emerging Markets Equities Fund

# Institutional Class \| BGEGX
SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025

The semi-annual shareholder report contains important information about Baillie Gifford Emerging Markets Equities Fund (the "Fund") for the period of January 1, 2025 to June 30, 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 six months?
(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 | $47 | 0.87% |

---

## Key Fund Statistics as of June 30, 2025
The following table outlines key Fund statistics that you should pay attention to:

* Fund net assets$5,914,001,241

* Total number of portfolio holdings81

* Total advisory fees paid$13,970,339

* Portfolio turnover rate10%

## Tabular Representation of Holdings as of June 30, 2025
The following table shows the industry sector allocation of the Fund.

---

| | |
|:---|:---|
| Sectors | % of Net Assets |
| Internet | 23.5% |
| Semiconductors | 22.4% |
| Banks | 11.3% |
| Oil & Gas | 6.7% |
| Mining | 5.0% |
| Retail | 3.9% |
| Home Furnishings | 3.4% |
| Insurance | 2.2% |
| Computers | 2.2% |
| Diversified Financial Services | 2.1% |
| Electronics | 2.0% |
| Auto Manufacturers | 1.9% |
| Beverages | 1.9% |
| Other sectors | 11.3% |
| 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](tm2510131d1_tsrimg001.jpg)

# Baillie Gifford Emerging Markets ex China Fund

# Class K \| BGEZX
SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025

The semi-annual shareholder report contains important information about Baillie Gifford Emerging Markets ex China Fund (the "Fund") for the period of January 1, 2025 to June 30, 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 six months?
(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 | $47 | 0.87% |

---

## Key Fund Statistics as of June 30, 2025
The following table outlines key Fund statistics that you should pay attention to:

* Fund net assets$1,164,339

* Total number of portfolio holdings67

* Total advisory fees paid, net of waiver$0

* Portfolio turnover rate9%

## Tabular Representation of Holdings as of June 30, 2025
The following table shows the industry sector allocation of the Fund.

---

| | |
|:---|:---|
| Sectors | % of Net Assets |
| Semiconductors | 32.3% |
| Internet | 14.7% |
| Banks | 12.3% |
| Oil & Gas | 7.3% |
| Mining | 6.3% |
| Retail | 3.5% |
| Diversified Financial Services | 2.8% |
| Computers | 2.5% |
| Telecommunications | 2.1% |
| Miscellaneous Manufacturing | 1.8% |
| Insurance | 1.7% |
| Auto Manufacturers | 1.6% |
| Beverages | 1.3% |
| Other sectors | 8.0% |
| Other assets less liabilities | 1.8% |
| 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](tm2510131d1_tsrimg001.jpg)

# Baillie Gifford Emerging Markets ex China Fund

# Institutional Class \| BGEWX
SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025

The semi-annual shareholder report contains important information about Baillie Gifford Emerging Markets ex China Fund (the "Fund") for the period of January 1, 2025 to June 30, 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 six months?
(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 | $47 | 0.87% |

---

## Key Fund Statistics as of June 30, 2025
The following table outlines key Fund statistics that you should pay attention to:

* Fund net assets$1,164,339

* Total number of portfolio holdings67

* Total advisory fees paid, net of waiver$0

* Portfolio turnover rate9%

## Tabular Representation of Holdings as of June 30, 2025
The following table shows the industry sector allocation of the Fund.

---

| | |
|:---|:---|
| Sectors | % of Net Assets |
| Semiconductors | 32.3% |
| Internet | 14.7% |
| Banks | 12.3% |
| Oil & Gas | 7.3% |
| Mining | 6.3% |
| Retail | 3.5% |
| Diversified Financial Services | 2.8% |
| Computers | 2.5% |
| Telecommunications | 2.1% |
| Miscellaneous Manufacturing | 1.8% |
| Insurance | 1.7% |
| Auto Manufacturers | 1.6% |
| Beverages | 1.3% |
| Other sectors | 8.0% |
| Other assets less liabilities | 1.8% |
| 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](tm2510131d1_tsrimg001.jpg)

# Baillie Gifford Global Alpha Equities Fund

# Class 2 \| BGATX
SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025

The semi-annual shareholder report contains important information about Baillie Gifford Global Alpha Equities Fund (the "Fund") for the period of January 1, 2025 to June 30, 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 six months?
(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 | $35 | 0.66% |

---

## Key Fund Statistics as of June 30, 2025
The following table outlines key Fund statistics that you should pay attention to:

* Fund net assets$564,386,804

* Total number of portfolio holdings94

* Total advisory fees paid$1,335,674

* Portfolio turnover rate18%

## Tabular Representation of Holdings as of June 30, 2025
The following table shows the industry sector allocation of the Fund.

---

| | |
|:---|:---|
| Sectors | % of Net Assets |
| Internet | 24.7% |
| Semiconductors | 14.5% |
| Software | 9.4% |
| Commercial Services | 8.0% |
| Retail | 4.8% |
| Building Materials | 4.4% |
| Diversified Financial Services | 3.1% |
| Healthcare - Services | 3.1% |
| Insurance | 2.8% |
| Biotechnology | 2.3% |
| Aerospace/Defense | 2.1% |
| Real Estate | 1.7% |
| Healthcare - Products | 1.6% |
| Other sectors | 16.5% |
| Other assets less liabilities | 1.0% |
| 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](tm2510131d1_tsrimg001.jpg)

# Baillie Gifford Global Alpha Equities Fund

# Class K \| BGAKX
SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025

The semi-annual shareholder report contains important information about Baillie Gifford Global Alpha Equities Fund (the "Fund") for the period of January 1, 2025 to June 30, 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 six months?
(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 | $35 | 0.66% |

---

## Key Fund Statistics as of June 30, 2025
The following table outlines key Fund statistics that you should pay attention to:

* Fund net assets$564,386,804

* Total number of portfolio holdings94

* Total advisory fees paid$1,335,674

* Portfolio turnover rate18%

## Tabular Representation of Holdings as of June 30, 2025
The following table shows the industry sector allocation of the Fund.

---

| | |
|:---|:---|
| Sectors | % of Net Assets |
| Internet | 24.7% |
| Semiconductors | 14.5% |
| Software | 9.4% |
| Commercial Services | 8.0% |
| Retail | 4.8% |
| Building Materials | 4.4% |
| Diversified Financial Services | 3.1% |
| Healthcare - Services | 3.1% |
| Insurance | 2.8% |
| Biotechnology | 2.3% |
| Aerospace/Defense | 2.1% |
| Real Estate | 1.7% |
| Healthcare - Products | 1.6% |
| Other sectors | 16.5% |
| Other assets less liabilities | 1.0% |
| 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](tm2510131d1_tsrimg001.jpg)

# Baillie Gifford Global Alpha Equities Fund

# Institutional Class \| BGASX
SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025

The semi-annual shareholder report contains important information about Baillie Gifford Global Alpha Equities Fund (the "Fund") for the period of January 1, 2025 to June 30, 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 six months?
(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 | $40 | 0.76% |

---

## Key Fund Statistics as of June 30, 2025
The following table outlines key Fund statistics that you should pay attention to:

* Fund net assets$564,386,804

* Total number of portfolio holdings94

* Total advisory fees paid$1,335,674

* Portfolio turnover rate18%

## Tabular Representation of Holdings as of June 30, 2025
The following table shows the industry sector allocation of the Fund.

---

| | |
|:---|:---|
| Sectors | % of Net Assets |
| Internet | 24.7% |
| Semiconductors | 14.5% |
| Software | 9.4% |
| Commercial Services | 8.0% |
| Retail | 4.8% |
| Building Materials | 4.4% |
| Diversified Financial Services | 3.1% |
| Healthcare - Services | 3.1% |
| Insurance | 2.8% |
| Biotechnology | 2.3% |
| Aerospace/Defense | 2.1% |
| Real Estate | 1.7% |
| Healthcare - Products | 1.6% |
| Other sectors | 16.5% |
| Other assets less liabilities | 1.0% |
| 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](tm2510131d1_tsrimg001.jpg)

# Baillie Gifford International Alpha Fund

# Class 2 \| BGITX
SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025

The semi-annual shareholder report contains important information about Baillie Gifford International Alpha Fund (the "Fund") for the period of January 1, 2025 to June 30, 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;

## What were the Fund costs for the last six months?
(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 | $32 | 0.59% |

---

## Key Fund Statistics as of June 30, 2025
The following table outlines key Fund statistics that you should pay attention to:

* Fund net assets$2,292,508,350

* Total number of portfolio holdings79

* Total advisory fees paid$3,754,383

* Portfolio turnover rate8%

## Tabular Representation of Holdings as of June 30, 2025
The following table shows the industry sector allocation of the Fund.

---

| | |
|:---|:---|
| Sectors | % of Net Assets |
| Internet | 19.2% |
| Software | 8.9% |
| Semiconductors | 8.4% |
| Commercial Services | 7.2% |
| Building Materials | 4.5% |
| Insurance | 4.4% |
| Machinery - Diversified | 4.4% |
| Home Furnishings | 4.3% |
| Banks | 3.7% |
| Leisure Time | 3.3% |
| Airlines | 3.2% |
| Pharmaceuticals | 3.0% |
| Transportation | 2.9% |
| Other sectors | 21.3% |
| Other assets less liabilities | 1.3% |
| 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](tm2510131d1_tsrimg001.jpg)

# Baillie Gifford International Alpha Fund

# Class 3 \| BGIFX
SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025

The semi-annual shareholder report contains important information about Baillie Gifford International Alpha Fund (the "Fund") for the period of January 1, 2025 to June 30, 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;

## What were the Fund costs for the last six months?
(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 | $28 | 0.52% |

---

## Key Fund Statistics as of June 30, 2025
The following table outlines key Fund statistics that you should pay attention to:

* Fund net assets$2,292,508,350

* Total number of portfolio holdings79

* Total advisory fees paid$3,754,383

* Portfolio turnover rate8%

## Tabular Representation of Holdings as of June 30, 2025
The following table shows the industry sector allocation of the Fund.

---

| | |
|:---|:---|
| Sectors | % of Net Assets |
| Internet | 19.2% |
| Software | 8.9% |
| Semiconductors | 8.4% |
| Commercial Services | 7.2% |
| Building Materials | 4.5% |
| Insurance | 4.4% |
| Machinery - Diversified | 4.4% |
| Home Furnishings | 4.3% |
| Banks | 3.7% |
| Leisure Time | 3.3% |
| Airlines | 3.2% |
| Pharmaceuticals | 3.0% |
| Transportation | 2.9% |
| Other sectors | 21.3% |
| Other assets less liabilities | 1.3% |
| 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](tm2510131d1_tsrimg001.jpg)

# Baillie Gifford International Alpha Fund

# Class 4 \| BGIUX
SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025

The semi-annual shareholder report contains important information about Baillie Gifford International Alpha Fund (the "Fund") for the period of January 1, 2025 to June 30, 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;

## What were the Fund costs for the last six months?
(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 | $26 | 0.49% |

---

## Key Fund Statistics as of June 30, 2025
The following table outlines key Fund statistics that you should pay attention to:

* Fund net assets$2,292,508,350

* Total number of portfolio holdings79

* Total advisory fees paid$3,754,383

* Portfolio turnover rate8%

## Tabular Representation of Holdings as of June 30, 2025
The following table shows the industry sector allocation of the Fund.

---

| | |
|:---|:---|
| Sectors | % of Net Assets |
| Internet | 19.2% |
| Software | 8.9% |
| Semiconductors | 8.4% |
| Commercial Services | 7.2% |
| Building Materials | 4.5% |
| Insurance | 4.4% |
| Machinery - Diversified | 4.4% |
| Home Furnishings | 4.3% |
| Banks | 3.7% |
| Leisure Time | 3.3% |
| Airlines | 3.2% |
| Pharmaceuticals | 3.0% |
| Transportation | 2.9% |
| Other sectors | 21.3% |
| Other assets less liabilities | 1.3% |
| 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](tm2510131d1_tsrimg001.jpg)

# Baillie Gifford International Alpha Fund

# Class 5 \| BGIVX
SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025

The semi-annual shareholder report contains important information about Baillie Gifford International Alpha Fund (the "Fund") for the period of January 1, 2025 to June 30, 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;

## What were the Fund costs for the last six months?
(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 | $24 | 0.44% |

---

## Key Fund Statistics as of June 30, 2025
The following table outlines key Fund statistics that you should pay attention to:

* Fund net assets$2,292,508,350

* Total number of portfolio holdings79

* Total advisory fees paid$3,754,383

* Portfolio turnover rate8%

## Tabular Representation of Holdings as of June 30, 2025
The following table shows the industry sector allocation of the Fund.

---

| | |
|:---|:---|
| Sectors | % of Net Assets |
| Internet | 19.2% |
| Software | 8.9% |
| Semiconductors | 8.4% |
| Commercial Services | 7.2% |
| Building Materials | 4.5% |
| Insurance | 4.4% |
| Machinery - Diversified | 4.4% |
| Home Furnishings | 4.3% |
| Banks | 3.7% |
| Leisure Time | 3.3% |
| Airlines | 3.2% |
| Pharmaceuticals | 3.0% |
| Transportation | 2.9% |
| Other sectors | 21.3% |
| Other assets less liabilities | 1.3% |
| 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](tm2510131d1_tsrimg001.jpg)

# Baillie Gifford International Alpha Fund

# Class K \| BGIKX
SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025

The semi-annual shareholder report contains important information about Baillie Gifford International Alpha Fund (the "Fund") for the period of January 1, 2025 to June 30, 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;

## What were the Fund costs for the last six months?
(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 | $32 | 0.59% |

---

## Key Fund Statistics as of June 30, 2025
The following table outlines key Fund statistics that you should pay attention to:

* Fund net assets$2,292,508,350

* Total number of portfolio holdings79

* Total advisory fees paid$3,754,383

* Portfolio turnover rate8%

## Tabular Representation of Holdings as of June 30, 2025
The following table shows the industry sector allocation of the Fund.

---

| | |
|:---|:---|
| Sectors | % of Net Assets |
| Internet | 19.2% |
| Software | 8.9% |
| Semiconductors | 8.4% |
| Commercial Services | 7.2% |
| Building Materials | 4.5% |
| Insurance | 4.4% |
| Machinery - Diversified | 4.4% |
| Home Furnishings | 4.3% |
| Banks | 3.7% |
| Leisure Time | 3.3% |
| Airlines | 3.2% |
| Pharmaceuticals | 3.0% |
| Transportation | 2.9% |
| Other sectors | 21.3% |
| Other assets less liabilities | 1.3% |
| 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](tm2510131d1_tsrimg001.jpg)

# Baillie Gifford International Alpha Fund

# Institutional Class \| BINSX
SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025

The semi-annual shareholder report contains important information about Baillie Gifford International Alpha Fund (the "Fund") for the period of January 1, 2025 to June 30, 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;

## What were the Fund costs for the last six months?
(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 | $37 | 0.69% |

---

## Key Fund Statistics as of June 30, 2025
The following table outlines key Fund statistics that you should pay attention to:

* Fund net assets$2,292,508,350

* Total number of portfolio holdings79

* Total advisory fees paid$3,754,383

* Portfolio turnover rate8%

## Tabular Representation of Holdings as of June 30, 2025
The following table shows the industry sector allocation of the Fund.

---

| | |
|:---|:---|
| Sectors | % of Net Assets |
| Internet | 19.2% |
| Software | 8.9% |
| Semiconductors | 8.4% |
| Commercial Services | 7.2% |
| Building Materials | 4.5% |
| Insurance | 4.4% |
| Machinery - Diversified | 4.4% |
| Home Furnishings | 4.3% |
| Banks | 3.7% |
| Leisure Time | 3.3% |
| Airlines | 3.2% |
| Pharmaceuticals | 3.0% |
| Transportation | 2.9% |
| Other sectors | 21.3% |
| Other assets less liabilities | 1.3% |
| 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](tm2510131d1_tsrimg001.jpg)

# Baillie Gifford International Concentrated Growth Equities Fund

# Class K \| BTLKX
SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025

The semi-annual shareholder report contains important information about Baillie Gifford International Concentrated Growth Equities Fund (the "Fund") for the period of January 1, 2025 to June 30, 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;

## What were the Fund costs for the last six months?
(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 | $40 | 0.72% |

---

## Key Fund Statistics as of June 30, 2025
The following table outlines key Fund statistics that you should pay attention to:

* Fund net assets$106,255,960

* Total number of portfolio holdings27

* Total advisory fees paid, net of waiver$124,524

* Portfolio turnover rate7%

## Tabular Representation of Holdings as of June 30, 2025
The following table shows the industry sector allocation of the Fund.

---

| | |
|:---|:---|
| Sectors | % of Net Assets |
| Internet | 51.5% |
| Semiconductors | 15.9% |
| Commercial Services | 9.5% |
| Auto Manufacturers | 7.0% |
| Apparel | 5.2% |
| Biotechnology | 2.0% |
| Cosmetics/Personal Care | 1.8% |
| Banks | 1.6% |
| Machinery - Diversified | 1.6% |
| Food | 1.1% |
| Investment Companies | 0.9% |
| Pharmaceuticals | 0.8% |
| Other assets less liabilities | 1.1% |
| 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](tm2510131d1_tsrimg001.jpg)

# Baillie Gifford International Concentrated Growth Equities Fund

# Institutional Class \| BTLSX
SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025

The semi-annual shareholder report contains important information about Baillie Gifford International Concentrated Growth Equities Fund (the "Fund") for the period of January 1, 2025 to June 30, 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;

## What were the Fund costs for the last six months?
(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 | $45 | 0.81% |

---

## Key Fund Statistics as of June 30, 2025
The following table outlines key Fund statistics that you should pay attention to:

* Fund net assets$106,255,960

* Total number of portfolio holdings27

* Total advisory fees paid, net of waiver$124,524

* Portfolio turnover rate7%

## Tabular Representation of Holdings as of June 30, 2025
The following table shows the industry sector allocation of the Fund.

---

| | |
|:---|:---|
| Sectors | % of Net Assets |
| Internet | 51.5% |
| Semiconductors | 15.9% |
| Commercial Services | 9.5% |
| Auto Manufacturers | 7.0% |
| Apparel | 5.2% |
| Biotechnology | 2.0% |
| Cosmetics/Personal Care | 1.8% |
| Banks | 1.6% |
| Machinery - Diversified | 1.6% |
| Food | 1.1% |
| Investment Companies | 0.9% |
| Pharmaceuticals | 0.8% |
| Other assets less liabilities | 1.1% |
| 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](tm2510131d1_tsrimg001.jpg)

# Baillie Gifford International Growth Fund

# Class 2 \| BGETX
SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025

The semi-annual shareholder report contains important information about Baillie Gifford International Growth Fund (the "Fund") for the period of January 1, 2025 to June 30, 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 six months?
(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 | $30 | 0.57% |

---

## Key Fund Statistics as of June 30, 2025
The following table outlines key Fund statistics that you should pay attention to:

* Fund net assets$3,428,796,169

* Total number of portfolio holdings57

* Total advisory fees paid$5,241,523

* Portfolio turnover rate15%

## Tabular Representation of Holdings as of June 30, 2025
The following table shows the industry sector allocation of the Fund.

---

| | |
|:---|:---|
| Sectors | % of Net Assets |
| Internet | 28.5% |
| Semiconductors | 15.5% |
| Commercial Services | 8.0% |
| Software | 7.0% |
| Auto Manufacturers | 6.5% |
| Machinery - Diversified | 4.4% |
| Pharmaceuticals | 3.1% |
| Insurance | 3.0% |
| Transportation | 2.8% |
| Cosmetics/Personal Care | 2.7% |
| Biotechnology | 2.6% |
| Apparel | 2.6% |
| Banks | 2.4% |
| Other sectors | 9.9% |
| Other assets less liabilities | 1.0% |
| 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](tm2510131d1_tsrimg001.jpg)

# Baillie Gifford International Growth Fund

# Class 4 \| BGEFX
SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025

The semi-annual shareholder report contains important information about Baillie Gifford International Growth Fund (the "Fund") for the period of January 1, 2025 to June 30, 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 six months?
(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 | $25 | 0.47% |

---

## Key Fund Statistics as of June 30, 2025
The following table outlines key Fund statistics that you should pay attention to:

* Fund net assets$3,428,796,169

* Total number of portfolio holdings57

* Total advisory fees paid$5,241,523

* Portfolio turnover rate15%

## Tabular Representation of Holdings as of June 30, 2025
The following table shows the industry sector allocation of the Fund.

---

| | |
|:---|:---|
| Sectors | % of Net Assets |
| Internet | 28.5% |
| Semiconductors | 15.5% |
| Commercial Services | 8.0% |
| Software | 7.0% |
| Auto Manufacturers | 6.5% |
| Machinery - Diversified | 4.4% |
| Pharmaceuticals | 3.1% |
| Insurance | 3.0% |
| Transportation | 2.8% |
| Cosmetics/Personal Care | 2.7% |
| Biotechnology | 2.6% |
| Apparel | 2.6% |
| Banks | 2.4% |
| Other sectors | 9.9% |
| Other assets less liabilities | 1.0% |
| 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](tm2510131d1_tsrimg001.jpg)

# Baillie Gifford International Growth Fund

# Class 5 \| BGEVX
SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025

The semi-annual shareholder report contains important information about Baillie Gifford International Growth Fund (the "Fund") for the period of January 1, 2025 to June 30, 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 six months?
(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 | $22 | 0.42% |

---

## Key Fund Statistics as of June 30, 2025
The following table outlines key Fund statistics that you should pay attention to:

* Fund net assets$3,428,796,169

* Total number of portfolio holdings57

* Total advisory fees paid$5,241,523

* Portfolio turnover rate15%

## Tabular Representation of Holdings as of June 30, 2025
The following table shows the industry sector allocation of the Fund.

---

| | |
|:---|:---|
| Sectors | % of Net Assets |
| Internet | 28.5% |
| Semiconductors | 15.5% |
| Commercial Services | 8.0% |
| Software | 7.0% |
| Auto Manufacturers | 6.5% |
| Machinery - Diversified | 4.4% |
| Pharmaceuticals | 3.1% |
| Insurance | 3.0% |
| Transportation | 2.8% |
| Cosmetics/Personal Care | 2.7% |
| Biotechnology | 2.6% |
| Apparel | 2.6% |
| Banks | 2.4% |
| Other sectors | 9.9% |
| Other assets less liabilities | 1.0% |
| 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](tm2510131d1_tsrimg001.jpg)

# Baillie Gifford International Growth Fund

# Class K \| BGEKX
SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025

The semi-annual shareholder report contains important information about Baillie Gifford International Growth Fund (the "Fund") for the period of January 1, 2025 to June 30, 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 six months?
(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 | $30 | 0.57% |

---

## Key Fund Statistics as of June 30, 2025
The following table outlines key Fund statistics that you should pay attention to:

* Fund net assets$3,428,796,169

* Total number of portfolio holdings57

* Total advisory fees paid$5,241,523

* Portfolio turnover rate15%

## Tabular Representation of Holdings as of June 30, 2025
The following table shows the industry sector allocation of the Fund.

---

| | |
|:---|:---|
| Sectors | % of Net Assets |
| Internet | 28.5% |
| Semiconductors | 15.5% |
| Commercial Services | 8.0% |
| Software | 7.0% |
| Auto Manufacturers | 6.5% |
| Machinery - Diversified | 4.4% |
| Pharmaceuticals | 3.1% |
| Insurance | 3.0% |
| Transportation | 2.8% |
| Cosmetics/Personal Care | 2.7% |
| Biotechnology | 2.6% |
| Apparel | 2.6% |
| Banks | 2.4% |
| Other sectors | 9.9% |
| Other assets less liabilities | 1.0% |
| 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](tm2510131d1_tsrimg001.jpg)

# Baillie Gifford International Growth Fund

# Institutional Class \| BGESX
SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025

The semi-annual shareholder report contains important information about Baillie Gifford International Growth Fund (the "Fund") for the period of January 1, 2025 to June 30, 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 six months?
(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 | $34 | 0.64% |

---

## Key Fund Statistics as of June 30, 2025
The following table outlines key Fund statistics that you should pay attention to:

* Fund net assets$3,428,796,169

* Total number of portfolio holdings57

* Total advisory fees paid$5,241,523

* Portfolio turnover rate15%

## Tabular Representation of Holdings as of June 30, 2025
The following table shows the industry sector allocation of the Fund.

---

| | |
|:---|:---|
| Sectors | % of Net Assets |
| Internet | 28.5% |
| Semiconductors | 15.5% |
| Commercial Services | 8.0% |
| Software | 7.0% |
| Auto Manufacturers | 6.5% |
| Machinery - Diversified | 4.4% |
| Pharmaceuticals | 3.1% |
| Insurance | 3.0% |
| Transportation | 2.8% |
| Cosmetics/Personal Care | 2.7% |
| Biotechnology | 2.6% |
| Apparel | 2.6% |
| Banks | 2.4% |
| Other sectors | 9.9% |
| Other assets less liabilities | 1.0% |
| 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](tm2510131d1_tsrimg001.jpg)

# Baillie Gifford International Smaller Companies Fund

# Class K \| BICKX
SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025

The semi-annual shareholder report contains important information about Baillie Gifford International Smaller Companies Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. Please note the Fund Liquidated on July 21, 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.&nbsp;&nbsp;&nbsp;&nbsp;

## What were the Fund costs for the last six months?
(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 | $46 | 0.88% |

---

## Key Fund Statistics as of June 30, 2025
The following table outlines key Fund statistics that you should pay attention to:

* Fund net assets$290,841

* Total number of portfolio holdings0

* Total advisory fees paid, net of waiver$0

* Portfolio turnover rate5%

## Tabular Representation of Holdings as of June 30, 2025
There were no investment securities held by the Fund as of June 30, 2025.

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

![Image](tm2510131d1_tsrimg001.jpg)

# Baillie Gifford International Smaller Companies Fund

# Institutional Class \| BICIX
SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025

The semi-annual shareholder report contains important information about Baillie Gifford International Smaller Companies Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. Please note the Fund Liquidated on July 21, 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.&nbsp;&nbsp;&nbsp;&nbsp;

## What were the Fund costs for the last six months?
(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 | $52 | 1.00% |

---

## Key Fund Statistics as of June 30, 2025
The following table outlines key Fund statistics that you should pay attention to:

* Fund net assets$290,841

* Total number of portfolio holdings0

* Total advisory fees paid, net of waiver$0

* Portfolio turnover rate5%

## Tabular Representation of Holdings as of June 30, 2025
There were no investment securities held by the Fund as of June 30, 2025.

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

![Image](tm2510131d1_tsrimg001.jpg)

# Baillie Gifford Long Term Global Growth Fund

# Class 2 \| BGLTX
SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025

The semi-annual shareholder report contains important information about Baillie Gifford Long Term Global Growth Fund (the "Fund") for the period of January 1, 2025 to June 30, 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;

## What were the Fund costs for the last six months?
(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 | $37 | 0.69% |

---

## Key Fund Statistics as of June 30, 2025
The following table outlines key Fund statistics that you should pay attention to:

* Fund net assets$996,675,308

* Total number of portfolio holdings39

* Total advisory fees paid$2,053,648

* Portfolio turnover rate15%

## Tabular Representation of Holdings as of June 30, 2025
The following table shows the industry sector allocation of the Fund.

---

| | |
|:---|:---|
| Sectors | % of Net Assets |
| Internet | 39.7% |
| Software | 17.3% |
| Semiconductors | 11.1% |
| Commercial Services | 3.2% |
| Healthcare - Products | 3.0% |
| Retail | 2.9% |
| Biotechnology | 2.9% |
| Banks | 2.8% |
| Advertising | 2.5% |
| Pharmaceuticals | 2.2% |
| Apparel | 1.8% |
| Cosmetics/Personal Care | 1.7% |
| Beverages | 1.6% |
| Other sectors | 5.3% |
| Other assets less liabilities | 2.0% |
| 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](tm2510131d1_tsrimg001.jpg)

# Baillie Gifford Long Term Global Growth Fund

# Class K \| BGLKX
SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025

The semi-annual shareholder report contains important information about Baillie Gifford Long Term Global Growth Fund (the "Fund") for the period of January 1, 2025 to June 30, 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;

## What were the Fund costs for the last six months?
(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 | $37 | 0.69% |

---

## Key Fund Statistics as of June 30, 2025
The following table outlines key Fund statistics that you should pay attention to:

* Fund net assets$996,675,308

* Total number of portfolio holdings39

* Total advisory fees paid$2,053,648

* Portfolio turnover rate15%

## Tabular Representation of Holdings as of June 30, 2025
The following table shows the industry sector allocation of the Fund.

---

| | |
|:---|:---|
| Sectors | % of Net Assets |
| Internet | 39.7% |
| Software | 17.3% |
| Semiconductors | 11.1% |
| Commercial Services | 3.2% |
| Healthcare - Products | 3.0% |
| Retail | 2.9% |
| Biotechnology | 2.9% |
| Banks | 2.8% |
| Advertising | 2.5% |
| Pharmaceuticals | 2.2% |
| Apparel | 1.8% |
| Cosmetics/Personal Care | 1.7% |
| Beverages | 1.6% |
| Other sectors | 5.3% |
| Other assets less liabilities | 2.0% |
| 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](tm2510131d1_tsrimg001.jpg)

# Baillie Gifford Long Term Global Growth Fund

# Institutional Class \| BSGLX
SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025

The semi-annual shareholder report contains important information about Baillie Gifford Long Term Global Growth Fund (the "Fund") for the period of January 1, 2025 to June 30, 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;

## What were the Fund costs for the last six months?
(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 | $41 | 0.78% |

---

## Key Fund Statistics as of June 30, 2025
The following table outlines key Fund statistics that you should pay attention to:

* Fund net assets$996,675,308

* Total number of portfolio holdings39

* Total advisory fees paid$2,053,648

* Portfolio turnover rate15%

## Tabular Representation of Holdings as of June 30, 2025
The following table shows the industry sector allocation of the Fund.

---

| | |
|:---|:---|
| Sectors | % of Net Assets |
| Internet | 39.7% |
| Software | 17.3% |
| Semiconductors | 11.1% |
| Commercial Services | 3.2% |
| Healthcare - Products | 3.0% |
| Retail | 2.9% |
| Biotechnology | 2.9% |
| Banks | 2.8% |
| Advertising | 2.5% |
| Pharmaceuticals | 2.2% |
| Apparel | 1.8% |
| Cosmetics/Personal Care | 1.7% |
| Beverages | 1.6% |
| Other sectors | 5.3% |
| Other assets less liabilities | 2.0% |
| 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](tm2510131d1_tsrimg001.jpg)

# Baillie Gifford U.S. Equity Growth Fund

# Class K \| BGGKX
SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025

The semi-annual shareholder report contains important information about Baillie Gifford U.S. Equity Growth Fund (the "Fund") for the period of January 1, 2025 to June 30, 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;

## What were the Fund costs for the last six months?
(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 | $34 | 0.65% |

---

## Key Fund Statistics as of June 30, 2025
The following table outlines key Fund statistics that you should pay attention to:

* Fund net assets$20,715,325

* Total number of portfolio holdings47

* Total advisory fees paid, net of waiver$0

* Portfolio turnover rate7%

## Tabular Representation of Holdings as of June 30, 2025
The following table shows the industry sector allocation of the Fund.

---

| | |
|:---|:---|
| Sectors | % of Net Assets |
| Internet | 37.7% |
| Software | 26.5% |
| Biotechnology | 4.8% |
| Semiconductors | 3.9% |
| Healthcare - Products | 3.7% |
| Commercial Services | 3.4% |
| Advertising | 2.6% |
| Auto Manufacturers | 2.5% |
| Real Estate | 2.3% |
| Entertainment | 1.9% |
| Distribution/Wholesale | 1.8% |
| Healthcare - Services | 1.3% |
| Home Furnishings | 1.2% |
| Other sectors | 5.6% |
| 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](tm2510131d1_tsrimg001.jpg)

# Baillie Gifford U.S. Equity Growth Fund

# Institutional Class \| BGGSX
SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025

The semi-annual shareholder report contains important information about Baillie Gifford U.S. Equity Growth Fund (the "Fund") for the period of January 1, 2025 to June 30, 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;

## What were the Fund costs for the last six months?
(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 | $41 | 0.78% |

---

## Key Fund Statistics as of June 30, 2025
The following table outlines key Fund statistics that you should pay attention to:

* Fund net assets$20,715,325

* Total number of portfolio holdings47

* Total advisory fees paid, net of waiver$0

* Portfolio turnover rate7%

## Tabular Representation of Holdings as of June 30, 2025
The following table shows the industry sector allocation of the Fund.

---

| | |
|:---|:---|
| Sectors | % of Net Assets |
| Internet | 37.7% |
| Software | 26.5% |
| Biotechnology | 4.8% |
| Semiconductors | 3.9% |
| Healthcare - Products | 3.7% |
| Commercial Services | 3.4% |
| Advertising | 2.6% |
| Auto Manufacturers | 2.5% |
| Real Estate | 2.3% |
| Entertainment | 1.9% |
| Distribution/Wholesale | 1.8% |
| Healthcare - Services | 1.3% |
| Home Furnishings | 1.2% |
| Other sectors | 5.6% |
| 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](tm2510131d1_tsrimg001.jpg)

# Baillie Gifford International All Cap Fund

# Class 2 \| BGICF2
SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025

The semi-annual shareholder report contains important information about Baillie Gifford International All Cap Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.bailliegifford.com/international-all-cap-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 six months?
(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 | $34 | 0.64% |

---

## Key Fund Statistics as of June 30, 2025
The following table outlines key Fund statistics that you should pay attention to:

* Fund net assets$305,799,352

* Total number of portfolio holdings83

* Total advisory fees paid$514,390

* Portfolio turnover rate12%

## Tabular Representation of Holdings as of June 30, 2025
The following table shows the industry sector allocation of the Fund.

---

| | |
|:---|:---|
| Sectors | % of Net Assets |
| Internet | 12.5% |
| Semiconductors | 11.2% |
| Banks | 9.1% |
| Commercial Services | 7.3% |
| Retail | 5.4% |
| Machinery - Diversified | 4.1% |
| Beverages | 3.2% |
| Cosmetics/Personal Care | 3.0% |
| Investment Companies | 3.0% |
| Electronics | 2.8% |
| Software | 2.7% |
| Chemicals | 2.6% |
| Pharmaceuticals | 2.5% |
| Other sectors | 29.2% |
| Other assets less liabilities | 1.4% |
| 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](tm2510131d1_tsrimg001.jpg)

# Baillie Gifford International All Cap Fund

# Class 3 \| BGICF3
SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025

The semi-annual shareholder report contains important information about Baillie Gifford International All Cap Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.bailliegifford.com/international-all-cap-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 six months?
(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 | $30 | 0.57% |

---

## Key Fund Statistics as of June 30, 2025
The following table outlines key Fund statistics that you should pay attention to:

* Fund net assets$305,799,352

* Total number of portfolio holdings83

* Total advisory fees paid$514,390

* Portfolio turnover rate12%

## Tabular Representation of Holdings as of June 30, 2025
The following table shows the industry sector allocation of the Fund.

---

| | |
|:---|:---|
| Sectors | % of Net Assets |
| Internet | 12.5% |
| Semiconductors | 11.2% |
| Banks | 9.1% |
| Commercial Services | 7.3% |
| Retail | 5.4% |
| Machinery - Diversified | 4.1% |
| Beverages | 3.2% |
| Cosmetics/Personal Care | 3.0% |
| Investment Companies | 3.0% |
| Electronics | 2.8% |
| Software | 2.7% |
| Chemicals | 2.6% |
| Pharmaceuticals | 2.5% |
| Other sectors | 29.2% |
| Other assets less liabilities | 1.4% |
| 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.

(b) Not applicable

**Item 2. Code of Ethics.**

Not applicable.

**Item 3. Audit Committee Financial Expert.**

Not applicable.

**Item 4. Principal Accountant Fees and Services.**

Not applicable.

**Item 5. Audit Committee of Listed Registrants.**

Not applicable.

**Item 6. Investments.**

(a) Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the financial
statements filed under Item 7 of this form.

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

**Baillie Gifford Developed EAFE All Cap Fund**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name of<br> Issuer** | &nbsp;&nbsp;**Exchange Ticker**<br> **Symbol** | &nbsp;&nbsp;**Security<br> Identifier<br> (CUSIP<br> number/ISIN**<br>| &nbsp;&nbsp;**Total Number<br> of Shares<br> Divested** | &nbsp;&nbsp;**Date Securities<br> were Divested** | &nbsp;&nbsp;**Amount Held<br> on Filing Date** | &nbsp;&nbsp;**Statute** |
| &nbsp;&nbsp; **Atlas Copco A** | &nbsp;&nbsp; **ATCO A** | &nbsp;&nbsp; **SE0017486889** | &nbsp;&nbsp; **28182**<br>**6518**<br>**153927**<br>**5192**<br>**63395**<br>**7184**<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** | &nbsp;&nbsp;**322486** | &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>| &nbsp;&nbsp; **02/12/2025**<br>**02/18/2025** | &nbsp;&nbsp;**109375** | &nbsp;&nbsp;**Sudan Accountability and Divestment Act of 2007** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br> **3584**<br>**20529**<br>**4011**<br>| &nbsp;&nbsp; <br> **03/20/2025**<br>**04/07/2025**<br>**04/08/2025**<br>|

---

**Baillie Gifford EAFE Plus All Cap Fund**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name of<br> Issuer** | &nbsp;&nbsp;**Exchange**<br> **Ticker Symbol** | &nbsp;&nbsp;**Security Identifier<br> (CUSIP<br> number/ISIN**<br>| &nbsp;&nbsp;**Total Number<br> of Shares<br> Divested**<br>| &nbsp;&nbsp;**Date Securities<br> were Divested** | &nbsp;&nbsp;**Amount Held<br> on 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>| &nbsp;&nbsp; **01/21/2025**<br>**02/03/2025**<br>**02/19/2025**<br>**05/13/2025** | &nbsp;&nbsp;**355700** | &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>| &nbsp;&nbsp; **02/03/2025**<br>**02/19/2025**<br>**05/13/2025**<br>**06/16/2025** | &nbsp;&nbsp;**163029** | &nbsp;&nbsp;**Sudan Accountability and Divestment Act of 2007** |

---

**Baillie Gifford Global Alpha Equities Fund**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name of Issuer** | &nbsp;&nbsp;**Exchange**<br> **Ticker Symbol** | &nbsp;&nbsp;**Security<br> Identifier<br> (CUSIP<br> number/ISIN**<br>| &nbsp;&nbsp;**Total Number<br> of Shares<br> Divested** | &nbsp;&nbsp;**Date Securities<br> were Divested** | &nbsp;&nbsp;**Amount Held<br> on Filing Date** | &nbsp;&nbsp;**Statute** |
| &nbsp;&nbsp; **Atlas Copco B** | &nbsp;&nbsp; **ATCO B** | &nbsp;&nbsp; **SE0017486897** | &nbsp;&nbsp; **22950**<br>**170055**<br>**14526**<br>**12362**<br>**2927**<br>**23337**<br>**5579**<br>**20201**<br>**934**<br>**45251**<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** | &nbsp;&nbsp;**278324** | &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** | &nbsp;&nbsp; **88390**<br>**10342**<br>| &nbsp;&nbsp; **04/25/2025**<br>**06/23/2025** | &nbsp;&nbsp;**169130** |

---

**Baillie Gifford International All Cap Fund**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name of Issuer** | &nbsp;&nbsp;**Exchange**<br> **Ticker Symbol** | &nbsp;&nbsp;**Security<br> Identifier<br> (CUSIP<br> number/ISIN**<br>| &nbsp;&nbsp;**Total Number<br> of Shares<br> Divested** | &nbsp;&nbsp;**Date Securities<br> were Divested** | &nbsp;&nbsp;**Amount Held<br> on Filing Date** | &nbsp;&nbsp;**Statute** |
| &nbsp;&nbsp;**Atlas Copco B** | &nbsp;&nbsp;**ATCO B** | &nbsp;&nbsp;**SE0017486897** | &nbsp;&nbsp; **28057**<br>**12254**<br>| &nbsp;&nbsp; **02/05/2025**<br>**05/13/2025** | &nbsp;&nbsp;**323619** | &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>| &nbsp;&nbsp; **01/07/2025**<br>**02/05/2025**<br>**05/13/2025** | &nbsp;&nbsp;**185511** | &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 Symbol** | &nbsp;&nbsp;**Security Identifier<br> (CUSIP<br> number/ISIN**<br>| &nbsp;&nbsp;**Total Number<br> of Shares<br> Divested**<br>| &nbsp;&nbsp;**Date Securities<br> were Divested** | &nbsp;&nbsp;**Amount Held<br> on Filing Date** | &nbsp;&nbsp;**Statute** |
| &nbsp;&nbsp;**Atlas Copco B** | &nbsp;&nbsp;**ATCO B** | &nbsp;&nbsp;**SE0017486897** | &nbsp;&nbsp; **77289**<br>**110162**<br>| &nbsp;&nbsp; **03/27/2025**<br>**06/10/2025**<br>| &nbsp;&nbsp;**2510599** | &nbsp;&nbsp;**Sudan Accountability and Divestment Act of 2007** |

---

**Baillie Gifford International Growth Fund**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name of Issuer** | &nbsp;&nbsp;**Exchange**<br> **Ticker Symbol** | &nbsp;&nbsp;**Security<br> Identifier<br> (CUSIP<br> number/ISIN**<br>| &nbsp;&nbsp;**Total Number<br> of Shares<br> Divested** | &nbsp;&nbsp;**Date Securities<br> were Divested** | &nbsp;&nbsp;**Amount Held<br> on Filing Date** | &nbsp;&nbsp;**Statute** |
| &nbsp;&nbsp;**Atlas Copco A** | &nbsp;&nbsp;**ATCO A** | &nbsp;&nbsp; **SE0017486889** | &nbsp;&nbsp;**98446** | &nbsp;&nbsp;**03/27/2025** | &nbsp;&nbsp;**6772844** | &nbsp;&nbsp;**Sudan Accountability and Divestment Act of 2007** |

---

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

The semi-annual financial statements and financial highlights are attached herewith.

![](j25101312_aa001.jpg)

Baillie Gifford Funds

**Semi-Annual Financial Statements and Other Information, June 30, 2025 (Unaudited)**

![](j25101312_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 International Smaller Companies 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](#IndustryDiversificationTable-2) |
| 02 | [Portfolio of Investments](#PortfolioofInvestments-2) |
| 04 | [Financial Statements](#StatementofAssetsandLiabilities-2) |
| 07 | [Financial Highlights](#FinancialHighlights-2) |
|  | **Baillie Gifford Developed EAFE All Cap Fund** |
| 09 | [Industry Diversification Table](#IndustryDiversificationTabl-2) |
| 10 | [Portfolio of Investments](#PortfolioofInvestment-2) |
| 13 | [Financial Statements](#StatementofAssetsandLiabilitie-2) |
| 16 | [Financial Highlights](#FinancialHighlight-2) |
|  | **Baillie Gifford EAFE Plus All Cap Fund** |
| 19 | [Industry Diversification Table](#IndustryDiversificationTab-2) |
| 20 | [Portfolio of Investments](#PortfolioofInvestmen-2) |
| 24 | [Financial Statements](#StatementofAssetsandLiabiliti-2) |
| 27 | [Financial Highlights](#FinancialHighligh-2) |
|  | **Baillie Gifford Emerging Markets Equities Fund** |
| 31 | [Industry Diversification Table](#IndustryDiversificationTa-2) |
| 32 | [Portfolio of Investments](#PortfolioofInvestme-2) |
| 37 | [Financial Statements](#StatementofAssetsandLiabilit-2) |
| 40 | [Financial Highlights](#FinancialHighlig-2) |
|  | **Baillie Gifford Emerging Markets ex China Fund** |
| 46 | [Industry Diversification Table](#IndustryDiversificationT-2) |
| 47 | [Portfolio of Investments](#PortfolioofInvestm-2) |
| 52 | [Financial Statements](#StatementofAssetsandLiabili-2) |
| 55 | [Financial Highlights](#FinancialHighli-2) |
|  | **Baillie Gifford Global Alpha Equities Fund** |
| 57 | [Industry Diversification Table](#IndustryDiversification-2) |
| 58 | [Portfolio of Investments](#PortfolioofInvest-2) |
| 63 | [Financial Statements](#StatementofAssetsandLiabil-2) |
| 66 | [Financial Highlights](#FinancialHighl-2) |
|  | **Baillie Gifford International Alpha Fund** |
| 69 | [Industry Diversification Table](#IndustryDiversificatio-2) |
| 70 | [Portfolio of Investments](#PortfolioofInves-2) |
| 75 | [Financial Statements](#StatementofAssetsandLiabi-2) |
| 78 | [Financial Highlights](#FinancialHigh-2) |
|  | **Baillie Gifford International Concentrated Growth Equities Fund** |
| 84 | [Industry Diversification Table](#IndustryDiversificati-2) |
| 85 | [Portfolio of Investments](#PortfolioofInve-2) |
| 88 | [Financial Statements](#StatementofAssetsandLiab-2) |
| 91 | [Financial Highlights](#FinancialHig-2) |
|  | **Baillie Gifford International Growth Fund** |
| 93 | [Industry Diversification Table](#IndustryDiversificat-2) |
| 94 | [Portfolio of Investments](#PortfolioofInv-2) |
| 98 | [Financial Statements](#StatementofAssetsandLia-2) |
| 101 | [Financial Highlights](#FinancialHi-2) |
|  | **Baillie Gifford International Smaller Companies Fund** |
| 106 | [Industry Diversification Table](#IndustryDiversifica-2) |
| 107 | [Portfolio of Investments](#PortfolioofIn-2) |
| 108 | [Financial Statements](#StatementofAssetsandLi-2) |
| 111 | [Financial Highlights](#FinancialH-2) |

---

---

| | |
|:---|:---|
| Page Number |  |
|  | **Baillie Gifford Long Term Global Growth Fund** |
| 113 | [Industry Diversification Table](#IndustryDiversific-2) |
| 114 | [Portfolio of Investments](#PortfolioofI-2) |
| 117 | [Financial Statements](#StatementofAssetsandL-2) |
| 120 | [Financial Highlights](#Financial-2) |
|  | **Baillie Gifford U.S. Equity Growth Fund** |
| 123 | [Industry Diversification Table](#IndustryDiversifi-2) |
| 124 | [Portfolio of Investments](#Portfolioof-2) |
| 126 | [Financial Statements](#StatementofAssetsand-2) |
| 129 | [Financial Highlights](#Financia-2) |
| **131** | [**Notes to Financial Statements**](#NotestoFinancialStatementsunaudited-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**

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)

Baillie Gifford China Equities Fund

---

| | | |
|:---|:---|:---|
| | Value | % of Total<br>Net Assets |
| Apparel | $32167 | 1.2% |
| Auto Manufacturers | 70065 | 2.6 |
| Auto Parts & Equipment | 194947 | 7.2 |
| Banks | 115747 | 4.3 |
| Beverages | 113205 | 4.2 |
| Biotechnology | 54592 | 2.0 |
| Chemicals | 47762 | 1.8 |
| Commercial Services | 29880 | 1.1 |
| Computers | 24931 | 0.9 |
| Cosmetics/Personal Care | 24231 | 0.9 |
| Distribution/Wholesale | 95394 | 3.5 |
| Electric | 40383 | 1.5 |
| Electronics | 88637 | 3.3 |
| Energy — Alternate Sources | 18548 | 0.7 |
| Gas | 28098 | 1.0 |
| Healthcare — Products | 16081 | 0.6 |
| Healthcare — Services | 9568 | 0.3 |
| Home Furnishings | 161791 | 6.0 |
| Insurance | 95750 | 3.5 |
| Internet | 745895 | 27.5 |
| Machinery — Diversified | 38070 | 1.4 |
| Metal Fabricate/Hardware | 57267 | 2.1 |
| Mining | 72011 | 2.7 |
| Miscellaneous Manufacturing | 33750 | 1.2 |
| Oil & Gas Services | 13144 | 0.5 |
| Real Estate | 34417 | 1.3 |
| Retail | 166242 | 6.1 |
| Semiconductors | 84306 | 3.1 |
| Software | 123937 | 4.6 |
| Telecommunications | 24579 | 0.9 |
| **Total Value of Investments** | 2655395 | 98.0 |
| Other assets less liabilities | 54029 | 2.0 |
| **Net Assets** | $2709424 | 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**

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)

Baillie Gifford China Equities Fund

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| **COMMON STOCKS — 98.0%** | **COMMON STOCKS — 98.0%** | **COMMON STOCKS — 98.0%** |
| CHINA — 98.0% | CHINA — 98.0% | CHINA — 98.0% |
| Advanced Micro-Fabrication Equipment, Inc. China, Class A \* | 1071 | $27275 |
| Alibaba Group Holding Ltd. | 11900 | 168456 |
| Anker Innovations Technology Co., Ltd., Class A | 2410 | 38246 |
| ANTA Sports Products Ltd. | 3400 | 41139 |
| BeOne Medicines Ltd. \* | 2091 | 39556 |
| BYD Co., Ltd., Class H | 4500 | 70065 |
| Centre Testing International Group Co., Ltd., Class A | 18300 | 29880 |
| China Merchants Bank Co., Ltd., Class H | 16500 | 115747 |
| China Oilfield Services Ltd., Class H | 16000 | 13144 |
| China Yangtze Power Co., Ltd., Class A | 9600 | 40383 |
| Contemporary Amperex Technology Co., Ltd., Class A | 2400 | 84606 |
| DiDi Global, Inc. ADR \* | 3600 | 17640 |
| Dongguan Yiheda Automation Co., Ltd., Class A | 2360 | 7534 |
| DPC Dash Ltd. \* | 1400 | 18345 |
| ENN Energy Holdings Ltd. | 3500 | 28098 |
| Estun Automation Co., Ltd., Class A \* | 10800 | 30535 |
| Fuyao Glass Industry Group Co., Ltd., Class H | 4800 | 34298 |
| Guangzhou Kingmed Diagnostics Group Co., Ltd., Class A | 2400 | 9568 |
| Haidilao International Holding Ltd. | 17000 | 32412 |
| Haier Smart Home Co., Ltd., Class H | 11400 | 32759 |
| Hangzhou Robam Appliances Co., Ltd., Class A | 9900 | 26274 |
| Horizon Robotics \* | 30000 | 24931 |
| Huayu Automotive Systems Co., Ltd., Class A | 6700 | 16498 |
| Innovent Biologics, Inc. \* | 1500 | 15037 |
| Jiangsu Azure Corp., Class A | 15900 | 28518 |
| KE Holdings, Inc., Class A | 5767 | 34417 |
| Kingdee International Software Group Co., Ltd. \* | 11000 | 21741 |
| Kingsoft Corp., Ltd. | 4600 | 24042 |
| Kuaishou Technology \* | 4100 | 33282 |
| Kweichow Moutai Co., Ltd., Class A | 500 | 98424 |
| Li Ning Co., Ltd. | 9500 | 20588 |
| Luckin Coffee, Inc. ADR \* | 894 | 33319 |
| Medlive Technology Co., Ltd. | 11000 | 20613 |
| Meituan, Class B \* | 4090 | 65792 |
| Midea Group Co., Ltd., Class A | 6400 | 64512 |
| Minth Group Ltd. | 8000 | 22897 |
| NAURA Technology Group Co., Ltd., Class A | 500 | 30881 |

---

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

------

**Portfolio of Investments**

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)

Baillie Gifford China Equities Fund

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| NetEase, Inc. | 2900 | $78153 |
| PDD Holdings, Inc. ADR \* | 819 | 85717 |
| Ping An Insurance Group Co. of China Ltd., Class H | 15000 | 95750 |
| Pop Mart International Group Ltd. | 2800 | 95394 |
| Proya Cosmetics Co., Ltd., Class A | 2096 | 24231 |
| SG Micro Corp., Class A | 2570 | 26150 |
| Shandong Sinocera Functional Material Co., Ltd., Class A | 13000 | 31492 |
| Shanxi Xinghuacun Fen Wine Factory Co., Ltd., Class A | 600 | 14781 |
| Shenzhen Inovance Technology Co., Ltd., Class A | 4700 | 42376 |
| Shenzhen Megmeet Electrical Co., Ltd., Class A | 3125 | 21899 |
| Shenzhou International Group Holdings Ltd. | 4500 | 32167 |
| Silergy Corp. | 2000 | 24362 |
| Sinocare, Inc., Class A | 5100 | 16081 |
| Sungrow Power Supply Co., Ltd., Class A | 1960 | 18548 |
| Sunny Optical Technology Group Co., Ltd. | 3800 | 33750 |
| Tencent Holdings Ltd. | 5500 | 354396 |
| Tianqi Lithium Corp., Class H \* | 4400 | 16270 |
| Weichai Power Co., Ltd., Class H | 18000 | 36648 |
| Yifeng Pharmacy Chain Co., Ltd., Class A | 5980 | 20438 |
| Zhejiang Sanhua Intelligent Controls Co., Ltd., Class A | 7800 | 28750 |
| Zhongji Innolight Co., Ltd., Class A | 1200 | 24579 |
| Zijin Mining Group Co., Ltd., Class H | 28000 | 72011 |
|  |  | 2655395 |
| **TOTAL INVESTMENTS — 98.0%** | **TOTAL INVESTMENTS — 98.0%** | **TOTAL INVESTMENTS — 98.0%** |
| (cost $2,551,571) |  | $2655395 |
| Other assets less liabilities — 2.0% |  | 54029 |
| **NET ASSETS — 100.0%** |  | $2709424 |

---

\* 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 (the "Manager") retains discretion to consider a number of factors in determining where a particular issuer is located, as described in further detail in each Fund's prospectus.

**Fair Value Measurement**

The following is a summary of the inputs used as of June 30, 2025 in valuing the Fund's investments carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Investments in Securities | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks \*\* | $136676 | $2518719 | $— | $2655395 |
| **Total** | $136676 | $2518719 | $— | $2655395 |

---

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

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

------

**Statement of Assets and Liabilities**

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)

Baillie Gifford China Equities Fund

---

| | |
|:---|:---|
| **ASSETS** | **ASSETS** |
| Investments, at value (cost $2,551,571) | $2655395 |
| Cash | 21943 |
| Foreign cash, at value (cost $16,267) | 16276 |
| Due from Manager | 62199 |
| Receivable for investments sold | 55278 |
| Dividends receivable | 7274 |
| Prepaid assets | 25748 |
| Total Assets | 2844113 |
| **LIABILITIES** | **LIABILITIES** |
| Advisory fee payable | 3760 |
| Payable for investment purchased | 42512 |
| Administration & Supervisory fee payable | 1162 |
| Trustee fee payable | 34 |
| Commitment fee payable | 9 |
| Accrued expenses | 87212 |
| Total Liabilities | 134689 |
| **NET ASSETS** | $2709424 |
| **COMPOSITION OF NET ASSETS** | **COMPOSITION OF NET ASSETS** |
| Paid-in capital | $3702965 |
| Total accumulated (loss) | (993541) |
|  | $2709424 |
| **NET ASSET VALUE, PER SHARE** | **NET ASSET VALUE, PER SHARE** |
| **Class K** ($311,184 / 52,120 shares outstanding), unlimited authorized, no par value | $5.97 |
| **Institutional Class** ($2,398,240 / 403,043 shares outstanding), unlimited authorized, no par value | $5.95 |

---

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

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**Statement of Operations**

Semi-Annual Financial Statements and Other Information June 30, 2025

For the Six Months Ended June 30, 2025 (unaudited)

Baillie Gifford China Equities Fund

---

| | |
|:---|:---|
| **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| Dividends (net of foreign withholding taxes of $2,148) | $32748 |
| Interest | 219 |
| Total Investment Income | 32967 |
| **EXPENSES** | **EXPENSES** |
| Advisory fee (Note B) | 7598 |
| Administration & Supervisory fee — Class K shares (Note B) | 249 |
| Administration & Supervisory fee — Institutional Class shares (Note B) | 2100 |
| Transfer agency | 11868 |
| Sub-transfer agency — Institutional Class shares | 1057 |
| Fund accounting | 51474 |
| Registration fees | 19035 |
| Professional fees | 17778 |
| Custody | 5918 |
| Legal | 251 |
| Line of Credit Interest | 141 |
| Trustees' fees | 73 |
| Commitment fees | 20 |
| Miscellaneous | 2697 |
| Total Expenses | 120259 |
| Fees waived/expenses reimbursed | (107183) |
| Total Expenses after waiver | 13076 |
| Net Investment Income | 19891 |
| **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 | (192138) |
| Foreign currency transactions | (114) |
|  | (192252) |
| Net change in unrealized appreciation on: | Net change in unrealized appreciation on: |
| Investments | 598128 |
| Translation of net assets and liabilities denominated in foreign currencies | 19 |
|  | 598147 |
| Net realized and unrealized gain | 405895 |
| **NET INCREASE IN NET ASSETS FROM OPERATIONS** | $425786 |

---

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

------

**Statements of Changes in Net Assets**

Semi-Annual Financial Statements and Other Information June 30, 2025

Baillie Gifford China Equities Fund

---

| | | |
|:---|:---|:---|
| | For the<br>Six Months Ended<br>June 30, 2025<br>(unaudited) | 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 | $19891 | $48323 |
| Net realized (loss) | (192252) | (320159) |
| Net change in unrealized appreciation | 598147 | 527794 |
| Net Increase in Net Assets from Operations | 425786 | 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 |  | (5449) |
| Institutional Class |  | (46349) |
| Total Distributions to Shareholders |  | (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 |  | 5449 |
| Institutional Class |  | 46349 |
| Cost of shares redeemed: | Cost of shares redeemed: | Cost of shares redeemed: |
| Institutional Class | (322868) | (152779) |
| Increase (Decrease) in Net Assets from Transactions in Shares of Beneficial Interest | (312868) | 346619 |
| Total Increase in Net Assets | 112918 | 550779 |
| **NET ASSETS** | **NET ASSETS** | **NET ASSETS** |
| Beginning of Period | 2596506 | 2045727 |
| End of Period | $2709424 | $2596506 |

---

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

------

**Financial Highlights**

Semi-Annual Financial Statements and Other Information June 30, 2025

Baillie Gifford China Equities Fund

Selected data for a Class K share outstanding throughout each period:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | For the<br>Six Months<br>Ended<br>June 30, 2025<br>(unaudited) | For the<br>Six Months<br>Ended<br>June 30, 2025<br>(unaudited) | 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** | **From Investment Operations** |
| Net investment income (loss)<sup>(b)</sup> | 0.05 |  | 0.11 | 0.08 | 0.05 | (0.02 |
| Net realized and unrealized gain loss on <br>investments and foreign currency | 0.81 |  | 0.36 | (1.15) | (2.40) | (1.71 |
| Net increase (decrease) in net asset value from <br>investment operations | 0.86 |  | 0.47 | (1.07) | (2.35) | (1.73 |
| **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** | **Dividends and Distributions to Shareholders** |
| From net investment income |  |  | (0.11) | (0.07) | (0.03) |  |
| Total dividends and distributions |  |  | (0.11) | (0.07) | (0.03) |  |
| Net asset value, end of period | $5.97 |  | $5.11 | $4.75 | $5.89 | $8.27 |
| **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** |
| Total return based on net asset value<sup>(c)</sup> | 16.83 | % | 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** | **Ratios/Supplemental Data** |
| Net assets, end of period (000's omitted) | $311 |  | $267 | $243 | $296 | $872 |
| Ratio of net expenses to average net assets, <br>before waiver | 8.63 | %\* | 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 average <br>net assets | 1.64 | %\* | 2.26% | 1.48% | 0.73% | (0.56 |
| Portfolio turnover rate<sup>(d)</sup> | 6 | % | 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**

Semi-Annual Financial Statements and Other Information June 30, 2025

Baillie Gifford China Equities Fund

Selected data for an Institutional Class share outstanding throughout each period:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | For the<br>Six Months<br>Ended<br>June 30, 2025<br>(unaudited) | For the<br>Six Months<br>Ended<br>June 30, 2025<br>(unaudited) | 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** | **From Investment Operations** |
| Net investment income (loss)<sup>(b)</sup> | 0.04 |  | 0.10 | 0.07 | 0.03 | (0.03 |
| Net realized and unrealized gain loss on <br>investments and foreign currency | 0.81 |  | 0.36 | (1.14) | (2.38) | (1.70 |
| Net increase (decrease) in net asset value from <br>investment operations | 0.85 |  | 0.46 | (1.07) | (2.35) | (1.73 |
| **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** | **Dividends and Distributions to Shareholders** |
| From net investment income |  |  | (0.10) | (0.07) | (0.04) |  |
| Total dividends and distributions |  |  | (0.10) | (0.07) | (0.04) |  |
| Net asset value, end of period | $5.95 |  | $5.10 | $4.74 | $5.88 | $8.27 |
| **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** |
| Total return based on net asset value<sup>(c)</sup> | 16.67 | % | 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** | **Ratios/Supplemental Data** |
| Net assets, end of period (000's omitted) | $2398 |  | $2330 | $1803 | $1785 | $1801 |
| Ratio of net expenses to average net assets, <br>before waiver | 8.71 | %\* | 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 average <br>net assets | 1.42 | %\* | 2.11% | 1.34% | 0.55% | (0.60 |
| Portfolio turnover rate<sup>(d)</sup> | 6 | % | 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**

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)

Baillie Gifford Developed EAFE All Cap Fund

---

| | | |
|:---|:---|:---|
| | Value | % of Total<br>Net Assets |
| Airlines | $3592553 | 2.0% |
| Apparel | 3710241 | 2.0 |
| Banks | 15642387 | 8.5 |
| Beverages | 5009516 | 2.7 |
| Building Materials | 1935333 | 1.1 |
| Chemicals | 6070651 | 3.3 |
| Commercial Services | 17012481 | 9.3 |
| Computers | 2446331 | 1.3 |
| Cosmetics/Personal Care | 8487550 | 4.6 |
| Distribution/Wholesale | 5317126 | 2.9 |
| Diversified Financial Services | 4486473 | 2.4 |
| Electronics | 3512189 | 1.9 |
| Food | 5434415 | 3.0 |
| Hand/Machine Tools | 3006759 | 1.6 |
| Healthcare — Products | 4486119 | 2.4 |
| Healthcare — Services | 3483561 | 1.9 |
| Home Furnishings | 1164682 | 0.6 |
| Insurance | 4335371 | 2.4 |
| Internet | 14214189 | 7.7 |
| Investment Companies | 8138542 | 4.4 |
| Leisure Time | 3320052 | 1.8 |
| Machinery — Construction & Mining | 5425860 | 3.0 |
| Machinery — Diversified | 11224006 | 6.1 |
| Mining | 2300796 | 1.3 |
| Oil & Gas | 3832024 | 2.1 |
| Pharmaceuticals | 6770873 | 3.7 |
| Private Equity | 2559086 | 1.4 |
| Retail | 4446315 | 2.4 |
| Semiconductors | 10708671 | 5.8 |
| Software | 2843454 | 1.5 |
| Toys/Games/Hobbies | 3088782 | 1.7 |
| Transportation | 3866692 | 2.1 |
| **Total Value of Investments** | 181873080 | 98.9 |
| Other assets less liabilities | 1978795 | 1.1 |
| **Net Assets** | $183851875 | 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**

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)

Baillie Gifford Developed EAFE All Cap Fund

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| **COMMON STOCKS — 98.9%** | **COMMON STOCKS — 98.9%** | **COMMON STOCKS — 98.9%** |
| AUSTRALIA — 1.3% | AUSTRALIA — 1.3% | AUSTRALIA — 1.3% |
| BHP Group Ltd. | 95637 | $2300796 |
| BELGIUM — 2.2% | BELGIUM — 2.2% | BELGIUM — 2.2% |
| Anheuser-Busch InBev SA/NV | 57869 | 3981409 |
| CHINA — 1.3% | CHINA — 1.3% | CHINA — 1.3% |
| Prosus NV | 43480 | 2439511 |
| DENMARK — 2.1% | DENMARK — 2.1% | DENMARK — 2.1% |
| DSV A/S | 16121 | 3866692 |
| FRANCE — 7.1% | FRANCE — 7.1% | FRANCE — 7.1% |
| Air Liquide SA | 19257 | 3970815 |
| LVMH Moet Hennessy Louis Vuitton SE | 7089 | 3710241 |
| Remy Cointreau SA | 20114 | 1028106 |
| SOITEC \* | 10757 | 593161 |
| TotalEnergies SE | 62694 | 3832024 |
|  |  | 13134347 |
| GERMANY — 1.5% | GERMANY — 1.5% | GERMANY — 1.5% |
| Nemetschek SE | 19611 | 2843454 |
| HONG KONG — 5.5% | HONG KONG — 5.5% | HONG KONG — 5.5% |
| AIA Group Ltd. | 478600 | 4335371 |
| Hong Kong Exchanges & Clearing Ltd. | 51300 | 2759251 |
| Techtronic Industries Co., Ltd. | 272500 | 3006759 |
|  |  | 10101381 |
| ITALY — 2.0% | ITALY — 2.0% | ITALY — 2.0% |
| Ryanair Holdings PLC ADR | 62295 | 3592552 |
| JAPAN — 16.2% | JAPAN — 16.2% | JAPAN — 16.2% |
| Chugai Pharmaceutical Co., Ltd. | 40700 | 2125266 |
| Cosmos Pharmaceutical Corp. | 37100 | 2354535 |
| Hoshizaki Corp. | 33800 | 1164682 |
| Keyence Corp. | 5800 | 2319004 |
| Nippon Paint Holdings Co., Ltd. | 261100 | 2099835 |

---

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

------

**Portfolio of Investments**

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)

Baillie Gifford Developed EAFE All Cap Fund

---

| | | | |
|:---|:---|:---|:---|
| | Shares | Value | Value |
| Olympus Corp. | 206800 | $| 2456437 |
| Recruit Holdings Co., Ltd. | 44000 |  | 2587492 |
| Shimano, Inc. | 22900 |  | 3320052 |
| Shiseido Co., Ltd. | 97700 |  | 1744986 |
| SMC Corp. | 6500 |  | 2329356 |
| Sysmex Corp. | 116600 |  | 2029682 |
| Tokyo Electron Ltd. | 16500 |  | 3159906 |
| Unicharm Corp. | 286000 |  | 2065146 |
|  |  |  | 29756379 |
| NETHERLANDS — 9.0% | NETHERLANDS — 9.0% | NETHERLANDS — 9.0% | NETHERLANDS — 9.0% |
| Adyen NV \* | 2088 |  | 3834690 |
| ASML Holding NV | 8680 |  | 6955604 |
| EXOR NV | 37078 |  | 3742932 |
| IMCD NV | 15578 |  | 2095169 |
|  |  |  | 16628395 |
| PORTUGAL — 2.2% | PORTUGAL — 2.2% | PORTUGAL — 2.2% | PORTUGAL — 2.2% |
| Jeronimo Martins SGPS SA | 162714 |  | 4119574 |
| SINGAPORE — 4.9% | SINGAPORE — 4.9% | SINGAPORE — 4.9% | SINGAPORE — 4.9% |
| United Overseas Bank Ltd. | 316789 |  | 8966306 |
| SWEDEN — 11.2% | SWEDEN — 11.2% | SWEDEN — 11.2% | SWEDEN — 11.2% |
| Assa Abloy AB, B Shares | 112341 |  | 3512189 |
| Atlas Copco AB, A Shares | 316624 |  | 5118547 |
| Avanza Bank Holding AB | 50903 |  | 1727222 |
| Epiroc AB, B Shares | 109375 |  | 2096997 |
| Investor AB, B Shares | 148333 |  | 4395609 |
| Skandinaviska Enskilda Banken AB, A Shares | 212474 |  | 3703536 |
|  |  |  | 20554100 |
| SWITZERLAND — 7.1% | SWITZERLAND — 7.1% | SWITZERLAND — 7.1% | SWITZERLAND — 7.1% |
| Cie Financiere Richemont SA | 11054 |  | 2091780 |
| Lonza Group AG | 4871 |  | 3483561 |
| Partners Group Holding AG | 1956 |  | 2559086 |
| Sika AG | 7113 |  | 1935333 |
| UBS Group AG | 87552 |  | 2972546 |
|  |  |  | 13042306 |

---

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

------

**Portfolio of Investments**

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)

Baillie Gifford Developed EAFE All Cap Fund

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| UNITED KINGDOM — 18.8% | UNITED KINGDOM — 18.8% | UNITED KINGDOM — 18.8% |
| Ashtead Group PLC | 38678 | $2480268 |
| Auto Trader Group PLC | 352731 | 3995312 |
| Bunzl PLC | 101108 | 3221957 |
| Games Workshop Group PLC | 13877 | 3088782 |
| Greggs PLC | 49863 | 1314841 |
| Intertek Group PLC | 31515 | 2052842 |
| Rightmove PLC | 358021 | 3875012 |
| Softcat PLC | 103804 | 2446331 |
| Spirax Group PLC | 17819 | 1457100 |
| Trainline PLC \* | 244553 | 939352 |
| Unilever PLC | 76646 | 4677419 |
| Weir Group PLC (The) | 97336 | 3328863 |
| Wise PLC, Class A \* | 120883 | 1726861 |
|  |  | 34604940 |
| UNITED STATES — 6.5% | UNITED STATES — 6.5% | UNITED STATES — 6.5% |
| Experian PLC | 83976 | 4330328 |
| Roche Holding AG | 14232 | 4645608 |
| Spotify Technology SA \* | 3864 | 2965002 |
|  |  | 11940938 |
| **TOTAL INVESTMENTS — 98.9%** | **TOTAL INVESTMENTS — 98.9%** | **TOTAL INVESTMENTS — 98.9%** |
| (cost $127,228,559) |  | $181873080 |
| Other assets less liabilities — 1.1% |  | 1978795 |
| **NET ASSETS — 100.0%** |  | $183851875 |

---

\* Non-income producing security.

ADR — American Depositary Receipt

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

**Fair Value Measurement**

The following is a summary of the inputs used as of June 30, 2025 in valuing the Fund's investments carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Investments in Securities | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks \*\* | $6557554 | $175315526 | $— | $181873080 |
| **Total** | $6557554 | $175315526 | $— | $181873080 |

---

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

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

------

**Statement of Assets and Liabilities**

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)

Baillie Gifford Developed EAFE All Cap Fund

---

| | |
|:---|:---|
| **ASSETS** | **ASSETS** |
| Investments, at value (cost $127,228,559) | $181873080 |
| Cash | 92557 |
| Foreign cash, at value (cost $55,425) | 55896 |
| Receivable for investments sold | 1982545 |
| Tax reclaims receivable | 594941 |
| Dividends receivable | 313393 |
| Due from Manager | 15624 |
| Capital shares sold receivable | 7695 |
| Prepaid assets | 10553 |
| Total Assets | 184946284 |
| **LIABILITIES** | **LIABILITIES** |
| Advisory fee payable | 160066 |
| Line of credit payable | 700000 |
| Administration and Supervisory fee payable | 37425 |
| Shareholder Servicing fee payable | 24246 |
| Capital shares purchased payable | 33507 |
| Trustee fee payable | 4049 |
| Commitment fee payable | 1049 |
| Accrued expenses | 134067 |
| Total Liabilities | 1094409 |
| **NET ASSETS** | $183851875 |
| **COMPOSITION OF NET ASSETS** | **COMPOSITION OF NET ASSETS** |
| Paid-in capital | $112120853 |
| Total distributable earnings | 71731022 |
|  | $183851875 |
| **NET ASSET VALUE, PER SHARE** | **NET ASSET VALUE, PER SHARE** |
| **Class 3** ($96,637,521 / 7,027,633 shares outstanding), unlimited authorized, no par value | $13.75 |
| **Class K** ($36,943,331 / 2,682,086 shares outstanding), unlimited authorized, no par value | $13.77 |
| **Institutional Class** ($50,271,023 / 3,693,391 shares outstanding), unlimited authorized, no par value | $13.61 |

---

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

------

**Statement of Operations**

Semi-Annual Financial Statements and Other Information June 30, 2025

For the Six Months Ended June 30, 2025 (unaudited)

Baillie Gifford Developed EAFE All Cap Fund

---

| | |
|:---|:---|
| **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| Dividends (net of foreign withholding taxes of $292,490) | $2651965 |
| Windfall tax recovery (Note A) | 602139 |
| Interest | 24350 |
| Total Investment Income | 3278454 |
| **EXPENSES** | **EXPENSES** |
| Advisory fee (Note B) | 388229 |
| Shareholder Servicing fees — Class 2 shares (Note B) | 35921 |
| Shareholder Servicing fees — Class 3 shares (Note B) | 45307 |
| Administration & Supervisory fee — Class K shares (Note B) | 31872 |
| Administration & Supervisory fee — Institutional Class shares (Note B) | 43754 |
| Transfer agency | 28796 |
| Sub-transfer agency — Institutional Class shares | 24025 |
| Fund accounting | 51392 |
| Custody | 31243 |
| Professional fees | 25301 |
| Legal | 21860 |
| Registration fees | 21458 |
| Trustees' fees | 5982 |
| Commitment fees | 1659 |
| Miscellaneous | 20380 |
| Total Expenses | 777179 |
| Fees waived/expenses reimbursed | (15624) |
| Total Expenses after waiver | 761555 |
| Net Investment Income | 2516899 |
| **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 | 31796327 |
| Foreign currency transactions | (14054) |
|  | 31782273 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| Investments | (10511606) |
| Translation of net assets and liabilities denominated in foreign currencies | 89229 |
|  | (10422377) |
| Net realized and unrealized gain | 21359896 |
| **NET INCREASE IN NET ASSETS FROM OPERATIONS** | $23876795 |

---

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

------

**Statements of Changes in Net Assets**

Semi-Annual Financial Statements and Other Information June 30, 2025

Baillie Gifford Developed EAFE All Cap Fund

---

| | | |
|:---|:---|:---|
| | For the<br>Six Months Ended<br>June 30, 2025<br>(unaudited) | 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 | $2516899 | $4621074 |
| Net realized gain | 31782273 | 53355779 |
| Net change in unrealized (depreciation) | (10422377) | (54591210) |
| Net Increase in Net Assets from Operations | 23876795 | 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 |  | (669657) |
| Institutional Class |  | (1388208) |
| Total Distributions to Shareholders |  | (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 | 1500 | 6000 |
| Class K | 1439 | 2304008 |
| Institutional Class | 2029006 | 4447538 |
| Dividends reinvested: | Dividends reinvested: | Dividends reinvested: |
| Class 2 |  | 3679755 |
| Class 3 |  | 2909079 |
| Class K |  | 667758 |
| Institutional Class |  | 1371266 |
| Cost of shares redeemed: | Cost of shares redeemed: | Cost of shares redeemed: |
| Class 2 | (118810551) | (34592927) |
| Class K | (3560698) | (195506276) |
| Institutional Class | (8693098) | (26224994) |
| (Decrease) in Net Assets from Transactions in Shares of Beneficial Interest | (129032402) | (240938793) |
| Total (Decrease) in Net Assets | (105155607) | (246199849) |
| **NET ASSETS** | **NET ASSETS** | **NET ASSETS** |
| Beginning of Period | 289007482 | 535207331 |
| End of Period | $183851875 | $289007482 |

---

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

------

**Financial Highlights**

Semi-Annual Financial Statements and Other Information June 30, 2025

Baillie Gifford Developed EAFE All Cap Fund

Selected data for a Class 3 share outstanding throughout each period:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | For the<br>Six Months <br>Ended<br>June 30, <br>2025<br>(unaudited) | For the<br>Six Months <br>Ended<br>June 30, <br>2025<br>(unaudited) | 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 | For the<br>Year Ended<br>December 31,<br>2020 |
| Net asset value, beginning of period | $12.30 |  | $12.86 | $11.75 | $17.52 | $16.80 | $13.26 |
| **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>(a)</sup> | 0.17 |  | 0.14 | 0.12 | 0.12 | 0.08 | 0.07 |
| Net realized and unrealized gain (loss) <br>on investments and foreign currency | 1.28 |  | (0.27) | 1.09 | (5.78) | 1.19 | 3.65 |
| Net increase (decrease) in net asset <br>value from investment operations | 1.45 |  | (0.13) | 1.21 | (5.66) | 1.27 | 3.72 |
| **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** |
| From net investment income |  |  | (0.43) | (0.10) |  | (0.22) | (0.18) |
| From net realized gain on investments |  |  |  |  | (0.11) | (0.33) |  |
| Total dividends and distributions |  |  | (0.43) | (0.10) | (0.11) | (0.55) | (0.18) |
| Net asset value, end of period | $13.75 |  | $12.30 | $12.86 | $11.75 | $17.52 | $16.80 |
| **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** |
| Total return based on net asset value<sup>(b)</sup> | 11.85 | % | (1.07)% | 10.27% | (32.27)% | 7.51% | 28.04% |
| **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 (000's omitted) | $96638 |  | $86405 | $87334 | $79201 | $108808 | $108722 |
| Ratio of net expenses to average <br>net assets, before waiver | 0.64 | %\* | 0.58% | 0.56% | 0.57% | 0.54% | 0.57% |
| Ratio of net expenses to average <br>net assets, after waiver | 0.62 | %\* | 0.58% | 0.56% | 0.57% | 0.54% | 0.57% |
| Ratio of net investment income <br>to average net assets | 2.61 | %\* | 1.08% | 0.93% | 0.97% | 0.46% | 0.55% |
| Portfolio turnover rate<sup>(c)</sup> | 10 | % | 17% | 15% | 25% | 14% | 12% |

---

\* Annualized.

<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. Total return is not annualized for periods less than one year.

<sup>(c)</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**

Semi-Annual Financial Statements and Other Information June 30, 2025

Baillie Gifford Developed EAFE All Cap Fund

Selected data for a Class K share outstanding throughout each period:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | For the<br>Six Months <br>Ended<br>June 30, <br>2025<br>(unaudited) | For the<br>Six Months <br>Ended<br>June 30, <br>2025<br>(unaudited) | 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 | For the<br>Year Ended<br>December 31,<br>2020 |
| Net asset value, beginning of period | $12.32 |  | $12.70 | $11.60 | $17.31 | $16.61 | $13.11 |
| **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>(a)</sup> | 0.16 |  | 0.14 | 0.11 | 0.11 | 0.07 | 0.06 |
| Net realized and unrealized gain (loss) <br>on investments and foreign currency | 1.29 |  | (0.29) | 1.07 | (5.71) | 1.17 | 3.61 |
| Net increase (decrease) in net asset <br>value from investment operations | 1.45 |  | (0.15) | 1.18 | (5.60) | 1.24 | 3.67 |
| **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** |
| From net investment income |  |  | (0.23) | (0.08) |  | (0.21) | (0.17) |
| From net realized gain on investments |  |  |  |  | (0.11) | (0.33) |  |
| Total dividends and distributions |  |  | (0.23) | (0.08) | (0.11) | (0.54) | (0.17) |
| Net asset value, end of period | $13.77 |  | $12.32 | $12.70 | $11.60 | $17.31 | $16.61 |
| **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** |
| Total return based on net asset value<sup>(b)</sup> | 11.77 | % | (1.17)% | 10.21% | (32.33)% | 7.47% | 27.98% |
| **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 (000's omitted) | $36943 |  | $36321 | $224553 | $214016 | $345052 | $246283 |
| Ratio of net expenses to average <br>net assets, before waiver | 0.71 | %\* | 0.65% | 0.63% | 0.64% | 0.61% | 0.64% |
| Ratio of net expenses to average <br>net assets, after waiver | 0.69 | %\* | 0.65% | 0.63% | 0.64% | 0.61% | 0.64% |
| Ratio of net investment income <br>to average net assets | 2.53 | %\* | 1.07% | 0.87% | 0.91% | 0.38% | 0.49% |
| Portfolio turnover rate<sup>(c)</sup> | 10 | % | 17% | 15% | 25% | 14% | 12% |

---

\* Annualized.

<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. Total return is not annualized for periods less than one year.

<sup>(c)</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**

Semi-Annual Financial Statements and Other Information June 30, 2025

Baillie Gifford Developed EAFE All Cap Fund

Selected data for an Institutional Class share outstanding throughout each period:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | For the<br>Six Months <br>Ended<br>June 30, <br>2025<br>(unaudited) | For the<br>Six Months <br>Ended<br>June 30, <br>2025<br>(unaudited) | 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 | For the<br>Year Ended<br>December 31,<br>2020 |
| Net asset value, beginning of period | $12.18 |  | $12.67 | $11.57 | $17.27 | $16.59 | $13.10 |
| **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>(a)</sup> | 0.15 |  | 0.12 | 0.10 | 0.09 | 0.05 | 0.06 |
| Net realized and unrealized gain (loss) <br>on investments and foreign currency | 1.28 |  | (0.28) | 1.07 | (5.68) | 1.17 | 3.58 |
| Net increase (decrease) in net asset <br>value from investment operations | 1.43 |  | (0.16) | 1.17 | (5.59) | 1.22 | 3.64 |
| **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** |
| From net investment income |  |  | (0.33) | (0.07) |  | (0.21) | (0.15) |
| From net realized gain on investments |  |  |  |  | (0.11) | (0.33) |  |
| Total dividends and distributions |  |  | (0.33) | (0.07) | (0.11) | (0.54) | (0.15) |
| Net asset value, end of period | $13.61 |  | $12.18 | $12.67 | $11.57 | $17.27 | $16.59 |
| **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** |
| Total return based on net asset value<sup>(b)</sup> | 11.74 | % | (1.24)% | 10.11% | (32.34)% | 7.36% | 27.77% |
| **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 (000's omitted) | $50271 |  | $51133 | $73054 | $135136 | $43030 | $12143 |
| Ratio of net expenses to average <br>net assets, before waiver | 0.80 | %\* | 0.72% | 0.73% | 0.71% | 0.67% | 0.76% |
| Ratio of net expenses to average <br>net assets, after waiver | 0.79 | %\* | 0.72% | 0.73% | 0.71% | 0.67% | 0.76% |
| Ratio of net investment income <br>to average net assets | 2.43 | %\* | 0.95% | 0.79% | 0.80% | 0.29% | 0.43% |
| Portfolio turnover rate<sup>(c)</sup> | 10 | % | 17% | 15% | 25% | 14% | 12% |

---

\* Annualized.

<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. Total return is not annualized for periods less than one year.

<sup>(c)</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**

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)

Baillie Gifford EAFE Plus All Cap Fund

---

| | | |
|:---|:---|:---|
| | Value | % of Total<br>Net Assets |
| Airlines | $4056969 | 1.6% |
| Apparel | 4287529 | 1.7 |
| Auto Parts & Equipment | 1517527 | 0.6 |
| Banks | 21700500 | 8.5 |
| Beverages | 7741799 | 3.1 |
| Building Materials | 2254216 | 0.9 |
| Chemicals | 6687901 | 2.6 |
| Commercial Services | 20700662 | 8.1 |
| Computers | 2918680 | 1.2 |
| Cosmetics/Personal Care | 10692868 | 4.2 |
| Distribution/Wholesale | 6404747 | 2.5 |
| Diversified Financial Services | 5511443 | 2.2 |
| Electronics | 4577873 | 1.8 |
| Food | 7257177 | 2.9 |
| Hand/Machine Tools | 3459152 | 1.4 |
| Healthcare — Products | 4858725 | 1.9 |
| Healthcare — Services | 4675739 | 1.8 |
| Home Furnishings | 1356120 | 0.5 |
| Insurance | 6045605 | 2.4 |
| Internet | 26894013 | 10.6 |
| Investment Companies | 11044094 | 4.3 |
| Leisure Time | 3117080 | 1.2 |
| Machinery — Construction & Mining | 7267710 | 2.9 |
| Machinery — Diversified | 13911740 | 5.5 |
| Mining | 2646937 | 1.0 |
| Oil & Gas | 5122140 | 2.0 |
| Pharmaceuticals | 8165302 | 3.2 |
| Private Equity | 3244649 | 1.3 |
| Retail | 9440120 | 3.7 |
| Semiconductors | 21285173 | 8.4 |
| Software | 3820416 | 1.5 |
| Toys/Games/Hobbies | 3140644 | 1.2 |
| Transportation | 4241104 | 1.7 |
| **Total Value of Investments** | 250046354 | 98.4 |
| Other assets less liabilities | 4056061 | 1.6 |
| **Net Assets** | $254102415 | 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**

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)

Baillie Gifford EAFE Plus All Cap Fund

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| **COMMON STOCKS — 98.4%** | **COMMON STOCKS — 98.4%** | **COMMON STOCKS — 98.4%** |
| AUSTRALIA — 1.0% | AUSTRALIA — 1.0% | AUSTRALIA — 1.0% |
| BHP Group Ltd. | 110025 | $2646937 |
| BELGIUM — 1.9% | BELGIUM — 1.9% | BELGIUM — 1.9% |
| Anheuser-Busch InBev SA/NV | 71577 | 4924525 |
| BRAZIL — 3.2% | BRAZIL — 3.2% | BRAZIL — 3.2% |
| B3 SA — Brasil Bolsa Balcao | 803300 | 2149783 |
| MercadoLibre, Inc. \* | 1881 | 4916238 |
| Raia Drogasil SA | 401136 | 1118553 |
|  |  | 8184574 |
| CHINA — 4.1% | CHINA — 4.1% | CHINA — 4.1% |
| Contemporary Amperex Technology Co., Ltd., Class A | 43004 | 1517528 |
| Midea Group Co., Ltd., Class A | 134400 | 1356120 |
| Prosus NV | 60627 | 3401569 |
| Tencent Holdings Ltd. | 64700 | 4168984 |
|  |  | 10444201 |
| DENMARK — 1.7% | DENMARK — 1.7% | DENMARK — 1.7% |
| DSV A/S | 17682 | 4241105 |
| FRANCE — 6.1% | FRANCE — 6.1% | FRANCE — 6.1% |
| Air Liquide SA | 19571 | 4035562 |
| LVMH Moet Hennessy Louis Vuitton SE | 8192 | 4287529 |
| Remy Cointreau SA | 21913 | 1120061 |
| SOITEC \* | 15899 | 876700 |
| TotalEnergies SE | 83801 | 5122140 |
|  |  | 15441992 |
| GERMANY — 1.5% | GERMANY — 1.5% | GERMANY — 1.5% |
| Nemetschek SE | 26349 | 3820416 |
| HONG KONG — 5.1% | HONG KONG — 5.1% | HONG KONG — 5.1% |
| AIA Group Ltd. | 667400 | 6045605 |
| Hong Kong Exchanges & Clearing Ltd. | 62500 | 3361661 |
| Techtronic Industries Co., Ltd. | 313500 | 3459152 |
|  |  | 12866418 |

---

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

------

**Portfolio of Investments**

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)

Baillie Gifford EAFE Plus All Cap Fund

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| INDIA — 1.3% | INDIA — 1.3% | INDIA — 1.3% |
| HDFC Bank Ltd. | 137538 | $3210888 |
| ITALY — 1.6% | ITALY — 1.6% | ITALY — 1.6% |
| Ryanair Holdings PLC ADR | 70348 | 4056969 |
| JAPAN — 13.1% | JAPAN — 13.1% | JAPAN — 13.1% |
| Chugai Pharmaceutical Co., Ltd. | 44700 | 2334137 |
| Cosmos Pharmaceutical Corp. | 47800 | 3033606 |
| Keyence Corp. | 7500 | 2998712 |
| Nippon Paint Holdings Co., Ltd. | 329800 | 2652339 |
| Olympus Corp. | 183800 | 2183236 |
| Recruit Holdings Co., Ltd. | 53200 | 3128513 |
| Shimano, Inc. | 21500 | 3117079 |
| Shiseido Co., Ltd. | 118900 | 2123631 |
| SMC Corp. | 7800 | 2795227 |
| Sysmex Corp. | 153700 | 2675489 |
| Tokyo Electron Ltd. | 17300 | 3313114 |
| Unicharm Corp. | 390000 | 2816108 |
|  |  | 33171191 |
| MEXICO — 1.5% | MEXICO — 1.5% | MEXICO — 1.5% |
| Fomento Economico Mexicano SAB de CV ADR | 16481 | 1697213 |
| Wal-Mart de Mexico SAB de CV | 619696 | 2050187 |
|  |  | 3747400 |
| NETHERLANDS — 7.6% | NETHERLANDS — 7.6% | NETHERLANDS — 7.6% |
| Adyen NV \* | 2706 | 4969670 |
| ASML Holding NV | 9362 | 7502116 |
| EXOR NV | 41348 | 4173978 |
| IMCD NV | 19520 | 2625350 |
|  |  | 19271114 |
| PORTUGAL — 2.2% | PORTUGAL — 2.2% | PORTUGAL — 2.2% |
| Jeronimo Martins SGPS SA | 216848 | 5490133 |
| SINGAPORE — 3.7% | SINGAPORE — 3.7% | SINGAPORE — 3.7% |
| United Overseas Bank Ltd. | 334673 | 9472489 |

---

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

------

**Portfolio of Investments**

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)

Baillie Gifford EAFE Plus All Cap Fund

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| SOUTH KOREA — 1.0% | SOUTH KOREA — 1.0% | SOUTH KOREA — 1.0% |
| Samsung Electronics Co., Ltd. | 57333 | $2535358 |
| SWEDEN — 10.0% | SWEDEN — 10.0% | SWEDEN — 10.0% |
| Assa Abloy AB, B Shares | 146428 | 4577873 |
| Atlas Copco AB, A Shares | 355700 | 5750249 |
| Epiroc AB, B Shares | 163029 | 3125681 |
| Investor AB, B Shares | 231837 | 6870116 |
| Skandinaviska Enskilda Banken AB, A Shares | 291106 | 5074133 |
|  |  | 25398052 |
| SWITZERLAND — 6.8% | SWITZERLAND — 6.8% | SWITZERLAND — 6.8% |
| Cie Financiere Richemont SA | 17110 | 3237774 |
| Lonza Group AG | 6538 | 4675739 |
| Partners Group Holding AG | 2480 | 3244649 |
| Sika AG | 8285 | 2254216 |
| UBS Group AG | 116135 | 3942989 |
|  |  | 17355367 |
| TAIWAN — 2.8% | TAIWAN — 2.8% | TAIWAN — 2.8% |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 193000 | 7057885 |
| UNITED KINGDOM — 16.5% | UNITED KINGDOM — 16.5% | UNITED KINGDOM — 16.5% |
| Ashtead Group PLC | 48685 | 3121978 |
| Auto Trader Group PLC | 391452 | 4433897 |
| Bunzl PLC | 118601 | 3779397 |
| Games Workshop Group PLC | 14110 | 3140644 |
| Greggs PLC | 67012 | 1767044 |
| Intertek Group PLC | 46410 | 3023081 |
| Rightmove PLC | 407230 | 4407622 |
| Softcat PLC | 123847 | 2918680 |
| Spirax Group PLC | 28953 | 2367552 |
| Trainline PLC \* | 353643 | 1358377 |
| Unilever PLC | 94273 | 5753129 |
| Weir Group PLC (The) | 121113 | 4142029 |
| Wise PLC, Class A \* | 127671 | 1823831 |
|  |  | 42037261 |

---

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

------

**Portfolio of Investments**

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)

Baillie Gifford EAFE Plus All Cap Fund

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| UNITED STATES — 5.7% | UNITED STATES — 5.7% | UNITED STATES — 5.7% |
| Experian PLC | 89857 | $4633589 |
| Roche Holding AG | 17864 | 5831165 |
| Spotify Technology SA \* | 5483 | 4207325 |
|  |  | 14672079 |
| **TOTAL INVESTMENTS — 98.4%** | **TOTAL INVESTMENTS — 98.4%** | **TOTAL INVESTMENTS — 98.4%** |
| (cost $180,134,902) |  | $250046354 |
| Other assets less liabilities — 1.6% |  | 4056061 |
| **NET ASSETS — 100.0%** |  | $254102415 |

---

\* Non-income producing security.

ADR — American Depositary Receipt

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

**Fair Value Measurement**

The following is a summary of the inputs used as of June 30, 2025 in valuing the Fund's investments carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Investments in Securities | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks \*\* | $20196268 | $229850086 | $— | $250046354 |
| **Total** | $20196268 | $229850086 | $— | $250046354 |

---

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

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

------

**Statement of Assets and Liabilities**

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)

Baillie Gifford EAFE Plus All Cap Fund

---

| | |
|:---|:---|
| **ASSETS** | **ASSETS** |
| Investments, at value (cost $180,134,902) | $250046354 |
| Cash | 3375566 |
| Foreign cash, at value (cost $62,682) | 63193 |
| Tax reclaims receivable | 649478 |
| Dividends receivable | 430810 |
| Due from Manager | 6484 |
| Prepaid assets | 11718 |
| Total Assets | 254583603 |
| **LIABILITIES** | **LIABILITIES** |
| Advisory fee payable | 217333 |
| Shareholder Servicing fee payable | 64768 |
| Administration and Supervisory fee payable | 16611 |
| Deferred India capital gains tax liability (Note A) | 44723 |
| Trustee fee payable | 3616 |
| Commitment fee payable | 971 |
| Accrued expenses | 133166 |
| Total Liabilities | 481188 |
| **NET ASSETS** | $254102415 |
| **COMPOSITION OF NET ASSETS** | **COMPOSITION OF NET ASSETS** |
| Paid-in capital | $166253942 |
| Total distributable earnings | 87848473 |
|  | $254102415 |
| **NET ASSET VALUE, PER SHARE** | **NET ASSET VALUE, PER SHARE** |
| **Class 2** ($75,203,773 / 4,752,876 shares outstanding), unlimited authorized, no par value | $15.82 |
| **Class 3** ($146,163,061 / 9,270,863 shares outstanding), unlimited authorized, no par value | $15.77 |
| **Class K** ($31,062,191 / 1,973,200 shares outstanding), unlimited authorized, no par value | $15.74 |
| **Institutional Class** ($1,673,390 / 105,817 shares outstanding), unlimited authorized, no par value | $15.81 |

---

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

------

**Statement of Operations**

Semi-Annual Financial Statements and Other Information June 30, 2025

For the Six Months Ended June 30, 2025 (unaudited)

Baillie Gifford EAFE Plus All Cap Fund

---

| | |
|:---|:---|
| **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| Dividends (net of foreign withholding taxes of $356,537) | $3228348 |
| Windfall tax recovery (Note A) | 163706 |
| Interest | 25356 |
| Total Investment Income | 3417410 |
| **EXPENSES** | **EXPENSES** |
| Advisory fee (Note B) | 457550 |
| Shareholder Servicing fees — Class 2 shares (Note B) | 66065 |
| Shareholder Servicing fees — Class 3 shares (Note B) | 67959 |
| Administration & Supervisory fee — Class K shares (Note B) | 37446 |
| Administration & Supervisory fee — Institutional Class shares (Note B) | 3198 |
| Transfer agency | 26951 |
| Sub-transfer agency — Institutional Class shares | 543 |
| Fund accounting | 54536 |
| Professional fees | 39185 |
| Custody | 27884 |
| Legal | 24201 |
| Registration fees | 19624 |
| Line of Credit Interest | 8755 |
| Trustees' fees | 6921 |
| Commitment fees | 1905 |
| Miscellaneous | 9349 |
| Total Expenses | 852072 |
| Fees waived/expenses reimbursed | (6484) |
| Total Expenses after waiver | 845588 |
| Net Investment Income | 2571822 |
| **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 $601) | 18554615 |
| Foreign currency transactions | 38468 |
|  | 18593083 |
| Net change in unrealized appreciation on: | Net change in unrealized appreciation on: |
| Investments (net of change in deferred India capital gains tax expense of $39,462) (Note A) | 12388026 |
| Translation of net assets and liabilities denominated in foreign currencies | 79933 |
|  | 12467959 |
| Net realized and unrealized gain | 31061042 |
| **NET INCREASE IN NET ASSETS FROM OPERATIONS** | $33632864 |

---

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

------

**Statements of Changes in Net Assets**

Semi-Annual Financial Statements and Other Information June 30, 2025

Baillie Gifford EAFE Plus All Cap Fund

---

| | | |
|:---|:---|:---|
| | For the<br>Six Months Ended<br>June 30, 2025<br>(unaudited) | 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 | $2571822 | $3313603 |
| Net realized gain | 18593083 | 42468282 |
| Net change in unrealized appreciation (depreciation) | 12467959 | (39533355) |
| Net Increase in Net Assets from Operations | 33632864 | 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 |  | (5068956) |
| Class 3 |  | (7484805) |
| Class K |  | (3911099) |
| Institutional Class |  | (184717) |
| Total Distributions to Shareholders |  | (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 | 200000 | 679419 |
| Institutional Class | 17972 | 79577 |
| Dividends reinvested: | Dividends reinvested: | Dividends reinvested: |
| Class 2 |  | 5068956 |
| Class 3 |  | 7484804 |
| Class K |  | 3902405 |
| Institutional Class |  | 175489 |
| Cost of shares redeemed: | Cost of shares redeemed: | Cost of shares redeemed: |
| Class 2 | (29635470) | (113074888) |
| Class K | (46490422) | (49972066) |
| Institutional Class | (2623176) | (1257965) |
| (Decrease) in Net Assets from Transactions in Shares of Beneficial Interest | (78529596) | (142908269) |
| Total (Decrease) in Net Assets | (44896732) | (153309316) |
| **NET ASSETS** | **NET ASSETS** | **NET ASSETS** |
| Beginning of Period | 298999147 | 452308463 |
| End of Period | $254102415 | $298999147 |

---

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

------

**Financial Highlights**

Semi-Annual Financial Statements and Other Information June 30, 2025

Baillie Gifford EAFE Plus All Cap Fund

Selected data for a Class 2 share outstanding throughout each period:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | For the<br>Six Months<br>Ended<br>June 30, <br>2025<br>(unaudited) | For the<br>Six Months<br>Ended<br>June 30, <br>2025<br>(unaudited) | 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 | For the<br>Year Ended<br>December 31,<br>2020 |
| Net asset value, beginning of period | $14.04 |  | $14.72 | $13.37 | $19.93 | $21.15 | $16.71 |
| **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>(a)</sup> | 0.14 |  | 0.13 | 0.11 | 0.11 | 0.07 | 0.07 |
| Net realized and unrealized gain (loss) <br>on investments and foreign currency | 1.64 |  | (0.02)<sup>(b)</sup> | 1.24 | (6.32) | 0.63 | 4.73 |
| Net increase (decrease) in net asset <br>value from investment operations | 1.78 |  | 0.11 | 1.35 | (6.21) | 0.70 | 4.80 |
| **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** |
| From net investment income |  |  | (0.58) |  | (0.01) | (0.28) | (0.14) |
| From net realized gain on investments |  |  | (0.21) |  | (0.34) | (1.64) | (0.22) |
| Total dividends and distributions |  |  | (0.79) |  | (0.35) | (1.92) | (0.36) |
| Net asset value, end of period | $15.82 |  | $14.04 | $14.72 | $13.37 | $19.93 | $21.15 |
| **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** |
| Total return based on net asset value<sup>(c)</sup> | 12.70 | % | 0.77% | 10.09% | (31.17)% | 3.31% | 28.77% |
| **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 (000's omitted) | $75204 |  | $94280 | $199195 | $176604 | $179913 | $343888 |
| Ratio of net expenses to average net <br>assets, before waiver | 0.69 | %\* | 0.66% | 0.63% | 0.64% | 0.61% | 0.62% |
| Ratio of net expenses to average net <br>assets, after waiver | 0.68 | %\* | 0.66% | 0.63% | 0.64% | 0.61% | 0.62% |
| Ratio of net investment income <br>to average net assets | 1.84 | %\* | 0.88% | 0.80% | 0.80% | 0.32% | 0.42% |
| Portfolio turnover rate<sup>(d)</sup> | 13 | % | 23% | 16% | 17% | 10% | 20% |

---

\* Annualized.

<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. 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**

Semi-Annual Financial Statements and Other Information June 30, 2025

Baillie Gifford EAFE Plus All Cap Fund

Selected data for a Class 3 share outstanding throughout each period:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | For the<br>Six Months<br>Ended<br>June 30, <br>2025<br>(unaudited) | For the<br>Six Months<br>Ended<br>June 30, <br>2025<br>(unaudited) | 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 | For the Period<br>August 3,<br>2020<br>through<sup>(a)</sup>December 31,<br>2020 |
| Net asset value, beginning of period | $13.99 |  | $14.72 | $13.36 | $19.90 | $21.14 | $17.57 |
| **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> | 0.15 |  | 0.15 | 0.12 | 0.10 | 0.08 | 0.03 |
| Net realized and unrealized gain (loss) <br>on investments and foreign currency | 1.63 |  | (0.03)<sup>(c)</sup> | 1.24 | (6.29) | 0.63 | 3.93 |
| Net increase (decrease) in net asset <br>value from investment operations | 1.78 |  | 0.12 | 1.36 | (6.19) | 0.71 | 3.96 |
| **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** |
| From net investment income |  |  | (0.64) |  | (0.01) | (0.31) | (0.17) |
| From net realized gain on investments |  |  | (0.21) |  | (0.34) | (1.64) | (0.22) |
| Total dividends and distributions |  |  | (0.85) |  | (0.35) | (1.95) | (0.39) |
| Net asset value, end of period | $15.77 |  | $13.99 | $14.72 | $13.36 | $19.90 | $21.14 |
| **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** |
| Total return based on net asset value<sup>(d)</sup> | 12.74 | % | 0.84% | 10.17% | (31.12)% | 3.38% | 22.49% |
| **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 (000's omitted) | $146163 |  | $129653 | $128570 | $122784 | $211865 | $146565 |
| Ratio of net expenses to average net <br>assets, before waiver | 0.62 | %\* | 0.59% | 0.56% | 0.57% | 0.54% | 0.54% |
| Ratio of net expenses to average net <br>assets, after waiver | 0.61 | %\* | 0.59% | 0.56% | 0.57% | 0.54% | 0.54% |
| Ratio of net investment income <br>to average net assets | 2.10 | %\* | 0.97% | 0.87% | 0.69% | 0.36% | 0.35% |
| Portfolio turnover rate<sup>(e)</sup> | 13 | % | 23% | 16% | 17% | 10% | 20% |

---

\* Annualized.

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

<sup>(b)</sup> Calculated based upon average shares outstanding during the period.

<sup>(c)</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>(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**

Semi-Annual Financial Statements and Other Information June 30, 2025

Baillie Gifford EAFE Plus All Cap Fund

Selected data for a Class K share outstanding throughout each period:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | For the<br>Six Months<br>Ended<br>June 30, <br>2025<br>(unaudited) | For the<br>Six Months<br>Ended<br>June 30, <br>2025<br>(unaudited) | 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 | For the<br>Year Ended<br>December 31,<br>2020 |
| Net asset value, beginning of period | $13.97 |  | $14.67 | $13.32 | $19.86 | $21.09 | $16.66 |
| **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>(a)</sup> | 0.13 |  | 0.13 | 0.11 | 0.10 | 0.07 | 0.07 |
| Net realized and unrealized gain (loss) <br>on investments and foreign currency | 1.64 |  | (0.02)<sup>(b)</sup> | 1.24 | (6.29) | 0.63 | 4.73 |
| Net increase (decrease) in net asset <br>value from investment operations | 1.77 |  | 0.11 | 1.35 | (6.19) | 0.70 | 4.80 |
| **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** |
| From net investment income |  |  | (0.60) |  | (0.01) | (0.29) | (0.15) |
| From net realized gain on investments |  |  | (0.21) |  | (0.34) | (1.64) | (0.22) |
| Total dividends and distributions |  |  | (0.81) |  | (0.35) | (1.93) | (0.37) |
| Net asset value, end of period | $15.74 |  | $13.97 | $14.67 | $13.32 | $19.86 | $21.09 |
| **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** |
| Total return based on net asset value<sup>(c)</sup> | 12.67 | % | 0.75% | 10.14% | (31.19)% | 3.33% | 28.78% |
| **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 (000's omitted) | $31062 |  | $71222 | $119604 | $124889 | $166910 | $202514 |
| Ratio of net expenses to average net <br>assets, before waiver | 0.69 | %\* | 0.66% | 0.63% | 0.64% | 0.61% | 0.62% |
| Ratio of net expenses to average net <br>assets, after waiver | 0.68 | %\* | 0.66% | 0.63% | 0.64% | 0.61% | 0.62% |
| Ratio of net investment income <br>to average net assets | 1.78 | %\* | 0.87% | 0.80% | 0.70% | 0.31% | 0.40% |
| Portfolio turnover rate<sup>(d)</sup> | 13 | % | 23% | 16% | 17% | 10% | 20% |

---

\* Annualized.

<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. 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**

Semi-Annual Financial Statements and Other Information June 30, 2025

Baillie Gifford EAFE Plus All Cap Fund

Selected data for an Institutional Class share outstanding throughout each period:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | For the<br>Six Months<br>Ended<br>June 30, <br>2025<br>(unaudited) | For the<br>Six Months<br>Ended<br>June 30, <br>2025<br>(unaudited) | 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 | For the<br>Year Ended<br>December 31,<br>2020 |
| Net asset value, beginning of period | $14.03 |  | $14.60 | $13.28 | $19.81 | $21.05 | $16.63 |
| **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>(a)</sup> | 0.15 |  | 0.14 | 0.11 | 0.10 | 0.05 | 0.05 |
| Net realized and unrealized gain (loss) <br>on investments and foreign currency | 1.63 |  | (0.04)<sup>(b)</sup> | 1.21 | (6.28) | 0.62 | 4.72 |
| Net increase (decrease) in net asset <br>value from investment operations | 1.78 |  | 0.10 | 1.32 | (6.18) | 0.67 | 4.77 |
| **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** |
| From net investment income |  |  | (0.46) |  | (0.01) | (0.27) | (0.13) |
| From net realized gain on investments |  |  | (0.21) |  | (0.34) | (1.64) | (0.22) |
| Total dividends and distributions |  |  | (0.67) |  | (0.35) | (1.91) | (0.35) |
| Net asset value, end of period | $15.81 |  | $14.03 | $14.60 | $13.28 | $19.81 | $21.05 |
| **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** |
| Total return based on net asset value<sup>(c)</sup> | 12.69 | % | 0.72% | 9.94% | (31.22)% | 3.20% | 28.68% |
| **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 (000's omitted) | $1673 |  | $3844 | $4940 | $17625 | $42442 | $39894 |
| Ratio of net expenses to average net <br>assets, before waiver | 0.72 | %\* | 0.67% | 0.72% | 0.73% | 0.72% | 0.72% |
| Ratio of net expenses to average net <br>assets, after waiver | 0.71 | %\* | 0.67% | 0.72% | 0.73% | 0.72% | 0.72% |
| Ratio of net investment income <br>to average net assets | 1.98 | %\* | 0.92% | 0.74% | 0.65% | 0.21% | 0.30% |
| Portfolio turnover rate<sup>(d)</sup> | 13 | % | 23% | 16% | 17% | 10% | 20% |

---

\* Annualized.

<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. 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**

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)

Baillie Gifford Emerging Markets Equities Fund

---

| | | |
|:---|:---|:---|
| | Value | % of Total<br>Net Assets |
| Airlines | $43979422 | 0.7% |
| Apparel | 32057200 | 0.5 |
| Auto Manufacturers | 112151211 | 1.9 |
| Auto Parts & Equipment | 62112326 | 1.1 |
| Banks | 669142806 | 11.3 |
| Beverages | 113180265 | 1.9 |
| Biotechnology | 26754284 | 0.5 |
| Building Materials | 55394214 | 0.9 |
| Chemicals | 65344941 | 1.1 |
| Commercial Services | 32350306 | 0.5 |
| Computers | 130439139 | 2.2 |
| Diversified Financial Services | 124836846 | 2.1 |
| Electronics | 116369826 | 2.0 |
| Gas | 13991247 | 0.2 |
| Home Furnishings | 201509024 | 3.4 |
| Insurance | 132148363 | 2.2 |
| Internet | 1387961627 | 23.5 |
| Metal Fabricate/Hardware | 57114892 | 1.0 |
| Mining | 294865774 | 5.0 |
| Miscellaneous Manufacturing | 53517424 | 0.9 |
| Oil & Gas | 394747519 | 6.7 |
| Real Estate | 39380179 | 0.7 |
| Retail | 227897579 | 3.9 |
| Semiconductors | 1327056984 | 22.4 |
| Software | 36285764 | 0.6 |
| Telecommunications | 98525406 | 1.7 |
| Transportation | 54162937 | 0.9 |
| **Total Value of Investments** | 5903277505 | 99.8 |
| Other assets less liabilities | 10723736 | 0.2 |
| **Net Assets** | $5914001241 | 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**

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)

Baillie Gifford Emerging Markets Equities Fund

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| **COMMON STOCKS — 97.6%** | **COMMON STOCKS — 97.6%** | **COMMON STOCKS — 97.6%** |
| BRAZIL — 10.3% | BRAZIL — 10.3% | BRAZIL — 10.3% |
| B3 SA — Brasil Bolsa Balcao | 35538500 | $95107727 |
| Banco Bradesco SA ADR | 11986464 | 37038174 |
| MercadoLibre, Inc. \* | 108324 | 283118856 |
| Natura & Co. Holding SA \* | 12123000 | 24656117 |
| NU Holdings Ltd., Class A \* | 4186863 | 57443760 |
| Petroleo Brasileiro SA — Petrobras ADR | 9158144 | 114568381 |
|  |  | 611933015 |
| CHILE — 1.7% | CHILE — 1.7% | CHILE — 1.7% |
| Lundin Mining Corp. | 3102467 | 32625171 |
| Sociedad Quimica y Minera de Chile SA ADR \* | 1852706 | 65344941 |
|  |  | 97970112 |
| CHINA — 27.4% | CHINA — 27.4% | CHINA — 27.4% |
| Alibaba Group Holding Ltd. | 13830420 | 195782727 |
| Anker Innovations Technology Co., Ltd., Class A | 4521700 | 71830178 |
| Baidu, Inc., Class A \* | 3937750 | 42200603 |
| BeOne Medicines Ltd. \* | 1414295 | 26754284 |
| Brilliance China Automotive Holdings Ltd. | 47202000 | 19158752 |
| China Merchants Bank Co., Ltd., Class H | 12385500 | 86883814 |
| Contemporary Amperex Technology Co., Ltd., Class H \* | 837900 | 35138654 |
| Goneo Group Co., Ltd., Class A | 5817451 | 39219198 |
| Haidilao International Holding Ltd. | 22530000 | 42954950 |
| Haier Smart Home Co., Ltd., Class H | 12676680 | 36427727 |
| JD.com, Inc., Class A | 2419785 | 39520687 |
| KE Holdings, Inc., Class A | 6598645 | 39380179 |
| Kuaishou Technology \* | 3486500 | 28301976 |
| Kweichow Moutai Co., Ltd., Class A | 296300 | 58385122 |
| Li Ning Co., Ltd. | 8232500 | 17841192 |
| Luckin Coffee, Inc. ADR \* | 1771584 | 66026936 |
| Meituan, Class B \* | 5342900 | 85946111 |
| Midea Group Co., Ltd., Class A | 9241770 | 93251119 |
| Ping An Insurance Group Co. of China Ltd., Class H | 11624500 | 74202893 |
| Pony AI, Inc. ADR \* | 2043460 | 26973672 |
| Shenzhou International Group Holdings Ltd. | 4484700 | 32057200 |
| Silergy Corp. | 3768000 | 45898892 |
| Tencent Holdings Ltd. | 4077800 | 262755546 |

---

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

------

**Portfolio of Investments**

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)

Baillie Gifford Emerging Markets Equities Fund

---

| | | | |
|:---|:---|:---|:---|
| | Shares | Value | Value |
| Tencent Music Entertainment Group ADR | 1402150 | $| 27327904 |
| Tencent Music Entertainment Group, Class A, Entitlement | 3049882 |  | 29656958 |
| Zhejiang Sanhua Intelligent Controls Co., Ltd. \* | 17827000 |  | 57114892 |
| Zijin Mining Group Co., Ltd., Class H | 15052000 |  | 38710911 |
|  |  |  | 1619703077 |
| INDIA — 12.4% | INDIA — 12.4% | INDIA — 12.4% | INDIA — 12.4% |
| Axis Bank Ltd. | 9363979 |  | 130965173 |
| Delhivery Ltd. \* | 12128314 |  | 54162937 |
| HDFC Life Insurance Co., Ltd. | 6105700 |  | 57945470 |
| Hyundai Motor India Ltd. \* | 625796 |  | 16197288 |
| Kotak Mahindra Bank Ltd. | 3912749 |  | 98714965 |
| PB Fintech Ltd. \* | 1707033 |  | 36285764 |
| Reliance Industries Ltd. | 11456702 |  | 200529175 |
| Tata Consultancy Services Ltd. | 1979435 |  | 79930543 |
| UltraTech Cement Ltd. | 392727 |  | 55394214 |
|  |  |  | 730125529 |
| INDONESIA — 1.1% | INDONESIA — 1.1% | INDONESIA — 1.1% | INDONESIA — 1.1% |
| Bank Rakyat Indonesia Persero Tbk PT | 288493563 |  | 66515182 |
| KAZAKHSTAN — 0.5% | KAZAKHSTAN — 0.5% | KAZAKHSTAN — 0.5% | KAZAKHSTAN — 0.5% |
| Kaspi.KZ JSC ADR | 381085 |  | 32350306 |
| MEXICO — 2.9% | MEXICO — 2.9% | MEXICO — 2.9% | MEXICO — 2.9% |
| Fomento Economico Mexicano SAB de CV ADR | 532095 |  | 54795143 |
| Grupo Financiero Banorte SAB de CV, Class O | 8508965 |  | 78081414 |
| Wal-Mart de Mexico SAB de CV | 11592944 |  | 38353804 |
|  |  |  | 171230361 |
| PANAMA — 0.7% | PANAMA — 0.7% | PANAMA — 0.7% | PANAMA — 0.7% |
| Copa Holdings SA, Class A | 399922 |  | 43979422 |
| PERU — 1.0% | PERU — 1.0% | PERU — 1.0% | PERU — 1.0% |
| Credicorp Ltd. | 251771 |  | 56275854 |
| POLAND — 1.4% | POLAND — 1.4% | POLAND — 1.4% | POLAND — 1.4% |
| Allegro.eu SA \* | 5387698 |  | 51870660 |
| KGHM Polska Miedz SA \* | 770503 |  | 27577615 |
|  |  |  | 79448275 |

---

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

------

**Portfolio of Investments**

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)

Baillie Gifford Emerging Markets Equities Fund

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| 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 — 0.5% | SAUDI ARABIA — 0.5% | SAUDI ARABIA — 0.5% |
| Saudi Tadawul Group Holding Co. | 631840 | 29729120 |
| SINGAPORE — 1.9% | SINGAPORE — 1.9% | SINGAPORE — 1.9% |
| Sea Ltd. ADR \* | 699036 | 111803818 |
| SOUTH AFRICA — 4.1% | SOUTH AFRICA — 4.1% | SOUTH AFRICA — 4.1% |
| FirstRand Ltd. | 7456055 | 31873439 |
| Impala Platinum Holdings Ltd. \* | 9390771 | 84378452 |
| Naspers Ltd., N Shares | 407838 | 127251003 |
|  |  | 243502894 |
| SOUTH KOREA — 9.3% | SOUTH KOREA — 9.3% | SOUTH KOREA — 9.3% |
| Coupang, Inc. \* | 2665084 | 79845917 |
| Hyundai Motor Co. | 511431 | 76795171 |
| NAVER Corp. | 116275 | 22578861 |
| Samsung Electronics Co., Ltd. | 4162495 | 184072278 |
| SK Hynix, Inc. | 890014 | 191781651 |
|  |  | 555073878 |
| TAIWAN — 16.9% | TAIWAN — 16.9% | TAIWAN — 16.9% |
| Accton Technology Corp. | 3942000 | 98525406 |
| E Ink Holdings, Inc. | 4129000 | 31251737 |
| MediaTek, Inc. | 2278000 | 97609253 |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 21168310 | 774111424 |
|  |  | 1001497820 |
| THAILAND — 2.0% | THAILAND — 2.0% | THAILAND — 2.0% |
| Fabrinet \* | 181612 | 53517424 |
| SCB X PCL | 7083900 | 25351032 |
| Valeura Energy, Inc. \* | 7855988 | 41364005 |
|  |  | 120232461 |

---

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

------

**Portfolio of Investments**

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)

Baillie Gifford Emerging Markets Equities Fund

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| UNITED KINGDOM — 0.5% | UNITED KINGDOM — 0.5% | UNITED KINGDOM — 0.5% |
| WNS Holdings Ltd. \* | 447459 | $28297307 |
| UNITED STATES — 0.4% | UNITED STATES — 0.4% | UNITED STATES — 0.4% |
| Globant SA \* | 244510 | 22211288 |
| VIETNAM — 0.7% | VIETNAM — 0.7% | VIETNAM — 0.7% |
| Mobile World Investment Corp. \* | 15165600 | 38064579 |
| ZAMBIA — 1.9% | ZAMBIA — 1.9% | ZAMBIA — 1.9% |
| First Quantum Minerals Ltd. \* | 6280917 | 111573624 |
| **Total Common Stocks** | **Total Common Stocks** | **Total Common Stocks** |
| (cost $4,223,547,079) |  | 5771517922 |
| **PREFERRED STOCKS — 2.2%** | **PREFERRED STOCKS — 2.2%** | **PREFERRED STOCKS — 2.2%** |
| BRAZIL — 0.9% | BRAZIL — 0.9% | BRAZIL — 0.9% |
| Petroleo Brasileiro SA — Petrobras ADR 10.47% | 3317674 | 38285958 |
| Raizen SA 0.61% | 46070210 | 13991247 |
|  |  | 52277205 |
| SOUTH KOREA — 1.3% | SOUTH KOREA — 1.3% | SOUTH KOREA — 1.3% |
| Samsung Electronics Co., Ltd. 2.93% | 2166623 | 79482378 |
| **Total Preferred Stocks** | **Total Preferred Stocks** | **Total Preferred Stocks** |
| (cost $140,804,804) |  | 131759583 |
| **TOTAL INVESTMENTS — 99.8%** | **TOTAL INVESTMENTS — 99.8%** | **TOTAL INVESTMENTS — 99.8%** |
| (cost $4,364,351,883) |  | $5903277505 |
| Other assets less liabilities — 0.2% |  | 10723736 |
| **NET ASSETS — 100.0%** |  | $5914001241 |

---

<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**

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)

Baillie Gifford Emerging Markets Equities Fund

**Fair Value Measurement**

The following is a summary of the inputs used as of June 30, 2025 in valuing the Fund's investments carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Investments in Securities | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks \*\* | $1691131799 | $4080386123 | $0 | $5771517922 |
| Preferred Stocks \*\* | 52277205 | 79482378 |  | 131759583 |
| **Total** | $1743409004 | $4159868501 | $0 | $5903277505 |

---

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

There were no transfers into or out of Level 3 during the period ended June 30, 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 period ended to June 30, 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**

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)

Baillie Gifford Emerging Markets Equities Fund

---

| | |
|:---|:---|
| **ASSETS** | **ASSETS** |
| Investments, at value (cost $4,364,351,883) | $5903277505 |
| Cash | 79919386 |
| Foreign cash, at value (cost $9,064,925) | 9007260 |
| Dividends receivable | 14465125 |
| Capital shares sold receivable | 3239351 |
| Tax reclaims receivable | 107881 |
| Receivable for India capital gains tax refunds (Note A) | 241433 |
| Prepaid assets | 42017 |
| Total Assets | 6010299958 |
| **LIABILITIES** | **LIABILITIES** |
| Advisory fee payable | 7054813 |
| Deferred India capital gains tax liability (Note A) | 36331500 |
| Payable for investment purchased | 26431163 |
| Capital shares purchased payable | 22992756 |
| Administration and Supervisory fee payable | 1581874 |
| Shareholder Servicing fee payable | 197287 |
| Trustee fee payable | 67026 |
| Commitment fee payable | 18222 |
| Accrued expenses | 1624076 |
| Total Liabilities | 96298717 |
| **NET ASSETS** | $5914001241 |
| **COMPOSITION OF NET ASSETS** | **COMPOSITION OF NET ASSETS** |
| Paid-in capital | $5033119820 |
| Total distributable earnings | 880881421 |
|  | $5914001241 |
| **NET ASSET VALUE, PER SHARE** | **NET ASSET VALUE, PER SHARE** |
| **Class 2** ($141,963,980 / 6,272,843 shares outstanding), unlimited authorized, no par value | $22.63 |
| **Class 3** ($161,437,108 / 7,056,443 shares outstanding), unlimited authorized, no par value | $22.88 |
| **Class 4** ($265,588,638 / 11,615,014 shares outstanding), unlimited authorized, no par value | $22.87 |
| **Class 5** ($1,220,831,842 / 51,678,848 shares outstanding), unlimited authorized, no par value | $23.62 |
| **Class K** ($2,673,486,148 / 118,714,109 shares outstanding), unlimited authorized, no par value | $22.52 |
| **Institutional Class** ($1,450,693,525 / 64,470,078 shares outstanding), unlimited authorized, no par value | $22.50 |

---

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

------

**Statement of Operations**

Semi-Annual Financial Statements and Other Information June 30, 2025

For the Six Months Ended June 30, 2025 (unaudited)

Baillie Gifford Emerging Markets Equities Fund

---

| | |
|:---|:---|
| **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| Dividends (net of foreign withholding taxes of $7,468,016) | $69185255 |
| Interest | 414471 |
| Total Investment Income | 69599726 |
| **EXPENSES** | **EXPENSES** |
| Advisory fee (Note B) | 13970339 |
| Shareholder Servicing fees — Class 2 shares (Note B) | 97438 |
| Shareholder Servicing fees — Class 3 shares (Note B) | 87426 |
| Shareholder Servicing fees — Class 4 shares (Note B) | 83184 |
| Shareholder Servicing fees — Class 5 shares (Note B) | 111324 |
| Administration & Supervisory fee — Class K shares (Note B) | 2069361 |
| Administration & Supervisory fee — Institutional Class shares (Note B) | 1073482 |
| Transfer agency | 91578 |
| Sub-transfer agency — Institutional Class shares | 543335 |
| Custody | 1071227 |
| Legal | 475262 |
| Fund accounting | 440026 |
| Trustees' fees | 136694 |
| Registration fees | 40077 |
| Commitment fees | 37832 |
| Professional fees | 19451 |
| Line of Credit Interest | 4311 |
| Miscellaneous | 114046 |
| Total Expenses | 20466393 |
| Net Investment Income | 49133333 |
| **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 (net of India capital gains tax expense of $2,934,420) | (69062977) |
| Foreign currency transactions | (307693) |
|  | (69370670) |
| Net change in unrealized appreciation on: | Net change in unrealized appreciation on: |
| Investments (net of change in deferred India capital gains tax expense of $7,883,865) (Note A) | 900590669 |
| Translation of net assets and liabilities denominated in foreign currencies | 120077 |
|  | 900710746 |
| Net realized and unrealized gain | 831340076 |
| **NET INCREASE IN NET ASSETS FROM OPERATIONS** | $880473409 |

---

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

------

**Statements of Changes in Net Assets**

Semi-Annual Financial Statements and Other Information June 30, 2025

Baillie Gifford Emerging Markets Equities Fund

---

| | | |
|:---|:---|:---|
| | For the<br>Six Months Ended<br>June 30, 2025<br>(unaudited) | 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 | $49133333 | $133089664 |
| Net realized (loss) | (69370670) | (58354562 |
| Net change in unrealized appreciation | 900710746 | 191780108 |
| Net Increase in Net Assets from Operations | 880473409 | 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 |  | (2970188 |
| Class 3 |  | (6404724 |
| Class 4 |  | (7787109 |
| Class 5 |  | (35912627 |
| Class K |  | (81659764 |
| Institutional Class |  | (40323189 |
| Total Distributions to Shareholders |  | (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 | 150360514 | 365179690 |
| Institutional Class | 221105346 | 434342491 |
| Dividends reinvested: | Dividends reinvested: | Dividends reinvested: |
| Class 2 |  | 2970188 |
| Class 3 |  | 6404724 |
| Class 4 |  | 7787109 |
| Class 5 |  | 35912627 |
| Class K |  | 69935064 |
| Institutional Class |  | 39196634 |
| Cost of shares redeemed: | Cost of shares redeemed: | Cost of shares redeemed: |
| Class 2 | (20126799) | (120000 |
| Class 3 | (50413243) | (53000000 |
| Class 5 | (24900000) | (127000000 |
| Class K | (252486032) | (344833406 |
| Institutional Class | (165094730) | (225034398 |
| Increase (Decrease) in Net Assets from Transactions in Shares of Beneficial Interest | (91140201) | 253546723 |
| Total Increase in Net Assets | 789333208 | 345004332 |
| **NET ASSETS** | **NET ASSETS** | **NET ASSETS** |
| Beginning of Period | 5124668033 | 4779663701 |
| End of Period | $5914001241 | $5124668033 |

---

\*<sub> See Note D for class conversions.</sub>

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

------

**Financial Highlights**

Semi-Annual Financial Statements and Other Information June 30, 2025

Baillie Gifford Emerging Markets Equities Fund

Selected data for a Class 2 share outstanding throughout each period:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | For the<br>Six Months<br>Ended<br>June 30, <br>2025<br>(unaudited) | For the<br>Six Months<br>Ended<br>June 30, <br>2025<br>(unaudited) | 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 | For the<br>Year Ended<br>December 31,<br>2020 |
| Net asset value, beginning of period | $19.26 |  | $18.82 | $17.13 | $24.55 | $27.66 | $21.71 |
| **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>(a)</sup> | 0.21 |  | 0.49 | 0.46 | 0.77 | 0.34 | 0.19 |
| Net realized and unrealized gain (loss) <br>on investments and foreign currency | 3.16 |  | 0.63 | 1.99 | (7.26) | (2.76) | 6.11 |
| Net increase (decrease) in net asset <br>value from investment operations | 3.37 |  | 1.12 | 2.45 | (6.49) | (2.42) | 6.30 |
| **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** |
| From net investment income |  |  | (0.68) | (0.76) | (0.93) | (0.33) | (0.35) |
| From net realized gain on investments |  |  |  |  |  | (0.36) |  |
| Total dividends and distributions |  |  | (0.68) | (0.76) | (0.93) | (0.69) | (0.35) |
| Net asset value, end of period | $22.63 |  | $19.26 | $18.82 | $17.13 | $24.55 | $27.66 |
| **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** |
| Total return based on net asset value<sup>(b)</sup> | 17.49 | % | 5.97% | 14.32% | (26.44)% | (8.75)% | 29.06% |
| **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 (000's omitted) | $141964 |  | $87006 | $59144 | $51848 | $66301 | $144906 |
| Ratio of net expenses to average net <br>assets | 0.78 | %\* | 0.79% | 0.81% | 0.83% | 0.78% | 0.80% |
| Ratio of net investment income <br>to average net assets | 2.06 | %\* | 2.42% | 2.47% | 3.96% | 1.20% | 0.90% |
| Portfolio turnover rate<sup>(c)</sup> | 10 | % | 21% | 23% | 15% | 19% | 24% |

---

\* Annualized.

<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. Total return is not annualized for periods less than one year.

<sup>(c)</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**

Semi-Annual Financial Statements and Other Information June 30, 2025

Baillie Gifford Emerging Markets Equities Fund

Selected data for a Class 3 share outstanding throughout each period:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | For the<br>Six Months<br>Ended<br>June 30, <br>2025<br>(unaudited) | For the<br>Six Months<br>Ended<br>June 30, <br>2025<br>(unaudited) | 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 | For the<br>Year Ended<br>December 31,<br>2020 |
| Net asset value, beginning of period | $19.46 |  | $19.00 | $17.28 | $24.76 | $27.92 | $21.91 |
| **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>(a)</sup> | 0.18 |  | 0.56 | 0.55 | 0.78 | 0.50 | 0.20 |
| Net realized and unrealized gain (loss) <br>on investments and foreign currency | 3.24 |  | 0.59 | 1.93 | (7.32) | (2.93) | 6.18 |
| Net increase (decrease) in net asset <br>value from investment operations | 3.42 |  | 1.15 | 2.48 | (6.54) | (2.43) | 6.38 |
| **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** |
| From net investment income |  |  | (0.69) | (0.76) | (0.94) | (0.37) | (0.37) |
| From net realized gain on investments |  |  |  |  |  | (0.36) |  |
| Total dividends and distributions |  |  | (0.69) | (0.76) | (0.94) | (0.73) | (0.37) |
| Net asset value, end of period | $22.88 |  | $19.46 | $19.00 | $17.28 | $24.76 | $27.92 |
| **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** |
| Total return based on net asset value<sup>(b)</sup> | 17.53 | % | 6.04% | 14.40% | (26.39)% | (8.68)% | 29.15% |
| **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 (000's omitted) | $161437 |  | $188292 | $226753 | $214704 | $291674 | $168460 |
| Ratio of net expenses to average net <br>assets | 0.71 | %\* | 0.72% | 0.74% | 0.76% | 0.71% | 0.73% |
| Ratio of net investment income <br>to average net assets | 1.76 | %\* | 2.73% | 2.94% | 3.97% | 1.79% | 0.95% |
| Portfolio turnover rate<sup>(c)</sup> | 10 | % | 21% | 23% | 15% | 19% | 24% |

---

\* Annualized.

<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. Total return is not annualized for periods less than one year.

<sup>(c)</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**

Semi-Annual Financial Statements and Other Information June 30, 2025

Baillie Gifford Emerging Markets Equities Fund

Selected data for a Class 4 share outstanding throughout each period:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | For the<br>Six Months<br>Ended<br>June 30, <br>2025<br>(unaudited) | For the<br>Six Months<br>Ended<br>June 30, <br>2025<br>(unaudited) | For the<br>Year Ended<br>December 31,<br>2024 | For the Period<br>July 14,<br>2023<sup>(a)</sup>through<br>December 31,<br>2023 | For the Period<br>January 1,<br>2023<br>through<br>April 13,<br>2023<sup>(a)</sup> | For the Period<br>January 1,<br>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 | For the Period<br>January 1,<br>2020<sup>(b)</sup>through<br>April 13,<br>2020 |
| Net asset value, <br>beginning of period | $19.45 |  | $18.99 | $19.96 | $17.54 |  | $25.11 | $28.30 | $22.69 |
| **From Investment <br>Operations** | **From Investment <br>Operations** | **From Investment <br>Operations** | **From Investment <br>Operations** | **From Investment <br>Operations** | **From Investment <br>Operations** | **From Investment <br>Operations** | **From Investment <br>Operations** | **From Investment <br>Operations** | **From Investment <br>Operations** |
| Net investment income<sup>(c)</sup> | 0.20 |  | 0.55 | 0.19 | 0.07 |  | 0.80 | 0.47 | 0.22 |
| Net realized and <br>unrealized gain (loss) on <br>investments and foreign <br>currency | 3.22 |  | 0.60 | (0.38 | 1.42 |  | (7.42) | (2.93) | 5.76 |
| Net increase (decrease) <br>in net asset value from <br>investment operations | 3.42 |  | 1.15 | (0.19 | 1.49 |  | (6.62) | (2.46) | 5.98 |
| **Dividends and <br>Distributions to <br>Shareholders** | **Dividends and <br>Distributions to <br>Shareholders** | **Dividends and <br>Distributions to <br>Shareholders** | **Dividends and <br>Distributions to <br>Shareholders** | **Dividends and <br>Distributions to <br>Shareholders** | **Dividends and <br>Distributions to <br>Shareholders** | **Dividends and <br>Distributions to <br>Shareholders** | **Dividends and <br>Distributions to <br>Shareholders** | **Dividends and <br>Distributions to <br>Shareholders** | **Dividends and <br>Distributions to <br>Shareholders** |
| From net investment <br>income |  |  | (0.69) | (0.78 |  |  | (0.95) | (0.37) | (0.37) |
| From net realized gain <br>on investments |  |  |  |  |  |  |  | (0.36) |  |
| Total dividends and <br>distributions |  |  | (0.69) | (0.78 |  |  | (0.95) | (0.73) | (0.37) |
| Net asset value, end <br>of period | $22.87 |  | $19.45 | $18.99 | $19.03 |  | $17.54 | $25.11 | $28.30 |
| **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** |
| Total return based on <br>net asset value<sup>(d)</sup> | 17.55 | % | 6.07% | (0.94 | 8.48 | % | (26.37)% | (8.66)% | 26.45% |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **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 <br>period (000's omitted) | $265589 |  | $225922 | $212997 | $201945 |  | $186171 | $252837 | $276791 |
| Ratio of net expenses <br>to average net assets | 0.68 | %\* | 0.69% | 0.71 | 0.71 | %\* | 0.73% | 0.68% | 0.70% |
| Ratio of net investment <br>income to average <br>net assets | 1.93 | %\* | 2.69% | 2.10 | 1.36 | %\* | 4.00% | 1.64% | 1.05% |
| Portfolio turnover rate<sup>(e)</sup> | 10 | % | 21% | 23 | 23 | % | 15% | 19% | 24% |

---

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

<sup>(c)</sup> Calculated based upon average shares outstanding during the period.

<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**

Semi-Annual Financial Statements and Other Information June 30, 2025

Baillie Gifford Emerging Markets Equities Fund

Selected data for a Class 5 share outstanding throughout each period:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | For the<br>Six Months<br>Ended<br>June 30, <br>2025<br>(unaudited) | For the<br>Six Months<br>Ended<br>June 30, <br>2025<br>(unaudited) | 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 | For the<br>Year Ended<br>December 31,<br>2020 |
| Net asset value, beginning of period | $20.09 |  | $19.59 | $17.80 | $25.47 | $28.69 | $22.50 |
| **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>(a)</sup> | 0.21 |  | 0.58 | 0.52 | 0.82 | 0.49 | 0.24 |
| Net realized and unrealized gain (loss) <br>on investments and foreign currency | 3.32 |  | 0.62 | 2.05 | (7.53) | (2.96) | 6.33 |
| Net increase (decrease) in net asset <br>value from investment operations | 3.53 |  | 1.20 | 2.57 | (6.71) | (2.47) | 6.57 |
| **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** |
| From net investment income |  |  | (0.70) | (0.78) | (0.96) | (0.39) | (0.38) |
| From net realized gain on investments |  |  |  |  |  | (0.36) |  |
| Total dividends and distributions |  |  | (0.70) | (0.78) | (0.96) | (0.75) | (0.38) |
| Net asset value, end of period | $23.62 |  | $20.09 | $19.59 | $17.80 | $25.47 | $28.69 |
| **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** |
| Total return based on net asset value<sup>(b)</sup> | 17.58 | % | 6.12% | 14.48% | (26.33)% | (8.61)% | 29.25% |
| **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 (000's omitted) | $1220832 |  | $1060159 | $1115352 | $1162457 | $1746589 | $1953356 |
| Ratio of net expenses to average net <br>assets | 0.63 | %\* | 0.64% | 0.66% | 0.68% | 0.63% | 0.65% |
| Ratio of net investment income <br>to average net assets | 1.98 | %\* | 2.73% | 2.68% | 4.01% | 1.68% | 1.08% |
| Portfolio turnover rate<sup>(c)</sup> | 10 | % | 21% | 23% | 15% | 19% | 24% |

---

\* Annualized.

<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. Total return is not annualized for periods less than one year.

<sup>(c)</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**

Semi-Annual Financial Statements and Other Information June 30, 2025

Baillie Gifford Emerging Markets Equities Fund

Selected data for a Class K share outstanding throughout each period:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | For the<br>Six Months<br>Ended<br>June 30, <br>2025<br>(unaudited) | For the<br>Six Months<br>Ended<br>June 30, <br>2025<br>(unaudited) | 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 | For the<br>Year Ended<br>December 31,<br>2020 |
| Net asset value, beginning of period | $19.17 |  | $18.72 | $17.04 | $24.44 | $27.56 | $21.64 |
| **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>(a)</sup> | 0.18 |  | 0.52 | 0.45 | 0.76 | 0.44 | 0.20 |
| Net realized and unrealized gain (loss) <br>on investments and foreign currency | 3.17 |  | 0.60 | 1.99 | (7.23) | (2.85) | 6.08 |
| Net increase (decrease) in net asset <br>value from investment operations | 3.35 |  | 1.12 | 2.44 | (6.47) | (2.41) | 6.28 |
| **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** |
| From net investment income |  |  | (0.67) | (0.76) | (0.93) | (0.35) | (0.36) |
| From net realized gain on investments |  |  |  |  |  | (0.36) |  |
| Total dividends and distributions |  |  | (0.67) | (0.76) | (0.93) | (0.71) | (0.36) |
| Net asset value, end of period | $22.52 |  | $19.17 | $18.72 | $17.04 | $24.44 | $27.56 |
| **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** |
| Total return based on net asset value<sup>(b)</sup> | 17.48 | % | 6.00% | 14.30% | (26.47)% | (8.72)% | 29.04% |
| **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 (000's omitted) | $2673486 |  | $2374315 | $2233351 | $1949586 | $2654520 | $2441338 |
| Ratio of net expenses to average net <br>assets | 0.78 | %\* | 0.79% | 0.81% | 0.83% | 0.78% | 0.80% |
| Ratio of net investment income <br>to average net assets | 1.81 | %\* | 2.59% | 2.45% | 3.94% | 1.58% | 0.95% |
| Portfolio turnover rate<sup>(c)</sup> | 10 | % | 21% | 23% | 15% | 19% | 24% |

---

\* Annualized.

<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. Total return is not annualized for periods less than one year.

<sup>(c)</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**

Semi-Annual Financial Statements and Other Information June 30, 2025

Baillie Gifford Emerging Markets Equities Fund

Selected data for an Institutional Class share outstanding throughout each period:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | For the<br>Six Months<br>Ended<br>June 30, <br>2025<br>(unaudited) | For the<br>Six Months<br>Ended<br>June 30, <br>2025<br>(unaudited) | 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 | For the<br>Year Ended<br>December 31,<br>2020 |
| Net asset value, beginning of period | $19.16 |  | $18.72 | $17.04 | $24.43 | $27.55 | $21.64 |
| **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>(a)</sup> | 0.18 |  | 0.49 | 0.44 | 0.74 | 0.41 | 0.18 |
| Net realized and unrealized gain (loss) <br>on investments and foreign currency | 3.16 |  | 0.61 | 1.98 | (7.22) | (2.85) | 6.07 |
| Net increase (decrease) in net asset <br>value from investment operations | 3.34 |  | 1.10 | 2.42 | (6.48) | (2.44) | 6.25 |
| **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** |
| From net investment income |  |  | (0.66) | (0.74) | (0.91) | (0.32) | (0.34) |
| From net realized gain on investments |  |  |  |  |  | (0.36) |  |
| Total dividends and distributions |  |  | (0.66) | (0.74) | (0.91) | (0.68) | (0.34) |
| Net asset value, end of period | $22.50 |  | $19.16 | $18.72 | $17.04 | $24.43 | $27.55 |
| **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** |
| Total return based on net asset value<sup>(b)</sup> | 17.43 | % | 5.89% | 14.21% | (26.52)% | (8.82)% | 28.91% |
| **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 (000's omitted) | $1450694 |  | $1188974 | $932066 | $838274 | $1203032 | $1226335 |
| Ratio of net expenses to average net <br>assets | 0.87 | %\* | 0.87% | 0.89% | 0.91% | 0.87% | 0.89% |
| Ratio of net investment income <br>to average net assets | 1.75 | %\* | 2.44% | 2.40% | 3.81% | 1.46% | 0.86% |
| Portfolio turnover rate<sup>(c)</sup> | 10 | % | 21% | 23% | 15% | 19% | 24% |

---

\* Annualized.

<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. Total return is not annualized for periods less than one year.

<sup>(c)</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**

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)

Baillie Gifford Emerging Markets ex China Fund

---

| | | |
|:---|:---|:---|
| | Value | % of Total<br>Net Assets |
| Airlines | $7918 | 0.7% |
| Auto Manufacturers | 18158 | 1.6 |
| Auto Parts & Equipment | 10220 | 0.9 |
| Banks | 142997 | 12.3 |
| Beverages | 15344 | 1.3 |
| Building Materials | 11143 | 0.9 |
| Chemicals | 13508 | 1.2 |
| Commercial Services | 6621 | 0.6 |
| Computers | 28868 | 2.5 |
| Diversified Financial Services | 32536 | 2.8 |
| Electronics | 7569 | 0.6 |
| Gas | 2946 | 0.2 |
| Insurance | 20215 | 1.7 |
| Internet | 170742 | 14.7 |
| Investment Companies | 5602 | 0.5 |
| Leisure Time | 6333 | 0.5 |
| Machinery — Diversified | 5507 | 0.5 |
| Mining | 73209 | 6.3 |
| Miscellaneous Manufacturing | 21067 | 1.8 |
| Oil & Gas | 84611 | 7.3 |
| Retail | 41174 | 3.5 |
| Semiconductors | 376022 | 32.3 |
| Software | 6717 | 0.6 |
| Telecommunications | 24994 | 2.1 |
| Transportation | 9651 | 0.8 |
| **Total Value of Investments** | 1143672 | 98.2 |
| Other assets less liabilities | 20667 | 1.8 |
| **Net Assets** | $1164339 | 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**

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)

Baillie Gifford Emerging Markets ex China Fund

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| **COMMON STOCKS — 95.5%** | **COMMON STOCKS — 95.5%** | **COMMON STOCKS — 95.5%** |
| BRAZIL — 12.0% | BRAZIL — 12.0% | BRAZIL — 12.0% |
| B3 SA — Brasil Bolsa Balcao | 7300 | $19536 |
| Banco Bradesco SA ADR | 2757 | 8519 |
| Lojas Renner SA | 2500 | 9033 |
| MercadoLibre, Inc. \* | 18 | 47045 |
| Natura & Co. Holding SA \* | 2800 | 5695 |
| NU Holdings Ltd., Class A \* | 1333 | 18289 |
| Petroleo Brasileiro SA — Petrobras ADR | 1958 | 24494 |
| Raia Drogasil SA | 700 | 1952 |
| WEG SA | 700 | 5507 |
|  |  | 140070 |
| CHILE — 1.8% | CHILE — 1.8% | CHILE — 1.8% |
| Lundin Mining Corp. | 715 | 7519 |
| Sociedad Quimica y Minera de Chile SA ADR \* | 383 | 13508 |
|  |  | 21027 |
| CONGO (DEMOCRATIC REPUBLIC) — 0.6% | CONGO (DEMOCRATIC REPUBLIC) — 0.6% | CONGO (DEMOCRATIC REPUBLIC) — 0.6% |
| Ivanhoe Mines Ltd., Class A \* | 892 | 6701 |
| INDIA — 17.1% | INDIA — 17.1% | INDIA — 17.1% |
| Axis Bank Ltd. | 1897 | 26532 |
| Cholamandalam Investment and Finance Co., Ltd. | 392 | 7447 |
| Delhivery Ltd. \* | 2161 | 9651 |
| Eicher Motors Ltd. | 96 | 6333 |
| Escorts Kubota Ltd. | 178 | 6922 |
| HDFC Life Insurance Co., Ltd. | 2130 | 20215 |
| Hyundai Motor India Ltd. \* | 104 | 2692 |
| ICICI Bank Ltd. | 963 | 16274 |
| Kotak Mahindra Bank Ltd. | 598 | 15087 |
| PB Fintech Ltd. \* | 316 | 6717 |
| Reliance Industries Ltd. | 2439 | 42690 |
| Samvardhana Motherson International Ltd. | 5661 | 10220 |
| Tata Consultancy Services Ltd. | 423 | 17081 |
| UltraTech Cement Ltd. | 79 | 11143 |
|  |  | 199004 |

---

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

------

**Portfolio of Investments**

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)

Baillie Gifford Emerging Markets ex China Fund

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| INDONESIA — 1.5% | INDONESIA — 1.5% | INDONESIA — 1.5% |
| Bank Mandiri Persero Tbk PT | 17800 | $5347 |
| Bank Rakyat Indonesia Persero Tbk PT | 49200 | 11344 |
|  |  | 16691 |
| KAZAKHSTAN — 0.6% | KAZAKHSTAN — 0.6% | KAZAKHSTAN — 0.6% |
| Kaspi.KZ JSC ADR | 78 | 6621 |
| MEXICO — 4.2% | MEXICO — 4.2% | MEXICO — 4.2% |
| BBB Foods, Inc., Class A \* | 315 | 8744 |
| Fomento Economico Mexicano SAB de CV ADR | 149 | 15344 |
| Grupo Financiero Banorte SAB de CV, Class O | 1643 | 15077 |
| Wal-Mart de Mexico SAB de CV | 2940 | 9727 |
|  |  | 48892 |
| PANAMA — 0.7% | PANAMA — 0.7% | PANAMA — 0.7% |
| Copa Holdings SA, Class A | 72 | 7918 |
| PERU — 1.2% | PERU — 1.2% | PERU — 1.2% |
| Credicorp Ltd. | 61 | 13635 |
| POLAND — 1.6% | POLAND — 1.6% | POLAND — 1.6% |
| Allegro.eu SA \* | 1190 | 11457 |
| KGHM Polska Miedz SA \* | 210 | 7516 |
|  |  | 18973 |
| 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 — 0.5% | SAUDI ARABIA — 0.5% | SAUDI ARABIA — 0.5% |
| Saudi Tadawul Group Holding Co. | 118 | 5552 |
| SINGAPORE — 4.2% | SINGAPORE — 4.2% | SINGAPORE — 4.2% |
| Grab Holdings Ltd., Class A \* | 2480 | 12474 |
| Sea Ltd. ADR \* | 224 | 35827 |
|  |  | 48301 |

---

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

------

**Portfolio of Investments**

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)

Baillie Gifford Emerging Markets ex China Fund

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| SOUTH AFRICA — 6.6% | SOUTH AFRICA — 6.6% | SOUTH AFRICA — 6.6% |
| FirstRand Ltd. | 1342 | $5737 |
| Impala Platinum Holdings Ltd. \* | 2429 | 21825 |
| Naspers Ltd., N Shares | 139 | 43370 |
| Remgro Ltd. | 626 | 5602 |
|  |  | 76534 |
| SOUTH KOREA — 11.1% | SOUTH KOREA — 11.1% | SOUTH KOREA — 11.1% |
| Coupang, Inc. \* | 554 | 16598 |
| Hyundai Motor Co. | 103 | 15466 |
| NCSoft Corp. | 26 | 3972 |
| Samsung Electronics Co., Ltd. | 1093 | 48334 |
| SK Hynix, Inc. | 211 | 45467 |
|  |  | 129837 |
| TAIWAN — 25.3% | TAIWAN — 25.3% | TAIWAN — 25.3% |
| Accton Technology Corp. | 1000 | 24994 |
| E Ink Holdings, Inc. | 1000 | 7569 |
| MediaTek, Inc. | 1000 | 42848 |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 6000 | 219416 |
|  |  | 294827 |
| THAILAND — 2.5% | THAILAND — 2.5% | THAILAND — 2.5% |
| Fabrinet \* | 48 | 14145 |
| SCB X PCL | 2000 | 7157 |
| Valeura Energy, Inc. \* | 1554 | 8182 |
|  |  | 29484 |
| UNITED KINGDOM — 0.6% | UNITED KINGDOM — 0.6% | UNITED KINGDOM — 0.6% |
| WNS Holdings Ltd. \* | 116 | 7336 |
| UNITED STATES — 0.4% | UNITED STATES — 0.4% | UNITED STATES — 0.4% |
| Globant SA \* | 49 | 4451 |
| VIETNAM — 0.5% | VIETNAM — 0.5% | VIETNAM — 0.5% |
| Mobile World Investment Corp. \* | 2400 | 6024 |

---

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

------

**Portfolio of Investments**

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)

Baillie Gifford Emerging Markets ex China Fund

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| ZAMBIA — 2.5% | ZAMBIA — 2.5% | ZAMBIA — 2.5% |
| First Quantum Minerals Ltd. \* | 1669 | $29648 |
| **Total Common Stocks** | **Total Common Stocks** | **Total Common Stocks** |
| (cost $950,040) |  | 1111526 |
| **PREFERRED STOCKS — 2.7%** | **PREFERRED STOCKS — 2.7%** | **PREFERRED STOCKS — 2.7%** |
| BRAZIL — 1.0% | BRAZIL — 1.0% | BRAZIL — 1.0% |
| Petroleo Brasileiro SA — Petrobras ADR 10.47% | 801 | 9243 |
| Raizen SA 0.61% | 9700 | 2946 |
|  |  | 12189 |
| SOUTH KOREA — 1.7% | SOUTH KOREA — 1.7% | SOUTH KOREA — 1.7% |
| Samsung Electronics Co., Ltd. 2.93% | 544 | 19957 |
| **Total Preferred Stocks** | **Total Preferred Stocks** | **Total Preferred Stocks** |
| (cost $44,927) |  | 32146 |
| **TOTAL INVESTMENTS — 98.2%** | **TOTAL INVESTMENTS — 98.2%** | **TOTAL INVESTMENTS — 98.2%** |
| (cost $994,967) |  | $1143672 |
| Other assets less liabilities — 1.8% |  | 20667 |
| **NET ASSETS — 100.0%** |  | $1164339 |

---

<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 June 30, 2025 in valuing the Fund's investments carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Investments in Securities | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks \*\* | $376217 | $735309 | $0 | $1111526 |
| Preferred Stocks \*\* | 12189 | 19957 |  | 32146 |
| **Total** | $388406 | $755266 | $0 | $1143672 |

---

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

There were no transfers into or out of Level 3 during the period ended June 30, 2025.

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

------

**Portfolio of Investments**

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)

Baillie Gifford Emerging Markets ex China Fund

**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 period ended June 30, 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**

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)

Baillie Gifford Emerging Markets ex China Fund

---

| | |
|:---|:---|
| **ASSETS** | **ASSETS** |
| Investments, at value (cost $994,967) | $1143672 |
| Cash | 9550 |
| Foreign cash, at value (cost $158) | 157 |
| Due from Manager | 109557 |
| Receivable for investments sold | 15338 |
| Dividends receivable | 2308 |
| Prepaid assets | 14799 |
| Total Assets | 1295381 |
| **LIABILITIES** | **LIABILITIES** |
| Advisory fee payable | 1432 |
| Payable for investment purchased | 20296 |
| Deferred India capital gains tax liability (Note A) | 6066 |
| Administration & Supervisory fee payable | 442 |
| Trustee fee payable | 13 |
| Commitment fee payable | 4 |
| Accrued expenses | 102789 |
| Total Liabilities | 131042 |
| **NET ASSETS** | $1164339 |
| **COMPOSITION OF NET ASSETS** | **COMPOSITION OF NET ASSETS** |
| Paid-in capital | $1086367 |
| Total distributable earnings | 77972 |
|  | $1164339 |
| **NET ASSET VALUE, PER SHARE** | **NET ASSET VALUE, PER SHARE** |
| **Class K** ($582,169 / 55,420 shares outstanding), unlimited authorized, no par value | $10.50 |
| **Institutional Class** ($582,170 / 55,420 shares outstanding), unlimited authorized, no par value | $10.50 |

---

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

------

**Statement of Operations**

Semi-Annual Financial Statements and Other Information June 30, 2025

For the Six Months Ended June 30, 2025 (unaudited)

Baillie Gifford Emerging Markets ex China Fund

---

| | |
|:---|:---|
| **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| Dividends (net of foreign withholding taxes of $1,603) | $9916 |
| Interest | 63 |
| Total Investment Income | 9979 |
| **EXPENSES** | **EXPENSES** |
| Advisory fee (Note B) | 2805 |
| Administration & Supervisory fee — Class K shares (Note B) | 433 |
| Administration & Supervisory fee — Institutional Class shares (Note B) | 433 |
| Transfer agency | 11716 |
| Fund accounting | 53414 |
| Professional fees | 20426 |
| Registration fees | 19531 |
| Custody | 6306 |
| Legal | 91 |
| Trustees' fees | 26 |
| Commitment fees | 7 |
| Miscellaneous | 2418 |
| Total Expenses | 117606 |
| Fees waived/expenses reimbursed | (113169) |
| Total Expenses after waiver | 4437 |
| Net Investment Income | 5542 |
| **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 (net of India capital gains tax expense of $350) | (6086) |
| Foreign currency transactions | (71) |
|  | (6157) |
| Net change in unrealized appreciation on: | Net change in unrealized appreciation on: |
| Investments (net of change in deferred India capital gains tax expense of $738) (Note A) | 178154 |
| Translation of net assets and liabilities denominated in foreign currencies | 19 |
|  | 178173 |
| Net realized and unrealized gain | 172016 |
| **NET INCREASE IN NET ASSETS FROM OPERATIONS** | $177558 |

---

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

------

**Statements of Changes in Net Assets**

Semi-Annual Financial Statements and Other Information June 30, 2025

Baillie Gifford Emerging Markets ex China Fund

---

| | | |
|:---|:---|:---|
| | For the<br>Six Months Ended<br>June 30, 2025<br>(unaudited) | 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 | $5542 | $14403 |
| Net realized (loss) | (6157) | (3916) |
| Net change in unrealized appreciation | 178173 | 46555 |
| Net Increase in Net Assets from Operations | 177558 | 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 |  | (13180) |
| Institutional Class |  | (13180) |
| Total Distributions to Shareholders |  | (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 |  | 13180 |
| Institutional Class |  | 13180 |
| Increase in Net Assets from Transactions in Shares of Beneficial Interest |  | 26360 |
| Total Increase in Net Assets | 177558 | 57042 |
| **NET ASSETS** | **NET ASSETS** | **NET ASSETS** |
| Beginning of Period | 986781 | 929739 |
| End of Period | $1164339 | $986781 |

---

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

------

**Financial Highlights**

Semi-Annual Financial Statements and Other Information June 30, 2025

Baillie Gifford Emerging Markets ex China Fund

Selected data for a Class K share outstanding throughout each period:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | For the<br>Six Months<br>Ended<br>June 30, 2025<br>(unaudited) | For the<br>Six Months<br>Ended<br>June 30, 2025<br>(unaudited) | 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** | **From Investment Operations** |
| Net investment income<sup>(b)</sup> | 0.05 |  | 0.13 | 0.21 | 0.34 | 0.01 |  |
| Net realized and unrealized gain (loss) <br>on investments and foreign currency | 1.55 |  | 0.39 | 1.50 | (2.85) | 0.01 |  |
| Net increase (decrease) in net asset value from <br>investment operations | 1.60 |  | 0.52 | 1.71 | (2.51) | 0.02 |  |
| **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** | **Dividends and Distributions to Shareholders** | **Dividends and Distributions to Shareholders** |
| From net investment income |  |  | (0.24) | (0.24) | (0.36) |  |  |
| Total dividends and distributions |  |  | (0.24) | (0.24) | (0.36) |  |  |
| Net asset value, end of period | $10.50 |  | $8.90 | $8.62 | $7.15 | $10.02 |  |
| **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** |
| Total return based on net asset value<sup>(c)</sup> | 18.09 | % | 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** | **Ratios/Supplemental Data** |
| Net assets, end of period (000's omitted) | $582 |  | $493 | $465 | $375 | $501 |  |
| Ratio of net expenses to average net assets, <br>before waiver | 23.06 | %\* | 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 | 1.09 | %\* | 1.42% | 2.66% | 4.24% | 17.62 | %\* |
| Portfolio turnover rate<sup>(d)</sup> | 9 | % | 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**

Semi-Annual Financial Statements and Other Information June 30, 2025

Baillie Gifford Emerging Markets ex China Fund

Selected data for an Institutional Class share outstanding throughout each period:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | For the<br>Six Months<br>Ended<br>June 30, 2025<br>(unaudited) | For the<br>Six Months<br>Ended<br>June 30, 2025<br>(unaudited) | 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** | **From Investment Operations** |
| Net investment income<sup>(b)</sup> | 0.05 |  | 0.13 | 0.21 | 0.34 | 0.01 |  |
| Net realized and unrealized gain (loss) <br>on investments and foreign currency | 1.55 |  | 0.39 | 1.50 | (2.85) | 0.01 |  |
| Net increase (decrease) in net asset value from <br>investment operations | 1.60 |  | 0.52 | 1.71 | (2.51) | 0.02 |  |
| **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** | **Dividends and Distributions to Shareholders** | **Dividends and Distributions to Shareholders** |
| From net investment income |  |  | (0.24) | (0.24) | (0.36) |  |  |
| Total dividends and distributions |  |  | (0.24) | (0.24) | (0.36) |  |  |
| Net asset value, end of period | $10.50 |  | $8.90 | $8.62 | $7.15 | $10.02 |  |
| **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** |
| Total return based on net asset value<sup>(c)</sup> | 18.09 | % | 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** | **Ratios/Supplemental Data** |
| Net assets, end of period (000's omitted) | $582 |  | $493 | $465 | $375 | $501 |  |
| Ratio of net expenses to average net assets, <br>before waiver | 23.06 | %\* | 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 | 1.09 | %\* | 1.42% | 2.66% | 4.24% | 17.62 | %\* |
| Portfolio turnover rate<sup>(d)</sup> | 9 | % | 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**

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)

Baillie Gifford Global Alpha Equities Fund

---

| | | |
|:---|:---|:---|
| | Value | % of Total<br>Net Assets |
| Advertising | $4867244 | 0.9% |
| Aerospace/Defense | 11795124 | 2.1 |
| Airlines | 8544503 | 1.5 |
| Apparel | 1507858 | 0.3 |
| Auto Manufacturers | 4253521 | 0.8 |
| Auto Parts & Equipment | 7080632 | 1.3 |
| Banks | 3225791 | 0.6 |
| Beverages | 3113348 | 0.5 |
| Biotechnology | 13027582 | 2.3 |
| Building Materials | 24992014 | 4.4 |
| Chemicals | 3421179 | 0.6 |
| Commercial Services | 45056467 | 8.0 |
| Computers | 3128123 | 0.6 |
| Diversified Financial Services | 17333742 | 3.1 |
| Electrical Components & Equipment | 6382043 | 1.1 |
| Energy — Alternate Sources | 1697575 | 0.3 |
| Engineering & Construction | 3250505 | 0.6 |
| Healthcare — Products | 8878398 | 1.6 |
| Healthcare — Services | 17794753 | 3.1 |
| Home Builders | 2500931 | 0.4 |
| Insurance | 15734960 | 2.8 |
| Internet | 139588143 | 24.7 |
| Leisure Time | 1589365 | 0.3 |
| Machinery — Construction & Mining | 3242653 | 0.6 |
| Machinery — Diversified | 5888170 | 1.0 |
| Media | 4180625 | 0.7 |
| Metal Fabricate/Hardware | 3711241 | 0.7 |
| Mining | 2002294 | 0.4 |
| Oil & Gas | 9075007 | 1.6 |
| Pharmaceuticals | 5945568 | 1.0 |
| Private Equity | 4067751 | 0.7 |
| Real Estate | 9381378 | 1.7 |
| Retail | 27230620 | 4.8 |
| Semiconductors | 82075586 | 14.5 |
| Software | 53309671 | 9.4 |
| **Total Value of Investments** | 558874365 | 99.0 |
| Other assets less liabilities | 5512439 | 1.0 |
| **Net Assets** | $564386804 | 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**

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)

Baillie Gifford Global Alpha Equities Fund

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| **COMMON STOCKS — 99.0%** | **COMMON STOCKS — 99.0%** | **COMMON STOCKS — 99.0%** |
| AUSTRALIA — 0.4% | AUSTRALIA — 0.4% | AUSTRALIA — 0.4% |
| BHP Group Ltd. | 83628 | $2002294 |
| BRAZIL — 2.8% | BRAZIL — 2.8% | BRAZIL — 2.8% |
| B3 SA — Brasil Bolsa Balcao | 1911900 | 5116605 |
| MercadoLibre, Inc. \* | 1563 | 4085104 |
| NU Holdings Ltd., Class A \* | 235116 | 3225791 |
| Petroleo Brasileiro SA — Petrobras ADR | 256555 | 3209503 |
|  |  | 15637003 |
| CANADA — 2.7% | CANADA — 2.7% | CANADA — 2.7% |
| Brookfield Corp. | 65768 | 4067751 |
| Shopify, Inc., Class A \* | 68416 | 7891786 |
| Stella-Jones, Inc. | 61750 | 3559212 |
|  |  | 15518749 |
| CHINA — 6.3% | CHINA — 6.3% | CHINA — 6.3% |
| Contemporary Amperex Technology Co., Ltd., Class A | 154100 | 5437889 |
| Kweichow Moutai Co., Ltd., Class A | 15800 | 3113348 |
| Li Auto, Inc., Class A \* | 311636 | 4253521 |
| PDD Holdings, Inc. ADR \* | 38505 | 4029933 |
| Prosus NV | 334648 | 18775930 |
|  |  | 35610621 |
| DENMARK — 1.1% | DENMARK — 1.1% | DENMARK — 1.1% |
| Genmab A/S \* | 1553 | 322509 |
| Novo Nordisk A/S, B Shares | 85802 | 5945568 |
|  |  | 6268077 |
| FRANCE — 2.1% | FRANCE — 2.1% | FRANCE — 2.1% |
| Edenred | 145233 | 4511012 |
| LVMH Moet Hennessy Louis Vuitton SE | 2881 | 1507858 |
| Nexans SA | 20726 | 2712185 |
| Sartorius Stedim Biotech | 8845 | 2116276 |
| SOITEC \* | 22217 | 1225086 |
|  |  | 12072417 |

---

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

------

**Portfolio of Investments**

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)

Baillie Gifford Global Alpha Equities Fund

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| HONG KONG — 1.1% | HONG KONG — 1.1% | HONG KONG — 1.1% |
| AIA Group Ltd. | 698200 | $6324605 |
| INDIA — 1.0% | INDIA — 1.0% | INDIA — 1.0% |
| Reliance Industries Ltd. GDR | 84115 | 5865504 |
| ISRAEL — 0.3% | ISRAEL — 0.3% | ISRAEL — 0.3% |
| Mobileye Global, Inc., Class A \* | 91365 | 1642743 |
| ITALY — 1.5% | ITALY — 1.5% | ITALY — 1.5% |
| Ryanair Holdings PLC ADR | 148162 | 8544503 |
| JAPAN — 4.8% | JAPAN — 4.8% | JAPAN — 4.8% |
| Cosmos Pharmaceutical Corp. | 51600 | 3274771 |
| CyberAgent, Inc. | 231400 | 2643863 |
| Disco Corp. | 13700 | 4058535 |
| Kokusai Electric Corp. | 180400 | 4316526 |
| Nippon Paint Holdings Co., Ltd. | 425400 | 3421180 |
| Olympus Corp. | 344200 | 4088519 |
| Rakuten Group, Inc. \* | 446000 | 2457541 |
| SMC Corp. | 7600 | 2723555 |
|  |  | 26984490 |
| NETHERLANDS — 2.1% | NETHERLANDS — 2.1% | NETHERLANDS — 2.1% |
| Adyen NV \* | 4756 | 8734571 |
| ASM International NV | 5144 | 3299761 |
|  |  | 12034332 |
| 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 — 1.2% | SINGAPORE — 1.2% | SINGAPORE — 1.2% |
| Sea Ltd. ADR \* | 44296 | 7084702 |
| SOUTH KOREA — 1.8% | SOUTH KOREA — 1.8% | SOUTH KOREA — 1.8% |
| Coupang, Inc. \* | 199517 | 5977529 |
| Samsung Electronics Co., Ltd. | 82098 | 3630507 |
|  |  | 9608036 |

---

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

------

**Portfolio of Investments**

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)

Baillie Gifford Global Alpha Equities Fund

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| SWEDEN — 1.1% | SWEDEN — 1.1% | SWEDEN — 1.1% |
| Atlas Copco AB, B Shares | 222350 | $3164616 |
| Epiroc AB, B Shares | 169130 | 3242652 |
|  |  | 6407268 |
| SWITZERLAND — 1.0% | SWITZERLAND — 1.0% | SWITZERLAND — 1.0% |
| Cie Financiere Richemont SA | 28109 | 5319147 |
| TAIWAN — 3.4% | TAIWAN — 3.4% | TAIWAN — 3.4% |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 528000 | 19308619 |
| UNITED KINGDOM — 0.5% | UNITED KINGDOM — 0.5% | UNITED KINGDOM — 0.5% |
| Bellway PLC | 63131 | 2500931 |
| UNITED STATES — 63.8% | UNITED STATES — 63.8% | UNITED STATES — 63.8% |
| Advanced Drainage Systems, Inc. | 32311 | 3711241 |
| AeroVironment, Inc. \* | 27148 | 7735823 |
| Alnylam Pharmaceuticals, Inc. \* | 11558 | 3768948 |
| Alphabet, Inc., Class C | 44970 | 7977228 |
| Amazon.com, Inc. \* | 102956 | 22587517 |
| AppLovin Corp., Class A \* | 15680 | 5489254 |
| Arthur J Gallagher & Co. | 12213 | 3909626 |
| AutoZone, Inc. \* | 2069 | 7680604 |
| Block, Inc. \* | 99564 | 6763383 |
| Brunswick Corp. | 28772 | 1589365 |
| Builders FirstSource, Inc. \* | 22627 | 2640345 |
| CBRE Group, Inc., Class A \* | 41752 | 5850290 |
| Cloudflare, Inc., Class A \* | 28254 | 5532981 |
| Comfort Systems USA, Inc. | 6062 | 3250505 |
| CoStar Group, Inc. \* | 43919 | 3531088 |
| CRH PLC | 82037 | 7572812 |
| Datadog, Inc., Class A \* | 25503 | 3425818 |
| Dollar General Corp. | 47167 | 5394961 |
| DoorDash, Inc., Class A \* | 50306 | 12400932 |
| Dutch Bros, Inc., Class A \* | 52908 | 3617320 |
| Eaton Corp. PLC | 10280 | 3669857 |
| Elevance Health, Inc. | 31987 | 12441664 |
| Enphase Energy, Inc. \* | 42814 | 1697575 |
| Entegris, Inc. | 31278 | 2522571 |
| EPAM Systems, Inc. \* | 17691 | 3128123 |

---

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

------

**Portfolio of Investments**

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)

Baillie Gifford Global Alpha Equities Fund

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Floor & Decor Holdings, Inc., Class A \* | 25590 | $1943816 |
| FTAI Aviation Ltd. | 35286 | 4059301 |
| Markel Group, Inc. \* | 2754 | 5500729 |
| Martin Marietta Materials, Inc. | 20438 | 11219645 |
| Mastercard, Inc., Class A | 21741 | 12217138 |
| Medpace Holdings, Inc. \* | 7756 | 2434298 |
| Meta Platforms, Inc., Class A | 36004 | 26574192 |
| Microsoft Corp. | 50799 | 25267931 |
| Moody's Corp. | 11224 | 5629846 |
| MSCI, Inc. | 5410 | 3120163 |
| Netflix, Inc. \* | 4965 | 6648780 |
| NVIDIA Corp. | 215475 | 34042895 |
| ON Semiconductor Corp. \* | 80357 | 4211510 |
| Paycom Software, Inc. | 25280 | 5849792 |
| Royalty Pharma PLC, Class A | 248019 | 8936125 |
| S&P Global, Inc. | 10556 | 5566073 |
| Salesforce, Inc. | 16956 | 4623732 |
| Service Corp. International | 144425 | 11756195 |
| Spotify Technology SA \* | 6022 | 4620922 |
| Texas Instruments, Inc. | 26296 | 5459576 |
| Thermo Fisher Scientific, Inc. | 6594 | 2673603 |
| Trade Desk, Inc. (The), Class A \* | 67610 | 4867244 |
| Uber Technologies, Inc. \* | 62510 | 5832183 |
| UnitedHealth Group, Inc. | 9356 | 2918791 |
| Walt Disney Co. (The) | 33712 | 4180625 |
| WillScot Holdings Corp. | 76474 | 2095388 |
|  |  | 360140324 |
| **TOTAL INVESTMENTS — 99.0%** | **TOTAL INVESTMENTS — 99.0%** | **TOTAL INVESTMENTS — 99.0%** |
| (cost $313,125,526) |  | $558874365 |
| Other assets less liabilities — 1.0% |  | 5512439 |
| **NET ASSETS — 100.0%** |  | $564386804 |

---

<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**

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)

Baillie Gifford Global Alpha Equities Fund

**Fair Value Measurement**

The following is a summary of the inputs used as of June 30, 2025 in valuing the Fund's investments carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Investments in Securities | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks \*\* | $411002674 | $147871691 | $0 | $558874365 |
| **Total** | $411002674 | $147871691 | $0 | $558874365 |

---

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

There were no transfers into or out of Level 3 during the period ended June 30, 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 period ended to June 30, 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**

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)

Baillie Gifford Global Alpha Equities Fund

---

| | |
|:---|:---|
| **ASSETS** | **ASSETS** |
| Investments, at value (cost $313,125,526) | $558874365 |
| Cash | 5325052 |
| Foreign cash, at value (cost $1,074,999) | 1077922 |
| Receivable for investments sold | 1447961 |
| Tax reclaims receivable | 401744 |
| Dividends receivable | 279260 |
| Prepaid assets | 13051 |
| Total Assets | 567419355 |
| **LIABILITIES** | **LIABILITIES** |
| Advisory fee payable | 574591 |
| Payable for investment purchased | 2038016 |
| Administration and Supervisory fee payable | 158376 |
| Shareholder Servicing fee payable | 72277 |
| Trustee fee payable | 8733 |
| Commitment fee payable | 2310 |
| Accrued expenses | 178248 |
| Total Liabilities | 3032551 |
| **NET ASSETS** | $564386804 |
| **COMPOSITION OF NET ASSETS** | **COMPOSITION OF NET ASSETS** |
| Paid-in capital | $209685820 |
| Total distributable earnings | 354700984 |
|  | $564386804 |
| **NET ASSET VALUE, PER SHARE** | **NET ASSET VALUE, PER SHARE** |
| **Class 2** ($150,548,919 / 8,318,677 shares outstanding), unlimited authorized, no par value | $18.10 |
| **Class K** ($367,000,816 / 20,415,460 shares outstanding), unlimited authorized, no par value | $17.98 |
| **Institutional Class** ($46,837,069 / 2,601,700 shares outstanding), unlimited authorized, no par value | $18.00 |

---

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

------

**Statement of Operations**

Semi-Annual Financial Statements and Other Information June 30, 2025

For the Six Months Ended June 30, 2025 (unaudited)

Baillie Gifford Global Alpha Equities Fund

---

| | |
|:---|:---|
| **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| Dividends (net of foreign withholding taxes of $229,167) | $2908408 |
| Windfall tax recovery (Note A) | 143717 |
| Interest | 110952 |
| Total Investment Income | 3163077 |
| **EXPENSES** | **EXPENSES** |
| Advisory fee (Note B) | 1335674 |
| Shareholder Servicing fees — Class 2 shares (Note B) | 128040 |
| Shareholder Servicing fees — Class 4 shares (Note B) | 49359 |
| Administration & Supervisory fee — Class K shares (Note B) | 283690 |
| Administration & Supervisory fee — Institutional Class shares (Note B) | 36061 |
| Transfer agency | 27056 |
| Sub-transfer agency — Institutional Class shares | 20331 |
| Fund accounting | 85162 |
| Legal | 62757 |
| Custody | 39075 |
| Professional fees | 29173 |
| Registration fees | 21393 |
| Trustees' fees | 18327 |
| Commitment fees | 5083 |
| Miscellaneous | 16956 |
| Total Expenses | 2158137 |
| Net Investment Income | 1004940 |
| **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 | 86240448 |
| Foreign currency transactions | 82889 |
|  | 86323337 |
| 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 $64,848) (Note A) | (37185236) |
| Translation of net assets and liabilities denominated in foreign currencies | 48363 |
|  | (37136873) |
| Net realized and unrealized gain | 49186464 |
| **NET INCREASE IN NET ASSETS FROM OPERATIONS** | $50191404 |

---

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

------

**Statements of Changes in Net Assets**

Semi-Annual Financial Statements and Other Information June 30, 2025

Baillie Gifford Global Alpha Equities Fund

---

| | | |
|:---|:---|:---|
| | For the<br>Six Months Ended<br>June 30, 2025<br>(unaudited) | 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 | $1004940 | $4085123 |
| Net realized gain | 86323337 | 160339023 |
| Net change in unrealized (depreciation) | (37136873) | (63088745 |
| Net Increase in Net Assets from Operations | 50191404 | 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 |  | (14023740 |
| Class 4 |  | (19938354 |
| Class K |  | (30578776 |
| Institutional Class |  | (3365544 |
| Total Distributions to Shareholders |  | (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 4 |  | 197603009 |
| Class K | 15005259 | 48860829 |
| Institutional Class | 9600000 | 1572850 |
| Dividends reinvested: | Dividends reinvested: | Dividends reinvested: |
| Class 2 |  | 14023739 |
| Class 4 |  | 19938354 |
| Class K |  | 30578776 |
| Institutional Class |  | 3365544 |
| Cost of shares redeemed: | Cost of shares redeemed: | Cost of shares redeemed: |
| Class 2 | (18083644) | (97507998 |
| Class 3 (Liquidated) |  | (305100130 |
| Class 4 (Liquidated) | (215447262) | (114002041 |
| Class K | (13627501) | (127256803 |
| Institutional Class | (2491844) | (15385633 |
| (Decrease) in Net Assets from Transactions in Shares of Beneficial Interest | (225043492) | (255806383 |
| Total (Decrease) in Net Assets | (174852088) | (222377396 |
| **NET ASSETS** | **NET ASSETS** | **NET ASSETS** |
| Beginning of Period | 739238892 | 961616288 |
| End of Period | $564386804 | $739238892 |

---

\* See Note D for class conversions.

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

------

**Financial Highlights**

Semi-Annual Financial Statements and Other Information June 30, 2025

Baillie Gifford Global Alpha Equities Fund

Selected data for a Class 2 share outstanding throughout each period:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | For the<br>Six Months<br>Ended<br>June 30,<br>2025<br>(unaudited) | For the<br>Six Months<br>Ended<br>June 30,<br>2025<br>(unaudited) | 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 | For the<br>Year Ended<br>December 31,<br>2020 |
| Net asset value, beginning of period | $16.17 |  | $16.05 | $13.57 | $19.72 | $21.18 | $16.46 |
| **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>(a)</sup> | 0.03 |  | 0.08 | 0.09 | 0.11 | 0.08 | 0.04 |
| Net realized and unrealized gain (loss) <br>on investments and foreign currency | 1.90 |  | 1.69 | 2.57 | (5.85) | 1.54 | 5.93 |
| Net increase (decrease) in net asset <br>value from investment operations | 1.93 |  | 1.77 | 2.66 | (5.74) | 1.62 | 5.97 |
| **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** |
| From net investment income |  |  | (0.25) | (0.18) | (0.01) | (0.30) | (0.13) |
| From net realized gain on investments |  |  | (1.40) |  | (0.40) | (2.78) | (1.12) |
| Total dividends and distributions |  |  | (1.65) | (0.18) | (0.41) | (3.08) | (1.25) |
| Net asset value, end of period | $18.10 |  | $16.17 | $16.05 | $13.57 | $19.72 | $21.18 |
| **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** |
| Total return based on net asset value<sup>(b)</sup> | 11.91 | % | 10.92% | 19.61% | (29.08)% | 7.65% | 36.31% |
| **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 (000's omitted) | $150549 |  | $151740 | $138907 | $167683 | $187473 | $250776 |
| Ratio of net expenses to average <br>net assets | 0.66 | %\* | 0.65% | 0.65% | 0.67% | 0.64% | 0.65% |
| Ratio of net investment income to average <br>net assets | 0.32 | %\* | 0.47% | 0.58% | 0.77% | 0.33% | 0.25% |
| Portfolio turnover rate<sup>(c)</sup> | 18 | % | 28% | 19% | 9% | 40% | 23% |

---

\* Annualized.

<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. Total return is not annualized for periods less than one year.

<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. Portfolio turnover is not annualized for periods less than one year.

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

------

**Financial Highlights**

Semi-Annual Financial Statements and Other Information June 30, 2025

Baillie Gifford Global Alpha Equities Fund

Selected data for a Class K share outstanding throughout each period:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | For the<br>Six Months<br>Ended<br>June 30,<br>2025<br>(unaudited) | For the<br>Six Months<br>Ended<br>June 30,<br>2025<br>(unaudited) | 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 | For the<br>Year Ended<br>December 31,<br>2020 |
| Net asset value, beginning of period | $16.06 |  | $15.96 | $13.50 | $19.62 | $21.12 | $16.42 |
| **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>(a)</sup> | 0.03 |  | 0.07 | 0.08 | 0.11 | 0.05 | 0.03 |
| Net realized and unrealized gain (loss) <br>on investments and foreign currency | 1.89 |  | 1.69 | 2.56 | (5.82) | 1.56 | 5.93 |
| Net increase (decrease) in net asset <br>value from investment operations | 1.92 |  | 1.76 | 2.64 | (5.71) | 1.61 | 5.96 |
| **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** |
| From net investment income |  |  | (0.26) | (0.18) | (0.01) | (0.33) | (0.14) |
| From net realized gain on investments |  |  | (1.40) |  | (0.40) | (2.78) | (1.12) |
| Total dividends and distributions |  |  | (1.66) | (0.18) | (0.41) | (3.11) | (1.26) |
| Net asset value, end of period | $17.98 |  | $16.06 | $15.96 | $13.50 | $19.62 | $21.12 |
| **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** |
| Total return based on net asset value<sup>(b)</sup> | 11.96 | % | 10.87% | 19.65% | (29.08)% | 7.64% | 36.35% |
| **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 (000's omitted) | $367001 |  | $327190 | $368280 | $398663 | $513807 | $267923 |
| Ratio of net expenses to average <br>net assets | 0.66 | %\* | 0.65% | 0.65% | 0.67% | 0.64% | 0.65% |
| Ratio of net investment income to average <br>net assets | 0.32 | %\* | 0.43% | 0.55% | 0.74% | 0.23% | 0.18% |
| Portfolio turnover rate<sup>(c)</sup> | 18 | % | 28% | 19% | 9% | 40% | 23% |

---

\* Annualized.

<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. Total return is not annualized for periods less than one year.

<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. Portfolio turnover is not annualized for periods less than one year.

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

------

**Financial Highlights**

Semi-Annual Financial Statements and Other Information June 30, 2025

Baillie Gifford Global Alpha Equities Fund

Selected data for an Institutional Class share outstanding throughout each period:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | For the<br>Six Months<br>Ended<br>June 30,<br>2025<br>(unaudited) | For the<br>Six Months<br>Ended<br>June 30,<br>2025<br>(unaudited) | 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 | For the<br>Year Ended<br>December 31,<br>2020 |
| Net asset value, beginning of period | $16.10 |  | $15.97 | $13.51 | $19.65 | $21.15 | $16.45 |
| **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>(a)</sup> | 0.02 |  | 0.06 | 0.07 | 0.09 | 0.05 | 0.02 |
| Net realized and unrealized gain (loss) <br>on investments and foreign currency | 1.88 |  | 1.68 | 2.56 | (5.82) | 1.54 | 5.93 |
| Net increase (decrease) in net asset <br>value from investment operations | 1.90 |  | 1.74 | 2.63 | (5.73) | 1.59 | 5.95 |
| **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** |
| From net investment income |  |  | (0.21) | (0.17) | (0.01) | (0.31) | (0.13) |
| From net realized gain on investments |  |  | (1.40) |  | (0.40) | (2.78) | (1.12) |
| Total dividends and distributions |  |  | (1.61) | (0.17) | (0.41) | (3.09) | (1.25) |
| Net asset value, end of period | $18.00 |  | $16.10 | $15.97 | $13.51 | $19.65 | $21.15 |
| **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** |
| Total return based on net asset value<sup>(b)</sup> | 11.87 | % | 10.76% | 19.50% | (29.14)% | 7.53% | 36.22% |
| **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 (000's omitted) | $46837 |  | $35191 | $44289 | $38317 | $51045 | $27677 |
| Ratio of net expenses to average <br>net assets | 0.76 | %\* | 0.75% | 0.75% | 0.76% | 0.74% | 0.74% |
| Ratio of net investment income to average <br>net assets | 0.23 | %\* | 0.33% | 0.48% | 0.58% | 0.21% | 0.09% |
| Portfolio turnover rate<sup>(c)</sup> | 18 | % | 28% | 19% | 9% | 40% | 23% |

---

\* Annualized.

<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. Total return is not annualized for periods less than one year.

<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. 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**

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)

Baillie Gifford International Alpha Fund

---

| | | |
|:---|:---|:---|
| | Value | % of Total<br>Net Assets |
| Airlines | $74555621 | 3.2% |
| Apparel | 18077021 | 0.8 |
| Banks | 84721898 | 3.7 |
| Beverages | 13537151 | 0.6 |
| Biotechnology | 10893159 | 0.5 |
| Building Materials | 102193755 | 4.5 |
| Chemicals | 37155102 | 1.6 |
| Commercial Services | 165392708 | 7.2 |
| Cosmetics/Personal Care | 51516502 | 2.2 |
| Distribution/Wholesale | 24842236 | 1.1 |
| Diversified Financial Services | 66288865 | 2.9 |
| Electrical Components & Equipment | 13898151 | 0.6 |
| Electronics | 11535629 | 0.5 |
| Food | 45150362 | 2.0 |
| Healthcare — Products | 51872376 | 2.3 |
| Home Furnishings | 97847092 | 4.3 |
| Insurance | 101702059 | 4.4 |
| Internet | 441386620 | 19.2 |
| Investment Companies | 21077945 | 0.9 |
| Leisure Time | 74835739 | 3.3 |
| Machinery — Diversified | 102062617 | 4.4 |
| Mining | 33750297 | 1.5 |
| Oil & Gas | 25111677 | 1.1 |
| Pharmaceuticals | 68321005 | 3.0 |
| Retail | 35528888 | 1.5 |
| Semiconductors | 192185321 | 8.4 |
| Software | 203894788 | 8.9 |
| Toys/Games/Hobbies | 27109224 | 1.2 |
| Transportation | 66630914 | 2.9 |
| **Total Value of Investments** | 2263074722 | 98.7 |
| Other assets less liabilities | 29433628 | 1.3 |
| **Net Assets** | $2292508350 | 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**

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)

Baillie Gifford International Alpha Fund

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| **COMMON STOCKS — 98.7%** | **COMMON STOCKS — 98.7%** | **COMMON STOCKS — 98.7%** |
| AUSTRALIA — 1.5% | AUSTRALIA — 1.5% | AUSTRALIA — 1.5% |
| Rio Tinto PLC | 579861 | $33750297 |
| BRAZIL — 4.5% | BRAZIL — 4.5% | BRAZIL — 4.5% |
| B3 SA — Brasil Bolsa Balcao | 2002100 | 5357997 |
| MercadoLibre, Inc. \* | 37119 | 97015332 |
|  |  | 102373329 |
| CANADA — 4.8% | CANADA — 4.8% | CANADA — 4.8% |
| Constellation Software, Inc. | 9216 | 33792789 |
| Lumine Group, Inc. \* | 716008 | 25149009 |
| Shopify, Inc., Class A \* | 215401 | 24846505 |
| Stella-Jones, Inc. | 224732 | 12953343 |
| TFI International, Inc. | 135820 | 12192133 |
|  |  | 108933779 |
| CHINA — 9.4% | CHINA — 9.4% | CHINA — 9.4% |
| Kweichow Moutai Co., Ltd., Class A | 68700 | 13537151 |
| Meituan, Class B \* | 1131100 | 18194921 |
| Midea Group Co., Ltd., Class A | 3164600 | 31931382 |
| PDD Holdings, Inc. ADR \* | 95323 | 9976505 |
| Ping An Insurance Group Co. of China Ltd., Class H | 2164000 | 13813503 |
| Silergy Corp. | 947000 | 11535629 |
| Tencent Holdings Ltd. | 1153500 | 74326481 |
| Tencent Music Entertainment Group ADR | 2181368 | 42514863 |
|  |  | 215830435 |
| DENMARK — 5.7% | DENMARK — 5.7% | DENMARK — 5.7% |
| Demant A/S \* | 573940 | 23980108 |
| DSV A/S | 226966 | 54438781 |
| Novo Nordisk A/S, B Shares | 226208 | 15674869 |
| Novonesis Novozymes B, B Shares | 517503 | 37155102 |
|  |  | 131248860 |
| FINLAND — 0.9% | FINLAND — 0.9% | FINLAND — 0.9% |
| Kone Oyj, Class B | 320642 | 21124127 |

---

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

------

**Portfolio of Investments**

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)

Baillie Gifford International Alpha Fund

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| FRANCE — 6.2% | FRANCE — 6.2% | FRANCE — 6.2% |
| Danone SA | 551803 | $45150362 |
| Dassault Systemes SE | 666779 | 24165157 |
| Edenred | 917229 | 28489603 |
| LVMH Moet Hennessy Louis Vuitton SE | 34539 | 18077021 |
| Nexans SA | 106207 | 13898151 |
| Sartorius Stedim Biotech | 55929 | 13381708 |
|  |  | 143162002 |
| GERMANY — 9.0% | GERMANY — 9.0% | GERMANY — 9.0% |
| BioNTech SE ADR \* | 102312 | 10893159 |
| Deutsche Boerse AG | 186510 | 60930868 |
| Rational AG | 23503 | 19749531 |
| SAP SE | 185622 | 56759395 |
| Scout24 SE | 409325 | 56506839 |
|  |  | 204839792 |
| HONG KONG — 1.4% | HONG KONG — 1.4% | HONG KONG — 1.4% |
| AIA Group Ltd. | 3548800 | 32146605 |
| INDIA — 4.0% | INDIA — 4.0% | INDIA — 4.0% |
| HDFC Bank Ltd. | 1810031 | 42256011 |
| ICICI Lombard General Insurance Co., Ltd. | 983952 | 23409627 |
| Reliance Industries Ltd. | 1434689 | 25111677 |
|  |  | 90777315 |
| IRELAND — 1.7% | IRELAND — 1.7% | IRELAND — 1.7% |
| Kingspan Group PLC | 456354 | 38885648 |
| ITALY — 4.8% | ITALY — 4.8% | ITALY — 4.8% |
| FinecoBank Banca Fineco SpA | 1914297 | 42465888 |
| Ryanair Holdings PLC ADR | 1012329 | 58381013 |
| Technoprobe SpA \* | 1263048 | 11043844 |
|  |  | 111890745 |
| JAPAN — 11.6% | JAPAN — 11.6% | JAPAN — 11.6% |
| FANUC Corp. | 445800 | 12102261 |
| Keyence Corp. | 43000 | 17192617 |
| Money Forward, Inc. \* | 522900 | 17747168 |
| MonotaRO Co., Ltd. | 1286600 | 25327821 |

---

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

------

**Portfolio of Investments**

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)

Baillie Gifford International Alpha Fund

---

| | | | |
|:---|:---|:---|:---|
| | Shares | Value | Value |
| Nihon M&A Center Holdings, Inc. | 4180300 | $| 21189463 |
| Nintendo Co., Ltd. | 282300 |  | 27109224 |
| Olympus Corp. | 1221600 |  | 14510559 |
| Recruit Holdings Co., Ltd. | 332600 |  | 19559088 |
| Shimano, Inc. | 195300 |  | 28314681 |
| SMC Corp. | 44400 |  | 15911292 |
| Sony Group Corp. | 1775600 |  | 46166179 |
| Unicharm Corp. | 2769000 |  | 19994365 |
|  |  |  | 265124718 |
| KAZAKHSTAN — 0.8% | KAZAKHSTAN — 0.8% | KAZAKHSTAN — 0.8% | KAZAKHSTAN — 0.8% |
| Kaspi.KZ JSC ADR | 221507 |  | 18803729 |
| NETHERLANDS — 6.5% | NETHERLANDS — 6.5% | NETHERLANDS — 6.5% | NETHERLANDS — 6.5% |
| Adyen NV \* | 22063 |  | 40519522 |
| ASML Holding NV | 37693 |  | 30204790 |
| EXOR NV | 208801 |  | 21077945 |
| IMCD NV | 184707 |  | 24842236 |
| Topicus.com, Inc. \* | 261207 |  | 32725923 |
|  |  |  | 149370416 |
| PANAMA — 0.7% | PANAMA — 0.7% | PANAMA — 0.7% | PANAMA — 0.7% |
| Copa Holdings SA, Class A | 147082 |  | 16174608 |
| 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 — 1.5% | SINGAPORE — 1.5% | SINGAPORE — 1.5% | SINGAPORE — 1.5% |
| Sea Ltd. ADR \* | 218375 |  | 34926898 |
| SOUTH AFRICA — 1.4% | SOUTH AFRICA — 1.4% | SOUTH AFRICA — 1.4% | SOUTH AFRICA — 1.4% |
| Discovery Ltd. | 2659687 |  | 32332324 |
| SOUTH KOREA — 3.2% | SOUTH KOREA — 3.2% | SOUTH KOREA — 3.2% | SOUTH KOREA — 3.2% |
| Coupang, Inc. \* | 944130 |  | 28286135 |
| Samsung Electronics Co., Ltd. | 1013360 |  | 44812422 |
|  |  |  | 73098557 |

---

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

------

**Portfolio of Investments**

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)

Baillie Gifford International Alpha Fund

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| SPAIN — 1.6% | SPAIN — 1.6% | SPAIN — 1.6% |
| Amadeus IT Group SA | 436303 | $36860203 |
| SWEDEN — 2.0% | SWEDEN — 2.0% | SWEDEN — 2.0% |
| Atlas Copco AB, B Shares | 2510599 | 35732320 |
| MIPS AB | 206167 | 9660854 |
|  |  | 45393174 |
| SWITZERLAND — 2.2% | SWITZERLAND — 2.2% | SWITZERLAND — 2.2% |
| Cie Financiere Richemont SA | 129761 | 24555047 |
| Sandoz Group AG | 454860 | 24927865 |
|  |  | 49482912 |
| TAIWAN — 4.6% | TAIWAN — 4.6% | TAIWAN — 4.6% |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 2902000 | 106124266 |
| UNITED KINGDOM — 1.8% | UNITED KINGDOM — 1.8% | UNITED KINGDOM — 1.8% |
| B&M European Value Retail SA | 2946461 | 10973840 |
| Unilever PLC | 516534 | 31522138 |
|  |  | 42495978 |
| UNITED STATES — 6.9% | UNITED STATES — 6.9% | UNITED STATES — 6.9% |
| CRH PLC | 545498 | 50354765 |
| Experian PLC | 714252 | 36831302 |
| Monday.com Ltd. \* | 43104 | 13555346 |
| Roche Holding AG | 84916 | 27718271 |
| Spotify Technology SA \* | 38398 | 29464321 |
|  |  | 157924005 |
| **Total Common Stocks** | **Total Common Stocks** | **Total Common Stocks** |
| (cost $1,345,027,931) |  | 2263074722 |
| **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 |

---

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

------

**Portfolio of Investments**

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)

Baillie Gifford International Alpha Fund

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| **TOTAL INVESTMENTS — 98.7%** | **TOTAL INVESTMENTS — 98.7%** | **TOTAL INVESTMENTS — 98.7%** |
| (cost $1,345,027,931) |  | $2263074722 |
| Other assets less liabilities — 1.3% |  | 29433628 |
| **NET ASSETS — 100.0%** |  | $2292508350 |

---

<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 June 30, 2025 in valuing the Fund's investments carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Investments in Securities | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks \*\* | $507009608 | $1756065114 | $0 | $2263074722 |
| Warrant \*\* |  | 0 |  | 0 |
| **Total** | $507009608 | $1756065114 | $0 | $2263074722 |

---

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

There were no transfers into or out of Level 3 during the period ended June 30, 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 period ended June 30, 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**

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)

Baillie Gifford International Alpha Fund

---

| | |
|:---|:---|
| **ASSETS** | **ASSETS** |
| Investments, at value (cost $1,345,027,931) | $2263074722 |
| Cash | 29823181 |
| Foreign cash, at value (cost $3,364,474) | 3380773 |
| Tax reclaims receivable | 5721029 |
| Dividends receivable | 2476880 |
| Receivable for investments sold | 2124883 |
| Capital shares sold receivable | 51377 |
| Prepaid assets | 18591 |
| Total Assets | 2306671436 |
| **LIABILITIES** | **LIABILITIES** |
| Advisory fee payable | 1903032 |
| Deferred India capital gains tax liability (Note A) | 7592503 |
| Payable for investment purchased | 3213597 |
| Shareholder Servicing fee payable | 400936 |
| Administration and Supervisory fee payable | 376070 |
| Capital shares purchased payable | 165836 |
| Trustee fee payable | 27824 |
| Commitment fee payable | 7512 |
| Accrued expenses | 475776 |
| Total Liabilities | 14163086 |
| **NET ASSETS** | $2292508350 |
| **COMPOSITION OF NET ASSETS** | **COMPOSITION OF NET ASSETS** |
| Paid-in capital | $1274092060 |
| Total distributable earnings | 1018416290 |
|  | $2292508350 |
| **NET ASSET VALUE, PER SHARE** | **NET ASSET VALUE, PER SHARE** |
| **Class 2** ($539,946,728 / 35,620,254 shares outstanding), unlimited authorized, no par value | $15.16 |
| **Class 3** ($524,581,020 / 34,009,196 shares outstanding), unlimited authorized, no par value | $15.42 |
| **Class 4** ($204,770,365 / 13,012,202 shares outstanding), unlimited authorized, no par value | $15.74 |
| **Class 5** ($38,972,711 / 2,422,884 shares outstanding), unlimited authorized, no par value | $16.09 |
| **Class K** ($876,396,004 / 58,078,527 shares outstanding), unlimited authorized, no par value | $15.09 |
| **Institutional Class** ($107,841,522 / 7,076,276 shares outstanding), unlimited authorized, no par value | $15.24 |

---

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

------

**Statement of Operations**

Semi-Annual Financial Statements and Other Information June 30, 2025

For the Six Months Ended June 30, 2025 (unaudited)

Baillie Gifford International Alpha Fund

---

| | |
|:---|:---|
| **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| Dividends (net of foreign withholding taxes of $3,391,749) | $22969883 |
| Windfall tax recovery (Note A) | 2622267 |
| Interest | 178333 |
| Total Investment Income | 25770483 |
| **EXPENSES** | **EXPENSES** |
| Advisory fee (Note B) | 3754383 |
| Shareholder Servicing fees — Class 2 shares (Note B) | 386619 |
| Shareholder Servicing fees — Class 3 shares (Note B) | 213313 |
| Shareholder Servicing fees — Class 4 shares (Note B) | 110527 |
| Shareholder Servicing fees — Class 5 shares (Note B) | 4268 |
| Administration & Supervisory fee — Class K shares (Note B) | 703563 |
| Administration & Supervisory fee — Institutional Class shares (Note B) | 83793 |
| Transfer agency | 52864 |
| Sub-transfer agency — Institutional Class shares | 49714 |
| Fund accounting | 205288 |
| Legal | 194748 |
| Custody | 157550 |
| Trustees' fees | 55672 |
| Professional fees | 23187 |
| Registration fees | 21352 |
| Commitment fees | 15369 |
| Miscellaneous | 50521 |
| Total Expenses | 6082731 |
| Net Investment Income | 19687752 |
| **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 | 81127423 |
| Foreign currency transactions | (5131) |
|  | 81122292 |
| Net change in unrealized appreciation on: | Net change in unrealized appreciation on: |
| Investments (net of change in deferred India capital gains tax expense of $3,662,811) (Note A) | 275304085 |
| Translation of net assets and liabilities denominated in foreign currencies | 630634 |
|  | 275934719 |
| Net realized and unrealized gain | 357057011 |
| **NET INCREASE IN NET ASSETS FROM OPERATIONS** | $376744763 |

---

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

------

**Statements of Changes in Net Assets**

Semi-Annual Financial Statements and Other Information June 30, 2025

Baillie Gifford International Alpha Fund

---

| | | |
|:---|:---|:---|
| | For the<br>Six Months Ended<br>June 30, 2025<br>(unaudited) | 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 | $19687752 | $21987938 |
| Net realized gain | 81122292 | 125846254 |
| Net change in unrealized appreciation (depreciation) | 275934719 | (19885331) |
| Net Increase in Net Assets from Operations | 376744763 | 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 |  | (15896364) |
| Class 3 |  | (15070893) |
| Class 4 |  | (15638532) |
| Class 5 |  | (1853518) |
| Class K |  | (32134484) |
| Institutional Class |  | (3914428) |
| Total Distributions to Shareholders |  | (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 | 84787883 | 69408011 |
| Class 3 | 168473870 | 1475000 |
| Class 5 |  | 2000000 |
| Class K | 23714682 | 137886083 |
| Institutional Class | 10792467 | 21978549 |
| Dividends reinvested: | Dividends reinvested: | Dividends reinvested: |
| Class 2 |  | 15896364 |
| Class 3 |  | 15070893 |
| Class 4 |  | 15638532 |
| Class 5 |  | 1853518 |
| Class K |  | 31247329 |
| Institutional Class |  | 3848106 |
| Cost of shares redeemed: | Cost of shares redeemed: | Cost of shares redeemed: |
| Class 2 | (19321487) | (71108095) |
| Class 3 | (93088383) | (128330477) |
| Class 4 | (227548870) | (250000000) |
| Class 5 | (14978546) | (10790367) |
| Class K | (72437014) | (155778856) |
| Institutional Class | (17624747) | (33406456) |
| (Decrease) in Net Assets from Transactions in Shares of Beneficial Interest | (157230145) | (333111866) |
| Total Increase (Decrease) in Net Assets | 219514618 | (289671224) |
| **NET ASSETS** | **NET ASSETS** | **NET ASSETS** |
| Beginning of Period | 2072993732 | 2362664956 |
| End of Period | $2292508350 | $2072993732 |

---

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

------

**Financial Highlights**

Semi-Annual Financial Statements and Other Information June 30, 2025

Baillie Gifford International Alpha Fund

Selected data for a Class 2 share outstanding throughout each period:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | For the <br>Six Months <br>Ended<br>June 30, <br>2025<br>(unaudited) | For the <br>Six Months <br>Ended<br>June 30, <br>2025<br>(unaudited) | 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 | For the<br>Year Ended<br>December 31, <br>2020 |
| Net asset value, beginning of period | $12.78 |  | $12.68 | $10.81 | $15.43 | $16.78 | $13.57 |
| **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>(a)</sup> | 0.13 |  | 0.12 | 0.12 | 0.13 | 0.16 | 0.12 |
| Net realized and unrealized gain (loss) <br>on investments and foreign currency | 2.25 |  | 0.53 | 1.91 | (4.56) | (0.28) | 3.47 |
| Net increase (decrease) in net asset <br>value from investment operations | 2.38 |  | 0.65 | 2.03 | (4.43) | (0.12) | 3.59 |
| **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** |
| From net investment income |  |  | (0.10) | (0.16) | (0.19) | (0.16) | (0.10) |
| From net realized gain on investments |  |  | (0.45) |  |  | (1.07) | (0.28) |
| Total dividends and distributions |  |  | (0.55) | (0.16) | (0.19) | (1.23) | (0.38) |
| Net asset value, end of period | $15.16 |  | $12.78 | $12.68 | $10.81 | $15.43 | $16.78 |
| **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** |
| Total return based on net asset value<sup>(b)</sup> | 18.64 | % | 5.05% | 18.72% | (28.64)% | (0.65)% | 26.45% |
| **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 (000's omitted) | $539947 |  | $389290 | $372487 | $324525 | $334569 | $367841 |
| Ratio of net expenses to average <br>net assets | 0.59 | %\* | 0.59% | 0.60% | 0.61% | 0.58% | 0.59% |
| Ratio of net investment income <br>to average net assets | 1.88 | %\* | 0.87% | 1.02% | 1.17% | 0.94% | 0.85% |
| Portfolio turnover rate<sup>(c)</sup> | 8 | % | 20% | 16% | 19% | 16% | 24% |

---

\* Annualized.

<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. Total return is not annualized for periods less than one year.

<sup>(c)</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**

Semi-Annual Financial Statements and Other Information June 30, 2025

Baillie Gifford International Alpha Fund

Selected data for a Class 3 share outstanding throughout each period:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | For the <br>Six Months <br>Ended<br>June 30, <br>2025<br>(unaudited) | For the <br>Six Months <br>Ended<br>June 30, <br>2025<br>(unaudited) | 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 | For the<br>Year Ended<br>December 31, <br>2020 |
| Net asset value, beginning of period | $13.00 |  | $12.89 | $10.99 | $15.67 | $17.02 | $13.76 |
| **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>(a)</sup> | 0.14 |  | 0.14 | 0.11 | 0.15 | 0.18 | 0.13 |
| Net realized and unrealized gain (loss) <br>on investments and foreign currency | 2.28 |  | 0.53 | 1.96 | (4.63) | (0.28) | 3.52 |
| Net increase (decrease) in net asset <br>value from investment operations | 2.42 |  | 0.67 | 2.07 | (4.48) | (0.10) | 3.65 |
| **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** |
| From net investment income |  |  | (0.11) | (0.17) | (0.20) | (0.18) | (0.11) |
| From net realized gain on investments |  |  | (0.45) |  |  | (1.07) | (0.28) |
| Total dividends and distributions |  |  | (0.56) | (0.17) | (0.20) | (1.25) | (0.39) |
| Net asset value, end of period | $15.42 |  | $13.00 | $12.89 | $10.99 | $15.67 | $17.02 |
| **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** |
| Total return based on net asset value<sup>(b)</sup> | 18.68 | % | 5.12% | 18.80% | (28.59)% | (0.58)% | 26.54% |
| **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 (000's omitted) | $524581 |  | $369654 | $466685 | $388155 | $524717 | $757194 |
| Ratio of net expenses to average <br>net assets | 0.52 | %\* | 0.52% | 0.53% | 0.54% | 0.51% | 0.52% |
| Ratio of net investment income <br>to average net assets | 1.96 | %\* | 1.00% | 0.93% | 1.22% | 1.01% | 0.92% |
| Portfolio turnover rate<sup>(c)</sup> | 8 | % | 20% | 16% | 19% | 16% | 24% |

---

\* Annualized.

<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. Total return is not annualized for periods less than one year.

<sup>(c)</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**

Semi-Annual Financial Statements and Other Information June 30, 2025

Baillie Gifford International Alpha Fund

Selected data for a Class 4 share outstanding throughout each period:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | For the <br>Six Months <br>Ended<br>June 30, <br>2025<br>(unaudited) | For the <br>Six Months <br>Ended<br>June 30, <br>2025<br>(unaudited) | 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 | For the<br>Year Ended<br>December 31, <br>2020 |
| Net asset value, beginning of period | $13.26 |  | $13.14 | $11.20 | $15.96 | $17.32 | $14.00 |
| **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>(a)</sup> | 0.12 |  | 0.15 | 0.13 | 0.16 | 0.19 | 0.12 |
| Net realized and unrealized gain (loss) <br>on investments and foreign currency | 2.36 |  | 0.53 | 1.98 | (4.72) | (0.30) | 3.60 |
| Net increase (decrease) in net asset <br>value from investment operations | 2.48 |  | 0.68 | 2.11 | (4.56) | (0.11) | 3.72 |
| **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** |
| From net investment income |  |  | (0.11) | (0.17) | (0.20) | (0.18) | (0.12) |
| From net realized gain on investments |  |  | (0.45) |  |  | (1.07) | (0.28) |
| Total dividends and distributions |  |  | (0.56) | (0.17) | (0.20) | (1.25) | (0.40) |
| Net asset value, end of period | $15.74 |  | $13.26 | $13.14 | $11.20 | $15.96 | $17.32 |
| **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** |
| Total return based on net asset value<sup>(b)</sup> | 18.70 | % | 5.15% | 18.83% | (28.57)% | (0.55)% | 26.57% |
| **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 (000's omitted) | $204770 |  | $388834 | $607974 | $511620 | $912395 | $1082123 |
| Ratio of net expenses to average <br>net assets | 0.49 | %\* | 0.49% | 0.50% | 0.51% | 0.48% | 0.49% |
| Ratio of net investment income <br>to average net assets | 1.64 | %\* | 1.07% | 1.05% | 1.26% | 1.03% | 0.82% |
| Portfolio turnover rate<sup>(c)</sup> | 8 | % | 20% | 16% | 19% | 16% | 24% |

---

\* Annualized.

<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. Total return is not annualized for periods less than one year.

<sup>(c)</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**

Semi-Annual Financial Statements and Other Information June 30, 2025

Baillie Gifford International Alpha Fund

Selected data for a Class 5 share outstanding throughout each period:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | For the <br>Six Months <br>Ended<br>June 30, <br>2025<br>(unaudited) | For the <br>Six Months <br>Ended<br>June 30, <br>2025<br>(unaudited) | 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 | For the<br>Year Ended<br>December 31, <br>2020 |
| Net asset value, beginning of period | $13.55 |  | $13.41 | $11.43 | $16.29 | $17.65 | $14.26 |
| **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>(a)</sup> | 0.14 |  | 0.15 | 0.14 | 0.17 | 0.20 | 0.14 |
| Net realized and unrealized gain (loss) <br>on investments and foreign currency | 2.40 |  | 0.56 | 2.02 | (4.82) | (0.30) | 3.66 |
| Net increase (decrease) in net asset <br>value from investment operations | 2.54 |  | 0.71 | 2.16 | (4.65) | (0.10) | 3.80 |
| **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** |
| From net investment income |  |  | (0.12) | (0.18) | (0.21) | (0.19) | (0.13) |
| From net realized gain on investments |  |  | (0.45) |  |  | (1.07) | (0.28) |
| Total dividends and distributions |  |  | (0.57) | (0.18) | (0.21) | (1.26) | (0.41) |
| Net asset value, end of period | $16.09 |  | $13.55 | $13.41 | $11.43 | $16.29 | $17.65 |
| **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** |
| Total return based on net asset value<sup>(b)</sup> | 18.73 | % | 5.20% | 18.89% | (28.53)% | (0.50)% | 26.64% |
| **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 (000's omitted) | $38973 |  | $46307 | $52590 | $51400 | $125578 | $149745 |
| Ratio of net expenses to average <br>net assets | 0.44 | %\* | 0.44% | 0.45% | 0.46% | 0.43% | 0.44% |
| Ratio of net investment income <br>to average net assets | 1.87 | %\* | 1.05% | 1.11% | 1.39% | 1.09% | 0.94% |
| Portfolio turnover rate<sup>(c)</sup> | 8 | % | 20% | 16% | 19% | 16% | 24% |

---

\* Annualized.

<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. Total return is not annualized for periods less than one year.

<sup>(c)</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**

Semi-Annual Financial Statements and Other Information June 30, 2025

Baillie Gifford International Alpha Fund

Selected data for a Class K share outstanding throughout each period:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | For the <br>Six Months <br>Ended<br>June 30, <br>2025<br>(unaudited) | For the <br>Six Months <br>Ended<br>June 30, <br>2025<br>(unaudited) | 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 | For the<br>Year Ended<br>December 31, <br>2020 |
| Net asset value, beginning of period | $12.72 |  | $12.63 | $10.77 | $15.36 | $16.71 | $13.53 |
| **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>(a)</sup> | 0.12 |  | 0.12 | 0.11 | 0.14 | 0.16 | 0.10 |
| Net realized and unrealized gain (loss) <br>on investments and foreign currency | 2.25 |  | 0.52 | 1.91 | (4.54) | (0.27) | 3.47 |
| Net increase (decrease) in net asset <br>value from investment operations | 2.37 |  | 0.64 | 2.02 | (4.40) | (0.11) | 3.57 |
| **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** |
| From net investment income |  |  | (0.10) | (0.16) | (0.19) | (0.17) | (0.11) |
| From net realized gain on investments |  |  | (0.45) |  |  | (1.07) | (0.28) |
| Total dividends and distributions |  |  | (0.55) | (0.16) | (0.19) | (1.24) | (0.39) |
| Net asset value, end of period | $15.09 |  | $12.72 | $12.63 | $10.77 | $15.36 | $16.71 |
| **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** |
| Total return based on net asset value<sup>(b)</sup> | 18.63 | % | 5.02% | 18.76% | (28.65)% | (0.62)% | 26.40% |
| **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 (000's omitted) | $876396 |  | $781330 | $759520 | $700531 | $1222693 | $1083711 |
| Ratio of net expenses to average <br>net assets | 0.59 | %\* | 0.59% | 0.60% | 0.61% | 0.58% | 0.59% |
| Ratio of net investment income <br>to average net assets | 1.79 | %\* | 0.88% | 0.97% | 1.20% | 0.92% | 0.74% |
| Portfolio turnover rate<sup>(c)</sup> | 8 | % | 20% | 16% | 19% | 16% | 24% |

---

\* Annualized.

<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. Total return is not annualized for periods less than one year.

<sup>(c)</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**

Semi-Annual Financial Statements and Other Information June 30, 2025

Baillie Gifford International Alpha Fund

Selected data for an Institutional Class share outstanding throughout each period:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | For the <br>Six Months <br>Ended<br>June 30, <br>2025<br>(unaudited) | For the <br>Six Months <br>Ended<br>June 30, <br>2025<br>(unaudited) | 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 | For the<br>Year Ended<br>December 31, <br>2020 |
| Net asset value, beginning of period | $12.85 |  | $12.75 | $10.87 | $15.41 | $16.76 | $13.58 |
| **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>(a)</sup> | 0.11 |  | 0.11 | 0.11 | 0.14 | 0.14 | 0.08 |
| Net realized and unrealized gain (loss) <br>on investments and foreign currency | 2.28 |  | 0.52 | 1.91 | (4.56) | (0.27) | 3.49 |
| Net increase (decrease) in net asset <br>value from investment operations | 2.39 |  | 0.63 | 2.02 | (4.42) | (0.13) | 3.57 |
| **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** |
| From net investment income |  |  | (0.08) | (0.14) | (0.12) | (0.15) | (0.11) |
| From net realized gain on investments |  |  | (0.45) |  |  | (1.07) | (0.28) |
| Total dividends and distributions |  |  | (0.53) | (0.14) | (0.12) | (1.22) | (0.39) |
| Net asset value, end of period | $15.24 |  | $12.85 | $12.75 | $10.87 | $15.41 | $16.76 |
| **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** |
| Total return based on net asset value<sup>(b)</sup> | 18.60 | % | 4.93% | 18.60% | (28.67)% | (0.74)% | 26.29% |
| **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 (000's omitted) | $107842 |  | $97579 | $103409 | $136987 | $758401 | $729705 |
| Ratio of net expenses to average <br>net assets | 0.69 | %\* | 0.68% | 0.68% | 0.71% | 0.68% | 0.67% |
| Ratio of net investment income <br>to average net assets | 1.66 | %\* | 0.79% | 0.92% | 1.20% | 0.82% | 0.52% |
| Portfolio turnover rate<sup>(c)</sup> | 8 | % | 20% | 16% | 19% | 16% | 24% |

---

\* Annualized.

<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. Total return is not annualized for periods less than one year.

<sup>(c)</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**

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)

Baillie Gifford International Concentrated Growth Equities Fund

---

| | | |
|:---|:---|:---|
| | Value | % of Total<br>Net Assets |
| Apparel | $5553745 | 5.2% |
| Auto Manufacturers | 7478002 | 7.0 |
| Banks | 1675747 | 1.6 |
| Biotechnology | 2112881 | 2.0 |
| Commercial Services | 10059110 | 9.5 |
| Cosmetics/Personal Care | 1943440 | 1.8 |
| Food | 1145811 | 1.1 |
| Internet | 54704112 | 51.5 |
| Investment Companies | 986884 | 0.9 |
| Machinery — Diversified | 1673567 | 1.6 |
| Pharmaceuticals | 873036 | 0.8 |
| Semiconductors | 16890612 | 15.9 |
| **Total Value of Investments** | 105096947 | 98.9 |
| Other assets less liabilities | 1159013 | 1.1 |
| **Net Assets** | $106255960 | 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**

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)

Baillie Gifford International Concentrated Growth Equities Fund

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| **COMMON STOCKS — 98.9%** | **COMMON STOCKS — 98.9%** | **COMMON STOCKS — 98.9%** |
| BRAZIL — 15.7% | BRAZIL — 15.7% | BRAZIL — 15.7% |
| MercadoLibre, Inc. \* | 5752 | $15033600 |
| NU Holdings Ltd., Class A \* | 122139 | 1675747 |
|  |  | 16709347 |
| CANADA — 2.6% | CANADA — 2.6% | CANADA — 2.6% |
| Shopify, Inc., Class A \* | 23415 | 2700920 |
| CHINA — 11.7% | CHINA — 11.7% | CHINA — 11.7% |
| BYD Co., Ltd., Class H | 187500 | 2919381 |
| Meituan, Class B \* | 207830 | 3343162 |
| PDD Holdings, Inc. ADR \* | 22639 | 2369398 |
| Tencent Holdings Ltd. | 59700 | 3846806 |
|  |  | 12478747 |
| DENMARK — 0.8% | DENMARK — 0.8% | DENMARK — 0.8% |
| Novo Nordisk A/S, B Shares | 12599 | 873036 |
| FRANCE — 7.1% | FRANCE — 7.1% | FRANCE — 7.1% |
| Hermes International | 1497 | 4058166 |
| Kering | 6865 | 1495579 |
| L'Oreal SA | 4537 | 1943440 |
|  |  | 7497185 |
| GERMANY — 1.3% | GERMANY — 1.3% | GERMANY — 1.3% |
| BioNTech SE ADR \* | 12558 | 1337050 |
| ITALY — 4.3% | ITALY — 4.3% | ITALY — 4.3% |
| Ferrari NV | 9305 | 4558621 |
| JAPAN — 0.8% | JAPAN — 0.8% | JAPAN — 0.8% |
| M3, Inc. | 63500 | 872281 |
| NETHERLANDS — 11.0% | NETHERLANDS — 11.0% | NETHERLANDS — 11.0% |
| Adyen NV \* | 3933 | 7223102 |
| ASML Holding NV | 5523 | 4425783 |
|  |  | 11648885 |

---

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

------

**Portfolio of Investments**

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)

Baillie Gifford International Concentrated Growth Equities Fund

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| SINGAPORE — 5.7% | SINGAPORE — 5.7% | SINGAPORE — 5.7% |
| Sea Ltd. ADR \* | 38068 | $6088596 |
| SOUTH KOREA — 6.3% | SOUTH KOREA — 6.3% | SOUTH KOREA — 6.3% |
| Coupang, Inc. \* | 141852 | 4249886 |
| Delivery Hero SE \* | 89229 | 2421874 |
|  |  | 6671760 |
| SWEDEN — 2.5% | SWEDEN — 2.5% | SWEDEN — 2.5% |
| Atlas Copco AB, B Shares | 117587 | 1673567 |
| Kinnevik AB, B Shares \* | 111377 | 986883 |
|  |  | 2660450 |
| TAIWAN — 7.3% | TAIWAN — 7.3% | TAIWAN — 7.3% |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 213000 | 7789273 |
| UNITED KINGDOM — 3.7% | UNITED KINGDOM — 3.7% | UNITED KINGDOM — 3.7% |
| Ocado Group PLC \* | 367358 | 1145811 |
| Wise PLC, Class A \* | 198525 | 2836008 |
|  |  | 3981819 |
| UNITED STATES — 18.1% | UNITED STATES — 18.1% | UNITED STATES — 18.1% |
| Moderna, Inc. \* | 28120 | 775831 |
| NVIDIA Corp. | 29594 | 4675556 |
| Spotify Technology SA \* | 17955 | 13777590 |
|  |  | 19228977 |
| **TOTAL INVESTMENTS — 98.9%** | **TOTAL INVESTMENTS — 98.9%** | **TOTAL INVESTMENTS — 98.9%** |
| (cost $74,393,355) |  | $105096947 |
| Other assets less liabilities — 1.1% |  | 1159013 |
| **NET ASSETS — 100.0%** |  | $106255960 |

---

\* 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**

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)

Baillie Gifford International Concentrated Growth Equities Fund

**Fair Value Measurement**

The following is a summary of the inputs used as of June 30, 2025 in valuing the Fund's investments carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Investments in Securities | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks \*\* | $52684174 | $52412773 | $— | $105096947 |
| **Total** | $52684174 | $52412773 | $— | $105096947 |

---

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

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

------

**Statement of Assets and Liabilities**

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)

Baillie Gifford International Concentrated Growth Equities Fund

---

| | |
|:---|:---|
| **ASSETS** | **ASSETS** |
| Investments, at value (cost $74,393,355) | $105096947 |
| Cash | 988052 |
| Foreign cash, at value (cost $12) | 12 |
| Capital shares sold receivable | 288317 |
| Dividends receivable | 59335 |
| Tax reclaims receivable | 29496 |
| Due from Manager | 22163 |
| Prepaid assets | 16968 |
| Total Assets | 106501290 |
| **LIABILITIES** | **LIABILITIES** |
| Advisory fee payable | 94655 |
| Administration and Supervisory fee payable | 40228 |
| Capital shares purchased payable | 11544 |
| Trustee fee payable | 1088 |
| Commitment fee payable | 297 |
| Accrued expenses | 97518 |
| Total Liabilities | 245330 |
| **NET ASSETS** | $106255960 |
| **COMPOSITION OF NET ASSETS** | **COMPOSITION OF NET ASSETS** |
| Paid-in capital | $105242105 |
| Total distributable earnings | 1013855 |
|  | $106255960 |
| **NET ASSET VALUE, PER SHARE** | **NET ASSET VALUE, PER SHARE** |
| **Class K** ($43,021,601 / 4,607,222 shares outstanding), unlimited authorized, no par value | $9.34 |
| **Institutional Class** ($63,234,359 / 6,877,896 shares outstanding), unlimited authorized, no par value | $9.19 |

---

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

------

**Statement of Operations**

Semi-Annual Financial Statements and Other Information June 30, 2025

For the Six Months Ended June 30, 2025 (unaudited)

Baillie Gifford International Concentrated Growth Equities Fund

---

| | |
|:---|:---|
| **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| Dividends (net of foreign withholding taxes of $60,526) | $278511 |
| Interest | 16496 |
| Total Investment Income | 295007 |
| **EXPENSES** | **EXPENSES** |
| Advisory fee (Note B) | 180426 |
| Administration & Supervisory fee — Class K shares (Note B) | 32262 |
| Administration & Supervisory fee — Institutional Class shares (Note B) | 44419 |
| Transfer agency | 16210 |
| Sub-transfer agency — Institutional Class shares | 23864 |
| Fund accounting | 48232 |
| Registration fees | 20873 |
| Professional fees | 17475 |
| Legal | 7737 |
| Custody | 5583 |
| Trustees' fees | 2234 |
| Commitment fees | 618 |
| Miscellaneous | 4599 |
| Total Expenses | 404532 |
| Fees waived/expenses reimbursed | (55901) |
| Total Expenses after Waiver | 348631 |
| Net Investment (Loss) | (53624) |
| **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 | 538715 |
| Foreign currency transactions | (3874) |
|  | 534841 |
| Net change in unrealized appreciation on: | Net change in unrealized appreciation on: |
| Investments | 17571983 |
| Translation of net assets and liabilities denominated in foreign currencies | 3520 |
|  | 17575503 |
| Net realized and unrealized gain | 18110344 |
| **NET INCREASE IN NET ASSETS FROM OPERATIONS** | $18056720 |

---

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

------

**Statements of Changes in Net Assets**

Semi-Annual Financial Statements and Other Information June 30, 2025

Baillie Gifford International Concentrated Growth Equities Fund

---

| | | |
|:---|:---|:---|
| | For the<br>Six Months Ended<br>June 30, 2025<br>(unaudited) | 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) | $(53624) | $(65848) |
| Net realized gain | 534841 | 1784184 |
| Net change in unrealized appreciation | 17575503 | 11503447 |
| Net Increase in Net Assets from Operations | 18056720 | 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 | 2906431 | 5567673 |
| Institutional Class | 15344633 | 13328570 |
| Cost of shares redeemed: | Cost of shares redeemed: | Cost of shares redeemed: |
| Class K | (1550225) | (10142436) |
| Institutional Class | (7975650) | (18078364) |
| Increase (Decrease) in Net Assets from Transactions in Shares of Beneficial Interest | 8725189 | (9324557) |
| Total Increase in Net Assets | 26781909 | 3897226 |
| **NET ASSETS** | **NET ASSETS** | **NET ASSETS** |
| Beginning of Period | 79474051 | 75576825 |
| End of Period | $106255960 | $79474051 |

---

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

------

**Financial Highlights**

Semi-Annual Financial Statements and Other Information June 30, 2025

Baillie Gifford International Concentrated Growth Equities Fund

Selected data for a Class K share outstanding throughout each period:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | For the <br>Six Months <br>Ended<br>June 30, <br>2025<br>(unaudited) | For the <br>Six Months <br>Ended<br>June 30, <br>2025<br>(unaudited) | 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 | For the<br>Year Ended<br>December 31, <br>2020 |
| Net asset value, beginning of period | $7.67 |  | $6.47 | $5.63 | $9.89 | $12.31 | $12.70 |
| **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 (loss)<sup>(a)</sup> | 0.00 | <sup>(b)</sup> | (0.00)<sup>(b)</sup> | (0.01) | (0.01) | 0.04 | (0.04) |
| Net realized and unrealized gain (loss) <br>on investments and foreign currency | 1.67 |  | 1.20 | 0.85 | (3.91) | 0.03 | 12.16 |
| Net increase (decrease) in net asset <br>value from investment operations | 1.67 |  | 1.20 | 0.84 | (3.92) | 0.07 | 12.12 |
| **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** |
| From net investment income |  |  |  |  | (0.00)<sup>(b)</sup> | (0.03) |  |
| From net realized gain on investments |  |  |  |  | (0.34) | (2.46) | (12.51) |
| Total dividends and distributions |  |  |  |  | (0.34) | (2.49) | (12.51) |
| Net asset value, end of period | $9.34 |  | $7.67 | $6.47 | $5.63 | $9.89 | $12.31 |
| **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** |
| Total return based on net asset value<sup>(c)</sup> | 21.77 | % | 18.55% | 14.92% | (39.55)% | 0.74% | 97.24% |
| **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 (000's omitted) | $43022 |  | $34058 | $32839 | $29867 | $56513 | $42357 |
| Ratio of net expenses to average <br>net assets, before waiver | 0.84 | %\* | 0.90% | 0.89% | 0.91% | 0.79% | 0.79% |
| Ratio of net expenses to average <br>net assets, after waiver | 0.72 | %\* | 0.72% | 0.72% | 0.72% | 0.72% | 0.72% |
| Ratio of net investment income (loss) <br>to average net assets | (0.07 |)%\* | (0.02)% | (0.09)% | (0.10)% | 0.27% | (0.26)% |
| Portfolio turnover rate<sup>(d)</sup> | 7 | % | 26% | 28% | 65% | 54% | 59% |

---

\* Annualized.

<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. 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**

Semi-Annual Financial Statements and Other Information June 30, 2025

Baillie Gifford International Concentrated Growth Equities Fund

Selected data for an Institutional Class share outstanding throughout each period:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | For the <br>Six Months <br>Ended<br>June 30, <br>2025<br>(unaudited) | 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 | For the<br>Year Ended<br>December 31, <br>2020 |
| Net asset value, beginning of period | $7.55 | $6.38 | $5.56 | $9.78 | $12.19 | $12.65 |
| **From Investment Operations** | **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 | (0.01) | (0.01) | (0.01) | 0.01 | (0.09) |
| Net realized and unrealized gain (loss) <br>on investments and foreign currency | 1.65 | 1.18 | 0.83 | (3.87) | 0.05 | 12.14 |
| Net increase (decrease) in net asset <br>value from investment operations | 1.64 | 1.17 | 0.82 | (3.88) | 0.06 | 12.05 |
| **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** |
| From net investment income |  |  |  | (0.00)<sup>(b)</sup> | (0.01) |  |
| From net realized gain on investments |  |  |  | (0.34) | (2.46) | (12.51) |
| Total dividends and distributions |  |  |  | (0.34) | (2.47) | (12.51) |
| Net asset value, end of period | $9.19 | $7.55 | $6.38 | $5.56 | $9.78 | $12.19 |
| **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** |
| Total return based on net asset value<sup>(c)</sup> | 21.72 | 18.34% | 14.75% | (39.58)% | 0.69% | 97.09% |
| **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) | $63234 | $45416 | $42738 | $37633 | $57278 | $18012 |
| Ratio of net expenses to average <br>net assets, before waiver | 0.94 | 0.99% | 0.99% | 1.00% | 0.90% | 0.87% |
| Ratio of net expenses to average <br>net assets, after waiver | 0.81 | 0.81% | 0.82% | 0.81% | 0.83% | 0.80% |
| Ratio of net investment income (loss) <br>to average net assets | (0.16 | (0.13)% | (0.22)% | (0.22)% | 0.11% | (0.47)% |
| Portfolio turnover rate<sup>(d)</sup> | 7 | 26% | 28% | 65% | 54% | 59% |

---

\* Annualized.

<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. 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**

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)

Baillie Gifford International Growth Fund

---

| | | |
|:---|:---|:---|
| | Value | % of Total<br>Net Assets |
| Airlines | $15465042 | 0.4% |
| Apparel | 90765209 | 2.6 |
| Auto Manufacturers | 221817232 | 6.5 |
| Auto Parts & Equipment | 7800713 | 0.2 |
| Banks | 82249942 | 2.4 |
| Biotechnology | 89720631 | 2.6 |
| Building Materials | 18842821 | 0.5 |
| Chemicals | 7076681 | 0.2 |
| Commercial Services | 274198824 | 8.0 |
| Cosmetics/Personal Care | 92415984 | 2.7 |
| Diversified Financial Services | 26931810 | 0.8 |
| Electrical Components & Equipment | 25872513 | 0.8 |
| Electronics | 40801827 | 1.2 |
| Food | 15480744 | 0.5 |
| Healthcare — Products | 19342922 | 0.6 |
| Healthcare — Services | 17477726 | 0.5 |
| Insurance | 102050615 | 3.0 |
| Internet | 978145002 | 28.5 |
| Investment Companies | 71406630 | 2.1 |
| Machinery — Diversified | 152071571 | 4.4 |
| Metal Fabricate/Hardware | 23248490 | 0.7 |
| Pharmaceuticals | 107471049 | 3.1 |
| Retail | 20511624 | 0.6 |
| Semiconductors | 530230201 | 15.5 |
| Software | 239760708 | 7.0 |
| Toys/Games/Hobbies | 29151233 | 0.8 |
| Transportation | 94622779 | 2.8 |
| **Total Value of Investments** | 3394930523 | 99.0 |
| Other assets less liabilities | 33865646 | 1.0 |
| **Net Assets** | $3428796169 | 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**

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)

Baillie Gifford International Growth Fund

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| **COMMON STOCKS — 97.8%** | **COMMON STOCKS — 97.8%** | **COMMON STOCKS — 97.8%** |
| AUSTRALIA — 3.2% | AUSTRALIA — 3.2% | AUSTRALIA — 3.2% |
| WiseTech Global Ltd. | 1525657 | $109413800 |
| BRAZIL — 6.8% | BRAZIL — 6.8% | BRAZIL — 6.8% |
| MercadoLibre, Inc. \* | 64478 | 168521635 |
| NU Holdings Ltd., Class A \* | 4681298 | 64227409 |
|  |  | 232749044 |
| CANADA — 3.3% | CANADA — 3.3% | CANADA — 3.3% |
| Kinaxis, Inc. \* | 350955 | 52194167 |
| Shopify, Inc., Class A \* | 537220 | 61968327 |
|  |  | 114162494 |
| CHINA — 7.7% | CHINA — 7.7% | CHINA — 7.7% |
| BYD Co., Ltd., Class H | 5929500 | 92322513 |
| Ganfeng Lithium Group Co., Ltd., Class H | 2428600 | 7076681 |
| Meituan, Class B \* | 3039150 | 48887893 |
| PDD Holdings, Inc. ADR \* | 449061 | 46998724 |
| Tencent Holdings Ltd. | 806300 | 51954435 |
| Wuxi Biologics Cayman, Inc. \* | 5319000 | 17477726 |
|  |  | 264717972 |
| DENMARK — 5.7% | DENMARK — 5.7% | DENMARK — 5.7% |
| Ambu A/S, B Shares | 1229837 | 19342922 |
| DSV A/S | 394501 | 94622779 |
| Genmab A/S \* | 152480 | 31665283 |
| Novo Nordisk A/S, B Shares | 623681 | 43217382 |
| Zealand Pharma A/S \* | 126594 | 7099662 |
|  |  | 195948028 |
| FRANCE — 5.5% | FRANCE — 5.5% | FRANCE — 5.5% |
| Hermes International | 33482 | 90765209 |
| L'Oreal SA | 215747 | 92415983 |
| SOITEC \* | 83549 | 4607046 |
|  |  | 187788238 |
| GERMANY — 0.6% | GERMANY — 0.6% | GERMANY — 0.6% |
| AIXTRON SE | 1067641 | 19638371 |

---

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

------

**Portfolio of Investments**

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)

Baillie Gifford International Growth Fund

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| HONG KONG — 3.0% | HONG KONG — 3.0% | HONG KONG — 3.0% |
| AIA Group Ltd. | 11265800 | $102050615 |
| INDIA — 1.5% | INDIA — 1.5% | INDIA — 1.5% |
| HDFC Bank Ltd. | 771993 | 18022534 |
| MakeMyTrip Ltd. \* | 353755 | 34675065 |
|  |  | 52697599 |
| ISRAEL — 1.8% | ISRAEL — 1.8% | ISRAEL — 1.8% |
| Mobileye Global, Inc., Class A \* | 433855 | 7800713 |
| Wix.com Ltd. \* | 341155 | 54059421 |
|  |  | 61860134 |
| ITALY — 5.6% | ITALY — 5.6% | ITALY — 5.6% |
| Brunello Cucinelli SpA | 168955 | 20511624 |
| Ferrari NV | 264323 | 129494719 |
| Prysmian SpA | 365435 | 25872513 |
| Wizz Air Holdings PLC \* | 1029988 | 15465042 |
|  |  | 191343898 |
| JAPAN — 7.0% | JAPAN — 7.0% | JAPAN — 7.0% |
| Advantest Corp. | 1281500 | 94998936 |
| Disco Corp. | 210700 | 62418492 |
| GMO Payment Gateway, Inc. | 195000 | 12612332 |
| Keyence Corp. | 106500 | 42581713 |
| SBI Holdings, Inc. | 772900 | 26931810 |
|  |  | 239543283 |
| NETHERLANDS — 12.7% | NETHERLANDS — 12.7% | NETHERLANDS — 12.7% |
| Adyen NV \* | 91134 | 167370990 |
| Argenx SE \* | 104872 | 58055348 |
| ASML Holding NV | 191928 | 153798976 |
| EXOR NV | 552362 | 55759579 |
|  |  | 434984893 |
| NEW ZEALAND — 0.8% | NEW ZEALAND — 0.8% | NEW ZEALAND — 0.8% |
| Xero Ltd. \* | 206433 | 24427065 |
| Xero Ltd. \* | 20101 | 2378659 |
|  |  | 26805724 |

---

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

------

**Portfolio of Investments**

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)

Baillie Gifford International Growth Fund

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| SINGAPORE — 3.9% | SINGAPORE — 3.9% | SINGAPORE — 3.9% |
| Sea Ltd. ADR \* | 841448 | $134581193 |
| SOUTH KOREA — 3.5% | SOUTH KOREA — 3.5% | SOUTH KOREA — 3.5% |
| Coupang, Inc. \* | 3048292 | 91326828 |
| Delivery Hero SE \* | 1099191 | 29834491 |
|  |  | 121161319 |
| SWEDEN — 3.6% | SWEDEN — 3.6% | SWEDEN — 3.6% |
| Atlas Copco AB, A Shares | 6772844 | 109489858 |
| Kinnevik AB, B Shares \* | 1765884 | 15647052 |
|  |  | 125136910 |
| SWITZERLAND — 3.5% | SWITZERLAND — 3.5% | SWITZERLAND — 3.5% |
| Belimo Holding AG | 18486 | 18842820 |
| Galderma Group AG | 393201 | 57154005 |
| Temenos AG | 274775 | 19738496 |
| VAT Group AG | 54866 | 23248490 |
|  |  | 118983811 |
| TAIWAN — 5.7% | TAIWAN — 5.7% | TAIWAN — 5.7% |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 5326000 | 194768380 |
| UNITED KINGDOM — 4.0% | UNITED KINGDOM — 4.0% | UNITED KINGDOM — 4.0% |
| Games Workshop Group PLC | 130968 | 29151233 |
| Ocado Group PLC \* | 4963274 | 15480744 |
| RELX PLC | 852723 | 46215608 |
| Wise PLC, Class A \* | 3360068 | 47999894 |
|  |  | 138847479 |
| UNITED STATES — 8.4% | UNITED STATES — 8.4% | UNITED STATES — 8.4% |
| Atlassian Corp., Class A \* | 155638 | 31608522 |
| Spotify Technology SA \* | 332756 | 255336989 |
|  |  | 286945511 |
| **Total Common Stocks** | **Total Common Stocks** | **Total Common Stocks** |
| (cost $1,993,544,962) |  | 3354128696 |

---

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

------

**Portfolio of Investments**

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)

Baillie Gifford International Growth Fund

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| **PREFERRED STOCKS — 1.2%** | **PREFERRED STOCKS — 1.2%** | **PREFERRED STOCKS — 1.2%** |
| GERMANY — 1.2% | GERMANY — 1.2% | GERMANY — 1.2% |
| Sartorius AG 0.34% | 160197 | $40801827 |
| **Total Preferred Stocks** | **Total Preferred Stocks** | **Total Preferred Stocks** |
| (cost $33,381,497) |  | 40801827 |
| **TOTAL INVESTMENTS — 99.0%** | **TOTAL INVESTMENTS — 99.0%** | **TOTAL INVESTMENTS — 99.0%** |
| (cost $2,026,926,459) |  | $3394930523 |
| Other assets less liabilities — 1.0% |  | 33865646 |
| **NET ASSETS — 100.0%** |  | $3428796169 |

---

\* Non-income producing security.

ADR — American Depositary Receipt

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

**Fair Value Measurement**

The following is a summary of the inputs used as of June 30, 2025 in valuing the Fund's investments carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Investments in Securities | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks \*\* | $1003298993 | $2350829703 | $— | $3354128696 |
| Preferred Stocks \*\* |  | 40801827 |  | 40801827 |
| **Total** | $1003298993 | $2391631530 | $— | $3394930523 |

---

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

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

------

**Statement of Assets and Liabilities**

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)

Baillie Gifford International Growth Fund

---

| | |
|:---|:---|
| **ASSETS** | **ASSETS** |
| Investments, at value (cost $2,026,926,459) | $3394930523 |
| Cash | 24680118 |
| Foreign cash, at value (cost $6) | 6 |
| Capital shares sold receivable | 10179060 |
| Dividends receivable | 1945685 |
| Tax reclaims receivable | 1923807 |
| Prepaid assets | 28740 |
| Total Assets | 3433687939 |
| **LIABILITIES** | **LIABILITIES** |
| Advisory fee payable | 2630903 |
| Deferred India capital gains tax liability (Note A) | 761986 |
| Shareholder Servicing fee payable | 505853 |
| Administration and Supervisory fee payable | 148815 |
| Capital shares purchased payable | 298496 |
| Trustee fee payable | 39222 |
| Commitment fee payable | 10662 |
| Accrued expenses | 495833 |
| Total Liabilities | 4891770 |
| **NET ASSETS** | $3428796169 |
| **COMPOSITION OF NET ASSETS** | **COMPOSITION OF NET ASSETS** |
| Paid-in capital | $1977848335 |
| Total distributable earnings | 1450947834 |
|  | $3428796169 |
| **NET ASSET VALUE, PER SHARE** | **NET ASSET VALUE, PER SHARE** |
| **Class 2** ($845,783,047 / 58,007,996 shares outstanding), unlimited authorized, no par value | $14.58 |
| **Class 4** ($714,956,020 / 48,911,197 shares outstanding), unlimited authorized, no par value | $14.62 |
| **Class 5** ($1,476,319,597 / 100,674,318 shares outstanding), unlimited authorized, no par value | $14.66 |
| **Class K** ($75,008,553 / 5,163,273 shares outstanding), unlimited authorized, no par value | $14.53 |
| **Institutional Class** ($316,728,952 / 21,875,868 shares outstanding), unlimited authorized, no par value | $14.48 |

---

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

------

**Statement of Operations**

Semi-Annual Financial Statements and Other Information June 30, 2025

For the Six Months Ended June 30, 2025 (unaudited)

Baillie Gifford International Growth Fund

---

| | |
|:---|:---|
| **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| Dividends (net of foreign withholding taxes of $1,997,822) | $14065643 |
| Windfall tax recovery (Note A) | 654554 |
| Interest | 293562 |
| Total Investment Income | 15013759 |
| **EXPENSES** | **EXPENSES** |
| Advisory fee (Note B) | 5241523 |
| Shareholder Servicing fees — Class 2 shares (Note B) | 482524 |
| Shareholder Servicing fees — Class 3 shares (Note B) | 112406 |
| Shareholder Servicing fees — Class 4 shares (Note B) | 227187 |
| Shareholder Servicing fees — Class 5 shares (Note B) | 133903 |
| Administration & Supervisory fee — Class K shares (Note B) | 55618 |
| Administration & Supervisory fee — Institutional Class shares (Note B) | 237686 |
| Transfer agency | 48085 |
| Sub-transfer agency — Institutional Class shares | 105361 |
| Legal | 277944 |
| Fund accounting | 266296 |
| Custody | 141345 |
| Trustees' fees | 79947 |
| Professional fees | 39900 |
| Registration fees | 23339 |
| Commitment fees | 22099 |
| Miscellaneous | 53995 |
| Total Expenses | 7549158 |
| Net Investment Income | 7464601 |
| **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 $688,320) | 59256352 |
| Foreign currency transactions | 16683 |
|  | 59273035 |
| Net change in unrealized appreciation on: | Net change in unrealized appreciation on: |
| Investments (net of change in deferred India capital gains tax benefit of $230,431) (Note A) | 412010631 |
| Translation of net assets and liabilities denominated in foreign currencies | 266035 |
|  | 412276666 |
| Net realized and unrealized gain | 471549701 |
| **NET INCREASE IN NET ASSETS FROM OPERATIONS** | $479014302 |

---

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

------

**Statements of Changes in Net Assets**

Semi-Annual Financial Statements and Other Information June 30, 2025

Baillie Gifford International Growth Fund

---

| | | |
|:---|:---|:---|
| | For the<br>Six Months Ended<br>June 30, 2025<br>(unaudited) | 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 | $7464601 | $12213097 |
| Net realized gain | 59273035 | 191838219 |
| Net change in unrealized appreciation | 412276666 | 33922260 |
| Net Increase in Net Assets from Operations | 479014302 | 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 |  | (27322725 |
| Class 3 |  | (26841401 |
| Class 4 |  | (43091869 |
| Class 5 |  | (89157706 |
| Class K |  | (4496563 |
| Institutional Class |  | (17234657 |
| Total Distributions to Shareholders |  | (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 | 360439800 | 185508507 |
| Class 3 |  | 404465779 |
| Class K | 11301530 | 9891649 |
| Institutional Class | 80862457 | 80697667 |
| Dividends reinvested: | Dividends reinvested: | Dividends reinvested: |
| Class 2 |  | 27319490 |
| Class 3 |  | 26841401 |
| Class 4 |  | 43091869 |
| Class 5 |  | 89157707 |
| Class K |  | 4496563 |
| Institutional Class |  | 16233212 |
| Cost of shares redeemed: | Cost of shares redeemed: | Cost of shares redeemed: |
| Class 2 | (47356880) | (561073272 |
| Class 3 | (373534884) | (265852507 |
| Class 4 | (903416) |  |
| Class K | (10759340) | (18033260 |
| Institutional Class | (53253301) | (89422431 |
| (Decrease) in Net Assets from Transactions in Shares of Beneficial Interest | (33204034) | (46677626 |
| Total Increase (Decrease) in Net Assets | 445810268 | (16848971 |
| **NET ASSETS** | **NET ASSETS** | **NET ASSETS** |
| Beginning of Period | 2982985901 | 2999834872 |
| End of Period | $3428796169 | $2982985901 |

---

\*<sub> See Note D for details of share class conversions.</sub>

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

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**Financial Highlights**

Semi-Annual Financial Statements and Other Information June 30, 2025

Baillie Gifford International Growth Fund

Selected data for a Class 2 share outstanding throughout each period:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | For the<br>Six Months <br>Ended<br>June 30, <br>2025<br>(unaudited) | For the<br>Six Months <br>Ended<br>June 30, <br>2025<br>(unaudited) | 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 | For the<br>Year Ended<br>December 31,<br>2020 |
| Net asset value, beginning of period | $12.54 |  | $12.47 | $10.96 | $16.81 | $21.56 | $14.59 |
| **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>(a)</sup> | 0.04 |  | 0.05 | 0.04 | 0.08 | 0.15 | 0.00<br> <sup>(b)</sup> |
| Net realized and unrealized gain (loss) <br>on investments and foreign currency | 2.00 |  | 0.94 | 1.52 | (5.87) | (2.20) | 9.17 |
| Net increase (decrease) in net asset <br>value from investment operations | 2.04 |  | 0.99 | 1.56 | (5.79) | (2.05) | 9.17 |
| **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** |
| From net investment income |  |  | (0.03) | (0.04) | (0.01) | (0.41) |  |
| From net realized gain on investments |  |  | (0.89) | (0.01) | (0.05) | (2.29) | (2.20) |
| Total dividends and distributions |  |  | (0.92) | (0.05) | (0.06) | (2.70) | (2.20) |
| Net asset value, end of period | $14.58 |  | $12.54 | $12.47 | $10.96 | $16.81 | $21.56 |
| **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** |
| Total return based on net asset value<sup>(c)</sup> | 16.23 | % | 7.86% | 14.31% | (34.43)% | (9.40)% | 62.95% |
| **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 (000's omitted) | $845783 |  | $401977 | $702932 | $598426 | $455384 | $599275 |
| Ratio of net expenses to average <br>net assets | 0.57 | %\* | 0.57% | 0.58% | 0.60% | 0.57% | 0.58% |
| Ratio of net investment income <br>to average net assets | 0.58 | %\* | 0.40% | 0.30% | 0.68% | 0.68% | 0.02% |
| Portfolio turnover rate<sup>(d)</sup> | 15 | % | 22% | 12% | 12% | 13% | 26% |

---

\* Annualized.

<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. Total return is not annualized for periods less than one year.

<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. Portfolio turnover is not annualized for periods less than one year.

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

------

**Financial Highlights**

Semi-Annual Financial Statements and Other Information June 30, 2025

Baillie Gifford International Growth Fund

Selected data for a Class 4 share outstanding throughout each period

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | For the<br>Six Months <br>Ended<br>June 30, <br>2025<br>(unaudited) | For the<br>Six Months <br>Ended<br>June 30, <br>2025<br>(unaudited) | 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 | For the<br>Year Ended<br>December 31,<br>2020 |
| Net asset value, beginning of period | $12.57 |  | $12.51 | $10.99 | $16.86 | $21.65 | $14.63 |
| **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>(a)</sup> | 0.03 |  | 0.05 | 0.05 | 0.09 | 0.17 | 0.01 |
| Net realized and unrealized gain (loss) <br>on investments and foreign currency | 2.02 |  | 0.96 | 1.54 | (5.89) | (2.21) | 9.21 |
| Net increase (decrease) in net asset <br>value from investment operations | 2.05 |  | 1.01 | 1.59 | (5.80) | (2.04) | 9.22 |
| **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** |
| From net investment income |  |  | (0.06) | (0.06) | (0.02) | (0.46) | 0.00<br> <sup>(b)</sup> |
| From net realized gain on investments |  |  | (0.89) | (0.01) | (0.05) | (2.29) | (2.20) |
| Total dividends and distributions |  |  | (0.95) | (0.07) | (0.07) | (2.75) | (2.20) |
| Net asset value, end of period | $14.62 |  | $12.57 | $12.51 | $10.99 | $16.86 | $21.65 |
| **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** |
| Total return based on net asset value<sup>(c)</sup> | 16.29 | % | 7.97% | 14.42% | (34.36)% | (9.31)% | 63.12% |
| **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) | $714956 |  | $615754 | $570283 | $491265 | $860635 | $969427 |
| Ratio of net expenses to average <br>net assets | 0.47 | %\* | 0.47% | 0.48% | 0.50% | 0.47% | 0.48% |
| Ratio of net investment income <br>to average net assets | 0.50 | %\* | 0.41% | 0.41% | 0.72% | 0.78% | 0.06% |
| Portfolio turnover rate<sup>(d)</sup> | 15 | % | 22% | 12% | 12% | 13% | 26% |

---

\* Annualized.

<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. Total return is not annualized for periods less than one year.

<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. Portfolio turnover is not annualized for periods less than one year.

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

------

**Financial Highlights**

Semi-Annual Financial Statements and Other Information June 30, 2025

Baillie Gifford International Growth Fund

Selected data for a Class 5 share outstanding throughout each period:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | For the<br>Six Months <br>Ended<br>June 30, <br>2025<br>(unaudited) | For the<br>Six Months <br>Ended<br>June 30, <br>2025<br>(unaudited) | 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 | For the<br>Year Ended<br>December 31,<br>2020 |
| Net asset value, beginning of period | $12.61 |  | $12.55 | $11.02 | $16.91 | $21.70 | $14.66 |
| **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>(a)</sup> | 0.04 |  | 0.06 | 0.06 | 0.09 | 0.18 | 0.02 |
| Net realized and unrealized gain (loss) <br>on investments and foreign currency | 2.01 |  | 0.95 | 1.54 | (5.90) | (2.21) | 9.23 |
| Net increase (decrease) in net asset <br>value from investment operations | 2.05 |  | 1.01 | 1.60 | (5.81) | (2.03) | 9.25 |
| **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** |
| From net investment income |  |  | (0.06) | (0.06) | (0.03) | (0.47) | (0.01) |
| From net realized gain on investments |  |  | (0.89) | (0.01) | (0.05) | (2.29) | (2.20) |
| Total dividends and distributions |  |  | (0.95) | (0.07) | (0.08) | (2.76) | (2.21) |
| Net asset value, end of period | $14.66 |  | $12.61 | $12.55 | $11.02 | $16.91 | $21.70 |
| **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** |
| Total return based on net asset value<sup>(b)</sup> | 16.32 | % | 8.03% | 14.48% | (34.33)% | (9.27)% | 63.20% |
| **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 (000's omitted) | $1476319 |  | $1269244 | $1174929 | $1026319 | $1562791 | $1842231 |
| Ratio of net expenses to average <br>net assets | 0.42 | %\* | 0.42% | 0.43% | 0.45% | 0.42% | 0.43% |
| Ratio of net investment income <br>to average net assets | 0.55 | %\* | 0.46% | 0.46% | 0.79% | 0.82% | 0.13% |
| Portfolio turnover rate<sup>(c)</sup> | 15 | % | 22% | 12% | 12% | 13% | 26% |

---

\* Annualized.

<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. Total return is not annualized for periods less than one year.

<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. Portfolio turnover is not annualized for periods less than one year.

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

------

**Financial Highlights**

Semi-Annual Financial Statements and Other Information June 30, 2025

Baillie Gifford International Growth Fund

Selected data for a Class K share outstanding throughout each period:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | For the<br>Six Months <br>Ended<br>June 30, <br>2025<br>(unaudited) | For the<br>Six Months <br>Ended<br>June 30, <br>2025<br>(unaudited) | 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 | For the<br>Year Ended<br>December 31,<br>2020 |
| Net asset value, beginning of period | $12.50 |  | $12.45 | $10.93 | $16.77 | $21.54 | $14.58 |
| **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 (loss)<sup>(a)</sup> | 0.03 |  | 0.04 | 0.04 | 0.08 | 0.15 | (0.05)<sup>(b)</sup> |
| Net realized and unrealized gain (loss) <br>on investments and foreign currency | 2.00 |  | 0.94 | 1.53 | (5.86) | (2.20) | 9.21 |
| Net increase (decrease) in net asset <br>value from investment operations | 2.03 |  | 0.98 | 1.57 | (5.78) | (2.05) | 9.16 |
| **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** |
| From net investment income |  |  | (0.04) | (0.04) | (0.01) | (0.43) | 0.00<br> <sup>(c)</sup> |
| From net realized gain on investments |  |  | (0.89) | (0.01) | (0.05) | (2.29) | (2.20) |
| Total dividends and distributions |  |  | (0.93) | (0.05) | (0.06) | (2.72) | (2.20) |
| Net asset value, end of period | $14.53 |  | $12.50 | $12.45 | $10.93 | $16.77 | $21.54 |
| **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** |
| Total return based on net asset value<sup>(d)</sup> | 16.24 | % | 7.84% | 14.36% | (34.43)% | (9.43)% | 62.95% |
| **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 (000's omitted) | $75009 |  | $64776 | $67516 | $57075 | $82820 | $130401 |
| Ratio of net expenses to average <br>net assets | 0.57 | %\* | 0.57% | 0.58% | 0.60% | 0.57% | 0.58% |
| Ratio of net investment income <br>(loss) to average net assets | 0.39 | %\* | 0.33% | 0.31% | 0.66% | 0.69% | (0.26)% |
| Portfolio turnover rate<sup>(e)</sup> | 15 | % | 22% | 12% | 12% | 13% | 26% |

---

\* Annualized.

<sup>(a)</sup> Calculated based upon average shares outstanding during the period.

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

<sup>(c)</sup> Amount is less than $0.005 per share.

<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**

Semi-Annual Financial Statements and Other Information June 30, 2025

Baillie Gifford International Growth Fund

Selected data for an Institutional Class share outstanding throughout each period:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | For the<br>Six Months <br>Ended<br>June 30, <br>2025<br>(unaudited) | For the<br>Six Months <br>Ended<br>June 30, <br>2025<br>(unaudited) | 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 | For the<br>Year Ended<br>December 31,<br>2020 |
| Net asset value, beginning of period | $12.46 |  | $12.41 | $10.90 | $16.72 | $21.48 | $14.55 |
| **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 (loss)<sup>(a)</sup> | 0.02 |  | 0.03 | 0.02 | 0.07 | 0.12 | (0.03) |
| Net realized and unrealized gain (loss) <br>on investments and foreign currency | 2.00 |  | 0.94 | 1.53 | (5.84) | (2.18) | 9.16 |
| Net increase (decrease) in net asset <br>value from investment operations | 2.02 |  | 0.97 | 1.55 | (5.77) | (2.06) | 9.13 |
| **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** |
| From net investment income |  |  | (0.03) | (0.03) |  | (0.41) |  |
| From net realized gain on investments |  |  | (0.89) | (0.01) | (0.05) | (2.29) | (2.20) |
| Total dividends and distributions |  |  | (0.92) | (0.04) | (0.05) | (2.70) | (2.20) |
| Net asset value, end of period | $14.48 |  | $12.46 | $12.41 | $10.90 | $16.72 | $21.48 |
| **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** |
| Total return based on net asset value<sup>(b)</sup> | 16.21 | % | 7.80% | 14.20% | (34.49)% | (9.49)% | 62.84% |
| **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 (000's omitted) | $316729 |  | $248954 | $241906 | $196648 | $321882 | $308176 |
| Ratio of net expenses to average <br>net assets | 0.64 | %\* | 0.65% | 0.66% | 0.68% | 0.65% | 0.64% |
| Ratio of net investment income <br>(loss) to average net assets | 0.33 | %\* | 0.24% | 0.19% | 0.60% | 0.55% | (0.16)% |
| Portfolio turnover rate<sup>(c)</sup> | 15 | % | 22% | 12% | 12% | 13% | 26% |

---

\* Annualized.

<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. Total return is not annualized for periods less than one year.

<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. 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**

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)

Baillie Gifford International Smaller Companies Fund

There were no investment securities held by the Fund as of June 30, 2025.

------

**Portfolio of Investments**

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)

Baillie Gifford International Smaller Companies Fund

There were no investment securities held by the Fund as of June 30, 2025.

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

------

**Statement of Assets and Liabilities**

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)

Baillie Gifford International Smaller Companies Fund

---

| | |
|:---|:---|
| **ASSETS** | **ASSETS** |
| Cash | $288382 |
| Foreign cash, at value (cost $5,135) | 5130 |
| Due from Manager | 76184 |
| Tax reclaims receivable | 31855 |
| Dividends receivable | 1082 |
| Prepaid assets | 15050 |
| Total Assets | 417683 |
| **LIABILITIES** | **LIABILITIES** |
| Advisory fee payable | 11547 |
| Administration & Supervisory fee payable | 3385 |
| Trustee fee payable | 182 |
| Deferred India capital gains tax liability (Note A) | 106 |
| Commitment fee payable | 50 |
| Accrued expenses | 111572 |
| Total Liabilities | 126842 |
| **NET ASSETS** | $290841 |
| **COMPOSITION OF NET ASSETS** | **COMPOSITION OF NET ASSETS** |
| Paid-in capital | $17280714 |
| Total accumulated (loss) | (16989873) |
|  | $290841 |
| **NET ASSET VALUE, PER SHARE** | **NET ASSET VALUE, PER SHARE** |
| **Class K** ($6,735 / 485 shares outstanding), unlimited authorized, no par value | $13.88 |
| **Institutional Class** ($284,106 / 21,207 shares outstanding), unlimited authorized, no par value | $13.40 |

---

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

------

**Statement of Operations**

Semi-Annual Financial Statements and Other Information June 30, 2025

For the Six Months Ended June 30, 2025 (unaudited)

Baillie Gifford International Smaller Companies Fund

---

| | |
|:---|:---|
| **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| Dividends (net of foreign withholding taxes of $12,052) | $109445 |
| Interest | 5457 |
| Total Investment Income | 114902 |
| **EXPENSES** | **EXPENSES** |
| Advisory fee (Note B) | 31985 |
| Administration & Supervisory fee — Class K shares (Note B) | 8 |
| Administration & Supervisory fee — Institutional Class shares (Note B) | 9367 |
| Transfer agency | 12653 |
| Sub-transfer agency — Institutional Class shares | 6980 |
| Fund accounting | 59182 |
| Registration fees | 19491 |
| Professional fees | 18715 |
| Custody | 6817 |
| Legal | 1289 |
| Trustees' fees | 370 |
| Commitment fees | 102 |
| Miscellaneous | 3035 |
| Total Expenses | 169994 |
| Fees waived/expenses reimbursed | (108597) |
| Total Expenses after Waiver | 61397 |
| Net Investment Income | 53505 |
| **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 | 2015023 |
| Foreign currency transactions | (18564) |
|  | 1996459 |
| 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 $2) (Note A) | (269149) |
| Translation of net assets and liabilities denominated in foreign currencies | 4158 |
|  | (264991) |
| Net realized and unrealized gain | 1731468 |
| **NET INCREASE IN NET ASSETS FROM OPERATIONS** | $1784973 |

---

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

------

**Statements of Changes in Net Assets**

Semi-Annual Financial Statements and Other Information June 30, 2025

Baillie Gifford International Smaller Companies Fund

---

| | | |
|:---|:---|:---|
| | For the<br>Six Months Ended<br>June 30, 2025<br>(unaudited) | 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 | $53505 | $19431 |
| Net realized gain (loss) | 1996459 | (431407) |
| Net change in unrealized (depreciation) | (264991) | (65061) |
| Net Increase (Decrease) in Net Assets from Operations | 1784973 | (477037) |
| **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 |  | (67) |
| Institutional Class |  | (76368) |
| Total Distributions to Shareholders |  | (76435) |
| **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 | 1500 | 123590 |
| Institutional Class |  | 150414 |
| Dividends reinvested: | Dividends reinvested: | Dividends reinvested: |
| Class K |  | 67 |
| Institutional Class |  | 76368 |
| Cost of shares redeemed: | Cost of shares redeemed: | Cost of shares redeemed: |
| Class K | (23062) | (118914) |
| Institutional Class | (15312716) | (623153) |
| (Decrease) in Net Assets from Transactions in Shares of Beneficial Interest | (15334278) | (391628) |
| Total (Decrease) in Net Assets | (13549305) | (945100) |
| **NET ASSETS** | **NET ASSETS** | **NET ASSETS** |
| Beginning of Period | 13840146 | 14785246 |
| End of Period | $290841 | $13840146 |

---

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

------

**Financial Highlights**

Semi-Annual Financial Statements and Other Information June 30, 2025

Baillie Gifford International Smaller Companies Fund

Selected data for a Class K share outstanding throughout each period:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | For the<br>Six Months <br>Ended<br>June 30, <br>2025<br>(unaudited) | For the<br>Six Months <br>Ended<br>June 30, <br>2025<br>(unaudited) | 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 | For the<br>Year Ended<br>December 31,<br>2020 |
| Net asset value, beginning of period | $12.34 |  | $12.77 | $11.26 | $18.55 | $17.49 | $12.30 |
| **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 (loss)<sup>(a)</sup> | 0.12 |  | 0.05 | 0.05 | 0.03 | (0.06) | (0.03) |
| Net realized and unrealized gain (loss) <br>on investments and foreign currency | 1.42 |  | (0.45) | 1.46 | (7.30) | 1.20 | 6.00 |
| Net increase (decrease) in net asset <br>value from investment operations | 1.54 |  | (0.40) | 1.51 | (7.27) | 1.14 | 5.97 |
| **Dividends and Distributions to<br>Shareholders** | **Dividends and Distributions to<br>Shareholders** | **Dividends and Distributions to<br>Shareholders** | **Dividends and Distributions to<br>Shareholders** | **Dividends and Distributions to<br>Shareholders** | **Dividends and Distributions to<br>Shareholders** | **Dividends and Distributions to<br>Shareholders** | **Dividends and Distributions to<br>Shareholders** |
| From net investment income |  |  | (0.03) |  | (0.02) | (0.01) |  |
| From net realized gain on investments |  |  |  |  |  | (0.07) | (0.78) |
| Total dividends and distributions |  |  | (0.03) |  | (0.02) | (0.08) | (0.78) |
| Net asset value, end of period | $13.88 |  | $12.34 | $12.77 | $11.26 | $18.55 | $17.49 |
| **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** |
| Total return based on net asset value<sup>(b)</sup> | 11.10 | % | (3.12)% | 13.41% | (39.20)% | 6.49% | 48.61% |
| **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 (000's omitted) | $7 |  | $26 | $21 | $22910 | $41517 | $936 |
| Ratio of net expenses to average <br>net assets, before waiver | 2.64 | %\* | 2.56% | 1.88% | 1.55% | 1.84% | 17.20% |
| Ratio of net expenses to average <br>net assets, after waiver | 0.88 | %\*<sup>(</sup><sup>c)</sup> | 0.90% | 0.90% | 0.90% | 0.90% | 0.90% |
| Ratio of net investment income <br>(loss) to average net assets | 1.94 | %\* | 0.43% | 0.43% | 0.23% | (0.31)% | (0.23)% |
| Portfolio turnover rate<sup>(d)</sup> | 5 | % | 18% | 19% | 44% | 16% | 16% |

---

\* Annualized.

<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. Total return is not annualized for periods less than one year.

<sup>(c)</sup> Prior to the liquidation of the Fund (Note A), the Advisory and Administration & Supervisory fees of the Fund were waived by the Manager from May 22, 2025, resulting in a reduction to the net expense ratio.

<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**

Semi-Annual Financial Statements and Other Information June 30, 2025

Baillie Gifford International Smaller Companies Fund

Selected data for an Institutional Class share outstanding throughout each period:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | For the<br>Six Months <br>Ended<br>June 30, <br>2025<br>(unaudited) | For the<br>Six Months <br>Ended<br>June 30, <br>2025<br>(unaudited) | 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 | For the<br>Year Ended<br>December 31,<br>2020 |
| Net asset value, beginning of period | $11.95 |  | $12.41 | $11.25 | $18.55 | $17.49 | $12.30 |
| **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 (loss)<sup>(a)</sup> | 0.05 |  | 0.02 | 0.02 | 0.02 | (0.06) | (0.03) |
| Net realized and unrealized gain (loss) <br>on investments and foreign currency | 1.40 |  | (0.41) | 1.47 | (7.31) | 1.20 | 6.00 |
| Net increase (decrease) in net asset <br>value from investment operations | 1.45 |  | (0.39) | 1.49 | (7.29) | 1.14 | 5.97 |
| **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** |
| From net investment income |  |  | (0.07) | (0.33) | (0.01) | (0.01) |  |
| From net realized gain on investments |  |  |  |  |  | (0.07) | (0.78) |
| Total dividends and distributions |  |  | (0.07) | (0.33) | (0.01) | (0.08) | (0.78) |
| Net asset value, end of period | $13.40 |  | $11.95 | $12.41 | $11.25 | $18.55 | $17.49 |
| **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** |
| Total return based on net asset value<sup>(b)</sup> | 10.71 | % | (3.17)% | 13.25% | (39.28)% | 6.48% | 48.61% |
| **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 (000's omitted) | $284 |  | $13814 | $14764 | $12586 | $15370 | $936 |
| Ratio of net expenses to average <br>net assets, before waiver | 2.76 | %\* | 2.66% | 1.98% | 1.65% | 1.91% | 17.20% |
| Ratio of net expenses to average <br>net assets, after waiver | 1.00 | %\*<sup>(c)</sup> | 1.00% | 1.01% | 0.99% | 0.97% | 0.90% |
| Ratio of net investment income <br>(loss) to average net assets | 0.87 | %\* | 0.14% | 0.20% | 0.17% | (0.30)% | (0.23)% |
| Portfolio turnover rate<sup>(d)</sup> | 5 | % | 18% | 19% | 44% | 16% | 16% |

---

\* Annualized.

<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. Total return is not annualized for periods less than one year.

<sup>(c)</sup> Prior to the liquidation of the Fund (Note A), the Advisory and Administration & Supervisory fees of the Fund were waived by the Manager from May 22, 2025, resulting in a reduction to the net expense ratio.

<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**

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)

Baillie Gifford Long Term Global Growth Fund

---

| | | |
|:---|:---|:---|
| | Value | % of Total<br>Net Assets |
| Advertising | $24642465 | 2.5% |
| Aerospace/Defense | 10254552 | 1.0 |
| Apparel | 17997438 | 1.8 |
| Auto Manufacturers | 9839393 | 1.0 |
| Auto Parts & Equipment | 13191474 | 1.3 |
| Banks | 28319918 | 2.8 |
| Beverages | 15861552 | 1.6 |
| Biotechnology | 28612107 | 2.9 |
| Commercial Services | 32203681 | 3.2 |
| Computers | 6473484 | 0.7 |
| Cosmetics/Personal Care | 17138997 | 1.7 |
| Energy — Alternate Sources | 4332040 | 0.4 |
| Healthcare — Products | 29500099 | 3.0 |
| Internet | 395294516 | 39.7 |
| Machinery — Diversified | 9387092 | 0.9 |
| Pharmaceuticals | 22320140 | 2.2 |
| Retail | 28589703 | 2.9 |
| Semiconductors | 110412143 | 11.1 |
| Software | 171900391 | 17.3 |
| **Total Value of Investments** | 976271185 | 98.0 |
| Other assets less liabilities | 20404123 | 2.0 |
| **Net Assets** | $996675308 | 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**

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)

Baillie Gifford Long Term Global Growth Fund

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| **COMMON STOCKS — 98.0%** | **COMMON STOCKS — 98.0%** | **COMMON STOCKS — 98.0%** |
| BRAZIL — 6.3% | BRAZIL — 6.3% | BRAZIL — 6.3% |
| MercadoLibre, Inc. \* | 13167 | $34413666 |
| NU Holdings Ltd., Class A \* | 2064134 | 28319919 |
|  |  | 62733585 |
| CANADA — 2.0% | CANADA — 2.0% | CANADA — 2.0% |
| Shopify, Inc., Class A \* | 174832 | 20166871 |
| CHINA — 14.0% | CHINA — 14.0% | CHINA — 14.0% |
| BeOne Medicines Ltd. \* | 812118 | 15362874 |
| Contemporary Amperex Technology Co., Ltd., Class A | 373860 | 13191474 |
| Horizon Robotics \* | 7789800 | 6473484 |
| Kweichow Moutai Co., Ltd., Class A | 80500 | 15861552 |
| Meituan, Class B \* | 1716690 | 27614746 |
| PDD Holdings, Inc. ADR \* | 267787 | 28026587 |
| Tencent Holdings Ltd. | 511900 | 32984591 |
|  |  | 139515308 |
| FRANCE — 1.8% | FRANCE — 1.8% | FRANCE — 1.8% |
| Hermes International | 6639 | 17997438 |
| GERMANY — 1.4% | GERMANY — 1.4% | GERMANY — 1.4% |
| BioNTech SE ADR \* | 124441 | 13249233 |
| INDIA — 1.5% | INDIA — 1.5% | INDIA — 1.5% |
| Titan Co., Ltd. \* | 346991 | 14933792 |
| ITALY — 1.4% | ITALY — 1.4% | ITALY — 1.4% |
| Moncler SpA | 239403 | 13655910 |
| NETHERLANDS — 6.4% | NETHERLANDS — 6.4% | NETHERLANDS — 6.4% |
| Adyen NV \* | 17535 | 32203682 |
| ASML Holding NV | 39476 | 31633573 |
|  |  | 63837255 |
| SINGAPORE — 3.9% | SINGAPORE — 3.9% | SINGAPORE — 3.9% |
| Sea Ltd. ADR \* | 241821 | 38676851 |

---

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

------

**Portfolio of Investments**

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)

Baillie Gifford Long Term Global Growth Fund

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| SOUTH KOREA — 3.6% | SOUTH KOREA — 3.6% | SOUTH KOREA — 3.6% |
| Coupang, Inc. \* | 1201902 | $36008984 |
| TAIWAN — 2.6% | TAIWAN — 2.6% | TAIWAN — 2.6% |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 723000 | 26439643 |
| UNITED STATES — 53.1% | UNITED STATES — 53.1% | UNITED STATES — 53.1% |
| Amazon.com, Inc. \* | 277269 | 60830046 |
| AppLovin Corp., Class A \* | 80317 | 28117375 |
| Atlassian Corp., Class A \* | 115076 | 23370785 |
| Cloudflare, Inc., Class A \* | 246304 | 48233712 |
| Datadog, Inc., Class A \* | 134445 | 18059997 |
| Dexcom, Inc. \* | 255701 | 22320140 |
| elf Beauty, Inc. \* | 137729 | 17138997 |
| Enphase Energy, Inc. \* | 109257 | 4332040 |
| Intuitive Surgical, Inc. \* | 54287 | 29500099 |
| Joby Aviation, Inc. \* | 722826 | 7625814 |
| Netflix, Inc. \* | 39581 | 53004105 |
| NVIDIA Corp. | 331280 | 52338927 |
| Reddit, Inc., Class A \* | 112714 | 16971347 |
| Rivian Automotive, Inc., Class A \* | 716113 | 9839393 |
| ROBLOX Corp., Class A \* | 275755 | 29009426 |
| Rocket Lab Corp. \* | 73490 | 2628737 |
| Samsara, Inc., Class A \* | 631199 | 25109096 |
| Spotify Technology SA \* | 60725 | 46596722 |
| Symbotic, Inc. \* | 241624 | 9387092 |
| Trade Desk, Inc. (The), Class A \* | 342304 | 24642465 |
|  |  | 529056315 |
| **TOTAL INVESTMENTS — 98.0%** | **TOTAL INVESTMENTS — 98.0%** | **TOTAL INVESTMENTS — 98.0%** |
| (cost $534,303,988) |  | $976271185 |
| Other assets less liabilities — 2.0% |  | 20404123 |
| **NET ASSETS — 100.0%** |  | $996675308 |

---

\* 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**

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)

Baillie Gifford Long Term Global Growth Fund

**Fair Value Measurement**

The following is a summary of the inputs used as of June 30, 2025 in valuing the Fund's investments carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Investments in Securities | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks \*\* | $727918426 | $248352759 | $— | $976271185 |
| **Total** | $727918426 | $248352759 | $— | $976271185 |

---

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

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

------

**Statement of Assets and Liabilities**

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)

Baillie Gifford Long Term Global Growth Fund

---

| | |
|:---|:---|
| **ASSETS** | **ASSETS** |
| Investments, at value (cost $534,303,988) | $976271185 |
| Cash | 21986808 |
| Dividends receivable | 91370 |
| Capital shares sold receivable | 80902 |
| Tax reclaims receivable | 28780 |
| Prepaid assets | 16989 |
| Total Assets | 998476034 |
| **LIABILITIES** | **LIABILITIES** |
| Advisory fee payable | 1005420 |
| Administration and Supervisory fee payable | 330007 |
| Shareholder Servicing fee payable | 49818 |
| Capital shares purchased payable | 131630 |
| Deferred India capital gains tax liability (Note A) | 103939 |
| Trustee fee payable | 11753 |
| Commitment fee payable | 3234 |
| Accrued expenses | 164925 |
| Total Liabilities | 1800726 |
| **NET ASSETS** | $996675308 |
| **COMPOSITION OF NET ASSETS** | **COMPOSITION OF NET ASSETS** |
| Paid-in capital | $691063502 |
| Total distributable earnings | 305611806 |
|  | $996675308 |
| **NET ASSET VALUE, PER SHARE** | **NET ASSET VALUE, PER SHARE** |
| **Class 2** ($131,239,359 / 3,457,495 shares outstanding), unlimited authorized, no par value | $37.96 |
| **Class K** ($449,976,230 / 11,849,145 shares outstanding), unlimited authorized, no par value | $37.98 |
| **Institutional Class** ($415,459,719 / 11,014,131 shares outstanding), unlimited authorized, no par value | $37.72 |

---

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

------

**Statement of Operations**

Semi-Annual Financial Statements and Other Information June 30, 2025

For the Six Months Ended June 30, 2025 (unaudited)

Baillie Gifford Long Term Global Growth Fund

---

| | |
|:---|:---|
| **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| Dividends (net of foreign withholding taxes of $221,520) | $1571681 |
| Windfall tax recovery (Note A) | 16562 |
| Interest | 149041 |
| Total Investment Income | 1737284 |
| **EXPENSES** | **EXPENSES** |
| Advisory fee (Note B) | 2053648 |
| Shareholder Servicing fees — Class 2 shares (Note B) | 100242 |
| Administration & Supervisory fee — Class K shares (Note B) | 378061 |
| Administration & Supervisory fee — Institutional Class shares (Note B) | 297520 |
| Transfer agency | 34250 |
| Sub-transfer agency — Institutional Class shares | 157933 |
| Legal | 80532 |
| Fund accounting | 74926 |
| Professional fees | 32237 |
| Custody | 23701 |
| Trustees' fees | 23678 |
| Registration fees | 21903 |
| Commitment fees | 6555 |
| Miscellaneous | 16147 |
| Total Expenses | 3301333 |
| Net Investment (Loss) | (1564049) |
| **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 $980) | 37872555 |
| Foreign currency transactions | (45848) |
|  | 37826707 |
| Net change in unrealized appreciation on: | Net change in unrealized appreciation on: |
| Investments (net of change in deferred India capital gains tax expense of $103,939) (Note A) | 97100454 |
| Translation of net assets and liabilities denominated in foreign currencies | 10367 |
|  | 97110821 |
| Net realized and unrealized gain | 134937528 |
| **NET INCREASE IN NET ASSETS FROM OPERATIONS** | $133373479 |

---

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

------

**Statements of Changes in Net Assets**

Semi-Annual Financial Statements and Other Information June 30, 2025

Baillie Gifford Long Term Global Growth Fund

---

| | | |
|:---|:---|:---|
| | For the<br>Six Months Ended<br>June 30, 2025<br>(unaudited) | 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) | $(1564049) | $(3209234) |
| Net realized gain | 37826707 | 51972650 |
| Net change in unrealized appreciation | 97110821 | 120547464 |
| Net Increase in Net Assets from Operations | 133373479 | 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 K | 37625468 | 143818003 |
| Institutional Class | 62431789 | 92212800 |
| Cost of shares redeemed: | Cost of shares redeemed: | Cost of shares redeemed: |
| Class 2 | (648808) | (5400000) |
| Class K | (178163551) | (26437983) |
| Institutional Class | (28009971) | (72030902) |
| Increase (Decrease) in Net Assets from Transactions in Shares of Beneficial Interest | (106763573) | 149167918 |
| Total Increase in Net Assets | 26609906 | 318478798 |
| **NET ASSETS** | **NET ASSETS** | **NET ASSETS** |
| Beginning of Period | 970065402 | 651586604 |
| End of Period | $996675308 | $970065402 |

---

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

------

**Financial Highlights**

Semi-Annual Financial Statements and Other Information June 30, 2025

Baillie Gifford Long Term Global Growth Fund

Selected data for a Class 2 share outstanding throughout each period:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | For the<br>Six Months<br>Ended<br>June 30,<br>2025<br>(unaudited) | 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 | For the<br>Year Ended<br>December 31,<br>2020 |
| Net asset value, beginning of period | $33.22 | $26.57 | $19.45 | $37.47 | $38.45 | $20.68 |
| **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** |
| Net investment (loss)<sup>(a)</sup> | (0.05 | (0.11) | (0.07) | (0.08) | (0.25) | (0.17) |
| Net realized and unrealized gain (loss) <br>on investments and foreign currency | 4.79 | 6.76 | 7.19 | (17.19) | 1.20 | 21.17 |
| Net increase (decrease) in net asset <br>value from investment operations | 4.74 | 6.65 | 7.12 | (17.27) | 0.95 | 21.00 |
| **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** |
| From net realized gain on investments |  |  |  | (0.75) | (1.93) | (3.23) |
| Total dividends and distributions |  |  |  | (0.75) | (1.93) | (3.23) |
| Net asset value, end of period | $37.96 | $33.22 | $26.57 | $19.45 | $37.47 | $38.45 |
| **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** |
| Total return based on net asset value<sup>(b)</sup> | 14.26 | 25.01% | 36.60% | (46.04)% | 2.50% | 101.77% |
| **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) | $131239 | $115559 | $81054 | $60624 | $121252 | $131695 |
| Ratio of net expenses to average <br>net assets | 0.69 | 0.70% | 0.71% | 0.73% | 0.70% | 0.71% |
| Ratio of net investment loss to average <br>net assets | (0.30 | (0.38)% | (0.29)% | (0.33)% | (0.60)% | (0.58)% |
| Portfolio turnover rate<sup>(c)</sup> | 15 | 27% | 17% | 28% | 16% | 40% |

---

\* Annualized.

<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. Total return is not annualized for periods less than one year.

<sup>(c)</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**

Semi-Annual Financial Statements and Other Information June 30, 2025

Baillie Gifford Long Term Global Growth Fund

Selected data for a Class K share outstanding throughout each period:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | For the<br>Six Months<br>Ended<br>June 30,<br>2025<br>(unaudited) | 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 | For the<br>Year Ended<br>December 31,<br>2020 |
| Net asset value, beginning of period | $33.24 | $26.59 | $19.46 | $37.48 | $38.47 | $20.69 |
| **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** |
| Net investment (loss)<sup>(a)</sup> | (0.05 | (0.12) | (0.07) | (0.08) | (0.25) | (0.17) |
| Net realized and unrealized gain (loss) <br>on investments and foreign currency | 4.79 | 6.77 | 7.20 | (17.19) | 1.19 | 21.18 |
| Net increase (decrease) in net asset <br>value from investment operations | 4.74 | 6.65 | 7.13 | (17.27) | 0.94 | 21.01 |
| **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** |
| From net realized gain on investments |  |  |  | (0.75) | (1.93) | (3.23) |
| Total dividends and distributions |  |  |  | (0.75) | (1.93) | (3.23) |
| Net asset value, end of period | $37.98 | $33.24 | $26.59 | $19.46 | $37.48 | $38.47 |
| **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** |
| Total return based on net asset value<sup>(b)</sup> | 14.26 | 24.97% | 36.64% | (46.04)% | 2.48% | 101.76% |
| **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) | $449976 | $524413 | $320106 | $240856 | $432975 | $221188 |
| Ratio of net expenses to average <br>net assets | 0.69 | 0.70% | 0.71% | 0.73% | 0.70% | 0.71% |
| Ratio of net investment loss to average <br>net assets | (0.32 | (0.38)% | (0.29)% | (0.34)% | (0.61)% | (0.57)% |
| Portfolio turnover rate<sup>(c)</sup> | 15 | 27% | 17% | 28% | 16% | 40% |

---

\* Annualized.

<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. Total return is not annualized for periods less than one year.

<sup>(c)</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**

Semi-Annual Financial Statements and Other Information June 30, 2025

Baillie Gifford Long Term Global Growth Fund

Selected data for an Institutional Class share outstanding throughout each period:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | For the<br>Six Months<br>Ended<br>June 30,<br>2025<br>(unaudited) | 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 | For the<br>Year Ended<br>December 31,<br>2020 |
| Net asset value, beginning of period | $33.03 | $26.44 | $19.38 | $37.36 | $38.38 | $20.66 |
| **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** |
| Net investment (loss)<sup>(a)</sup> | (0.07 | (0.14) | (0.09) | (0.10) | (0.29) | (0.22) |
| Net realized and unrealized gain (loss) <br>on investments and foreign currency | 4.76 | 6.73 | 7.15 | (17.13) | 1.20 | 21.17 |
| Net increase (decrease) in net asset <br>value from investment operations | 4.69 | 6.59 | 7.06 | (17.23) | 0.91 | 20.95 |
| **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** |
| From net realized gain on investments |  |  |  | (0.75) | (1.93) | (3.23) |
| Total dividends and distributions |  |  |  | (0.75) | (1.93) | (3.23) |
| Net asset value, end of period | $37.72 | $33.03 | $26.44 | $19.38 | $37.36 | $38.38 |
| **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** |
| Total return based on net asset value<sup>(b)</sup> | 14.20 | 24.92% | 36.43% | (46.08)% | 2.40% | 101.61% |
| **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) | $415460 | $330093 | $250427 | $176109 | $525321 | $350860 |
| Ratio of net expenses to average <br>net assets | 0.78 | 0.80% | 0.81% | 0.84% | 0.80% | 0.79% |
| Ratio of net investment loss to average <br>net assets | (0.39 | (0.48)% | (0.39)% | (0.42)% | (0.71)% | (0.68)% |
| Portfolio turnover rate<sup>(c)</sup> | 15 | 27% | 17% | 28% | 16% | 40% |

---

\* Annualized.

<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. Total return is not annualized for periods less than one year.

<sup>(c)</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**

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)

Baillie Gifford U.S. Equity Growth Fund

---

| | | |
|:---|:---|:---|
| | Value | % of Total <br>Net Assets |
| Advertising | $533662 | 2.6% |
| Auto Manufacturers | 521724 | 2.5 |
| Auto Parts & Equipment | 225241 | 1.1 |
| Biotechnology | 985512 | 4.8 |
| Commercial Services | 711185 | 3.4 |
| Computers | 89114 | 0.4 |
| Cosmetics/Personal Care | 185958 | 0.9 |
| Distribution/Wholesale | 368311 | 1.8 |
| Diversified Financial Services | 40790 | 0.2 |
| Entertainment | 403080 | 1.9 |
| Healthcare — Products | 771098 | 3.7 |
| Healthcare — Services | 274205 | 1.3 |
| Home Furnishings | 246980 | 1.2 |
| Insurance | 167267 | 0.8 |
| Internet | 7801076 | 37.7 |
| Leisure Time | 93930 | 0.5 |
| Real Estate | 486420 | 2.3 |
| REITS | 137132 | 0.7 |
| Retail | 201237 | 1.0 |
| Semiconductors | 807803 | 3.9 |
| Software | 5489698 | 26.5 |
| **Total Value of Investments** | 20541423 | 99.2 |
| Other assets less liabilities | 173902 | 0.8 |
| **Net Assets** | $20715325 | 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**

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)

Baillie Gifford U.S. Equity Growth Fund

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| **COMMON STOCKS — 99.2%** | **COMMON STOCKS — 99.2%** | **COMMON STOCKS — 99.2%** |
| CANADA — 5.5% | CANADA — 5.5% | CANADA — 5.5% |
| Shopify, Inc., Class A \* | 9854 | $1136659 |
| ISRAEL — 0.9% | ISRAEL — 0.9% | ISRAEL — 0.9% |
| Oddity Tech Ltd., Class A \* | 2464 | 185958 |
| UNITED STATES — 92.8% | UNITED STATES — 92.8% | UNITED STATES — 92.8% |
| Affirm Holdings, Inc. \* | 6702 | 463376 |
| Alnylam Pharmaceuticals, Inc. \* | 1216 | 396525 |
| Amazon.com, Inc. \* | 6736 | 1477811 |
| AppLovin Corp., Class A \* | 501 | 175390 |
| Aurora Innovation, Inc. \* | 42985 | 225241 |
| Block, Inc. \* | 3648 | 247809 |
| Chewy, Inc., Class A \* | 6678 | 284616 |
| Circle Internet Group, Inc. \* | 225 | 40790 |
| Cloudflare, Inc., Class A \* | 8308 | 1626956 |
| CoStar Group, Inc. \* | 6050 | 486420 |
| Datadog, Inc., Class A \* | 2865 | 384855 |
| Denali Therapeutics, Inc. \* | 6249 | 87424 |
| DoorDash, Inc., Class A \* | 5191 | 1279633 |
| Doximity, Inc., Class A \* | 4076 | 250022 |
| DraftKings, Inc., Class A \* | 9398 | 403080 |
| Duolingo, Inc. \* | 1872 | 767557 |
| Ensign Group, Inc. (The) | 1709 | 263630 |
| Ginkgo Bioworks Holdings, Inc. \* | 940 | 10575 |
| Globant SA \* | 981 | 89114 |
| Guardant Health, Inc. \* | 5615 | 292205 |
| Inspire Medical Systems, Inc. \* | 1284 | 166625 |
| Insulet Corp. \* | 1032 | 324234 |
| Lemonade, Inc. \* | 3818 | 167267 |
| Lineage, Inc. | 3151 | 137132 |
| Meta Platforms, Inc., Class A | 2050 | 1513085 |
| Moderna, Inc. \* | 5775 | 159332 |
| Netflix, Inc. \* | 1127 | 1509200 |
| NVIDIA Corp. | 5113 | 807803 |
| Penumbra, Inc. \* | 1092 | 280240 |
| Pinterest, Inc., Class A \* | 9328 | 334502 |
| Recursion Pharmaceuticals, Inc., Class A \* | 6841 | 34615 |

---

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

------

**Portfolio of Investments**

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)

Baillie Gifford U.S. Equity Growth Fund

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Rivian Automotive, Inc., Class A \* | 5974 | $82083 |
| ROBLOX Corp., Class A \* | 7496 | 788579 |
| Samsara, Inc., Class A \* | 8398 | 334072 |
| Sana Biotechnology, Inc. \* | 5645 | 15411 |
| SharkNinja, Inc. \* | 2495 | 246980 |
| Snowflake, Inc., Class A \* | 1841 | 411961 |
| Sweetgreen, Inc., Class A \* | 13524 | 201237 |
| Tempus AI, Inc. \* | 4798 | 304865 |
| Tesla, Inc. \* | 1384 | 439641 |
| Trade Desk, Inc. (The), Class A \* | 7413 | 533662 |
| Watsco, Inc. | 834 | 368311 |
| Wayfair, Inc., Class A \* | 5193 | 265570 |
| Workday, Inc., Class A \* | 1856 | 445440 |
| YETI Holdings, Inc. \* | 2980 | 93930 |
|  |  | 19218806 |
| **TOTAL INVESTMENTS — 99.2%** | **TOTAL INVESTMENTS — 99.2%** | **TOTAL INVESTMENTS — 99.2%** |
| (cost $10,129,397) |  | $20541423 |
| Other assets less liabilities — 0.8% |  | 173902 |
| **NET ASSETS — 100.0%** |  | $20715325 |

---

\* Non-income producing security.

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

**Fair Value Measurement**

The following is a summary of the inputs used as of June 30, 2025 in valuing the Fund's investments carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Investments in Securities | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks \*\* | $20541423 | $— | $— | $20541423 |
| **Total** | $20541423 | $— | $— | $20541423 |

---

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

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

------

**Statement of Assets and Liabilities**

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)

Baillie Gifford U.S. Equity Growth Fund

---

| | |
|:---|:---|
| **ASSETS** | **ASSETS** |
| Investments, at value (cost $10,129,397) | $20541423 |
| Cash | 221540 |
| Due from Manager | 55750 |
| Dividends receivable | 1820 |
| Prepaid assets | 11555 |
| Total Assets | 20832088 |
| **LIABILITIES** | **LIABILITIES** |
| Advisory fee payable | 15187 |
| Capital shares purchased payable | 13340 |
| Administration & Supervisory fee payable | 7824 |
| Trustee fee payable | 273 |
| Commitment fee payable | 74 |
| Accrued expenses | 80065 |
| Total Liabilities | 116763 |
| **NET ASSETS** | $20715325 |
| **COMPOSITION OF NET ASSETS** | **COMPOSITION OF NET ASSETS** |
| Paid-in capital | $27669359 |
| Total accumulated (loss) | (6954034) |
|  | $20715325 |
| **NET ASSET VALUE, PER SHARE** | **NET ASSET VALUE, PER SHARE** |
| **Class K** ($8,724,959 / 290,463 shares outstanding), unlimited authorized, no par value | $30.04 |
| **Institutional Class** ($11,990,366 / 401,850 shares outstanding), unlimited authorized, no par value | $29.84 |

---

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

------

**Statement of Operations**

Semi-Annual Financial Statements and Other Information June 30, 2025

For the Six Months Ended June 30, 2025 (unaudited)

Baillie Gifford U.S. Equity Growth Fund

---

| | |
|:---|:---|
| **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| Dividends | $11122 |
| Interest | 2362 |
| Total Investment Income | 13484 |
| **EXPENSES** | **EXPENSES** |
| Advisory fee (Note B) | 32571 |
| Administration & Supervisory fee — Class K shares (Note B) | 7027 |
| Administration & Supervisory fee — Institutional Class shares (Note B) | 9752 |
| Transfer agency | 15840 |
| Sub-transfer agency — Institutional Class shares | 7200 |
| Fund accounting | 42818 |
| Registration fees | 19624 |
| Professional fees | 13944 |
| Custody | 3399 |
| Legal | 1810 |
| Trustees' fees | 528 |
| Line of Credit Interest | 182 |
| Commitment fees | 145 |
| Miscellaneous | 3167 |
| Total Expenses | 158007 |
| Fees waived/expenses reimbursed | (86652) |
| Total Expenses after Waiver | 71355 |
| Net Investment (Loss) | (57871) |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** | **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** |
| Net realized gain from: | Net realized gain from: |
| Investments | 2531117 |
|  | 2531117 |
| Net change in unrealized (depreciation) on: | Net change in unrealized (depreciation) on: |
| Investments | (159446) |
|  | (159446) |
| Net realized and unrealized gain | 2371671 |
| **NET INCREASE IN NET ASSETS FROM OPERATIONS** | $2313800 |

---

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

------

**Statements of Changes in Net Assets**

Semi-Annual Financial Statements and Other Information June 30, 2025

Baillie Gifford U.S. Equity Growth Fund

---

| | | |
|:---|:---|:---|
| | For the<br>Six Months Ended<br>June 30, 2025<br>(unaudited) | 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) | $(57871) | $(169541) |
| Net realized gain | 2531117 | 3974914 |
| Net change in unrealized appreciation (depreciation) | (159446) | 3593074 |
| Net Increase in Net Assets from Operations | 2313800 | 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 | 172298 | 313958 |
| Institutional Class | 52333 | 902616 |
| Cost of shares redeemed: | Cost of shares redeemed: | Cost of shares redeemed: |
| Class K | (954815) | (16249105) |
| Institutional Class | (3378410) | (15365424) |
| (Decrease) in Net Assets from Transactions in Shares of Beneficial Interest | (4108594) | (30397955) |
| Total (Decrease) in Net Assets | (1794794) | (22999508) |
| **NET ASSETS** | **NET ASSETS** | **NET ASSETS** |
| Beginning of Period | 22510119 | 45509627 |
| End of Period | $20715325 | $22510119 |

---

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

------

**Financial Highlights**

Semi-Annual Financial Statements and Other Information June 30, 2025

Baillie Gifford U.S. Equity Growth Fund

Selected data for a Class K share outstanding throughout each period:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | For the<br>Six Months<br>Ended<br>June 30,<br>2025<br>(unaudited) | 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 | For the<br>Year Ended<br>December 31,<br>2020 |
| Net asset value, beginning of period | $26.60 | $20.37 | $13.95 | $34.63 | $39.85 | $18.25 |
| **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** |
| Net investment (loss)<sup>(a)</sup> | (0.07 | (0.11) | (0.09) | (0.10) | (0.25) | (0.16) |
| Net realized and unrealized gain (loss) <br>on investments and foreign currency | 3.51 | 6.34 | 6.51 | (19.21) | (1.40) | 23.07 |
| Net increase (decrease) in net asset <br>value from investment operations | 3.44 | 6.23 | 6.42 | (19.31) | (1.65) | 22.91 |
| **Dividends and Distributions to<br>Shareholders** | **Dividends and Distributions to<br>Shareholders** | **Dividends and Distributions to<br>Shareholders** | **Dividends and Distributions to<br>Shareholders** | **Dividends and Distributions to<br>Shareholders** | **Dividends and Distributions to<br>Shareholders** | **Dividends and Distributions to<br>Shareholders** |
| From net realized gain on investments |  |  |  | (1.37) | (3.57) | (1.31) |
| Total dividends and distributions |  |  |  | (1.37) | (3.57) | (1.31) |
| Net asset value, end of period | $30.04 | $26.60 | $20.37 | $13.95 | $34.63 | $39.85 |
| **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** |
| Total return based on net asset value<sup>(b)</sup> | 12.93 | 30.59% | 46.02% | (55.58)% | (4.17)% | 125.57% |
| **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) | $8725 | $8615 | $21710 | $16273 | $38673 | $58076 |
| Ratio of net expenses to average <br>net assets, before waiver | 1.53 | 1.25% | 1.00% | 0.97% | 0.68% | 0.97% |
| Ratio of net expenses to average <br>net assets, after waiver | 0.65 | 0.65% | 0.65% | 0.65% | 0.65% | 0.65% |
| Ratio of net investment loss to average <br>net assets | (0.51 | (0.51)% | (0.50)% | (0.53)% | (0.58)% | (0.55)% |
| Portfolio turnover rate<sup>(c)</sup> | 7 | 19% | 22% | 14% | 70% | 33% |

---

\* Annualized.

<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. Total return is not annualized for periods less than one year.

<sup>(c)</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**

Semi-Annual Financial Statements and Other Information June 30, 2025

Baillie Gifford U.S. Equity Growth Fund

Selected data for an Institutional Class share outstanding throughout each period:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | For the<br>Six Months<br>Ended<br>June 30,<br>2025<br>(unaudited) | 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 | For the<br>Year Ended<br>December 31,<br>2020 |
| Net asset value, beginning of period | $26.44 | $20.27 | $13.90 | $34.53 | $39.78 | $18.23 |
| **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** | **From Investment Operations** |
| Net investment (loss)<sup>(a)</sup> | (0.08 | (0.14) | (0.10) | (0.13) | (0.29) | (0.20) |
| Net realized and unrealized gain (loss) <br>on investments and foreign currency | 3.48 | 6.31 | 6.47 | (19.13) | (1.39) | 23.06 |
| Net increase (decrease) in net asset <br>value from investment operations | 3.40 | 6.17 | 6.37 | (19.26) | (1.68) | 22.86 |
| **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** | **Dividends and Distributions to <br>Shareholders** |
| From net realized gain on investments |  |  |  | (1.37) | (3.57) | (1.31) |
| Total dividends and distributions |  |  |  | (1.37) | (3.57) | (1.31) |
| Net asset value, end of period | $29.84 | $26.44 | $20.27 | $13.90 | $34.53 | $39.78 |
| **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** |
| Total return based on net asset value<sup>(b)</sup> | 12.86 | 30.44% | 45.93% | (55.63)% | (4.25)% | 125.43% |
| **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) | $11990 | $13895 | $23799 | $18714 | $58804 | $42732 |
| Ratio of net expenses to average <br>net assets, before waiver | 1.65 | 1.34% | 1.10% | 1.08% | 0.77% | 1.06% |
| Ratio of net expenses to average <br>net assets, after waiver | 0.78 | 0.75% | 0.75% | 0.76% | 0.75% | 0.74% |
| Ratio of net investment loss to average <br>net assets | (0.64 | (0.61)% | (0.59)% | (0.64)% | (0.68)% | (0.65)% |
| Portfolio turnover rate<sup>(c)</sup> | 7 | 19% | 22% | 14% | 70% | 33% |

---

\* Annualized.

<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. Total return is not annualized for periods less than one year.

<sup>(c)</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.

------

**Notes to Financial Statements (unaudited)**

Semi-Annual Financial Statements and

Other Information June 30, 2025

Note A — Organization and Accounting Policies

As of June 30, 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 (the "Board") approved and adopted Plans of Liquidation and Termination of Baillie Gifford International Smaller Companies Fund. As further described in Note J, Baillie Gifford International Smaller Companies Fund was liquidated on July 21, 2025.

The following table is a summary of classes of the Funds with shares outstanding as of June 30, 2025:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | 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 | X | N/A | N/A | X | X |
| Baillie Gifford EAFE Plus All Cap Fund | X | X | 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 | N/A | 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 | N/A | X | X | X | X |
| Baillie Gifford International Smaller Companies Fund | N/A | N/A | N/A | N/A | X | X |
| Baillie Gifford Long Term Global Growth Fund | X | N/A | 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:

**Segment Reporting**

In November 2023, the FASB issued Accounting Standards Update ("ASU"), ASU 2023-07, Segment Reporting (Topic 280) — Improvements to Reportable Segment Disclosures, which aimed to improve reportable segment disclosure requirements, primarily through enhanced disclosures about segment expenses. The amendments under this ASU were effective for fiscal years beginning after December 15, 2023 and hence the Funds adopted this ASU for the year ending December 31, 2024.

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**Notes to Financial Statements (unaudited)**

Semi-Annual Financial Statements and

Other Information June 30, 2025

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.

**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 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

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**Notes to Financial Statements (unaudited)**

Semi-Annual Financial Statements and

Other Information June 30, 2025

similar assets and liabilities in active markets or quoted prices for identical or similar assets or liabilities in markets that are not active in which there are few transactions, the prices are not current, or price quotations vary substantially over time or among market participants. Inputs that are observable for the asset or liability in Level 2 include such factors as interest rates, yield curves, prepayment speeds, credit risk, and default rates for similar liabilities.

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The hierarchy classification of inputs used to value each Fund's investments at June 30, 2025 is disclosed at the end of each Fund's Portfolio of Investments.

**Foreign Currency Translation**

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

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

**Securities Transactions and Investment Income**

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

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

**U.S. Federal and Other Taxes**

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

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

As a result of several court cases in certain countries across the European Union ("EU"), some Funds may file European tax reclaims for previously withheld taxes on dividends earned in 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

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**Notes to Financial Statements (unaudited)**

Semi-Annual Financial Statements and

Other Information June 30, 2025

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 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.

At December 31, 2024 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 | $(387122) | $(487685) | $(874807) |
| Baillie Gifford Developed EAFE All Cap Fund | (12997734) |  | (12997734) |
| Baillie Gifford EAFE Plus All Cap Fund |  |  |  |
| Baillie Gifford Emerging Markets Equities Fund | (176746124) | (250622902) | (427369026) |
| Baillie Gifford Emerging Markets ex China Fund | (21049) | (28832) | (49881) |
| Baillie Gifford Global Alpha Equities Fund |  |  |  |
| Baillie Gifford International Alpha Fund |  |  |  |
| Baillie Gifford International Concentrated Growth Equities Fund | (6567400) | (16038188) | (22605588) |
| Baillie Gifford International Growth Fund |  |  |  |
| Baillie Gifford International Smaller Companies Fund | (7885952) | (10217482) | (18103434) |
| Baillie Gifford Long Term Global Growth Fund | (75540866) | (79024827) | (154565693) |
| Baillie Gifford U.S. Equity Growth Fund | (3750763) | (15588832) | (19339595) |

---

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, 2024, the Funds shown below incurred and will elect to defer net post-October or late year losses as indicated.

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**Notes to Financial Statements (unaudited)**

Semi-Annual Financial Statements and

Other Information June 30, 2025

At December 31, 2024, the components of accumulated earnings on a tax basis were as follows:

---

| | | |
|:---|:---|:---|
| Fund | Capital<br>Loss <br>Carryforwards | Post October <br>Capital/Late <br>Year Ordinary <br>Losses |
| Baillie Gifford China Equities Fund | $(874807) | $— |
| Baillie Gifford Developed EAFE All Cap Fund | (12997734) |  |
| Baillie Gifford EAFE Plus All Cap Fund |  | (725090) |
| Baillie Gifford Emerging Markets Equities Fund | (427369026) | (15556862) |
| Baillie Gifford Emerging Markets ex China Fund | (49881) | (3276) |
| Baillie Gifford Global Alpha Equities Fund |  | (6600) |
| Baillie Gifford International Alpha Fund |  |  |
| Baillie Gifford International Concentrated Growth Equities Fund | (22605588) |  |
| Baillie Gifford International Growth Fund |  |  |
| Baillie Gifford International Smaller Companies Fund | (18103434) |  |
| Baillie Gifford Long Term Global Growth Fund | (154565693) |  |
| Baillie Gifford U.S. Equity Growth Fund | (19339595) |  |

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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.

The Funds' cost of investments and gross unrealized appreciation (depreciation) at June 30, 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 | $2605648 | $407719 | $(357972) | $49747 |
| Baillie Gifford Developed EAFE All Cap Fund | 136625723 | 60259433 | (15012076) | 45247357 |
| Baillie Gifford EAFE Plus All Cap Fund | 187090218 | 78556279 | (15600143) | 62956136 |
| Baillie Gifford Emerging Markets Equities Fund | 4523590651 | 2199280671 | (819593817) | 1379686854 |
| Baillie Gifford Emerging Markets ex China Fund | 1005872 | 278666 | (140866) | 137800 |
| Baillie Gifford Global Alpha Equities Fund | 317914454 | 263981569 | (23021658) | 240959911 |
| Baillie Gifford International Alpha Fund | 1356209040 | 1018642984 | (111777302) | 906865682 |
| Baillie Gifford International Concentrated Growth <br>Equities Fund | 81961300 | 42419494 | (19283847) | 23135647 |
| Baillie Gifford International Growth Fund | 2040488799 | 1582065220 | (227623496) | 1354441724 |
| Baillie Gifford International Smaller Companies Fund |  |  |  |  |
| Baillie Gifford Long Term Global Growth Fund | 552254464 | 452024220 | (28007499) | 424016721 |
| Baillie Gifford U.S. Equity Growth Fund | 10629108 | 11810886 | (1898571) | 9912315 |

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**Notes to Financial Statements (unaudited)**

Semi-Annual Financial Statements and

Other Information June 30, 2025

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% |
| 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 <br>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 International Smaller Companies Fund | All assets | 0.58% |
| 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% |

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**Notes to Financial Statements (unaudited)**

Semi-Annual Financial Statements and

Other Information June 30, 2025

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, 2026.

---

| | | |
|:---|:---|:---|
| 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 International Smaller Companies Fund | Class K and Institutional Class | 0.90% |
| 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.

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 Investment Servicing (US) Inc serves as the Trust's transfer agent, registrar and dividend disbursing agent.

------

**Notes to Financial Statements (unaudited)**

Semi-Annual Financial Statements and

Other Information June 30, 2025

Note C — Investment Transactions

Purchases and proceeds from sales of securities (excluding short term securities) for the six months ended June 30, 2025 were as follows:

---

| | | |
|:---|:---|:---|
| Fund | Purchases | Sales |
| Baillie Gifford China Equities Fund | $170398 | $490874 |
| Baillie Gifford Developed EAFE All Cap Fund | 22248657 | 148946084 |
| Baillie Gifford EAFE Plus All Cap Fund | 33757381 | 109454639 |
| Baillie Gifford Emerging Markets Equities Fund | 542679759 | 612258200 |
| Baillie Gifford Emerging Markets ex China Fund | 105000 | 90068 |
| Baillie Gifford Global Alpha Equities Fund | 118805177 | 344250121 |
| Baillie Gifford International Alpha Fund | 166833078 | 313263206 |
| Baillie Gifford International Concentrated Growth Equities Fund | 15557117 | 5874134 |
| Baillie Gifford International Growth Fund | 475980724 | 505838911 |
| Baillie Gifford International Smaller Companies Fund | 541302 | 15924304 |
| Baillie Gifford Long Term Global Growth Fund | 139984001 | 152908713 |
| Baillie Gifford U.S. Equity Growth Fund | 1422624 | 5467665 |

---

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>Period Ended<br>June 30, 2025 | For the<br>Period Ended<br>June 30, 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 |  |  | 1058 | 5449 |
| Shares redeemed |  |  |  |  |
| Net Increase (Decrease) |  | $— | 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 |  |  | 9035 | 46349 |
| Shares redeemed | (55943) | (322868) | (32853) | (152779) |
| Net Increase (Decrease) | (53971) | $(312868) | 76514 | $341170 |
| **Total Net Increase (Decrease)** | **(53971)** | $**(312868)** | **77572** | $**346619** |

---

------

**Notes to Financial Statements (unaudited)**

Semi-Annual Financial Statements and

Other Information June 30, 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>Period Ended<br>June 30, 2025 | For the<br>Period Ended<br>June 30, 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 | $1500 | 467 | $6000 |
| Shares issued in reinvestment of dividends and distributions |  |  | 302050 | 3679755 |
| Shares redeemed | (9458413) | (118810551) | (2657621) | (34592927) |
| Net Increase (Decrease) | (9458289) | $(118809051) | (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 |  |  |  |  |
| Net Increase (Decrease) |  | $— | 236447 | $2909079 |
| **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 |  |  | 54157 | 667758 |
| Shares redeemed | (266121) | (3560698) | (14971850) | (195506276) |
| Net Increase (Decrease) | (266010) | $(3559259) | (14738735) | $(192534510) |
| **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** |
| Shares sold | 162947 | $2029006 | 349597 | $4447538 |
| Shares issued in reinvestment of dividends and distributions |  |  | 112491 | 1371266 |
| Shares redeemed | (667813) | (8693098) | (2031994) | (26224994) |
| Net Increase (Decrease) | (504866) | $(6664092) | (1569906) | $(20406190) |
| **Total Net Increase (Decrease)** | **(10229165)** | $**(129032402)** | **(18427298)** | $**(240938793)** |
|  | 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>Period Ended<br>June 30, 2025 | For the<br>Period Ended<br>June 30, 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 |  |  | 360487 | 5068956 |
| Shares redeemed | (1962119) | (29635470) | (7438624) | (113074888) |
| Net Increase (Decrease) | (1962012) | $(29633970) | (6814313) | $(103999932) |

---

------

**Notes to Financial Statements (unaudited)**

Semi-Annual Financial Statements and

Other Information June 30, 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>Period Ended<br>June 30, 2025 | For the<br>Period Ended<br>June 30, 2025 | For the<br>Year Ended<br>December 31, 2024 | For the<br>Year Ended<br>December 31, 2024 |
| | Shares | Amount | Shares | Amount |
| **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 |  |  |  |  |
| Net Increase (Decrease) |  | $— | 534403 | $7484804 |
| **Class K Shares** | **Class K Shares** | **Class K Shares** | **Class K Shares** | **Class K Shares** |
| Shares sold | 13643 | $200000 | 31425 | $679419 |
| Shares issued in reinvestment of dividends and distributions |  |  | 278942 | 3902405 |
| Shares redeemed | (3138931) | (46490422) | (3367102) | (49972066) |
| Net Increase (Decrease) | (3125288) | $(46290422) | (3056735) | $(45390242) |
| **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** |
| Shares sold | 1216 | $17972 | 5306 | $79577 |
| Shares issued in reinvestment of dividends and distributions |  |  | 12481 | 175489 |
| Shares redeemed | (169305) | (2623176) | (82299) | (1257965) |
| Net Increase (Decrease) | (168089) | $(2605204) | (64512) | $(1002899) |
| **Total Net Increase (Decrease)** | **(5255389)** | $**(78529596)** | **(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>Period Ended<br>June 30, 2025 | For the<br>Period Ended<br>June 30, 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>(c)</sup> | 1226471 | $25006000 |
| Shares issued in reinvestment of dividends and distributions |  |  | 153919 | 2970188 |
| Shares redeemed | (890034) | (20126799) | (6009) | (120000) |
| Net Increase (Decrease) | 1755588 | $30287944 | 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 |  |  | 328439 | 6404724 |
| Shares redeemed | (2617429) | (50413243)<sup>(d)</sup> | (2588276) | (53000000) |
| Net Increase (Decrease) | (2617429) | $(50413243) | (2259837) | $(46595276) |

---

------

**Notes to Financial Statements (unaudited)**

Semi-Annual Financial Statements and

Other Information June 30, 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>Period Ended<br>June 30, 2025 | For the<br>Period Ended<br>June 30, 2025 | For the<br>Year Ended<br>December 31, 2024 | For the<br>Year Ended<br>December 31, 2024 |
| | Shares | Amount | Shares | Amount |
| **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 |  |  | 399599 | 7787109 |
| Shares redeemed |  |  |  |  |
| Net Increase (Decrease) |  | $— | 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 |  |  | 1784221 | 35912627 |
| Shares redeemed | (1091192) | (24900000) | (6765735) | (127000000) |
| Net Increase (Decrease) | (1091192) | $(24900000) | (4153378) | $(74287373) |
| **Class K Shares** | **Class K Shares** | **Class K Shares** | **Class K Shares** | **Class K Shares** |
| Shares sold | 7387637 | $150360514<br> <sup>(e)</sup> | 18289747 | $365179690<br> <sup>(a)</sup> |
| Shares issued in reinvestment of dividends and distributions |  |  | 3642451 | 69935064 |
| Shares redeemed | (12552365) | (252486032) | (17334531) | (344833406)<sup>(b)</sup> |
| Net Increase (Decrease) | (5164728) | $(102125518) | 4597667 | $90281348 |
| **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** |
| Shares sold | 10752094 | $221105346 | 21511570 | $434342491<br> <sup>(b)</sup> |
| Shares issued in reinvestment of dividends and distributions |  |  | 2042555 | 39196634 |
| Shares redeemed | (8341100) | (165094730)<sup>(f)</sup> | (11281657) | (225034398)<sup>(a)</sup> |
| Net Increase (Decrease) | 2410994 | $56010616 | 12272468 | $248504727 |
| **Total Net Increase (Decrease)** | **(4706767)** | $**(91140201)** | **12230900** | $**253546723** |

---

<sup>(a)</sup> $109,580 converted into Class K from Institutional Class.

<sup>(b)</sup> $76,433 converted from Class K into Institutional Class.

<sup>(c)</sup> $50,413,243 converted into Class 2 from from Class 3.

<sup>(d)</sup> $50,413,243 converted from Class 3 into Class 2.

<sup>(e)</sup> $81,337 converted into Class K from Institutional Class.

<sup>(f)</sup> $81,337 converted from Institutional Class into Class K.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | 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>Period Ended<br>June 30, 2025 | For the<br>Period Ended<br>June 30, 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 |  |  | 1476 | 13180 |
| Shares redeemed |  |  |  |  |
| Net Increase (Decrease) |  | $— | 1476 | $13180 |

---

------

**Notes to Financial Statements (unaudited)**

Semi-Annual Financial Statements and

Other Information June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| | 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>Period Ended<br>June 30, 2025 | For the<br>Period Ended<br>June 30, 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 |  | $— |  | $— |
| Shares issued in reinvestment of dividends and distributions |  |  | 1476 | 13180 |
| Shares redeemed |  |  |  |  |
| Net Increase (Decrease) |  | $— | 1476 | $13180 |
| **Total Net Increase (Decrease)** | **—** | $**—** | **2952** | $**26360** |
|  | 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>Period Ended<br>June 30, 2025 | For the<br>Period Ended<br>June 30, 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 | 91 | $1500 | 5225183 | $87503121<br> <sup>(a)</sup> |
| Shares issued in reinvestment of dividends and distributions |  |  | 862681 | 14023739 |
| Shares redeemed | (1064389) | (18083644) | (5357554) | (97507999) |
| Net Increase (Decrease) | (1064298) | $(18082144) | 730310 | $4018861 |
| **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 |  |  |  |  |
| Shares redeemed |  |  | (18369648) | (305100129)<sup>(b)</sup> |
| Net Increase (Decrease) |  | $— | (18369648) | $(305100129) |
| **Class 4 Shares** | **Class 4 Shares** | **Class 4 Shares** | **Class 4 Shares** | **Class 4 Shares** |
| Shares sold |  | $— | 11800999 | $197603009<br> <sup>(c)</sup> |
| Shares issued in reinvestment of dividends and distributions |  |  | 1140253 | 19938354 |
| Shares redeemed | (12941252) | (215447262) | (6110613) | (114002041) |
| Net Increase (Decrease) | (12941252) | $(215447262) | 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 |  |  | 1893423 | 30578776 |
| Shares redeemed | (843456) | (13627501) | (7322089) | (127256803) |
| Net Increase (Decrease) | 47065 | $1377758 | (2700435) | $(47817198) |

---

------

**Notes to Financial Statements (unaudited)**

Semi-Annual Financial Statements and

Other Information June 30, 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>Period Ended<br>June 30, 2025 | For the<br>Period Ended<br>June 30, 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 | 568720 | $9600000 | 90898 | $1572850 |
| Shares issued in reinvestment of dividends and distributions |  |  | 208006 | 3365544 |
| Shares redeemed | (153419) | (2491844) | (886402) | (15385633) |
| Net Increase (Decrease) | 415301 | $7108156 | (587498) | $(10447239) |
| **Total Net Increase (Decrease)** | **(13543184)** | $**(225043492)** | **(14096632)** | $**(255806383)** |

---

<sup>(a)</sup> $87,497,120 converted into Class 2 from Class 3.

<sup>(b)</sup> $87,497,120 converted from Class 3 into Class 2. $197,603,009 converted from Class 3 into Class 4.

<sup>(c)</sup> $197,603,009 converted into Class 4 from Class 3.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Baillie Gifford International Alpha Fund | Baillie Gifford International Alpha Fund | Baillie Gifford International Alpha Fund | Baillie Gifford International Alpha Fund |
| | For the<br>Period Ended<br>June 30, 2025 | For the<br>Period Ended<br>June 30, 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 | 6442509 | $84787883<br> <sup>(a)</sup> | 5054613 | $69408011 |
| Shares issued in reinvestment of dividends and distributions |  |  | 1241128 | 15896364 |
| Shares redeemed | (1291194) | (19321487) | (5203667) | (71108095) |
| Net Increase (Decrease) | 5151315 | $65466396 | 1092074 | $14196280 |
| **Class 3 Shares** | **Class 3 Shares** | **Class 3 Shares** | **Class 3 Shares** | **Class 3 Shares** |
| Shares sold | 12491464 | $168473870 | 107844 | $1475000 |
| Shares issued in reinvestment of dividends and distributions |  |  | 1156772 | 15070893 |
| Shares redeemed | (6924772) | (93088383)<sup>(b)</sup> | (9034719) | (128330477) |
| Net Increase (Decrease) | 5566692 | $75385487 | (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 |  |  | 1176705 | 15638532 |
| Shares redeemed | (16316980) | (227548870)<sup>(c)</sup> | (18132889) | (250000000) |
| Net Increase (Decrease) | (16316980) | $(227548870) | (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 |  |  | 136479 | 1853518 |
| Shares redeemed | (995180) | (14978546) | (778573) | (10790367) |
| Net Increase (Decrease) | (995180) | $(14978546) | (502652) | $(6936849) |

---

------

**Notes to Financial Statements (unaudited)**

Semi-Annual Financial Statements and

Other Information June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Baillie Gifford International Alpha Fund | Baillie Gifford International Alpha Fund | Baillie Gifford International Alpha Fund | Baillie Gifford International Alpha Fund |
| | For the<br>Period Ended<br>June 30, 2025 | For the<br>Period Ended<br>June 30, 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 | 1653000 | $23714682<br> <sup>(d)</sup> | 10689041 | $137886083 |
| Shares issued in reinvestment of dividends and distributions |  |  | 2450771 | 31247329 |
| Shares redeemed | (5005263) | (72437014) | (11866029) | (155778856) |
| Net Increase (Decrease) | (3352263) | $(48722332) | 1273783 | $13354556 |
| **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** |
| Shares sold | 759900 | $10792467 | 1684385 | $21978549 |
| Shares issued in reinvestment of dividends and distributions |  |  | 298766 | 3848106 |
| Shares redeemed | (1276209) | (17624747)<sup>(e)</sup> | (2500980) | (33406456) |
| Net Increase (Decrease) | (516309) | $(6832280) | (517829) | $(7579801) |
| **Total Net Increase (Decrease)** | **(10462725)** | $**(157230145)** | **(23380911)** | $**(333111866)** |

---

<sup>(a)</sup> $84,786,383 converted into Class 2 from Class 3.

<sup>(b)</sup> $84,786,383 converted from Class 3 into Class 2. $157,548,870 converted into Class 3 from Class 4.

<sup>(c)</sup> $157,548,870 coverted from Class 4 into Class 3.

<sup>(d)</sup> $53,859 converted into Class K from Institutional Class.

<sup>(e)</sup> $53,859 converted from Class I into Class K.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | 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>Period Ended<br>June 30, 2025 | For the<br>Period Ended<br>June 30, 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 | 350607 | $2906431 | 755675 | $5567673 |
| Shares issued in reinvestment of dividends and distributions |  |  |  |  |
| Shares redeemed | (186126) | (1550225) | (1384868) | (10142436) |
| Net Increase (Decrease) | 164481 | $1356206 | (629193) | $(4574763) |
| **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** |
| Shares sold | 1820801 | $15344633 | 1836878 | $13328570 |
| Shares issued in reinvestment of dividends and distributions |  |  |  |  |
| Shares redeemed | (957032) | (7975650) | (2517803) | (18078364) |
| Net Increase (Decrease) | 863769 | $7368983 | (680925) | $(4749794) |
| **Total Net Increase (Decrease)** | **1028250** | $**8725189** | **(1310118)** | $**(9324557)** |

---

------

**Notes to Financial Statements (unaudited)**

Semi-Annual Financial Statements and

Other Information June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Baillie Gifford International Growth Fund | Baillie Gifford International Growth Fund | Baillie Gifford International Growth Fund | Baillie Gifford International Growth Fund |
| | For the<br>Period Ended<br>June 30, 2025 | For the<br>Period Ended<br>June 30, 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 | 29459023 | $360439800<br> <sup>(a)</sup> | 14663364 | $185508507<br> <sup>(b)</sup> |
| Shares issued in reinvestment of dividends and distributions |  |  | 2169350 | 27319490 |
| Shares redeemed | (3494762) | (47356880) | (41138212) | (561073272)<sup>(c)</sup> |
| Net Increase (Decrease) | 25964261 | $313082920 | (24305498) | $(348245275) |
| **Class 3 Shares** | **Class 3 Shares** | **Class 3 Shares** | **Class 3 Shares** | **Class 3 Shares** |
| Shares sold |  | $— | 29755384 | $404465779<br> <sup>(c)</sup> |
| Shares issued in reinvestment of dividends and distributions |  |  | 2129036 | 26841401 |
| Shares redeemed | (30439794) | (373534884)<sup>(d)</sup> | (20811136) | (265852507)<sup>(b)</sup> |
| Net Increase (Decrease) | (30439794) | $(373534884) | 11073284 | $165454673 |
| **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 |  |  | 3414840 | 43091869 |
| Shares redeemed | (73897) | (903416)<sup>(e)</sup> |  |  |
| Net Increase (Decrease) | (73897) | $(903416) | 3414840 | $43091869 |
| **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 |  |  | 7044476 | 89157707 |
| Shares redeemed |  |  |  |  |
| Net Increase (Decrease) |  | $— | 7044476 | $89157707 |
| **Class K Shares** | **Class K Shares** | **Class K Shares** | **Class K Shares** | **Class K Shares** |
| Shares sold | 789235 | $11301530 | 719879 | $9891649 |
| Shares issued in reinvestment of dividends and distributions |  |  | 358292 | 4496563 |
| Shares redeemed | (808779) | (10759340) | (1319811) | (18033260) |
| Net Increase (Decrease) | (19544) | $542190 | (241640) | $(3645048) |
| **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** |
| Shares sold | 6048881 | $80862457 | 6228233 | $80697667 |
| Shares issued in reinvestment of dividends and distributions |  |  | 1297619 | 16233212 |
| Shares redeemed | (4150246) | (53253301) | (7033959) | (89422431) |
| Net Increase (Decrease) | 1898635 | $27609156 | 491893 | $7508448 |
| **Total Net Increase (Decrease)** | **(2670339)** | $**(33204034)** | **(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> $404,465,779 converted from Class 2 to Class 3.

<sup>(d)</sup> $343,534,884 converted from Class 3 into Class 2.

<sup>(e)</sup> $903,416 converted from Class 4 into Class 2.

------

**Notes to Financial Statements (unaudited)**

Semi-Annual Financial Statements and

Other Information June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Baillie Gifford International Smaller Companies Fund | Baillie Gifford International Smaller Companies Fund | Baillie Gifford International Smaller Companies Fund | Baillie Gifford International Smaller Companies Fund |
| | For the<br>Period Ended<br>June 30, 2025 | For the<br>Period Ended<br>June 30, 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 | 123 | $1500 | 10019 | $123590 |
| Shares issued in reinvestment of dividends and distributions |  |  | 5 | 67 |
| Shares redeemed | (1773) | (23062) | (9536) | (118914) |
| Net Increase (Decrease) | (1650) | $(21562) | 488 | $4743 |
| **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** |
| Shares sold |  | $— | 12448 | $150414 |
| Shares issued in reinvestment of dividends and distributions |  |  | 6396 | 76368 |
| Shares redeemed | (1134354) | (15312716) | (52697) | (623153) |
| Net Increase (Decrease) | (1134354) | $(15312716) | (33853) | $(396371) |
| **Total Net Increase (Decrease)** | **(1136004)** | $**(15334278)** | **(33365)** | $**(391628)** |
|  | 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>Period Ended<br>June 30, 2025 | For the<br>Period Ended<br>June 30, 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 | (21094) | (648808)<sup>(a)</sup> | (171971) | (5400000) |
| Net Increase (Decrease) | (21050) | $(647308) | 428438 | $11606000 |
| **Class K Shares** | **Class K Shares** | **Class K Shares** | **Class K Shares** | **Class K Shares** |
| Shares sold | 1174254 | $37625468<br> <sup>(b)</sup> | 4586528 | $143818003 |
| Shares issued in reinvestment of dividends and distributions |  |  |  |  |
| Shares redeemed | (5103603) | (178163551) | (847998) | (26437983) |
| Net Increase (Decrease) | (3929349) | $(140538083) | 3738530 | $117380020 |
| **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** |
| Shares sold | 1847578 | $62431789 | 3131364 | $92212800 |
| Shares issued in reinvestment of dividends and distributions |  |  |  |  |
| Shares redeemed | (827903) | (28009971) | (2606843) | (72030902) |
| Net Increase (Decrease) | 1019675 | $34421818 | 524521 | $20181898 |
| **Total Net Increase (Decrease)** | **(2930724)** | $**(106763573)** | **4691489** | $**149167918** |

---

<sup>(a)</sup> $648,808 converted from Class 2 into Class K.

<sup>(b)</sup> $648,808 converted into Class K from Class 2.

------

**Notes to Financial Statements (unaudited)**

Semi-Annual Financial Statements and

Other Information June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| | 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>Period Ended<br>June 30, 2025 | For the<br>Period Ended<br>June 30, 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 | 6280 | $172298 | 13793 | $313958 |
| Shares issued in reinvestment of dividends and distributions |  |  |  |  |
| Shares redeemed | (39643) | (954815) | (755544) | (16249105) |
| Net Increase (Decrease) | (33363) | $(782517) | (741751) | $(15935147) |
| **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** |
| Shares sold | 2006 | $52333 | 42065 | $902616 |
| Shares issued in reinvestment of dividends and distributions |  |  |  |  |
| Shares redeemed | (125600) | (3378410) | (690704) | (15365424) |
| Net Increase (Decrease) | (123594) | $(3326077) | (648639) | $(14462808) |
| **Total Net Increase (Decrease)** | **(156957)** | $**(4108594)** | **(1390390)** | $**(30397955)** |

---

Note E — Beneficial Ownership

Beneficial ownership, either direct or indirect, of more than 25% of the voting securities of a Fund creates a presumption of control under Section 2(a)(9) of the 1940 Act. As of June 30, 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 Fund<sup>(1)</sup> |
| Baillie Gifford EAFE Plus All Cap Fund |
| Baillie Gifford Emerging Markets ex China Fund<sup>(2)</sup> |
| Baillie Gifford Global Alpha Equities Fund |
| Baillie Gifford International Concentrated Growth Equities Fund<sup>(2)</sup> |
| Baillie Gifford International Growth Fund |
| Baillie Gifford International Smaller Companies Fund |
| Baillie Gifford Long Term Growth Fund |
| Baillie Gifford U.S. Equity Growth Fund<sup>(1)</sup> |

---

<sup>(1)</sup> The Fund has two shareholders which each beneficially own 25% or more of the Fund's voting securities.

<sup>(2)</sup> At June 30, 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.

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

------

**Notes to Financial Statements (unaudited)**

Semi-Annual Financial Statements and

Other Information June 30, 2025

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 June 30, 2025 was 5.80% on any amounts drawn down. As at June 30, 2025, the Baillie Gifford Developed EAFE All Cap Fund had a loan balance of $700,000 outstanding.

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 | 700000 | 700000 | 5.58% |
| Baillie Gifford EAFE Plus All Cap Fund | 28850000 | 7942857 | 5.64% |
| Baillie Gifford Emerging Markets Equities Fund | 18350000 | 13775000 | 5.63% |
| Baillie Gifford U.S. Equity Growth Fund | 700000 | 250000 | 5.67% |

---

<sup>(1)</sup> Average amount borrowed is calculated using days with outstanding borrowings.

Note H — Principal Risks

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

------

**Notes to Financial Statements (unaudited)**

Semi-Annual Financial Statements and

Other Information June 30, 2025

investors generally, sometimes rapidly, depending on changes in market, economic, and other factors.

**Long-Term Investment Strategy Risk**

The Funds pursue a long-term investment approach, typically seeking returns over a period of several years. This investment style may cause a Fund to lose money or underperform compared to its benchmark index or other mutual funds over extended periods of time, and a Fund may not perform as expected in the long term. An investment in a Fund may be more suitable for long-term investors who can bear the risk of short- or medium-term fluctuations in the value of the Fund's portfolio.

**Emerging Markets Risk**

To the extent the Funds invest in emerging market securities, the Funds may be exposed to greater market, credit, currency, liquidity, legal, political, technical and other risks different from, or greater than the risks of investing in developed markets.

**Geographic Focus Risk**

Certain Funds expect to focus investments in a limited number of countries or geographic regions, and as a result may not offer the same level of diversification of risks as a more broadly global fund because these Funds will be exposed to a smaller geographic area. The performance of a fund that is less diversified across countries or geographic regions will be closely tied to market, currency, economic, political, environmental, or regulatory conditions and developments in the countries or regions in which the fund invests, and may be more volatile than the performance of a more geographically-diversified portfolio.

**Non-Diversification Risk**

A non-diversified fund may hold a smaller number of portfolio securities, with larger positions in each security it holds, than many other mutual funds. To the extent a Fund invests in a relatively small number of issuers, a decline in the market value of a particular security held by

the Fund may affect its value more than if it invested in a larger number of issuers. The value of the Fund's shares may be more volatile than the values of shares of more diversified funds. Baillie Gifford China 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.

------

**Notes to Financial Statements (unaudited)**

Semi-Annual Financial Statements and

Other Information June 30, 2025

Note I — Legal Notice

**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.

**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 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.

At a meeting held on May 19, 2025, the Board of Trustees of the Trust (the "Board") approved and adopted Plans of Liquidation and Termination of Baillie Gifford International Smaller Companies Fund, determining to close the Fund and redeem all outstanding shares on the liquidation date of July 21, 2025.

On the Liquidation Date, pursuant to the Fund's Plan of Liquidation, the Fund redeemed all of its outstanding shares by distribution of its net assets to shareholders in amounts equal to the value of each shareholder's Fund investment. The Fund subsequently ceased operations.

There were no other subsequent events identified between June 30, 2025 and the issuance of the Financial Statements.

------

![](j25101312_za003.jpg)

Copyright© Baillie Gifford & Co 2025

------

![](j25101313_aa001.jpg)

Baillie Gifford Funds

**Semi-Annual Financial Statements and Other Information, June 30, 2025 (Unaudited)**

![](j25101313_aa002.jpg)

Baillie Gifford International All Cap Fund

------

**Index**

---

| | | |
|:---|:---|:---|
| Page Number | Page Number | |
|  | 01 | [Industry Diversification Table](#industrydiversificationtable-3) |
|  | 02 | [Portfolio of Investments](#portfolioofinvestments-3) |
|  | 07 | [Financial Statements](#financialstatements-3) |
|  | 10 | [Financial Highlights](#financialhighlights-3) |
|  | 12 | [Notes to Financial Statements](#notestofinancialstatements-3) |

---

*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**

Semi-Annual Financial Statements and

Other Information June 30, 2025

June 30, 2025 (unaudited)

Baillie Gifford International All Cap Fund

---

| | | |
|:---|:---|:---|
| | Value | % of Total<br>Net Assets |
| Airlines | $4505123 | 1.5% |
| Apparel | 3891853 | 1.3 |
| Auto Parts & Equipment | 2785604 | 0.9 |
| Banks | 27873132 | 9.1 |
| Beverages | 9677170 | 3.2 |
| Building Materials | 2087428 | 0.7 |
| Chemicals | 7968900 | 2.6 |
| Commercial Services | 22370215 | 7.3 |
| Computers | 3196392 | 1.0 |
| Cosmetics/Personal Care | 9308867 | 3.0 |
| Distribution/Wholesale | 7194965 | 2.3 |
| Diversified Financial Services | 6958988 | 2.3 |
| Electronics | 8435418 | 2.8 |
| Food | 6297665 | 2.1 |
| Hand/Machine Tools | 3790171 | 1.2 |
| Healthcare — Products | 5179322 | 1.7 |
| Healthcare — Services | 4719364 | 1.5 |
| Home Furnishings | 1710285 | 0.6 |
| Insurance | 3848027 | 1.3 |
| Internet | 38365157 | 12.5 |
| Investment Companies | 9174805 | 3.0 |
| Leisure Time | 3160574 | 1.0 |
| Machinery — Construction & Mining | 7385512 | 2.4 |
| Machinery — Diversified | 12577350 | 4.1 |
| Mining | 2534781 | 0.8 |
| Oil & Gas | 5244630 | 1.7 |
| Pharmaceuticals | 7512456 | 2.5 |
| Private Equity | 3567806 | 1.2 |
| Retail | 16397840 | 5.4 |
| Semiconductors | 34253314 | 11.2 |
| Software | 8405715 | 2.7 |
| Toys/Games/Hobbies | 3618975 | 1.2 |
| Transportation | 7553198 | 2.5 |
| **Total Value of Investments** | 301551002 | 98.6 |
| Other assets less liabilities | 4248350 | 1.4 |
| **Net Assets** | $305799352 | 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**

Semi-Annual Financial Statements and

Other Information June 30, 2025

June 30, 2025 (unaudited)

Baillie Gifford International All Cap Fund

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| **COMMON STOCKS — 98.6%** | **COMMON STOCKS — 98.6%** | **COMMON STOCKS — 98.6%** |
| AUSTRALIA — 0.8% | AUSTRALIA — 0.8% | AUSTRALIA — 0.8% |
| BHP Group Ltd. | 105363 | $2534781 |
| BELGIUM — 1.6% | BELGIUM — 1.6% | BELGIUM — 1.6% |
| Anheuser-Busch InBev SA/NV | 69382 | 4773508 |
| BRAZIL — 3.2% | BRAZIL — 3.2% | BRAZIL — 3.2% |
| B3 SA — Brasil Bolsa Balcao | 1099000 | 2941131 |
| MercadoLibre, Inc. \* | 1711 | 4471921 |
| Raia Drogasil SA | 839580 | 2341138 |
|  |  | 9754190 |
| CANADA — 3.0% | CANADA — 3.0% | CANADA — 3.0% |
| Alimentation Couche-Tard, Inc. | 39629 | 1969882 |
| Canadian Pacific Kansas City Ltd. | 38863 | 3087350 |
| Shopify, Inc., Class A \* | 36014 | 4154215 |
|  |  | 9211447 |
| CHILE — 1.3% | CHILE — 1.3% | CHILE — 1.3% |
| Banco de Chile ADR | 133224 | 4052674 |
| CHINA — 8.0% | CHINA — 8.0% | CHINA — 8.0% |
| Alibaba Group Holding Ltd. | 234356 | 3317532 |
| Centre Testing International Group Co., Ltd., Class A | 790100 | 1291361 |
| Contemporary Amperex Technology Co., Ltd., Class A | 78939 | 2785604 |
| Kweichow Moutai Co., Ltd., Class A | 5500 | 1083760 |
| Li Ning Co., Ltd. | 559000 | 1211446 |
| Midea Group Co., Ltd., Class A | 169500 | 1710285 |
| Prosus NV | 54246 | 3043553 |
| Silergy Corp. | 137000 | 1668829 |
| Tencent Holdings Ltd. | 111100 | 7158797 |
| Yifeng Pharmacy Chain Co., Ltd., Class A | 398300 | 1362663 |
|  |  | 24633830 |
| DENMARK — 1.5% | DENMARK — 1.5% | DENMARK — 1.5% |
| DSV A/S | 18619 | 4465848 |

---

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

------

**Portfolio of Investments**

Semi-Annual Financial Statements and

Other Information June 30, 2025

June 30, 2025 (unaudited)

Baillie Gifford International All Cap Fund

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| FRANCE — 5.2% | FRANCE — 5.2% | FRANCE — 5.2% |
| Air Liquide SA | 22437 | $4626535 |
| LVMH Moet Hennessy Louis Vuitton SE | 7436 | 3891853 |
| Remy Cointreau SA | 25298 | 1293081 |
| SOITEC \* | 15953 | 879678 |
| TotalEnergies SE | 85805 | 5244630 |
|  |  | 15935777 |
| GERMANY — 1.2% | GERMANY — 1.2% | GERMANY — 1.2% |
| Nemetschek SE | 24615 | 3568998 |
| HONG KONG — 3.8% | HONG KONG — 3.8% | HONG KONG — 3.8% |
| AIA Group Ltd. | 424800 | 3848027 |
| Hong Kong Exchanges & Clearing Ltd. | 74700 | 4017857 |
| Techtronic Industries Co., Ltd. | 343500 | 3790171 |
|  |  | 11656055 |
| INDIA — 2.9% | INDIA — 2.9% | INDIA — 2.9% |
| HDFC Bank Ltd. | 232905 | 5437275 |
| MakeMyTrip Ltd. \* | 33349 | 3268869 |
|  |  | 8706144 |
| ITALY — 1.5% | ITALY — 1.5% | ITALY — 1.5% |
| Ryanair Holdings PLC ADR | 78119 | 4505123 |
| JAPAN — 11.1% | JAPAN — 11.1% | JAPAN — 11.1% |
| Chugai Pharmaceutical Co., Ltd. | 45300 | 2365467 |
| Cosmos Pharmaceutical Corp. | 55700 | 3534976 |
| Keyence Corp. | 7500 | 2998712 |
| Nippon Paint Holdings Co., Ltd. | 415600 | 3342365 |
| Olympus Corp. | 223100 | 2650054 |
| Recruit Holdings Co., Ltd. | 60300 | 3546040 |
| Shimano, Inc. | 21800 | 3160574 |
| Shiseido Co., Ltd. | 122700 | 2191502 |
| SMC Corp. | 5000 | 1791812 |
| Sysmex Corp. | 145300 | 2529269 |
| Tokyo Electron Ltd. | 19300 | 3696133 |
| Unicharm Corp. | 289200 | 2088252 |
|  |  | 33895156 |

---

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

------

**Portfolio of Investments**

Semi-Annual Financial Statements and

Other Information June 30, 2025

June 30, 2025 (unaudited)

Baillie Gifford International All Cap Fund

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| MEXICO — 1.7% | MEXICO — 1.7% | MEXICO — 1.7% |
| Fomento Economico Mexicano SAB de CV ADR | 24537 | $2526820 |
| Wal-Mart de Mexico SAB de CV | 846264 | 2799759 |
|  |  | 5326579 |
| NETHERLANDS — 7.8% | NETHERLANDS — 7.8% | NETHERLANDS — 7.8% |
| Adyen NV \* | 2460 | 4517882 |
| ASML Holding NV | 9650 | 7732900 |
| EXOR NV | 37512 | 3786744 |
| IMCD NV | 22724 | 3056273 |
| Topicus.com, Inc. \* | 38605 | 4836717 |
|  |  | 23930516 |
| PORTUGAL — 1.4% | PORTUGAL — 1.4% | PORTUGAL — 1.4% |
| Jeronimo Martins SGPS SA | 165142 | 4181046 |
| SINGAPORE — 3.2% | SINGAPORE — 3.2% | SINGAPORE — 3.2% |
| United Overseas Bank Ltd. | 347999 | 9849665 |
| SOUTH KOREA — 1.3% | SOUTH KOREA — 1.3% | SOUTH KOREA — 1.3% |
| Samsung Electronics Co., Ltd. | 87725 | 3879342 |
| SWEDEN — 7.8% | SWEDEN — 7.8% | SWEDEN — 7.8% |
| Assa Abloy AB, B Shares | 147182 | 4601446 |
| Atlas Copco AB, A Shares | 64753 | 1046797 |
| Atlas Copco AB, B Shares | 323619 | 4605936 |
| Epiroc AB, B Shares | 185511 | 3556718 |
| Investor AB, B Shares | 181824 | 5388061 |
| Skandinaviska Enskilda Banken AB, A Shares | 271365 | 4730037 |
|  |  | 23928995 |
| SWITZERLAND — 5.7% | SWITZERLAND — 5.7% | SWITZERLAND — 5.7% |
| Cie Financiere Richemont SA | 16794 | 3177977 |
| Lonza Group AG | 6599 | 4719364 |
| Partners Group Holding AG | 2727 | 3567806 |
| Sika AG | 7672 | 2087428 |
| UBS Group AG | 112026 | 3803481 |
|  |  | 17356056 |

---

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

------

**Portfolio of Investments**

Semi-Annual Financial Statements and

Other Information June 30, 2025

June 30, 2025 (unaudited)

Baillie Gifford International All Cap Fund

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| TAIWAN — 6.6% | TAIWAN — 6.6% | TAIWAN — 6.6% |
| Chroma ATE, Inc. | 143000 | $2165143 |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 494000 | 18065261 |
|  |  | 20230404 |
| UNITED KINGDOM — 13.5% | UNITED KINGDOM — 13.5% | UNITED KINGDOM — 13.5% |
| Ashtead Group PLC | 47333 | 3035279 |
| Auto Trader Group PLC | 341579 | 3868996 |
| Bunzl PLC | 129876 | 4138692 |
| Games Workshop Group PLC | 16259 | 3618975 |
| Greggs PLC | 80269 | 2116619 |
| Intertek Group PLC | 38303 | 2495003 |
| Rightmove PLC | 368907 | 3992836 |
| Softcat PLC | 135631 | 3196392 |
| Spirax Group PLC | 26098 | 2134092 |
| Trainline PLC \* | 353449 | 1357631 |
| Unilever PLC | 82409 | 5029113 |
| Weir Group PLC (The) | 111954 | 3828794 |
| Wise PLC, Class A \* | 176195 | 2517015 |
|  |  | 41329437 |
| UNITED STATES — 4.5% | UNITED STATES — 4.5% | UNITED STATES — 4.5% |
| Experian PLC | 96335 | 4967635 |
| Roche Holding AG | 15768 | 5146989 |
| Spotify Technology SA \* | 4862 | 3730807 |
|  |  | 13845431 |
| **TOTAL INVESTMENTS — 98.6%** | **TOTAL INVESTMENTS — 98.6%** | **TOTAL INVESTMENTS — 98.6%** |
| (cost $228,364,368) |  | $301551002 |
| Other assets less liabilities — 1.4% |  | 4248350 |
| **NET ASSETS — 100.0%** |  | $305799352 |

---

\* 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**

Semi-Annual Financial Statements and

Other Information June 30, 2025

June 30, 2025 (unaudited)

Baillie Gifford International All Cap Fund

**Fair Value Measurement**

The following is a summary of the inputs used as of June 30, 2025 in valuing the Fund's investments carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Investments in Securities | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks \*\* | $44686406 | $256864596 | $— | $301551002 |
| **Total** | $44686406 | $256864596 | $— | $301551002 |

---

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

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

------

**Statement of Assets and Liabilities**

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)

Baillie Gifford International All Cap Fund

---

| | |
|:---|:---|
| **ASSETS** | **ASSETS** |
| Investments, at value (cost $228,364,368) | $301551002 |
| Cash | 3726653 |
| Foreign cash, at value (cost $52,977) | 53375 |
| Dividends receivable | 592592 |
| Tax reclaims receivable | 474534 |
| Prepaid assets | 926 |
| Total Assets | 306399082 |
| **LIABILITIES** | **LIABILITIES** |
| Advisory fee payable | 256587 |
| Deferred India capital gains tax liability (Note A) | 105604 |
| Shareholder Servicing fee payable | 99623 |
| Trustee fee payable | 3882 |
| Commitment fee payable | 1051 |
| Accrued expenses | 132983 |
| Total Liabilities | 599730 |
| **NET ASSETS** | $305799352 |
| **COMPOSITION OF NET ASSETS** | **COMPOSITION OF NET ASSETS** |
| Paid-in capital | $219857476 |
| Total distributable earnings | 85941876 |
|  | $305799352 |
| **NET ASSET VALUE, PER SHARE** | **NET ASSET VALUE, PER SHARE** |
| **Class 2** ($168,065,637 / 13,307,809 shares outstanding), unlimited authorized, no par value | $12.63 |
| **Class 3** ($137,733,715 / 10,702,893 shares outstanding), unlimited authorized, no par value | $12.87 |

---

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

------

**Statement of Operations**

Semi-Annual Financial Statements and Other Information June 30, 2025

For the Six Months Ended June 30, 2025 (unaudited)

Baillie Gifford International All Cap Fund

---

| | |
|:---|:---|
| **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| Dividends (net of foreign withholding taxes of $456,010) | $3646575 |
| Windfall tax recovery (Note A) | 226297 |
| Interest | 32930 |
| Total Investment Income | 3905802 |
| **EXPENSES** | **EXPENSES** |
| Advisory fee (Note B) | 514390 |
| Shareholder Servicing fees — Class 2 shares (Note B) | 98216 |
| Shareholder Servicing fees — Class 3 shares (Note B) | 89194 |
| Transfer agency | 13491 |
| Fund accounting | 53696 |
| Custody | 32440 |
| Professional fees | 30282 |
| Legal | 27313 |
| Trustees' fees | 7745 |
| Commitment fees | 2136 |
| Miscellaneous | 7861 |
| Total Expenses | 876764 |
| Net Investment Income | 3029038 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND <br>FOREIGN CURRENCY TRANSACTIONS** | **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND <br>FOREIGN CURRENCY TRANSACTIONS** |
| Net realized gain from: | Net realized gain from: |
| Investments (net of India capital gains tax expense of $10,441) | 9417250 |
| Foreign currency transactions | 5414 |
|  | 9422664 |
| Net change in unrealized appreciation on: | Net change in unrealized appreciation on: |
| Investments (net of change in deferred India capital gains tax expense of $64,441) (Note A) | 23437738 |
| Translation of net assets and liabilities denominated in foreign currencies | 62314 |
|  | 23500052 |
| Net realized and unrealized gain | 32922716 |
| **NET INCREASE IN NET ASSETS FROM OPERATIONS** | $35951754 |

---

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

------

**Statements of Changes in Net Assets**

Semi-Annual Financial Statements and Other Information June 30, 2025

Baillie Gifford International All Cap Fund

---

| | | |
|:---|:---|:---|
| | For the <br>Six Months Ended <br>June 30, <br>2025 <br>(unaudited) | 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 | $3029038 | $2840498 |
| Net realized gain | 9422664 | 44269781 |
| Net change in unrealized appreciation (depreciation) | 23500052 | (36240913) |
| Net Increase in Net Assets from Operations | 35951754 | 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 |  | (8488123) |
| Class 3 |  | (23666138) |
| Total Distributions to Shareholders |  | (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 | 79859578 | 21000000 |
| Dividends reinvested: | Dividends reinvested: | Dividends reinvested: |
| Class 2 |  | 8488123 |
| Class 3 |  | 23666138 |
| Cost of shares redeemed: | Cost of shares redeemed: | Cost of shares redeemed: |
| Class 2 | (10000000 | (9903678) |
| Class 3 | (99859580 | (10000000) |
| Class 5 |  | (37438425) |
| (Decrease) in Net Assets from Transactions in Shares of Beneficial Interest | (30000002 | (4187842) |
| Total Increase (Decrease) in Net Assets | 5951752 | (25472737) |
| **NET ASSETS** | **NET ASSETS** | **NET ASSETS** |
| Beginning of Period | 299847600 | 325320337 |
| End of Period | $305799352 | $299847600 |

---

\* See Note D for details of share class conversions.

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

------

**Financial Highlights**

Semi-Annual Financial Statements and Other Information June 30, 2025

Baillie Gifford International All Cap Fund

Selected data for a Class 2 share outstanding throughout each period:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | For the<br>Six Months<br>Ended<br>June 30,<br>2025<br>(unaudited) | For the<br>Six Months<br>Ended<br>June 30,<br>2025<br>(unaudited) | 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 | For the<br>Year Ended<br>December 31,<br>2020 |
| Net asset value, beginning of period | $11.22 |  | $12.22 | $11.24 | $16.83 | $20.27 | $15.82 |
| **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>(a)</sup> | 0.14 |  | 0.10 | 0.10 | 0.09 | 0.05 | 0.06 |
| Net realized and unrealized gain (loss) <br>on investments and foreign currency | 1.27 |  | 0.26 | 1.04 | (5.41) | 0.60 | 5.20 |
| Net increase (decrease) in net asset <br>value from investment operations | 1.41 |  | 0.36 | 1.14 | (5.32) | 0.65 | 5.26 |
| **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** | **Dividends and Distributions to Shareholders** | **Dividends and Distributions to Shareholders** |
| From net investment income |  |  | (0.37) |  |  | (0.19) | (0.18) |
| From net realized gain on investments |  |  | (0.99) | (0.16) | (0.27) | (3.90) | (0.63) |
| Total dividends and distributions |  |  | (1.36) | (0.16) | (0.27) | (4.09) | (0.81) |
| Net asset value, end of period | $12.63 |  | $11.22 | $12.22 | $11.24 | $16.83 | $20.27 |
| **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** |
| Total return based on net asset value<sup>(b)</sup> | 12.58 | % | 2.88% | 10.23% | (31.67)% | 3.34% | 33.31% |
| **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) | $168066 |  | $78599 | $66048 | $61057 | $112388 | $183037 |
| Ratio of net expenses to average <br>net assets | 0.64 | %\* | 0.65% | 0.63% | 0.64% | 0.61% | 0.62% |
| Ratio of net investment income <br>to average net assets | 2.39 | %\* | 0.77% | 0.80% | 0.71% | 0.26% | 0.34% |
| Portfolio turnover rate<sup>(c)</sup> | 12 | % | 37% | 16% | 19% | 14% | 12% |

---

\* Annualized.

<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. Total return is not annualized for periods less than one year.

<sup>(c)</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**

Semi-Annual Financial Statements and Other Information June 30, 2025

Baillie Gifford International All Cap Fund

Selected data for a Class 3 share outstanding throughout each period:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | For the<br>Six Months<br>Ended<br>June 30,<br>2025<br>(unaudited) | For the<br>Six Months<br>Ended<br>June 30,<br>2025<br>(unaudited) | 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 | For the<br>Year Ended<br>December 31,<br>2020 |
| Net asset value, beginning of period | $11.43 |  | $12.42 | $11.41 | $17.08 | $20.50 | $15.99 |
| **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>(a)</sup> | 0.11 |  | 0.11 | 0.10 | 0.12 | 0.09 | 0.07 |
| Net realized and unrealized gain (loss) <br>on investments and foreign currency | 1.33 |  | 0.27 | 1.07 | (5.52) | 0.59 | 5.27 |
| Net increase (decrease) in net asset <br>value from investment operations | 1.44 |  | 0.38 | 1.17 | (5.40) | 0.68 | 5.34 |
| **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** | **Dividends and Distributions to Shareholders** | **Dividends and Distributions to Shareholders** |
| From net investment income |  |  | (0.38) |  |  | (0.20) | (0.20) |
| From net realized gain on investments |  |  | (0.99) | (0.16) | (0.27) | (3.90) | (0.63) |
| Total dividends and distributions |  |  | (1.37) | (0.16) | (0.27) | (4.10) | (0.83) |
| Net asset value, end of period | $12.87 |  | $11.43 | $12.42 | $11.41 | $17.08 | $20.50 |
| **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** |
| Total return based on net asset value<sup>(b)</sup> | 12.61 | % | 2.96% | 10.31% | (31.62)% | 3.41% | 33.40% |
| **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) | $137734 |  | $221249 | $224428 | $221064 | $133796 | $331138 |
| Ratio of net expenses to average <br>net assets | 0.57 | %\* | 0.57% | 0.56% | 0.58% | 0.54% | 0.55% |
| Ratio of net investment income <br>to average net assets | 1.85 | %\* | 0.87% | 0.86% | 1.03% | 0.41% | 0.44% |
| Portfolio turnover rate<sup>(c)</sup> | 12 | % | 37% | 16% | 19% | 14% | 12% |

---

\* Annualized.

<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. Total return is not annualized for periods less than one year.

<sup>(c)</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.

------

**Notes to Financial Statements (unaudited)**

Semi-Annual Financial Statements and

Other Information June 30, 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 June 30, 2025.

**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:

**Segment Reporting**

In November 2023, the FASB issued Accounting Standards Update ("ASU"), ASU 2023-07, Segment Reporting (Topic 280) — Improvements to Reportable Segment Disclosures, which aimed to improve reportable segment disclosure requirements, primarily through enhanced disclosures about segment expenses. The amendments under this ASU were effective for fiscal years beginning

after December 15, 2023 and hence the Fund adopted this ASU for the year ending December 31, 2024.

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.

**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.

------

**Notes to Financial Statements (unaudited)**

Semi-Annual Financial Statements and

Other Information June 30, 2025

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 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 June 30, 2025 is disclosed at the end of the Fund's Portfolio of Investments.

For the six months ended June 30, 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

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**Notes to Financial Statements (unaudited)**

Semi-Annual Financial Statements and

Other Information June 30, 2025

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

**Securities Transactions and Investment Income**

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

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

**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 (unaudited)**

Semi-Annual Financial Statements and

Other Information June 30, 2025

During the year ended December 31, 2024, the Fund utilized $14,141,707 in capital loss carryforwards. To the extent that the loss carryforwards are utilized, capital gains so offset will not be distributed to shareholders.

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, 2024, the components of accumulated earnings on a tax basis were as follows:

---

| | | |
|:---|:---|:---|
| Fund | <br>Capital Loss<br>Carryforwards | Post October<br>Capital/Late Year<br>Ordinary Losses |
| Baillie Gifford International All Cap Fund | $— | $(621891) |

---

**Dividends and Distributions to Shareholders**

The Fund intends to distribute each year, as dividends, substantially all net investment income and net capital gains realized. All such dividends or distributions are credited in the form of additional shares of the Fund at net asset value on the ex-dividend date unless the shareholder elects to receive dividends and distributions in cash. Currently, the Fund's policy is to distribute net investment income and net capital gains on an annual basis. Such distributions are determined in conformity with U.S. federal income tax regulations, which may differ from GAAP.

The Fund's cost of investments and gross unrealized appreciation (depreciation) at June 30, 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 | $232340099 | $85570484 | $(16359581) | $69210903 |

---

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% |

---

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%.

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**Notes to Financial Statements (unaudited)**

Semi-Annual Financial Statements and

Other Information June 30, 2025

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 six months ended June 30, 2025 were as follows:

---

| | | |
|:---|:---|:---|
| Fund | Purchases | Sales |
| Baillie Gifford International All Cap Fund | $34172085 | $61744317 |

---

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>Period Ended<br>June 30, 2025 | For the<br>Period Ended<br>June 30, 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 | $79859578<br> <sup>(a)</sup> | 1643320 | $21000000 |
| Shares issued in reinvestment of dividends and distributions |  |  | 755285 | 8488123 |
| Shares redeemed | (809487) | (10000000) | (797269) | (9903678) |
| Net Increase (Decrease) | 6301531 | $69859578 | 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 |  |  | 2067327 | 23666138 |
| Shares redeemed | (8658440) | (99859580)<sup>(b)</sup> | (769013) | (10000000) |
| Net Increase (Decrease) | (8658440) | $(99859580) | 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)** | **(2356909)** | $**(30000002)** | **174670** | $**(4187842)** |

---

<sup>(a)</sup> $79,859,578 converted into Class 2 from Class 3.

<sup>(b)</sup> $79,859,578 converted from Class 3 into Class 2.

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**Notes to Financial Statements (unaudited)**

Semi-Annual Financial Statements and

Other Information June 30, 2025

Note E — Beneficial Ownership

Beneficial ownership, either direct or indirect, of more than 25% of the voting securities of the Fund creates a presumption of control under Section 2(a)(9) of the 1940 Act.

As of June 30, 2025, the Fund had two shareholders 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 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 June 30, 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

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.

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**Notes to Financial Statements (unaudited)**

Semi-Annual Financial Statements and

Other Information June 30, 2025

**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 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 Fund's investments.

Similarly, dramatic disruptions can be caused by communicable diseases, epidemics, pandemics, plagues and other public health crises.

**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.

For further information on the risks of investing in the Fund, please refer to the Prospectus.

Note I — Legal Notice

**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.

There were no subsequent events identified between June 30, 2025 and the issuance of the Financial Statements.

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![](j25101313_za003.jpg)

Copyright© Baillie Gifford & Co 2025

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**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.**

**-OR-**

Not applicable.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

During the period, each of the four Independent Trustees (as defined below) received a retainer fee of $82,500. The chairs of the Audit Oversight Committee and the Nominating and Governance Committee received additional compensation of $7,500 and $3,500, respectively. In sum, the total remuneration paid by Baillie Gifford Funds (the "Trust") was $341,000.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

**Baillie Gifford Funds**

**Board considerations Regarding 2025 Contract Renewal**

On June 19, 2025, the Board of Trustees (the "Board") of Baillie Gifford Funds (the "Trust"), including those trustees who are not "interested persons" as defined by the Investment Company Act of 1940, as amended (the "Independent Trustees"), approved the renewal of the investment advisory agreement (the "Advisory Agreement") between the Trust, on behalf of the funds listed below, respectively (each a "Fund" and collectively, the "Funds"), and Baillie Gifford Overseas Limited (the "Manager"):

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| | |
|:---|:---|
| • Baillie Gifford Global Alpha Equities Fund | • Baillie Gifford International Growth Fund |
| • Baillie Gifford Long Term Global Growth Fund | • Baillie Gifford International Smaller Companies Fund |
| • Baillie Gifford Developed EAFE All Cap Fund | • Baillie Gifford China Equities Fund |
| • Baillie Gifford EAFE Plus All Cap Fund | • Baillie Gifford Emerging Markets Equities Fund |
| • Baillie Gifford International All Cap Fund | • Baillie Gifford Emerging Markets ex China Fund |
| • Baillie Gifford International Alpha Fund | • Baillie Gifford U.S. Equity Growth Fund |
| • Baillie Gifford International Concentrated Growth Equities Fund |  |

---

As part of the review process, the Independent Trustees met independently of Trust management and of the interested trustee of the Board to consider the renewal of the Advisory Agreement. During the review process, the Independent Trustees were represented by independent legal counsel. The Independent Trustees reviewed materials received from the Manager, Broadridge, an independent provider of mutual fund data ("Broadridge"), and independent legal counsel. After reviewing the information received, the Independent Trustees requested supplemental information, and the Manager provided additional materials and other information in response. The Board determined that, given the totality of the information provided with respect to the Advisory Agreement, the Board had received sufficient information to approve the Advisory Agreement for each Fund.

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

The Board considered the nature, extent and quality of the services provided by the Manager to each Fund. The Board noted that: (1) pursuant to the Funds' Advisory Agreement, the Manager provides portfolio management services to the Funds and receives an advisory fee; (2) pursuant to a separate Administration, Supervisory and Sub-Accounting Services Plan and Administration and Supervisory Agreement for Class K and Institutional Class shares for each Fund that offers those classes, the Manager receives an "administration and supervisory fee;" and (3) pursuant to a separate Shareholder Service Plan and Shareholder Servicing Agreement for Class 2, Class 3, Class 4 and Class 5 shares for each Fund that offers those classes, the Manager receives a "shareholder service fee," the amount of which varies among the share classes (the administration and supervisory fee and the

shareholder service fee are each referred to as a "Class specific fee" and together are referred to as "Class specific fees"). The Board considered the background and qualifications of the investment, compliance and administrative personnel involved in the management and oversight of the Funds, reviewed information regarding each Fund's performance, advisory fee and applicable Class specific fee, and expense ratios for certain share classes compared to similar funds, and considered the experience of the Manager in providing services to each Fund. In assessing each Fund's performance, the Board considered that performance is closely evaluated at the quarterly Board meetings and that the Board regularly meets with portfolio managers and other investment team members for each Fund to discuss performance. The Board considered certain periods of underperformance for each Fund and the Manager's explanations, broadly attributing underperformance to, in addition to other Fund-specific factors, an unfavorable market environment for growth companies (after a lengthy period of favorable market conditions for growth investing) which has been shaped by high inflation, a sharp rise in interest rates, military conflict, and geopolitical and trade tensions, among other things. The Board also considered the Manager's discussions of its investment processes, the Manager's work to evaluate whether potential changes to such processes could improve performance, and the outcomes of such evaluations. The Board considered that the Manager was consistent in its long-term investing philosophy and that a Fund may experience periods of underperformance. The Board concluded that, with respect to each Fund: (1) the Fund's performance was acceptable; or (2) it was satisfied with the Manager's responses and/or efforts to improve investment performance. In evaluating the advisory fee paid by each Fund, and in particular when assessing comparative data, the Board considered not only the advisory fee, but also the combination of the advisory fee and the applicable Class specific fee. The Board also considered that the advisory fee schedule for each Fund other than Baillie Gifford International Smaller Companies Fund includes breakpoints. The Board considered other benefits derived by the Manager and its affiliates from the relationship to the Funds, including the Manager's receipt of the Class specific fee. The Board concluded that the nature, extent and quality of the services provided by the Manager to the Funds, pursuant to the Advisory Agreement, were satisfactory.

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

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

<u>Baillie Gifford Global Alpha Equities Fund</u>

The Board reviewed total return information for the one-year, three-year, five-year, ten-year and since inception (November 15, 2011) periods ended March 31, 2025 for the Fund compared to a benchmark index (MSCI ACWI Index) and the average total returns of a performance universe of funds provided by Broadridge, and calendar year returns for 2015 through 2024 for the Fund compared to the benchmark index and a peer group of funds provided by Broadridge. The Board noted that the Fund's total return was below the benchmark index and the average of the performance universe for the one-year, three-year, five-year and ten-year periods and below the benchmark index and above the average of the performance universe for the since inception period.

The Board reviewed the advisory fee (plus the applicable Class specific fee) and net expense ratio for the Fund's Class 2 and Institutional Class, and compared them to the average management fees and expense ratios of an expense peer group and expense universe of funds based on data provided by Broadridge. The comparable fund information showed that the Fund's contractual advisory fee (plus the applicable Class specific fee) was below the average contractual management fee

of the expense peer group. The Board also reviewed the fee schedules for other clients of the Manager with a similar investment mandate. The Board considered whether there were economies of scale with respect to management of the Fund and whether the Fund benefits from economies of scale. The Board considered that the Fund's contractual advisory fee (plus the applicable Class specific fee) was on the low end of the spectrum of the expense peer group. On the basis of the information provided, the Board concluded that the advisory fee was reasonable.

<u>Baillie Gifford Long Term Global Growth Fund</u>

The Board reviewed total return information for the one-year, three-year, five-year, ten-year and since inception (June 10, 2014) periods ended March 31, 2025 for the Fund compared to a benchmark index (MSCI ACWI Index) and the average total returns of a performance universe of funds provided by Broadridge, and calendar year returns for 2015 through 2024 for the Fund compared to the benchmark index and a peer group of funds provided by Broadridge. The Board noted that the Fund's total return was above the benchmark index and the average of the performance universe for the one-year, ten-year and since inception periods, below the benchmark index and the average of the performance universe for the three-year period and below the benchmark index and above the average of the performance universe for the five-year period.

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

<u>Baillie Gifford Developed EAFE All Cap Fund</u>

The Board reviewed total return information for the one-year, three-year, five-year, ten-year and since inception (April 15, 2014) periods ended March 31, 2025 for the Fund compared to a benchmark index (MSCI EAFE Index) and the average total returns of a performance universe of funds provided by Broadridge, and calendar year returns for 2015 through 2024 for the Fund compared to the benchmark index and a peer group of funds provided by Broadridge. The Board noted that the Fund's total return was below the benchmark index and the average of the performance universe for the one-year, three-year, five-year, ten-year and since inception periods.

The Board reviewed the advisory fee (plus the applicable Class specific fee) and net expense ratio for the Fund's Class 2 and Institutional Class, and compared them to the average management fees and expense ratios of an expense peer group and expense universe of funds based on data provided by Broadridge. The comparable fund information showed that the Fund's contractual advisory fee (plus the applicable Class specific fee) was below the average contractual management fee of the expense peer group. The Board also reviewed the fee schedules for other clients of the Manager with a similar investment mandate. The Board considered whether there were economies of scale with respect to management of the Fund and whether the Fund benefits from economies of scale. The Board considered that the Fund's contractual advisory fee (plus the applicable Class specific fee) was on the

low end of the spectrum of the expense peer group and also considered the expense limitation in place until April 30, 2026. On the basis of the information provided, the Board concluded that the advisory fee was reasonable.

<u>Baillie Gifford EAFE Plus All Cap Fund</u>

The Board reviewed total return information for the one-year, three-year, five-year, ten-year and since inception (December 17, 2009) periods ended March 31, 2025 for the Fund compared to a benchmark index (MSCI EAFE Index) and the average total returns of a performance universe of funds provided by Broadridge, and calendar year returns for 2015 through 2024 for the Fund compared to the benchmark index and a peer group of funds provided by Broadridge. The Board noted that the Fund's total return was below the benchmark index and the average of the performance universe for the one-year, three-year, five-year, ten-year and since inception periods.

The Board reviewed the advisory fee (plus the applicable Class specific fee) and net expense ratio for the Fund's Class 2 and Institutional Class, and compared them to the average management fees and expense ratios of an expense peer group and expense universe of funds based on data provided by Broadridge. The comparable fund information showed that the Fund's contractual advisory fee (plus the applicable Class specific fee) was below the average contractual management fee of the expense peer group. The Board also reviewed the fee schedules for other clients of the Manager with a similar investment mandate. The Board considered whether there were economies of scale with respect to management of the Fund and whether the Fund benefits from economies of scale. The Board considered that the Fund's contractual advisory fee (plus the applicable Class specific fee) was on the low end of the spectrum of the expense peer group and also considered the expense limitation in place until April 30, 2026. On the basis of the information provided, the Board concluded that the advisory fee was reasonable.

<u>Baillie Gifford International All Cap Fund</u>

The Board reviewed total return information for the one-year, three-year, five-year, ten-year and since inception (September 24, 2012) periods ended March 31, 2025 for the Fund compared to a benchmark index (MSCI ACWI ex USA Index) and the average total returns of a performance universe of funds provided by Broadridge, and calendar year returns for 2015 through 2024 for the Fund compared to the benchmark index and a peer group of funds provided by Broadridge. The Board noted that the Fund's total return was below the benchmark index and the average of the performance universe for the one-year, three-year, five-year, ten-year and since inception periods.

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

<u>Baillie Gifford International Alpha Fund</u>

The Board reviewed total return information for the one-year, three-year, five-year, ten-year and since inception (February 7, 2008) periods ended March 31, 2025 for the Fund compared to a benchmark index (MSCI ACWI ex USA Index) and the average total returns of a performance universe of funds provided by Broadridge, and calendar year returns for 2015 through 2024 for the Fund compared to the benchmark index and a peer group of funds provided by Broadridge. The Board noted that the Fund's total return was below the benchmark index and above the average of the performance universe for the one-year and three-year periods, below the benchmark index and the average of the performance universe for the five-year period and above the benchmark index and the average of the performance universe for the ten-year and since inception periods.

The Board reviewed the advisory fee (plus the applicable Class specific fee) and net expense ratio for the Fund's Class 2 and Institutional Class, and compared them to the average management fees and expense ratios of an expense peer group and expense universe of funds based on data provided by Broadridge. The comparable fund information showed that the Fund's contractual advisory fee (plus the applicable Class specific fee) was below the average contractual management fee of the expense peer group. The Board also reviewed the fee schedules for other clients of the Manager with a similar investment mandate. The Board considered whether there were economies of scale with respect to management of the Fund and whether the Fund benefits from economies of scale. The Board considered that the advisory fee schedule includes breakpoints and that the Fund's contractual advisory fee (plus the applicable Class specific fee) was on the low end of the spectrum of the expense peer group. On the basis of the information provided, the Board concluded that the advisory fee was reasonable.

<u>Baillie Gifford International Concentrated Growth Equities Fund</u>

The Board reviewed total return information for the one-year, three-year, five-year and since inception (December 14, 2017) periods ended March 31, 2025 for the Fund compared to a benchmark index (MSCI ACWI ex USA Index) and the average total returns of a performance universe of funds provided by Broadridge, and calendar year returns for 2018 through 2024 for the Fund compared to the benchmark index and a peer group of funds provided by Broadridge. The Board noted that the Fund's total return was above the benchmark index and the average of the performance universe for the one-year, five-year and since inception periods and below the benchmark index and the average of the performance universe for the three-year period.

The Board reviewed the advisory fee (plus the applicable Class specific fee) and net expense ratio for the Fund's Class K and Institutional Class, and compared them to the average management fees and expense ratios of an expense peer group and expense universe of funds based on data provided by Broadridge. The comparable fund information showed that the Fund's contractual advisory fee (plus the applicable Class specific fee) was below the average contractual management fee of the expense peer group. The Board also reviewed the fee schedules for other clients of the Manager with a similar investment mandate. The Board considered whether there were economies of scale with respect to management of the Fund and whether the Fund benefits from economies of scale. The Board considered that the Fund's contractual advisory fee (plus the applicable Class specific fee) was on the low end of the spectrum of the expense peer group and also considered the expense limitation in place until April 30, 2026. On the basis of the information provided, the Board concluded that the advisory fee was reasonable.

<u>Baillie Gifford International Growth Fund</u>

The Board reviewed total return information for the one-year, three-year, five-year, ten-year and since inception (March 6, 2008) periods ended March 31, 2025 for the Fund compared to a benchmark index (MSCI ACWI ex USA Index) and the average total returns of a performance universe of funds provided by Broadridge, and calendar year returns for 2015 through 2024 for the Fund compared to the benchmark index and a peer group of funds provided by Broadridge. The Board noted that the Fund's total return was below the benchmark index and above the average of the performance universe for the one-year period, below the benchmark index and the average of the performance universe for the three-year and five-year periods and above the benchmark index and the average of the performance universe for the ten-year and since inception periods.

The Board reviewed the advisory fee (plus the applicable Class specific fee) and net expense ratio for the Fund's Class 2 and Institutional Class, and compared them to the average management fees and expense ratios of an expense peer group and expense universe of funds based on data provided by Broadridge. The comparable fund information showed that the Fund's contractual advisory fee (plus the applicable Class specific fee) was below the average contractual management fee of the expense peer group. The Board also reviewed the fee schedules for other clients of the Manager with a similar investment mandate. The Board considered whether there were economies of scale with respect to management of the Fund and whether the Fund benefits from economies of scale. The Board considered that the advisory fee schedule includes breakpoints and that the Fund's contractual advisory fee (plus the applicable Class specific fee) was on the low end of the spectrum of the expense peer group. On the basis of the information provided, the Board concluded that the advisory fee was reasonable.

<u>Baillie Gifford International Smaller Companies Fund</u>

The Board reviewed total return information for the one-year, three-year, five-year and since inception (December 19, 2018) periods ended March 31, 2025 for the Fund compared to a primary benchmark index (MSCI ACWI ex USA IMI Index) and a secondary benchmark index (MSCI ACWI ex USA Small Cap Index) and the average total returns of a performance universe of funds provided by Broadridge, and calendar year returns for 2019 through 2024 for the Fund compared to the benchmark indices and a peer group of funds provided by Broadridge. The Board noted that the Fund's total return was below the benchmark indices and the average of the performance universe for the one-year, three-year, five-year and since inception periods. The Board considered that the Manager had previously proposed to liquidate the Fund, which the Board had approved, effective no later than July 21, 2025, and that the Board was asked to renew the Advisory Agreement for the Fund to allow for the orderly liquidation of the Fund.

The Board reviewed the advisory fee (plus the applicable Class specific fee) and net expense ratio for the Fund's Class K and Institutional Class, and compared them to the average management fees and expense ratios of an expense peer group and expense universe of funds based on data provided by Broadridge. The comparable fund information showed that the Fund's contractual advisory fee (plus the applicable Class specific fee) was below the average contractual management fee of the expense peer group. The Board also reviewed the fee schedules for other clients of the Manager with a similar investment mandate. The Board considered whether there were economies of scale with respect to management of the Fund and whether the Fund benefits from economies of scale. The Board considered the Fund's assets and that the Fund's contractual advisory fee (plus the applicable Class specific fee) was on the low end of the spectrum of the expense peer group and also considered the

expense limitation in place until April 30, 2026. On the basis of the information provided, the Board concluded that the advisory fee was reasonable.

<u>Baillie Gifford China Equities Fund</u>

The Board reviewed total return information for the one-year, three-year and since inception (July 7, 2021) periods ended March 31, 2025 for the Fund compared to a benchmark index (MSCI China All Shares Index) and the average total returns of a performance universe of funds provided by Broadridge, and calendar year returns for 2022 through 2024 for the Fund compared to the benchmark index and a peer group of funds provided by Broadridge. The Board noted that the Fund's total return was above the benchmark index and the average of the performance universe for the one-year period, below the benchmark index and above the average of the performance universe for the three-year period and below the benchmark index and the average of the performance universe for the since inception period.

The Board reviewed the advisory fee (plus the applicable Class specific fee) and net expense ratio for the Fund's Class K and Institutional Class, and compared them to the average management fees and expense ratios of an expense peer group and expense universe of funds based on data provided by Broadridge. The comparable fund information showed that the Fund's contractual advisory fee (plus the applicable Class specific fee) was below the average contractual management fee of the expense peer group. The Board also reviewed the fee schedules for other clients of the Manager with a similar investment mandate. The Board considered whether there were economies of scale with respect to management of the Fund and whether the Fund benefits from economies of scale. The Board considered the Fund's assets and that the Fund's contractual advisory fee (plus the applicable Class specific fee) was on the low end of the spectrum of the expense peer group and also considered the expense limitation in place until April 30, 2026. On the basis of the information provided, the Board concluded that the advisory fee was reasonable.

<u>Baillie Gifford Emerging Markets Equities Fund</u>

The Board reviewed total return information for the one-year, three-year, five-year, ten-year and since inception (April 4, 2003) periods ended March 31, 2025 for the Fund compared to a benchmark index (MSCI Emerging Markets Index) and the average total returns of a performance universe of funds provided by Broadridge, and calendar year returns for 2015 through 2024 for the Fund compared to the benchmark index and a peer group of funds provided by Broadridge. The Board noted that the Fund's total return was below the benchmark index and above the average of the performance universe for the one-year and five-year periods and above the benchmark index and the average of the performance universe for the three-year, ten-year and since inception periods.

The Board reviewed the advisory fee (plus the applicable Class specific fee) and net expense ratio for the Fund's Class 2 and Institutional Class, and compared them to the average management fees and expense ratios of an expense peer group and expense universe of funds based on data provided by Broadridge. The comparable fund information showed that the Fund's contractual advisory fee (plus the applicable Class specific fee) was below the average contractual management fee of the expense peer group. The Board also reviewed the fee schedules for other clients of the Manager with a similar investment mandate. The Board considered whether there were economies of scale with respect to management of the Fund and whether the Fund benefits from economies of scale. The Board considered that the advisory fee schedule includes breakpoints and that the Fund's contractual advisory fee (plus the applicable Class specific fee) was on the low end of the spectrum of the expense peer

group. On the basis of the information provided, the Board concluded that the advisory fee was reasonable.

<u>Baillie Gifford Emerging Markets ex China Fund</u>

The Board reviewed total return information for the one-year, three-year and since inception (December 28, 2021) periods ended March 31, 2025 for the Fund compared to a benchmark index (MSCI Emerging Markets ex China Index) and the average total returns of a performance universe of funds provided by Broadridge, and calendar year returns for 2022 through 2024 for the Fund compared to the benchmark index and a peer group of funds provided by Broadridge. The Board noted that the Fund's total return was above the benchmark index and below the average of the performance universe for the one-year period, above the benchmark index and the average of the performance universe for the three-year period and below the benchmark index and above the average of the performance universe for the since inception period.

The Board reviewed the advisory fee (plus the applicable Class specific fee) and net expense ratio for the Fund's Class K and Institutional Class, and compared them to the average management fees and expense ratios of an expense peer group and expense universe of funds based on data provided by Broadridge. The comparable fund information showed that the Fund's contractual advisory fee (plus the applicable Class specific fee) was below the average contractual management fee of the expense peer group. The Board also reviewed the fee schedules for other clients of the Manager with a similar investment mandate. The Board considered whether there were economies of scale with respect to management of the Fund and whether the Fund benefits from economies of scale. The Board considered the Fund's assets and that the Fund's contractual advisory fee (plus the applicable Class specific fee) was on the low end of the spectrum of the expense peer group and also considered the expense limitation in place until April 30, 2026. On the basis of the information provided, the Board concluded that the advisory fee was reasonable.

<u>Baillie Gifford U.S. Equity Growth Fund</u>

The Board reviewed total return information for the one-year, three-year, five-year and since inception (December 5, 2016) periods ended March 31, 2025 for the Fund compared to a primary benchmark index (S&P 500 Index) and a secondary benchmark index (Russell 1000 Growth Index) and the average total returns of a performance universe of funds provided by Broadridge, and calendar year returns for 2017 through 2024 for the Fund compared to the benchmark indices and a peer group of funds provided by Broadridge. The Board noted that the Fund's total return was above the benchmark indices and the average of the performance universe for the one-year period, below the benchmark indices and the average of the performance universe for the three-year and five-year periods and above the primary benchmark index, below the secondary benchmark index and above the average of the performance universe for the since inception period.

The Board reviewed the advisory fee (plus the applicable Class specific fee) and net expense ratio for the Fund's Class K and Institutional Class, and compared them to the average management fees and expense ratios of an expense peer group and expense universe of funds based on data provided by Broadridge. The comparable fund information showed that the Fund's contractual advisory fee (plus the applicable Class specific fee) was below the average contractual management fee of the expense peer group. The Board also reviewed the fee schedules for other clients of the Manager with a similar investment mandate. The Board considered whether there were economies of scale with respect to management of the Fund and whether the Fund benefits from economies of scale. The Board considered the Fund's assets and that the Fund's contractual advisory fee (plus the applicable Class

specific fee) was on the low end of the spectrum of the expense peer group and also considered the expense limitation in place until April 30, 2026. On the basis of the information provided, the Board concluded that the advisory fee was reasonable.

**<u>Conclusion</u>**

Based upon all the information considered and the conclusions reached, the Board determined that the terms of the Advisory Agreement for the Funds were reasonable and fair and that the renewal of the Advisory Agreement was in the best interests of each Fund.

**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 officer and principal financial officer have concluded, based
on their evaluation of the effectiveness of the design and operation of the registrant's disclosure controls and procedures (as
defined in Rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c))) as of a date within 90 days of the
filing date of this report, that the design and operation of such procedures are effective to provide reasonable assurance that information
required to be disclosed by the registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods
specified in the Securities and Exchange Commission's rules and forms, and that information required to be disclosed by the
registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the registrant's management,
including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

&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)](tm2510131d1_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.](tm2510131d1_ex99-cert.htm)

[(b)](tm2510131d1_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.](tm2510131d1_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>September 3, 2025</u>

---

| | |
|:---|:---|
| By (Signature and Title)\* | <u>/s/Lindsay Cockburn</u> |

---

Lindsay Cockburn, Treasurer

(principal financial officer)

Date <u>September 3, 2025</u>

<sup>\*</sup> Print the name and title of each signing officer under his or her signature.

## 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>September 3, 2025</u> | <u>/s/ Michael Stirling-Aird, President</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>September 3, 2025</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;1. The Form N-CSR of the Registrant, for the period ended June 30, 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;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>September 3, 2025</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;1. The Form N-CSR of the Registrant, for the period ended June 30, 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;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>September 3, 2025</u> | <u>/s/Lindsay Cockburn</u> |
|  | Lindsay Cockburn, Treasurer |
|  | (principal financial officer) |

---