# EDGAR Filing Document

**Accession Number:** 0001120543
**File Stem:** 0001752724-23-036717
**Filing Date:** 2023-2
**Character Count:** 30874
**Document Hash:** b4c964d10f3cf20301d7515d41040510
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-036717.hdr.sgml**: 20230223

**ACCESSION NUMBER**: 0001752724-23-036717

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20221230

**FILED AS OF DATE**: 20230223

**DATE AS OF CHANGE**: 20230223

**PERIOD START**: 20221231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BAILLIE GIFFORD FUNDS
- **CENTRAL INDEX KEY:** 0001120543
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-10145
- **FILM NUMBER:** 23658281

**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 International Smaller Companies Fund (Series ID: S000063922)

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

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Baillie Gifford Funds

- **b. Investment Company Act file number:** 811-10145

- **c. CIK number of Registrant:** 0001120543

- **d. LEI of Registrant:** 213800T287IYS8QHPC42

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** CALTON SQUARE, ONE GREENSIDE ROW

  - **City:** EDINBURGH

  - **Zip / Postal Code:** EH1 3AN

  - **Telephone number:** 011-44-131-275-2000

**Item A.2. Information about the Series.**

- **a. Name of Series:** Baillie Gifford International Smaller Companies Fund

- **b. EDGAR series identifier (if any):** S000063922

- **c. LEI of Series:** 213800NXWSSYAF335760

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2022-12-31

- **b. Date as of which information is reported:** 2022-12-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $35616897.52

**Total Liabilities:** $120670.40

**Net Assets:** $35496227.12

**Cash Not Reported:** $949448.84

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000206905 | 2.55%                | 15.81%               | -3.32%               |
| Class ID C000206904 | 2.65%                | 15.77%               | -3.36%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-19.73                  | $842872.25                                 |
| Month 2  | $-1771743.53             | $6515068.49                                |
| Month 3  | $-103453.36              | $-1118442.17                               |

### Schedule of Portfolio Investments

| Name                           | Title                           | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Bactiguard Holding AB          | Bactiguard Holding AB           | CUSIP: 000000000<br>LEI: 549300PAEBW7IAMOSO21 | Long             | EC               | CORP              | SE        |      9525 | NS      | $100074.75    | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Technogym SpA                  | Technogym SpA                   | CUSIP: 000000000<br>LEI: 815600B9149F66E77F76 | Long             | EC               | CORP              | IT        |     62436 | NS      | $478822.64    | 1.35%             |  |  |  | No            |                  2 | On Loan: No      |
| ALK-Abello A/S                 | ALK-Abello A/S                  | CUSIP: 000000000<br>LEI: 529900SGCREUZCZ7P020 | Long             | EC               | CORP              | DK        |     28407 | NS      | $396250.98    | 1.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Inter Action Corp              | Inter Action Corp               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     11400 | NS      | $132198.31    | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Hypoport SE                    | Hypoport SE                     | CUSIP: 000000000<br>LEI: 391200GNIFXXP6KRYQ46 | Long             | EC               | CORP              | DE        |      5480 | NS      | $568779.16    | 1.60%             |  |  |  | No            |                  2 | On Loan: No      |
| Johnson Electric Holdings Ltd  | Johnson Electric Holdings Ltd   | CUSIP: 000000000<br>LEI: 529900EDYRQ6K25JEC80 | Long             | EC               | CORP              | HK        |    255000 | NS      | $321013.36    | 0.90%             |  |  |  | No            |                  2 | On Loan: No      |
| Locondo Inc                    | Locondo Inc                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     20700 | NS      | $169005.28    | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| Team17 Group PLC               | Team17 Group PLC                | CUSIP: 000000000<br>LEI: 2138006EUUCCL4ZI5E51 | Long             | EC               | CORP              | GB        |     63642 | NS      | $338535.98    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Kitanotatsujin Corp            | Kitanotatsujin Corp             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    110800 | NS      | $234259.19    | 0.66%             |  |  |  | No            |                  2 | On Loan: No      |
| Burford Capital Ltd            | Burford Capital Ltd             | CUSIP: 000000000<br>LEI: 549300FUKUWFYJMT2277 | Long             | EC               | CORP              | US        |     44958 | NS      | $362527.67    | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| JMDC Inc                       | JMDC Inc                        | CUSIP: 000000000<br>LEI: 3538002M2SQV6WJ6MQ67 | Long             | EC               | CORP              | JP        |     10600 | NS      | $304065.04    | 0.86%             |  |  |  | No            |                  2 | On Loan: No      |
| Trustpilot Group PLC           | Trustpilot Group PLC            | CUSIP: 000000000<br>LEI: 2138002ILUNMGNPSGG46 | Long             | EC               | CORP              | GB        |    180138 | NS      | $211515.20    | 0.60%             |  |  |  | No            |                  2 | On Loan: No      |
| Alpha Group International PLC  | Alpha Group International PLC   | CUSIP: 000000000<br>LEI: 213800RESM1FPUXY6K31 | Long             | EC               | CORP              | GB        |     21791 | NS      | $487368.24    | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| VNV Global AB                  | VNV Global AB                   | CUSIP: 000000000<br>LEI: 549300ONMNSTOBAU0S14 | Long             | EC               | CORP              | SE        |     58145 | NS      | $145246.42    | 0.41%             |  |  |  | No            |                  2 | On Loan: No      |
| Keywords Studios PLC           | Keywords Studios PLC            | CUSIP: 000000000<br>LEI: 2138007VR9ZYCWS7VE12 | Long             | EC               | CORP              | IE        |     17183 | NS      | $563884.35    | 1.59%             |  |  |  | No            |                  2 | On Loan: No      |
| Katitas Co Ltd                 | Katitas Co Ltd                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     32400 | NS      | $739604.73    | 2.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Avanza Bank Holding AB         | Avanza Bank Holding AB          | CUSIP: 000000000<br>LEI: 549300MBWR5H8SIJLE03 | Long             | EC               | CORP              | SE        |     74543 | NS      | $1599659.62   | 4.51%             |  |  |  | No            |                  2 | On Loan: No      |
| Freee KK                       | Freee KK                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      7500 | NS      | $166419.87    | 0.47%             |  |  |  | No            |                  2 | On Loan: No      |
| FD Technologies PLC            | FD Technologies PLC             | CUSIP: 000000000<br>LEI: 213800MKQAJ5R7WIU633 | Long             | EC               | CORP              | GB        |     21266 | NS      | $350163.81    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Cellectis SA                   | Cellectis SA                    | CUSIP: 000000000<br>LEI: 5493000KKX5VQ37Q2W83 | Long             | EC               | CORP              | FR        |       506 | NS      | $1084.24      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Cellectis SA                   | Cellectis SA                    | CUSIP: 15117K103<br>LEI: 5493000KKX5VQ37Q2W83 | Long             | EC               | CORP              | FR        |     22950 | NS      | $48195.00     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Hypebeast Ltd                  | Hypebeast Ltd                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | HK        |   1256600 | NS      | $64286.88     | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Netwealth Group Ltd            | Netwealth Group Ltd             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |     50397 | NS      | $412884.18    | 1.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Games Workshop Group PLC       | Games Workshop Group PLC        | CUSIP: 000000000<br>LEI: 213800RP9QJQYGWHNT41 | Long             | EC               | CORP              | GB        |      6825 | NS      | $704501.18    | 1.98%             |  |  |  | No            |                  2 | On Loan: No      |
| Xvivo Perfusion AB             | Xvivo Perfusion AB              | CUSIP: 000000000<br>LEI: 549300G2464FYLS14B41 | Long             | EC               | CORP              | SE        |      8654 | NS      | $151763.49    | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |
| Chroma ATE Inc                 | Chroma ATE Inc                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |    131000 | NS      | $769477.98    | 2.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Demae-Can Co Ltd               | Demae-Can Co Ltd                | CUSIP: 000000000<br>LEI: 35380058ZGSGRV80PE35 | Long             | EC               | CORP              | JP        |     21100 | NS      | $69208.12     | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Nayax Ltd                      | Nayax Ltd                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | IL        |     12805 | NS      | $241505.41    | 0.68%             |  |  |  | No            |                  2 | On Loan: No      |
| Airtac International Group     | Airtac International Group      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     56229 | NS      | $1697635.53   | 4.78%             |  |  |  | No            |                  2 | On Loan: No      |
| GA Technologies Co Ltd/Japan   | GA Technologies Co Ltd/Japan    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     31300 | NS      | $314639.18    | 0.89%             |  |  |  | No            |                  2 | On Loan: No      |
| Volpara Health Technologies Lt | Volpara Health Technologies Ltd | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | NZ        |    384714 | NS      | $136625.05    | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Douzone Bizon Co Ltd           | Douzone Bizon Co Ltd            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     18341 | NS      | $535161.91    | 1.51%             |  |  |  | No            |                  2 | On Loan: No      |
| KH Neochem Co Ltd              | KH Neochem Co Ltd               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     14400 | NS      | $291781.83    | 0.82%             |  |  |  | No            |                  2 | On Loan: No      |
| Molten Ventures PLC            | Molten Ventures PLC             | CUSIP: 000000000<br>LEI: 213800IPCR3SAYJWSW10 | Long             | EC               | CORP              | GB        |     44756 | NS      | $191302.12    | 0.54%             |  |  |  | No            |                  2 | On Loan: No      |
| Maytronics Ltd                 | Maytronics Ltd                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | IL        |     57936 | NS      | $576270.00    | 1.62%             |  |  |  | No            |                  2 | On Loan: No      |
| Nanoform Finland Plc           | Nanoform Finland Plc            | CUSIP: 000000000<br>LEI: 743700JJO2NU8LBS1592 | Long             | EC               | CORP              | FI        |     45167 | NS      | $154716.85    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Melexis NV                     | Melexis NV                      | CUSIP: 000000000<br>LEI: 549300QRPSGOJRPUFO80 | Long             | EC               | CORP              | BE        |      4167 | NS      | $362720.61    | 1.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Auto1 Group SE                 | Auto1 Group SE                  | CUSIP: 000000000<br>LEI: 391200S2LPXG5ZD5G304 | Long             | EC               | CORP              | DE        |     26851 | NS      | $223078.74    | 0.63%             |  |  |  | No            |                  2 | On Loan: No      |
| Infomart Corp                  | Infomart Corp                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     66700 | NS      | $180654.30    | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| TCI Co Ltd                     | TCI Co Ltd                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     35148 | NS      | $195019.99    | 0.55%             |  |  |  | No            |                  2 | On Loan: No      |
| Shima Seiki Manufacturing Ltd  | Shima Seiki Manufacturing Ltd   | CUSIP: 000000000<br>LEI: 3538003VF74W7607DA80 | Long             | EC               | CORP              | JP        |     17700 | NS      | $247277.33    | 0.70%             |  |  |  | No            |                  2 | On Loan: No      |
| Sansan Inc                     | Sansan Inc                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     27500 | NS      | $264952.41    | 0.75%             |  |  |  | No            |                  2 | On Loan: No      |
| Anicom Holdings Inc            | Anicom Holdings Inc             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     29800 | NS      | $130696.50    | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| COLOPL Inc                     | COLOPL Inc                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     57100 | NS      | $271710.93    | 0.77%             |  |  |  | No            |                  2 | On Loan: No      |
| Bengo4.com Inc                 | Bengo4.com Inc                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     19600 | NS      | $382661.73    | 1.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Reply SpA                      | Reply SpA                       | CUSIP: 000000000<br>LEI: 815600DAEFB0388F3521 | Long             | EC               | CORP              | IT        |      7855 | NS      | $901109.96    | 2.54%             |  |  |  | No            |                  2 | On Loan: No      |
| Kamakura Shinsho Ltd           | Kamakura Shinsho Ltd            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     59800 | NS      | $457387.57    | 1.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Kinaxis Inc                    | Kinaxis Inc                     | CUSIP: 49448Q109<br>LEI: 5299009VAZ14K7PFUQ15 | Long             | EC               | CORP              | CA        |      9985 | NS      | $1120252.10   | 3.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Aumann AG                      | Aumann AG                       | CUSIP: 000000000<br>LEI: 529900GLI93PGU71F690 | Long             | EC               | CORP              | DE        |      9457 | NS      | $115799.01    | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| DMG Mori Co Ltd                | DMG Mori Co Ltd                 | CUSIP: 000000000<br>LEI: 353800P4I3FIXTQV2E13 | Long             | EC               | CORP              | JP        |     34500 | NS      | $456874.44    | 1.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Koh Young Technology Inc       | Koh Young Technology Inc        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     61471 | NS      | $623608.36    | 1.76%             |  |  |  | No            |                  2 | On Loan: No      |
| Tsugami Corp                   | Tsugami Corp                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     69100 | NS      | $605496.87    | 1.71%             |  |  |  | No            |                  2 | On Loan: No      |
| Raksul Inc                     | Raksul Inc                      | CUSIP: 000000000<br>LEI: 353800MJOUNWM4MY4B07 | Long             | EC               | CORP              | JP        |     37300 | NS      | $933155.40    | 2.63%             |  |  |  | No            |                  2 | On Loan: No      |
| Vulcan Energy Resources Ltd    | Vulcan Energy Resources Ltd     | CUSIP: 000000000<br>LEI: 8945006OYFHQ9HE4XE54 | Long             | EC               | CORP              | AU        |     16343 | NS      | $70117.69     | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Wantedlab Inc                  | Wantedlab Inc                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      3239 | NS      | $32174.83     | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Biocartis Group NV             | Biocartis Group NV              | CUSIP: 000000000<br>LEI: 549300J4HOJL5KG8HY54 | Long             | EC               | CORP              | BE        |     33774 | NS      | $19079.33     | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| u-blox Holding AG              | u-blox Holding AG               | CUSIP: 000000000<br>LEI: 506700B2W2NUXS9X8479 | Long             | EC               | CORP              | CH        |      2764 | NS      | $329941.55    | 0.93%             |  |  |  | No            |                  2 | On Loan: No      |
| Naked Wines PLC                | Naked Wines PLC                 | CUSIP: 000000000<br>LEI: 213800IYPFIRRQQE9R62 | Long             | EC               | CORP              | GB        |     68761 | NS      | $104187.25    | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Snow Peak Inc                  | Snow Peak Inc                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     21700 | NS      | $386496.94    | 1.09%             |  |  |  | No            |                  2 | On Loan: No      |
| dotdigital group plc           | dotdigital group plc            | CUSIP: 000000000<br>LEI: 2138006LZ7HHQ6DWFD42 | Long             | EC               | CORP              | GB        |    204692 | NS      | $204182.95    | 0.58%             |  |  |  | No            |                  2 | On Loan: No      |
| Cafe24 Corp                    | Cafe24 Corp                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     10865 | NS      | $85177.19     | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Megachips Corp                 | Megachips Corp                  | CUSIP: 000000000<br>LEI: 529900CHDZ5G02UMD829 | Long             | EC               | CORP              | JP        |     35200 | NS      | $652301.87    | 1.84%             |  |  |  | No            |                  2 | On Loan: No      |
| Docebo Inc                     | Docebo Inc                      | CUSIP: 25609L105<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |     12138 | NS      | $401073.94    | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Angle PLC                      | Angle PLC                       | CUSIP: 000000000<br>LEI: 213800BY11K6W3NMS374 | Long             | EC               | CORP              | GB        |    167788 | NS      | $102437.89    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Victoria PLC                   | Victoria PLC                    | CUSIP: 000000000<br>LEI: 2138002K6ECECHVCQN25 | Long             | EC               | CORP              | GB        |     91866 | NS      | $534205.34    | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Storytel AB                    | Storytel AB                     | CUSIP: 000000000<br>LEI: 549300I1FSPPI9HHU419 | Long             | EC               | CORP              | SE        |     14833 | NS      | $62944.57     | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Paradox Interactive AB         | Paradox Interactive AB          | CUSIP: 000000000<br>LEI: 529900QNSZUY53R5WW95 | Long             | EC               | CORP              | SE        |     20547 | NS      | $418086.24    | 1.18%             |  |  |  | No            |                  2 | On Loan: No      |
| AddTech AB                     | AddTech AB                      | CUSIP: 000000000<br>LEI: 549300QZ5U2IDRHPWL60 | Long             | EC               | CORP              | SE        |     67403 | NS      | $962257.68    | 2.71%             |  |  |  | No            |                  2 | On Loan: No      |
| ASPEED Technology Inc          | ASPEED Technology Inc           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     10100 | NS      | $551346.63    | 1.55%             |  |  |  | No            |                  2 | On Loan: No      |
| Global Unichip Corp            | Global Unichip Corp             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     57000 | NS      | $1178619.39   | 3.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Iriso Electronics Co Ltd       | Iriso Electronics Co Ltd        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     14500 | NS      | $464498.87    | 1.31%             |  |  |  | No            |                  2 | On Loan: No      |
| HMS Networks AB                | HMS Networks AB                 | CUSIP: 000000000<br>LEI: 549300MOY2FDUUDIQ179 | Long             | EC               | CORP              | SE        |     16741 | NS      | $545239.70    | 1.54%             |  |  |  | No            |                  2 | On Loan: No      |
| CreditAccess Grameen Ltd       | CreditAccess Grameen Ltd        | CUSIP: 000000000<br>LEI: 335800YHFDVKKBDQMK23 | Long             | EC               | CORP              | IN        |     35335 | NS      | $390489.90    | 1.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Istyle Inc                     | Istyle Inc                      | CUSIP: 000000000<br>LEI: 529900SRRLS3Q7T1JY30 | Long             | EC               | CORP              | JP        |     42700 | NS      | $173686.53    | 0.49%             |  |  |  | No            |                  2 | On Loan: No      |
| Veganz Group AG                | Veganz Group AG                 | CUSIP: 000000000<br>LEI: 391200WJ0J8QYRQNC671 | Long             | EC               | CORP              | DE        |      2160 | NS      | $29595.80     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Tonies SE                      | Tonies SE                       | CUSIP: 000000000<br>LEI: 222100DAYRVSS1X9EB98 | Long             | EC               | CORP              | DE        |     61683 | NS      | $396171.40    | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Sensirion Holding AG           | Sensirion Holding AG            | CUSIP: 000000000<br>LEI: 894500ANJ9YNE8YCTT04 | Long             | EC               | CORP              | CH        |      9517 | NS      | $1012343.91   | 2.85%             |  |  |  | No            |                  2 | On Loan: No      |
| Cellavision AB                 | Cellavision AB                  | CUSIP: 000000000<br>LEI: 529900IUBZBZ0HXFJ114 | Long             | EC               | CORP              | SE        |      4416 | NS      | $96996.81     | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Optex Group Co Ltd             | Optex Group Co Ltd              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     20900 | NS      | $283157.60    | 0.80%             |  |  |  | No            |                  2 | On Loan: No      |
| eGuarantee Inc                 | eGuarantee Inc                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     30500 | NS      | $563745.70    | 1.59%             |  |  |  | No            |                  2 | On Loan: No      |
| Outsourcing Inc                | Outsourcing Inc                 | CUSIP: 000000000<br>LEI: 353800Y1XELZ246TNZ48 | Long             | EC               | CORP              | JP        |     42100 | NS      | $301721.18    | 0.85%             |  |  |  | No            |                  2 | On Loan: No      |
| Bossard Holding AG             | Bossard Holding AG              | CUSIP: 000000000<br>LEI: 5067001959OEPG6X8016 | Long             | EC               | CORP              | CH        |      2523 | NS      | $545200.94    | 1.54%             |  |  |  | No            |                  2 | On Loan: No      |
| New Work SE                    | New Work SE                     | CUSIP: 000000000<br>LEI: 5299002VHN50DM9T9H37 | Long             | EC               | CORP              | DE        |      2521 | NS      | $412299.89    | 1.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Cleanspace Holdings Ltd        | Cleanspace Holdings Ltd         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |    186083 | NS      | $63347.31     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Brunello Cucinelli SpA         | Brunello Cucinelli SpA          | CUSIP: 000000000<br>LEI: 5493003CX2RZ0FOBH256 | Long             | EC               | CORP              | IT        |     15011 | NS      | $1110678.51   | 3.13%             |  |  |  | No            |                  2 | On Loan: No      |
| WealthNavi Inc                 | WealthNavi Inc                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     30700 | NS      | $312796.96    | 0.88%             |  |  |  | No            |                  2 | On Loan: No      |
| ESI Group                      | ESI Group                       | CUSIP: 000000000<br>LEI: 969500SJCEYK6O6RXV95 | Long             | EC               | CORP              | FR        |      3611 | NS      | $285266.15    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-22

**Name of Applicant:** Baillie Gifford Funds

**Signature:** Lindsay Cockburn

**Name of Signer:** Lindsay Cockburn

**Title:** Treasurer