# EDGAR Filing Document

**Accession Number:** 0001120543
**File Stem:** 0000940400-26-020555
**Filing Date:** 2026-5
**Character Count:** 43230
**Document Hash:** 50e40c056a4576eb652d0bcacd9ee28b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-020555.hdr.sgml**: 20260521

**ACCESSION NUMBER**: 0000940400-26-020555

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260521

**DATE AS OF CHANGE**: 20260521

**PERIOD START**: 20261231

**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:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-10145
- **FILM NUMBER:** 261007800

**BUSINESS ADDRESS:**
- **STREET 1:** 780 THIRD AVENUE
- **STREET 2:** 43RD FLOOR
- **CITY:** NEW
- **STATE:** NY
- **ZIP:** 10017
- **BUSINESS PHONE:** 011441312752000

**MAIL ADDRESS:**
- **STREET 1:** 780 THIRD AVENUE
- **STREET 2:** 43RD FLOOR
- **CITY:** NEW
- **STATE:** NY
- **ZIP:** 10017

## Series and Classes Contracts Data

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

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

## Nport-Ex

**Portfolio of Investments**

March 31, 2026 (unaudited)

Baillie Gifford Global Alpha Equities Fund

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS — 98.1%** |  |  |
| BRAZIL — 4.7% |  |  |
| B3 SA — Brasil Bolsa Balcao | 1716400 | $6097041 |
| MercadoLibre, Inc. \* | 2109 | 3646503 |
| NU Holdings Ltd., Class A \* | 229821 | 3302528 |
| Petroleo Brasileiro SA - Petrobras ADR | 313912 | 6513674 |
|  |  | 19559746 |
| CANADA — 2.7% |  |  |
| Brookfield Corp. | 77794 | 3148323 |
| Shopify, Inc., Class A \* | 40287 | 4778844 |
| Stella-Jones, Inc. | 49881 | 3346914 |
|  |  | 11274081 |
| CHINA — 5.8% |  |  |
| Contemporary Amperex Technology Co., Ltd., Class A | 117200 | 6954952 |
| Kweichow Moutai Co., Ltd., Class A | 12200 | 2576796 |
| Midea Group Co., Ltd., Class A | 320200 | 3577310 |
| Tencent Holdings Ltd. | 171800 | 10835835 |
|  |  | 23944893 |
| DENMARK — 0.6% |  |  |
| Novo Nordisk A/S, B Shares | 64617 | 2364627 |
| FRANCE — 1.1% |  |  |
| Edenred | 116067 | 2311929 |
| Nexans SA | 15460 | 2103160 |
|  |  | 4415089 |
| GERMANY — 0.3% |  |  |
| Auto1 Group SE \* | 70402 | 1253441 |
| ITALY — 2.5% |  |  |
| Poste Italiane SpA | 139225 | 3277183 |
| Ryanair Holdings PLC ADR | 119172 | 6888142 |
|  |  | 10165325 |
| JAPAN — 4.8% |  |  |
| Chugai Pharmaceutical Co., Ltd. | 74700 | 4119592 |
| Cosmos Pharmaceutical Corp. | 64000 | 2757519 |
| Disco Corp. | 8900 | 3627491 |
| Keyence Corp. | 13300 | 4733568 |
| Kokusai Electric Corp. | 75400 | 2549628 |
| Nippon Paint Holdings Co., Ltd. | 325400 | 2040435 |
|  |  | 19828233 |
| NETHERLANDS — 1.1% |  |  |
| Adyen NV \* | 4634 | 4637941 |
| PERU — 0.9% |  |  |
| Credicorp Ltd. | 11116 | 3770325 |
| POLAND — 0.6% |  |  |
| Dino Polska SA \* | 283450 | 2561687 |
| RUSSIA — 0.0% <sup>(a)</sup> |  |  |
| Sberbank of Russia PJSC \*<sup>(b)</sup> | 1284860 | 0 |

---

See previously submitted notes to the financial statements for the year ended December 31, 2025.

**Portfolio of Investments**

March 31, 2026 (unaudited)

Baillie Gifford Global Alpha Equities Fund

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| SINGAPORE — 1.5% |  |  |
| Sea Ltd. ADR \* | 32390 | $2682216 |
| United Overseas Bank Ltd. | 130100 | 3724211 |
|  |  | 6406427 |
| SOUTH KOREA — 2.3% |  |  |
| Samsung Electronics Co., Ltd. | 83682 | 9787563 |
| SWEDEN — 1.6% |  |  |
| Epiroc AB, B Shares | 145252 | 3111525 |
| Skandinaviska Enskilda Banken AB, A Shares | 182467 | 3371789 |
|  |  | 6483314 |
| SWITZERLAND — 0.9% |  |  |
| Cie Financiere Richemont SA | 22136 | 3908468 |
| TAIWAN — 5.4% |  |  |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 386000 | 22324127 |
| UNITED KINGDOM — 1.6% |  |  |
| Autotrader Group PLC | 442904 | 2772173 |
| Games Workshop Group PLC | 17095 | 4041204 |
|  |  | 6813377 |
| UNITED STATES — 59.7% |  |  |
| Advanced Drainage Systems, Inc. | 24800 | 3400824 |
| AeroVironment, Inc. \* | 11879 | 2174451 |
| Alnylam Pharmaceuticals, Inc. \* | 8928 | 2954007 |
| Alphabet, Inc., Class C | 47858 | 13728546 |
| Amazon.com, Inc. \* | 58039 | 12087783 |
| AppLovin Corp., Class A \* | 12378 | 4926444 |
| AutoZone, Inc. \* | 1042 | 3519647 |
| Brunswick Corp. | 36683 | 2669055 |
| CBRE Group, Inc., Class A \* | 31184 | 4224185 |
| Cloudflare, Inc., Class A \* | 11540 | 2381164 |
| Coinbase Global, Inc., Class A \* | 12262 | 2141068 |
| Comfort Systems USA, Inc. | 2872 | 3960459 |
| CoStar Group, Inc. \* | 66482 | 2681884 |
| CRH PLC | 54169 | 5667189 |
| Datadog, Inc., Class A \* | 19797 | 2337036 |
| Dollar General Corp. | 38188 | 4534061 |
| DoorDash, Inc., Class A \* | 34842 | 5231526 |
| Dutch Bros, Inc., Class A \* | 39626 | 2007453 |
| Eaton Corp. PLC | 7939 | 2839542 |
| Elevance Health, Inc. | 15243 | 4462388 |
| Enphase Energy, Inc. \* | 31702 | 1198653 |
| Ensign Group, Inc. (The) | 32558 | 6560437 |
| EOG Resources, Inc. | 40669 | 5879517 |
| EQT Corp. | 57863 | 3682401 |
| Freeport-McMoRan, Inc. | 52646 | 3094532 |
| Markel Group, Inc. \* | 2102 | 4023375 |
| Martin Marietta Materials, Inc. | 15129 | 8906140 |
| Mastercard, Inc., Class A | 16963 | 8475733 |
| Medline, Inc., Class A \* | 68787 | 3061021 |
| Medpace Holdings, Inc. \* | 6130 | 2943565 |
| Meta Platforms, Inc., Class A | 19684 | 11261807 |
| Microsoft Corp. | 32412 | 11997950 |
| Moody's Corp. | 9959 | 4344614 |
| MSCI, Inc. | 10317 | 5560966 |

---

See previously submitted notes to the financial statements for the year ended December 31, 2025.

**Portfolio of Investments**

March 31, 2026 (unaudited)

Baillie Gifford Global Alpha Equities Fund

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| Netflix, Inc. \* | 55822 | $5367285 |
| NVIDIA Corp. | 129550 | 22593520 |
| ON Semiconductor Corp. \* | 56891 | 3522691 |
| Paycom Software, Inc. | 19217 | 2335634 |
| Philip Morris International, Inc. | 24680 | 4080591 |
| QXO, Inc. \* | 170003 | 3301458 |
| Royalty Pharma PLC, Class A | 188213 | 9028578 |
| Samsara, Inc., Class A \* | 128429 | 4069915 |
| Service Corp. International | 106387 | 8777991 |
| Spotify Technology SA \* | 4734 | 2295564 |
| Texas Instruments, Inc. | 20655 | 4009962 |
| Thermo Fisher Scientific, Inc. | 8715 | 4283684 |
| Tidewater, Inc. \* | 3535 | 295349 |
| Uber Technologies, Inc. \* | 48744 | 3506156 |
| WillScot Holdings Corp. | 55559 | 964504 |
|  |  | 247352305 |
| **TOTAL INVESTMENTS — 98.1%** |  |  |
| (cost $266,721,989) |  | $406850969 |
| Other assets less liabilities — 1.9% |  | 7716136 |
| **NET ASSETS — 100.0%** |  | $414567105 |

---

(a) Amount rounds to less than 0.1%.

(b) 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.

See previously submitted notes to the financial statements for the year ended December 31, 2025.

**Portfolio of Investments**

March 31, 2026 (unaudited)

Baillie Gifford Global Alpha Equities Fund

**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 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 following is a summary of the inputs used as of March 31, 2026 in valuing the Fund's investments carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Investments in Securities | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks<sup>\*\*</sup> | $288617145 | $118233824 | $0 | $406850969 |
| **Total** | $288617145 | $118233824 | $0 | $406850969 |

---

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

**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 March 31, 2026 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.

There were no transfers into or out of Level 3 during the period ended March 31, 2026.

See previously submitted notes to the financial statements for the year ended December 31, 2025.

## 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 Global Alpha Equities Fund

- **b. EDGAR series identifier (if any):** S000026149

- **c. LEI of Series:** 2138002UQDBYLZYT5W43

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

- **a. Date of fiscal year-end:** 2026-12-31

- **b. Date as of which information is reported:** 2026-03-31

**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:** $415133396.06

**Total Liabilities:** $663158.89

**Net Assets:** $414470237.17

**Cash Not Reported:** $7615485.78

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000186035 | 1.13%                | -2.24%               | -6.71%               |
| Class ID C000078433 | 1.12%                | -2.21%               | -6.69%               |
| Class ID C000186034 | 1.06%                | -2.17%               | -6.73%               |
| Class ID C000078432 | 1.11%                | -2.21%               | -6.69%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $9281325.44              | $-4087628.96                               |
| Month 2  | $7831430.01              | $-17903859.25                              |
| Month 3  | $11833245.38             | $-41968343.72                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Dutch Bros Inc                               | Dutch Bros Inc CL A                                | CUSIP: 26701L100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     39626 | NS      | $2007453.16   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Petroleo Brasileiro SA                       | Petroleo Brasileiro SA SPONSORED ADR               | CUSIP: 71654V408<br>LEI: 5493000J801JZRCMFE49 | Long             | EC               | CORP              | BR        |    313912 | NS      | $6513674.00   | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| COSMOS PHARMACEUTICAL CORP                   | Cosmos Pharmaceutical Corp. NPV                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     64000 | NS      | $2757518.67   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Epiroc AB                                    | Epiroc AB SER'B'NPV                                | CUSIP: 000000000<br>LEI: 5493004Q73OEYW1SPE91 | Long             | EC               | CORP              | SE        |    145252 | NS      | $3111525.31   | 0.75%             |  |  |  | No            |                  2 | On Loan: No      |
| Datadog Inc                                  | Datadog Inc CL A COM                               | CUSIP: 23804L103<br>LEI: 549300F6JNO0KRPO1K63 | Long             | EC               | CORP              | US        |     19797 | NS      | $2337035.85   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Service Corporation International            | Service Corporation International COM              | CUSIP: 817565104<br>LEI: 549300RKVM2ME20JHZ15 | Long             | EC               | CORP              | US        |    106387 | NS      | $8777991.37   | 2.12%             |  |  |  | No            |                  1 | On Loan: No      |
| MasterCard Incorporated                      | MasterCard Incorporated CL A                       | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |     16963 | NS      | $8475732.58   | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Compagnie Financiere Richemont Sa            | Compagnie Financiere Richemont Sa CHF1 (REGD)      | CUSIP: 000000000<br>LEI: 549300YIPGJ6UX2QPS51 | Long             | EC               | CORP              | CH        |     22136 | NS      | $3908468.03   | 0.94%             |  |  |  | No            |                  2 | On Loan: No      |
| United Overseas Bank Ltd.                    | United Overseas Bank Ltd. NPV                      | CUSIP: 000000000<br>LEI: IO66REGK3RCBAMA8HR66 | Long             | EC               | CORP              | SG        |    130100 | NS      | $3724211.31   | 0.90%             |  |  |  | No            |                  2 | On Loan: No      |
| Edenred SA                                   | Edenred SA EUR2                                    | CUSIP: 000000000<br>LEI: 9695006LOD5B2D7Y0N70 | Long             | EC               | CORP              | FR        |    116067 | NS      | $2311928.91   | 0.56%             |  |  |  | No            |                  2 | On Loan: No      |
| Costar Group Inc                             | Costar Group Inc COM                               | CUSIP: 22160N109<br>LEI: 984500Q1D53D08E2E698 | Long             | EC               | CORP              | US        |     66482 | NS      | $2681883.88   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc                           | Meta Platforms Inc CL A                            | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |     19684 | NS      | $11261806.92  | 2.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Cloudflare Inc                               | Cloudflare Inc CL A COM                            | CUSIP: 18915M107<br>LEI: 5493007DY18BGNLDWU14 | Long             | EC               | CORP              | US        |     11540 | NS      | $2381163.60   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Nexans SA                                    | Nexans SA EUR1                                     | CUSIP: 000000000<br>LEI: 96950015FU78G84UIV14 | Long             | EC               | CORP              | FR        |     15460 | NS      | $2103160.49   | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| CATL                                         | Contemporary Amperex Technology Co Ltd             | CUSIP: 000000000<br>LEI: 300300KINDY1K0E9I032 | Long             | EC               | CORP              | CN        |    117200 | NS      | $6954951.63   | 1.68%             |  |  |  | No            |                  2 | On Loan: No      |
| NU HOLDINGS LTD                              | Nu Holdings Ltd. ORD SHS CL A                      | CUSIP: 000000000<br>LEI: 5493002DG1RHWK9W2X27 | Long             | EC               | CORP              | KY        |    229821 | NS      | $3302527.77   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| AeroVironment, Inc.                          | AeroVironment, Inc. COM                            | CUSIP: 008073108<br>LEI: 529900PGHVI29YLZ6221 | Long             | EC               | CORP              | US        |     11879 | NS      | $2174450.95   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| KWEICHOW MOUTAI COMPANY LTD                  | Kweichow Moutai Co Ltd. 'A'CNY1                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     12200 | NS      | $2576795.78   | 0.62%             |  |  |  | No            |                  2 | On Loan: No      |
| QXO Inc                                      | QXO Inc COM NEW                                    | CUSIP: 82846H405<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    170003 | NS      | $3301458.26   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| CRH PLC                                      | CRH PLC ORD EUR 0.32 (DI)                          | CUSIP: 000000000<br>LEI: 549300MIDJNNTH068E74 | Long             | EC               | CORP              | IE        |     54169 | NS      | $5667188.77   | 1.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Mercadolibre Inc                             | Mercadolibre Inc COM                               | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | US        |      2109 | NS      | $3646503.18   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Shopify Inc                                  | Shopify Inc CL A SUB VTG SHS                       | CUSIP: 82509L107<br>LEI: 549300HGQ43STJLLP808 | Long             | EC               | CORP              | CA        |     40287 | NS      | $4778843.94   | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Midea Group Co Ltd.                          | Midea Group Co Ltd. A CNY1                         | CUSIP: 000000000<br>LEI: 3003003TRPHLHZD2IF61 | Long             | EC               | CORP              | CN        |    320200 | NS      | $3577310.02   | 0.86%             |  |  |  | No            |                  2 | On Loan: No      |
| Thermo Fisher Scientific Inc                 | Thermo Fisher Scientific Inc COM                   | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |      8715 | NS      | $4283683.95   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| TENCENT HOLDINGS LTD                         | Tencent Holdings Ltd. HKD0.00002                   | CUSIP: 000000000<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | KY        |    171800 | NS      | $10835835.08  | 2.61%             |  |  |  | No            |                  2 | On Loan: No      |
| ON Semiconductor Corp.                       | ON Semiconductor Corp. COM                         | CUSIP: 682189105<br>LEI: ZV20P4CNJVT8V1ZGJ064 | Long             | EC               | CORP              | US        |     56891 | NS      | $3522690.72   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Dino Polska SA                               | Dino Polska SA PLN0.01                             | CUSIP: 000000000<br>LEI: 259400H4L81SMPRTW956 | Long             | EC               | CORP              | PL        |    283450 | NS      | $2561687.20   | 0.62%             |  |  |  | No            |                  2 | On Loan: No      |
| Dollar General Corporation                   | Dollar General Corporation COM                     | CUSIP: 256677105<br>LEI: OPX52SQVOZI8IVSWYU66 | Long             | EC               | CORP              | US        |     38188 | NS      | $4534061.24   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp.                              | Microsoft Corp. COM                                | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     32412 | NS      | $11997950.04  | 2.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Ensign Group Inc                             | Ensign Group Inc COM                               | CUSIP: 29358P101<br>LEI: 5493003K4HEEA8Q0BC72 | Long             | EC               | CORP              | US        |     32558 | NS      | $6560437.00   | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Drainage System Inc                 | Advanced Drainage System Inc COM                   | CUSIP: 00790R104<br>LEI: 6QQTOZ5MF5DHM7K92I60 | Long             | EC               | CORP              | US        |     24800 | NS      | $3400824.00   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| CBRE Group Inc.                              | CBRE Group Inc. CL A                               | CUSIP: 12504L109<br>LEI: 52990016II9MJ2OSWA10 | Long             | EC               | CORP              | US        |     31184 | NS      | $4224184.64   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Games Workshop Group PLC                     | Games Workshop Group PLC ORD GBP0.05               | CUSIP: 000000000<br>LEI: 213800RP9QJQYGWHNT41 | Long             | EC               | CORP              | GB        |     17095 | NS      | $4041204.08   | 0.98%             |  |  |  | No            |                  2 | On Loan: No      |
| Alnylam Pharmaceuticals Inc.                 | Alnylam Pharmaceuticals Inc. COM                   | CUSIP: 02043Q107<br>LEI: 529900S3ZI14OWRJII50 | Long             | EC               | CORP              | US        |      8928 | NS      | $2954007.36   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Paycom Software Inc                          | Paycom Software Inc COM                            | CUSIP: 70432V102<br>LEI: 254900LSB0HNJUDC6Q18 | Long             | EC               | CORP              | US        |     19217 | NS      | $2335634.18   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Markel Group Inc                             | Markel Group Inc COM                               | CUSIP: 570535104<br>LEI: 549300SCNO12JLWIK605 | Long             | EC               | CORP              | US        |      2102 | NS      | $4023375.14   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Coinbase Global Inc                          | Coinbase Global Inc COM CL A                       | CUSIP: 19260Q107<br>LEI: 5493004G3J2SC154DU06 | Long             | EC               | CORP              | US        |     12262 | NS      | $2141067.82   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc.                                | Alphabet Inc. CAP STK CL C                         | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     47858 | NS      | $13728545.88  | 3.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Martin Marietta Materials Inc                | Martin Marietta Materials Inc COM                  | CUSIP: 573284106<br>LEI: 5299005MZ4WZECVATV08 | Long             | EC               | CORP              | US        |     15129 | NS      | $8906139.72   | 2.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Netflix, Inc.                                | Netflix, Inc. COM                                  | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |     55822 | NS      | $5367285.30   | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Auto1 Group                                  | Auto1 Group NPV                                    | CUSIP: 000000000<br>LEI: 391200S2LPXG5ZD5G304 | Long             | EC               | CORP              | DE        |     70402 | NS      | $1253441.21   | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Stella Jones Inc                             | Stella Jones Inc COM NPV                           | CUSIP: 85853F105<br>LEI: 5493007LOVNNLYJ6KZ35 | Long             | EC               | CORP              | CA        |     49881 | NS      | $3346914.34   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Philip Morris International Inc.             | Philip Morris International Inc. COM               | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |     24680 | NS      | $4080591.20   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| EQT Corporation                              | EQT Corporation COM                                | CUSIP: 26884L109<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | EC               | CORP              | US        |     57863 | NS      | $3682401.32   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Medline Inc.                                 | Medline Inc. COM CL A                              | CUSIP: 58507V107<br>LEI: 984500FAN6J1P8566D43 | Long             | EC               | CORP              | US        |     68787 | NS      | $3061021.50   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com, Inc.                             | Amazon.com, Inc. COM                               | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |     58039 | NS      | $12087782.53  | 2.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Corp.                             | Brookfield Corp. CL A LTD VT SH                    | CUSIP: 11271J107<br>LEI: C6J3FGIWG6MBDGTE8F80 | Long             | EC               | CORP              | CA        |     77794 | NS      | $3148323.18   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| B3 S.A. - Brasil, Bolsa, Balcao              | B3 S.A. - Brasil, Bolsa, Balcao COM NPV            | CUSIP: 000000000<br>LEI: 4GTK5S46E6H318LMDS44 | Long             | EC               | CORP              | BR        |   1716400 | NS      | $6097041.42   | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Enphase Energy Inc                           | Enphase Energy Inc COM                             | CUSIP: 29355A107<br>LEI: 5493008U7KIGMI59Z314 | Long             | EC               | CORP              | US        |     31702 | NS      | $1198652.62   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Uber Technologies Inc                        | Uber Technologies Inc COM                          | CUSIP: 90353T100<br>LEI: 549300B2FTG34FILDR98 | Long             | EC               | CORP              | US        |     48744 | NS      | $3506155.92   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| WillScot Holdings Corporation                | WillScot Holdings Corporation COM CL A             | CUSIP: 971378104<br>LEI: 549300HJ4VIXF476Q166 | Long             | EC               | CORP              | US        |     55559 | NS      | $964504.24    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Ryanair Holdings PLC                         | Ryanair Holdings PLC SPONSORED ADR                 | CUSIP: 783513203<br>LEI: 635400BR2ROC1FVEBQ56 | Long             | EC               | CORP              | IE        |    119172 | NS      | $6888141.60   | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| DISCO CORP                                   | DISCO Corp. NPV                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      8900 | NS      | $3627491.47   | 0.88%             |  |  |  | No            |                  2 | On Loan: No      |
| Eaton Corporation PLC                        | Eaton Corporation PLC COM USD0.01                  | CUSIP: 000000000<br>LEI: 549300VDIGTMXUNT7H71 | Long             | EC               | CORP              | IE        |      7939 | NS      | $2839542.13   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Freeport-McMoRan Inc.                        | Freeport-McMoRan Inc. CL B                         | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               | CORP              | US        |     52646 | NS      | $3094531.88   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Skandinaviska Enskilda Banken AB (publ)      | Skandinaviska Enskilda Banken AB (publ) SER'A'NPV  | CUSIP: 000000000<br>LEI: F3JS33DEI6XQ4ZBPTN86 | Long             | EC               | CORP              | SE        |    182467 | NS      | $3371789.11   | 0.81%             |  |  |  | No            |                  2 | On Loan: No      |
| Texas Instruments Inc.                       | Texas Instruments Inc. COM                         | CUSIP: 882508104<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | EC               | CORP              | US        |     20655 | NS      | $4009961.70   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Medpace Holdings Inc.                        | Medpace Holdings Inc. COM                          | CUSIP: 58506Q109<br>LEI: 549300H8TYEUVTW14A54 | Long             | EC               | CORP              | US        |      6130 | NS      | $2943564.70   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsara Inc                                  | Samsara Inc COM CL A                               | CUSIP: 79589L106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    128429 | NS      | $4069915.01   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Autozone, Inc.                               | Autozone, Inc. COM                                 | CUSIP: 053332102<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | EC               | CORP              | US        |      1042 | NS      | $3519646.76   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| SEA LTD                                      | Sea Ltd. SPONSORD ADS                              | CUSIP: 81141R100<br>LEI: 529900OM6JLLW44YKI15 | Long             | EC               | CORP              | KY        |     32390 | NS      | $2682215.90   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Royalty Pharma PLC                           | Royalty Pharma PLC COM USD0.0001 CLASS A           | CUSIP: 000000000<br>LEI: 549300FGFN7VOK8BZR03 | Long             | EC               | CORP              | GB        |    188213 | NS      | $9028577.61   | 2.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Nippon Paint Holdings Co Ltd.                | Nippon Paint Holdings Co Ltd. NPV                  | CUSIP: 000000000<br>LEI: 529900RYRJUN78A7PL87 | Long             | EC               | CORP              | JP        |    325400 | NS      | $2040435.02   | 0.49%             |  |  |  | No            |                  2 | On Loan: No      |
| Moodys Corp.                                 | Moodys Corp. COM                                   | CUSIP: 615369105<br>LEI: 549300GCEDD8YCF5WU84 | Long             | EC               | CORP              | US        |      9959 | NS      | $4344613.75   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Chugai Pharmaceutical Co Ltd.                | Chugai Pharmaceutical Co Ltd. NPV                  | CUSIP: 000000000<br>LEI: 529900T9LAII161DCN95 | Long             | EC               | CORP              | JP        |     74700 | NS      | $4119591.73   | 0.99%             |  |  |  | No            |                  2 | On Loan: No      |
| NVIDIA Corp.                                 | NVIDIA Corp. COM                                   | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |    129550 | NS      | $22593520.00  | 5.45%             |  |  |  | No            |                  1 | On Loan: No      |
| SPOTIFY TECHNOLOGY SA                        | Spotify Technology S.A. COM EUR0.000625            | CUSIP: 000000000<br>LEI: 549300B4X0JHWV0DTD60 | Long             | EC               | CORP              | LU        |      4734 | NS      | $2295563.94   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Sberbank of Russia                           | Sberbank of Russia RUB3(RUB)                       | CUSIP: 000000000<br>LEI: 549300WE6TAF5EEWQS81 | Long             | EC               | CORP              | RU        |   1284860 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Poste Italiane S.p.A.                        | Poste Italiane S.p.A. NPV                          | CUSIP: 000000000<br>LEI: 815600354DEDBD0BA991 | Long             | EC               | NUSS              | IT        |    139225 | NS      | $3277182.79   | 0.79%             |  |  |  | No            |                  2 | On Loan: No      |
| Elevance Health Inc.                         | Elevance Health Inc. COM                           | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |     15243 | NS      | $4462388.25   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| EOG Resources Inc.                           | EOG Resources Inc. COM                             | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |     40669 | NS      | $5879517.33   | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Keyence Corp.                                | Keyence Corp. NPV                                  | CUSIP: 000000000<br>LEI: 529900M7PQBS7A89DZ11 | Long             | EC               | CORP              | JP        |     13300 | NS      | $4733567.96   | 1.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Applovin Corp.                               | Applovin Corp. COM CL A                            | CUSIP: 03831W108<br>LEI: 549300LLVXMUAOL3SQ07 | Long             | EC               | CORP              | US        |     12378 | NS      | $4926444.00   | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| CREDICORP LTD                                | Credicorp Ltd. COM USD5                            | CUSIP: 000000000<br>LEI: 529900UYAEYQCQ2BKB17 | Long             | EC               | CORP              | BM        |     11116 | NS      | $3770324.88   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Adyen NV                                     | Adyen NV EUR0.01                                   | CUSIP: 000000000<br>LEI: 724500973ODKK3IFQ447 | Long             | EC               | CORP              | NL        |      4634 | NS      | $4637940.82   | 1.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Autotrader Group PLC                         | Autotrader Group PLC ORD GBP0.01                   | CUSIP: 000000000<br>LEI: 213800QLK9BZILB1DI86 | Long             | EC               | CORP              | GB        |    442904 | NS      | $2772173.06   | 0.67%             |  |  |  | No            |                  2 | On Loan: No      |
| Novo Nordisk A/S                             | Novo Nordisk A/S SER'B'DKK0.1                      | CUSIP: 000000000<br>LEI: 549300DAQ1CVT6CXN342 | Long             | EC               | CORP              | DK        |     64617 | NS      | $2364626.57   | 0.57%             |  |  |  | No            |                  2 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co., Ltd. | Taiwan Semiconductor Manufacturing Co., Ltd. TWD10 | CUSIP: 000000000<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |    386000 | NS      | $22324126.60  | 5.39%             |  |  |  | No            |                  2 | On Loan: No      |
| Brunswick Corporation                        | Brunswick Corporation COM                          | CUSIP: 117043109<br>LEI: YM4O38W15AX4YLLQKU27 | Long             | EC               | CORP              | US        |     36683 | NS      | $2669055.08   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung Electronics Co Ltd.                  | Samsung Electronics Co Ltd. KRW100                 | CUSIP: 000000000<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |     83682 | NS      | $9787563.16   | 2.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Comfort Systems USA Inc.                     | Comfort Systems USA Inc. COM                       | CUSIP: 199908104<br>LEI: 5299009DT1ZA5HTU6R38 | Long             | EC               | CORP              | US        |      2872 | NS      | $3960459.28   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| MSCI Inc.                                    | MSCI Inc. COM                                      | CUSIP: 55354G100<br>LEI: 549300HTIN2PD78UB763 | Long             | EC               | CORP              | US        |     10317 | NS      | $5560966.17   | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| DoorDash Inc                                 | DoorDash Inc CL A                                  | CUSIP: 25809K105<br>LEI: 549300NUQ43FGGSK5051 | Long             | EC               | CORP              | US        |     34842 | NS      | $5231526.30   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Kokusai Electric Corp.                       | Kokusai Electric Corp. NPV                         | CUSIP: 000000000<br>LEI: 549300CDY6N3WKYK2I96 | Long             | EC               | CORP              | JP        |     75400 | NS      | $2549628.12   | 0.62%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-05-21

**Name of Applicant:** Baillie Gifford Funds

**Signature:** Lindsay Cockburn

**Name of Signer:** Lindsay Cockburn

**Title:** Treasurer