# EDGAR Filing Document

**Accession Number:** 0001120543
**File Stem:** 0000940400-26-020573
**Filing Date:** 2026-5
**Character Count:** 44153
**Document Hash:** 22fddf6a23219dc501fc32fdab9ec4d1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-020573.hdr.sgml**: 20260521

**ACCESSION NUMBER**: 0000940400-26-020573

**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:** 261007818

**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 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           |

## Nport-Ex

**Portfolio of Investments**

March 31, 2026 (unaudited)

Baillie Gifford International Alpha Fund

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS — 100.0%** |  |  |
| AUSTRALIA — 2.8% |  |  |
| Rio Tinto PLC | 566483 | $52554733 |
| BELGIUM — 1.0% |  |  |
| KBC Group NV | 148601 | 18187573 |
| BRAZIL — 5.9% |  |  |
| B3 SA — Brasil Bolsa Balcao | 12616500 | 44816664 |
| MercadoLibre, Inc. \* | 23643 | 40879220 |
| Petroleo Brasileiro SA - Petrobras ADR | 1195345 | 24803409 |
|  |  | 110499293 |
| CANADA — 3.8% |  |  |
| Constellation Software, Inc. | 7318 | 12846296 |
| Lumine Group, Inc. \* | 578665 | 9218041 |
| Shopify, Inc., Class A \* | 145214 | 17225285 |
| Stella-Jones, Inc. | 298161 | 20006001 |
| TFI International, Inc. | 110371 | 12013785 |
|  |  | 71309408 |
| CHILE — 1.7% |  |  |
| Lundin Mining Corp. | 1248448 | 31132673 |
| CHINA — 10.6% |  |  |
| Contemporary Amperex Technology Co., Ltd., Class A | 377300 | 22389959 |
| Kweichow Moutai Co., Ltd., Class A | 56300 | 11891279 |
| Midea Group Co., Ltd., Class A | 2604400 | 29096647 |
| PDD Holdings, Inc. ADR \* | 109343 | 11172668 |
| Ping An Insurance Group Co. of China Ltd., Class H | 3859000 | 29672678 |
| Silergy Corp. | 1168000 | 10644763 |
| Tencent Holdings Ltd. | 1006700 | 63494966 |
| Tencent Music Entertainment Group ADR | 1231714 | 11430306 |
| Zijin Mining Group Co., Ltd., Class H | 1798000 | 8088301 |
|  |  | 197881567 |
| DENMARK — 3.6% |  |  |
| DSV A/S | 176293 | 42576216 |
| Novonesis Novozymes B, B Shares | 416472 | 24743096 |
|  |  | 67319312 |
| FRANCE — 5.0% |  |  |
| Danone SA | 373213 | 29822382 |
| Edenred | 749589 | 14931001 |
| LVMH Moet Hennessy Louis Vuitton SE | 27559 | 15065117 |
| Nexans SA | 90587 | 12323350 |
| TotalEnergies SE | 224218 | 20577413 |
|  |  | 92719263 |
| GERMANY — 6.2% |  |  |
| BioNTech SE ADR \* | 82416 | 7325134 |
| Deutsche Boerse AG | 172936 | 50660804 |
| Rational AG | 17644 | 12944529 |
| SAP SE | 103667 | 17673424 |

---

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

**Portfolio of Investments**

March 31, 2026 (unaudited)

Baillie Gifford International Alpha Fund

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| Scout24 SE | 343681 | $26517863 |
|  |  | 115121754 |
| HONG KONG — 2.1% |  |  |
| AIA Group Ltd. | 3539400 | 39327434 |
| INDIA — 2.3% |  |  |
| HDFC Bank Ltd. | 3670852 | 28753953 |
| ICICI Lombard General Insurance Co., Ltd. | 816256 | 14872715 |
|  |  | 43626668 |
| IRELAND — 1.7% |  |  |
| Kingspan Group PLC | 362112 | 30964158 |
| ITALY — 4.0% |  |  |
| FinecoBank Banca Fineco SpA | 1368994 | 30458375 |
| Ryanair Holdings PLC ADR | 549239 | 31746014 |
| Technoprobe SpA \* | 752201 | 12605824 |
|  |  | 74810213 |
| JAPAN — 13.8% |  |  |
| Keyence Corp. | 54200 | 19290179 |
| Money Forward, Inc. \* | 425900 | 9493228 |
| MonotaRO Co., Ltd. | 1084500 | 11755459 |
| Nihon M&A Center Holdings, Inc. | 3409100 | 13803994 |
| Nintendo Co., Ltd. | 231500 | 13215326 |
| Nippon Paint Holdings Co., Ltd. | 2846200 | 17847222 |
| Recruit Holdings Co., Ltd. | 272400 | 11868460 |
| Shimano, Inc. | 162500 | 16965466 |
| SMC Corp. | 55000 | 21631407 |
| SoftBank Group Corp. | 817800 | 19913226 |
| Sony Financial Group, Inc. | 9872600 | 9043838 |
| Sony Group Corp. | 1661600 | 34632291 |
| Sumitomo Mitsui Trust Group, Inc. | 848700 | 27036731 |
| Tokyo Electron Ltd. | 70100 | 17416412 |
| Unicharm Corp. | 2341100 | 13726055 |
|  |  | 257639294 |
| KAZAKHSTAN — 0.7% |  |  |
| Kaspi.KZ JSC ADR \* | 170996 | 12665674 |
| NETHERLANDS — 4.8% |  |  |
| Adyen NV \* | 17276 | 17290692 |
| ASML Holding NV | 30042 | 39948549 |
| IMCD NV | 218041 | 22817108 |
| Magnum Ice Cream Co. NV (The) \* | 673264 | 9882656 |
|  |  | 89939005 |
| NORWAY — 0.7% |  |  |
| Salmar ASA | 213364 | 12449851 |
| PANAMA — 0.7% |  |  |
| Copa Holdings SA, Class A | 112911 | 12827819 |
| PERU — 1.1% |  |  |
| Credicorp Ltd. | 57439 | 19482160 |

---

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

**Portfolio of Investments**

March 31, 2026 (unaudited)

Baillie Gifford International Alpha Fund

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| RUSSIA — 0.0% <sup>(a)</sup> |  |  |
| GMK Norilskiy Nickel PAO \*<sup>(b)</sup> | 7738600 | $0 |
| GMK Norilskiy Nickel PAO ADR \*<sup>(b)</sup> | 1 | 0 |
|  |  | 0 |
| SINGAPORE — 2.4% |  |  |
| Sea Ltd. ADR \* | 175721 | 14551456 |
| United Overseas Bank Ltd. | 1039461 | 29755360 |
|  |  | 44306816 |
| SOUTH AFRICA — 1.9% |  |  |
| Discovery Ltd. | 2386515 | 35019379 |
| SOUTH KOREA — 4.1% |  |  |
| Samsung Electronics Co., Ltd. | 652060 | 76265845 |
| SWEDEN — 2.7% |  |  |
| Atlas Copco AB, B Shares | 1495436 | 23377051 |
| MIPS AB | 171274 | 4202685 |
| Skandinaviska Enskilda Banken AB, A Shares | 1227023 | 22674033 |
|  |  | 50253769 |
| SWITZERLAND — 1.9% |  |  |
| Cie Financiere Richemont SA | 86523 | 15277032 |
| Sandoz Group AG | 252442 | 19779054 |
|  |  | 35056086 |
| TAIWAN — 8.1% |  |  |
| MediaTek, Inc. | 430000 | 20625025 |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 2231000 | 129028825 |
|  |  | 149653850 |
| UNITED KINGDOM — 1.1% |  |  |
| Unilever PLC | 360103 | 19769435 |
| UNITED STATES — 5.3% |  |  |
| CRH PLC | 286697 | 29994388 |
| Experian PLC | 558451 | 19319331 |
| Roche Holding AG | 90434 | 36091382 |
| Spotify Technology SA \* | 26843 | 13016439 |
|  |  | 98421540 |
| **Total Common Stocks** |  |  |
| (cost $1,267,127,421) |  | 1859204572 |

---

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

**Portfolio of Investments**

March 31, 2026 (unaudited)

Baillie Gifford International Alpha Fund

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **WARRANT — 0.0%<sup>(a)</sup>** |  |  |
| CANADA — 0.0% <sup>(a)</sup> |  |  |
| Constellation Software, Inc., expires 3/31/40 \* | 16097 | $0 |
| **Total Warrant**<br> (cost $0) |  | 0 |
| **TOTAL INVESTMENTS — 100.0%**<br> (cost $1,267,127,421) |  | $1859204572 |
| Other assets less liabilities — 0.0% |  | 58580 |
| **NET ASSETS — 100.0%** |  | $1859263152 |

---

(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 International Alpha 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> | $418236985 | $1440967587 | $0 | $1859204572 |
| Warrant<sup>\*\*</sup> |  | 0 |  | 0 |
| **Total** | $418236985 | $1440967587 | $0 | $1859204572 |

---

\*\* 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 International Alpha Fund

- **b. EDGAR series identifier (if any):** S000012763

- **c. LEI of Series:** 21380086L3U8K7PHRI60

**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:** $1918867954.39

**Total Liabilities:** $58759591.17

**Net Assets:** $1860108363.22

**Cash Not Reported:** $1530281.08

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000186029 | 2.74%                | 1.15%                | -8.68%               |
| Class ID C000034446 | 2.73%                | 1.19%                | -8.66%               |
| Class ID C000034445 | 2.72%                | 1.18%                | -8.67%               |
| Class ID C000116266 | 2.74%                | 1.19%                |  |
| Class ID C000186028 | 2.70%                | 1.21%                | -8.65%               |
| Class ID C000078438 | 2.73%                | 1.19%                | -8.66%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $3637270.67              | $50211061.43                               |
| Month 2  | $16270949.82             | $41405561.81                               |
| Month 3  | $54858597.25             | $-264157855.03                             |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| MMC Norilsk Nickel Public Joint Stock Company   | MMC Norilsk Nickel Public Joint Stock Company SPONSORED ADR | CUSIP: 55315J102<br>LEI: 253400JPTEEW143W3E47 | Long             | EC               | CORP              | RU        |         1 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Atlas Copco AB                                  | Atlas Copco AB SER'B'NPV                                    | CUSIP: 000000000<br>LEI: 213800T8PC8Q4FYJZR07 | Long             | EC               | CORP              | SE        |   1585299 | NS      | $24781813.32  | 1.33%             |  |  |  | No            |                  2 | On Loan: No      |
| Finecobank Banca Fineco S.p.A.                  | Finecobank Banca Fineco S.p.A. EUR0.33                      | CUSIP: 000000000<br>LEI: 549300L7YCATGO57ZE10 | Long             | EC               | CORP              | IT        |   1411367 | NS      | $31401120.20  | 1.69%             |  |  |  | No            |                  2 | On Loan: No      |
| Scout24 SE                                      | Scout24 SE NPV                                              | CUSIP: 000000000<br>LEI: 5493007EIKM2ENQS7U66 | Long             | EC               | CORP              | DE        |    358496 | NS      | $27660964.63  | 1.49%             |  |  |  | No            |                  2 | On Loan: No      |
| TFI International Inc                           | TFI International Inc COM NPV                               | CUSIP: 87241L109<br>LEI: 5493007R9W7KO7SJN678 | Long             | EC               | CORP              | CA        |    110371 | NS      | $12013785.36  | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Constellation Software Inc.                     | Constellation Software Inc. WT EXP 033140                   | CUSIP: 21037X134<br>LEI: 549300B6PYHMCTDWQV29 | Long             | EC               | CORP              | CA        |     16097 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Shopify Inc                                     | Shopify Inc CL A SUB VTG SHS                                | CUSIP: 82509L107<br>LEI: 549300HGQ43STJLLP808 | Long             | EC               | CORP              | CA        |    153331 | NS      | $18188123.22  | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| SEA LTD                                         | Sea Ltd. SPONSORD ADS                                       | CUSIP: 81141R100<br>LEI: 529900OM6JLLW44YKI15 | Long             | EC               | CORP              | KY        |    185866 | NS      | $15391563.46  | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Experian PLC                                    | Experian PLC ORD USD0.10                                    | CUSIP: 000000000<br>LEI: 635400RXXHHYT1JTSZ26 | Long             | EC               | CORP              | JE        |    588607 | NS      | $20362562.75  | 1.09%             |  |  |  | No            |                  2 | On Loan: No      |
| DSV A/S                                         | DSV A/S DKK1                                                | CUSIP: 000000000<br>LEI: 529900X41C0BSLK67H70 | Long             | EC               | CORP              | DK        |    181805 | NS      | $43907409.98  | 2.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Constellation Software Inc.                     | Constellation Software Inc. COM STK NPV                     | CUSIP: 21037X100<br>LEI: 549300B6PYHMCTDWQV29 | Long             | EC               | CORP              | CA        |      7749 | NS      | $13602890.17  | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Ping An Insurance (Group) Company of China Ltd. | Ping An Insurance (Group) Company of China Ltd. 'H' CNY1    | CUSIP: 000000000<br>LEI: 529900M9MC28JLN35U89 | Long             | EC               | CORP              | CN        |   3859000 | NS      | $29672678.39  | 1.60%             |  |  |  | No            |                  2 | On Loan: No      |
| Lundin Mining Corp                              | Lundin Mining Corp COM NPV                                  | CUSIP: 550372106<br>LEI: 549300FQDIM6C8HTN269 | Long             | EC               | CORP              | CA        |   1288884 | NS      | $32141029.37  | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Tencent Music Entertainment Group               | Tencent Music Entertainment Group SPON ADS                  | CUSIP: 88034P109<br>LEI: 213800XTZK2GOHQTYK41 | Long             | EC               | CORP              | KY        |   1299888 | NS      | $12062960.64  | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| IMCD NV                                         | IMCD NV EUR0.16                                             | CUSIP: 000000000<br>LEI: 724500NSJPNFJPDAUP02 | Long             | EC               | CORP              | NL        |    218041 | NS      | $22817107.85  | 1.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Roche Holding AG                                | Roche Holding AG CHF0.001                                   | CUSIP: 000000000<br>LEI: 549300U41AUUVOAAOB37 | Long             | EP               | CORP              | CH        |     93308 | NS      | $37238368.37  | 2.00%             |  |  |  | No            |                  2 | On Loan: No      |
| KWEICHOW MOUTAI COMPANY LTD                     | Kweichow Moutai Co Ltd. 'A'CNY1                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     56300 | NS      | $11891278.87  | 0.64%             |  |  |  | No            |                  2 | On Loan: No      |
| CRH PLC                                         | CRH PLC ORD EUR 0.32 (DI)                                   | CUSIP: 000000000<br>LEI: 549300MIDJNNTH068E74 | Long             | EC               | CORP              | IE        |    296180 | NS      | $30986504.63  | 1.67%             |  |  |  | No            |                  2 | On Loan: No      |
| CREDICORP LTD                                   | Credicorp Ltd. COM USD5                                     | CUSIP: 000000000<br>LEI: 529900UYAEYQCQ2BKB17 | Long             | EC               | CORP              | BM        |     60691 | NS      | $20585173.38  | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Petroleo Brasileiro SA                          | Petroleo Brasileiro SA SPONSORED ADR                        | CUSIP: 71654V408<br>LEI: 5493000J801JZRCMFE49 | Long             | EC               | CORP              | BR        |   1234593 | NS      | $25617804.75  | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| MMC Norilsk Nickel Public Joint Stock Company   | MMC Norilsk Nickel Public Joint Stock Company RUB1(RUB)     | CUSIP: 000000000<br>LEI: 253400JPTEEW143W3E47 | Long             | EC               | CORP              | RU        |   7738600 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Mercadolibre Inc                                | Mercadolibre Inc COM                                        | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | US        |     24431 | NS      | $42241687.62  | 2.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Discovery Limited                               | Discovery Limited ZAR0.001                                  | CUSIP: 000000000<br>LEI: 378900245A26169C8132 | Long             | EC               | CORP              | ZA        |   2466995 | NS      | $36200331.45  | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Mips AB                                         | Mips AB NPV                                                 | CUSIP: 000000000<br>LEI: 549300LZSA4S0L54VQ25 | Long             | EC               | CORP              | SE        |    171274 | NS      | $4202684.93   | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Shimano Inc.                                    | Shimano Inc. NPV                                            | CUSIP: 000000000<br>LEI: 529900L32YT3P9DECR10 | Long             | EC               | CORP              | JP        |    162500 | NS      | $16965466.28  | 0.91%             |  |  |  | No            |                  2 | On Loan: No      |
| Softbank Group Corp.                            | Softbank Group Corp. NPV                                    | CUSIP: 000000000<br>LEI: 5493003BZYYYCDIO0R13 | Long             | EC               | CORP              | JP        |    817800 | NS      | $19913226.20  | 1.07%             |  |  |  | No            |                  2 | On Loan: No      |
| SAP SE                                          | SAP SE ORD NPV                                              | CUSIP: 000000000<br>LEI: 529900D6BF99LW9R2E68 | Long             | EC               | CORP              | DE        |    109159 | NS      | $18609714.90  | 1.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Icici Lombard Gen Insurance Co Ltd              | Icici Lombard Gen Insurance Co Ltd INR10                    | CUSIP: 000000000<br>LEI: 335800ZZITZ7ZZZ2ZX87 | Long             | EC               | CORP              | IN        |    816256 | NS      | $14872714.54  | 0.80%             |  |  |  | No            |                  2 | On Loan: No      |
| Stella Jones Inc                                | Stella Jones Inc COM NPV                                    | CUSIP: 85853F105<br>LEI: 5493007LOVNNLYJ6KZ35 | Long             | EC               | CORP              | CA        |    298161 | NS      | $20006000.82  | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| BioNTech SE                                     | BioNTech SE SPONSORED ADS                                   | CUSIP: 09075V102<br>LEI: 894500UZJ5LG1F8J1U58 | Long             | EC               | CORP              | DE        |     82416 | NS      | $7325134.08   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| LVMH Moet Hennessy Louis Vuitton SE             | LVMH Moet Hennessy Louis Vuitton SE EUR0.30                 | CUSIP: 000000000<br>LEI: IOG4E947OATN0KJYSD45 | Long             | EC               | CORP              | FR        |     28915 | NS      | $15806373.76  | 0.85%             |  |  |  | No            |                  2 | On Loan: No      |
| Edenred SA                                      | Edenred SA EUR2                                             | CUSIP: 000000000<br>LEI: 9695006LOD5B2D7Y0N70 | Long             | EC               | CORP              | FR        |    786206 | NS      | $15660371.88  | 0.84%             |  |  |  | No            |                  2 | On Loan: No      |
| Recruit Holdings Co Ltd.                        | Recruit Holdings Co Ltd. NPV                                | CUSIP: 000000000<br>LEI: 353800R2LRSMVVC4I806 | Long             | EC               | CORP              | JP        |    272400 | NS      | $11868459.84  | 0.64%             |  |  |  | No            |                  2 | On Loan: No      |
| Keyence Corp.                                   | Keyence Corp. NPV                                           | CUSIP: 000000000<br>LEI: 529900M7PQBS7A89DZ11 | Long             | EC               | CORP              | JP        |     54200 | NS      | $19290179.20  | 1.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Nippon Paint Holdings Co Ltd.                   | Nippon Paint Holdings Co Ltd. NPV                           | CUSIP: 000000000<br>LEI: 529900RYRJUN78A7PL87 | Long             | EC               | CORP              | JP        |   2846200 | NS      | $17847222.36  | 0.96%             |  |  |  | No            |                  2 | On Loan: No      |
| Magnum Ice Cream Co. NV (The)                   | Magnum Ice Cream Co. NV (The) ORD EUR3.50 (DI)              | CUSIP: 000000000<br>LEI: 25490052LLF3XH6G9847 | Long             | EC               | CORP              | NL        |    673264 | NS      | $9882656.44   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Rio Tinto PLC                                   | Rio Tinto PLC ORD GBP0.10                                   | CUSIP: 000000000<br>LEI: 213800YOEO5OQ72G2R82 | Long             | EC               | CORP              | GB        |    587608 | NS      | $54514577.48  | 2.93%             |  |  |  | No            |                  2 | On Loan: No      |
| SalMar ASA                                      | SalMar ASA NOK0.25                                          | CUSIP: 000000000<br>LEI: 5967007LIEEXZXGDBK67 | Long             | EC               | CORP              | NO        |    226007 | NS      | $13187573.45  | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung Electronics Co Ltd.                     | Samsung Electronics Co Ltd. KRW100                          | CUSIP: 000000000<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |    652060 | NS      | $76265844.94  | 4.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Rational AG                                     | Rational AG NPV                                             | CUSIP: 000000000<br>LEI: 529900K139N6UFJ1A758 | Long             | EC               | CORP              | DE        |     18597 | NS      | $13643698.09  | 0.73%             |  |  |  | No            |                  2 | On Loan: No      |
| Copa Holdings SA                                | Copa Holdings SA NPV CLASS 'A'                              | CUSIP: 000000000<br>LEI: 529900BB9UQJV6QQHA59 | Long             | EC               | CORP              | PA        |    119916 | NS      | $13623656.76  | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Sony Financial Group Inc.                       | Sony Financial Group Inc. NPV                               | CUSIP: 000000000<br>LEI: 353800O7BDSU41WOZA60 | Long             | EC               | CORP              | JP        |   9872600 | NS      | $9043837.64   | 0.49%             |  |  |  | No            |                  2 | On Loan: No      |
| Sandoz Group AG                                 | Sandoz Group AG CHF0.05                                     | CUSIP: 000000000<br>LEI: 5493000JWK6XWFEUD320 | Long             | EC               | CORP              | CH        |    267132 | NS      | $20930028.73  | 1.13%             |  |  |  | No            |                  2 | On Loan: No      |
| MediaTek Inc.                                   | MediaTek Inc. TWD10                                         | CUSIP: 000000000<br>LEI: 254900UEGBK1I4DM4E14 | Long             | EC               | CORP              | TW        |    430000 | NS      | $20625024.81  | 1.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Monotaro CoLtd                                  | Monotaro CoLtd NPV                                          | CUSIP: 000000000<br>LEI: 5299005JUER5ANXWTC33 | Long             | EC               | CORP              | JP        |   1084500 | NS      | $11755459.34  | 0.63%             |  |  |  | No            |                  2 | On Loan: No      |
| Ryanair Holdings PLC                            | Ryanair Holdings PLC SPONSORED ADR                          | CUSIP: 783513203<br>LEI: 635400BR2ROC1FVEBQ56 | Long             | EC               | CORP              | IE        |    579062 | NS      | $33469783.60  | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Boerse AG                              | Deutsche Boerse AG NPV(REGD)                                | CUSIP: 000000000<br>LEI: 529900G3SW56SHYNPR95 | Long             | EC               | CORP              | DE        |    179511 | NS      | $52586919.55  | 2.83%             |  |  |  | No            |                  2 | On Loan: No      |
| TotalEnergies SE                                | TotalEnergies SE EUR2.5                                     | CUSIP: 000000000<br>LEI: 529900S21EQ1BO4ESM68 | Long             | EC               | CORP              | FR        |    236028 | NS      | $21661265.57  | 1.16%             |  |  |  | No            |                  2 | On Loan: No      |
| SMC Corp.                                       | SMC Corp. NPV                                               | CUSIP: 000000000<br>LEI: 353800O40V08DOZ70X62 | Long             | EC               | CORP              | JP        |     55000 | NS      | $21631407.11  | 1.16%             |  |  |  | No            |                  2 | On Loan: No      |
| CATL                                            | Contemporary Amperex Technology Co Ltd                      | CUSIP: 000000000<br>LEI: 300300KINDY1K0E9I032 | Long             | EC               | CORP              | CN        |    377300 | NS      | $22389959.48  | 1.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Kaspi.Kz JSC                                    | Kaspi.Kz JSC SPONSORED ADS                                  | CUSIP: 48581R205<br>LEI: 2549003YU6FARG8OAZ13 | Long             | EC               | CORP              | KZ        |    181344 | NS      | $13432150.08  | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Kingspan Group PLC                              | Kingspan Group PLC ORD EUR0.13                              | CUSIP: 000000000<br>LEI: 635400HM7V74SUB9OG75 | Long             | EC               | CORP              | IE        |    381436 | NS      | $32616551.03  | 1.75%             |  |  |  | No            |                  2 | On Loan: No      |
| AIA Group Ltd, Hong Kong                        | AIA Group Ltd, Hong Kong NPV                                | CUSIP: 000000000<br>LEI: ZP5ILWVSYE4LJGMMVD57 | Long             | EC               | CORP              | HK        |   3539400 | NS      | $39327433.82  | 2.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Midea Group Co Ltd.                             | Midea Group Co Ltd. A CNY1                                  | CUSIP: 000000000<br>LEI: 3003003TRPHLHZD2IF61 | Long             | EC               | CORP              | CN        |   2604400 | NS      | $29096646.52  | 1.56%             |  |  |  | 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        |   2231000 | NS      | $129028824.98 | 6.94%             |  |  |  | No            |                  2 | On Loan: No      |
| Lumine Group Inc                                | Lumine Group Inc SUB VTG SHS                                | CUSIP: 55027C106<br>LEI: 984500E3C44B9D44M738 | Long             | EC               | CORP              | CA        |    578665 | NS      | $9218040.69   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| KBC Group NV                                    | KBC Group NV NPV                                            | CUSIP: 000000000<br>LEI: 213800X3Q9LSAKRUWY91 | Long             | EC               | CORP              | BE        |    156191 | NS      | $19116528.61  | 1.03%             |  |  |  | No            |                  2 | 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        |   1294441 | NS      | $23919843.38  | 1.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Adyen NV                                        | Adyen NV EUR0.01                                            | CUSIP: 000000000<br>LEI: 724500973ODKK3IFQ447 | Long             | EC               | CORP              | NL        |     18204 | NS      | $18219480.92  | 0.98%             |  |  |  | No            |                  2 | On Loan: No      |
| Compagnie Financiere Richemont Sa               | Compagnie Financiere Richemont Sa CHF1 (REGD)               | CUSIP: 000000000<br>LEI: 549300YIPGJ6UX2QPS51 | Long             | EC               | CORP              | CH        |     91292 | NS      | $16119075.88  | 0.87%             |  |  |  | No            |                  2 | 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        |  13022400 | NS      | $46258513.28  | 2.49%             |  |  |  | No            |                  1 | On Loan: No      |
| ASML Holding N.V.                               | ASML Holding N.V. EUR0.09                                   | CUSIP: 000000000<br>LEI: 724500Y6DUVHQD6OXN27 | Long             | EC               | CORP              | NL        |     30969 | NS      | $41181233.67  | 2.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Novonesis (Novozymes) B                         | Novonesis (Novozymes) B SER'B'DKK2                          | CUSIP: 000000000<br>LEI: 529900T6WNZXD2R3JW38 | Long             | EC               | CORP              | DK        |    438443 | NS      | $26048418.64  | 1.40%             |  |  |  | No            |                  2 | On Loan: No      |
| Unicharm Corp.                                  | Unicharm Corp. NPV                                          | CUSIP: 000000000<br>LEI: 353800UQ4BZIJTAQEG85 | Long             | EC               | CORP              | JP        |   2341100 | NS      | $13726054.94  | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Nintendo Co Ltd.                                | Nintendo Co Ltd. NPV                                        | CUSIP: 000000000<br>LEI: 353800FEEXU6I9M0ZF27 | Long             | EC               | CORP              | JP        |    231500 | NS      | $13215326.15  | 0.71%             |  |  |  | No            |                  2 | On Loan: No      |
| HDFC Bank Ltd.                                  | HDFC Bank Ltd. INR1                                         | CUSIP: 000000000<br>LEI: 335800ZQ6I4E2JXENC50 | Long             | EC               | CORP              | IN        |   3670852 | NS      | $28753953.47  | 1.55%             |  |  |  | No            |                  2 | On Loan: No      |
| United Overseas Bank Ltd.                       | United Overseas Bank Ltd. NPV                               | CUSIP: 000000000<br>LEI: IO66REGK3RCBAMA8HR66 | Long             | EC               | CORP              | SG        |   1039461 | NS      | $29755360.60  | 1.60%             |  |  |  | No            |                  2 | On Loan: No      |
| SILERGY CORP                                    | Silergy Corporation TWD2.5                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    958000 | NS      | $8730892.75   | 0.47%             |  |  |  | No            |                  2 | On Loan: No      |
| Zijin Mining Group Co Ltd.                      | Zijin Mining Group Co Ltd. 'H'CNY0.1                        | CUSIP: 000000000<br>LEI: 836800JRNL2393Z2I561 | Long             | EC               | CORP              | CN        |   1798000 | NS      | $8088300.89   | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |
| Unilever PLC                                    | Unilever PLC ORD GBP0.035                                   | CUSIP: 000000000<br>LEI: 549300MKFYEKVRWML317 | Long             | EC               | CORP              | GB        |    378664 | NS      | $20788422.62  | 1.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Nexans SA                                       | Nexans SA EUR1                                              | CUSIP: 000000000<br>LEI: 96950015FU78G84UIV14 | Long             | EC               | CORP              | FR        |     90587 | NS      | $12323350.57  | 0.66%             |  |  |  | No            |                  2 | On Loan: No      |
| SPOTIFY TECHNOLOGY SA                           | Spotify Technology S.A. COM EUR0.000625                     | CUSIP: 000000000<br>LEI: 549300B4X0JHWV0DTD60 | Long             | EC               | CORP              | LU        |     26843 | NS      | $13016439.13  | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| NIHON M&A CENTER HOLDINGS INC                   | Nihon M&A Center Holdings Inc. NPV                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |   3409100 | NS      | $13803993.55  | 0.74%             |  |  |  | No            |                  2 | On Loan: No      |
| Danone SA                                       | Danone SA EUR0.25                                           | CUSIP: 000000000<br>LEI: 969500KMUQ2B6CBAF162 | Long             | EC               | CORP              | FR        |    385162 | NS      | $30777192.05  | 1.65%             |  |  |  | No            |                  2 | On Loan: No      |
| Sumitomo Mitsui Trust Group Inc.                | Sumitomo Mitsui Trust Group Inc. NPV                        | CUSIP: 000000000<br>LEI: 353800P843RLCDBLNT17 | Long             | EC               | CORP              | JP        |    848700 | NS      | $27036730.59  | 1.45%             |  |  |  | No            |                  2 | On Loan: No      |
| PDD HOLDINGS INC                                | PDD Holdings Inc. SPONSORED ADS                             | CUSIP: 722304102<br>LEI: 5493000573DS7005T657 | Long             | EC               | CORP              | KY        |    115378 | NS      | $11789324.04  | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Sony Group Corp.                                | Sony Group Corp. NPV                                        | CUSIP: 000000000<br>LEI: 529900R5WX9N2OI2N910 | Long             | EC               | CORP              | JP        |   1661600 | NS      | $34632291.07  | 1.86%             |  |  |  | No            |                  2 | On Loan: No      |
| Money Forward Inc.                              | Money Forward Inc. NPV                                      | CUSIP: 000000000<br>LEI: 35380017JS3GIGP6WN95 | Long             | EC               | CORP              | JP        |    425900 | NS      | $9493227.80   | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| Tokyo Electron Ltd.                             | Tokyo Electron Ltd. NPV                                     | CUSIP: 000000000<br>LEI: 549300H5LSF8DP3RIJ34 | Long             | EC               | CORP              | JP        |     70100 | NS      | $17416411.77  | 0.94%             |  |  |  | No            |                  2 | On Loan: No      |
| TENCENT HOLDINGS LTD                            | Tencent Holdings Ltd. HKD0.00002                            | CUSIP: 000000000<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | KY        |   1006700 | NS      | $63494966.09  | 3.41%             |  |  |  | No            |                  2 | On Loan: No      |
| Technoprobe SpA                                 | Technoprobe SpA NPV                                         | CUSIP: 000000000<br>LEI: 8156007154CD8334D053 | Long             | EC               | CORP              | IT        |    752201 | NS      | $12605824.22  | 0.68%             |  |  |  | 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