# EDGAR Filing Document

**Accession Number:** 0001120543
**File Stem:** 0000940400-26-007384
**Filing Date:** 2026-2
**Character Count:** 30746
**Document Hash:** a91e0f64cbd3e5c2da70f1614ac6a933
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-007384.hdr.sgml**: 20260224

**ACCESSION NUMBER**: 0000940400-26-007384

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260224

**DATE AS OF CHANGE**: 20260224

**PERIOD START**: 20251231

**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:** 26667858

**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 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           |

## 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:** 2025-12-31

- **b. Date as of which information is reported:** 2025-12-31

**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:** $2012124369.13

**Total Liabilities:** $4173178.25

**Net Assets:** $2007951190.88

**Cash Not Reported:** $19837672.88

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000034445 | 0.55%                | -1.30%               | 1.92%                |
| Class ID C000034446 | 0.56%                | -1.30%               | 1.93%                |
| Class ID C000078438 | 0.56%                | -1.30%               | 1.93%                |
| Class ID C000116266 | 0.56%                | -1.29%               | 1.94%                |
| Class ID C000186028 | 0.59%                | -1.31%               | 1.86%                |
| Class ID C000186029 | 0.53%                | -1.32%               | 1.96%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-657640.92              | $13397845.90                               |
| Month 2  | $24440666.41             | $-54813990.91                              |
| Month 3  | $29276182.12             | $7967650.21                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Nihon M&A Center Holdings Inc  | Nihon M&A Center Holdings Inc             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |   3606000 | NS      | $16557364.34  | 0.82%             |  |  |  | No            |                  2 | On Loan: No      |
| Scout24 SE                     | Scout24 SE                                | CUSIP: 000000000<br>LEI: 5493007EIKM2ENQS7U66 | Long             | EC               | CORP              | DE        |    336765 | NS      | $33824654.20  | 1.68%             |  |  |  | No            |                  2 | On Loan: No      |
| Spotify Technology SA          | Spotify Technology SA                     | CUSIP: 000000000<br>LEI: 549300B4X0JHWV0DTD60 | Long             | EC               | CORP              | SE        |     28487 | NS      | $16542685.77  | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Silergy Corp                   | Silergy Corp                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    812000 | NS      | $4924559.13   | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Lundin Mining Corp             | Lundin Mining Corp                        | CUSIP: 550372106<br>LEI: 549300FQDIM6C8HTN269 | Long             | EC               | CORP              | CA        |    920660 | NS      | $19787599.72  | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Discovery Ltd                  | Discovery Ltd                             | CUSIP: 000000000<br>LEI: 378900245A26169C8132 | Long             | EC               | CORP              | ZA        |   2354397 | NS      | $32355897.90  | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Skandinaviska Enskilda Banken  | Skandinaviska Enskilda Banken AB          | CUSIP: 000000000<br>LEI: F3JS33DEI6XQ4ZBPTN86 | Long             | EC               | CORP              | SE        |    755431 | NS      | $15927275.24  | 0.79%             |  |  |  | No            |                  2 | On Loan: No      |
| CRH PLC                        | CRH PLC                                   | CUSIP: 000000000<br>LEI: 549300MIDJNNTH068E74 | Long             | EC               | CORP              | IE        |    314912 | NS      | $39131436.64  | 1.95%             |  |  |  | No            |                  2 | On Loan: No      |
| Money Forward Inc              | Money Forward Inc                         | CUSIP: 000000000<br>LEI: 35380017JS3GIGP6WN95 | Long             | EC               | CORP              | JP        |    462700 | NS      | $13765679.75  | 0.69%             |  |  |  | No            |                  2 | On Loan: No      |
| Lumine Group Inc               | Lumine Group Inc                          | CUSIP: 55027C106<br>LEI: 984500E3C44B9D44M738 | Long             | EC               | CORP              | CA        |    611408 | NS      | $12089623.78  | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Recruit Holdings Co Ltd        | Recruit Holdings Co Ltd                   | CUSIP: 000000000<br>LEI: 353800R2LRSMVVC4I806 | Long             | EC               | CORP              | JP        |    282300 | NS      | $15862883.48  | 0.79%             |  |  |  | No            |                  2 | On Loan: No      |
| MonotaRO Co Ltd                | MonotaRO Co Ltd                           | CUSIP: 000000000<br>LEI: 5299005JUER5ANXWTC33 | Long             | EC               | CORP              | JP        |   1149400 | NS      | $18302138.52  | 0.91%             |  |  |  | No            |                  2 | On Loan: No      |
| Novonesis Novozymes B          | Novonesis Novozymes B                     | CUSIP: 000000000<br>LEI: 529900T6WNZXD2R3JW38 | Long             | EC               | CORP              | DK        |    455186 | NS      | $29123041.28  | 1.45%             |  |  |  | No            |                  2 | On Loan: No      |
| Edenred SE                     | Edenred SE                                | CUSIP: 000000000<br>LEI: 9695006LOD5B2D7Y0N70 | Long             | EC               | CORP              | FR        |    819057 | NS      | $18106043.96  | 0.90%             |  |  |  | No            |                  2 | On Loan: No      |
| Monday.com Ltd                 | Monday.com Ltd                            | CUSIP: 000000000<br>LEI: 984500MDAFVD86E3B328 | Long             | EC               | CORP              | IL        |     90905 | NS      | $13413941.80  | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Copa Holdings SA               | Copa Holdings SA                          | CUSIP: 000000000<br>LEI: 529900BB9UQJV6QQHA59 | Long             | EC               | CORP              | PA        |    125057 | NS      | $15083124.77  | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| TSMC                           | Taiwan Semiconductor Manufacturing Co Ltd | CUSIP: 000000000<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |   2504000 | NS      | $123089842.17 | 6.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Topicus.com Inc                | Topicus.com Inc                           | CUSIP: 89072T102<br>LEI: N/A                  | Long             | EC               | CORP              | NL        |    132589 | NS      | $12282752.07  | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| DSV A/S                        | DSV A/S                                   | CUSIP: 000000000<br>LEI: 529900X41C0BSLK67H70 | Long             | EC               | CORP              | DK        |    192018 | NS      | $48360986.55  | 2.41%             |  |  |  | No            |                  2 | On Loan: No      |
| Sartorius Stedim Biotech       | Sartorius Stedim Biotech                  | CUSIP: 000000000<br>LEI: 52990006IVXY7GCSSR39 | Long             | EC               | CORP              | FR        |     48414 | NS      | $11891524.80  | 0.59%             |  |  |  | No            |                  2 | On Loan: No      |
| SAP SE                         | SAP SE                                    | CUSIP: 000000000<br>LEI: 529900D6BF99LW9R2E68 | Long             | EC               | CORP              | DE        |    113337 | NS      | $27537324.45  | 1.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Keyence Corp                   | Keyence Corp                              | CUSIP: 000000000<br>LEI: 529900M7PQBS7A89DZ11 | Long             | EC               | CORP              | JP        |     55400 | NS      | $20039565.04  | 1.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LVMH Moet Hennessy Louis Vuitt | LVMH Moet Hennessy Louis Vuitton SE       | CUSIP: 000000000<br>LEI: IOG4E947OATN0KJYSD45 | Long             | EC               | CORP              | FR        |     30421 | NS      | $22929395.43  | 1.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Cie Financiere Richemont SA    | Cie Financiere Richemont SA               | CUSIP: 000000000<br>LEI: 549300YIPGJ6UX2QPS51 | Long             | EC               | CORP              | CH        |     92802 | NS      | $20012848.31  | 1.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Tokyo Electron Ltd             | Tokyo Electron Ltd                        | CUSIP: 000000000<br>LEI: 549300H5LSF8DP3RIJ34 | Long             | EC               | CORP              | JP        |    102900 | NS      | $22918647.26  | 1.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Rational AG                    | Rational AG                               | CUSIP: 000000000<br>LEI: 529900K139N6UFJ1A758 | Long             | EC               | CORP              | DE        |     19891 | NS      | $15357674.92  | 0.76%             |  |  |  | No            |                  2 | On Loan: No      |
| Shimano Inc                    | Shimano Inc                               | CUSIP: 000000000<br>LEI: 529900L32YT3P9DECR10 | Long             | EC               | CORP              | JP        |    170700 | NS      | $17850270.92  | 0.89%             |  |  |  | No            |                  2 | On Loan: No      |
| Sony Group Corp                | Sony Group Corp                           | CUSIP: 000000000<br>LEI: 529900R5WX9N2OI2N910 | Long             | EC               | CORP              | JP        |   1516000 | NS      | $38886898.59  | 1.94%             |  |  |  | No            |                  2 | On Loan: No      |
| Demant A/S                     | Demant A/S                                | CUSIP: 000000000<br>LEI: 213800RM6L9LN78BVA56 | Long             | EC               | CORP              | DK        |    499530 | NS      | $16831406.75  | 0.84%             |  |  |  | No            |                  2 | On Loan: No      |
| Unicharm Corp                  | Unicharm Corp                             | CUSIP: 000000000<br>LEI: 353800UQ4BZIJTAQEG85 | Long             | EC               | CORP              | JP        |   2409700 | NS      | $13768395.68  | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| ASML Holding NV                | ASML Holding NV                           | CUSIP: 000000000<br>LEI: 724500Y6DUVHQD6OXN27 | Long             | EC               | CORP              | NL        |     33034 | NS      | $35594801.24  | 1.77%             |  |  |  | No            |                  2 | On Loan: No      |
| GMK Norilskiy Nickel PAO       | GMK Norilskiy Nickel PAO                  | CUSIP: 55315J102<br>LEI: 253400JPTEEW143W3E47 | Long             | EC               | CORP              | CH        |         1 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Sandoz Group AG                | Sandoz Group AG                           | CUSIP: 000000000<br>LEI: 5493000JWK6XWFEUD320 | Long             | EC               | CORP              | CH        |    383785 | NS      | $27865161.74  | 1.39%             |  |  |  | No            |                  2 | On Loan: No      |
| Midea Group Co Ltd             | Midea Group Co Ltd                        | CUSIP: 000000000<br>LEI: 3003003TRPHLHZD2IF61 | Long             | EC               | CORP              | CN        |   2779000 | NS      | $31127372.32  | 1.55%             |  |  |  | No            |                  2 | On Loan: No      |
| Nintendo Co Ltd                | Nintendo Co Ltd                           | CUSIP: 000000000<br>LEI: 353800FEEXU6I9M0ZF27 | Long             | EC               | CORP              | JP        |    160100 | NS      | $10809082.30  | 0.54%             |  |  |  | No            |                  2 | On Loan: No      |
| Kaspi.KZ JSC                   | Kaspi.KZ JSC                              | CUSIP: 48581R205<br>LEI: 2549003YU6FARG8OAZ13 | Long             | EC               | CORP              | KZ        |    192721 | NS      | $15057291.73  | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| PING AN                        | Ping An Insurance Group Co of China Ltd   | CUSIP: 000000000<br>LEI: 529900M9MC28JLN35U89 | Long             | EC               | CORP              | CN        |   1962500 | NS      | $16484420.78  | 0.82%             |  |  |  | No            |                  2 | On Loan: No      |
| Rio Tinto PLC                  | Rio Tinto PLC                             | CUSIP: 000000000<br>LEI: 213800YOEO5OQ72G2R82 | Long             | EC               | CORP              | GB        |    507795 | NS      | $40903417.45  | 2.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Shopify Inc                    | Shopify Inc                               | CUSIP: 82509L107<br>LEI: 549300HGQ43STJLLP808 | Long             | EC               | CORP              | CA        |    160474 | NS      | $25831499.78  | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Ryanair Holdings PLC           | Ryanair Holdings PLC                      | CUSIP: 783513203<br>LEI: 635400BR2ROC1FVEBQ56 | Long             | EC               | CORP              | IE        |    728493 | NS      | $52589909.67  | 2.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Technoprobe SpA                | Technoprobe SpA                           | CUSIP: 000000000<br>LEI: 8156007154CD8334D053 | Long             | EC               | CORP              | IT        |   1107997 | NS      | $15766325.60  | 0.79%             |  |  |  | No            |                  2 | On Loan: No      |
| Sony Financial Group Inc       | Sony Financial Group Inc                  | CUSIP: 000000000<br>LEI: 353800O7BDSU41WOZA60 | Long             | EC               | CORP              | JP        |  10277600 | NS      | $10891736.47  | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| HDFC Bank Ltd                  | HDFC Bank Ltd                             | CUSIP: 000000000<br>LEI: 335800ZQ6I4E2JXENC50 | Long             | EC               | CORP              | IN        |   3128364 | NS      | $34558709.21  | 1.72%             |  |  |  | No            |                  2 | On Loan: No      |
| SMC Corp                       | SMC Corp                                  | CUSIP: 000000000<br>LEI: 353800O40V08DOZ70X62 | Long             | EC               | CORP              | JP        |     57900 | NS      | $20033451.40  | 1.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Sea Ltd                        | Sea Ltd                                   | CUSIP: 81141R100<br>LEI: 529900OM6JLLW44YKI15 | Long             | EC               | CORP              | SG        |    194376 | NS      | $24796546.32  | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Kingspan Group PLC             | Kingspan Group PLC                        | CUSIP: 000000000<br>LEI: 635400HM7V74SUB9OG75 | Long             | EC               | CORP              | IE        |    403942 | NS      | $34807258.42  | 1.73%             |  |  |  | No            |                  2 | On Loan: No      |
| GMK Norilskiy Nickel PAO       | GMK Norilskiy Nickel PAO                  | CUSIP: 000000000<br>LEI: 253400JPTEEW143W3E47 | Long             | EC               | CORP              | RU        |   7738600 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Atlas Copco AB                 | Atlas Copco AB                            | CUSIP: 000000000<br>LEI: 213800T8PC8Q4FYJZR07 | Long             | EC               | CORP              | SE        |   1683550 | NS      | $26914437.03  | 1.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Novo Nordisk A/S               | Novo Nordisk A/S                          | CUSIP: 000000000<br>LEI: 549300DAQ1CVT6CXN342 | Long             | EC               | CORP              | DK        |    342906 | NS      | $17391670.70  | 0.87%             |  |  |  | No            |                  2 | On Loan: No      |
| Danone SA                      | Danone SA                                 | CUSIP: 000000000<br>LEI: 969500KMUQ2B6CBAF162 | Long             | EC               | CORP              | FR        |    469568 | NS      | $42354607.51  | 2.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Olympus Corp                   | Olympus Corp                              | CUSIP: 000000000<br>LEI: 5299000Y52IFDI1I2A21 | Long             | EC               | CORP              | JP        |   1039800 | NS      | $13183889.14  | 0.66%             |  |  |  | No            |                  2 | On Loan: No      |
| Coupang Inc                    | Coupang Inc                               | CUSIP: 22266T109<br>LEI: 549300XR4L1D80AK4W76 | Long             | EC               | CORP              | US        |    677684 | NS      | $15986565.56  | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| ICICI Lombard General Insuranc | ICICI Lombard General Insurance Co Ltd    | CUSIP: 000000000<br>LEI: 335800ZZITZ7ZZZ2ZX87 | Long             | EC               | CORP              | IN        |    858971 | NS      | $18781110.14  | 0.94%             |  |  |  | No            |                  2 | On Loan: No      |
| Kone Oyj                       | Kone Oyj                                  | CUSIP: 000000000<br>LEI: 2138001CNF45JP5XZK38 | Long             | EC               | CORP              | FI        |    182333 | NS      | $12917007.68  | 0.64%             |  |  |  | No            |                  2 | On Loan: No      |
| BioNTech SE                    | BioNTech SE                               | CUSIP: 09075V102<br>LEI: 894500UZJ5LG1F8J1U58 | Long             | EC               | CORP              | DE        |     84574 | NS      | $8051444.80   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Unilever PLC                   | Unilever PLC                              | CUSIP: 000000000<br>LEI: 549300MKFYEKVRWML317 | Long             | EC               | CORP              | GB        |    398575 | NS      | $26041768.66  | 1.30%             |  |  |  | No            |                  2 | On Loan: No      |
| B3 SA - Brasil Bolsa Balcao    | B3 SA - Brasil Bolsa Balcao               | CUSIP: 000000000<br>LEI: 4GTK5S46E6H318LMDS44 | Long             | EC               | CORP              | BR        |   8019700 | NS      | $20417416.39  | 1.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Tencent Music Entertainment Gr | Tencent Music Entertainment Group         | CUSIP: 88034P109<br>LEI: 213800XTZK2GOHQTYK41 | Long             | EC               | CORP              | CN        |   1621470 | NS      | $28424369.10  | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Adyen NV                       | Adyen NV                                  | CUSIP: 000000000<br>LEI: 724500973ODKK3IFQ447 | Long             | EC               | CORP              | NL        |     18774 | NS      | $30274479.31  | 1.51%             |  |  |  | No            |                  2 | On Loan: No      |
| AIA Group Ltd                  | AIA Group Ltd                             | CUSIP: 000000000<br>LEI: ZP5ILWVSYE4LJGMMVD57 | Long             | EC               | CORP              | HK        |   3806200 | NS      | $39177573.08  | 1.95%             |  |  |  | No            |                  2 | On Loan: No      |
| Salmar ASA                     | Salmar ASA                                | CUSIP: 000000000<br>LEI: 5967007LIEEXZXGDBK67 | Long             | EC               | CORP              | NO        |    238226 | NS      | $14559931.65  | 0.73%             |  |  |  | No            |                  2 | On Loan: No      |
| MediaTek Inc                   | MediaTek Inc                              | CUSIP: 000000000<br>LEI: 254900UEGBK1I4DM4E14 | Long             | EC               | CORP              | TW        |    301000 | NS      | $13666962.45  | 0.68%             |  |  |  | No            |                  2 | On Loan: No      |
| Constellation Software Inc/Can | Constellation Software Inc/Canada         | CUSIP: 21037X100<br>LEI: 549300B6PYHMCTDWQV29 | Long             | EC               | CORP              | CA        |      8258 | NS      | $19863000.40  | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| CONSTELLATION SOFTWARE INC     | Constellation Software Inc/Canada         | CUSIP: 21037X134<br>LEI: 549300B6PYHMCTDWQV29 | Long             | EC               | CORP              | CA        |     16097 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| United Overseas Bank Ltd       | United Overseas Bank Ltd                  | CUSIP: 000000000<br>LEI: IO66REGK3RCBAMA8HR66 | Long             | EC               | CORP              | SG        |    729100 | NS      | $19857426.48  | 0.99%             |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Boerse AG             | Deutsche Boerse AG                        | CUSIP: 000000000<br>LEI: 529900G3SW56SHYNPR95 | Long             | EC               | CORP              | DE        |    155642 | NS      | $40906046.89  | 2.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Magnum Ice Cream Co NV/The     | Magnum Ice Cream Co NV/The                | CUSIP: 000000000<br>LEI: 25490052LLF3XH6G9847 | Long             | EC               | CORP              | NL        |    715510 | NS      | $11356654.32  | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Nippon Paint Holdings Co Ltd   | Nippon Paint Holdings Co Ltd              | CUSIP: 000000000<br>LEI: 529900RYRJUN78A7PL87 | Long             | EC               | CORP              | JP        |   2010200 | NS      | $13459766.81  | 0.67%             |  |  |  | No            |                  2 | On Loan: No      |
| MercadoLibre Inc               | MercadoLibre Inc                          | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | UY        |     29178 | NS      | $58772078.28  | 2.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Stella-Jones Inc               | Stella-Jones Inc                          | CUSIP: 85853F105<br>LEI: 5493007LOVNNLYJ6KZ35 | Long             | EC               | CORP              | CA        |    187465 | NS      | $11627186.95  | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Tencent Holdings Ltd           | Tencent Holdings Ltd                      | CUSIP: 000000000<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | CN        |   1065700 | NS      | $81785590.06  | 4.07%             |  |  |  | No            |                  2 | On Loan: No      |
| MIPS AB                        | MIPS AB                                   | CUSIP: 000000000<br>LEI: 549300LZSA4S0L54VQ25 | Long             | EC               | CORP              | SE        |    174514 | NS      | $6659221.58   | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung Electronics Co Ltd     | Samsung Electronics Co Ltd                | CUSIP: 000000000<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |    967404 | NS      | $81082867.90  | 4.04%             |  |  |  | No            |                  2 | On Loan: No      |
| TFI International Inc          | TFI International Inc                     | CUSIP: 87241L109<br>LEI: 5493007R9W7KO7SJN678 | Long             | EC               | CORP              | CA        |    116833 | NS      | $12076133.99  | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| PDD Holdings Inc               | PDD Holdings Inc                          | CUSIP: 722304102<br>LEI: 5493000573DS7005T657 | Long             | EC               | CORP              | IE        |    123586 | NS      | $14013416.54  | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Nexans SA                      | Nexans SA                                 | CUSIP: 000000000<br>LEI: 96950015FU78G84UIV14 | Long             | EC               | CORP              | FR        |     94304 | NS      | $13862696.32  | 0.69%             |  |  |  | No            |                  2 | On Loan: No      |
| Kweichow Moutai Co Ltd         | Kweichow Moutai Co Ltd                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     59400 | NS      | $11733465.80  | 0.58%             |  |  |  | No            |                  2 | On Loan: No      |
| Experian PLC                   | Experian PLC                              | CUSIP: 000000000<br>LEI: 635400RXXHHYT1JTSZ26 | Long             | EC               | CORP              | IE        |    624939 | NS      | $28176363.51  | 1.40%             |  |  |  | No            |                  2 | On Loan: No      |
| Meituan                        | Meituan                                   | CUSIP: 000000000<br>LEI: 21380033K525E5JLIA77 | Long             | EC               | CORP              | CN        |    983900 | NS      | $13038838.83  | 0.65%             |  |  |  | No            |                  2 | On Loan: No      |
| IMCD NV                        | IMCD NV                                   | CUSIP: 000000000<br>LEI: 724500NSJPNFJPDAUP02 | Long             | EC               | CORP              | NL        |    213617 | NS      | $19388394.37  | 0.97%             |  |  |  | No            |                  2 | On Loan: No      |
| FinecoBank Banca Fineco SpA    | FinecoBank Banca Fineco SpA               | CUSIP: 000000000<br>LEI: 549300L7YCATGO57ZE10 | Long             | EC               | CORP              | IT        |   1504500 | NS      | $38980926.49  | 1.94%             |  |  |  | No            |                  2 | On Loan: No      |
| Roche Holding AG               | Roche Holding AG                          | CUSIP: 000000000<br>LEI: 549300U41AUUVOAAOB37 | Long             | EC               | CORP              | CH        |     99147 | NS      | $40944764.00  | 2.04%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-02-21

**Name of Applicant:** Baillie Gifford Funds

**Signature:** Lindsay Cockburn

**Name of Signer:** Lindsay Cockburn

**Title:** Treasurer