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      <invstOrSec>
        <name>Adyen NV</name>
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          <isin value="NL0012969182"/>
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      <invstOrSec>
        <name>Hermes International</name>
        <lei>969500Y4IJGHJE2MTJ13</lei>
        <title>Hermes International NPV</title>
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          <isin value="FR0000052292"/>
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      <invstOrSec>
        <name>Wise PLC</name>
        <lei>213800LD9XCHIC1C4V71</lei>
        <title>Wise PLC CLS A ORD GBP0.01</title>
        <cusip>000000000</cusip>
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          <isin value="GB00BL9YR756"/>
          <ticker value="WISE"/>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ASML Holding N.V.</name>
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        <title>ASML Holding N.V. EUR0.09</title>
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          <isin value="NL0010273215"/>
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        <assetCat>EC</assetCat>
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        <invCountry>NL</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Exail Technologies</name>
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        <title>Exail Technologies EUR1.00</title>
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          <isin value="FR0000062671"/>
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        <assetCat>EC</assetCat>
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        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SEA LTD</name>
        <lei>529900OM6JLLW44YKI15</lei>
        <title>Sea Ltd. SPONSORD ADS</title>
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          <isin value="US81141R1005"/>
          <ticker value="SE"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Atlas Copco AB</name>
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        <title>Atlas Copco AB SER'B'NPV</title>
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          <isin value="SE0017486897"/>
          <ticker value="ATCOB"/>
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        <assetCat>EC</assetCat>
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        <invCountry>SE</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FERRARI NV</name>
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        <title>Ferrari N V COM EUR0.01</title>
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          <ticker value="RACE"/>
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        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Shopify Inc</name>
        <lei>549300HGQ43STJLLP808</lei>
        <title>Shopify Inc CL A SUB VTG SHS</title>
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          <isin value="CA82509L1076"/>
          <ticker value="SHOP"/>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Kinnevik AB (publ)</name>
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        <title>Kinnevik AB (publ) NPV B</title>
        <cusip>000000000</cusip>
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          <isin value="SE0022060521"/>
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        <assetCat>EC</assetCat>
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        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Taiwan Semiconductor Manufacturing Co., Ltd.</name>
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        <title>Taiwan Semiconductor Manufacturing Co., Ltd. TWD10</title>
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          <isin value="TW0002330008"/>
          <ticker value="2330"/>
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        <assetCat>EC</assetCat>
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        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Delivery Hero SE</name>
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        <title>Delivery Hero SE NPV</title>
        <cusip>000000000</cusip>
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          <isin value="DE000A2E4K43"/>
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        <assetCat>EC</assetCat>
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        <invCountry>DE</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Meituan LLC</name>
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        <assetCat>EC</assetCat>
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        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>M3, Inc.</name>
        <lei>3538001UOKRWIODYM055</lei>
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        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>PDD HOLDINGS INC</name>
        <lei>5493000573DS7005T657</lei>
        <title>PDD Holdings Inc. SPONSORED ADS</title>
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        <assetCat>EC</assetCat>
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        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>L'Oreal S.A.</name>
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        <invCountry>FR</invCountry>
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      <invstOrSec>
        <name>Coupang Inc.</name>
        <lei>549300XR4L1D80AK4W76</lei>
        <title>Coupang Inc. CL A</title>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Mercadolibre Inc</name>
        <lei>549300DKPDN9M5S8GB14</lei>
        <title>Mercadolibre Inc COM</title>
        <cusip>58733R102</cusip>
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          <ticker value="MELI"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>NVIDIA Corp.</name>
        <lei>549300S4KLFTLO7GSQ80</lei>
        <title>NVIDIA Corp. COM</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>SPOTIFY TECHNOLOGY SA</name>
        <lei>549300B4X0JHWV0DTD60</lei>
        <title>Spotify Technology S.A. COM EUR0.000625</title>
        <cusip>000000000</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Kering S.A.</name>
        <lei>549300VGEJKB7SVUZR78</lei>
        <title>Kering S.A. EUR4</title>
        <cusip>000000000</cusip>
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        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isLoanByFund>N</isLoanByFund>
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        <name>Novo Nordisk A/S</name>
        <lei>549300DAQ1CVT6CXN342</lei>
        <title>Novo Nordisk A/S SER'B'DKK0.1</title>
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          <ticker value="NOVOB"/>
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        </identifiers>
        <balance>12599.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="DKK" exchangeRt="6.46520000"/>
        <valUSD>461054.06000000</valUSD>
        <pctVal>0.548580724050</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-05-21</ncom:dateSigned>
      <ncom:nameOfApplicant>Baillie Gifford Funds</ncom:nameOfApplicant>
      <ncom:signature>Lindsay Cockburn</ncom:signature>
      <ncom:signerName>Lindsay Cockburn</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
