# EDGAR Filing Document

**Accession Number:** 0001120543
**File Stem:** 0000940400-25-010003
**Filing Date:** 2025-11
**Character Count:** 31431
**Document Hash:** c9c3c1d21f15b6f42d605e5d3fb0a824
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-010003.hdr.sgml**: 20251124

**ACCESSION NUMBER**: 0000940400-25-010003

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251124

**DATE AS OF CHANGE**: 20251124

**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:** 251513940

**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 Growth Fund (Series ID: S000012764)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000034448 | Class 2             | BGETX           |
| C000034449 | Class 3             | BGEUX           |
| C000078439 | Class 4             | BGEFX           |
| C000116267 | Class 5             | BGEVX           |
| C000186030 | Institutional Class | BGESX           |
| C000186031 | Class K             | BGEKX           |

## Nport-Ex

**Portfolio of Investments**

September 30, 2025 (unaudited)

Baillie Gifford International Growth Fund

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS — 98.1%** |  |  |
| AUSTRALIA — 2.6% |  |  |
| WiseTech Global Ltd. | 1500271 | $89691246 |
| BRAZIL — 6.1% |  |  |
| MercadoLibre, Inc. \* | 60726 | 141913018 |
| NU Holdings Ltd., Class A \* | 4366280 | 69904143 |
|  |  | 211817161 |
| CANADA — 3.5% |  |  |
| Kinaxis, Inc. \* | 342379 | 44196585 |
| Shopify, Inc., Class A \* | 523376 | 77778907 |
|  |  | 121975492 |
| CHINA — 9.1% |  |  |
| Akeso, Inc. \* | 1245000 | 22619272 |
| BYD Co., Ltd., Class H | 4970500 | 70256418 |
| Contemporary Amperex Technology Co., Ltd., Class A | 890600 | 50508986 |
| Ganfeng Lithium Group Co., Ltd., Class H | 2428600 | 13442358 |
| Meituan, Class B \* | 2589250 | 34589191 |
| PDD Holdings, Inc. ADR \* | 372570 | 49242577 |
| Tencent Holdings Ltd. | 751700 | 64052058 |
| Wuxi Biologics Cayman, Inc. \* | 2791500 | 14740554 |
|  |  | 319451414 |
| DENMARK — 5.5% |  |  |
| Ambu A/S, B Shares | 1229837 | 18093308 |
| DSV A/S | 429743 | 85850066 |
| Genmab A/S \* | 146893 | 45323577 |
| Novo Nordisk A/S, B Shares | 623681 | 34727598 |
| Zealand Pharma A/S \* | 100737 | 7428859 |
|  |  | 191423408 |
| FRANCE — 5.3% |  |  |
| Hermes International | 37203 | 91483654 |
| L'Oreal SA | 207452 | 90135223 |
| SOITEC \* | 83549 | 3835250 |
|  |  | 185454127 |
| GERMANY — 0.5% |  |  |
| AIXTRON SE | 1067641 | 18622968 |
| HONG KONG — 2.8% |  |  |
| AIA Group Ltd. | 10289800 | 98617090 |
| INDIA — 1.2% |  |  |
| HDFC Bank Ltd. | 1155922 | 12387677 |
| MakeMyTrip Ltd. \* | 341994 | 32010638 |
|  |  | 44398315 |
| ISRAEL — 1.8% |  |  |
| Mobileye Global, Inc., Class A \* | 433855 | 6126033 |
| Wix.com Ltd. \* | 307900 | 54692277 |
|  |  | 60818310 |
| ITALY — 5.3% |  |  |
| Brunello Cucinelli SpA | 223138 | 24445477 |
| Ferrari NV | 224299 | 108722409 |
| Prysmian SpA | 352796 | 35110784 |

---

See previously submitted notes to the financial statements for the semi-annual period ended June 30, 2025.

**Portfolio of Investments**

September 30, 2025 (unaudited)

Baillie Gifford International Growth Fund

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| Wizz Air Holdings PLC \* | 1029988 | $16051860 |
|  |  | 184330530 |
| JAPAN — 8.8% |  |  |
| Advantest Corp. | 1330000 | 131593874 |
| Disco Corp. | 226100 | 70891512 |
| GMO Payment Gateway, Inc. | 307500 | 17248827 |
| Keyence Corp. | 153200 | 57076332 |
| SBI Holdings, Inc. | 672600 | 29283306 |
|  |  | 306093851 |
| NETHERLANDS — 12.8% |  |  |
| Adyen NV \* | 91134 | 146641786 |
| Argenx SE \* | 82119 | 60673592 |
| ASML Holding NV | 188494 | 183816911 |
| EXOR NV | 552362 | 54062826 |
|  |  | 445195115 |
| NEW ZEALAND — 0.7% |  |  |
| Xero Ltd. \* | 226534 | 23637719 |
| SINGAPORE — 4.2% |  |  |
| Sea Ltd. ADR \* | 817405 | 146094796 |
| SOUTH KOREA — 3.2% |  |  |
| Coupang, Inc. \* | 2626623 | 84577261 |
| Delivery Hero SE \* | 988538 | 28385224 |
|  |  | 112962485 |
| SWEDEN — 3.7% |  |  |
| Atlas Copco AB, A Shares | 6772844 | 114853780 |
| Kinnevik AB, B Shares \* | 1592752 | 14184388 |
|  |  | 129038168 |
| SWITZERLAND — 3.7% |  |  |
| Belimo Holding AG | 18486 | 19441841 |
| Galderma Group AG | 378743 | 66961877 |
| Temenos AG | 263535 | 21404118 |
| VAT Group AG | 52094 | 20794232 |
|  |  | 128602068 |
| TAIWAN — 6.3% |  |  |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 5050000 | 219361027 |
| UNITED KINGDOM — 4.1% |  |  |
| Games Workshop Group PLC | 125634 | 24622636 |
| Ocado Group PLC \* | 4963274 | 15077953 |
| RELX PLC | 1187301 | 56727865 |
| Wise PLC, Class A \* | 3262556 | 45481053 |
|  |  | 141909507 |
| UNITED STATES — 6.9% |  |  |
| Atlassian Corp., Class A \* | 155638 | 24855388 |
| Spotify Technology SA \* | 311051 | 217113598 |
|  |  | 241968986 |
| **Total Common Stocks** |  |  |
| (cost $1,983,159,824) |  | 3421463783 |

---

See previously submitted notes to the financial statements for the semi-annual period ended June 30, 2025.

**Portfolio of Investments**

September 30, 2025 (unaudited)

Baillie Gifford International Growth Fund

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **PREFERRED STOCKS — 1.1%** |  |  |
| GERMANY — 1.1% |  |  |
| Sartorius AG 0.38% | 160197 | $37450317 |
| **Total Preferred Stocks** |  |  |
| (cost $33,381,497) |  | 37450317 |
| **TOTAL INVESTMENTS — 99.2%** |  |  |
| (cost $2,016,541,321) |  | $3458914100 |
| Other assets less liabilities — 0.8% |  | 29254373 |
| **NET ASSETS — 100.0%** |  | $3488168473 |

---

\* 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.

**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 September 30, 2025 in valuing the Fund's investments carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Investments in Securities | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks<sup>\*\*</sup> | $948505221 | $2472958562 | $— | $3421463783 |
| Preferred Stocks<sup>\*\*</sup> |  | 37450317 |  | 37450317 |
| **Total** | $948505221 | $2510408879 | $— | $3458914100 |

---

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

See previously submitted notes to the financial statements for the semi-annual period ended June 30, 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 Growth Fund

- **b. EDGAR series identifier (if any):** S000012764

- **c. LEI of Series:** 213800XFOUSNRSBUMG59

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

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $3491679983.80

**Total Liabilities:** $3936901.30

**Net Assets:** $3487743082.50

**Cash Not Reported:** $29150698.80

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000186030 | -4.14%               | 3.75%                | 3.96%                |
| Class ID C000034448 | -4.10%               | 3.69%                | 4.00%                |
| Class ID C000078439 | -4.09%               | 3.70%                | 4.01%                |
| Class ID C000116267 | -4.08%               | 3.70%                | 4.01%                |
| Class ID C000186031 | -4.13%               | 3.73%                | 3.94%                |
| Class ID C000034449 | -3.71%               | 3.70%                | 4.01%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $24821415.82             | $-164863543.15                             |
| Month 2  | $-471379.87              | $121686699.59                              |
| Month 3  | $13964965.48             | $121973515.81                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Ocado Group PLC                | Ocado Group PLC                           | CUSIP: 000000000<br>LEI: 213800LO8F61YB8MBC74 | Long             | EC               | CORP              | GB        |   4963274 | NS      | $15077952.43  | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |
| HDFC Bank Ltd                  | HDFC Bank Ltd                             | CUSIP: 000000000<br>LEI: 335800ZQ6I4E2JXENC50 | Long             | EC               | CORP              | IN        |   1155922 | NS      | $12387676.56  | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Tencent Holdings Ltd           | Tencent Holdings Ltd                      | CUSIP: 000000000<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | CN        |    751700 | NS      | $64052057.99  | 1.84%             |  |  |  | No            |                  2 | On Loan: No      |
| MakeMyTrip Ltd                 | MakeMyTrip Ltd                            | CUSIP: 000000000<br>LEI: 529900DNT8HNJ7RYUO60 | Long             | EC               | CORP              | IN        |    341994 | NS      | $32010638.40  | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Ganfeng Lithium Group Co Ltd   | Ganfeng Lithium Group Co Ltd              | CUSIP: 000000000<br>LEI: 3003006BE6UOHWEOOR42 | Long             | EC               | CORP              | CN        |   2428600 | NS      | $13442357.72  | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| Prysmian SpA                   | Prysmian SpA                              | CUSIP: 000000000<br>LEI: 529900X0H1IO3RS1A464 | Long             | EC               | CORP              | IT        |    352796 | NS      | $35110784.00  | 1.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Brunello Cucinelli SpA         | Brunello Cucinelli SpA                    | CUSIP: 000000000<br>LEI: 5493003CX2RZ0FOBH256 | Long             | EC               | CORP              | IT        |    223138 | NS      | $24445477.26  | 0.70%             |  |  |  | No            |                  2 | On Loan: No      |
| Meituan                        | Meituan                                   | CUSIP: 000000000<br>LEI: 21380033K525E5JLIA77 | Long             | EC               | CORP              | CN        |   2589250 | NS      | $34589191.50  | 0.99%             |  |  |  | No            |                  2 | On Loan: No      |
| CATL                           | Contemporary Amperex Technology Co Ltd    | CUSIP: 000000000<br>LEI: 300300KINDY1K0E9I032 | Long             | EC               | CORP              | CN        |    890600 | NS      | $50508985.79  | 1.45%             |  |  |  | No            |                  2 | On Loan: No      |
| Zealand Pharma A/S             | Zealand Pharma A/S                        | CUSIP: 000000000<br>LEI: 549300ITBB1ULBL4CZ12 | Long             | EC               | CORP              | DK        |    100737 | NS      | $7428858.51   | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Hermes International SCA       | Hermes International SCA                  | CUSIP: 000000000<br>LEI: 969500Y4IJGHJE2MTJ13 | Long             | EC               | CORP              | FR        |     37203 | NS      | $91483653.80  | 2.62%             |  |  |  | No            |                  2 | On Loan: No      |
| Coupang Inc                    | Coupang Inc                               | CUSIP: 22266T109<br>LEI: 549300XR4L1D80AK4W76 | Long             | EC               | CORP              | US        |   2626623 | NS      | $84577260.60  | 2.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Wuxi Biologics Cayman Inc      | Wuxi Biologics Cayman Inc                 | CUSIP: 000000000<br>LEI: 5493001TD2TH6VDTJU11 | Long             | EC               | CORP              | CN        |   2791500 | NS      | $14740554.50  | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| Mobileye Global Inc            | Mobileye Global Inc                       | CUSIP: 60741F104<br>LEI: N/A                  | Long             | EC               | CORP              | IL        |    433855 | NS      | $6126032.60   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Sartorius AG                   | Sartorius AG                              | CUSIP: 000000000<br>LEI: 529900EQV2DY4FOAMU38 | Long             | EP               | CORP              | DE        |    160197 | NS      | $37450316.95  | 1.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Shopify Inc                    | Shopify Inc                               | CUSIP: 82509L107<br>LEI: 549300HGQ43STJLLP808 | Long             | EC               | CORP              | CA        |    523376 | NS      | $77778907.36  | 2.23%             |  |  |  | No            |                  1 | On Loan: No      |
| AIA Group Ltd                  | AIA Group Ltd                             | CUSIP: 000000000<br>LEI: ZP5ILWVSYE4LJGMMVD57 | Long             | EC               | CORP              | HK        |  10289800 | NS      | $98617090.42  | 2.83%             |  |  |  | No            |                  2 | On Loan: No      |
| SBI Holdings Inc               | SBI Holdings Inc                          | CUSIP: 000000000<br>LEI: 353800L6LMHYIPSMRQ17 | Long             | EC               | CORP              | JP        |    672600 | NS      | $29283306.39  | 0.84%             |  |  |  | No            |                  2 | On Loan: No      |
| Argenx SE                      | Argenx SE                                 | CUSIP: 000000000<br>LEI: 7245009C5FZE6G9ODQ71 | Long             | EC               | CORP              | NL        |     82119 | NS      | $60673591.68  | 1.74%             |  |  |  | No            |                  2 | On Loan: No      |
| AIXTRON SE                     | AIXTRON SE                                | CUSIP: 000000000<br>LEI: 5299004UJ4D51M25LD67 | Long             | EC               | CORP              | DE        |   1067641 | NS      | $18622967.85  | 0.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Kinnevik AB                    | Kinnevik AB                               | CUSIP: 000000000<br>LEI: 2138006PZH76JOS6MN27 | Long             | EC               | CORP              | SE        |   1592752 | NS      | $14184387.57  | 0.41%             |  |  |  | No            |                  2 | On Loan: No      |
| BYD Co Ltd                     | BYD Co Ltd                                | CUSIP: 000000000<br>LEI: 5299005557VL7ULJ7A69 | Long             | EC               | CORP              | CN        |   4970500 | NS      | $70256417.98  | 2.01%             |  |  |  | No            |                  2 | On Loan: No      |
| SOITEC                         | SOITEC                                    | CUSIP: 000000000<br>LEI: 969500ZR92SQCU9TST26 | Long             | EC               | CORP              | FR        |     83549 | NS      | $3835250.57   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| MercadoLibre Inc               | MercadoLibre Inc                          | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | UY        |     60726 | NS      | $141913018.44 | 4.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Wix.com Ltd                    | Wix.com Ltd                               | CUSIP: 000000000<br>LEI: 5493008P6N29Q1AG9464 | Long             | EC               | CORP              | IL        |    307900 | NS      | $54692277.00  | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| WiseTech Global Ltd            | WiseTech Global Ltd                       | CUSIP: 000000000<br>LEI: 254900VE3AF301Q85K83 | Long             | EC               | CORP              | AU        |   1500271 | NS      | $89691245.66  | 2.57%             |  |  |  | No            |                  2 | On Loan: No      |
| Atlassian Corp                 | Atlassian Corp                            | CUSIP: 049468101<br>LEI: 549300V7ZY5P02D2MY38 | Long             | EC               | CORP              | AU        |    155638 | NS      | $24855388.60  | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| PDD Holdings Inc               | PDD Holdings Inc                          | CUSIP: 722304102<br>LEI: 5493000573DS7005T657 | Long             | EC               | CORP              | IE        |    372570 | NS      | $49242576.90  | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| L'Oreal SA                     | L'Oreal SA                                | CUSIP: 000000000<br>LEI: 529900JI1GG6F7RKVI53 | Long             | EC               | CORP              | FR        |    207452 | NS      | $90135222.67  | 2.58%             |  |  |  | No            |                  2 | On Loan: No      |
| Galderma Group AG              | Galderma Group AG                         | CUSIP: 000000000<br>LEI: 89450001OK6O8ELQ4584 | Long             | EC               | CORP              | CH        |    378743 | NS      | $66961876.59  | 1.92%             |  |  |  | No            |                  2 | On Loan: No      |
| Wise PLC                       | Wise PLC                                  | CUSIP: 000000000<br>LEI: 213800LD9XCHIC1C4V71 | Long             | EC               | CORP              | GB        |   3262556 | NS      | $45481053.41  | 1.30%             |  |  |  | No            |                  2 | On Loan: No      |
| NU Holdings Ltd/Cayman Islands | NU Holdings Ltd/Cayman Islands            | CUSIP: 000000000<br>LEI: 5493002DG1RHWK9W2X27 | Long             | EC               | CORP              | BR        |   4366280 | NS      | $69904142.80  | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Advantest Corp                 | Advantest Corp                            | CUSIP: 000000000<br>LEI: 353800EMK32PDKS9XR54 | Long             | EC               | CORP              | JP        |   1330000 | NS      | $131593874.19 | 3.77%             |  |  |  | No            |                  2 | On Loan: No      |
| Xero Ltd                       | Xero Ltd                                  | CUSIP: 000000000<br>LEI: 254900UG5D8YST164N14 | Long             | EC               | CORP              | NZ        |    226534 | NS      | $23637718.61  | 0.68%             |  |  |  | No            |                  2 | On Loan: No      |
| Sea Ltd                        | Sea Ltd                                   | CUSIP: 81141R100<br>LEI: 529900OM6JLLW44YKI15 | Long             | EC               | CORP              | SG        |    817405 | NS      | $146094795.65 | 4.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Akeso Inc                      | Akeso Inc                                 | CUSIP: 000000000<br>LEI: 254900ECWYGR3QW5GF30 | Long             | EC               | CORP              | CN        |   1245000 | NS      | $22619271.57  | 0.65%             |  |  |  | No            |                  2 | On Loan: No      |
| RELX PLC                       | RELX PLC                                  | CUSIP: 000000000<br>LEI: 549300WSX3VBUFFJOO66 | Long             | EC               | CORP              | GB        |   1057550 | NS      | $50528513.03  | 1.45%             |  |  |  | No            |                  2 | On Loan: No      |
| VAT Group AG                   | VAT Group AG                              | CUSIP: 000000000<br>LEI: 529900MVFK7NVALR7Y83 | Long             | EC               | CORP              | CH        |     52094 | NS      | $20794231.79  | 0.60%             |  |  |  | No            |                  2 | On Loan: No      |
| ASML Holding NV                | ASML Holding NV                           | CUSIP: 000000000<br>LEI: 724500Y6DUVHQD6OXN27 | Long             | EC               | CORP              | NL        |    188494 | NS      | $183816911.12 | 5.27%             |  |  |  | No            |                  2 | On Loan: No      |
| EXOR NV                        | EXOR NV                                   | CUSIP: 000000000<br>LEI: 5493002ENHZ6NYET7405 | Long             | EC               | CORP              | NL        |    552362 | NS      | $54062826.30  | 1.55%             |  |  |  | No            |                  2 | On Loan: No      |
| Novo Nordisk A/S               | Novo Nordisk A/S                          | CUSIP: 000000000<br>LEI: 549300DAQ1CVT6CXN342 | Long             | EC               | CORP              | DK        |    623681 | NS      | $34727597.87  | 1.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Ambu A/S                       | Ambu A/S                                  | CUSIP: 000000000<br>LEI: 5299008W2A69WX355710 | Long             | EC               | CORP              | DK        |   1229837 | NS      | $18093308.05  | 0.52%             |  |  |  | No            |                  2 | On Loan: No      |
| Genmab A/S                     | Genmab A/S                                | CUSIP: 000000000<br>LEI: 529900MTJPDPE4MHJ122 | Long             | EC               | CORP              | DK        |    146893 | NS      | $45323577.33  | 1.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Keyence Corp                   | Keyence Corp                              | CUSIP: 000000000<br>LEI: 529900M7PQBS7A89DZ11 | Long             | EC               | CORP              | JP        |    151300 | NS      | $56368466.06  | 1.62%             |  |  |  | No            |                  2 | On Loan: No      |
| GMO Payment Gateway Inc        | GMO Payment Gateway Inc                   | CUSIP: 000000000<br>LEI: 353800Q6U21E2PM83F86 | Long             | EC               | CORP              | JP        |    307500 | NS      | $17248826.78  | 0.49%             |  |  |  | No            |                  2 | On Loan: No      |
| Delivery Hero SE               | Delivery Hero SE                          | CUSIP: 000000000<br>LEI: 529900C3EX1FZGE48X78 | Long             | EC               | CORP              | DE        |    988538 | NS      | $28385223.98  | 0.81%             |  |  |  | No            |                  2 | On Loan: No      |
| TSMC                           | Taiwan Semiconductor Manufacturing Co Ltd | CUSIP: 000000000<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |   5251000 | NS      | $228092030.56 | 6.54%             |  |  |  | No            |                  2 | On Loan: No      |
| Belimo Holding AG              | Belimo Holding AG                         | CUSIP: 000000000<br>LEI: 506700339DLX749VEM23 | Long             | EC               | CORP              | CH        |     18486 | NS      | $19441841.31  | 0.56%             |  |  |  | No            |                  2 | On Loan: No      |
| Disco Corp                     | Disco Corp                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    226100 | NS      | $70891511.66  | 2.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Spotify Technology SA          | Spotify Technology SA                     | CUSIP: 000000000<br>LEI: 549300B4X0JHWV0DTD60 | Long             | EC               | CORP              | SE        |    311051 | NS      | $217113598.00 | 6.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Atlas Copco AB                 | Atlas Copco AB                            | CUSIP: 000000000<br>LEI: 213800T8PC8Q4FYJZR07 | Long             | EC               | CORP              | SE        |   6772844 | NS      | $114853780.50 | 3.29%             |  |  |  | No            |                  2 | On Loan: No      |
| DSV A/S                        | DSV A/S                                   | CUSIP: 000000000<br>LEI: 529900X41C0BSLK67H70 | Long             | EC               | CORP              | DK        |    429743 | NS      | $85850066.00  | 2.46%             |  |  |  | No            |                  2 | On Loan: No      |
| Kinaxis Inc                    | Kinaxis Inc                               | CUSIP: 49448Q109<br>LEI: 5299009VAZ14K7PFUQ15 | Long             | EC               | CORP              | CA        |    342379 | NS      | $44196585.00  | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Games Workshop Group PLC       | Games Workshop Group PLC                  | CUSIP: 000000000<br>LEI: 213800RP9QJQYGWHNT41 | Long             | EC               | CORP              | GB        |    125634 | NS      | $24622635.95  | 0.71%             |  |  |  | No            |                  2 | On Loan: No      |
| Temenos AG                     | Temenos AG                                | CUSIP: 000000000<br>LEI: 5067007NW6550481FH64 | Long             | EC               | CORP              | CH        |    263535 | NS      | $21404118.37  | 0.61%             |  |  |  | No            |                  2 | On Loan: No      |
| Ferrari NV                     | Ferrari NV                                | CUSIP: 000000000<br>LEI: 549300RIVY5EX8RCON76 | Long             | EC               | CORP              | IT        |    224299 | NS      | $108722408.93 | 3.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Adyen NV                       | Adyen NV                                  | CUSIP: 000000000<br>LEI: 724500973ODKK3IFQ447 | Long             | EC               | CORP              | NL        |     91134 | NS      | $146641786.33 | 4.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Wizz Air Holdings Plc          | Wizz Air Holdings Plc                     | CUSIP: 000000000<br>LEI: 213800COXGZCORLJZA85 | Long             | EC               | CORP              | HU        |   1029988 | NS      | $16051859.90  | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-24

**Name of Applicant:** Baillie Gifford Funds

**Signature:** Lindsay Cockburn

**Name of Signer:** Lindsay Cockburn

**Title:** Treasurer