# EDGAR Filing Document

**Accession Number:** 0001120543
**File Stem:** 0000940400-25-010005
**Filing Date:** 2025-11
**Character Count:** 43384
**Document Hash:** 3c49b1dee43b9cd475e84826c525fe36
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-010005.hdr.sgml**: 20251124

**ACCESSION NUMBER**: 0000940400-25-010005

**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:** 251513943

**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 Global Alpha Equities Fund (Series ID: S000026149)

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

## Nport-Ex

**Portfolio of Investments**

September 30, 2025 (unaudited)

Baillie Gifford Global Alpha Equities Fund

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS — 98.4%** |  |  |
| BRAZIL — 2.5% |  |  |
| B3 SA — Brasil Bolsa Balcao | 1826000 | $4580225 |
| MercadoLibre, Inc. \* | 1563 | 3652637 |
| NU Holdings Ltd., Class A \* | 219359 | 3511938 |
| Petroleo Brasileiro SA - Petrobras ADR | 242449 | 3069404 |
|  |  | 14814204 |
| CANADA — 3.1% |  |  |
| Brookfield Corp. | 65768 | 4510369 |
| Shopify, Inc., Class A \* | 68416 | 10167302 |
| Stella-Jones, Inc. | 61750 | 3523437 |
|  |  | 18201108 |
| CHINA — 7.4% |  |  |
| Contemporary Amperex Technology Co., Ltd., Class A | 154100 | 8727648 |
| Kweichow Moutai Co., Ltd., Class A | 15800 | 3206736 |
| Li Auto, Inc., Class A \* | 311636 | 3989705 |
| PDD Holdings, Inc. ADR \* | 38505 | 5089206 |
| Prosus NV \* | 328988 | 23264404 |
|  |  | 44277699 |
| DENMARK — 0.8% |  |  |
| Novo Nordisk A/S, B Shares | 85802 | 4777598 |
| FRANCE — 1.6% |  |  |
| Edenred | 145233 | 3458682 |
| LVMH Moet Hennessy Louis Vuitton SE | 2881 | 1772913 |
| Nexans SA | 20726 | 3086385 |
| Sartorius Stedim Biotech | 6001 | 1222963 |
|  |  | 9540943 |
| HONG KONG — 1.1% |  |  |
| AIA Group Ltd. | 698200 | 6691525 |
| INDIA — 0.9% |  |  |
| Reliance Industries Ltd. GDR | 84115 | 5138105 |
| ISRAEL — 0.1% |  |  |
| Mobileye Global, Inc., Class A \* | 53939 | 761619 |
| ITALY — 1.5% |  |  |
| Ryanair Holdings PLC ADR | 148162 | 8922316 |
| JAPAN — 4.6% |  |  |
| Cosmos Pharmaceutical Corp. | 51600 | 3015167 |
| CyberAgent, Inc. | 231400 | 2777651 |
| Disco Corp. | 12900 | 4044673 |
| Kokusai Electric Corp. | 180400 | 5117041 |
| Nippon Paint Holdings Co., Ltd. | 405000 | 2763059 |
| Olympus Corp. | 344200 | 4351727 |
| Rakuten Group, Inc. \* | 446000 | 2892160 |
| SMC Corp. | 7600 | 2349101 |
|  |  | 27310579 |
| NETHERLANDS — 1.8% |  |  |
| Adyen NV \* | 4756 | 7652779 |
| ASM International NV | 5144 | 3102602 |
|  |  | 10755381 |

---

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 Global Alpha Equities Fund

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| RUSSIA — 0.0% <sup>(a)</sup> |  |  |
| Sberbank of Russia PJSC \*<sup>(b)</sup> | 1284860 | $0 |
| SINGAPORE — 1.3% |  |  |
| Sea Ltd. ADR \* | 44296 | 7917024 |
| SOUTH KOREA — 1.9% |  |  |
| Coupang, Inc. \* | 199517 | 6424447 |
| Samsung Electronics Co., Ltd. | 77323 | 4635539 |
|  |  | 11059986 |
| SWEDEN — 0.5% |  |  |
| Epiroc AB, B Shares | 169130 | 3199681 |
| SWITZERLAND — 0.9% |  |  |
| Cie Financiere Richemont SA | 28109 | 5395984 |
| TAIWAN — 3.8% |  |  |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 518000 | 22500794 |
| UNITED KINGDOM — 0.4% |  |  |
| Bellway PLC | 63131 | 2091456 |
| UNITED STATES — 64.2% |  |  |
| Advanced Drainage Systems, Inc. | 32311 | 4481536 |
| AeroVironment, Inc. \* | 27148 | 8548634 |
| Alnylam Pharmaceuticals, Inc. \* | 11558 | 5270448 |
| Alphabet, Inc., Class C | 44970 | 10952443 |
| Amazon.com, Inc. \* | 101001 | 22176790 |
| AppLovin Corp., Class A \* | 17083 | 12274819 |
| Arthur J Gallagher & Co. | 11633 | 3603205 |
| AutoZone, Inc. \* | 2069 | 8876507 |
| Block, Inc. \* | 99564 | 7195490 |
| Brunswick Corp. | 25684 | 1624256 |
| Builders FirstSource, Inc. \* | 22627 | 2743524 |
| CBRE Group, Inc., Class A \* | 41752 | 6578445 |
| Cloudflare, Inc., Class A \* | 28254 | 6063026 |
| Coinbase Global, Inc., Class A \* | 9250 | 3121783 |
| Comfort Systems USA, Inc. | 6062 | 5002241 |
| CoStar Group, Inc. \* | 43919 | 3705446 |
| CRH PLC | 82037 | 9897645 |
| Datadog, Inc., Class A \* | 25503 | 3631627 |
| Dollar General Corp. | 47167 | 4874709 |
| DoorDash, Inc., Class A \* | 50306 | 13682729 |
| Dutch Bros, Inc., Class A \* | 52908 | 2769205 |
| Eaton Corp. PLC | 10280 | 3847290 |
| Elevance Health, Inc. | 31145 | 10063572 |
| Enphase Energy, Inc. \* | 37990 | 1344466 |
| Ensign Group, Inc. (The) | 21508 | 3715937 |
| EPAM Systems, Inc. \* | 21934 | 3307428 |
| Floor & Decor Holdings, Inc., Class A \* | 25590 | 1885983 |
| FTAI Aviation Ltd. | 35286 | 5887822 |
| Markel Group, Inc. \* | 2754 | 5263885 |
| Martin Marietta Materials, Inc. | 20438 | 12881663 |
| Mastercard, Inc., Class A | 21741 | 12366498 |
| Medpace Holdings, Inc. \* | 8670 | 4457767 |
| Meta Platforms, Inc., Class A | 35307 | 25928755 |
| Microsoft Corp. | 49655 | 25718807 |
| Moody's Corp. | 11224 | 5348012 |

---

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 Global Alpha Equities Fund

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| MSCI, Inc. | 9751 | $5532815 |
| Netflix, Inc. \* | 4965 | 5952638 |
| NVIDIA Corp. | 186792 | 34851651 |
| ON Semiconductor Corp. \* | 75448 | 3720341 |
| Paycom Software, Inc. | 25280 | 5261779 |
| Royalty Pharma PLC, Class A | 248019 | 8750110 |
| S&P Global, Inc. | 10556 | 5137711 |
| Salesforce, Inc. | 16956 | 4018572 |
| Service Corp. International | 140231 | 11670024 |
| Spotify Technology SA \* | 6022 | 4203356 |
| Texas Instruments, Inc. | 26296 | 4831364 |
| Thermo Fisher Scientific, Inc. | 6594 | 3198222 |
| Trade Desk, Inc. (The), Class A \* | 67610 | 3313566 |
| Uber Technologies, Inc. \* | 62510 | 6124105 |
| Walt Disney Co. (The) | 32172 | 3683694 |
| WillScot Holdings Corp. | 76474 | 1614366 |
|  |  | 380956707 |
| **TOTAL INVESTMENTS — 98.4%** |  |  |
| (cost $304,196,000) |  | $584312709 |
| Other assets less liabilities — 1.6% |  | 9776721 |
| **NET ASSETS — 100.0%** |  | $594089430 |

---

(a) Amount rounds to less than 0.1%.

(b) Investment was valued using significant unobservable inputs.

\* Non-income producing security.

ADR — American Depositary Receipt <br> GDR — Global 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.

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 Global Alpha Equities Fund

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> | $433188986 | $151123723 | $— | $584312709 |
| **Total** | $433188986 | $151123723 | $— | $584312709 |

---

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

There were no transfers into or out of Level 3 during the period ended September 30, 2025.

**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 year to September 30, 2025 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.

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 Global Alpha Equities Fund

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

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

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

- **a. Date of fiscal year-end:** 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:** $595048127.87

**Total Liabilities:** $968803.91

**Net Assets:** $594079323.96

**Cash Not Reported:** $9751397.48

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000186035 | 0.89%                | 2.09%                | 3.67%                |
| Class ID C000186034 | 0.89%                | 2.10%                | 3.62%                |
| Class ID C000078432 | 0.89%                | 2.11%                | 3.63%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $5850108.30              | $-570302.31                                |
| Month 2  | $492085.52               | $11280207.79                               |
| Month 3  | $-2387400.02             | $22933803.11                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| NU Holdings Ltd/Cayman Islands | NU Holdings Ltd/Cayman Islands            | CUSIP: 000000000<br>LEI: 5493002DG1RHWK9W2X27 | Long             | EC               | CORP              | BR        |    219359 | NS      | $3511937.59   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| MSCI Inc                       | MSCI Inc                                  | CUSIP: 55354G100<br>LEI: 549300HTIN2PD78UB763 | Long             | EC               | CORP              | US        |      9751 | NS      | $5532814.91   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Datadog Inc                    | Datadog Inc                               | CUSIP: 23804L103<br>LEI: 549300F6JNO0KRPO1K63 | Long             | EC               | CORP              | US        |     25503 | NS      | $3631627.20   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Paycom Software Inc            | Paycom Software Inc                       | CUSIP: 70432V102<br>LEI: 254900LSB0HNJUDC6Q18 | Long             | EC               | CORP              | US        |     25280 | NS      | $5261779.20   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Instruments Inc          | Texas Instruments Inc                     | CUSIP: 882508104<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | EC               | CORP              | US        |     26296 | NS      | $4831364.08   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Nexans SA                      | Nexans SA                                 | CUSIP: 000000000<br>LEI: 96950015FU78G84UIV14 | Long             | EC               | CORP              | FR        |     20726 | NS      | $3086384.66   | 0.52%             |  |  |  | No            |                  2 | On Loan: No      |
| Martin Marietta Materials Inc  | Martin Marietta Materials Inc             | CUSIP: 573284106<br>LEI: 5299005MZ4WZECVATV08 | Long             | EC               | CORP              | US        |     20438 | NS      | $12881662.64  | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Service Corp International/US  | Service Corp International/US             | CUSIP: 817565104<br>LEI: 549300RKVM2ME20JHZ15 | Long             | EC               | CORP              | US        |    140231 | NS      | $11670023.82  | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Epiroc AB                      | Epiroc AB                                 | CUSIP: 000000000<br>LEI: 5493004Q73OEYW1SPE91 | Long             | EC               | CORP              | SE        |    169130 | NS      | $3199680.65   | 0.54%             |  |  |  | No            |                  2 | On Loan: No      |
| Sartorius Stedim Biotech       | Sartorius Stedim Biotech                  | CUSIP: 000000000<br>LEI: 52990006IVXY7GCSSR39 | Long             | EC               | CORP              | FR        |      6610 | NS      | $1347072.93   | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Sberbank of Russia PJSC        | Sberbank of Russia PJSC                   | CUSIP: 000000000<br>LEI: 549300WE6TAF5EEWQS81 | Long             | EC               | CORP              | RU        |   1284860 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| CATL                           | Contemporary Amperex Technology Co Ltd    | CUSIP: 000000000<br>LEI: 300300KINDY1K0E9I032 | Long             | EC               | CORP              | CN        |    154100 | NS      | $8727647.65   | 1.47%             |  |  |  | No            |                  2 | On Loan: No      |
| Uber Technologies Inc          | Uber Technologies Inc                     | CUSIP: 90353T100<br>LEI: 549300B2FTG34FILDR98 | Long             | EC               | CORP              | US        |     62510 | NS      | $6124104.70   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Coinbase Global Inc            | Coinbase Global Inc                       | CUSIP: 19260Q107<br>LEI: 5493004G3J2SC154DU06 | Long             | EC               | CORP              | US        |      9250 | NS      | $3121782.50   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Drainage Systems Inc  | Advanced Drainage Systems Inc             | CUSIP: 00790R104<br>LEI: 6QQTOZ5MF5DHM7K92I60 | Long             | EC               | CORP              | US        |     32311 | NS      | $4481535.70   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung Electronics Co Ltd     | Samsung Electronics Co Ltd                | CUSIP: 000000000<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |     77323 | NS      | $4635539.19   | 0.78%             |  |  |  | No            |                  2 | On Loan: No      |
| CRH PLC                        | CRH PLC                                   | CUSIP: 000000000<br>LEI: 549300MIDJNNTH068E74 | Long             | EC               | CORP              | US        |     82037 | NS      | $9897644.55   | 1.67%             |  |  |  | No            |                  2 | On Loan: No      |
| Builders FirstSource Inc       | Builders FirstSource Inc                  | CUSIP: 12008R107<br>LEI: 549300W0SKP6L3H7DP63 | Long             | EC               | CORP              | US        |     22627 | NS      | $2743523.75   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Disco Corp                     | Disco Corp                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     12900 | NS      | $4044672.71   | 0.68%             |  |  |  | No            |                  2 | On Loan: No      |
| S&P Global Inc                 | S&P Global Inc                            | CUSIP: 78409V104<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | EC               | CORP              | US        |     10556 | NS      | $5137710.76   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| ASM International NV           | ASM International NV                      | CUSIP: 000000000<br>LEI: 7245001I22ND6ZFHX623 | Long             | EC               | CORP              | NL        |      5144 | NS      | $3102602.28   | 0.52%             |  |  |  | No            |                  2 | On Loan: No      |
| Moody's Corp                   | Moody's Corp                              | CUSIP: 615369105<br>LEI: 549300GCEDD8YCF5WU84 | Long             | EC               | CORP              | US        |     11224 | NS      | $5348011.52   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| WillScot Holdings Corp         | WillScot Holdings Corp                    | CUSIP: 971378104<br>LEI: 549300HJ4VIXF476Q166 | Long             | EC               | CORP              | US        |     76474 | NS      | $1614366.14   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| PETROBRAS                      | Petroleo Brasileiro SA - Petrobras        | CUSIP: 71654V408<br>LEI: 5493000J801JZRCMFE49 | Long             | EC               | CORP              | BR        |    242449 | NS      | $3069404.34   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| LVMH Moet Hennessy Louis Vuitt | LVMH Moet Hennessy Louis Vuitton SE       | CUSIP: 000000000<br>LEI: IOG4E947OATN0KJYSD45 | Long             | EC               | CORP              | FR        |      2881 | NS      | $1772913.55   | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| AppLovin Corp                  | AppLovin Corp                             | CUSIP: 03831W108<br>LEI: 549300LLVXMUAOL3SQ07 | Long             | EC               | CORP              | US        |     17083 | NS      | $12274818.82  | 2.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Nippon Paint Holdings Co Ltd   | Nippon Paint Holdings Co Ltd              | CUSIP: 000000000<br>LEI: 529900RYRJUN78A7PL87 | Long             | EC               | CORP              | JP        |    405000 | NS      | $2763058.97   | 0.47%             |  |  |  | No            |                  2 | On Loan: No      |
| ON Semiconductor Corp          | ON Semiconductor Corp                     | CUSIP: 682189105<br>LEI: ZV20P4CNJVT8V1ZGJ064 | Long             | EC               | CORP              | US        |     75448 | NS      | $3720340.88   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Thermo Fisher Scientific Inc   | Thermo Fisher Scientific Inc              | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |      6594 | NS      | $3198221.88   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| AeroVironment Inc              | AeroVironment Inc                         | CUSIP: 008073108<br>LEI: 529900PGHVI29YLZ6221 | Long             | EC               | CORP              | US        |     27148 | NS      | $8548633.72   | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| CBRE Group Inc                 | CBRE Group Inc                            | CUSIP: 12504L109<br>LEI: 52990016II9MJ2OSWA10 | Long             | EC               | CORP              | US        |     41752 | NS      | $6578445.12   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| FTAI Aviation Ltd              | FTAI Aviation Ltd                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     35286 | NS      | $5887821.96   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Enphase Energy Inc             | Enphase Energy Inc                        | CUSIP: 29355A107<br>LEI: 5493008U7KIGMI59Z314 | Long             | EC               | CORP              | US        |     37990 | NS      | $1344466.10   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Shopify Inc                    | Shopify Inc                               | CUSIP: 82509L107<br>LEI: 549300HGQ43STJLLP808 | Long             | EC               | CORP              | CA        |     68416 | NS      | $10167301.76  | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Royalty Pharma PLC             | Royalty Pharma PLC                        | CUSIP: 000000000<br>LEI: 549300FGFN7VOK8BZR03 | Long             | EC               | CORP              | US        |    248019 | NS      | $8750110.32   | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Olympus Corp                   | Olympus Corp                              | CUSIP: 000000000<br>LEI: 5299000Y52IFDI1I2A21 | Long             | EC               | CORP              | JP        |    344200 | NS      | $4351727.31   | 0.73%             |  |  |  | No            |                  2 | On Loan: No      |
| Adyen NV                       | Adyen NV                                  | CUSIP: 000000000<br>LEI: 724500973ODKK3IFQ447 | Long             | EC               | CORP              | NL        |      4756 | NS      | $7652778.72   | 1.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Markel Group Inc               | Markel Group Inc                          | CUSIP: 570535104<br>LEI: 549300SCNO12JLWIK605 | Long             | EC               | CORP              | US        |      2754 | NS      | $5263885.44   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| AIA Group Ltd                  | AIA Group Ltd                             | CUSIP: 000000000<br>LEI: ZP5ILWVSYE4LJGMMVD57 | Long             | EC               | CORP              | HK        |    698200 | NS      | $6691524.86   | 1.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Alphabet Inc                   | Alphabet Inc                              | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     44970 | NS      | $10952443.50  | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Cosmos Pharmaceutical Corp     | Cosmos Pharmaceutical Corp                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     51600 | NS      | $3015167.24   | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| Eaton Corp PLC                 | Eaton Corp PLC                            | CUSIP: 000000000<br>LEI: 549300VDIGTMXUNT7H71 | Long             | EC               | CORP              | IE        |     10280 | NS      | $3847290.00   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| CyberAgent Inc                 | CyberAgent Inc                            | CUSIP: 000000000<br>LEI: 3538006T5KZABPGS8Q08 | Long             | EC               | CORP              | JP        |    231400 | NS      | $2777650.99   | 0.47%             |  |  |  | No            |                  2 | On Loan: No      |
| PDD Holdings Inc               | PDD Holdings Inc                          | CUSIP: 722304102<br>LEI: 5493000573DS7005T657 | Long             | EC               | CORP              | IE        |     38505 | NS      | $5089205.85   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Cloudflare Inc                 | Cloudflare Inc                            | CUSIP: 18915M107<br>LEI: 5493007DY18BGNLDWU14 | Long             | EC               | CORP              | US        |     28254 | NS      | $6063025.86   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Salesforce Inc                 | Salesforce Inc                            | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |     16956 | NS      | $4018572.00   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Novo Nordisk A/S               | Novo Nordisk A/S                          | CUSIP: 000000000<br>LEI: 549300DAQ1CVT6CXN342 | Long             | EC               | CORP              | DK        |     85802 | NS      | $4777598.41   | 0.80%             |  |  |  | No            |                  2 | On Loan: No      |
| Stella-Jones Inc               | Stella-Jones Inc                          | CUSIP: 85853F105<br>LEI: 5493007LOVNNLYJ6KZ35 | Long             | EC               | CORP              | CA        |     61750 | NS      | $3523437.16   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Mobileye Global Inc            | Mobileye Global Inc                       | CUSIP: 60741F104<br>LEI: N/A                  | Long             | EC               | CORP              | IL        |     58118 | NS      | $820626.16    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Sea Ltd                        | Sea Ltd                                   | CUSIP: 81141R100<br>LEI: 529900OM6JLLW44YKI15 | Long             | EC               | CORP              | SG        |     44296 | NS      | $7917024.08   | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc                 | Amazon.com Inc                            | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |    101001 | NS      | $22176789.57  | 3.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Coupang Inc                    | Coupang Inc                               | CUSIP: 22266T109<br>LEI: 549300XR4L1D80AK4W76 | Long             | EC               | CORP              | US        |    199517 | NS      | $6424447.40   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Rakuten Group Inc              | Rakuten Group Inc                         | CUSIP: 000000000<br>LEI: 529900IMXUCQKUL1H943 | Long             | EC               | CORP              | JP        |    446000 | NS      | $2892160.17   | 0.49%             |  |  |  | No            |                  2 | On Loan: No      |
| Reliance Industries Ltd        | Reliance Industries Ltd                   | CUSIP: 759470107<br>LEI: 5493003UOETFYRONLG31 | Long             | EC               | CORP              | IN        |     84115 | NS      | $5138105.05   | 0.86%             |  |  |  | No            |                  2 | On Loan: No      |
| Kokusai Electric Corp          | Kokusai Electric Corp                     | CUSIP: 000000000<br>LEI: 549300CDY6N3WKYK2I96 | Long             | EC               | CORP              | JP        |    180400 | NS      | $5117040.54   | 0.86%             |  |  |  | No            |                  2 | On Loan: No      |
| Brunswick Corp/DE              | Brunswick Corp/DE                         | CUSIP: 117043109<br>LEI: YM4O38W15AX4YLLQKU27 | Long             | EC               | CORP              | US        |     25684 | NS      | $1624256.16   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| TSMC                           | Taiwan Semiconductor Manufacturing Co Ltd | CUSIP: 000000000<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |    518000 | NS      | $22500794.48  | 3.79%             |  |  |  | No            |                  2 | On Loan: No      |
| DoorDash Inc                   | DoorDash Inc                              | CUSIP: 25809K105<br>LEI: 549300NUQ43FGGSK5051 | Long             | EC               | CORP              | US        |     50306 | NS      | $13682728.94  | 2.30%             |  |  |  | No            |                  1 | On Loan: No      |
| AutoZone Inc                   | AutoZone Inc                              | CUSIP: 053332102<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | EC               | CORP              | US        |      2069 | NS      | $8876506.56   | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp                    | NVIDIA Corp                               | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |    186792 | NS      | $34851651.36  | 5.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Netflix Inc                    | Netflix Inc                               | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |      4965 | NS      | $5952637.80   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Trade Desk Inc/The             | Trade Desk Inc/The                        | CUSIP: 88339J105<br>LEI: 549300GXPD31VT3E0P46 | Long             | EC               | CORP              | US        |     67610 | NS      | $3313566.10   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| CoStar Group Inc               | CoStar Group Inc                          | CUSIP: 22160N109<br>LEI: 984500Q1D53D08E2E698 | Long             | EC               | CORP              | US        |     43919 | NS      | $3705446.03   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Corp                | Brookfield Corp                           | CUSIP: 11271J107<br>LEI: C6J3FGIWG6MBDGTE8F80 | Long             | EC               | CORP              | CA        |     65768 | NS      | $4510369.44   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Floor & Decor Holdings Inc     | Floor & Decor Holdings Inc                | CUSIP: 339750101<br>LEI: 549300M5FR3N688XGQ36 | Long             | EC               | CORP              | US        |     25590 | NS      | $1885983.00   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Dollar General Corp            | Dollar General Corp                       | CUSIP: 256677105<br>LEI: OPX52SQVOZI8IVSWYU66 | Long             | EC               | CORP              | US        |     47167 | NS      | $4874709.45   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Bellway PLC                    | Bellway PLC                               | CUSIP: 000000000<br>LEI: 213800CY4L3HST4FGZ98 | Long             | EC               | CORP              | GB        |     63131 | NS      | $2091456.27   | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| SMC Corp                       | SMC Corp                                  | CUSIP: 000000000<br>LEI: 353800O40V08DOZ70X62 | Long             | EC               | CORP              | JP        |      7600 | NS      | $2349100.89   | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| Alnylam Pharmaceuticals Inc    | Alnylam Pharmaceuticals Inc               | CUSIP: 02043Q107<br>LEI: 529900S3ZI14OWRJII50 | Long             | EC               | CORP              | US        |     11558 | NS      | $5270448.00   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Li Auto Inc                    | Li Auto Inc                               | CUSIP: 000000000<br>LEI: 2549003R73Q70J5H4I65 | Long             | EC               | CORP              | CN        |    311636 | NS      | $3989705.08   | 0.67%             |  |  |  | No            |                  2 | On Loan: No      |
| B3 SA - Brasil Bolsa Balcao    | B3 SA - Brasil Bolsa Balcao               | CUSIP: 000000000<br>LEI: 4GTK5S46E6H318LMDS44 | Long             | EC               | CORP              | BR        |   1826000 | NS      | $4580224.53   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Spotify Technology SA          | Spotify Technology SA                     | CUSIP: 000000000<br>LEI: 549300B4X0JHWV0DTD60 | Long             | EC               | CORP              | SE        |      6022 | NS      | $4203356.00   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Cie Financiere Richemont SA    | Cie Financiere Richemont SA               | CUSIP: 000000000<br>LEI: 549300YIPGJ6UX2QPS51 | Long             | EC               | CORP              | CH        |     28109 | NS      | $5395983.87   | 0.91%             |  |  |  | No            |                  2 | On Loan: No      |
| Microsoft Corp                 | Microsoft Corp                            | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     49655 | NS      | $25718807.25  | 4.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Medpace Holdings Inc           | Medpace Holdings Inc                      | CUSIP: 58506Q109<br>LEI: 549300H8TYEUVTW14A54 | Long             | EC               | CORP              | US        |      8670 | NS      | $4457767.20   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Kweichow Moutai Co Ltd         | Kweichow Moutai Co Ltd                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     15800 | NS      | $3206736.47   | 0.54%             |  |  |  | No            |                  2 | On Loan: No      |
| Ensign Group Inc/The           | Ensign Group Inc/The                      | CUSIP: 29358P101<br>LEI: 5493003K4HEEA8Q0BC72 | Long             | EC               | CORP              | US        |     21508 | NS      | $3715937.16   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Comfort Systems USA Inc        | Comfort Systems USA Inc                   | CUSIP: 199908104<br>LEI: 5299009DT1ZA5HTU6R38 | Long             | EC               | CORP              | US        |      6062 | NS      | $5002241.16   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| EPAM Systems Inc               | EPAM Systems Inc                          | CUSIP: 29414B104<br>LEI: 549300XCR4R530HJP604 | Long             | EC               | CORP              | US        |     21934 | NS      | $3307427.86   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Block Inc                      | Block Inc                                 | CUSIP: 852234103<br>LEI: 549300OHIIUWSTIZME52 | Long             | EC               | CORP              | US        |     99564 | NS      | $7195490.28   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Dutch Bros Inc                 | Dutch Bros Inc                            | CUSIP: 26701L100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     52908 | NS      | $2769204.72   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Arthur J Gallagher & Co        | Arthur J Gallagher & Co                   | CUSIP: 363576109<br>LEI: 54930049QLLMPART6V29 | Long             | EC               | CORP              | US        |     11633 | NS      | $3603205.42   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Mastercard Inc                 | Mastercard Inc                            | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |     21741 | NS      | $12366498.21  | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Edenred SE                     | Edenred SE                                | CUSIP: 000000000<br>LEI: 9695006LOD5B2D7Y0N70 | Long             | EC               | CORP              | FR        |    145233 | NS      | $3458682.06   | 0.58%             |  |  |  | No            |                  2 | On Loan: No      |
| Ryanair Holdings PLC           | Ryanair Holdings PLC                      | CUSIP: 783513203<br>LEI: 635400BR2ROC1FVEBQ56 | Long             | EC               | CORP              | IE        |    148162 | NS      | $8922315.64   | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc             | Meta Platforms Inc                        | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |     35307 | NS      | $25928754.66  | 4.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Prosus NV                      | Prosus NV                                 | CUSIP: 000000000<br>LEI: 635400Z5LQ5F9OLVT688 | Long             | EC               | CORP              | NL        |    328988 | NS      | $23264403.93  | 3.92%             |  |  |  | No            |                  2 | On Loan: No      |
| Walt Disney Co/The             | Walt Disney Co/The                        | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |     32172 | NS      | $3683694.00   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| MercadoLibre Inc               | MercadoLibre Inc                          | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | UY        |      1563 | NS      | $3652637.22   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Elevance Health Inc            | Elevance Health Inc                       | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |     31145 | NS      | $10063572.40  | 1.69%             |  |  |  | No            |                  1 | 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