# EDGAR Filing Document

**Accession Number:** 0001120543
**File Stem:** 0000940400-25-010018
**Filing Date:** 2025-11
**Character Count:** 40690
**Document Hash:** 835cd02800031ef6b0a7fd313e4d7a4c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-010018.hdr.sgml**: 20251124

**ACCESSION NUMBER**: 0000940400-25-010018

**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:** 251513956

**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           |

## Nport-Ex

**Portfolio of Investments**

September 30, 2025 (unaudited)

Baillie Gifford International Alpha Fund

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS — 98.8%** |  |  |
| AUSTRALIA — 1.7% |  |  |
| Rio Tinto PLC | 541735 | $35701664 |
| BRAZIL — 4.5% |  |  |
| B3 SA — Brasil Bolsa Balcao | 8584500 | 21532825 |
| MercadoLibre, Inc. \* | 31276 | 73090135 |
|  |  | 94622960 |
| CANADA — 4.3% |  |  |
| Constellation Software, Inc. | 8522 | 23134257 |
| Lumine Group, Inc. \* | 649225 | 19145070 |
| Shopify, Inc., Class A \* | 169539 | 25195191 |
| Stella-Jones, Inc. | 197755 | 11283843 |
| TFI International, Inc. | 127075 | 11183550 |
|  |  | 89941911 |
| CHINA — 10.7% |  |  |
| Kweichow Moutai Co., Ltd., Class A | 64200 | 13029904 |
| Meituan, Class B \* | 1051100 | 14041401 |
| Midea Group Co., Ltd., Class A | 3006400 | 30701998 |
| PDD Holdings, Inc. ADR \* | 132229 | 17476707 |
| Ping An Insurance Group Co. of China Ltd., Class H | 2046000 | 13919121 |
| Silergy Corp. | 892000 | 7596813 |
| Tencent Holdings Ltd. | 1063700 | 90637454 |
| Tencent Music Entertainment Group ADR | 1723291 | 40221612 |
|  |  | 227625010 |
| DENMARK — 5.2% |  |  |
| Demant A/S \* | 537079 | 18696799 |
| DSV A/S | 204745 | 40902055 |
| Novo Nordisk A/S, B Shares | 361276 | 20116450 |
| Novonesis Novozymes B, B Shares | 480647 | 29580956 |
|  |  | 109296260 |
| FINLAND — 0.9% |  |  |
| Kone Oyj, Class B | 283521 | 19338726 |
| FRANCE — 6.2% |  |  |
| Danone SA | 499302 | 43505814 |
| Dassault Systemes SE | 617317 | 20767173 |
| Edenred | 882484 | 21016102 |
| LVMH Moet Hennessy Louis Vuitton SE | 32356 | 19911278 |
| Nexans SA | 101681 | 15141691 |
| Sartorius Stedim Biotech | 52869 | 10774342 |
|  |  | 131116400 |
| GERMANY — 7.0% |  |  |
| BioNTech SE ADR \* | 90838 | 8958444 |
| Deutsche Boerse AG | 167917 | 44966684 |
| Rational AG | 20781 | 15880398 |
| SAP SE | 123231 | 32997224 |
| Scout24 SE | 364201 | 45691703 |
|  |  | 148494453 |

---

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 Alpha Fund

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| HONG KONG — 1.8% |  |  |
| AIA Group Ltd. | 4037600 | $38696220 |
| INDIA — 2.6% |  |  |
| HDFC Bank Ltd. | 3254292 | 34875292 |
| ICICI Lombard General Insurance Co., Ltd. | 915819 | 19477027 |
|  |  | 54352319 |
| IRELAND — 1.7% |  |  |
| Kingspan Group PLC | 425772 | 35599192 |
| ITALY — 5.0% |  |  |
| FinecoBank Banca Fineco SpA | 1770291 | 38421777 |
| Ryanair Holdings PLC ADR | 908984 | 54739016 |
| Technoprobe SpA \* | 1172373 | 11576255 |
|  |  | 104737048 |
| JAPAN — 10.8% |  |  |
| Keyence Corp. | 60300 | 22465423 |
| Money Forward, Inc. \* | 488000 | 19736668 |
| MonotaRO Co., Ltd. | 1229500 | 17850811 |
| Nihon M&A Center Holdings, Inc. | 3897800 | 19876616 |
| Nintendo Co., Ltd. | 169900 | 14699621 |
| Olympus Corp. | 1156400 | 14620388 |
| Recruit Holdings Co., Ltd. | 299300 | 16091528 |
| Shimano, Inc. | 177100 | 19792441 |
| SMC Corp. | 60500 | 18700079 |
| Sony Financial Group, Inc. \* | 1607700 | 1782891 |
| Sony Group Corp. | 1607700 | 46216073 |
| Unicharm Corp. | 2529500 | 16410064 |
|  |  | 228242603 |
| KAZAKHSTAN — 0.8% |  |  |
| Kaspi.KZ JSC ADR | 208132 | 17000222 |
| NETHERLANDS — 6.3% |  |  |
| Adyen NV \* | 19877 | 31983659 |
| ASML Holding NV | 34827 | 33962840 |
| EXOR NV | 195899 | 19173755 |
| IMCD NV | 226433 | 23469202 |
| Topicus.com, Inc. \* | 244836 | 26256932 |
|  |  | 134846388 |
| PANAMA — 0.7% |  |  |
| Copa Holdings SA, Class A | 131270 | 15597501 |
| RUSSIA — 0.0% <sup>(a)</sup> |  |  |
| GMK Norilskiy Nickel PAO \*<sup>(b)</sup> | 7738600 | 0 |
| GMK Norilskiy Nickel PAO ADR \*<sup>(b)</sup> | 1 | 0 |
|  |  | 0 |
| SINGAPORE — 2.7% |  |  |
| Sea Ltd. ADR \* | 203493 | 36370304 |
| United Overseas Bank Ltd. | 770800 | 20700183 |
|  |  | 57070487 |

---

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 Alpha Fund

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| SOUTH AFRICA — 1.3% |  |  |
| Discovery Ltd. | 2458812 | $28047826 |
| SOUTH KOREA — 4.0% |  |  |
| Coupang, Inc. \* | 860631 | 27712318 |
| Samsung Electronics Co., Ltd. | 936069 | 56117643 |
|  |  | 83829961 |
| SPAIN — 1.5% |  |  |
| Amadeus IT Group SA | 407473 | 32389930 |
| SWEDEN — 2.3% |  |  |
| Atlas Copco AB, B Shares | 1785802 | 26871779 |
| MIPS AB | 192259 | 6991021 |
| Skandinaviska Enskilda Banken AB, A Shares | 795245 | 15592808 |
|  |  | 49455608 |
| SWITZERLAND — 2.2% |  |  |
| Cie Financiere Richemont SA | 117708 | 22595982 |
| Sandoz Group AG | 408125 | 24341675 |
|  |  | 46937657 |
| TAIWAN — 5.5% |  |  |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 2687000 | 116717442 |
| UNITED KINGDOM — 1.8% |  |  |
| B&M European Value Retail SA | 2563843 | 9044416 |
| Unilever PLC | 472326 | 27918552 |
|  |  | 36962968 |
| UNITED STATES — 7.3% |  |  |
| CRH PLC | 454884 | 54881092 |
| Experian PLC | 668586 | 33581184 |
| Monday.com Ltd. \* | 95822 | 18559763 |
| Roche Holding AG | 79150 | 26355649 |
| Spotify Technology SA \* | 30287 | 21140326 |
|  |  | 154518014 |
| **Total Common Stocks** |  |  |
| (cost $1,281,408,691) |  | 2091138770 |
| **WARRANT — 0.0%<sup>(a)</sup>** |  |  |
| CANADA — 0.0% <sup>(a)</sup> |  |  |
| Constellation Software, Inc., expires 3/31/40 \* | 16097 | 0 |
| **Total Warrant** |  |  |
| (cost $0) |  | 0 |
| **TOTAL INVESTMENTS — 98.8%** |  |  |
| (cost $1,281,408,691) |  | $2091138770 |
| Other assets less liabilities — 1.2% |  | 24597505 |
| **NET ASSETS — 100.0%** |  | $2115736275 |

---

(a) Amount rounds to less than 0.1%.

(b) Investment was valued using significant unobservable inputs.

\* Non-income producing security.

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 Alpha Fund

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> | $514838797 | $1576299973 | $0 | $2091138770 |
| Warrant<sup>\*\*</sup> |  | 0 |  |  |
| **Total** | $514838797 | $1576299973 | $0 | $2091138770 |

---

\*\* 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 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:** 2025-09-30

**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:** $2118697566.27

**Total Liabilities:** $3069676.93

**Net Assets:** $2115627889.34

**Cash Not Reported:** $23844221.90

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000186029 | -3.12%               | 2.53%                | 0.33%                |
| Class ID C000034446 | -3.10%               | 2.55%                | 0.31%                |
| Class ID C000034445 | -3.11%               | 2.54%                | 0.30%                |
| Class ID C000116266 | -3.10%               | 2.55%                | 0.31%                |
| Class ID C000186028 | -3.15%               | 2.58%                | 0.26%                |
| Class ID C000078438 | -3.10%               | 2.55%                | 0.31%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $15536499.74             | $-88269585.83                              |
| Month 2  | $38677608.40             | $16620372.51                               |
| Month 3  | $43097635.62             | $-37828888.63                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Kaspi.KZ JSC                   | Kaspi.KZ JSC                              | CUSIP: 48581R205<br>LEI: 2549003YU6FARG8OAZ13 | Long             | EC               | CORP              | KZ        |    208132 | NS      | $17000221.76  | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Olympus Corp                   | Olympus Corp                              | CUSIP: 000000000<br>LEI: 5299000Y52IFDI1I2A21 | Long             | EC               | CORP              | JP        |   1156400 | NS      | $14620387.75  | 0.69%             |  |  |  | No            |                  2 | On Loan: No      |
| FinecoBank Banca Fineco SpA    | FinecoBank Banca Fineco SpA               | CUSIP: 000000000<br>LEI: 549300L7YCATGO57ZE10 | Long             | EC               | CORP              | IT        |   1770291 | NS      | $38421776.83  | 1.82%             |  |  |  | No            |                  2 | On Loan: No      |
| Scout24 SE                     | Scout24 SE                                | CUSIP: 000000000<br>LEI: 5493007EIKM2ENQS7U66 | Long             | EC               | CORP              | DE        |    364201 | NS      | $45691702.55  | 2.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Kweichow Moutai Co Ltd         | Kweichow Moutai Co Ltd                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     64200 | NS      | $13029903.87  | 0.62%             |  |  |  | No            |                  2 | On Loan: No      |
| United Overseas Bank Ltd       | United Overseas Bank Ltd                  | CUSIP: 000000000<br>LEI: IO66REGK3RCBAMA8HR66 | Long             | EC               | CORP              | SG        |    770800 | NS      | $20700183.41  | 0.98%             |  |  |  | No            |                  2 | On Loan: No      |
| Technoprobe SpA                | Technoprobe SpA                           | CUSIP: 000000000<br>LEI: 8156007154CD8334D053 | Long             | EC               | CORP              | IT        |   1172373 | NS      | $11576254.64  | 0.55%             |  |  |  | No            |                  2 | On Loan: No      |
| Midea Group Co Ltd             | Midea Group Co Ltd                        | CUSIP: 000000000<br>LEI: 3003003TRPHLHZD2IF61 | Long             | EC               | CORP              | CN        |   3006400 | NS      | $30701997.97  | 1.45%             |  |  |  | No            |                  2 | On Loan: No      |
| Roche Holding AG               | Roche Holding AG                          | CUSIP: 000000000<br>LEI: 549300U41AUUVOAAOB37 | Long             | EC               | CORP              | CH        |     79150 | NS      | $26355649.28  | 1.25%             |  |  |  | No            |                  2 | On Loan: No      |
| DSV A/S                        | DSV A/S                                   | CUSIP: 000000000<br>LEI: 529900X41C0BSLK67H70 | Long             | EC               | CORP              | DK        |    204745 | NS      | $40902054.87  | 1.93%             |  |  |  | No            |                  2 | 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      |
| Shopify Inc                    | Shopify Inc                               | CUSIP: 82509L107<br>LEI: 549300HGQ43STJLLP808 | Long             | EC               | CORP              | CA        |    169539 | NS      | $25195190.79  | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Discovery Ltd                  | Discovery Ltd                             | CUSIP: 000000000<br>LEI: 378900245A26169C8132 | Long             | EC               | CORP              | ZA        |   2458812 | NS      | $28047826.52  | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| B3 SA - Brasil Bolsa Balcao    | B3 SA - Brasil Bolsa Balcao               | CUSIP: 000000000<br>LEI: 4GTK5S46E6H318LMDS44 | Long             | EC               | CORP              | BR        |   8584500 | NS      | $21532824.46  | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Skandinaviska Enskilda Banken  | Skandinaviska Enskilda Banken AB          | CUSIP: 000000000<br>LEI: F3JS33DEI6XQ4ZBPTN86 | Long             | EC               | CORP              | SE        |    795245 | NS      | $15592807.90  | 0.74%             |  |  |  | No            |                  2 | On Loan: No      |
| IMCD NV                        | IMCD NV                                   | CUSIP: 000000000<br>LEI: 724500NSJPNFJPDAUP02 | Long             | EC               | CORP              | NL        |    226433 | NS      | $23469202.34  | 1.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Recruit Holdings Co Ltd        | Recruit Holdings Co Ltd                   | CUSIP: 000000000<br>LEI: 353800R2LRSMVVC4I806 | Long             | EC               | CORP              | JP        |    299300 | NS      | $16091528.00  | 0.76%             |  |  |  | No            |                  2 | On Loan: No      |
| Rational AG                    | Rational AG                               | CUSIP: 000000000<br>LEI: 529900K139N6UFJ1A758 | Long             | EC               | CORP              | DE        |     20781 | NS      | $15880397.99  | 0.75%             |  |  |  | No            |                  2 | On Loan: No      |
| Sandoz Group AG                | Sandoz Group AG                           | CUSIP: 000000000<br>LEI: 5493000JWK6XWFEUD320 | Long             | EC               | CORP              | CH        |    408125 | NS      | $24341674.71  | 1.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Atlas Copco AB                 | Atlas Copco AB                            | CUSIP: 000000000<br>LEI: 213800T8PC8Q4FYJZR07 | Long             | EC               | CORP              | SE        |   1785802 | NS      | $26871779.72  | 1.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Tencent Holdings Ltd           | Tencent Holdings Ltd                      | CUSIP: 000000000<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | CN        |   1063700 | NS      | $90637453.88  | 4.28%             |  |  |  | No            |                  2 | On Loan: No      |
| CRH PLC                        | CRH PLC                                   | CUSIP: 000000000<br>LEI: 549300MIDJNNTH068E74 | Long             | EC               | CORP              | US        |    454884 | NS      | $54881092.01  | 2.59%             |  |  |  | No            |                  2 | On Loan: No      |
| PDD Holdings Inc               | PDD Holdings Inc                          | CUSIP: 722304102<br>LEI: 5493000573DS7005T657 | Long             | EC               | CORP              | IE        |    132229 | NS      | $17476706.93  | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Demant A/S                     | Demant A/S                                | CUSIP: 000000000<br>LEI: 213800RM6L9LN78BVA56 | Long             | EC               | CORP              | DK        |    537079 | NS      | $18696799.17  | 0.88%             |  |  |  | No            |                  2 | On Loan: No      |
| Kone Oyj                       | Kone Oyj                                  | CUSIP: 000000000<br>LEI: 2138001CNF45JP5XZK38 | Long             | EC               | CORP              | FI        |    283521 | NS      | $19338726.18  | 0.91%             |  |  |  | No            |                  2 | On Loan: No      |
| SAP SE                         | SAP SE                                    | CUSIP: 000000000<br>LEI: 529900D6BF99LW9R2E68 | Long             | EC               | CORP              | DE        |    123231 | NS      | $32997223.75  | 1.56%             |  |  |  | No            |                  2 | On Loan: No      |
| ICICI Lombard General Insuranc | ICICI Lombard General Insurance Co Ltd    | CUSIP: 000000000<br>LEI: 335800ZZITZ7ZZZ2ZX87 | Long             | EC               | CORP              | IN        |    915819 | NS      | $19477027.27  | 0.92%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung Electronics Co Ltd     | Samsung Electronics Co Ltd                | CUSIP: 000000000<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |    936069 | NS      | $56117643.35  | 2.65%             |  |  |  | No            |                  2 | On Loan: No      |
| BioNTech SE                    | BioNTech SE                               | CUSIP: 09075V102<br>LEI: 894500UZJ5LG1F8J1U58 | Long             | EC               | CORP              | DE        |     90838 | NS      | $8958443.56   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| MonotaRO Co Ltd                | MonotaRO Co Ltd                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |   1229500 | NS      | $17850810.94  | 0.84%             |  |  |  | No            |                  2 | On Loan: No      |
| Copa Holdings SA               | Copa Holdings SA                          | CUSIP: 000000000<br>LEI: 529900BB9UQJV6QQHA59 | Long             | EC               | CORP              | PA        |    131270 | NS      | $15597501.40  | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Novonesis Novozymes B          | Novonesis Novozymes B                     | CUSIP: 000000000<br>LEI: 529900T6WNZXD2R3JW38 | Long             | EC               | CORP              | DK        |    480647 | NS      | $29580955.58  | 1.40%             |  |  |  | No            |                  2 | On Loan: No      |
| Keyence Corp                   | Keyence Corp                              | CUSIP: 000000000<br>LEI: 529900M7PQBS7A89DZ11 | Long             | EC               | CORP              | JP        |     60300 | NS      | $22465423.02  | 1.06%             |  |  |  | No            |                  2 | On Loan: No      |
| MercadoLibre Inc               | MercadoLibre Inc                          | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | UY        |     31276 | NS      | $73090135.44  | 3.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Experian PLC                   | Experian PLC                              | CUSIP: 000000000<br>LEI: 635400RXXHHYT1JTSZ26 | Long             | EC               | CORP              | IE        |    668586 | NS      | $33581184.03  | 1.59%             |  |  |  | No            |                  2 | On Loan: No      |
| Ryanair Holdings PLC           | Ryanair Holdings PLC                      | CUSIP: 783513203<br>LEI: 635400BR2ROC1FVEBQ56 | Long             | EC               | CORP              | IE        |    908984 | NS      | $54739016.48  | 2.59%             |  |  |  | No            |                  1 | On Loan: No      |
| EXOR NV                        | EXOR NV                                   | CUSIP: 000000000<br>LEI: 5493002ENHZ6NYET7405 | Long             | EC               | CORP              | NL        |    195899 | NS      | $19173754.91  | 0.91%             |  |  |  | No            |                  2 | On Loan: No      |
| TFI International Inc          | TFI International Inc                     | CUSIP: 87241L109<br>LEI: 5493007R9W7KO7SJN678 | Long             | EC               | CORP              | CA        |    127075 | NS      | $11183549.62  | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Sony Group Corp                | Sony Group Corp                           | CUSIP: 000000000<br>LEI: 529900R5WX9N2OI2N910 | Long             | EC               | CORP              | JP        |   1607700 | NS      | $46216072.86  | 2.18%             |  |  |  | No            |                  2 | On Loan: No      |
| TSMC                           | Taiwan Semiconductor Manufacturing Co Ltd | CUSIP: 000000000<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |   2687000 | NS      | $116717441.65 | 5.52%             |  |  |  | No            |                  2 | On Loan: No      |
| Kingspan Group PLC             | Kingspan Group PLC                        | CUSIP: 000000000<br>LEI: 635400HM7V74SUB9OG75 | Long             | EC               | CORP              | IE        |    425772 | NS      | $35599191.87  | 1.68%             |  |  |  | No            |                  2 | On Loan: No      |
| Rio Tinto PLC                  | Rio Tinto PLC                             | CUSIP: 000000000<br>LEI: 213800YOEO5OQ72G2R82 | Long             | EC               | CORP              | GB        |    541735 | NS      | $35701664.23  | 1.69%             |  |  |  | No            |                  2 | On Loan: No      |
| Constellation Software Inc/Can | Constellation Software Inc/Canada         | CUSIP: 21037X100<br>LEI: 549300B6PYHMCTDWQV29 | Long             | EC               | CORP              | CA        |      8522 | NS      | $23134257.07  | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Dassault Systemes SE           | Dassault Systemes SE                      | CUSIP: 000000000<br>LEI: 96950065LBWY0APQIM86 | Long             | EC               | CORP              | FR        |    617317 | NS      | $20767173.37  | 0.98%             |  |  |  | No            |                  2 | On Loan: No      |
| Sony Financial Group Inc       | Sony Financial Group Inc                  | CUSIP: 000000000<br>LEI: 353800O7BDSU41WOZA60 | Long             | EC               | CORP              | JP        |   1607700 | NS      | $1782890.76   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Stella-Jones Inc               | Stella-Jones Inc                          | CUSIP: 85853F105<br>LEI: 5493007LOVNNLYJ6KZ35 | Long             | EC               | CORP              | CA        |    197755 | NS      | $11283843.18  | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Tencent Music Entertainment Gr | Tencent Music Entertainment Group         | CUSIP: 88034P109<br>LEI: 213800XTZK2GOHQTYK41 | Long             | EC               | CORP              | CN        |   1723291 | NS      | $40221611.94  | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Novo Nordisk A/S               | Novo Nordisk A/S                          | CUSIP: 000000000<br>LEI: 549300DAQ1CVT6CXN342 | Long             | EC               | CORP              | DK        |    361276 | NS      | $20116449.99  | 0.95%             |  |  |  | No            |                  2 | On Loan: No      |
| Monday.com Ltd                 | Monday.com Ltd                            | CUSIP: 000000000<br>LEI: 984500MDAFVD86E3B328 | Long             | EC               | CORP              | IL        |     95822 | NS      | $18559763.18  | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| PING AN                        | Ping An Insurance Group Co of China Ltd   | CUSIP: 000000000<br>LEI: 529900M9MC28JLN35U89 | Long             | EC               | CORP              | CN        |   2046000 | NS      | $13919120.77  | 0.66%             |  |  |  | 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      |
| AIA Group Ltd                  | AIA Group Ltd                             | CUSIP: 000000000<br>LEI: ZP5ILWVSYE4LJGMMVD57 | Long             | EC               | CORP              | HK        |   4037600 | NS      | $38696219.97  | 1.83%             |  |  |  | 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        |     32356 | NS      | $19911277.65  | 0.94%             |  |  |  | No            |                  2 | On Loan: No      |
| Topicus.com Inc                | Topicus.com Inc                           | CUSIP: 89072T102<br>LEI: N/A                  | Long             | EC               | CORP              | NL        |    244836 | NS      | $26256932.53  | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Edenred SE                     | Edenred SE                                | CUSIP: 000000000<br>LEI: 9695006LOD5B2D7Y0N70 | Long             | EC               | CORP              | FR        |    882484 | NS      | $21016102.28  | 0.99%             |  |  |  | No            |                  2 | On Loan: No      |
| Sartorius Stedim Biotech       | Sartorius Stedim Biotech                  | CUSIP: 000000000<br>LEI: 52990006IVXY7GCSSR39 | Long             | EC               | CORP              | FR        |     52869 | NS      | $10774341.72  | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| Money Forward Inc              | Money Forward Inc                         | CUSIP: 000000000<br>LEI: 35380017JS3GIGP6WN95 | Long             | EC               | CORP              | JP        |    488000 | NS      | $19736667.90  | 0.93%             |  |  |  | No            |                  2 | On Loan: No      |
| Adyen NV                       | Adyen NV                                  | CUSIP: 000000000<br>LEI: 724500973ODKK3IFQ447 | Long             | EC               | CORP              | NL        |     19877 | NS      | $31983659.08  | 1.51%             |  |  |  | No            |                  2 | On Loan: No      |
| Cie Financiere Richemont SA    | Cie Financiere Richemont SA               | CUSIP: 000000000<br>LEI: 549300YIPGJ6UX2QPS51 | Long             | EC               | CORP              | CH        |    117708 | NS      | $22595982.38  | 1.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Unilever PLC                   | Unilever PLC                              | CUSIP: 000000000<br>LEI: 549300MKFYEKVRWML317 | Long             | EC               | CORP              | GB        |    472326 | NS      | $27918551.36  | 1.32%             |  |  |  | No            |                  2 | On Loan: No      |
| MMC Norilsk Nickel PJSC        | MMC Norilsk Nickel PJSC                   | CUSIP: 55315J102<br>LEI: 253400JPTEEW143W3E47 | Long             | EC               | CORP              | RU        |         1 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Amadeus IT Group SA            | Amadeus IT Group SA                       | CUSIP: 000000000<br>LEI: 9598004A3FTY3TEHHN09 | Long             | EC               | CORP              | ES        |    407473 | NS      | $32389929.89  | 1.53%             |  |  |  | No            |                  2 | On Loan: No      |
| ASML Holding NV                | ASML Holding NV                           | CUSIP: 000000000<br>LEI: 724500Y6DUVHQD6OXN27 | Long             | EC               | CORP              | NL        |     34827 | NS      | $33962840.00  | 1.61%             |  |  |  | No            |                  2 | On Loan: No      |
| Nintendo Co Ltd                | Nintendo Co Ltd                           | CUSIP: 000000000<br>LEI: 353800FEEXU6I9M0ZF27 | Long             | EC               | CORP              | JP        |    169900 | NS      | $14699620.72  | 0.69%             |  |  |  | No            |                  2 | On Loan: No      |
| SMC Corp                       | SMC Corp                                  | CUSIP: 000000000<br>LEI: 353800O40V08DOZ70X62 | Long             | EC               | CORP              | JP        |     60500 | NS      | $18700079.41  | 0.88%             |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Boerse AG             | Deutsche Boerse AG                        | CUSIP: 000000000<br>LEI: 529900G3SW56SHYNPR95 | Long             | EC               | CORP              | DE        |    167917 | NS      | $44966684.50  | 2.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Silergy Corp                   | Silergy Corp                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    892000 | NS      | $7596812.91   | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Danone SA                      | Danone SA                                 | CUSIP: 000000000<br>LEI: 969500KMUQ2B6CBAF162 | Long             | EC               | CORP              | FR        |    499302 | NS      | $43505814.29  | 2.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Sea Ltd                        | Sea Ltd                                   | CUSIP: 81141R100<br>LEI: 529900OM6JLLW44YKI15 | Long             | EC               | CORP              | SG        |    203493 | NS      | $36370303.89  | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Meituan                        | Meituan                                   | CUSIP: 000000000<br>LEI: 21380033K525E5JLIA77 | Long             | EC               | CORP              | CN        |   1051100 | NS      | $14041401.63  | 0.66%             |  |  |  | No            |                  2 | On Loan: No      |
| B&M European Value Retail SA   | B&M European Value Retail SA              | CUSIP: 000000000<br>LEI: 213800UK7ZRLY2K1X530 | Long             | EC               | CORP              | GB        |   2563843 | NS      | $9044416.20   | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |
| Nihon M&A Center Holdings Inc  | Nihon M&A Center Holdings Inc             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |   3897800 | NS      | $19876616.09  | 0.94%             |  |  |  | No            |                  2 | On Loan: No      |
| Coupang Inc                    | Coupang Inc                               | CUSIP: 22266T109<br>LEI: 549300XR4L1D80AK4W76 | Long             | EC               | CORP              | US        |    860631 | NS      | $27712318.20  | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Spotify Technology SA          | Spotify Technology SA                     | CUSIP: 000000000<br>LEI: 549300B4X0JHWV0DTD60 | Long             | EC               | CORP              | SE        |     30287 | NS      | $21140326.00  | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Nexans SA                      | Nexans SA                                 | CUSIP: 000000000<br>LEI: 96950015FU78G84UIV14 | Long             | EC               | CORP              | FR        |    101681 | NS      | $15141690.54  | 0.72%             |  |  |  | No            |                  2 | On Loan: No      |
| Unicharm Corp                  | Unicharm Corp                             | CUSIP: 000000000<br>LEI: 353800UQ4BZIJTAQEG85 | Long             | EC               | CORP              | JP        |   2529500 | NS      | $16410063.90  | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Lumine Group Inc               | Lumine Group Inc                          | CUSIP: 55027C106<br>LEI: 984500E3C44B9D44M738 | Long             | EC               | CORP              | CA        |    649225 | NS      | $19145070.06  | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Shimano Inc                    | Shimano Inc                               | CUSIP: 000000000<br>LEI: 529900L32YT3P9DECR10 | Long             | EC               | CORP              | JP        |    177100 | NS      | $19792441.21  | 0.94%             |  |  |  | No            |                  2 | On Loan: No      |
| MIPS AB                        | MIPS AB                                   | CUSIP: 000000000<br>LEI: 549300LZSA4S0L54VQ25 | Long             | EC               | CORP              | SE        |    192259 | NS      | $6991020.83   | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| HDFC Bank Ltd                  | HDFC Bank Ltd                             | CUSIP: 000000000<br>LEI: 335800ZQ6I4E2JXENC50 | Long             | EC               | CORP              | IN        |   3254292 | NS      | $34875291.52  | 1.65%             |  |  |  | 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