# EDGAR Filing Document

**Accession Number:** 0001120543
**File Stem:** 0000940400-25-010029
**Filing Date:** 2025-11
**Character Count:** 31264
**Document Hash:** 6468f6fb991180addeb9b41a1fd971bc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-010029.hdr.sgml**: 20251124

**ACCESSION NUMBER**: 0000940400-25-010029

**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:** 251513968

**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 Developed EAFE All Cap Fund (Series ID: S000042130)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000130830 | Class 3             | BGPFX           |
| C000186038 | Institutional Class | BSGPX           |
| C000186039 | Class K             | BGPKX           |

## Nport-Ex

**Portfolio of Investments**

September 30, 2025 (unaudited)

Baillie Gifford Developed EAFE All Cap Fund

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS — 98.9%** |  |  |
| AUSTRALIA — 1.4% |  |  |
| BHP Group Ltd. | 85376 | $2384997 |
| BELGIUM — 1.9% |  |  |
| Anheuser-Busch InBev SA/NV | 53850 | 3218975 |
| CHINA — 2.2% |  |  |
| Prosus NV \* | 51893 | 3669616 |
| DENMARK — 1.4% |  |  |
| DSV A/S | 11510 | 2299361 |
| FRANCE — 8.1% |  |  |
| Air Liquide SA | 13590 | 2831566 |
| BioMerieux | 10384 | 1393725 |
| LVMH Moet Hennessy Louis Vuitton SE | 6510 | 4006132 |
| Remy Cointreau SA | 18717 | 1014963 |
| SOITEC \* | 9581 | 439808 |
| TotalEnergies SE | 64033 | 3900163 |
|  |  | 13586357 |
| GERMANY — 1.4% |  |  |
| Nemetschek SE | 17711 | 2311313 |
| HONG KONG — 6.0% |  |  |
| AIA Group Ltd. | 445400 | 4268698 |
| Hong Kong Exchanges & Clearing Ltd. | 46300 | 2628477 |
| Techtronic Industries Co., Ltd. | 251500 | 3214981 |
|  |  | 10112156 |
| ITALY — 2.1% |  |  |
| Ryanair Holdings PLC ADR | 57278 | 3449281 |
| JAPAN — 15.1% |  |  |
| Chugai Pharmaceutical Co., Ltd. | 44900 | 1990620 |
| Cosmos Pharmaceutical Corp. | 34000 | 1986738 |
| Hoshizaki Corp. | 29900 | 1121947 |
| Keyence Corp. | 5300 | 1974573 |
| Nippon Paint Holdings Co., Ltd. | 259300 | 1769040 |
| Olympus Corp. | 184600 | 2333901 |
| Recruit Holdings Co., Ltd. | 39600 | 2129050 |
| Shimano, Inc. | 20400 | 2279875 |
| Shiseido Co., Ltd. | 92600 | 1580716 |
| SMC Corp. | 6000 | 1854553 |
| Sysmex Corp. | 162900 | 2013829 |
| Tokyo Electron Ltd. | 14700 | 2605824 |
| Unicharm Corp. | 258200 | 1675066 |
|  |  | 25315732 |
| NETHERLANDS — 9.4% |  |  |
| Adyen NV \* | 1893 | 3045986 |
| ASML Holding NV | 7993 | 7794670 |
| EXOR NV | 41334 | 4045595 |
| IMCD NV | 8167 | 846489 |
|  |  | 15732740 |
| PORTUGAL — 2.2% |  |  |
| Jeronimo Martins SGPS SA | 148964 | 3626561 |

---

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 Developed EAFE All Cap Fund

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| SINGAPORE — 4.4% |  |  |
| United Overseas Bank Ltd. | 276089 | $7414495 |
| SPAIN — 1.0% |  |  |
| CaixaBank SA | 165347 | 1746381 |
| SWEDEN — 11.5% |  |  |
| Assa Abloy AB, B Shares | 101445 | 3531086 |
| Atlas Copco AB, A Shares | 285175 | 4835993 |
| Avanza Bank Holding AB | 34076 | 1265358 |
| Epiroc AB, B Shares | 94257 | 1783198 |
| Investor AB, B Shares | 132195 | 4138277 |
| Skandinaviska Enskilda Banken AB, A Shares | 190942 | 3743905 |
|  |  | 19297817 |
| SWITZERLAND — 7.4% |  |  |
| Cie Financiere Richemont SA | 10528 | 2021022 |
| Lonza Group AG | 4452 | 2976778 |
| Partners Group Holding AG | 1784 | 2334205 |
| Sika AG | 7509 | 1686212 |
| UBS Group AG | 80924 | 3327073 |
|  |  | 12345290 |
| UNITED KINGDOM — 16.8% |  |  |
| Ashtead Group PLC | 6995 | 469094 |
| Auto Trader Group PLC | 330678 | 3512888 |
| Bunzl PLC | 93037 | 2940640 |
| Games Workshop Group PLC | 12838 | 2516082 |
| Greggs PLC | 46993 | 1017100 |
| Intertek Group PLC | 29291 | 1864488 |
| Rightmove PLC | 328367 | 3135856 |
| Softcat PLC | 93687 | 1992893 |
| Spirax Group PLC | 21519 | 1981554 |
| Trainline PLC \* | 226376 | 847125 |
| Unilever PLC | 69960 | 4135241 |
| Weir Group PLC (The) | 57347 | 2115377 |
| Wise PLC, Class A \* | 111517 | 1554582 |
|  |  | 28082920 |
| UNITED STATES — 6.6% |  |  |
| Experian PLC | 78148 | 3925153 |
| Roche Holding AG | 14176 | 4720375 |
| Spotify Technology SA \* | 3465 | 2418570 |
|  |  | 11064098 |
| **TOTAL INVESTMENTS — 98.9%** |  |  |
| (cost $118,252,170) |  | $165658090 |
| Other assets less liabilities — 1.1% |  | 1826248 |
| **NET ASSETS — 100.0%** |  | $167484338 |

---

\* 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.

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 Developed EAFE All Cap Fund

**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> | $7542917 | $158115173 | $— | $165658090 |
| **Total** | $7542917 | $158115173 | $— | $165658090 |

---

\*\* 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 Developed EAFE All Cap Fund

- **b. EDGAR series identifier (if any):** S000042130

- **c. LEI of Series:** 21380096GE2NRSSTHW38

**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:** $171003857.04

**Total Liabilities:** $2430525.45

**Net Assets:** $168573331.59

**Cash Not Reported:** $3293569.37

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000186039 | -3.49%               | 2.26%                | 0.74%                |
| Class ID C000186038 | -3.53%               | 2.28%                | 0.74%                |
| Class ID C000130830 | -3.49%               | 2.25%                | 0.76%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $3540040.20              | $-9555753.07                               |
| Month 2  | $282752.50               | $3199821.56                                |
| Month 3  | $1985083.68              | $-1014487.95                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Shiseido Co Ltd                | Shiseido Co Ltd                     | CUSIP: 000000000<br>LEI: 5299008QCD0YDT5OF506 | Long             | EC               | CORP              | JP        |     92600 | NS      | $1580716.01   | 0.94%             |  |  |  | No            |                  2 | On Loan: No      |
| BHP Group Ltd                  | BHP Group Ltd                       | CUSIP: 000000000<br>LEI: WZE1WSENV6JSZFK0JC28 | Long             | EC               | CORP              | AU        |     85376 | NS      | $2384997.55   | 1.41%             |  |  |  | No            |                  2 | On Loan: No      |
| Greggs PLC                     | Greggs PLC                          | CUSIP: 000000000<br>LEI: 213800I71QMUFJ64IW20 | Long             | EC               | CORP              | GB        |     46993 | NS      | $1017100.01   | 0.60%             |  |  |  | No            |                  2 | On Loan: No      |
| Investor AB                    | Investor AB                         | CUSIP: 000000000<br>LEI: 549300VEBQPHRZBKUX38 | Long             | EC               | CORP              | SE        |    132195 | NS      | $4138276.88   | 2.45%             |  |  |  | No            |                  2 | On Loan: No      |
| HKEX                           | Hong Kong Exchanges & Clearing Ltd  | CUSIP: 000000000<br>LEI: 213800YTVSXYQN17BW16 | Long             | EC               | CORP              | HK        |     46300 | NS      | $2628476.75   | 1.56%             |  |  |  | No            |                  2 | On Loan: No      |
| Experian PLC                   | Experian PLC                        | CUSIP: 000000000<br>LEI: 635400RXXHHYT1JTSZ26 | Long             | EC               | CORP              | IE        |     78148 | NS      | $3925153.04   | 2.33%             |  |  |  | No            |                  2 | On Loan: No      |
| Rightmove PLC                  | Rightmove PLC                       | CUSIP: 000000000<br>LEI: 2138001JXGCFKBXYB828 | Long             | EC               | CORP              | GB        |    328367 | NS      | $3135855.52   | 1.86%             |  |  |  | No            |                  2 | On Loan: No      |
| Ryanair Holdings PLC           | Ryanair Holdings PLC                | CUSIP: 783513203<br>LEI: 635400BR2ROC1FVEBQ56 | Long             | EC               | CORP              | IE        |     57278 | NS      | $3449281.16   | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Hoshizaki Corp                 | Hoshizaki Corp                      | CUSIP: 000000000<br>LEI: 5299001QAMLGU3SRBG20 | Long             | EC               | CORP              | JP        |     29900 | NS      | $1121947.26   | 0.67%             |  |  |  | No            |                  2 | On Loan: No      |
| Anheuser-Busch InBev SA/NV     | Anheuser-Busch InBev SA/NV          | CUSIP: 000000000<br>LEI: 5493008H3828EMEXB082 | Long             | EC               | CORP              | BE        |     53850 | NS      | $3218974.82   | 1.91%             |  |  |  | No            |                  2 | On Loan: No      |
| Assa Abloy AB                  | Assa Abloy AB                       | CUSIP: 000000000<br>LEI: 549300YECS8HKCIMMB67 | Long             | EC               | CORP              | SE        |    101445 | NS      | $3531085.88   | 2.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Partners Group Holding AG      | Partners Group Holding AG           | CUSIP: 000000000<br>LEI: 549300I3IVVWZWDHI788 | Long             | EC               | CORP              | CH        |      1784 | NS      | $2334204.76   | 1.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Spotify Technology SA          | Spotify Technology SA               | CUSIP: 000000000<br>LEI: 549300B4X0JHWV0DTD60 | Long             | EC               | CORP              | SE        |      3465 | NS      | $2418570.00   | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| TotalEnergies SE               | TotalEnergies SE                    | CUSIP: 000000000<br>LEI: 529900S21EQ1BO4ESM68 | Long             | EC               | CORP              | FR        |     64033 | NS      | $3900162.63   | 2.31%             |  |  |  | No            |                  2 | On Loan: No      |
| Nemetschek SE                  | Nemetschek SE                       | CUSIP: 000000000<br>LEI: 529900R0S2IX1S358J38 | Long             | EC               | CORP              | DE        |     17711 | NS      | $2311312.85   | 1.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Atlas Copco AB                 | Atlas Copco AB                      | CUSIP: 000000000<br>LEI: 213800T8PC8Q4FYJZR07 | Long             | EC               | CORP              | SE        |    285175 | NS      | $4835993.10   | 2.87%             |  |  |  | No            |                  2 | On Loan: No      |
| Auto Trader Group PLC          | Auto Trader Group PLC               | CUSIP: 000000000<br>LEI: 213800QLK9BZILB1DI86 | Long             | EC               | CORP              | GB        |    330678 | NS      | $3512887.77   | 2.08%             |  |  |  | No            |                  2 | On Loan: No      |
| BioMerieux                     | BioMerieux                          | CUSIP: 000000000<br>LEI: 549300AK8Y0LBIQ4T071 | Long             | EC               | CORP              | FR        |     10384 | NS      | $1393724.66   | 0.83%             |  |  |  | No            |                  2 | On Loan: No      |
| Olympus Corp                   | Olympus Corp                        | CUSIP: 000000000<br>LEI: 5299000Y52IFDI1I2A21 | Long             | EC               | CORP              | JP        |    184600 | NS      | $2333901.40   | 1.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Sika AG                        | Sika AG                             | CUSIP: 000000000<br>LEI: 549300R3N69ECGYPU434 | Long             | EC               | CORP              | CH        |      7337 | NS      | $1647587.56   | 0.98%             |  |  |  | No            |                  2 | On Loan: No      |
| Chugai Pharmaceutical Co Ltd   | Chugai Pharmaceutical Co Ltd        | CUSIP: 000000000<br>LEI: 529900T9LAII161DCN95 | Long             | EC               | CORP              | JP        |     44900 | NS      | $1990619.48   | 1.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Roche Holding AG               | Roche Holding AG                    | CUSIP: 000000000<br>LEI: 549300U41AUUVOAAOB37 | Long             | EC               | CORP              | CH        |     14176 | NS      | $4720375.04   | 2.80%             |  |  |  | No            |                  2 | On Loan: No      |
| SMC Corp                       | SMC Corp                            | CUSIP: 000000000<br>LEI: 353800O40V08DOZ70X62 | Long             | EC               | CORP              | JP        |      6000 | NS      | $1854553.33   | 1.10%             |  |  |  | No            |                  2 | On Loan: No      |
| SOITEC                         | SOITEC                              | CUSIP: 000000000<br>LEI: 969500ZR92SQCU9TST26 | Long             | EC               | CORP              | FR        |      9581 | NS      | $439808.21    | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Cie Financiere Richemont SA    | Cie Financiere Richemont SA         | CUSIP: 000000000<br>LEI: 549300YIPGJ6UX2QPS51 | Long             | EC               | CORP              | CH        |     10528 | NS      | $2021022.38   | 1.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Keyence Corp                   | Keyence Corp                        | CUSIP: 000000000<br>LEI: 529900M7PQBS7A89DZ11 | Long             | EC               | CORP              | JP        |      5300 | NS      | $1974572.84   | 1.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Softcat PLC                    | Softcat PLC                         | CUSIP: 000000000<br>LEI: 213800N42YZLR9GLVC42 | Long             | EC               | CORP              | GB        |     93687 | NS      | $1992893.19   | 1.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Cosmos Pharmaceutical Corp     | Cosmos Pharmaceutical Corp          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     34000 | NS      | $1986738.10   | 1.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Epiroc AB                      | Epiroc AB                           | CUSIP: 000000000<br>LEI: 5493004Q73OEYW1SPE91 | Long             | EC               | CORP              | SE        |     94257 | NS      | $1783198.13   | 1.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Nippon Paint Holdings Co Ltd   | Nippon Paint Holdings Co Ltd        | CUSIP: 000000000<br>LEI: 529900RYRJUN78A7PL87 | Long             | EC               | CORP              | JP        |    240600 | NS      | $1641461.70   | 0.97%             |  |  |  | No            |                  2 | On Loan: No      |
| Trainline PLC                  | Trainline PLC                       | CUSIP: 000000000<br>LEI: 213800HO26VXTFJ4MO71 | Long             | EC               | CORP              | GB        |    226376 | NS      | $847125.17    | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| UBS Group AG                   | UBS Group AG                        | CUSIP: 000000000<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | EC               | CORP              | CH        |     80924 | NS      | $3327073.18   | 1.97%             |  |  |  | No            |                  2 | On Loan: No      |
| Bunzl PLC                      | Bunzl PLC                           | CUSIP: 000000000<br>LEI: 213800Q1Q9DV4L78UM09 | Long             | EC               | CORP              | GB        |     93037 | NS      | $2940640.28   | 1.74%             |  |  |  | No            |                  2 | On Loan: No      |
| Air Liquide SA                 | Air Liquide SA                      | CUSIP: 000000000<br>LEI: 969500MMPQVHK671GT54 | Long             | EC               | CORP              | FR        |     13590 | NS      | $2831566.58   | 1.68%             |  |  |  | No            |                  2 | On Loan: No      |
| EXOR NV                        | EXOR NV                             | CUSIP: 000000000<br>LEI: 5493002ENHZ6NYET7405 | Long             | EC               | CORP              | NL        |     41334 | NS      | $4045594.85   | 2.40%             |  |  |  | No            |                  2 | On Loan: No      |
| Spirax Group PLC               | Spirax Group PLC                    | CUSIP: 000000000<br>LEI: 213800WFVZQMHOZP2W17 | Long             | EC               | CORP              | GB        |     21519 | NS      | $1981553.80   | 1.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Adyen NV                       | Adyen NV                            | CUSIP: 000000000<br>LEI: 724500973ODKK3IFQ447 | Long             | EC               | CORP              | NL        |      1893 | NS      | $3045986.15   | 1.81%             |  |  |  | No            |                  2 | On Loan: No      |
| Avanza Bank Holding AB         | Avanza Bank Holding AB              | CUSIP: 000000000<br>LEI: 549300MBWR5H8SIJLE03 | Long             | EC               | CORP              | SE        |     45017 | NS      | $1671633.71   | 0.99%             |  |  |  | No            |                  2 | On Loan: No      |
| Sysmex Corp                    | Sysmex Corp                         | CUSIP: 000000000<br>LEI: 5299001ZO4CKWACMZI55 | Long             | EC               | CORP              | JP        |    107600 | NS      | $1330190.57   | 0.79%             |  |  |  | No            |                  2 | On Loan: No      |
| Unilever PLC                   | Unilever PLC                        | CUSIP: 000000000<br>LEI: 549300MKFYEKVRWML317 | Long             | EC               | CORP              | GB        |     69960 | NS      | $4135241.03   | 2.45%             |  |  |  | No            |                  2 | On Loan: No      |
| Wise PLC                       | Wise PLC                            | CUSIP: 000000000<br>LEI: 213800LD9XCHIC1C4V71 | Long             | EC               | CORP              | GB        |    111517 | NS      | $1554581.94   | 0.92%             |  |  |  | No            |                  2 | On Loan: No      |
| Ashtead Group PLC              | Ashtead Group PLC                   | CUSIP: 000000000<br>LEI: 2138007UTBN8X9K1A235 | Long             | EC               | CORP              | GB        |     15152 | NS      | $1016114.35   | 0.60%             |  |  |  | No            |                  2 | On Loan: No      |
| Intertek Group PLC             | Intertek Group PLC                  | CUSIP: 000000000<br>LEI: 2138003GAT25WW1RN369 | Long             | EC               | CORP              | GB        |     29291 | NS      | $1864487.50   | 1.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Skandinaviska Enskilda Banken  | Skandinaviska Enskilda Banken AB    | CUSIP: 000000000<br>LEI: F3JS33DEI6XQ4ZBPTN86 | Long             | EC               | CORP              | SE        |    190942 | NS      | $3743905.24   | 2.22%             |  |  |  | No            |                  2 | On Loan: No      |
| ASML Holding NV                | ASML Holding NV                     | CUSIP: 000000000<br>LEI: 724500Y6DUVHQD6OXN27 | Long             | EC               | CORP              | NL        |      7993 | NS      | $7794670.23   | 4.62%             |  |  |  | No            |                  2 | On Loan: No      |
| Shimano Inc                    | Shimano Inc                         | CUSIP: 000000000<br>LEI: 529900L32YT3P9DECR10 | Long             | EC               | CORP              | JP        |     20400 | NS      | $2279874.65   | 1.35%             |  |  |  | No            |                  2 | On Loan: No      |
| United Overseas Bank Ltd       | United Overseas Bank Ltd            | CUSIP: 000000000<br>LEI: IO66REGK3RCBAMA8HR66 | Long             | EC               | CORP              | SG        |    276089 | NS      | $7414495.25   | 4.40%             |  |  |  | No            |                  2 | On Loan: No      |
| DSV A/S                        | DSV A/S                             | CUSIP: 000000000<br>LEI: 529900X41C0BSLK67H70 | Long             | EC               | CORP              | DK        |     11510 | NS      | $2299360.92   | 1.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Prosus NV                      | Prosus NV                           | CUSIP: 000000000<br>LEI: 635400Z5LQ5F9OLVT688 | Long             | EC               | CORP              | NL        |     51893 | NS      | $3669616.26   | 2.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Remy Cointreau SA              | Remy Cointreau SA                   | CUSIP: 000000000<br>LEI: 5493004V6A3Z027YT216 | Long             | EC               | CORP              | FR        |     18490 | NS      | $1002660.40   | 0.59%             |  |  |  | No            |                  2 | On Loan: No      |
| Techtronic Industries Co Ltd   | Techtronic Industries Co Ltd        | CUSIP: 000000000<br>LEI: 549300HZW2SBE758OK89 | Long             | EC               | CORP              | HK        |    251500 | NS      | $3214981.29   | 1.91%             |  |  |  | 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        |      6510 | NS      | $4006132.33   | 2.38%             |  |  |  | No            |                  2 | On Loan: No      |
| AIA Group Ltd                  | AIA Group Ltd                       | CUSIP: 000000000<br>LEI: ZP5ILWVSYE4LJGMMVD57 | Long             | EC               | CORP              | HK        |    445400 | NS      | $4268698.33   | 2.53%             |  |  |  | No            |                  2 | On Loan: No      |
| IMCD NV                        | IMCD NV                             | CUSIP: 000000000<br>LEI: 724500NSJPNFJPDAUP02 | Long             | EC               | CORP              | NL        |      8167 | NS      | $846488.70    | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| Lonza Group AG                 | Lonza Group AG                      | CUSIP: 000000000<br>LEI: 549300EFW4H2TCZ71055 | Long             | EC               | CORP              | CH        |      4452 | NS      | $2976777.91   | 1.77%             |  |  |  | No            |                  2 | On Loan: No      |
| CaixaBank SA                   | CaixaBank SA                        | CUSIP: 000000000<br>LEI: 7CUNS533WID6K7DGFI87 | Long             | EC               | CORP              | ES        |    165347 | NS      | $1746381.09   | 1.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Jeronimo Martins SGPS SA       | Jeronimo Martins SGPS SA            | CUSIP: 000000000<br>LEI: 259400A8SZP10GB5IB19 | Long             | EC               | CORP              | PT        |    148964 | NS      | $3626560.56   | 2.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Recruit Holdings Co Ltd        | Recruit Holdings Co Ltd             | CUSIP: 000000000<br>LEI: 353800R2LRSMVVC4I806 | Long             | EC               | CORP              | JP        |     39600 | NS      | $2129049.48   | 1.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Unicharm Corp                  | Unicharm Corp                       | CUSIP: 000000000<br>LEI: 353800UQ4BZIJTAQEG85 | Long             | EC               | CORP              | JP        |    258200 | NS      | $1675065.63   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Tokyo Electron Ltd             | Tokyo Electron Ltd                  | CUSIP: 000000000<br>LEI: 549300H5LSF8DP3RIJ34 | Long             | EC               | CORP              | JP        |     14700 | NS      | $2605824.42   | 1.55%             |  |  |  | No            |                  2 | On Loan: No      |
| Weir Group PLC/The             | Weir Group PLC/The                  | CUSIP: 000000000<br>LEI: 549300KDR56WHY9I3D10 | Long             | EC               | CORP              | GB        |     57347 | NS      | $2115377.38   | 1.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Games Workshop Group PLC       | Games Workshop Group PLC            | CUSIP: 000000000<br>LEI: 213800RP9QJQYGWHNT41 | Long             | EC               | CORP              | GB        |     12838 | NS      | $2516081.64   | 1.49%             |  |  |  | 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