# EDGAR Filing Document

**Accession Number:** 0001120543
**File Stem:** 0001752724-25-205090
**Filing Date:** 2025-8
**Character Count:** 30926
**Document Hash:** 21ba1aa820c9aca2011ba6fca4430764
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-205090.hdr.sgml**: 20250826

**ACCESSION NUMBER**: 0001752724-25-205090

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250826

**DATE AS OF CHANGE**: 20250826

**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:** 251255620

**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 Emerging Markets Equities Fund (Series ID: S000006833)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000018471 | Class 2             | BGEHX           |
| C000018472 | Class 5             | BGEDX           |
| C000157005 | Class 3             | BGELX           |
| C000157006 | Class 4             | BGEPX           |
| C000186026 | Institutional Class | BGEGX           |
| C000186027 | Class K             | BGKEX           |

## 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 Emerging Markets Equities Fund

- **b. EDGAR series identifier (if any):** S000006833

- **c. LEI of Series:** 213800AYGKM1ZPTRBP96

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

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

- **b. Date as of which information is reported:** 2025-06-30

**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:** $5969124790.67

**Total Liabilities:** $35409464.20

**Net Assets:** $5933715326.47

**Cash Not Reported:** $88991113.35

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000157005 | -0.64%               | 5.46%                | 7.13%                |
| Class ID C000018471 | -0.65%               | 5.45%                | 7.12%                |
| Class ID C000186026 | -0.65%               | 5.47%                | 7.09%                |
| Class ID C000018472 | -0.64%               | 5.47%                | 7.14%                |
| Class ID C000157006 | -0.64%               | 5.46%                | 7.13%                |
| Class ID C000186027 | -0.65%               | 5.42%                | 7.14%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-16705454.87            | $-24891190.62                              |
| Month 2  | $-27386418.10            | $301642575.88                              |
| Month 3  | $6217853.04              | $375432718.23                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| KE Holdings Inc                | KE Holdings Inc                             | CUSIP: 000000000<br>LEI: 254900RHVY072XPAZE03 | Long             | EC               | CORP              | CN        |   6598645 | NS      | $39380179.08  | 0.66%             |  |  |  | No            |                  2 | On Loan: No      |
| NAVER Corp                     | NAVER Corp                                  | CUSIP: 000000000<br>LEI: 988400ULUQYDB2HQYJ61 | Long             | EC               | CORP              | KR        |    116275 | NS      | $22578860.57  | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Wal-Mart de Mexico SAB de CV   | Wal-Mart de Mexico SAB de CV                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |  11592944 | NS      | $38353804.45  | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Hyundai Motor Co               | Hyundai Motor Co                            | CUSIP: 000000000<br>LEI: 9884004RQX8PRBXQ8S60 | Long             | EC               | CORP              | KR        |    511431 | NS      | $76795170.65  | 1.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Natura & Co Holding SA         | Natura & Co Holding SA                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |  12123000 | NS      | $24656117.13  | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Globant SA                     | Globant SA                                  | CUSIP: 000000000<br>LEI: 2221008DCMSPYS42DS88 | Long             | EC               | CORP              | LU        |    244510 | NS      | $22211288.40  | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Zijin Mining Group Co Ltd      | Zijin Mining Group Co Ltd                   | CUSIP: 000000000<br>LEI: 836800JRNL2393Z2I561 | Long             | EC               | CORP              | CN        |  15052000 | NS      | $38710911.14  | 0.65%             |  |  |  | No            |                  2 | On Loan: No      |
| FirstRand Ltd                  | FirstRand Ltd                               | CUSIP: 000000000<br>LEI: 529900XYOP8CUZU7R671 | Long             | EC               | CORP              | ZA        |   7456055 | NS      | $31873438.51  | 0.54%             |  |  |  | No            |                  2 | On Loan: No      |
| SK Hynix Inc                   | SK Hynix Inc                                | CUSIP: 000000000<br>LEI: 988400XAIK6XISWQV045 | Long             | EC               | CORP              | KR        |    890014 | NS      | $191781651.45 | 3.23%             |  |  |  | No            |                  2 | On Loan: No      |
| PING AN                        | Ping An Insurance Group Co of China Ltd     | CUSIP: 000000000<br>LEI: 529900M9MC28JLN35U89 | Long             | EC               | CORP              | CN        |  11624500 | NS      | $74202893.22  | 1.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Goneo Group Co Ltd             | Goneo Group Co Ltd                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    415832 | NS      | $2800758.60   | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| HDFC Life Insurance Co Ltd     | HDFC Life Insurance Co Ltd                  | CUSIP: 000000000<br>LEI: 335800RQI8GAFHIRGZ37 | Long             | EC               | CORP              | IN        |   6105700 | NS      | $57945469.57  | 0.98%             |  |  |  | No            |                  2 | On Loan: No      |
| TSMC                           | Taiwan Semiconductor Manufacturing Co Ltd   | CUSIP: 000000000<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |  21168310 | NS      | $774111424.11 | 13.05%            |  |  |  | No            |                  2 | On Loan: No      |
| Fabrinet                       | Fabrinet                                    | CUSIP: 000000000<br>LEI: 5493004TETZ6IYF7CV44 | Long             | EC               | CORP              | TH        |    181612 | NS      | $53517424.16  | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| PB Fintech Ltd                 | PB Fintech Ltd                              | CUSIP: 000000000<br>LEI: 98450083AC6B01HF1F87 | Long             | EC               | CORP              | IN        |   1707033 | NS      | $36285764.17  | 0.61%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung Electronics Co Ltd     | Samsung Electronics Co Ltd                  | CUSIP: 000000000<br>LEI: 9884007ER46L6N7EI764 | Long             | EP               | CORP              | KR        |   2166623 | NS      | $79482377.57  | 1.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Sberbank of Russia PJSC        | Sberbank of Russia PJSC                     | CUSIP: 000000000<br>LEI: 549300WE6TAF5EEWQS81 | Long             | EC               | CORP              | RU        |  31444360 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Hyundai Motor India Ltd        | Hyundai Motor India Ltd                     | CUSIP: 000000000<br>LEI: 335800HWX9HKN9N12M74 | Long             | EC               | CORP              | IN        |    625796 | NS      | $16197287.56  | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| KGHM Polska Miedz SA           | KGHM Polska Miedz SA                        | CUSIP: 000000000<br>LEI: G30CO71KTT9JDYJESN22 | Long             | EC               | CORP              | PL        |    770503 | NS      | $27577615.03  | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank Rakyat Indonesia Persero  | Bank Rakyat Indonesia Persero Tbk PT        | CUSIP: 000000000<br>LEI: 254900HB6S4B12GBNP64 | Long             | EC               | CORP              | ID        | 288493563 | NS      | $66515182.22  | 1.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Haidilao International Holding | Haidilao International Holding Ltd          | CUSIP: 000000000<br>LEI: 3003009Q8GV4VNKZWI24 | Long             | EC               | CORP              | CN        |  22530000 | NS      | $42954949.86  | 0.72%             |  |  |  | No            |                  2 | On Loan: No      |
| Kotak Mahindra Bank Ltd        | Kotak Mahindra Bank Ltd                     | CUSIP: 000000000<br>LEI: 335800E6GTTXKHXE2I75 | Long             | EC               | CORP              | IN        |   3912749 | NS      | $98714965.02  | 1.66%             |  |  |  | No            |                  2 | On Loan: No      |
| CATL                           | Contemporary Amperex Technology Co Ltd      | CUSIP: 000000000<br>LEI: 300300KINDY1K0E9I032 | Long             | EC               | CORP              | CN        |    837900 | NS      | $35138654.39  | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| China Merchants Bank Co Ltd    | China Merchants Bank Co Ltd                 | CUSIP: 000000000<br>LEI: 549300MKO5B60FFIHF58 | Long             | EC               | CORP              | CN        |  12385500 | NS      | $86883813.50  | 1.46%             |  |  |  | No            |                  2 | On Loan: No      |
| Luckin Coffee Inc              | Luckin Coffee Inc                           | CUSIP: 54951L109<br>LEI: 549300FO16ASCVSMYI15 | Long             | EC               | CORP              | CN        |   1771584 | NS      | $66026935.68  | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Impala Platinum Holdings Ltd   | Impala Platinum Holdings Ltd                | CUSIP: 000000000<br>LEI: 254900BZFIFB4PD2Z778 | Long             | EC               | CORP              | ZA        |   9390771 | NS      | $84378452.35  | 1.42%             |  |  |  | No            |                  2 | On Loan: No      |
| Li Ning Co Ltd                 | Li Ning Co Ltd                              | CUSIP: 000000000<br>LEI: 529900T77L2FV3FZ3U81 | Long             | EC               | CORP              | CN        |   8232500 | NS      | $17841192.27  | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Raizen SA                      | Raizen SA                                   | CUSIP: 000000000<br>LEI: 5493000WQL3QP7QXX484 | Long             | EP               | CORP              | BR        |  46070210 | NS      | $13991247.45  | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Coupang Inc                    | Coupang Inc                                 | CUSIP: 22266T109<br>LEI: 549300XR4L1D80AK4W76 | Long             | EC               | CORP              | US        |   2665084 | NS      | $79845916.64  | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Sea Ltd                        | Sea Ltd                                     | CUSIP: 81141R100<br>LEI: 529900OM6JLLW44YKI15 | Long             | EC               | CORP              | SG        |    699036 | NS      | $111803817.84 | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Accton Technology Corp         | Accton Technology Corp                      | CUSIP: 000000000<br>LEI: 529900M1YRZ0GWMDF920 | Long             | EC               | CORP              | TW        |   3942000 | NS      | $98525406.22  | 1.66%             |  |  |  | No            |                  2 | On Loan: No      |
| Sociedad Quimica y Minera de C | Sociedad Quimica y Minera de Chile SA       | CUSIP: 833635105<br>LEI: TJ88LXZZW5PWIN93ZC81 | Long             | EC               | CORP              | CL        |   1852706 | NS      | $65344940.62  | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Tata Consultancy Services Ltd  | Tata Consultancy Services Ltd               | CUSIP: 000000000<br>LEI: 335800ZJKU9GPQRE2U66 | Long             | EC               | CORP              | IN        |   1979435 | NS      | $79930542.96  | 1.35%             |  |  |  | No            |                  2 | On Loan: No      |
| Alibaba Group Holding Ltd      | Alibaba Group Holding Ltd                   | CUSIP: 000000000<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | CN        |  13830420 | NS      | $195782727.48 | 3.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Moscow Exchange MICEX-RTS PJSC | Moscow Exchange MICEX-RTS PJSC              | CUSIP: 000000000<br>LEI: 253400M5M1222KPNWE87 | Long             | EC               | CORP              | RU        |  14557370 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| NU Holdings Ltd/Cayman Islands | NU Holdings Ltd/Cayman Islands              | CUSIP: 000000000<br>LEI: 5493002DG1RHWK9W2X27 | Long             | EC               | CORP              | BR        |   4186863 | NS      | $57443760.36  | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Valeura Energy Inc             | Valeura Energy Inc                          | CUSIP: 919144402<br>LEI: 2549003ZBCOPPO06GY48 | Long             | EC               | CORP              | SG        |   7855988 | NS      | $41364005.11  | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Kuaishou Technology            | Kuaishou Technology                         | CUSIP: 000000000<br>LEI: 300300FCDZBE6UP9ED24 | Long             | EC               | CORP              | CN        |   3486500 | NS      | $28301976.37  | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| PETROBRAS                      | Petroleo Brasileiro SA - Petrobras          | CUSIP: 71654V408<br>LEI: 5493000J801JZRCMFE49 | Long             | EC               | CORP              | BR        |   9158144 | NS      | $114568381.44 | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Fomento Economico Mexicano SAB | Fomento Economico Mexicano SAB de CV        | CUSIP: 344419106<br>LEI: 549300A8MDWDJNMLV153 | Long             | EC               | CORP              | MX        |    532095 | NS      | $54795143.10  | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Tencent Holdings Ltd           | Tencent Holdings Ltd                        | CUSIP: 000000000<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | CN        |   4077800 | NS      | $262755546.19 | 4.43%             |  |  |  | No            |                  2 | On Loan: No      |
| WNS Holdings Ltd               | WNS Holdings Ltd                            | CUSIP: 000000000<br>LEI: 529900RM7QHUD3W9DM42 | Long             | EC               | CORP              | IN        |    447459 | NS      | $28297307.16  | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| UltraTech Cement Ltd           | UltraTech Cement Ltd                        | CUSIP: 000000000<br>LEI: 335800PC9O9B4BQHG814 | Long             | EC               | CORP              | IN        |    392727 | NS      | $55394214.03  | 0.93%             |  |  |  | No            |                  2 | On Loan: No      |
| BRILLIANCE CHINA               | Brilliance China Automotive Holdings Ltd    | CUSIP: 000000000<br>LEI: 5299005WPCSQN14NBM26 | Long             | EC               | CORP              | HK        |  47202000 | NS      | $19158752.40  | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung Electronics Co Ltd     | Samsung Electronics Co Ltd                  | CUSIP: 000000000<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |   4162495 | NS      | $184072278.21 | 3.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Meituan                        | Meituan                                     | CUSIP: 000000000<br>LEI: 21380033K525E5JLIA77 | Long             | EC               | CORP              | CN        |   5342900 | NS      | $85946110.81  | 1.45%             |  |  |  | No            |                  2 | On Loan: No      |
| GMK Norilskiy Nickel PAO       | GMK Norilskiy Nickel PAO                    | CUSIP: 000000000<br>LEI: 253400JPTEEW143W3E47 | Long             | EC               | CORP              | RU        |  54812700 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Axis Bank Ltd                  | Axis Bank Ltd                               | CUSIP: 000000000<br>LEI: 549300HVNWMJPOFVNI41 | Long             | EC               | CORP              | IN        |   9363979 | NS      | $130965173.38 | 2.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Goneo Group Co Ltd             | Goneo Group Co Ltd                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |   5401619 | NS      | $36418438.90  | 0.61%             |  |  |  | No            |                  2 | On Loan: No      |
| Anker Innovations Technology C | Anker Innovations Technology Co Ltd         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |   4521700 | NS      | $71830178.28  | 1.21%             |  |  |  | No            |                  2 | On Loan: No      |
| JD.com Inc                     | JD.com Inc                                  | CUSIP: 000000000<br>LEI: 549300HVTWB0GJZ16V92 | Long             | EC               | CORP              | CN        |   2419785 | NS      | $39520686.80  | 0.67%             |  |  |  | No            |                  2 | On Loan: No      |
| Mobile World Investment Corp   | Mobile World Investment Corp                | CUSIP: 000000000<br>LEI: 254900ZRFNB8CRAHHO95 | Long             | EC               | CORP              | VN        |  15165600 | NS      | $38064579.33  | 0.64%             |  |  |  | No            |                  2 | On Loan: No      |
| MediaTek Inc                   | MediaTek Inc                                | CUSIP: 000000000<br>LEI: 254900UEGBK1I4DM4E14 | Long             | EC               | CORP              | TW        |   2278000 | NS      | $97609252.87  | 1.64%             |  |  |  | No            |                  2 | On Loan: No      |
| Kweichow Moutai Co Ltd         | Kweichow Moutai Co Ltd                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    296300 | NS      | $58385121.56  | 0.98%             |  |  |  | No            |                  2 | On Loan: No      |
| Grupo Financiero Banorte SAB d | Grupo Financiero Banorte SAB de CV          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |   8508965 | NS      | $78081413.49  | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Credicorp Ltd                  | Credicorp Ltd                               | CUSIP: 000000000<br>LEI: 529900UYAEYQCQ2BKB17 | Long             | EC               | CORP              | PE        |    251771 | NS      | $56275853.92  | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| BeOne Medicines Ltd            | BeOne Medicines Ltd                         | CUSIP: 000000000<br>LEI: 549300JFUK6FRD5MH739 | Long             | EC               | CORP              | US        |   1414295 | NS      | $26754283.89  | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| Naspers Ltd                    | Naspers Ltd                                 | CUSIP: 000000000<br>LEI: 21380044BQ8812EEKT59 | Long             | EC               | CORP              | ZA        |    407838 | NS      | $127251003.50 | 2.14%             |  |  |  | No            |                  2 | On Loan: No      |
| PETROBRAS                      | Petroleo Brasileiro SA - Petrobras          | CUSIP: 71654V101<br>LEI: 5493000J801JZRCMFE49 | Long             | EC               | CORP              | BR        |   3317674 | NS      | $38285957.96  | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| MMC Norilsk Nickel PJSC        | MMC Norilsk Nickel PJSC                     | CUSIP: 55315J102<br>LEI: 253400JPTEEW143W3E47 | Long             | EC               | CORP              | RU        |         2 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Pony AI Inc                    | Pony AI Inc                                 | CUSIP: 732908108<br>LEI: 9845006P7613D2A61368 | Long             | EC               | CORP              | CN        |   2043460 | NS      | $26973672.00  | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Midea Group Co Ltd             | Midea Group Co Ltd                          | CUSIP: 000000000<br>LEI: 3003003TRPHLHZD2IF61 | Long             | EC               | CORP              | CN        |   9241770 | NS      | $93251118.96  | 1.57%             |  |  |  | No            |                  2 | On Loan: No      |
| Kaspi.KZ JSC                   | Kaspi.KZ JSC                                | CUSIP: 48581R205<br>LEI: 2549003YU6FARG8OAZ13 | Long             | EC               | CORP              | KZ        |    381085 | NS      | $32350305.65  | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Lundin Mining Corp             | Lundin Mining Corp                          | CUSIP: 550372106<br>LEI: 549300FQDIM6C8HTN269 | Long             | EC               | CORP              | CA        |   3102467 | NS      | $32625171.61  | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Copa Holdings SA               | Copa Holdings SA                            | CUSIP: 000000000<br>LEI: 529900BB9UQJV6QQHA59 | Long             | EC               | CORP              | PA        |    399922 | NS      | $43979422.34  | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| First Quantum Minerals Ltd     | First Quantum Minerals Ltd                  | CUSIP: 335934105<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | EC               | CORP              | CA        |   6280917 | NS      | $111573623.81 | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Delhivery Ltd                  | Delhivery Ltd                               | CUSIP: 000000000<br>LEI: 335800CUQ1SBCH9TTH82 | Long             | EC               | CORP              | IN        |  12128314 | NS      | $54162937.20  | 0.91%             |  |  |  | No            |                  2 | On Loan: No      |
| SANHUA                         | Zhejiang Sanhua Intelligent Controls Co Ltd | CUSIP: 000000000<br>LEI: 8368003UTQ4F88XERZ23 | Long             | EC               | CORP              | CN        |  17325700 | NS      | $55508806.43  | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| SCB X PCL                      | SCB X PCL                                   | CUSIP: 000000000<br>LEI: 254900TG41KIWX7VDO42 | Long             | EC               | CORP              | TH        |   7083900 | NS      | $25351031.86  | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |
| SHENZHOU INTL                  | Shenzhou International Group Holdings Ltd   | CUSIP: 000000000<br>LEI: 529900B4W41TCUKJFM73 | Long             | EC               | CORP              | CN        |   4484700 | NS      | $32057199.70  | 0.54%             |  |  |  | No            |                  2 | On Loan: No      |
| Haier Smart Home Co Ltd        | Haier Smart Home Co Ltd                     | CUSIP: 000000000<br>LEI: 3003002BYTNGNJTWSH07 | Long             | EC               | CORP              | CN        |  12676680 | NS      | $36427726.51  | 0.61%             |  |  |  | No            |                  2 | On Loan: No      |
| Reliance Industries Ltd        | Reliance Industries Ltd                     | CUSIP: 000000000<br>LEI: 5493003UOETFYRONLG31 | Long             | EC               | CORP              | IN        |  11456702 | NS      | $200529174.62 | 3.38%             |  |  |  | No            |                  2 | On Loan: No      |
| E Ink Holdings Inc             | E Ink Holdings Inc                          | CUSIP: 000000000<br>LEI: 529900UOR451FJJYL571 | Long             | EC               | CORP              | TW        |   4129000 | NS      | $31251737.10  | 0.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Saudi Tadawul Group Holding Co | Saudi Tadawul Group Holding Co              | CUSIP: 000000000<br>LEI: 894500BXFAWZK686TP37 | Long             | EC               | CORP              | SA        |    631840 | NS      | $29729119.70  | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| Tencent Music Entertainment Gr | Tencent Music Entertainment Group           | CUSIP: 000000000<br>LEI: 213800XTZK2GOHQTYK41 | Long             | EC               | CORP              | CN        |   3049882 | NS      | $29656958.23  | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| Tencent Music Entertainment Gr | Tencent Music Entertainment Group           | CUSIP: 88034P109<br>LEI: 213800XTZK2GOHQTYK41 | Long             | EC               | CORP              | CN        |   1402150 | NS      | $27327903.50  | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco Bradesco SA              | Banco Bradesco SA                           | CUSIP: 059460303<br>LEI: 549300CTUU1RFXHQJE44 | Long             | EC               | CORP              | BR        |  11986464 | NS      | $37038173.76  | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Allegro.eu SA                  | Allegro.eu SA                               | CUSIP: 000000000<br>LEI: 222100VRLXV3FPMG4982 | Long             | EC               | CORP              | PL        |   5387698 | NS      | $51870659.47  | 0.87%             |  |  |  | No            |                  2 | On Loan: No      |
| B3 SA - Brasil Bolsa Balcao    | B3 SA - Brasil Bolsa Balcao                 | CUSIP: 000000000<br>LEI: 4GTK5S46E6H318LMDS44 | Long             | EC               | CORP              | BR        |  35538500 | NS      | $95107726.71  | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Silergy Corp                   | Silergy Corp                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |   3768000 | NS      | $45898891.70  | 0.77%             |  |  |  | No            |                  2 | On Loan: No      |
| MercadoLibre Inc               | MercadoLibre Inc                            | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | UY        |    108324 | NS      | $283118856.12 | 4.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Baidu Inc                      | Baidu Inc                                   | CUSIP: 000000000<br>LEI: 254900AL64IANZYI1E02 | Long             | EC               | CORP              | CN        |   3937750 | NS      | $42200603.32  | 0.71%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-25

**Name of Applicant:** Baillie Gifford Funds

**Signature:** Lindsay Cockburn

**Name of Signer:** Lindsay Cockburn

**Title:** Treasurer