# EDGAR Filing Document

**Accession Number:** 0001120543
**File Stem:** 0000940400-26-007381
**Filing Date:** 2026-2
**Character Count:** 32213
**Document Hash:** f2803bb3daefdc8a29048c2398ed0f89
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-007381.hdr.sgml**: 20260224

**ACCESSION NUMBER**: 0000940400-26-007381

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260224

**DATE AS OF CHANGE**: 20260224

**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:** 26667855

**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:** 2025-12-31

**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:** $7168464625.18

**Total Liabilities:** $13088256.52

**Net Assets:** $7155376368.66

**Cash Not Reported:** $27557520.53

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000018471 | 3.98%                | -2.40%               | 4.14%                |
| Class ID C000018472 | 4.00%                | -2.38%               | 4.15%                |
| Class ID C000157005 | 3.99%                | -2.39%               | 4.14%                |
| Class ID C000157006 | 3.99%                | -2.39%               | 4.15%                |
| Class ID C000186026 | 4.00%                | -2.41%               | 4.13%                |
| Class ID C000186027 | 3.96%                | -2.38%               | 4.13%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $95846578.28             | $178853399.76                              |
| Month 2  | $25901232.22             | $-196718141.44                             |
| Month 3  | $79793237.57             | $170055425.17                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Accton Technology Corp         | Accton Technology Corp                      | CUSIP: 000000000<br>LEI: 529900M1YRZ0GWMDF920 | Long             | EC               | CORP              | TW        |   2482000 | NS      | $93663232.14  | 1.31%             |  |  |  | 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        |   8348136 | NS      | $77345717.63  | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Axia Energia                   | Axia Energia                                | CUSIP: 000000000<br>LEI: 254900I8KYDELP4B4Z08 | Long             | EP               | CORP              | BR        |   2777566 | NS      | $24897855.84  | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Kanzhun Ltd                    | Kanzhun Ltd                                 | CUSIP: 48553T106<br>LEI: 254900F4ZCBITP7L0251 | Long             | EC               | CORP              | CN        |   3519777 | NS      | $71733055.26  | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Silergy Corp                   | Silergy Corp                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |   3768000 | NS      | $22851895.09  | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Lundin Mining Corp             | Lundin Mining Corp                          | CUSIP: 550372106<br>LEI: 549300FQDIM6C8HTN269 | Long             | EC               | CORP              | CA        |   2966544 | NS      | $63759460.86  | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| CATL                           | Contemporary Amperex Technology Co Ltd      | CUSIP: 000000000<br>LEI: 300300KINDY1K0E9I032 | Long             | EC               | CORP              | CN        |   2417300 | NS      | $127332809.15 | 1.78%             |  |  |  | No            |                  2 | On Loan: No      |
| Axis Bank Ltd                  | Axis Bank Ltd                               | CUSIP: 000000000<br>LEI: 549300HVNWMJPOFVNI41 | Long             | EC               | CORP              | IN        |   9169653 | NS      | $129663361.67 | 1.81%             |  |  |  | No            |                  2 | On Loan: No      |
| JD.com Inc                     | JD.com Inc                                  | CUSIP: 000000000<br>LEI: 549300HVTWB0GJZ16V92 | Long             | EC               | CORP              | CN        |   2408635 | NS      | $34634336.98  | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| Copa Holdings SA               | Copa Holdings SA                            | CUSIP: 000000000<br>LEI: 529900BB9UQJV6QQHA59 | Long             | EC               | CORP              | PA        |    382387 | NS      | $46119696.07  | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| TSMC                           | Taiwan Semiconductor Manufacturing Co Ltd   | CUSIP: 000000000<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |  20210310 | NS      | $993483972.89 | 13.88%            |  |  |  | No            |                  2 | On Loan: No      |
| Naspers Ltd                    | Naspers Ltd                                 | CUSIP: 000000000<br>LEI: 21380044BQ8812EEKT59 | Long             | EC               | CORP              | ZA        |   2382563 | NS      | $158896718.59 | 2.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Emaar Properties PJSC          | Emaar Properties PJSC                       | CUSIP: 000000000<br>LEI: 254900YWYEXYXK1BMP81 | Long             | EC               | CORP              | AE        |  22654355 | NS      | $86461342.80  | 1.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Hyundai Motor India Ltd        | Hyundai Motor India Ltd                     | CUSIP: 000000000<br>LEI: 335800HWX9HKN9N12M74 | Long             | EC               | CORP              | IN        |    625796 | NS      | $16000098.00  | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco Bradesco SA              | Banco Bradesco SA                           | CUSIP: 059460303<br>LEI: 549300CTUU1RFXHQJE44 | Long             | EC               | CORP              | BR        |  17218828 | NS      | $57338697.24  | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Tencent Music Entertainment Gr | Tencent Music Entertainment Group           | CUSIP: 000000000<br>LEI: 213800XTZK2GOHQTYK41 | Long             | EC               | CORP              | CN        |   3279382 | NS      | $29040540.40  | 0.41%             |  |  |  | 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      |
| Delhivery Ltd                  | Delhivery Ltd                               | CUSIP: 000000000<br>LEI: 335800CUQ1SBCH9TTH82 | Long             | EC               | CORP              | IN        |  11847883 | NS      | $53290230.54  | 0.74%             |  |  |  | No            |                  2 | On Loan: No      |
| SANHUA                         | Zhejiang Sanhua Intelligent Controls Co Ltd | CUSIP: 000000000<br>LEI: 8368003UTQ4F88XERZ23 | Long             | EC               | CORP              | CN        |  11752400 | NS      | $58046791.40  | 0.81%             |  |  |  | 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      | $23634198.57  | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Goneo Group Co Ltd             | Goneo Group Co Ltd                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |   5472050 | NS      | $32030263.99  | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| Raizen SA                      | Raizen SA                                   | CUSIP: 000000000<br>LEI: 5493000WQL3QP7QXX484 | Long             | EP               | CORP              | BR        |  46070210 | NS      | $6808092.07   | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Midea Group Co Ltd             | Midea Group Co Ltd                          | CUSIP: 000000000<br>LEI: 3003003TRPHLHZD2IF61 | Long             | EC               | CORP              | CN        |   9027170 | NS      | $101112659.81 | 1.41%             |  |  |  | No            |                  2 | On Loan: No      |
| HDFC Life Insurance Co Ltd     | HDFC Life Insurance Co Ltd                  | CUSIP: 000000000<br>LEI: 335800RQI8GAFHIRGZ37 | Long             | EC               | CORP              | IN        |   6089889 | NS      | $50877409.83  | 0.71%             |  |  |  | No            |                  2 | On Loan: No      |
| Pony AI Inc                    | Pony AI Inc                                 | CUSIP: 732908108<br>LEI: 9845006P7613D2A61368 | Long             | EC               | CORP              | CN        |   2043460 | NS      | $29630170.00  | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| DiDi Global Inc                | DiDi Global Inc                             | CUSIP: 23292E108<br>LEI: 8368006Y2DHY77ADSY31 | Long             | EC               | CORP              | CN        |  10737115 | NS      | $56691967.20  | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Alibaba Group Holding Ltd      | Alibaba Group Holding Ltd                   | CUSIP: 000000000<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | HK        |  13560520 | NS      | $248984195.98 | 3.48%             |  |  |  | No            |                  2 | On Loan: No      |
| Credicorp Ltd                  | Credicorp Ltd                               | CUSIP: 000000000<br>LEI: 529900UYAEYQCQ2BKB17 | Long             | EC               | CORP              | PE        |    241924 | NS      | $69432188.00  | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank Rakyat Indonesia Persero  | Bank Rakyat Indonesia Persero Tbk PT        | CUSIP: 000000000<br>LEI: 254900HB6S4B12GBNP64 | Long             | EC               | CORP              | ID        | 280448263 | NS      | $61420109.00  | 0.86%             |  |  |  | No            |                  2 | On Loan: No      |
| Anker Innovations Technology C | Anker Innovations Technology Co Ltd         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |   2969500 | NS      | $48702809.60  | 0.68%             |  |  |  | No            |                  2 | On Loan: No      |
| PETROBRAS                      | Petroleo Brasileiro SA - Petrobras          | CUSIP: 71654V408<br>LEI: 5493000J801JZRCMFE49 | Long             | EC               | CORP              | BR        |   5164719 | NS      | $61201920.15  | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| GMK Norilskiy Nickel PAO       | GMK Norilskiy Nickel PAO                    | CUSIP: 55315J102<br>LEI: 253400JPTEEW143W3E47 | Long             | EC               | CORP              | CH        |         2 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Valeura Energy Inc             | Valeura Energy Inc                          | CUSIP: 919144402<br>LEI: 2549003ZBCOPPO06GY48 | Long             | EC               | CORP              | SG        |   9007961 | NS      | $53684835.51  | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Haidilao International Holding | Haidilao International Holding Ltd          | CUSIP: 000000000<br>LEI: 3003009Q8GV4VNKZWI24 | Long             | EC               | CORP              | CN        |  21928000 | NS      | $40301329.39  | 0.56%             |  |  |  | No            |                  2 | On Loan: No      |
| Natura Cosmeticos SA           | Natura Cosmeticos SA                        | CUSIP: 000000000<br>LEI: 98450085D7XCFF5A9N75 | Long             | EC               | CORP              | BR        |  12123000 | NS      | $16439360.99  | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Luckin Coffee Inc              | Luckin Coffee Inc                           | CUSIP: 54951L109<br>LEI: 549300FO16ASCVSMYI15 | Long             | EC               | CORP              | CN        |   1768436 | NS      | $59242606.00  | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Kaspi.KZ JSC                   | Kaspi.KZ JSC                                | CUSIP: 48581R205<br>LEI: 2549003YU6FARG8OAZ13 | Long             | EC               | CORP              | KZ        |    353748 | NS      | $27638331.24  | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| SK hynix Inc                   | SK hynix Inc                                | CUSIP: 000000000<br>LEI: 988400XAIK6XISWQV045 | Long             | EC               | CORP              | KR        |    661322 | NS      | $299498303.11 | 4.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Tata Consultancy Services Ltd  | Tata Consultancy Services Ltd               | CUSIP: 000000000<br>LEI: 335800ZJKU9GPQRE2U66 | Long             | EC               | CORP              | IN        |   1878798 | NS      | $67127921.86  | 0.94%             |  |  |  | No            |                  2 | On Loan: No      |
| PING AN                        | Ping An Insurance Group Co of China Ltd     | CUSIP: 000000000<br>LEI: 529900M9MC28JLN35U89 | Long             | EC               | CORP              | CN        |  11120000 | NS      | $93404718.02  | 1.31%             |  |  |  | No            |                  2 | On Loan: No      |
| Kuaishou Technology            | Kuaishou Technology                         | CUSIP: 000000000<br>LEI: 300300FCDZBE6UP9ED24 | Long             | EC               | CORP              | CN        |   3700400 | NS      | $30589027.79  | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |
| Fabrinet                       | Fabrinet                                    | CUSIP: 000000000<br>LEI: 5493004TETZ6IYF7CV44 | Long             | EC               | CORP              | TH        |    141736 | NS      | $64529566.08  | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| UltraTech Cement Ltd           | UltraTech Cement Ltd                        | CUSIP: 000000000<br>LEI: 335800PC9O9B4BQHG814 | Long             | EC               | CORP              | IN        |    376613 | NS      | $49417603.68  | 0.69%             |  |  |  | No            |                  2 | On Loan: No      |
| Globant SA                     | Globant SA                                  | CUSIP: 000000000<br>LEI: 2221008DCMSPYS42DS88 | Long             | EC               | CORP              | LU        |    244510 | NS      | $15983618.70  | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| FPT Corp                       | FPT Corp                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | VN        |   7505700 | NS      | $27308781.55  | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| PETROBRAS                      | Petroleo Brasileiro SA - Petrobras          | CUSIP: 71654V101<br>LEI: 5493000J801JZRCMFE49 | Long             | EC               | CORP              | BR        |   1938129 | NS      | $21842713.83  | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Baidu Inc                      | Baidu Inc                                   | CUSIP: 000000000<br>LEI: 254900AL64IANZYI1E02 | Long             | EC               | CORP              | CN        |   2681800 | NS      | $44102791.10  | 0.62%             |  |  |  | No            |                  2 | On Loan: No      |
| NU Holdings Ltd/Cayman Islands | NU Holdings Ltd/Cayman Islands              | CUSIP: 000000000<br>LEI: 5493002DG1RHWK9W2X27 | Long             | EC               | CORP              | BR        |   3076244 | NS      | $51496324.56  | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Hyundai Glovis Co Ltd          | Hyundai Glovis Co Ltd                       | CUSIP: 000000000<br>LEI: 988400U6RDXNJ5ZRN304 | Long             | EC               | CORP              | KR        |    485208 | NS      | $60903577.06  | 0.85%             |  |  |  | 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        |   1312674 | NS      | $90311971.20  | 1.26%             |  |  |  | No            |                  1 | 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      |
| Zijin Mining Group Co Ltd      | Zijin Mining Group Co Ltd                   | CUSIP: 000000000<br>LEI: 836800JRNL2393Z2I561 | Long             | EC               | CORP              | CN        |  14514000 | NS      | $66451435.29  | 0.93%             |  |  |  | No            |                  2 | On Loan: No      |
| Mobile World Investment Corp   | Mobile World Investment Corp                | CUSIP: 000000000<br>LEI: 254900ZRFNB8CRAHHO95 | Long             | EC               | CORP              | VN        |  15165600 | NS      | $50887925.71  | 0.71%             |  |  |  | No            |                  2 | On Loan: No      |
| SCB X PCL                      | SCB X PCL                                   | CUSIP: 000000000<br>LEI: 254900TG41KIWX7VDO42 | Long             | EC               | CORP              | TH        |   7083900 | NS      | $31220698.77  | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Coupang Inc                    | Coupang Inc                                 | CUSIP: 22266T109<br>LEI: 549300XR4L1D80AK4W76 | Long             | EC               | CORP              | US        |   2554450 | NS      | $60259475.50  | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| PB Fintech Ltd                 | PB Fintech Ltd                              | CUSIP: 000000000<br>LEI: 98450083AC6B01HF1F87 | Long             | EC               | CORP              | IN        |   1707033 | NS      | $34718466.17  | 0.49%             |  |  |  | No            |                  2 | On Loan: No      |
| First Quantum Minerals Ltd     | First Quantum Minerals Ltd                  | CUSIP: 335934105<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | EC               | CORP              | CA        |   5341851 | NS      | $143222554.22 | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Impala Platinum Holdings Ltd   | Impala Platinum Holdings Ltd                | CUSIP: 000000000<br>LEI: 254900BZFIFB4PD2Z778 | Long             | EC               | CORP              | ZA        |   6669127 | NS      | $104806378.70 | 1.46%             |  |  |  | No            |                  2 | On Loan: No      |
| Allegro.eu SA                  | Allegro.eu SA                               | CUSIP: 000000000<br>LEI: 222100VRLXV3FPMG4982 | Long             | EC               | CORP              | PL        |   5254592 | NS      | $45089478.31  | 0.63%             |  |  |  | No            |                  2 | On Loan: No      |
| Zijin Gold International Co Lt | Zijin Gold International Co Ltd             | CUSIP: 000000000<br>LEI: 254900FINUJR4MZ8A417 | Long             | EC               | CORP              | HK        |   3681055 | NS      | $69054959.08  | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| B3 SA - Brasil Bolsa Balcao    | B3 SA - Brasil Bolsa Balcao                 | CUSIP: 000000000<br>LEI: 4GTK5S46E6H318LMDS44 | Long             | EC               | CORP              | BR        |  49068200 | NS      | $124923110.72 | 1.75%             |  |  |  | No            |                  2 | On Loan: No      |
| Tencent Music Entertainment Gr | Tencent Music Entertainment Group           | CUSIP: 88034P109<br>LEI: 213800XTZK2GOHQTYK41 | Long             | EC               | CORP              | CN        |    768880 | NS      | $13478466.40  | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung Electronics Co Ltd     | Samsung Electronics Co Ltd                  | CUSIP: 000000000<br>LEI: 9884007ER46L6N7EI764 | Long             | EP               | CORP              | KR        |   2129180 | NS      | $132159939.67 | 1.85%             |  |  |  | No            |                  2 | On Loan: No      |
| Reliance Industries Ltd        | Reliance Industries Ltd                     | CUSIP: 000000000<br>LEI: 5493003UOETFYRONLG31 | Long             | EC               | CORP              | IN        |  11031502 | NS      | $193036026.25 | 2.70%             |  |  |  | No            |                  2 | On Loan: No      |
| Capitec Bank Holdings Ltd      | Capitec Bank Holdings Ltd                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | ZA        |    160492 | NS      | $40286855.98  | 0.56%             |  |  |  | No            |                  2 | On Loan: No      |
| BeOne Medicines Ltd            | BeOne Medicines Ltd                         | CUSIP: 000000000<br>LEI: 549300JFUK6FRD5MH739 | Long             | EC               | CORP              | US        |   1414295 | NS      | $32551803.66  | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| Sea Ltd                        | Sea Ltd                                     | CUSIP: 81141R100<br>LEI: 529900OM6JLLW44YKI15 | Long             | EC               | CORP              | SG        |    687599 | NS      | $87717004.43  | 1.23%             |  |  |  | No            |                  1 | 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      |
| BRILLIANCE CHINA               | Brilliance China Automotive Holdings Ltd    | CUSIP: 000000000<br>LEI: 5299005WPCSQN14NBM26 | Long             | EC               | CORP              | HK        |  43528000 | NS      | $22660684.52  | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| InterGlobe Aviation Ltd        | InterGlobe Aviation Ltd                     | CUSIP: 000000000<br>LEI: 33580079R8SLLO23XD19 | Long             | EC               | CORP              | IN        |   1309428 | NS      | $73858865.39  | 1.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Montage Technology Co Ltd      | Montage Technology Co Ltd                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |   3226541 | NS      | $54491145.22  | 0.76%             |  |  |  | No            |                  2 | On Loan: No      |
| Kotak Mahindra Bank Ltd        | Kotak Mahindra Bank Ltd                     | CUSIP: 000000000<br>LEI: 335800E6GTTXKHXE2I75 | Long             | EC               | CORP              | IN        |   3843701 | NS      | $94287747.41  | 1.32%             |  |  |  | No            |                  2 | On Loan: No      |
| MediaTek Inc                   | MediaTek Inc                                | CUSIP: 000000000<br>LEI: 254900UEGBK1I4DM4E14 | Long             | EC               | CORP              | TW        |   2235000 | NS      | $101480601.61 | 1.42%             |  |  |  | No            |                  2 | On Loan: No      |
| Fomento Economico Mexicano SAB | Fomento Economico Mexicano SAB de CV        | CUSIP: 344419106<br>LEI: 549300A8MDWDJNMLV153 | Long             | EC               | CORP              | MX        |    520339 | NS      | $52590662.73  | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| FirstRand Ltd                  | FirstRand Ltd                               | CUSIP: 000000000<br>LEI: 529900XYOP8CUZU7R671 | Long             | EC               | CORP              | ZA        |   7456055 | NS      | $40859133.22  | 0.57%             |  |  |  | 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        |  10943187 | NS      | $34037367.98  | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| MercadoLibre Inc               | MercadoLibre Inc                            | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | UY        |    122625 | NS      | $246998632.50 | 3.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Axia Energia                   | Axia Energia                                | CUSIP: 000000000<br>LEI: 254900I8KYDELP4B4Z08 | Long             | EC               | CORP              | BR        |  10567600 | NS      | $97509477.90  | 1.36%             |  |  |  | No            |                  2 | On Loan: No      |
| E Ink Holdings Inc             | E Ink Holdings Inc                          | CUSIP: 000000000<br>LEI: 529900UOR451FJJYL571 | Long             | EC               | CORP              | TW        |   4129000 | NS      | $25942255.55  | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Tencent Holdings Ltd           | Tencent Holdings Ltd                        | CUSIP: 000000000<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | CN        |   4053900 | NS      | $311110634.85 | 4.35%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung Electronics Co Ltd     | Samsung Electronics Co Ltd                  | CUSIP: 000000000<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |   4075868 | NS      | $341618462.03 | 4.77%             |  |  |  | No            |                  2 | On Loan: No      |
| Hyundai Motor Co               | Hyundai Motor Co                            | CUSIP: 000000000<br>LEI: 9884004RQX8PRBXQ8S60 | Long             | EC               | CORP              | KR        |    501574 | NS      | $103579030.55 | 1.45%             |  |  |  | No            |                  2 | On Loan: No      |
| KGHM Polska Miedz SA           | KGHM Polska Miedz SA                        | CUSIP: 000000000<br>LEI: G30CO71KTT9JDYJESN22 | Long             | EC               | CORP              | PL        |    713683 | NS      | $55451809.72  | 0.77%             |  |  |  | No            |                  2 | On Loan: No      |
| Kweichow Moutai Co Ltd         | Kweichow Moutai Co Ltd                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    296217 | NS      | $58512660.59  | 0.82%             |  |  |  | No            |                  2 | On Loan: No      |
| Meituan                        | Meituan                                     | CUSIP: 000000000<br>LEI: 21380033K525E5JLIA77 | Long             | EC               | CORP              | CN        |   5080300 | NS      | $67325147.78  | 0.94%             |  |  |  | No            |                  2 | On Loan: No      |
| China Merchants Bank Co Ltd    | China Merchants Bank Co Ltd                 | CUSIP: 000000000<br>LEI: 549300MKO5B60FFIHF58 | Long             | EC               | CORP              | CN        |  11987500 | NS      | $81549733.21  | 1.14%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-02-21

**Name of Applicant:** Baillie Gifford Funds

**Signature:** Lindsay Cockburn

**Name of Signer:** Lindsay Cockburn

**Title:** Treasurer