# EDGAR Filing Document

**Accession Number:** 0001120543
**File Stem:** 0000940400-26-020564
**Filing Date:** 2026-5
**Character Count:** 47460
**Document Hash:** 145b6bbaea63e937cc6df6d875d80d27
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-020564.hdr.sgml**: 20260521

**ACCESSION NUMBER**: 0000940400-26-020564

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260521

**DATE AS OF CHANGE**: 20260521

**PERIOD START**: 20261231

**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:** 261007809

**BUSINESS ADDRESS:**
- **STREET 1:** 780 THIRD AVENUE
- **STREET 2:** 43RD FLOOR
- **CITY:** NEW
- **STATE:** NY
- **ZIP:** 10017
- **BUSINESS PHONE:** 011441312752000

**MAIL ADDRESS:**
- **STREET 1:** 780 THIRD AVENUE
- **STREET 2:** 43RD FLOOR
- **CITY:** NEW
- **STATE:** NY
- **ZIP:** 10017

## 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           |

## Nport-Ex

**Portfolio of Investments**

March 31, 2026 (unaudited)

Baillie Gifford Emerging Markets Equities Fund

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS — 96.0%** |  |  |
| ARGENTINA — 0.8% |  |  |
| Vista Energy SAB de CV ADR \* | 773353 | $58364951 |
| BRAZIL — 10.0% |  |  |
| Axia Energia | 10567600 | 119388776 |
| B3 SA — Brasil Bolsa Balcao | 47712400 | 169485248 |
| Banco Bradesco SA ADR | 16488242 | 60182083 |
| MercadoLibre, Inc. \* | 120718 | 208723837 |
| Natura Cosmeticos SA \* | 12123000 | 24340319 |
| NU Holdings Ltd., Class A \* | 3076244 | 44205626 |
| Petroleo Brasileiro SA - Petrobras ADR | 5164719 | 107167919 |
|  |  | 733493808 |
| CHILE — 2.4% |  |  |
| Lundin Mining Corp. | 2966544 | 73977005 |
| Sociedad Quimica y Minera de Chile SA ADR \* | 1283087 | 103853062 |
|  |  | 177830067 |
| CHINA — 22.9% |  |  |
| Alibaba Group Holding Ltd. | 13360720 | 209422464 |
| Anker Innovations Technology Co., Ltd., Class A | 2969500 | 47364864 |
| Baidu, Inc., Class A \* | 2681800 | 37486717 |
| Brilliance China Automotive Holdings Ltd. | 43528000 | 15569021 |
| China Merchants Bank Co., Ltd., Class H | 11537000 | 73308697 |
| Contemporary Amperex Technology Co., Ltd., Class A | 2350700 | 139496628 |
| DiDi Global, Inc. ADR \* | 10737115 | 44129543 |
| Goneo Group Co., Ltd., Class A | 5472050 | 33449239 |
| Haidilao International Holding Ltd. | 21928000 | 40365773 |
| JD.com, Inc., Class A | 2408635 | 35504513 |
| Kanzhun Ltd. ADR | 3519777 | 47129814 |
| Kuaishou Technology | 3700400 | 21796562 |
| Kweichow Moutai Co., Ltd., Class A | 284617 | 60114744 |
| Luckin Coffee, Inc. ADR \* | 1700870 | 54597927 |
| Meituan, Class B \* | 5080300 | 55437507 |
| Midea Group Co., Ltd., Class A | 8705670 | 97260714 |
| Montage Technology Co., Ltd., Class A | 3432783 | 64044941 |
| Ping An Insurance Group Co. of China Ltd., Class H | 10833500 | 83301104 |
| Pony AI, Inc. ADR \* | 2043460 | 19290262 |
| Silergy Corp. | 3768000 | 34340296 |
| Tencent Holdings Ltd. | 5182700 | 326885230 |
| Tencent Music Entertainment Group ADR | 768880 | 7135207 |
| Tencent Music Entertainment Group, Class A, Entitlement | 3279382 | 15719858 |
| Zhejiang Sanhua Intelligent Controls Co., Ltd., Class H | 11752400 | 43079566 |
| Zijin Mining Group Co., Ltd., Class H | 14514000 | 65291212 |
|  |  | 1671522403 |
| HONG KONG — 1.2% |  |  |
| Zijin Gold International Co., Ltd. \* | 3681055 | 83776481 |
| INDIA — 8.4% |  |  |
| Axis Bank Ltd. | 8935595 | 110669334 |
| Delhivery Ltd. \* | 11847883 | 52484318 |
| HDFC Life Insurance Co., Ltd. | 6089889 | 38271135 |
| Hyundai Motor India Ltd. | 625796 | 11849889 |
| InterGlobe Aviation Ltd. | 1309428 | 55271692 |
| Kotak Mahindra Bank Ltd. | 19218505 | 72345053 |
| PB Fintech Ltd. \* | 1707033 | 25947807 |
| Reliance Industries Ltd. | 10883957 | 156528330 |

---

See previously submitted notes to the financial statements for the year ended December 31, 2025.

**Portfolio of Investments**

March 31, 2026 (unaudited)

Baillie Gifford Emerging Markets Equities Fund

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| Tata Consultancy Services Ltd. | 1878798 | $47309375 |
| UltraTech Cement Ltd. | 376613 | 43016342 |
|  |  | 613693275 |
| INDONESIA — 0.8% |  |  |
| Bank Rakyat Indonesia Persero Tbk PT | 280448263 | 56039459 |
| KAZAKHSTAN — 0.4% |  |  |
| Kaspi.KZ JSC ADR \* | 353748 | 26202114 |
| MEXICO — 2.5% |  |  |
| Fomento Economico Mexicano SAB de CV ADR | 520339 | 57788849 |
| Grupo Financiero Banorte SAB de CV, Class O | 8126557 | 89984741 |
| Wal-Mart de Mexico SAB de CV | 10943187 | 35681518 |
|  |  | 183455108 |
| PANAMA — 0.6% |  |  |
| Copa Holdings SA, Class A | 382387 | 43442987 |
| PERU — 1.1% |  |  |
| Credicorp Ltd. | 241924 | 82055782 |
| POLAND — 1.2% |  |  |
| Allegro.eu SA \* | 5254592 | 37717291 |
| KGHM Polska Miedz SA \* | 713683 | 52141644 |
|  |  | 89858935 |
| RUSSIA — 0.0% <sup>(a)</sup> |  |  |
| GMK Norilskiy Nickel PAO \*<sup>(b)</sup> | 54812700 | 0 |
| GMK Norilskiy Nickel PAO ADR \*<sup>(b)</sup> | 2 | 0 |
| Moscow Exchange MICEX-RTS PJSC \*<sup>(b)</sup> | 14557370 | 0 |
| Sberbank of Russia PJSC \*<sup>(b)</sup> | 31444360 | 0 |
|  |  | 0 |
| SAUDI ARABIA — 0.3% |  |  |
| Saudi Tadawul Group Holding Co. | 631840 | 23396450 |
| SINGAPORE — 0.8% |  |  |
| Sea Ltd. ADR \* | 687599 | 56940073 |
| SOUTH AFRICA — 2.4% |  |  |
| Capitec Bank Holdings Ltd. | 151655 | 37260743 |
| FirstRand Ltd. | 7042537 | 36052940 |
| Impala Platinum Holdings Ltd. | 6384184 | 90795705 |
| Naspers Ltd., N Shares | 236529 | 12234938 |
|  |  | 176344326 |
| SOUTH KOREA — 14.1% |  |  |
| Coupang, Inc. \* | 2554450 | 48228016 |
| Hyundai Glovis Co., Ltd. | 485208 | 68914464 |
| Hyundai Motor Co. | 483323 | 148892680 |
| Samsung Electronics Co., Ltd. | 3922782 | 458814041 |
| SK hynix, Inc. | 530483 | 300977555 |
|  |  | 1025826756 |
| TAIWAN — 18.8% |  |  |
| Accton Technology Corp. | 2349000 | 115893022 |
| E Ink Holdings, Inc. | 4129000 | 18010680 |
| MediaTek, Inc. | 2166000 | 103892567 |

---

See previously submitted notes to the financial statements for the year ended December 31, 2025.

**Portfolio of Investments**

March 31, 2026 (unaudited)

Baillie Gifford Emerging Markets Equities Fund

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 19587310 | $1132822767 |
|  |  | 1370619036 |
| THAILAND — 2.7% |  |  |
| Fabrinet \* | 141736 | 73918159 |
| SCB X PCL | 7083900 | 31140602 |
| Valeura Energy, Inc. \* | 9192888 | 97539376 |
|  |  | 202598137 |
| UNITED ARAB EMIRATES — 1.6% |  |  |
| Emaar Properties PJSC | 35485080 | 116122719 |
| UNITED STATES — 0.4% |  |  |
| BeOne Medicines Ltd., Class H \* | 1414295 | 31726049 |
| VIETNAM — 0.9% |  |  |
| FPT Corp. | 7505700 | 21600626 |
| Mobile World Investment Corp. | 14470700 | 45115094 |
|  |  | 66715720 |
| ZAMBIA — 1.7% |  |  |
| First Quantum Minerals Ltd. \* | 5239303 | 125267211 |
| **Total Common Stocks** |  |  |
| (cost $4,563,577,731) |  | 7015291847 |
| **PREFERRED STOCKS — 3.2%** |  |  |
| BRAZIL — 0.9% |  |  |
| Axia Energia 0.00% \* | 2777565 | 30318161 |
| Petroleo Brasileiro SA - Petrobras ADR 5.76% | 1938129 | 36339919 |
|  |  | 66658080 |
| SOUTH KOREA — 2.3% |  |  |
| Samsung Electronics Co., Ltd. 1.46% | 2080696 | 167961248 |
| **Total Preferred Stocks** |  |  |
| (cost $91,144,728) |  | 234619328 |
| **TOTAL INVESTMENTS — 99.2%** |  |  |
| (cost $4,654,722,459) |  | $7249911175 |
| Other assets less liabilities — 0.8% |  | 57111001 |
| **NET ASSETS — 100.0%** |  | $7307022176 |

---

(a) Amount rounds to less than 0.1%.

(b) Investment was valued using significant unobservable inputs.

\* 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 year ended December 31, 2025.

**Portfolio of Investments**

March 31, 2026 (unaudited)

Baillie Gifford Emerging Markets Equities 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 March 31, 2026 in valuing the Fund's investments carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Investments in Securities | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks<sup>\*\*</sup> | $1879020405 | $5136271442 | $0 | $7015291847 |
| Preferred Stocks<sup>\*\*</sup> | 66658080 | 167961248 |  | 234619328 |
| **Total** | $1945678485 | $5304232690 | $0 | $7249911175 |

---

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

**Summary of Unobservable Inputs for Level 3 Investments** 

The ongoing conflict in Russia and Ukraine has led to significant disruption and volatility in the global stock market. This impacted the Fund in 2022 in terms of suspensions of trading activities on the Russian Stock Exchange as well as suspensions of depositary receipts traded on exchanges outside of Russia. These market conditions have not changed during the period ended March 31, 2026 and as a result, management continue to value all the Russian securities listed in the Portfolio of Investments at $0 and include them within Level 3.

There were no transfers into or out of Level 3 during the period ended March 31, 2026.

See previously submitted notes to the financial statements for the year ended December 31, 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 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:** 2026-12-31

- **b. Date as of which information is reported:** 2026-03-31

**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:** $7332030606.31

**Total Liabilities:** $12800874.91

**Net Assets:** $7319229731.40

**Cash Not Reported:** $73661509.38

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000157005 | 11.01%               | 5.56%                | -11.13%              |
| Class ID C000018471 | 11.00%               | 5.55%                | -11.14%              |
| Class ID C000186026 | 10.98%               | 5.57%                | -11.14%              |
| Class ID C000018472 | 11.02%               | 5.57%                | -11.13%              |
| Class ID C000157006 | 11.01%               | 5.56%                | -11.13%              |
| Class ID C000186027 | 11.01%               | 5.57%                | -11.16%              |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $39949159.29             | $735389073.62                              |
| Month 2  | $50395718.58             | $388352187.38                              |
| Month 3  | $18808092.82             | $-951842028.26                             |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Centrais Elet Bras Sa Eletrobras                           | Centrais Elet Bras Sa Eletrobras PREF C NPV                 | CUSIP: 000000000<br>LEI: 254900I8KYDELP4B4Z08 | Long             | EP               | CORP              | BR        |   2777565 | NS      | $30318160.78   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Saudi Tadawul Group Holding Co                             | Saudi Tadawul Group Holding Co SAR10                        | CUSIP: 000000000<br>LEI: 894500BXFAWZK686TP37 | Long             | EC               | CORP              | SA        |    631840 | NS      | $23396449.60   | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| BRILLIANCE CHINA AUTOMOTIVE HOLDINGS LTD                   | Brilliance China Automotive Holdings Ltd. COM STK USD0.01   | CUSIP: 000000000<br>LEI: 5299005WPCSQN14NBM26 | Long             | EC               | CORP              | BM        |  43528000 | NS      | $15569020.57   | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Mercadolibre Inc                                           | Mercadolibre Inc COM                                        | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | US        |    120718 | NS      | $208723836.36  | 2.85%             |  |  |  | No            |                  1 | On Loan: No      |
| SK Hynix Inc.                                              | SK Hynix Inc. KRW5000                                       | CUSIP: 000000000<br>LEI: 988400XAIK6XISWQV045 | Long             | EC               | CORP              | KR        |    530483 | NS      | $300977554.37  | 4.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Kuaishou Technology                                        | Kuaishou Technology USD0.0000053 B CLASS                    | CUSIP: 000000000<br>LEI: 300300FCDZBE6UP9ED24 | Long             | EC               | CORP              | KY        |   3700400 | NS      | $21796561.75   | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Hyundai Glovis Co Ltd.                                     | Hyundai Glovis Co Ltd. KRW500                               | CUSIP: 000000000<br>LEI: 988400U6RDXNJ5ZRN304 | Long             | EC               | CORP              | KR        |    485208 | NS      | $68914463.99   | 0.94%             |  |  |  | No            |                  2 | On Loan: No      |
| InterGlobe Aviation Ltd.                                   | InterGlobe Aviation Ltd. INR10                              | CUSIP: 000000000<br>LEI: 33580079R8SLLO23XD19 | Long             | EC               | CORP              | IN        |   1309428 | NS      | $55271691.91   | 0.76%             |  |  |  | No            |                  2 | On Loan: No      |
| MMC Norilsk Nickel Public Joint Stock Company              | MMC Norilsk Nickel Public Joint Stock Company SPONSORED ADR | CUSIP: 55315J102<br>LEI: 253400JPTEEW143W3E47 | Long             | EC               | CORP              | RU        |         2 | NS      | $0.00          | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Kaspi.Kz JSC                                               | Kaspi.Kz JSC SPONSORED ADS                                  | CUSIP: 48581R205<br>LEI: 2549003YU6FARG8OAZ13 | Long             | EC               | CORP              | KZ        |    353748 | NS      | $26202114.36   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| WAL-MART DE MEXICO SAB DE CV (WAL-MART DE MEXICO SA DE CV) | Wal-Mart De Mexico COM NPV                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |  10943187 | NS      | $35681518.07   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Delhivery Ltd.                                             | Delhivery Ltd. INR1                                         | CUSIP: 000000000<br>LEI: 335800CUQ1SBCH9TTH82 | Long             | EC               | CORP              | IN        |  11847883 | NS      | $52484318.50   | 0.72%             |  |  |  | No            |                  2 | On Loan: No      |
| Kotak Mahindra Bank Ltd.                                   | Kotak Mahindra Bank Ltd. INR1(POST SUBD)                    | CUSIP: 000000000<br>LEI: 335800E6GTTXKHXE2I75 | Long             | EC               | CORP              | IN        |  19218505 | NS      | $72345053.46   | 0.99%             |  |  |  | No            |                  2 | On Loan: No      |
| KWEICHOW MOUTAI COMPANY LTD                                | Kweichow Moutai Co Ltd. 'A'CNY1                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    284617 | NS      | $60114744.53   | 0.82%             |  |  |  | No            |                  2 | On Loan: No      |
| Luckin Coffee Inc                                          | Luckin Coffee Inc SPONSORED ADS                             | CUSIP: 54951L109<br>LEI: 549300FO16ASCVSMYI15 | Long             | EC               | CORP              | KY        |   1700870 | NS      | $54597927.00   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Accton Technology Corp.                                    | Accton Technology Corp. TWD10                               | CUSIP: 000000000<br>LEI: 529900M1YRZ0GWMDF920 | Long             | EC               | CORP              | TW        |   2349000 | NS      | $115893022.11  | 1.58%             |  |  |  | No            |                  2 | On Loan: No      |
| Allegro.eu SA                                              | Allegro.eu SA PLN0.01                                       | CUSIP: 000000000<br>LEI: 222100VRLXV3FPMG4982 | Long             | EC               | CORP              | LU        |   5254592 | NS      | $37717290.67   | 0.52%             |  |  |  | No            |                  2 | On Loan: No      |
| Vista Energy S.A.B. de C.V.                                | Vista Energy S.A.B. de C.V. SPONSORED ADS                   | CUSIP: 92837L109<br>LEI: 549300UDOHP7958KNS89 | Long             | EC               | CORP              | MX        |    773353 | NS      | $58364950.91   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| JD.COM INC                                                 | JD.com Inc. USD0.00002 A CLASS                              | CUSIP: 000000000<br>LEI: 549300HVTWB0GJZ16V92 | Long             | EC               | CORP              | KY        |   2408635 | NS      | $35504512.60   | 0.49%             |  |  |  | No            |                  2 | On Loan: No      |
| E Ink Holdings Inc.                                        | E Ink Holdings Inc. TWD10                                   | CUSIP: 000000000<br>LEI: 529900UOR451FJJYL571 | Long             | EC               | CORP              | TW        |   4129000 | NS      | $18010679.92   | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Raizen SA                                                  | Raizen SA PRF NPV                                           | CUSIP: 000000000<br>LEI: 5493000WQL3QP7QXX484 | Long             | EP               | CORP              | BR        |   6491510 | NS      | $626611.77     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| FPT CORP                                                   | FPT Corp. VND10000                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | VN        |   7505700 | NS      | $21600626.24   | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung Electronics Co Ltd.                                | Samsung Electronics Co Ltd. N/VTG PFD KRW100                | CUSIP: 000000000<br>LEI: 9884007ER46L6N7EI764 | Long             | EP               | CORP              | KR        |   2080696 | NS      | $167961248.07  | 2.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Tata Consultancy Services Ltd.                             | Tata Consultancy Services Ltd. INR1                         | CUSIP: 000000000<br>LEI: 335800ZJKU9GPQRE2U66 | Long             | EC               | CORP              | IN        |   1878798 | NS      | $47309374.51   | 0.65%             |  |  |  | No            |                  2 | On Loan: No      |
| HAIDILAO INTERNATIONAL HOLDING LTD                         | Haidilao International Holding Ltd. USD0.000005             | CUSIP: 000000000<br>LEI: 3003009Q8GV4VNKZWI24 | Long             | EC               | CORP              | KY        |  21928000 | NS      | $40365772.83   | 0.55%             |  |  |  | No            |                  2 | On Loan: No      |
| Petroleo Brasileiro SA                                     | Petroleo Brasileiro SA SPONSORED ADR                        | CUSIP: 71654V408<br>LEI: 5493000J801JZRCMFE49 | Long             | EC               | CORP              | BR        |   5164719 | NS      | $107167919.25  | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Mobile World Investment Corporation                        | Mobile World Investment Corporation VND10000                | CUSIP: 000000000<br>LEI: 254900ZRFNB8CRAHHO95 | Long             | EC               | CORP              | VN        |  14470700 | NS      | $45115093.35   | 0.62%             |  |  |  | No            |                  2 | On Loan: No      |
| KANZHUN LTD                                                | Kanzhun Limited SPONSORED ADS                               | CUSIP: 48553T106<br>LEI: 254900F4ZCBITP7L0251 | Long             | EC               | CORP              | KY        |   3519777 | NS      | $47129814.03   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Zhejiang Sanhua Intelligent Controls Co Ltd.               | Zhejiang Sanhua Intelligent Controls Co Ltd. CNY1 H         | CUSIP: 000000000<br>LEI: 8368003UTQ4F88XERZ23 | Long             | EC               | CORP              | CN        |  11752400 | NS      | $43079566.38   | 0.59%             |  |  |  | No            |                  2 | On Loan: No      |
| Zijin Mining Group Co Ltd.                                 | Zijin Mining Group Co Ltd. 'H'CNY0.1                        | CUSIP: 000000000<br>LEI: 836800JRNL2393Z2I561 | Long             | EC               | CORP              | CN        |  14514000 | NS      | $65291211.97   | 0.89%             |  |  |  | No            |                  2 | On Loan: No      |
| Midea Group Co Ltd.                                        | Midea Group Co Ltd. A CNY1                                  | CUSIP: 000000000<br>LEI: 3003003TRPHLHZD2IF61 | Long             | EC               | CORP              | CN        |   8705670 | NS      | $97260713.68   | 1.33%             |  |  |  | No            |                  2 | On Loan: No      |
| Naspers Limited                                            | Naspers Limited NPV(POST SPLT)                              | CUSIP: 000000000<br>LEI: 21380044BQ8812EEKT59 | Long             | EC               | CORP              | ZA        |    236529 | NS      | $12234937.60   | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| NU HOLDINGS LTD                                            | Nu Holdings Ltd. ORD SHS CL A                               | CUSIP: 000000000<br>LEI: 5493002DG1RHWK9W2X27 | Long             | EC               | CORP              | KY        |   3076244 | NS      | $44205626.28   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Valeura Energy Inc                                         | Valeura Energy Inc COM                                      | CUSIP: 919144402<br>LEI: 2549003ZBCOPPO06GY48 | Long             | EC               | CORP              | CA        |   9192888 | NS      | $97539376.67   | 1.33%             |  |  |  | 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      | $33449239.05   | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |
| Copa Holdings SA                                           | Copa Holdings SA NPV CLASS 'A'                              | CUSIP: 000000000<br>LEI: 529900BB9UQJV6QQHA59 | Long             | EC               | CORP              | PA        |    382387 | NS      | $43442987.07   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Petroleo Brasileiro SA                                     | Petroleo Brasileiro SA SP ADR NON VTG                       | CUSIP: 71654V101<br>LEI: 5493000J801JZRCMFE49 | Long             | EC               | CORP              | BR        |   1938129 | NS      | $36339918.75   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| KGHM Polska Miedz SA                                       | KGHM Polska Miedz SA PLN10.00                               | CUSIP: 000000000<br>LEI: G30CO71KTT9JDYJESN22 | Long             | EC               | CORP              | PL        |    713683 | NS      | $52141644.22   | 0.71%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank Rakyat Indonesia (Persero) Tbk                        | Bank Rakyat Indonesia (Persero) Tbk IDR50                   | CUSIP: 000000000<br>LEI: 254900HB6S4B12GBNP64 | Long             | EC               | CORP              | ID        | 280448263 | NS      | $56039459.37   | 0.77%             |  |  |  | No            |                  2 | On Loan: No      |
| Natura Cosmeticos S A                                      | Natura Cosmeticos S A COM NPV                               | CUSIP: 000000000<br>LEI: 98450085D7XCFF5A9N75 | Long             | EC               | CORP              | BR        |  12123000 | NS      | $24340318.74   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| ALIBABA GROUP HOLDING LTD                                  | Alibaba Group Holding Ltd. USD0.000003125                   | CUSIP: 000000000<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | KY        |  13360720 | NS      | $209422463.53  | 2.86%             |  |  |  | No            |                  2 | On Loan: No      |
| Capitec Bank Holdings Ltd                                  | Capitec Bank Holdings Ltd ZAR0.01                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | ZA        |    151655 | NS      | $37260743.40   | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| MediaTek Inc.                                              | MediaTek Inc. TWD10                                         | CUSIP: 000000000<br>LEI: 254900UEGBK1I4DM4E14 | Long             | EC               | CORP              | TW        |   2166000 | NS      | $103892566.83  | 1.42%             |  |  |  | No            |                  2 | On Loan: No      |
| Didi Global Inc                                            | Didi Global Inc SPONSORED ADS                               | CUSIP: 23292E108<br>LEI: 8368006Y2DHY77ADSY31 | Long             | EC               | CORP              | KY        |  10737115 | NS      | $44129542.65   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Ping An Insurance (Group) Company of China Ltd.            | Ping An Insurance (Group) Company of China Ltd. 'H' CNY1    | CUSIP: 000000000<br>LEI: 529900M9MC28JLN35U89 | Long             | EC               | CORP              | CN        |  10833500 | NS      | $83301104.27   | 1.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Tencent Music Entertainment Group                          | Tencent Music Entertainment Group SPON ADS                  | CUSIP: 88034P109<br>LEI: 213800XTZK2GOHQTYK41 | Long             | EC               | CORP              | KY        |    768880 | NS      | $7135206.40    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Firstrand Ltd                                              | Firstrand Ltd ZAR0.01                                       | CUSIP: 000000000<br>LEI: 529900XYOP8CUZU7R671 | Long             | EC               | CORP              | ZA        |   7042537 | NS      | $36052940.35   | 0.49%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung Electronics Co Ltd.                                | Samsung Electronics Co Ltd. KRW100                          | CUSIP: 000000000<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |   3922782 | NS      | $458814041.24  | 6.27%             |  |  |  | No            |                  2 | On Loan: No      |
| BAIDU INC                                                  | Baidu Inc. USD0.000000625 A CLASS                           | CUSIP: 000000000<br>LEI: 254900AL64IANZYI1E02 | Long             | EC               | CORP              | KY        |   2681800 | NS      | $37486717.32   | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| Lundin Mining Corp                                         | Lundin Mining Corp COM NPV                                  | CUSIP: 550372106<br>LEI: 549300FQDIM6C8HTN269 | Long             | EC               | CORP              | CA        |   2966544 | NS      | $73977004.79   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Tencent Music Entertainment Group                          | Tencent Music Entertainment Group HKD0.000083 A             | CUSIP: 000000000<br>LEI: 213800XTZK2GOHQTYK41 | Long             | EC               | CORP              | KY        |   3279382 | NS      | $15719858.06   | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| PONY AI INC                                                | Pony AI Inc. SPONSORED ADS                                  | CUSIP: 732908108<br>LEI: 9845006P7613D2A61368 | Long             | EC               | CORP              | KY        |   2043460 | NS      | $19290262.40   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| SILERGY CORP                                               | Silergy Corporation TWD2.5                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |   3768000 | NS      | $34340296.31   | 0.47%             |  |  |  | No            |                  2 | On Loan: No      |
| Sociedad Quimica y Minera de Chile S A                     | Sociedad Quimica y Minera de Chile S A SPON ADR SER B       | CUSIP: 833635105<br>LEI: TJ88LXZZW5PWIN93ZC81 | Long             | EC               | CORP              | CL        |   1283087 | NS      | $103853061.78  | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Sberbank of Russia                                         | Sberbank of Russia RUB3(RUB)                                | CUSIP: 000000000<br>LEI: 549300WE6TAF5EEWQS81 | Long             | EC               | CORP              | RU        |  31444360 | NS      | $0.00          | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| TENCENT HOLDINGS LTD                                       | Tencent Holdings Ltd. HKD0.00002                            | CUSIP: 000000000<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | KY        |   5182700 | NS      | $326885229.74  | 4.47%             |  |  |  | No            |                  2 | On Loan: No      |
| SEA LTD                                                    | Sea Ltd. SPONSORD ADS                                       | CUSIP: 81141R100<br>LEI: 529900OM6JLLW44YKI15 | Long             | EC               | CORP              | KY        |    687599 | NS      | $56940073.19   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| HDFC Life Insurance Co Ltd.                                | HDFC Life Insurance Co Ltd. INR10                           | CUSIP: 000000000<br>LEI: 335800RQI8GAFHIRGZ37 | Long             | EC               | CORP              | IN        |   6089889 | NS      | $38271135.06   | 0.52%             |  |  |  | No            |                  2 | On Loan: No      |
| ZIJIN GOLD INTERNATIONAL COMPANY LI                        | ZIJIN GOLD INTERNATIONAL COMPANY LI NPV                     | CUSIP: 000000000<br>LEI: 254900FINUJR4MZ8A417 | Long             | EC               | CORP              | HK        |   3681055 | NS      | $83776481.12   | 1.14%             |  |  |  | No            |                  2 | On Loan: No      |
| BEONE MEDICINES LTD                                        | BeOne Medicines Ltd. USD0.0001 (SWITZERLAND)                | CUSIP: 000000000<br>LEI: 549300JFUK6FRD5MH739 | Long             | EC               | CORP              | CH        |   1414295 | NS      | $31726049.40   | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |
| Fabrinet                                                   | Fabrinet COM USD0.01                                        | CUSIP: 000000000<br>LEI: 5493004TETZ6IYF7CV44 | Long             | EC               | CORP              | KY        |    141736 | NS      | $73918158.72   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CREDICORP LTD                                              | Credicorp Ltd. COM USD5                                     | CUSIP: 000000000<br>LEI: 529900UYAEYQCQ2BKB17 | Long             | EC               | CORP              | BM        |    241924 | NS      | $82055782.32   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Moscow Exchange MICEX-RTS PJSC                             | Moscow Exchange MICEX-RTS PJSC RUB1(RUB)                    | CUSIP: 000000000<br>LEI: 253400M5M1222KPNWE87 | Long             | EC               | CORP              | RU        |  14557370 | NS      | $0.00          | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| PB Fintech Ltd.                                            | PB Fintech Ltd. INR2.00                                     | CUSIP: 000000000<br>LEI: 98450083AC6B01HF1F87 | Long             | EC               | CORP              | IN        |   1707033 | NS      | $25947807.21   | 0.35%             |  |  |  | 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      | $47364864.32   | 0.65%             |  |  |  | No            |                  2 | On Loan: No      |
| China Merchants Bank Co Ltd.                               | China Merchants Bank Co Ltd. 'H'CNY1                        | CUSIP: 000000000<br>LEI: 549300MKO5B60FFIHF58 | Long             | EC               | CORP              | CN        |  11537000 | NS      | $73308696.66   | 1.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CATL                                                       | Contemporary Amperex Technology Co Ltd                      | CUSIP: 000000000<br>LEI: 300300KINDY1K0E9I032 | Long             | EC               | CORP              | CN        |   2350700 | NS      | $139496628.01  | 1.91%             |  |  |  | No            |                  2 | On Loan: No      |
| Meituan LLC                                                | Meituan LLC USD0.00001 B CLASS                              | CUSIP: 000000000<br>LEI: 21380033K525E5JLIA77 | Long             | EC               | CORP              | KY        |   5080300 | NS      | $55437507.11   | 0.76%             |  |  |  | No            |                  2 | On Loan: No      |
| SCB X PCL                                                  | SCB X PCL THB10 (ALIEN)                                     | CUSIP: 000000000<br>LEI: 254900TG41KIWX7VDO42 | Long             | EC               | CORP              | TH        |   7083900 | NS      | $31140601.44   | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |
| Emaar Properties PJSC                                      | Emaar Properties PJSC AED1                                  | CUSIP: 000000000<br>LEI: 254900YWYEXYXK1BMP81 | Long             | EC               | CORP              | AE        |  35485080 | NS      | $116122719.34  | 1.59%             |  |  |  | No            |                  2 | On Loan: No      |
| Banco Bradesco SA                                          | Banco Bradesco SA SP ADR PFD NEW                            | CUSIP: 059460303<br>LEI: 549300CTUU1RFXHQJE44 | Long             | EC               | CORP              | BR        |  16488242 | NS      | $60182083.30   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| MMC Norilsk Nickel Public Joint Stock Company              | MMC Norilsk Nickel Public Joint Stock Company RUB1(RUB)     | CUSIP: 000000000<br>LEI: 253400JPTEEW143W3E47 | Long             | EC               | CORP              | RU        |  54812700 | NS      | $0.00          | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Centrais Elet Bras Sa Eletrobras                           | Centrais Elet Bras Sa Eletrobras COM NPV                    | CUSIP: 000000000<br>LEI: 254900I8KYDELP4B4Z08 | Long             | EC               | CORP              | BR        |  10567600 | NS      | $119388776.12  | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Hyundai Motor Co.                                          | Hyundai Motor Co. KRW5000                                   | CUSIP: 000000000<br>LEI: 9884004RQX8PRBXQ8S60 | Long             | EC               | CORP              | KR        |    483323 | NS      | $148892680.00  | 2.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Reliance Industries Ltd.                                   | Reliance Industries Ltd. INR10(100%DEMAT)                   | CUSIP: 000000000<br>LEI: 5493003UOETFYRONLG31 | Long             | EC               | CORP              | IN        |  10883957 | NS      | $156528329.74  | 2.14%             |  |  |  | No            |                  2 | On Loan: No      |
| B3 S.A. - Brasil, Bolsa, Balcao                            | B3 S.A. - Brasil, Bolsa, Balcao COM NPV                     | CUSIP: 000000000<br>LEI: 4GTK5S46E6H318LMDS44 | Long             | EC               | CORP              | BR        |  47712400 | NS      | $169485247.64  | 2.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Fomento Economico Mexicano S A B de C V                    | Fomento Economico Mexicano S A B de C V SPON ADR UNITS      | CUSIP: 344419106<br>LEI: 549300A8MDWDJNMLV153 | Long             | EC               | CORP              | MX        |    520339 | NS      | $57788849.34   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Hyundai Motor India Ltd.                                   | Hyundai Motor India Ltd. INR10                              | CUSIP: 000000000<br>LEI: 335800HWX9HKN9N12M74 | Long             | EC               | CORP              | IN        |    625796 | NS      | $11849888.98   | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co., Ltd.               | Taiwan Semiconductor Manufacturing Co., Ltd. TWD10          | CUSIP: 000000000<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |  19587310 | NS      | $1132822767.27 | 15.48%            |  |  |  | No            |                  2 | On Loan: No      |
| Impala Platinum Holdings Ltd                               | Impala Platinum Holdings Ltd NPV                            | CUSIP: 000000000<br>LEI: 254900BZFIFB4PD2Z778 | Long             | EC               | CORP              | ZA        |   6384184 | NS      | $90795704.69   | 1.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Axis Bank Ltd.                                             | Axis Bank Ltd. INR2                                         | CUSIP: 000000000<br>LEI: 549300HVNWMJPOFVNI41 | Long             | EC               | CORP              | IN        |   8935595 | NS      | $110669333.51  | 1.51%             |  |  |  | No            |                  2 | On Loan: No      |
| Coupang Inc.                                               | Coupang Inc. CL A                                           | CUSIP: 22266T109<br>LEI: 549300XR4L1D80AK4W76 | Long             | EC               | CORP              | US        |   2554450 | NS      | $48228016.00   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| First Quantum Minerals Ltd.                                | First Quantum Minerals Ltd. COM NPV                         | CUSIP: 335934105<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | EC               | CORP              | CA        |   5239303 | NS      | $125267211.40  | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| GRUPO FINANCIERO BANORTE SAB DE CV                         | Grupo Financiero Banorte S.A.B. de C.V. COM NPV SERIES O    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |   8126557 | NS      | $89984740.40   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Montage Technology Co Ltd                                  | Montage Technology Co Ltd                                   | CUSIP: 000000000<br>LEI: 836800ZMWT5PAN574D81 | Long             | EC               | CORP              | CN        |   3432783 | NS      | $64044941.49   | 0.88%             |  |  |  | No            |                  2 | On Loan: No      |
| Ultratech Cement Ltd.                                      | Ultratech Cement Ltd. INR10                                 | CUSIP: 000000000<br>LEI: 335800PC9O9B4BQHG814 | Long             | EC               | CORP              | IN        |    376613 | NS      | $43016342.20   | 0.59%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-05-21

**Name of Applicant:** Baillie Gifford Funds

**Signature:** Lindsay Cockburn

**Name of Signer:** Lindsay Cockburn

**Title:** Treasurer