# EDGAR Filing Document

**Accession Number:** 0001120543
**File Stem:** 0000940400-25-009994
**Filing Date:** 2025-11
**Character Count:** 42677
**Document Hash:** 46ac73ca7c21183bffd52efd31df5ad7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-009994.hdr.sgml**: 20251124

**ACCESSION NUMBER**: 0000940400-25-009994

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251124

**DATE AS OF CHANGE**: 20251124

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BAILLIE GIFFORD FUNDS
- **CENTRAL INDEX KEY:** 0001120543

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-10145
- **FILM NUMBER:** 251513929

**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           |

## Nport-Ex

**Portfolio of Investments**

September 30, 2025 (unaudited)

Baillie Gifford Emerging Markets Equities Fund

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS — 98.1%** |  |  |
| BRAZIL — 9.1% |  |  |
| B3 SA — Brasil Bolsa Balcao | 36773700 | $92240856 |
| Banco Bradesco SA ADR | 12636602 | 42711715 |
| Centrais Eletricas Brasileiras SA | 7886900 | 77827984 |
| MercadoLibre, Inc. \* | 109148 | 255072327 |
| Natura Cosmeticos SA \* | 12123000 | 21320171 |
| NU Holdings Ltd., Class A \* | 4420446 | 70771340 |
| Petroleo Brasileiro SA - Petrobras ADR | 5601264 | 70912002 |
|  |  | 630856395 |
| CHILE — 1.9% |  |  |
| Lundin Mining Corp. | 3102467 | 46279525 |
| Sociedad Quimica y Minera de Chile SA ADR \* | 1934238 | 83133549 |
|  |  | 129413074 |
| CHINA — 29.1% |  |  |
| Alibaba Group Holding Ltd. | 14153020 | 316519787 |
| Anker Innovations Technology Co., Ltd., Class A | 3121400 | 53523766 |
| Baidu, Inc., Class A \* | 3937750 | 65108526 |
| BeOne Medicines Ltd., Class H \* | 1414295 | 37737907 |
| Brilliance China Automotive Holdings Ltd. | 47202000 | 24959731 |
| China Merchants Bank Co., Ltd., Class H | 12556000 | 75147359 |
| Contemporary Amperex Technology Co., Ltd., Class A | 1228800 | 69594636 |
| DiDi Global, Inc. ADR \* | 9099827 | 56600924 |
| Goneo Group Co., Ltd., Class A | 5817450 | 36489990 |
| Haidilao International Holding Ltd. | 24388000 | 41954947 |
| JD.com, Inc., Class A | 2540735 | 44514978 |
| Kanzhun Ltd. ADR \* | 2777074 | 64872449 |
| KE Holdings, Inc., Class A | 6598645 | 43012184 |
| Kuaishou Technology | 3700400 | 40023008 |
| Kweichow Moutai Co., Ltd., Class A | 311917 | 63306052 |
| Li Ning Co., Ltd. | 9118000 | 20617417 |
| Luckin Coffee, Inc. ADR \* | 1821559 | 69237458 |
| Meituan, Class B \* | 5589100 | 74663493 |
| Midea Group Co., Ltd., Class A | 9556970 | 97597816 |
| Ping An Insurance Group Co. of China Ltd., Class H | 11806500 | 80320674 |
| Pony AI, Inc. ADR \* | 2043460 | 45957415 |
| Silergy Corp. | 3768000 | 32090573 |
| Tencent Holdings Ltd. | 4126400 | 351608903 |
| Tencent Music Entertainment Group ADR | 883577 | 20622687 |
| Tencent Music Entertainment Group, Class A, Entitlement | 3279382 | 38420418 |
| Zhejiang Sanhua Intelligent Controls Co., Ltd., Class H \* | 15872600 | 89218626 |
| Zijin Mining Group Co., Ltd., Class H | 15052000 | 62932739 |
|  |  | 2016654463 |
| HONG KONG — 0.8% |  |  |
| Zijin Gold International Co., Ltd. \* | 3790056 | 58736015 |
| INDIA — 9.9% |  |  |
| Axis Bank Ltd. | 9655327 | 123003521 |
| Delhivery Ltd. \* | 12645723 | 64080541 |
| HDFC Life Insurance Co., Ltd. | 6308493 | 53721823 |
| Hyundai Motor India Ltd. | 625796 | 18206722 |
| Kotak Mahindra Bank Ltd. | 4056867 | 90960155 |
| PB Fintech Ltd. \* | 1707033 | 32741044 |
| Reliance Industries Ltd. | 11546560 | 177352953 |
| Tata Consultancy Services Ltd. | 2078249 | 67645606 |

---

See previously submitted notes to the financial statements for the semi-annual period ended June 30, 2025.

**Portfolio of Investments**

September 30, 2025 (unaudited)

Baillie Gifford Emerging Markets Equities Fund

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| UltraTech Cement Ltd. | 392727 | $54076030 |
|  |  | 681788395 |
| INDONESIA — 1.0% |  |  |
| Bank Rakyat Indonesia Persero Tbk PT | 291056963 | 68218655 |
| KAZAKHSTAN — 0.5% |  |  |
| Kaspi.KZ JSC ADR | 381085 | 31127023 |
| MEXICO — 2.6% |  |  |
| Fomento Economico Mexicano SAB de CV ADR | 562966 | 55525337 |
| Grupo Financiero Banorte SAB de CV, Class O | 8840387 | 88787636 |
| Wal-Mart de Mexico SAB de CV | 11592944 | 35816680 |
|  |  | 180129653 |
| PANAMA — 0.7% |  |  |
| Copa Holdings SA, Class A | 399922 | 47518732 |
| PERU — 1.0% |  |  |
| Credicorp Ltd. | 263439 | 70148537 |
| POLAND — 1.2% |  |  |
| Allegro.eu SA \* | 5567148 | 54622861 |
| KGHM Polska Miedz SA \* | 713683 | 31473420 |
|  |  | 86096281 |
| 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 — 0.5% |  |  |
| Saudi Tadawul Group Holding Co. | 631840 | 34707226 |
| SINGAPORE — 1.9% |  |  |
| Sea Ltd. ADR \* | 718313 | 128384083 |
| SOUTH AFRICA — 4.7% |  |  |
| FirstRand Ltd. | 7456055 | 33523822 |
| Impala Platinum Holdings Ltd. | 10033773 | 127958661 |
| Naspers Ltd., N Shares | 456970 | 166049950 |
|  |  | 327532433 |
| SOUTH KOREA — 10.2% |  |  |
| Coupang, Inc. \* | 2759542 | 88857252 |
| Hyundai Glovis Co., Ltd. | 502669 | 59300166 |
| Hyundai Motor Co. | 530523 | 81331031 |
| Samsung Electronics Co., Ltd. | 4253052 | 254971862 |
| SK Hynix, Inc. | 891701 | 221050883 |
|  |  | 705511194 |
| TAIWAN — 17.5% |  |  |
| Accton Technology Corp. | 4076000 | 140953009 |
| E Ink Holdings, Inc. | 4129000 | 32804381 |
| MediaTek, Inc. | 2358000 | 102265873 |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 21498310 | 933839875 |
|  |  | 1209863138 |

---

See previously submitted notes to the financial statements for the semi-annual period ended June 30, 2025.

**Portfolio of Investments**

September 30, 2025 (unaudited)

Baillie Gifford Emerging Markets Equities Fund

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| THAILAND — 2.1% |  |  |
| Fabrinet \* | 188394 | $68692220 |
| SCB X PCL | 7083900 | 28104167 |
| Valeura Energy, Inc. \* | 9205237 | 47755846 |
|  |  | 144552233 |
| UNITED STATES — 0.2% |  |  |
| Globant SA \* | 244510 | 14029984 |
| VIETNAM — 1.1% |  |  |
| FPT Corp. | 8005800 | 28199211 |
| Mobile World Investment Corp. | 15165600 | 44654782 |
|  |  | 72853993 |
| ZAMBIA — 2.1% |  |  |
| First Quantum Minerals Ltd. \* | 6530803 | 147725572 |
| **Total Common Stocks** |  |  |
| (cost $4,528,080,957) |  | 6785847079 |
| **PREFERRED STOCKS — 2.0%** |  |  |
| BRAZIL — 0.5% |  |  |
| Petroleo Brasileiro SA - Petrobras ADR 9.23% | 1938129 | 22908685 |
| Raizen SA 0.98% \* | 46070210 | 8829276 |
|  |  | 31737961 |
| SOUTH KOREA — 1.5% |  |  |
| Samsung Electronics Co., Ltd. 2.20% | 2270890 | 107778743 |
| **Total Preferred Stocks** |  |  |
| (cost $131,456,332) |  | 139516704 |
| **TOTAL INVESTMENTS — 100.1%<sup>\*\*</sup>** |  |  |
| (cost $4,659,537,289) |  | $6925363783 |
| Other assets less liabilities — (0.1)% |  | (9602683) |
| **NET ASSETS — 100.0%** |  | $6915761100 |

---

(a) Amount rounds to less than 0.1%.

(b) Investment was valued using significant unobservable inputs.

\* Non-income producing security.

\*\* The Total Investments percentage exceeds 100% due to the timing of settling transactions and not as a result of borrowings for investment purposes.

ADR — American Depositary Receipt

This report classifies issuers geographically by their country of risk. For compliance monitoring purposes, the Manager retains discretion to consider a number of factors in determining where a particular issuer is located, as described in further detail in each Fund's prospectus.

**Fair Value Measurement**

GAAP provides guidance on fair value measurements and defines fair value as the price that a Fund would receive to sell an investment or pay to transfer a liability in a timely transaction with an independent buyer in the principal market, or in the absence of a principal market, the most advantageous market for the investment or liability. It establishes a single definition of fair value, creates a three-tier hierarchy as a framework for measuring fair value based on inputs used to value the Fund's investments, and requires additional disclosure about fair value. The hierarchy of inputs is summarized below:

Level 1 - unadjusted quoted prices in active markets for identical investments that the Fund has the ability to access.

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

Level 3 - significant unobservable inputs (including the Trust's own assumptions in determining the fair value of investments)

See previously submitted notes to the financial statements for the semi-annual period ended June 30, 2025.

**Portfolio of Investments**

September 30, 2025 (unaudited)

Baillie Gifford Emerging Markets Equities Fund

For Level 1 inputs, the Fund uses unadjusted quoted prices in active markets for assets or liabilities with sufficient frequency and volume to provide pricing information as the most reliable evidence of fair value.

The Fund's Level 2 valuation techniques include inputs other than quoted prices within Level 1 that are observable for an asset or liability, either directly or indirectly. This includes when a fair value adjustment is applied which seeks to reflect changes in foreign securities' market prices since the close of the market on which they are traded. Level 2 observable inputs may include quoted prices for similar assets and liabilities in active markets or quoted prices for identical or similar assets or liabilities in markets that are not active in which there are few transactions, the prices are not current, or price quotations vary substantially over time or among market participants. Inputs that are observable for the asset or liability in Level 2 include such factors as interest rates, yield curves, prepayment speeds, credit risk, and default rates for similar liabilities.

For Level 3 valuation techniques, the Fund uses unobservable inputs that reflect assumptions market participants would be expected to use in pricing the asset or liability. Unobservable inputs are used to measure fair value to the extent that observable inputs are not available and are developed based on the best information available under the circumstances. In developing unobservable inputs, market participant assumptions are used if they are reasonably available without undue cost and effort.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used as of September 30, 2025 in valuing the Fund's investments carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Investments in Securities | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks<sup>\*\*</sup> | $1935372545 | $4850474534 | $0 | $6785847079 |
| Preferred Stocks<sup>\*\*</sup> | 31737961 | 107778743 |  | 139516704 |
| **Total** | $1967110506 | $4958253277 | $0 | $6925363783 |

---

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

There were no transfers into or out of Level 3 during the period ended September 30, 2025.

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

The ongoing conflict in Russia and Ukraine has led to significant disruption and volatility in the global stock market. This impacted the Fund in 2022 in terms of suspensions of trading activities on the Russian Stock Exchange as well as suspensions of depositary receipts traded on exchanges outside of Russia. These market conditions have not changed during the year to September 30, 2025 and as a result, management continue to value all the Russian securities listed in the Portfolio of Investments at $0 and include them within Level 3.

See previously submitted notes to the financial statements for the semi-annual period ended June 30, 2025.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Baillie Gifford Funds

- **b. Investment Company Act file number:** 811-10145

- **c. CIK number of Registrant:** 0001120543

- **d. LEI of Registrant:** 213800T287IYS8QHPC42

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** CALTON SQUARE, ONE GREENSIDE ROW

  - **City:** EDINBURGH

  - **Zip / Postal Code:** EH1 3AN

  - **Telephone number:** 011-44-131-275-2000

**Item A.2. Information about the Series.**

- **a. Name of Series:** Baillie Gifford 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:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $6941588765.32

**Total Liabilities:** $11374865.44

**Net Assets:** $6930213899.88

**Cash Not Reported:** $30465651.42

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000157005 | 0.49%                | 3.42%                | 9.06%                |
| Class ID C000018471 | 0.48%                | 3.41%                | 9.05%                |
| Class ID C000186026 | 0.49%                | 3.41%                | 9.03%                |
| Class ID C000018472 | 0.50%                | 3.42%                | 9.07%                |
| Class ID C000157006 | 0.49%                | 3.42%                | 9.06%                |
| Class ID C000186027 | 0.49%                | 3.40%                | 9.06%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-12214934.89            | $25038878.30                               |
| Month 2  | $14338835.22             | $193592003.53                              |
| Month 3  | $40142506.54             | $524918430.00                              |

### 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      | $43012183.70  | 0.62%             |  |  |  | No            |                  2 | On Loan: No      |
| HDFC Life Insurance Co Ltd     | HDFC Life Insurance Co Ltd                  | CUSIP: 000000000<br>LEI: 335800RQI8GAFHIRGZ37 | Long             | EC               | CORP              | IN        |   6308493 | NS      | $53721822.75  | 0.78%             |  |  |  | No            |                  2 | On Loan: No      |
| MediaTek Inc                   | MediaTek Inc                                | CUSIP: 000000000<br>LEI: 254900UEGBK1I4DM4E14 | Long             | EC               | CORP              | TW        |   2358000 | NS      | $102265872.94 | 1.48%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung Electronics Co Ltd     | Samsung Electronics Co Ltd                  | CUSIP: 000000000<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |   4253052 | NS      | $254971861.37 | 3.68%             |  |  |  | No            |                  2 | On Loan: No      |
| Kuaishou Technology            | Kuaishou Technology                         | CUSIP: 000000000<br>LEI: 300300FCDZBE6UP9ED24 | Long             | EC               | CORP              | CN        |   3700400 | NS      | $40023008.00  | 0.58%             |  |  |  | No            |                  2 | On Loan: No      |
| Globant SA                     | Globant SA                                  | CUSIP: 000000000<br>LEI: 2221008DCMSPYS42DS88 | Long             | EC               | CORP              | LU        |    244510 | NS      | $14029983.80  | 0.20%             |  |  |  | No            |                  1 | 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        |   1934238 | NS      | $83133549.24  | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Fomento Economico Mexicano SAB | Fomento Economico Mexicano SAB de CV        | CUSIP: 344419106<br>LEI: 549300A8MDWDJNMLV153 | Long             | EC               | CORP              | MX        |    562966 | NS      | $55525336.58  | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Kaspi.KZ JSC                   | Kaspi.KZ JSC                                | CUSIP: 48581R205<br>LEI: 2549003YU6FARG8OAZ13 | Long             | EC               | CORP              | KZ        |    381085 | NS      | $31127022.80  | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Natura Cosmeticos SA           | Natura Cosmeticos SA                        | CUSIP: 000000000<br>LEI: 98450085D7XCFF5A9N75 | Long             | EC               | CORP              | BR        |  12123000 | NS      | $21320170.98  | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| E Ink Holdings Inc             | E Ink Holdings Inc                          | CUSIP: 000000000<br>LEI: 529900UOR451FJJYL571 | Long             | EC               | CORP              | TW        |   4129000 | NS      | $32804380.98  | 0.47%             |  |  |  | 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      | $34707226.28  | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Axis Bank Ltd                  | Axis Bank Ltd                               | CUSIP: 000000000<br>LEI: 549300HVNWMJPOFVNI41 | Long             | EC               | CORP              | IN        |   9655327 | NS      | $123003520.95 | 1.77%             |  |  |  | No            |                  2 | On Loan: No      |
| Tata Consultancy Services Ltd  | Tata Consultancy Services Ltd               | CUSIP: 000000000<br>LEI: 335800ZJKU9GPQRE2U66 | Long             | EC               | CORP              | IN        |   2078249 | NS      | $67645605.83  | 0.98%             |  |  |  | No            |                  2 | On Loan: No      |
| Midea Group Co Ltd             | Midea Group Co Ltd                          | CUSIP: 000000000<br>LEI: 3003003TRPHLHZD2IF61 | Long             | EC               | CORP              | CN        |   9556970 | NS      | $97597815.83  | 1.41%             |  |  |  | No            |                  2 | On Loan: No      |
| Zijin Gold International Co Lt | Zijin Gold International Co Ltd             | CUSIP: 000000000<br>LEI: 254900FINUJR4MZ8A417 | Long             | EC               | CORP              | HK        |   3790056 | NS      | $58736014.90  | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung Electronics Co Ltd     | Samsung Electronics Co Ltd                  | CUSIP: 000000000<br>LEI: 9884007ER46L6N7EI764 | Long             | EP               | CORP              | KR        |   2270890 | NS      | $107778742.97 | 1.56%             |  |  |  | No            |                  2 | On Loan: No      |
| Copa Holdings SA               | Copa Holdings SA                            | CUSIP: 000000000<br>LEI: 529900BB9UQJV6QQHA59 | Long             | EC               | CORP              | PA        |    399922 | NS      | $47518732.04  | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Hyundai Motor Co               | Hyundai Motor Co                            | CUSIP: 000000000<br>LEI: 9884004RQX8PRBXQ8S60 | Long             | EC               | CORP              | KR        |    530523 | NS      | $81331031.15  | 1.17%             |  |  |  | No            |                  2 | On Loan: No      |
| DiDi Global Inc                | DiDi Global Inc                             | CUSIP: 23292E108<br>LEI: 8368006Y2DHY77ADSY31 | Long             | EC               | CORP              | CN        |   9099827 | NS      | $56600923.94  | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Haidilao International Holding | Haidilao International Holding Ltd          | CUSIP: 000000000<br>LEI: 3003009Q8GV4VNKZWI24 | Long             | EC               | CORP              | CN        |  24388000 | NS      | $41954947.22  | 0.61%             |  |  |  | No            |                  2 | On Loan: No      |
| BeOne Medicines Ltd            | BeOne Medicines Ltd                         | CUSIP: 000000000<br>LEI: 549300JFUK6FRD5MH739 | Long             | EC               | CORP              | US        |   1414295 | NS      | $37737907.03  | 0.54%             |  |  |  | No            |                  2 | On Loan: No      |
| PING AN                        | Ping An Insurance Group Co of China Ltd     | CUSIP: 000000000<br>LEI: 529900M9MC28JLN35U89 | Long             | EC               | CORP              | CN        |  11806500 | NS      | $80320674.16  | 1.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Sea Ltd                        | Sea Ltd                                     | CUSIP: 81141R100<br>LEI: 529900OM6JLLW44YKI15 | Long             | EC               | CORP              | SG        |    718313 | NS      | $128384082.49 | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Luckin Coffee Inc              | Luckin Coffee Inc                           | CUSIP: 54951L109<br>LEI: 549300FO16ASCVSMYI15 | Long             | EC               | CORP              | CN        |   1821559 | NS      | $69237457.59  | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Coupang Inc                    | Coupang Inc                                 | CUSIP: 22266T109<br>LEI: 549300XR4L1D80AK4W76 | Long             | EC               | CORP              | US        |   2759542 | NS      | $88857252.40  | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Lundin Mining Corp             | Lundin Mining Corp                          | CUSIP: 550372106<br>LEI: 549300FQDIM6C8HTN269 | Long             | EC               | CORP              | CA        |   3102467 | NS      | $46279524.98  | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Goneo Group Co Ltd             | Goneo Group Co Ltd                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |   5817450 | NS      | $36489989.50  | 0.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Mobile World Investment Corp   | Mobile World Investment Corp                | CUSIP: 000000000<br>LEI: 254900ZRFNB8CRAHHO95 | Long             | EC               | CORP              | VN        |  15165600 | NS      | $44654781.55  | 0.64%             |  |  |  | No            |                  2 | On Loan: No      |
| FPT Corp                       | FPT Corp                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | VN        |   8005800 | NS      | $28199211.46  | 0.41%             |  |  |  | No            |                  2 | On Loan: No      |
| Accton Technology Corp         | Accton Technology Corp                      | CUSIP: 000000000<br>LEI: 529900M1YRZ0GWMDF920 | Long             | EC               | CORP              | TW        |   4076000 | NS      | $140953009.50 | 2.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Hyundai Glovis Co Ltd          | Hyundai Glovis Co Ltd                       | CUSIP: 000000000<br>LEI: 988400U6RDXNJ5ZRN304 | Long             | EC               | CORP              | KR        |    502669 | NS      | $59300166.26  | 0.86%             |  |  |  | No            |                  2 | On Loan: No      |
| Valeura Energy Inc             | Valeura Energy Inc                          | CUSIP: 919144402<br>LEI: 2549003ZBCOPPO06GY48 | Long             | EC               | CORP              | SG        |   9205237 | NS      | $47755846.19  | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Pony AI Inc                    | Pony AI Inc                                 | CUSIP: 732908108<br>LEI: 9845006P7613D2A61368 | Long             | EC               | CORP              | CN        |   2043460 | NS      | $45957415.40  | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Hyundai Motor India Ltd        | Hyundai Motor India Ltd                     | CUSIP: 000000000<br>LEI: 335800HWX9HKN9N12M74 | Long             | EC               | CORP              | IN        |    625796 | NS      | $18206721.71  | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Baidu Inc                      | Baidu Inc                                   | CUSIP: 000000000<br>LEI: 254900AL64IANZYI1E02 | Long             | EC               | CORP              | CN        |   3937750 | NS      | $65108525.84  | 0.94%             |  |  |  | No            |                  2 | On Loan: No      |
| PETROBRAS                      | Petroleo Brasileiro SA - Petrobras          | CUSIP: 71654V408<br>LEI: 5493000J801JZRCMFE49 | Long             | EC               | CORP              | BR        |   5601264 | NS      | $70912002.24  | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| SK Hynix Inc                   | SK Hynix Inc                                | CUSIP: 000000000<br>LEI: 988400XAIK6XISWQV045 | Long             | EC               | CORP              | KR        |    891701 | NS      | $221050883.28 | 3.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank Rakyat Indonesia Persero  | Bank Rakyat Indonesia Persero Tbk PT        | CUSIP: 000000000<br>LEI: 254900HB6S4B12GBNP64 | Long             | EC               | CORP              | ID        | 291056963 | NS      | $68218655.09  | 0.98%             |  |  |  | No            |                  2 | On Loan: No      |
| BRILLIANCE CHINA               | Brilliance China Automotive Holdings Ltd    | CUSIP: 000000000<br>LEI: 5299005WPCSQN14NBM26 | Long             | EC               | CORP              | HK        |  47202000 | NS      | $24959731.22  | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| MercadoLibre Inc               | MercadoLibre Inc                            | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | UY        |    109148 | NS      | $255072327.12 | 3.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Alibaba Group Holding Ltd      | Alibaba Group Holding Ltd                   | CUSIP: 000000000<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | HK        |  14153020 | NS      | $316519787.38 | 4.57%             |  |  |  | No            |                  2 | On Loan: No      |
| Fabrinet                       | Fabrinet                                    | CUSIP: 000000000<br>LEI: 5493004TETZ6IYF7CV44 | Long             | EC               | CORP              | TH        |    188394 | NS      | $68692220.28  | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Reliance Industries Ltd        | Reliance Industries Ltd                     | CUSIP: 000000000<br>LEI: 5493003UOETFYRONLG31 | Long             | EC               | CORP              | IN        |  11546560 | NS      | $177352952.65 | 2.56%             |  |  |  | No            |                  2 | On Loan: No      |
| Tencent Holdings Ltd           | Tencent Holdings Ltd                        | CUSIP: 000000000<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | CN        |   4126400 | NS      | $351608902.60 | 5.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Kweichow Moutai Co Ltd         | Kweichow Moutai Co Ltd                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    311917 | NS      | $63306051.81  | 0.91%             |  |  |  | No            |                  2 | On Loan: No      |
| NU Holdings Ltd/Cayman Islands | NU Holdings Ltd/Cayman Islands              | CUSIP: 000000000<br>LEI: 5493002DG1RHWK9W2X27 | Long             | EC               | CORP              | BR        |   4420446 | NS      | $70771340.46  | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| JD.com Inc                     | JD.com Inc                                  | CUSIP: 000000000<br>LEI: 549300HVTWB0GJZ16V92 | Long             | EC               | CORP              | CN        |   2540735 | NS      | $44514978.27  | 0.64%             |  |  |  | No            |                  2 | On Loan: No      |
| Delhivery Ltd                  | Delhivery Ltd                               | CUSIP: 000000000<br>LEI: 335800CUQ1SBCH9TTH82 | Long             | EC               | CORP              | IN        |  12645723 | NS      | $64080541.39  | 0.92%             |  |  |  | No            |                  2 | On Loan: No      |
| Credicorp Ltd                  | Credicorp Ltd                               | CUSIP: 000000000<br>LEI: 529900UYAEYQCQ2BKB17 | Long             | EC               | CORP              | PE        |    263439 | NS      | $70148536.92  | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Li Ning Co Ltd                 | Li Ning Co Ltd                              | CUSIP: 000000000<br>LEI: 529900T77L2FV3FZ3U81 | Long             | EC               | CORP              | CN        |   9118000 | NS      | $20617417.33  | 0.30%             |  |  |  | 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      |
| Naspers Ltd                    | Naspers Ltd                                 | CUSIP: 000000000<br>LEI: 21380044BQ8812EEKT59 | Long             | EC               | CORP              | ZA        |    456970 | NS      | $166049949.63 | 2.40%             |  |  |  | No            |                  2 | On Loan: No      |
| KGHM Polska Miedz SA           | KGHM Polska Miedz SA                        | CUSIP: 000000000<br>LEI: G30CO71KTT9JDYJESN22 | Long             | EC               | CORP              | PL        |    713683 | NS      | $31473420.10  | 0.45%             |  |  |  | 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        |   8840387 | NS      | $88787636.49  | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Eletrobras SA                  | Centrais Eletricas Brasileiras SA           | CUSIP: 000000000<br>LEI: 254900I8KYDELP4B4Z08 | Long             | EC               | CORP              | BR        |   7886900 | NS      | $77827984.03  | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Tencent Music Entertainment Gr | Tencent Music Entertainment Group           | CUSIP: 88034P109<br>LEI: 213800XTZK2GOHQTYK41 | Long             | EC               | CORP              | CN        |    883577 | NS      | $20622687.18  | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Kotak Mahindra Bank Ltd        | Kotak Mahindra Bank Ltd                     | CUSIP: 000000000<br>LEI: 335800E6GTTXKHXE2I75 | Long             | EC               | CORP              | IN        |   4056867 | NS      | $90960155.11  | 1.31%             |  |  |  | No            |                  2 | On Loan: No      |
| UltraTech Cement Ltd           | UltraTech Cement Ltd                        | CUSIP: 000000000<br>LEI: 335800PC9O9B4BQHG814 | Long             | EC               | CORP              | IN        |    392727 | NS      | $54076030.20  | 0.78%             |  |  |  | No            |                  2 | On Loan: No      |
| Anker Innovations Technology C | Anker Innovations Technology Co Ltd         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |   3121400 | NS      | $53523766.36  | 0.77%             |  |  |  | No            |                  2 | On Loan: No      |
| Raizen SA                      | Raizen SA                                   | CUSIP: 000000000<br>LEI: 5493000WQL3QP7QXX484 | Long             | EP               | CORP              | BR        |  46070210 | NS      | $8829276.00   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| PB Fintech Ltd                 | PB Fintech Ltd                              | CUSIP: 000000000<br>LEI: 98450083AC6B01HF1F87 | Long             | EC               | CORP              | IN        |   1707033 | NS      | $32741044.29  | 0.47%             |  |  |  | No            |                  2 | 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      |
| Silergy Corp                   | Silergy Corp                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |   3768000 | NS      | $32090572.93  | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |
| CATL                           | Contemporary Amperex Technology Co Ltd      | CUSIP: 000000000<br>LEI: 300300KINDY1K0E9I032 | Long             | EC               | CORP              | CN        |   1228800 | NS      | $69594636.16  | 1.00%             |  |  |  | No            |                  2 | On Loan: No      |
| SCB X PCL                      | SCB X PCL                                   | CUSIP: 000000000<br>LEI: 254900TG41KIWX7VDO42 | Long             | EC               | CORP              | TH        |   7083900 | NS      | $28104167.10  | 0.41%             |  |  |  | No            |                  2 | On Loan: No      |
| SANHUA                         | Zhejiang Sanhua Intelligent Controls Co Ltd | CUSIP: 000000000<br>LEI: 8368003UTQ4F88XERZ23 | Long             | EC               | CORP              | CN        |  15872600 | NS      | $89218626.23  | 1.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Tencent Music Entertainment Gr | Tencent Music Entertainment Group           | CUSIP: 000000000<br>LEI: 213800XTZK2GOHQTYK41 | Long             | EC               | CORP              | CN        |   3279382 | NS      | $38420417.68  | 0.55%             |  |  |  | No            |                  2 | On Loan: No      |
| Zijin Mining Group Co Ltd      | Zijin Mining Group Co Ltd                   | CUSIP: 000000000<br>LEI: 836800JRNL2393Z2I561 | Long             | EC               | CORP              | CN        |  15052000 | NS      | $62932738.98  | 0.91%             |  |  |  | No            |                  2 | On Loan: No      |
| China Merchants Bank Co Ltd    | China Merchants Bank Co Ltd                 | CUSIP: 000000000<br>LEI: 549300MKO5B60FFIHF58 | Long             | EC               | CORP              | CN        |  12556000 | NS      | $75147358.68  | 1.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Meituan                        | Meituan                                     | CUSIP: 000000000<br>LEI: 21380033K525E5JLIA77 | Long             | EC               | CORP              | CN        |   5589100 | NS      | $74663493.36  | 1.08%             |  |  |  | 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      |
| B3 SA - Brasil Bolsa Balcao    | B3 SA - Brasil Bolsa Balcao                 | CUSIP: 000000000<br>LEI: 4GTK5S46E6H318LMDS44 | Long             | EC               | CORP              | BR        |  36773700 | NS      | $92240855.84  | 1.33%             |  |  |  | No            |                  1 | 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      | $35816680.13  | 0.52%             |  |  |  | No            |                  1 | 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      |
| Banco Bradesco SA              | Banco Bradesco SA                           | CUSIP: 059460303<br>LEI: 549300CTUU1RFXHQJE44 | Long             | EC               | CORP              | BR        |  12636602 | NS      | $42711714.76  | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Allegro.eu SA                  | Allegro.eu SA                               | CUSIP: 000000000<br>LEI: 222100VRLXV3FPMG4982 | Long             | EC               | CORP              | PL        |   5567148 | NS      | $54622860.69  | 0.79%             |  |  |  | No            |                  2 | On Loan: No      |
| TSMC                           | Taiwan Semiconductor Manufacturing Co Ltd   | CUSIP: 000000000<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |  21498310 | NS      | $933839874.59 | 13.47%            |  |  |  | No            |                  2 | On Loan: No      |
| First Quantum Minerals Ltd     | First Quantum Minerals Ltd                  | CUSIP: 335934105<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | EC               | CORP              | CA        |   6530803 | NS      | $147725571.92 | 2.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Impala Platinum Holdings Ltd   | Impala Platinum Holdings Ltd                | CUSIP: 000000000<br>LEI: 254900BZFIFB4PD2Z778 | Long             | EC               | CORP              | ZA        |  10033773 | NS      | $127958661.39 | 1.85%             |  |  |  | No            |                  2 | On Loan: No      |
| Kanzhun Ltd                    | Kanzhun Ltd                                 | CUSIP: 48553T106<br>LEI: 254900F4ZCBITP7L0251 | Long             | EC               | CORP              | CN        |   2777074 | NS      | $64872448.64  | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| FirstRand Ltd                  | FirstRand Ltd                               | CUSIP: 000000000<br>LEI: 529900XYOP8CUZU7R671 | Long             | EC               | CORP              | ZA        |   7456055 | NS      | $33523821.67  | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| PETROBRAS                      | Petroleo Brasileiro SA - Petrobras          | CUSIP: 71654V101<br>LEI: 5493000J801JZRCMFE49 | Long             | EC               | CORP              | BR        |   1938129 | NS      | $22908684.78  | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-24

**Name of Applicant:** Baillie Gifford Funds

**Signature:** Lindsay Cockburn

**Name of Signer:** Lindsay Cockburn

**Title:** Treasurer