# EDGAR Filing Document

**Accession Number:** 0001120543
**File Stem:** 0000940400-26-020586
**Filing Date:** 2026-5
**Character Count:** 40470
**Document Hash:** b705648dc1f61698d901edf1400ab820
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-020586.hdr.sgml**: 20260521

**ACCESSION NUMBER**: 0000940400-26-020586

**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:** 261007831

**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 ex China Fund (Series ID: S000074798)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000233007 | Class K             | BGEZX           |
| C000233008 | Institutional Class | BGEWX           |

## Nport-Ex

**Portfolio of Investments**

March 31, 2026 (unaudited)

Baillie Gifford Emerging Markets ex China Fund

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS — 94.3%** |  |  |
| ARGENTINA — 1.1% |  |  |
| Vista Energy SAB de CV ADR \* | 209 | $15773 |
| BRAZIL — 11.0% |  |  |
| Axia Energia | 2400 | 27114 |
| B3 SA — Brasil Bolsa Balcao | 8600 | 30549 |
| Banco Bradesco SA ADR | 3857 | 14078 |
| Lojas Renner SA | 2500 | 7177 |
| MercadoLibre, Inc. \* | 21 | 36309 |
| Natura Cosmeticos SA \* | 2800 | 5622 |
| NU Holdings Ltd., Class A \* | 989 | 14212 |
| Petroleo Brasileiro SA - Petrobras ADR | 1035 | 21476 |
| Raia Drogasil SA | 816 | 3690 |
| WEG SA | 700 | 6881 |
|  |  | 167108 |
| CHILE — 2.7% |  |  |
| Lundin Mining Corp. | 715 | 17830 |
| Sociedad Quimica y Minera de Chile SA ADR \* | 288 | 23311 |
|  |  | 41141 |
| CONGO (DEMOCRATIC REPUBLIC) — 0.5% |  |  |
| Ivanhoe Mines Ltd., Class A \* | 928 | 7932 |
| INDIA — 11.4% |  |  |
| Axis Bank Ltd. | 1975 | 24461 |
| Cholamandalam Investment and Finance Co., Ltd. | 392 | 5668 |
| Delhivery Ltd. \* | 2269 | 10051 |
| Eicher Motors Ltd. | 96 | 6722 |
| Escorts Kubota Ltd. | 178 | 5185 |
| HDFC Life Insurance Co., Ltd. | 2050 | 12883 |
| Hyundai Motor India Ltd. | 77 | 1458 |
| ICICI Bank Ltd. | 963 | 12362 |
| InterGlobe Aviation Ltd. | 243 | 10257 |
| Kotak Mahindra Bank Ltd. | 2990 | 11255 |
| PB Fintech Ltd. \* | 348 | 5290 |
| Reliance Industries Ltd. | 2522 | 36270 |
| Samvardhana Motherson International Ltd. | 8837 | 9918 |
| Tata Consultancy Services Ltd. | 423 | 10652 |
| UltraTech Cement Ltd. | 87 | 9937 |
|  |  | 172369 |
| INDONESIA — 1.0% |  |  |
| Bank Mandiri Persero Tbk PT | 17800 | 4996 |
| Bank Rakyat Indonesia Persero Tbk PT | 52500 | 10491 |
|  |  | 15487 |
| KAZAKHSTAN — 0.4% |  |  |
| Kaspi.KZ JSC ADR \* | 78 | 5777 |
| MEXICO — 3.8% |  |  |
| BBB Foods, Inc., Class A \* | 315 | 11142 |
| Fomento Economico Mexicano SAB de CV ADR | 157 | 17436 |
| Grupo Financiero Banorte SAB de CV, Class O | 1615 | 17883 |
| Wal-Mart de Mexico SAB de CV | 3147 | 10261 |
|  |  | 56722 |

---

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 ex China Fund

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| PANAMA — 0.6% |  |  |
| Copa Holdings SA, Class A | 80 | $9089 |
| PERU — 1.4% |  |  |
| Credicorp Ltd. | 64 | 21707 |
| POLAND — 0.6% |  |  |
| Allegro.eu SA \* | 1260 | 9044 |
| RUSSIA — 0.0% <sup>(a)</sup> |  |  |
| GMK Norilskiy Nickel PAO \*<sup>(b)</sup> | 9400 | 0 |
| GMK Norilskiy Nickel PAO ADR \*<sup>(b)</sup> | 6 | 0 |
| Moscow Exchange MICEX-RTS PJSC \*<sup>(b)</sup> | 2760 | 0 |
| Sberbank of Russia PJSC \*<sup>(b)</sup> | 5512 | 0 |
|  |  | 0 |
| SAUDI ARABIA — 0.3% |  |  |
| Saudi Tadawul Group Holding Co. | 118 | 4370 |
| SINGAPORE — 1.8% |  |  |
| Grab Holdings Ltd., Class A \* | 2480 | 9077 |
| Sea Ltd. ADR \* | 221 | 18301 |
|  |  | 27378 |
| SOUTH AFRICA — 5.8% |  |  |
| Capitec Bank Holdings Ltd. | 45 | 11056 |
| FirstRand Ltd. | 1342 | 6870 |
| Impala Platinum Holdings Ltd. | 1657 | 23566 |
| Naspers Ltd., N Shares | 756 | 39106 |
| Remgro Ltd. | 626 | 6975 |
|  |  | 87573 |
| SOUTH KOREA — 17.9% |  |  |
| Coupang, Inc. \* | 568 | 10724 |
| Hyundai Glovis Co., Ltd. | 89 | 12641 |
| Hyundai Motor Co. | 102 | 31422 |
| NCSoft Corp. | 48 | 7249 |
| Samsung Electronics Co., Ltd. | 1093 | 127839 |
| SK hynix, Inc. | 145 | 82268 |
|  |  | 272143 |
| TAIWAN — 25.8% |  |  |
| Accton Technology Corp. | 1000 | 49337 |
| E Ink Holdings, Inc. | 1000 | 4362 |
| MediaTek, Inc. | 1000 | 47965 |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 5000 | 289173 |
|  |  | 390837 |
| THAILAND — 3.1% |  |  |
| Fabrinet \* | 38 | 19818 |
| SCB X PCL | 2200 | 9671 |
| Valeura Energy, Inc. \* | 1750 | 18568 |
|  |  | 48057 |
| UNITED ARAB EMIRATES — 1.7% |  |  |
| Emaar Properties PJSC | 8062 | 26382 |
| VIETNAM — 1.3% |  |  |
| FPT Corp. | 1500 | 4317 |

---

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 ex China Fund

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| Military Commercial Joint Stock Bank | 7400 | $7489 |
| Mobile World Investment Corp. | 2400 | 7482 |
|  |  | 19288 |
| ZAMBIA — 2.1% |  |  |
| First Quantum Minerals Ltd. \* | 1347 | 32206 |
| **Total Common Stocks** |  |  |
| (cost $1,007,167) |  | 1430383 |
| **PREFERRED STOCKS — 3.9%** |  |  |
| BRAZIL — 1.1% |  |  |
| Axia Energia 0.00% \* | 630 | 6877 |
| Petroleo Brasileiro SA - Petrobras ADR 5.76% | 550 | 10312 |
|  |  | 17189 |
| SOUTH KOREA — 2.8% |  |  |
| Samsung Electronics Co., Ltd. 1.46% | 528 | 42622 |
| **Total Preferred Stocks** |  |  |
| (cost $36,540) |  | 59811 |
| **TOTAL INVESTMENTS — 98.2%** |  |  |
| (cost $1,043,707) |  | $1490194 |
| Other assets less liabilities — 1.8% |  | 27482 |
| **NET ASSETS — 100.0%** |  | $1517676 |

---

(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 ex China 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> | $440918 | $989465 | $0 | $1430383 |
| Preferred Stocks<sup>\*\*</sup> | 17189 | 42622 |  | 59811 |
| **Total** | $458107 | $1032087 | $0 | $1490194 |

---

\*\* 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 Ex China Fund

- **b. EDGAR series identifier (if any):** S000074798

- **c. LEI of Series:** 213800OAVX3D86UGW321

**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:** $1527494.64

**Total Liabilities:** $9827.66

**Net Assets:** $1517666.98

**Cash Not Reported:** $8623.66

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000233007 | 11.35%               | 9.55%                | -11.99%              |
| Class ID C000233008 | 11.35%               | 9.55%                | -11.99%              |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $686.33                  | $156436.78                                 |
| Month 2  | $-575.51                 | $153189.81                                 |
| Month 3  | $-7370.72                | $-203495.24                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Emaar Properties PJSC                                      | Emaar Properties PJSC AED1                                  | CUSIP: 000000000<br>LEI: 254900YWYEXYXK1BMP81 | Long             | EC               | CORP              | AE        |      8062 | NS      | $26382.39     | 1.74%             |  |  |  | No            |                  2 | On Loan: No      |
| Mobile World Investment Corporation                        | Mobile World Investment Corporation VND10000                | CUSIP: 000000000<br>LEI: 254900ZRFNB8CRAHHO95 | Long             | EC               | CORP              | VN        |      2400 | NS      | $7482.45      | 0.49%             |  |  |  | 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        |        45 | NS      | $11056.24     | 0.73%             |  |  |  | No            |                  2 | On Loan: No      |
| Hyundai Glovis Co Ltd.                                     | Hyundai Glovis Co Ltd. KRW500                               | CUSIP: 000000000<br>LEI: 988400U6RDXNJ5ZRN304 | Long             | EC               | CORP              | KR        |        89 | NS      | $12640.74     | 0.83%             |  |  |  | No            |                  2 | On Loan: No      |
| Petroleo Brasileiro SA                                     | Petroleo Brasileiro SA SP ADR NON VTG                       | CUSIP: 71654V101<br>LEI: 5493000J801JZRCMFE49 | Long             | EC               | CORP              | BR        |       550 | NS      | $10312.50     | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Accton Technology Corp.                                    | Accton Technology Corp. TWD10                               | CUSIP: 000000000<br>LEI: 529900M1YRZ0GWMDF920 | Long             | EC               | CORP              | TW        |      1000 | NS      | $49337.17     | 3.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Weg SA                                                     | Weg SA COM NPV                                              | CUSIP: 000000000<br>LEI: 254900NKQV127YFRO022 | Long             | EC               | CORP              | BR        |       700 | NS      | $6881.28      | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Valeura Energy Inc                                         | Valeura Energy Inc COM                                      | CUSIP: 919144402<br>LEI: 2549003ZBCOPPO06GY48 | Long             | EC               | CORP              | CA        |      1750 | NS      | $18568.04     | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Reliance Industries Ltd.                                   | Reliance Industries Ltd. INR10(100%DEMAT)                   | CUSIP: 000000000<br>LEI: 5493003UOETFYRONLG31 | Long             | EC               | CORP              | IN        |      2522 | NS      | $36270.31     | 2.39%             |  |  |  | No            |                  2 | On Loan: No      |
| Fabrinet                                                   | Fabrinet COM USD0.01                                        | CUSIP: 000000000<br>LEI: 5493004TETZ6IYF7CV44 | Long             | EC               | CORP              | KY        |        38 | NS      | $19817.76     | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Impala Platinum Holdings Ltd                               | Impala Platinum Holdings Ltd NPV                            | CUSIP: 000000000<br>LEI: 254900BZFIFB4PD2Z778 | Long             | EC               | CORP              | ZA        |      1657 | NS      | $23565.81     | 1.55%             |  |  |  | No            |                  2 | On Loan: No      |
| HDFC Life Insurance Co Ltd.                                | HDFC Life Insurance Co Ltd. INR10                           | CUSIP: 000000000<br>LEI: 335800RQI8GAFHIRGZ37 | Long             | EC               | CORP              | IN        |      2050 | NS      | $12882.97     | 0.85%             |  |  |  | No            |                  2 | On Loan: No      |
| CREDICORP LTD                                              | Credicorp Ltd. COM USD5                                     | CUSIP: 000000000<br>LEI: 529900UYAEYQCQ2BKB17 | Long             | EC               | CORP              | BM        |        64 | NS      | $21707.52     | 1.43%             |  |  |  | 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        |      1615 | NS      | $17882.77     | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| E Ink Holdings Inc.                                        | E Ink Holdings Inc. TWD10                                   | CUSIP: 000000000<br>LEI: 529900UOR451FJJYL571 | Long             | EC               | CORP              | TW        |      1000 | NS      | $4362.00      | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Hyundai Motor Co.                                          | Hyundai Motor Co. KRW5000                                   | CUSIP: 000000000<br>LEI: 9884004RQX8PRBXQ8S60 | Long             | EC               | CORP              | KR        |       102 | NS      | $31422.16     | 2.07%             |  |  |  | No            |                  2 | On Loan: No      |
| MediaTek Inc.                                              | MediaTek Inc. TWD10                                         | CUSIP: 000000000<br>LEI: 254900UEGBK1I4DM4E14 | Long             | EC               | CORP              | TW        |      1000 | NS      | $47965.17     | 3.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Cholamandalam Investment & Finance Co Ltd.                 | Cholamandalam Investment & Finance Co Ltd. INR2             | CUSIP: 000000000<br>LEI: 3358008DNPV45O4EII52 | Long             | EC               | CORP              | IN        |       392 | NS      | $5667.57      | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Allegro.eu SA                                              | Allegro.eu SA PLN0.01                                       | CUSIP: 000000000<br>LEI: 222100VRLXV3FPMG4982 | Long             | EC               | CORP              | LU        |      1260 | NS      | $9044.24      | 0.60%             |  |  |  | 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        |      2990 | NS      | $11255.39     | 0.74%             |  |  |  | No            |                  2 | 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        |      9400 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Mercadolibre Inc                                           | Mercadolibre Inc COM                                        | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | US        |        21 | NS      | $36309.42     | 2.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Lundin Mining Corp                                         | Lundin Mining Corp COM NPV                                  | CUSIP: 550372106<br>LEI: 549300FQDIM6C8HTN269 | Long             | EC               | CORP              | CA        |       715 | NS      | $17830.03     | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Petroleo Brasileiro SA                                     | Petroleo Brasileiro SA SPONSORED ADR                        | CUSIP: 71654V408<br>LEI: 5493000J801JZRCMFE49 | Long             | EC               | CORP              | BR        |      1035 | NS      | $21476.25     | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Firstrand Ltd                                              | Firstrand Ltd ZAR0.01                                       | CUSIP: 000000000<br>LEI: 529900XYOP8CUZU7R671 | Long             | EC               | CORP              | ZA        |      1342 | NS      | $6870.12      | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| SK Hynix Inc.                                              | SK Hynix Inc. KRW5000                                       | CUSIP: 000000000<br>LEI: 988400XAIK6XISWQV045 | Long             | EC               | CORP              | KR        |       145 | NS      | $82267.94     | 5.42%             |  |  |  | No            |                  2 | On Loan: No      |
| Hyundai Motor India Ltd.                                   | Hyundai Motor India Ltd. INR10                              | CUSIP: 000000000<br>LEI: 335800HWX9HKN9N12M74 | Long             | EC               | CORP              | IN        |        77 | NS      | $1458.05      | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Remgro Ltd                                                 | Remgro Ltd NPV                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | ZA        |       626 | NS      | $6975.02      | 0.46%             |  |  |  | No            |                  1 | 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        |       288 | NS      | $23310.72     | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Military Commercial Joint Stock Bank                       | Military Commercial Joint Stock Bank VND10000               | CUSIP: 000000000<br>LEI: 5493007XE88E8JRNTJ93 | Long             | EC               | CORP              | VN        |      7400 | NS      | $7488.62      | 0.49%             |  |  |  | No            |                  2 | On Loan: No      |
| Saudi Tadawul Group Holding Co                             | Saudi Tadawul Group Holding Co SAR10                        | CUSIP: 000000000<br>LEI: 894500BXFAWZK686TP37 | Long             | EC               | CORP              | SA        |       118 | NS      | $4369.43      | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Ultratech Cement Ltd.                                      | Ultratech Cement Ltd. INR10                                 | CUSIP: 000000000<br>LEI: 335800PC9O9B4BQHG814 | Long             | EC               | CORP              | IN        |        87 | NS      | $9937.05      | 0.65%             |  |  |  | No            |                  2 | On Loan: No      |
| InterGlobe Aviation Ltd.                                   | InterGlobe Aviation Ltd. INR10                              | CUSIP: 000000000<br>LEI: 33580079R8SLLO23XD19 | Long             | EC               | CORP              | IN        |       243 | NS      | $10257.17     | 0.68%             |  |  |  | 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        |       528 | NS      | $42622.05     | 2.81%             |  |  |  | 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        |     52500 | NS      | $10490.60     | 0.69%             |  |  |  | No            |                  2 | On Loan: No      |
| Delhivery Ltd.                                             | Delhivery Ltd. INR1                                         | CUSIP: 000000000<br>LEI: 335800CUQ1SBCH9TTH82 | Long             | EC               | CORP              | IN        |      2269 | NS      | $10051.32     | 0.66%             |  |  |  | No            |                  2 | On Loan: No      |
| FPT CORP                                                   | FPT Corp. VND10000                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | VN        |      1500 | NS      | $4316.84      | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| First Quantum Minerals Ltd.                                | First Quantum Minerals Ltd. COM NPV                         | CUSIP: 335934105<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | EC               | CORP              | CA        |      1347 | NS      | $32205.61     | 2.12%             |  |  |  | No            |                  1 | On Loan: No      |
| NCSOFT CORP                                                | NCsoft Corp. KRW500                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |        48 | NS      | $7249.26      | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| BBB Foods Inc                                              | BBB Foods Inc CL A COM                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | VG        |       315 | NS      | $11141.55     | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank Mandiri (Persero) Tbk PT                              | Bank Mandiri (Persero) Tbk PT IDR125                        | CUSIP: 000000000<br>LEI: 549300RSKQN4Z5ZSGH94 | Long             | EC               | CORP              | ID        |     17800 | NS      | $4996.50      | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| GRAB HOLDINGS LTD                                          | Grab Holdings Ltd. CLASS A ORD                              | CUSIP: 000000000<br>LEI: 549300N4VQX83VPJF439 | Long             | EC               | CORP              | KY        |      2480 | NS      | $9076.80      | 0.60%             |  |  |  | No            |                  1 | 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        |       209 | NS      | $15773.23     | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Coupang Inc.                                               | Coupang Inc. CL A                                           | CUSIP: 22266T109<br>LEI: 549300XR4L1D80AK4W76 | Long             | EC               | CORP              | US        |       568 | NS      | $10723.84     | 0.71%             |  |  |  | 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        |      3147 | NS      | $10261.15     | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Eicher Motors Ltd.                                         | Eicher Motors Ltd. INR1                                     | CUSIP: 000000000<br>LEI: 25490059S64CN2OY7239 | Long             | EC               | CORP              | IN        |        96 | NS      | $6721.78      | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Copa Holdings SA                                           | Copa Holdings SA NPV CLASS 'A'                              | CUSIP: 000000000<br>LEI: 529900BB9UQJV6QQHA59 | Long             | EC               | CORP              | PA        |        80 | NS      | $9088.80      | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Axis Bank Ltd.                                             | Axis Bank Ltd. INR2                                         | CUSIP: 000000000<br>LEI: 549300HVNWMJPOFVNI41 | Long             | EC               | CORP              | IN        |      1975 | NS      | $24460.81     | 1.61%             |  |  |  | No            |                  2 | On Loan: No      |
| Sberbank of Russia                                         | Sberbank of Russia RUB3(RUB)                                | CUSIP: 000000000<br>LEI: 549300WE6TAF5EEWQS81 | Long             | EC               | CORP              | RU        |      5512 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| ICICI Bank Ltd.                                            | ICICI Bank Ltd. INR2                                        | CUSIP: 000000000<br>LEI: R7RX8ER1V4666J8D1I38 | Long             | EC               | CORP              | IN        |       963 | NS      | $12362.28     | 0.81%             |  |  |  | No            |                  2 | On Loan: No      |
| Escorts Kubota Ltd.                                        | Escorts Kubota Ltd. INR10                                   | CUSIP: 000000000<br>LEI: 335800FPEJC7WFBUBF07 | Long             | EC               | CORP              | IN        |       178 | NS      | $5185.16      | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| SCB X PCL                                                  | SCB X PCL THB10 (ALIEN)                                     | CUSIP: 000000000<br>LEI: 254900TG41KIWX7VDO42 | Long             | EC               | CORP              | TH        |      2200 | NS      | $9671.13      | 0.64%             |  |  |  | No            |                  2 | On Loan: No      |
| Banco Bradesco SA                                          | Banco Bradesco SA SP ADR PFD NEW                            | CUSIP: 059460303<br>LEI: 549300CTUU1RFXHQJE44 | Long             | EC               | CORP              | BR        |      3857 | NS      | $14078.05     | 0.93%             |  |  |  | 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        |       157 | NS      | $17436.42     | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Ivanhoe Mines Ltd.                                         | Ivanhoe Mines Ltd. COM NPV CL'A'                            | CUSIP: 46579R104<br>LEI: 5299006XZISURYIA4G32 | Long             | EC               | CORP              | CA        |       928 | NS      | $7931.79      | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Lojas Renner SA                                            | Lojas Renner SA COM NPV                                     | CUSIP: 000000000<br>LEI: 52990032N7OAAM138D78 | Long             | EC               | CORP              | BR        |      2500 | NS      | $7176.85      | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Centrais Elet Bras Sa Eletrobras                           | Centrais Elet Bras Sa Eletrobras PREF C NPV                 | CUSIP: 000000000<br>LEI: 254900I8KYDELP4B4Z08 | Long             | EP               | CORP              | BR        |       630 | NS      | $6876.69      | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Natura Cosmeticos S A                                      | Natura Cosmeticos S A COM NPV                               | CUSIP: 000000000<br>LEI: 98450085D7XCFF5A9N75 | Long             | EC               | CORP              | BR        |      2800 | NS      | $5621.78      | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co., Ltd.               | Taiwan Semiconductor Manufacturing Co., Ltd. TWD10          | CUSIP: 000000000<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |      5000 | NS      | $289172.62    | 19.05%            |  |  |  | No            |                  2 | On Loan: No      |
| Kaspi.Kz JSC                                               | Kaspi.Kz JSC SPONSORED ADS                                  | CUSIP: 48581R205<br>LEI: 2549003YU6FARG8OAZ13 | Long             | EC               | CORP              | KZ        |        78 | NS      | $5777.46      | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| NU HOLDINGS LTD                                            | Nu Holdings Ltd. ORD SHS CL A                               | CUSIP: 000000000<br>LEI: 5493002DG1RHWK9W2X27 | Long             | EC               | CORP              | KY        |       989 | NS      | $14211.93     | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung Electronics Co Ltd.                                | Samsung Electronics Co Ltd. KRW100                          | CUSIP: 000000000<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |      1093 | NS      | $127838.80    | 8.42%             |  |  |  | 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        |         6 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Samvardhana Motherson International ltd                    | Samvardhana Motherson International ltd INR1                | CUSIP: 000000000<br>LEI: 335800C7BQ19CKG8GH63 | Long             | EC               | CORP              | IN        |      8837 | NS      | $9918.22      | 0.65%             |  |  |  | No            |                  2 | On Loan: No      |
| Centrais Elet Bras Sa Eletrobras                           | Centrais Elet Bras Sa Eletrobras COM NPV                    | CUSIP: 000000000<br>LEI: 254900I8KYDELP4B4Z08 | Long             | EC               | CORP              | BR        |      2400 | NS      | $27114.30     | 1.79%             |  |  |  | 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        |      2760 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Raizen SA                                                  | Raizen SA PRF NPV                                           | CUSIP: 000000000<br>LEI: 5493000WQL3QP7QXX484 | Long             | EP               | CORP              | BR        |      1292 | NS      | $124.71       | 0.01%             |  |  |  | No            |                  1 | 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        |      8600 | NS      | $30549.15     | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| PB Fintech Ltd.                                            | PB Fintech Ltd. INR2.00                                     | CUSIP: 000000000<br>LEI: 98450083AC6B01HF1F87 | Long             | EC               | CORP              | IN        |       348 | NS      | $5289.78      | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| Tata Consultancy Services Ltd.                             | Tata Consultancy Services Ltd. INR1                         | CUSIP: 000000000<br>LEI: 335800ZJKU9GPQRE2U66 | Long             | EC               | CORP              | IN        |       423 | NS      | $10651.42     | 0.70%             |  |  |  | No            |                  2 | On Loan: No      |
| Naspers Limited                                            | Naspers Limited NPV(POST SPLT)                              | CUSIP: 000000000<br>LEI: 21380044BQ8812EEKT59 | Long             | EC               | CORP              | ZA        |       756 | NS      | $39105.62     | 2.58%             |  |  |  | No            |                  2 | On Loan: No      |
| Raia Drogasil SA                                           | Raia Drogasil SA COM NPV                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |       816 | NS      | $3689.44      | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| SEA LTD                                                    | Sea Ltd. SPONSORD ADS                                       | CUSIP: 81141R100<br>LEI: 529900OM6JLLW44YKI15 | Long             | EC               | CORP              | KY        |       221 | NS      | $18301.01     | 1.21%             |  |  |  | No            |                  1 | 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