# EDGAR Filing Document

**Accession Number:** 0001120543
**File Stem:** 0000940400-25-010024
**Filing Date:** 2025-11
**Character Count:** 31444
**Document Hash:** d3abb07138868d5fcf92742b5b7de20e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-010024.hdr.sgml**: 20251124

**ACCESSION NUMBER**: 0000940400-25-010024

**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:** 251513962

**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 China Equities Fund (Series ID: S000072288)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000228388 | Institutional Class | BGCBX           |
| C000228389 | Class K             | BGCDX           |

## Nport-Ex

**Portfolio of Investments**

September 30, 2025 (unaudited)

Baillie Gifford China Equities Fund

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS — 99.1%** |  |  |
| CHINA — 99.0% |  |  |
| Advanced Micro-Fabrication Equipment, Inc. China, Class A | 1071 | $45155 |
| Alibaba Group Holding Ltd. | 11900 | 266133 |
| Anker Innovations Technology Co., Ltd., Class A | 1810 | 31079 |
| ANTA Sports Products Ltd. | 3400 | 40727 |
| BeOne Medicines Ltd., Class H \* | 2091 | 55795 |
| BYD Co., Ltd., Class H | 4500 | 63606 |
| Centre Testing International Group Co., Ltd., Class A | 18300 | 33158 |
| China Merchants Bank Co., Ltd., Class H | 16500 | 98752 |
| China Oilfield Services Ltd., Class H | 16000 | 13704 |
| China Yangtze Power Co., Ltd., Class A | 9600 | 36761 |
| Contemporary Amperex Technology Co., Ltd., Class A | 2500 | 141784 |
| DiDi Global, Inc. ADR \* | 5600 | 34832 |
| Dongguan Yiheda Automation Co., Ltd., Class A | 2360 | 10613 |
| DPC Dash Ltd. \* | 2000 | 22293 |
| ENN Energy Holdings Ltd. | 3500 | 28860 |
| Estun Automation Co., Ltd., Class A \* | 4700 | 16972 |
| Fuyao Glass Industry Group Co., Ltd., Class H | 4800 | 48350 |
| Guangzhou Kingmed Diagnostics Group Co., Ltd., Class A | 2400 | 10006 |
| H World Group Ltd. | 9700 | 38278 |
| Haidilao International Holding Ltd. | 17000 | 29245 |
| Haier Smart Home Co., Ltd., Class H | 11400 | 36984 |
| Hangzhou Robam Appliances Co., Ltd., Class A | 9900 | 26582 |
| Horizon Robotics \* | 30000 | 36840 |
| Innovent Biologics, Inc. \* | 1500 | 18677 |
| Jiangsu Azure Corp., Class A | 16800 | 47472 |
| KE Holdings, Inc., Class A | 5767 | 37591 |
| Kingdee International Software Group Co., Ltd. \* | 11000 | 24667 |
| Kingsoft Corp., Ltd. | 4600 | 20411 |
| Kuaishou Technology | 4100 | 44345 |
| Kweichow Moutai Co., Ltd., Class A | 500 | 101617 |
| Li Ning Co., Ltd. | 9500 | 21481 |
| Luckin Coffee, Inc. ADR \* | 894 | 33981 |
| Luxshare Precision Industry Co., Ltd., Class A | 4800 | 43844 |
| Medlive Technology Co., Ltd. | 11000 | 18448 |
| Meituan, Class B \* | 4090 | 54637 |
| Midea Group Co., Ltd., Class A | 6400 | 65447 |
| Minth Group Ltd. | 4000 | 17321 |
| NAURA Technology Group Co., Ltd., Class A | 675 | 43008 |
| NetEase, Inc. | 2900 | 88080 |
| PDD Holdings, Inc. ADR \* | 819 | 108247 |
| Ping An Insurance Group Co. of China Ltd., Class H | 15500 | 105448 |
| Pop Mart International Group Ltd. | 2400 | 82204 |
| Proya Cosmetics Co., Ltd., Class A | 2096 | 23840 |
| SG Micro Corp., Class A | 2570 | 30150 |
| Shandong Sinocera Functional Material Co., Ltd., Class A | 13500 | 42463 |
| Shanxi Xinghuacun Fen Wine Factory Co., Ltd., Class A | 600 | 16390 |
| Shenzhen Inovance Technology Co., Ltd., Class A | 4700 | 55527 |
| Shenzhen Megmeet Electrical Co., Ltd., Class A | 2025 | 22123 |
| Shenzhou International Group Holdings Ltd. | 4500 | 35625 |
| Silergy Corp. | 2000 | 17033 |
| Sungrow Power Supply Co., Ltd., Class A | 1960 | 44741 |
| Sunny Optical Technology Group Co., Ltd. | 3800 | 44077 |
| Tencent Holdings Ltd. | 5500 | 468653 |
| Tianqi Lithium Corp., Class H \* | 4400 | 25367 |
| Trip.com Group Ltd. | 950 | 72046 |
| Weichai Power Co., Ltd., Class H | 18000 | 32201 |
| Yifeng Pharmacy Chain Co., Ltd., Class A | 5980 | 20737 |

---

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 China Equities Fund

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| Zhejiang Sanhua Intelligent Controls Co., Ltd., Class A | 8200 | $55958 |
| Zhongji Innolight Co., Ltd., Class A | 500 | 28538 |
| Zijin Mining Group Co., Ltd., Class H | 28000 | 117069 |
|  |  | 3295973 |
| HONG KONG — 0.1% |  |  |
| Zijin Gold International Co., Ltd. \* | 81 | 1261 |
| **TOTAL INVESTMENTS — 99.1%** |  |  |
| (cost $2,595,198) |  | $3297234 |
| Other assets less liabilities — 0.9% |  | 29251 |
| **NET ASSETS — 100.0%** |  | $3326485 |

---

\* 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.

**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 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> | $178321 | $3118913 | $— | $3297234 |
| **Total** | $178321 | $3118913 | $— | $3297234 |

---

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

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 China Equities Fund

- **b. EDGAR series identifier (if any):** S000072288

- **c. LEI of Series:** 213800KECP1DXAWGUY59

**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:** $3355319.13

**Total Liabilities:** $28846.49

**Net Assets:** $3326472.64

**Cash Not Reported:** $34839.55

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000228389 | 3.18%                | 10.39%               | 8.38%                |
| Class ID C000228388 | 3.19%                | 10.42%               | 8.26%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $4698.12                 | $77418.65                                  |
| Month 2  | $25524.76                | $265474.37                                 |
| Month 3  | $217.69                  | $250874.45                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Sungrow Power Supply Co Ltd    | Sungrow Power Supply Co Ltd                    | CUSIP: 000000000<br>LEI: 30030052IWC7RGVFG505 | Long             | EC               | CORP              | CN        |      1960 | NS      | $44740.98     | 1.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Kingsoft Corp Ltd              | Kingsoft Corp Ltd                              | CUSIP: 000000000<br>LEI: 529900UVT35D3Q7YQY41 | Long             | EC               | CORP              | CN        |      4600 | NS      | $20411.24     | 0.61%             |  |  |  | No            |                  2 | On Loan: No      |
| SG Micro Corp                  | SG Micro Corp                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |      2570 | NS      | $30150.10     | 0.91%             |  |  |  | No            |                  2 | On Loan: No      |
| Advanced Micro-Fabrication Equ | Advanced Micro-Fabrication Equipment Inc China | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |      1071 | NS      | $45155.41     | 1.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Shanxi Fen Wine                | Shanxi Xinghuacun Fen Wine Factory Co Ltd      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |       600 | NS      | $16389.74     | 0.49%             |  |  |  | No            |                  2 | On Loan: No      |
| FUYAO GLASS                    | Fuyao Glass Industry Group Co Ltd              | CUSIP: 000000000<br>LEI: 549300AS5CSLWETN0P64 | Long             | EC               | CORP              | CN        |      4800 | NS      | $48349.82     | 1.45%             |  |  |  | No            |                  2 | On Loan: No      |
| Pop Mart International Group L | Pop Mart International Group Ltd               | CUSIP: 000000000<br>LEI: 9845000A05E8F937E337 | Long             | EC               | CORP              | CN        |      2400 | NS      | $82204.41     | 2.47%             |  |  |  | No            |                  2 | On Loan: No      |
| Innovent Biologics Inc         | Innovent Biologics Inc                         | CUSIP: 000000000<br>LEI: 25490058ONL9SCIE1R22 | Long             | EC               | CORP              | CN        |      1500 | NS      | $18676.70     | 0.56%             |  |  |  | No            |                  2 | On Loan: No      |
| Silergy Corp                   | Silergy Corp                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |      2000 | NS      | $17033.21     | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| China Merchants Bank Co Ltd    | China Merchants Bank Co Ltd                    | CUSIP: 000000000<br>LEI: 549300MKO5B60FFIHF58 | Long             | EC               | CORP              | CN        |     16500 | NS      | $98752.10     | 2.97%             |  |  |  | No            |                  2 | On Loan: No      |
| BYD Co Ltd                     | BYD Co Ltd                                     | CUSIP: 000000000<br>LEI: 5299005557VL7ULJ7A69 | Long             | EC               | CORP              | CN        |      4500 | NS      | $63606.05     | 1.91%             |  |  |  | No            |                  2 | On Loan: No      |
| Luckin Coffee Inc              | Luckin Coffee Inc                              | CUSIP: 54951L109<br>LEI: 549300FO16ASCVSMYI15 | Long             | EC               | CORP              | CN        |       894 | NS      | $33980.94     | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Weichai Power Co Ltd           | Weichai Power Co Ltd                           | CUSIP: 000000000<br>LEI: 529900OKTPKBG85F9502 | Long             | EC               | CORP              | CN        |     18000 | NS      | $32201.40     | 0.97%             |  |  |  | No            |                  2 | On Loan: No      |
| Kuaishou Technology            | Kuaishou Technology                            | CUSIP: 000000000<br>LEI: 300300FCDZBE6UP9ED24 | Long             | EC               | CORP              | CN        |      4100 | NS      | $44345.03     | 1.33%             |  |  |  | No            |                  2 | On Loan: No      |
| Li Ning Co Ltd                 | Li Ning Co Ltd                                 | CUSIP: 000000000<br>LEI: 529900T77L2FV3FZ3U81 | Long             | EC               | CORP              | CN        |      9500 | NS      | $21481.19     | 0.65%             |  |  |  | No            |                  2 | On Loan: No      |
| SHENZHOU INTL                  | Shenzhou International Group Holdings Ltd      | CUSIP: 000000000<br>LEI: 529900B4W41TCUKJFM73 | Long             | EC               | CORP              | CN        |      4500 | NS      | $35625.10     | 1.07%             |  |  |  | No            |                  2 | On Loan: No      |
| CATL                           | Contemporary Amperex Technology Co Ltd         | CUSIP: 000000000<br>LEI: 300300KINDY1K0E9I032 | Long             | EC               | CORP              | CN        |      2500 | NS      | $141783.59    | 4.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Minth Group Ltd                | Minth Group Ltd                                | CUSIP: 000000000<br>LEI: 254900B2AH0G13K9G204 | Long             | EC               | CORP              | TW        |      4000 | NS      | $17320.80     | 0.52%             |  |  |  | No            |                  2 | On Loan: No      |
| Kweichow Moutai Co Ltd         | Kweichow Moutai Co Ltd                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |       500 | NS      | $101617.28    | 3.05%             |  |  |  | No            |                  2 | On Loan: No      |
| PING AN                        | Ping An Insurance Group Co of China Ltd        | CUSIP: 000000000<br>LEI: 529900M9MC28JLN35U89 | Long             | EC               | CORP              | CN        |     15500 | NS      | $105447.88    | 3.17%             |  |  |  | No            |                  2 | On Loan: No      |
| China Oilfield Services Ltd    | China Oilfield Services Ltd                    | CUSIP: 000000000<br>LEI: 529900J4X53VL8QQW675 | Long             | EC               | CORP              | CN        |     16000 | NS      | $13703.91     | 0.41%             |  |  |  | No            |                  2 | On Loan: No      |
| LXJM                           | Luxshare Precision Industry Co Ltd             | CUSIP: 000000000<br>LEI: 300300QLLDUELXN16530 | Long             | EC               | CORP              | CN        |      4800 | NS      | $43844.49     | 1.32%             |  |  |  | No            |                  2 | On Loan: No      |
| DiDi Global Inc                | DiDi Global Inc                                | CUSIP: 23292E108<br>LEI: 8368006Y2DHY77ADSY31 | Long             | EC               | CORP              | CN        |      5600 | NS      | $34832.00     | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Horizon Robotics               | Horizon Robotics                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     30000 | NS      | $36840.09     | 1.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Medlive Technology Co Ltd      | Medlive Technology Co Ltd                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     11000 | NS      | $18447.70     | 0.55%             |  |  |  | No            |                  2 | On Loan: No      |
| SUNNY OPTICAL                  | Sunny Optical Technology Group Co Ltd          | CUSIP: 000000000<br>LEI: 3003004QIVP0DFVVWM94 | Long             | EC               | CORP              | CN        |      3800 | NS      | $44076.80     | 1.33%             |  |  |  | No            |                  2 | On Loan: No      |
| PDD Holdings Inc               | PDD Holdings Inc                               | CUSIP: 722304102<br>LEI: 5493000573DS7005T657 | Long             | EC               | CORP              | IE        |       819 | NS      | $108247.23    | 3.25%             |  |  |  | No            |                  1 | On Loan: No      |
| KINGDEE INT'L                  | Kingdee International Software Group Co Ltd    | CUSIP: 000000000<br>LEI: 529900SWRZN94C5SZO63 | Long             | EC               | CORP              | CN        |     11000 | NS      | $24667.25     | 0.74%             |  |  |  | No            |                  2 | On Loan: No      |
| Tencent Holdings Ltd           | Tencent Holdings Ltd                           | CUSIP: 000000000<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | CN        |      5500 | NS      | $468652.81    | 14.09%            |  |  |  | No            |                  2 | On Loan: No      |
| Trip.com Group Ltd             | Trip.com Group Ltd                             | CUSIP: 000000000<br>LEI: 2549004RMYDSRQL4KW41 | Long             | EC               | CORP              | SG        |       950 | NS      | $72045.68     | 2.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Zijin Mining Group Co Ltd      | Zijin Mining Group Co Ltd                      | CUSIP: 000000000<br>LEI: 836800JRNL2393Z2I561 | Long             | EC               | CORP              | CN        |     28000 | NS      | $117068.61    | 3.52%             |  |  |  | No            |                  2 | On Loan: No      |
| KE Holdings Inc                | KE Holdings Inc                                | CUSIP: 000000000<br>LEI: 254900RHVY072XPAZE03 | Long             | EC               | CORP              | CN        |      5767 | NS      | $37591.24     | 1.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Zijin Gold International Co Lt | Zijin Gold International Co Ltd                | CUSIP: 000000000<br>LEI: 254900FINUJR4MZ8A417 | Long             | EC               | CORP              | HK        |        81 | NS      | $1261.42      | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| ANTA Sports Products Ltd       | ANTA Sports Products Ltd                       | CUSIP: 000000000<br>LEI: 529900291XG0CTK4LF95 | Long             | EC               | CORP              | CN        |      3400 | NS      | $40726.51     | 1.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Zhongji Innolight Co Ltd       | Zhongji Innolight Co Ltd                       | CUSIP: 000000000<br>LEI: 655600K7YZDKAI214O83 | Long             | EC               | CORP              | CN        |       500 | NS      | $28538.11     | 0.86%             |  |  |  | No            |                  2 | On Loan: No      |
| H World Group Ltd              | H World Group Ltd                              | CUSIP: 000000000<br>LEI: 549300Y5ML31FVN83730 | Long             | EC               | CORP              | CN        |      9700 | NS      | $38278.37     | 1.15%             |  |  |  | No            |                  2 | On Loan: No      |
| DPC Dash Ltd                   | DPC Dash Ltd                                   | CUSIP: 000000000<br>LEI: 254900OG7TEI5GQICO05 | Long             | EC               | CORP              | CN        |      2000 | NS      | $22292.61     | 0.67%             |  |  |  | No            |                  2 | On Loan: No      |
| ENN Energy Holdings Ltd        | ENN Energy Holdings Ltd                        | CUSIP: 000000000<br>LEI: 549300V7BXPWT6WIPR03 | Long             | EC               | CORP              | CN        |      3500 | NS      | $28860.37     | 0.87%             |  |  |  | No            |                  2 | On Loan: No      |
| Yifeng Pharmacy Chain Co Ltd   | Yifeng Pharmacy Chain Co Ltd                   | CUSIP: 000000000<br>LEI: 300300CZZIF44N1EZO06 | Long             | EC               | CORP              | CN        |      5980 | NS      | $20736.69     | 0.62%             |  |  |  | No            |                  2 | On Loan: No      |
| Midea Group Co Ltd             | Midea Group Co Ltd                             | CUSIP: 000000000<br>LEI: 3003003TRPHLHZD2IF61 | Long             | EC               | CORP              | CN        |      6400 | NS      | $65447.23     | 1.97%             |  |  |  | No            |                  2 | On Loan: No      |
| Jiangsu Azure Corp             | Jiangsu Azure Corp                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     16800 | NS      | $47471.54     | 1.43%             |  |  |  | No            |                  2 | On Loan: No      |
| NetEase Inc                    | NetEase Inc                                    | CUSIP: 000000000<br>LEI: 5299004AF4DSJDB0PA32 | Long             | EC               | CORP              | CN        |      2900 | NS      | $88079.85     | 2.65%             |  |  |  | No            |                  2 | On Loan: No      |
| CTI                            | Centre Testing International Group Co Ltd      | CUSIP: 000000000<br>LEI: 8368009FQ1ZOBVGD5Y61 | Long             | EC               | CORP              | CN        |     18300 | NS      | $33158.48     | 1.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MEGMEET                        | Shenzhen Megmeet Electrical Co Ltd             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |      2025 | NS      | $22122.75     | 0.67%             |  |  |  | No            |                  2 | On Loan: No      |
| BeOne Medicines Ltd            | BeOne Medicines Ltd                            | CUSIP: 000000000<br>LEI: 549300JFUK6FRD5MH739 | Long             | EC               | CORP              | US        |      2091 | NS      | $55794.56     | 1.68%             |  |  |  | No            |                  2 | On Loan: No      |
| Haier Smart Home Co Ltd        | Haier Smart Home Co Ltd                        | CUSIP: 000000000<br>LEI: 3003002BYTNGNJTWSH07 | Long             | EC               | CORP              | CN        |     11400 | NS      | $36983.89     | 1.11%             |  |  |  | No            |                  2 | On Loan: No      |
| ROBAM APPLIANCES               | Hangzhou Robam Appliances Co Ltd               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |      9900 | NS      | $26581.52     | 0.80%             |  |  |  | No            |                  2 | On Loan: No      |
| Haidilao International Holding | Haidilao International Holding Ltd             | CUSIP: 000000000<br>LEI: 3003009Q8GV4VNKZWI24 | Long             | EC               | CORP              | CN        |     17000 | NS      | $29245.29     | 0.88%             |  |  |  | No            |                  2 | On Loan: No      |
| Alibaba Group Holding Ltd      | Alibaba Group Holding Ltd                      | CUSIP: 000000000<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | HK        |     11900 | NS      | $266132.99    | 8.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Proya Cosmetics Co Ltd         | Proya Cosmetics Co Ltd                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |      2096 | NS      | $23840.23     | 0.72%             |  |  |  | No            |                  2 | On Loan: No      |
| China Yangtze Power Co Ltd     | China Yangtze Power Co Ltd                     | CUSIP: 000000000<br>LEI: 3003008VX8JFJXA6QP74 | Long             | EC               | CORP              | CN        |      9600 | NS      | $36761.02     | 1.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Dongguan Yiheda Automation Co  | Dongguan Yiheda Automation Co Ltd              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |      2360 | NS      | $10612.56     | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| INOVANCE                       | Shenzhen Inovance Technology Co Ltd            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |      4700 | NS      | $55526.59     | 1.67%             |  |  |  | No            |                  2 | On Loan: No      |
| NAURA Technology Group Co Ltd  | NAURA Technology Group Co Ltd                  | CUSIP: 000000000<br>LEI: 300300JI5I0B95GO5C39 | Long             | EC               | CORP              | CN        |       675 | NS      | $43008.03     | 1.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Meituan                        | Meituan                                        | CUSIP: 000000000<br>LEI: 21380033K525E5JLIA77 | Long             | EC               | CORP              | CN        |      4090 | NS      | $54637.36     | 1.64%             |  |  |  | No            |                  2 | On Loan: No      |
| Tianqi Lithium Corp            | Tianqi Lithium Corp                            | CUSIP: 000000000<br>LEI: 300300IZ1J0MQ8YVEG66 | Long             | EC               | CORP              | CN        |      4400 | NS      | $25367.14     | 0.76%             |  |  |  | No            |                  2 | On Loan: No      |
| Guangzhou Kingmed Diagnostics  | Guangzhou Kingmed Diagnostics Group Co Ltd     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |      2400 | NS      | $10006.22     | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| SANHUA                         | Zhejiang Sanhua Intelligent Controls Co Ltd    | CUSIP: 000000000<br>LEI: 8368003UTQ4F88XERZ23 | Long             | EC               | CORP              | CN        |      8200 | NS      | $55957.73     | 1.68%             |  |  |  | No            |                  2 | On Loan: No      |
| Anker Innovations Technology C | Anker Innovations Technology Co Ltd            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |      1810 | NS      | $31079.01     | 0.93%             |  |  |  | No            |                  2 | On Loan: No      |
| SINOCERA MATERIAL              | Shandong Sinocera Functional Material Co Ltd   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     13500 | NS      | $42463.21     | 1.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Estun Automation Co Ltd        | Estun Automation Co Ltd                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |      4700 | NS      | $16972.20     | 0.51%             |  |  |  | No            |                  2 | 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