Baillie Gifford International Alpha Fund

Overview

The Baillie Gifford International Alpha Fund seeks capital appreciation.

Investment Proposition

The aim of the International Alpha Process is to produce good long-term performance by combining the specialized local knowledge of our investment teams with the experience of our most senior investors. We build the portfolio bottom up, stock by stock, without regard to the composition of the benchmark. We are aware that such an approach can lead to unconscious concentrations of risk and so we consider underlying portfolio exposures on a regular basis to ensure that the fundamental drivers of the portfolio companies are appropriately diversified.

Annualized total returns as of month end** 4/30/2023


	Gross Expense Ratio	Net Expense Ratio	1 Month*	3 Months*	YTD*	1 Year	3 Years	5 Years	10 Years
Share Class K	0.61%	0.61%	-0.16%	1.25%	12.91%	-4.44%	8.56%	2.27%	5.42%
MSCI ACWI ex US Index	n/a	n/a	1.81%	0.76%	8.94%	-4.57%	12.32%	2.96%	4.65%

**Returns for periods less than one year are not annualized and are as of the date shown above. Returns for all other periods are as of March 31 2023, periods over 1 year are annualized.

Performance of Institutional Class may exceed that of Class K, this is due to rounding. Generally, on Funds which utilize a sub-transfer agency service, we expect Class K to have higher performance than Institutional Class.

Source: Bank of New York Mellon and relevant underlying index provider(s).

Share Class launch date: April 28, 2017

All figures quoted are in US dollars, net of fees.

*Not annualized

The performance data quoted represents past performance and is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted.

Returns are based on the K share class from April 28, 2017. Prior to that date returns are calculated based on the oldest share class of the Fund adjusted to reflect the K share class fees where these fees are higher.

Expense Ratios: All mutual funds have expense ratios which represent what shareholders pay for operating expenses and management fees. Expense ratios are expressed as an annualized percentage of a fund's average net assets paid out in expenses. Expense ratio information is as of the Fund's current prospectus, as revised and supplemented from time to time.

The MSCI All Countries World ex US Index is a free float-adjusted market capitalization weighted index that is designed to measure equity market performance in the global developed and emerging markets, excluding the United States. This unmanaged index does not reflect fees and expenses and is not available for direct investment.

Discrete performance figures to 12/31/2022


	12/31/2017 12/31/2018	12/31/2018 12/31/2019	12/31/2019 12/31/2020	12/31/2020 12/31/2021	12/31/2021 12/31/2022
Share Class K	-16.54%	32.16%	26.55%	-0.74%	-28.65%
MSCI ACWI ex US Index	-13.77%	22.13%	11.13%	8.29%	-15.57%

Source: Bank of New York Mellon and relevant underlying index provider(s).

All figures quoted are in US dollars, net of fees.

The performance data quoted represents past performance and is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted.

Returns are based on the K share class from April 28, 2017. Prior to that date returns are calculated based on the oldest share class of the Fund adjusted to reflect the K share class fees where these fees are higher.

The MSCI All Countries World ex US Index is a free float-adjusted market capitalization weighted index that is designed to measure equity market performance in the global developed and emerging markets, excluding the United States. This unmanaged index does not reflect fees and expenses and is not available for direct investment.

Performance - 4/30/2023

Baillie Gifford International Alpha Fund - Share Class K

Source: Bank of New York Mellon and relevant underlying index provider(s), single pricing basis, total return.

The performance data quoted represents past performance and is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted.

Returns are based on the K share class from April 28, 2017. Prior to that date returns are calculated based on the oldest share class of the Fund adjusted to reflect the K share class fees where these fees are higher.

All performance figures are cumulative
All figures quoted are in US dollars, net of fees.
The graph is rebased to 100

Annualized total returns as of quarter end 3/31/2023

Source: Bank of New York Mellon and relevant underlying index provider(s).
Share Class launch date: April 28, 2017
All figures quoted are in US dollars, net of fees.
*Not annualized

The performance data quoted represents past performance and is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted.

Returns are based on the K share class from April 28, 2017. Prior to that date returns are calculated based on the oldest share class of the Fund adjusted to reflect the K share class fees where these fees are higher.

The Baillie Gifford Fund's performance shown assumes reinvestment of dividend and capital gain distributions and is net of management fees and expenses. Returns for periods less than one year are not annualized. From time to time, certain fees and/or expenses have been voluntarily or contractually waived or reimbursed, which has resulted in higher returns. Without these waivers or reimbursements, the returns would have been lower. Voluntary waivers or reimbursements may be applied or discontinued at any time without notice. Only the Board of Trustees may modify or terminate contractual fee waivers or expense reimbursements. All fees are described in the fund's prospectus.

Annualized total returns as of month end** 4/30/2023


	Gross Expense Ratio	Net Expense Ratio	1 Month*	3 Months*	YTD*	1 Year	3 Years	5 Years	10 Years
Share Class Institutional	0.71%	0.71%	-0.08%	1.32%	12.88%	-4.55%	8.47%	2.18%	5.31%
MSCI ACWI ex US Index	n/a	n/a	1.81%	0.76%	8.94%	-4.57%	12.32%	2.96%	4.65%

**Returns for periods less than one year are not annualized and are as of the date shown above. Returns for all other periods are as of March 31 2023, periods over 1 year are annualized.

Performance of Institutional Class may exceed that of Class K, this is due to rounding. Generally, on Funds which utilize a sub-transfer agency service, we expect Class K to have higher performance than Institutional Class.

Source: Bank of New York Mellon and relevant underlying index provider(s).

Share Class launch date: April 28, 2017

All figures quoted are in US dollars, net of fees.

*Not annualized

The performance data quoted represents past performance and is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted.

Returns are based on the Institutional share class from April 28, 2017. Prior to that date returns are calculated based on the oldest share class of the Fund adjusted to reflect the Institutional share class fees where these fees are higher.

Expense Ratios: All mutual funds have expense ratios which represent what shareholders pay for operating expenses and management fees. Expense ratios are expressed as an annualized percentage of a fund's average net assets paid out in expenses. Expense ratio information is as of the Fund's current prospectus, as revised and supplemented from time to time.

The MSCI All Countries World ex US Index is a free float-adjusted market capitalization weighted index that is designed to measure equity market performance in the global developed and emerging markets, excluding the United States. This unmanaged index does not reflect fees and expenses and is not available for direct investment.

Discrete performance figures to 12/31/2022


	12/31/2017 12/31/2018	12/31/2018 12/31/2019	12/31/2019 12/31/2020	12/31/2020 12/31/2021	12/31/2021 12/31/2022
Share Class Institutional	-16.68%	32.11%	26.36%	-0.80%	-28.67%
MSCI ACWI ex US Index	-13.77%	22.13%	11.13%	8.29%	-15.57%

Source: Bank of New York Mellon and relevant underlying index provider(s).

All figures quoted are in US dollars, net of fees.

The performance data quoted represents past performance and is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted.

Returns are based on the Institutional share class from April 28, 2017. Prior to that date returns are calculated based on the oldest share class of the Fund adjusted to reflect the Institutional share class fees where these fees are higher.

The MSCI All Countries World ex US Index is a free float-adjusted market capitalization weighted index that is designed to measure equity market performance in the global developed and emerging markets, excluding the United States. This unmanaged index does not reflect fees and expenses and is not available for direct investment.

Performance - 4/30/2023

Baillie Gifford International Alpha Fund - Share Class Institutional

Source: Bank of New York Mellon and relevant underlying index provider(s), single pricing basis, total return.

The performance data quoted represents past performance and is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted.

Returns are based on the Institutional share class from April 28, 2017. Prior to that date returns are calculated based on the oldest share class of the Fund adjusted to reflect the Institutional share class fees where these fees are higher.

All performance figures are cumulative.
All figures quoted are in US dollars, net of fees.
The graph is rebased to 100.

Annualized total returns as of quarter end 3/31/2023

Source: Bank of New York Mellon and relevant underlying index provider(s).
Share Class launch date: April 28, 2017
All figures quoted are in US dollars, net of fees.
*Not annualized

The performance data quoted represents past performance and is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted.

Returns are based on the Institutional share class from April 28, 2017. Prior to that date returns are calculated based on the oldest share class of the Fund adjusted to reflect the Institutional share class fees where these fees are higher.

The Baillie Gifford Fund's performance shown assumes reinvestment of dividend and capital gain distributions and is net of management fees and expenses. Returns for periods less than one year are not annualized. From time to time, certain fees and/or expenses have been voluntarily or contractually waived or reimbursed, which has resulted in higher returns. Without these waivers or reimbursements, the returns would have been lower. Voluntary waivers or reimbursements may be applied or discontinued at any time without notice. Only the Board of Trustees may modify or terminate contractual fee waivers or expense reimbursements. All fees are described in the fund's prospectus.

Stock Level Attribution

Top and bottom 5 relative contributors
One month to 4/30/2023

Stock Name	Contribution %
Atlas Copco B	0.21
MonotaRO Co	0.17
Edenred	0.13
SAP	0.11
Kone	0.09
MercadoLibre	-0.23
Aker Carbon Capture ASA	-0.19
IMCD Group NV	-0.16
Rio Tinto	-0.13
SEA Ltd	-0.13

Holdings

Top 10
All

Top Ten Holdings as of month end 4/30/2023

	Company Name	Fund %
1	MercadoLibre	4.59
2	AIA	3.18
3	TSMC	2.91
4	SAP	2.60
5	Ryanair	2.56
6	HDFC	2.49
7	Nestlé	2.42
8	Richemont	2.35
9	Atlas Copco	2.27
10	CRH	2.23
Total	27.60%

All Holdings as of quarter end 3/31/2023

	SEDOL	ISIN	Stock Name	Country	Holding	Asset Price	Currency	Asset Type	Market Value (USD)	Fund %
1	B23X1H3	US58733R1023	MercadoLibre	Brazil	86,157	1318.06	USD	Equity	113560095.42	4.79
2	6889106	TW0002330008	TSMC	Taiwan	4,315,000	533.00	TWD	Equity	75536415.14	3.19
3	B4TX8S1	HK0000069689	AIA Group	Hong Kong	6,995,000	82.65	HKD	Equity	73648462.73	3.11
4	BYYN585	US7835132033	Ryanair ADR	Ireland	620,957	94.29	USD	Equity	58550035.53	2.47
5	4846288	DE0007164600	SAP	Germany	459,891	116.06	EUR	Equity	57989208.79	2.45
6	6171900	INE001A01036	HDFC Corp	India	1,766,552	2625.50	INR	Equity	56436373.63	2.38
7	BCRWZ18	CH0210483332	Richemont	Switzerland	338,778	145.90	CHF	Equity	54105095.73	2.28
8	0182704	IE0001827041	CRH	Ireland	1,067,791	40.82	GBP	Equity	53886763.16	2.27
9	7123870	CH0038863350	Nestle	Switzerland	436,560	111.46	CHF	Equity	53263617.32	2.25
10	6771720	KR7005930003	Samsung Electronics	South Korea	1,051,096	64000.00	KRW	Equity	51672730.35	2.18
11	B929F46	NL0010273215	ASML	Netherlands	72,928	625.20	EUR	Equity	49536233.21	2.09
12	BLDBN52	SE0017486897	Atlas Copco B	Sweden	4,245,510	119.18	SEK	Equity	48794777.19	2.06
13	7021963	DE0005810055	Deutsche Boerse	Germany	247,587	179.45	EUR	Equity	48270412.11	2.04
14	BNCBD46	NL0010801007	IMCD Group NV	Netherlands	284,609	150.40	EUR	Equity	46505698.54	1.96
15	0718875	GB0007188757	Rio Tinto	United Kingdom	666,940	54.78	GBP	Equity	45173613.69	1.91
16	BYT9340	DE000A12DM80	Scout24	Germany	737,473	54.70	EUR	Equity	43827142.67	1.85
17	6821506	JP3435000009	Sony	Japan	475,400	11985.00	JPY	Equity	42810646.93	1.81
18	B62G1B5	FR0010908533	Edenred	France	699,995	54.54	EUR	Equity	41478188.21	1.75
19	4491235	IE0004927939	Kingspan Group	Ireland	604,072	63.04	EUR	Equity	41372771.70	1.75
20	B1WT5G2	DK0060079531	DSV	Denmark	212,204	1326.50	DKK	Equity	41053971.17	1.73
21	5505072	FR0000121485	Kering	France	59,537	600.00	EUR	Equity	38810380.81	1.64
22	B3MSM28	ES0109067019	Amadeus IT Group SA	Spain	571,024	61.66	EUR	Equity	38253183.94	1.61
23	B1Y9TB3	FR0000120644	Danone	France	613,785	57.31	EUR	Equity	38216981.81	1.61
24	BMMV2K8	KYG875721634	Tencent	China	740,000	385.80	HKD	Equity	36368639.29	1.53
25	BM8H5Y5	FR0014003TT8	Dassault Systemes	France	883,417	37.88	EUR	Equity	36351982.48	1.53
26	6356934	JP3802400006	FANUC	Japan	1,012,000	4760.00	JPY	Equity	36194454.88	1.53
27	BMD58W3	SE0015658117	Epiroc B	Sweden	2,107,418	176.45	SEK	Equity	35860177.74	1.51
28			USD Uncommitted Cash	International	35,683,003	0.00	USD	Equity	35683003.36	1.51
29	5910609	DE0007010803	Rational	Germany	50,619	617.00	EUR	Equity	33931919.79	1.43
30	B15C4L6	CA21037X1006	Constellation Software	Canada	17,922	2540.91	CAD	Equity	33648493.75	1.42
31	6640381	JP3551500006	Denso	Japan	597,500	7443.00	JPY	Equity	33414925.99	1.41
32	BNGN9Z1	IT0000072170	FinecoBank Banca Fineco S.p.A.	Italy	2,121,533	14.14	EUR	Equity	32591842.09	1.38
33	6805265	JP3351600006	Shiseido	Japan	682,200	6181.00	JPY	Equity	31682907.81	1.34
34	B19NLV4	GB00B19NLV48	Experian	United Kingdom	948,058	26.60	GBP	Equity	31181182.74	1.32
35	6267359	HK0388045442	Hong Kong Exchanges & Clearing	Hong Kong	688,900	348.20	HKD	Equity	30557516.93	1.29
36	B09M9D2	FI0009013403	Kone	Finland	578,022	48.00	EUR	Equity	30143613.47	1.27
37	6763965	JP3162600005	SMC	Japan	57,300	69830.00	JPY	Equity	30064309.87	1.27
38	6177878	ZAE000022331	Discovery Ltd	South Africa	3,698,137	139.45	ZAR	Equity	29066095.80	1.23
39	BZ1HM42	NL0012969182	Adyen NV	Netherlands	17,808	1459.20	EUR	Equity	28231871.88	1.19
40	B798FW0	DK0060336014	Novozymes	Denmark	541,075	350.90	DKK	Equity	27690779.98	1.17
41	6490995	JP3236200006	Keyence	Japan	57,000	64450.00	JPY	Equity	27602750.02	1.16
42	6804820	JP3358000002	Shimano	Japan	155,600	22840.00	JPY	Equity	26703013.00	1.13
43	BNGJNT1	CA89072T1021	Topicus.Com Inc	Canada	353,853	96.58	CAD	Equity	25252242.76	1.07
44	BYWD7L4	US81141R1005	SEA Ltd ADR	Singapore	288,657	86.55	USD	Equity	24983263.35	1.05
45	BGJW376	KYG596691041	Meituan	China	1,328,400	143.50	HKD	Equity	24283645.12	1.02
46	B0TNJH9	PAP310761054	Copa Holdings S A	Panama	261,085	92.35	USD	Equity	24111199.75	1.02
47	BFZYWR2	US88034P1093	Tencent Music Entertainment ADR	China	2,858,742	8.28	USD	Equity	23670383.76	1.00
48	B573M11	DK0060227585	Chr Hansen Holding A/S	Denmark	308,964	521.00	DKK	Equity	23476857.02	0.99
49	6743882	JP3183200009	Japan Exchange Group	Japan	1,512,500	2018.50	JPY	Equity	22939223.46	0.97
50	BMJ1825	NL0012059018	EXOR	Netherlands	275,869	75.84	EUR	Equity	22730601.67	0.96
51	BYZ2QP5	FR0013154002	Sartorius Stedim Biotech	France	69,052	282.00	EUR	Equity	21156073.96	0.89
52	B1GHR88	JP3922950005	MonotaRO Co	Japan	1,692,100	1657.00	JPY	Equity	21067020.06	0.89
53	BK6YZP5	KYG017191142	Alibaba Group Holding	China	1,618,388	100.40	HKD	Equity	20699005.11	0.87
54	BXDZ9Z0	CA82509L1076	Shopify 'A'	Canada	430,507	47.94	USD	Equity	20638505.58	0.87
55	6639550	JP3756600007	Nintendo	Japan	526,800	5131.00	JPY	Equity	20309646.10	0.86
56	BJDS7L3	NL0013654783	Prosus N.V.	Netherlands	258,745	71.94	EUR	Equity	20223303.81	0.85
57	B01FLR7	CNE1000003X6	Ping An Insurance	China	3,019,000	51.10	HKD	Equity	19652469.12	0.83
58	BNYHDF3	US22266T1097	Coupang	South Korea	1,188,771	16.00	USD	Equity	19020336.00	0.80
59	BFZ1K46	LU1778762911	Spotify Technology SA	Sweden	141,211	133.62	USD	Equity	18868613.82	0.80
60	6640682	JP3734800000	Nidec	Japan	342,500	6845.00	JPY	Equity	17615241.57	0.74
61	BYXH7P9	INE765G01017	ICICI Lombard	India	1,301,155	1069.50	INR	Equity	16932866.15	0.71
62	BK6H543	US09075V1026	BioNTech ADR	Germany	130,288	124.57	USD	Equity	16229976.16	0.68
63	BMPRVC8	NO0010890304	Aker Carbon Capture ASA	Norway	10,538,898	14.78	NOK	Equity	14867824.99	0.63
64	6211798	AU000000COH5	Cochlear	Australia	93,693	236.69	AUD	Equity	14852501.80	0.63
65	7130836	FR0000044448	Nexans	France	137,842	91.50	EUR	Equity	13702896.15	0.58
66	BF2CVV6	SE0009216278	MIPS	Sweden	261,310	523.60	SEK	Equity	13194585.69	0.56
67	2202729	CA7677441056	Ritchie Bros Auctioneers (USA)	Canada	228,655	56.29	USD	Equity	12870989.95	0.54
68	BN574F9	JE00BN574F90	Wizz Air Holdings Plc	United Kingdom	321,123	29.73	GBP	Equity	11804357.73	0.50
69	BD9G333	DK0060946788	Ambu	Denmark	713,432	102.75	DKK	Equity	10691256.97	0.45
70	BP6S8Z3	GB00BP6S8Z30	Oxford Nanopore Technologies PLC	United Kingdom	3,153,979	2.23	GBP	Equity	8676905.22	0.37
71	BGK4T39	US36118L1061	Futu Hdgs ADR	Hong Kong	166,054	51.85	USD	Equity	8609899.90	0.36
72	BL6B9P1	KYG970081173	Wuxi Biologics Cayman Inc	China	1,084,000	48.60	HKD	Equity	6711176.50	0.28
73	BL53SR3	CA00288U1066	Abcellera Biologics Inc	Canada	835,455	7.54	USD	Equity	6299330.70	0.27
74	BKM1QM4	NL0012015705	Just Eat Takeaway.com	Netherlands	159,921	15.43	GBP	Equity	3051827.85	0.13
75	BNKCF01	CA55027C1068	Lumine Group Inc	Canada	53,772	14.71	CAD	Equity	584465.30	0.02
76	B2QKYZ0	US55953Q2021	Magnit OJSC Spon GDR	Russia	1	0.00	USD	Equity	0.00	0.00
77	B59GLW2	RU000A0JKQU8	MAGNIT	Russia	237,700	0.00	RUB	Equity	0.00	0.00
78	B5B1TX2	RU0007288411	Mmc Norilsk Nickel	Russia	77,386	0.00	RUB	Equity	0.00	0.00
79	BYSW6D0	US55315J1025	Norilsk Nickel ADR	Russia	1	0.00	USD	Equity	0.00	0.00
Total	100.00%

Sector Analysis of Total Assets - 4/30/2023

		Fund %	Benchmark %	Difference %
1	Industrials	23.17	12.76	10.41
2	Consumer Discretionary	18.79	11.65	7.14
3	Information Technology	15.68	11.20	4.49
4	Cash	1.68	0.00	1.68
5	Communication Services	6.89	5.81	1.08
6	Materials	6.31	8.12	-1.82
7	Financials	18.37	20.30	-1.93
8	Real Estate	0.00	2.14	-2.14
9	Utilities	0.00	3.30	-3.30
10	Consumer Staples	5.64	9.06	-3.42
11	Energy	0.00	5.74	-5.74
12	Health Care	3.46	9.91	-6.45
	Total	100.00	100.00

Total may not sum due to rounding

Regional Analysis of Total Assets - 4/30/2023

		Fund %	Benchmark %	Difference %
1	Europe (ex UK)	49.63	34.23	15.40
2	Cash	1.68	0.00	1.68
3	Developed Asia Pacific	18.40	21.41	-3.01
4	Canada	3.90	7.58	-3.68
5	Emerging Markets	22.25	26.89	-4.64
6	UK	4.14	9.89	-5.75
	Total	100.00	100.00

Total may not sum due to rounding

Country Analysis of Total Assets - 4/30/2023

		Fund %	Benchmark %	Difference %
1	Ireland	6.56	0.51	6.05
2	Netherlands	6.89	2.88	4.02
3	Brazil	4.59	1.36	3.23
4	Sweden	5.21	2.22	2.99
5	Germany	8.69	5.70	2.99
6	Hong Kong	4.66	1.75	2.91
7	Denmark	4.42	2.03	2.39
8	Cash	1.68	0.00	1.68
9	Panama	0.97	0.00	0.97
10	Finland	1.42	0.63	0.80
11	South Africa	1.20	0.96	0.24
12	Spain	1.73	1.69	0.04
13	Norway	0.46	0.43	0.04
14	Egypt	0.00	0.02	-0.02
15	Colombia	0.00	0.03	-0.03
16	Singapore	0.92	0.95	-0.03
17	Czech Republic	0.00	0.05	-0.05
18	Hungary	0.00	0.06	-0.06
19	Peru	0.00	0.07	-0.07
20	Greece	0.00	0.11	-0.11
21	Austria	0.00	0.12	-0.12
22	New Zealand	0.00	0.14	-0.14
23	Portugal	0.00	0.15	-0.15
24	Chile	0.00	0.15	-0.15
25	Turkey	0.00	0.16	-0.16
26	Philippines	0.00	0.19	-0.19
27	Poland	0.00	0.22	-0.22
28	South Korea	3.01	3.23	-0.22
29	Italy	1.40	1.64	-0.23
30	Kuwait	0.00	0.24	-0.24
31	Qatar	0.00	0.24	-0.24
32	France	8.07	8.35	-0.28
33	United Arab Emirates	0.00	0.37	-0.37
34	Malaysia	0.00	0.39	-0.39
35	Japan	13.40	13.79	-0.40
36	Israel	0.00	0.42	-0.42
37	India	3.19	3.70	-0.50
38	Indonesia	0.00	0.55	-0.55
39	Thailand	0.00	0.57	-0.57
40	Belgium	0.00	0.66	-0.66
41	Mexico	0.00	0.74	-0.74
42	Taiwan	2.91	3.99	-1.08
43	Saudi Arabia	0.00	1.14	-1.14
44	Switzerland	4.77	6.71	-1.94
45	China	5.15	8.47	-3.32
46	Canada	3.90	7.58	-3.68
47	Australia	0.66	4.78	-4.12
48	UK	4.14	9.89	-5.75
	Total	100.00	100.00

As at March 3, 2022, the Russian holdings held within the Fund were valued at zero by our Fair Value Pricing Committee due to the ongoing issues in the Russian market. As a result of the 0% weighting they have been excluded from the list above. Details of the stocks can be found in the full holdings list.

It should not be assumed that recommendations/transactions made in the future will be profitable or will equal performance of the securities mentioned. The composition of the Fund's holdings is subject to change. Percentages are based on securities at market value. Internal classifications are used for any graphs represented above.

There is no guarantee that the investment objective of the Fund will be achieved. Stocks fluctuate in price and the value of your investment in the Fund may go down. This means that you could lose money on your investment in the Fund or the Fund may not perform as well as other possible investments.

Insights

View all Insights.

Managers

Andrew Stobart

Andrew Stobart has been an Investment Manager in the Emerging Markets Team since 2007 and sits on the Emerging Markets All Cap Portfolio Construction Group. Andrew has also been a member of the International Alpha Portfolio Construction Group since 2008. Since joining Baillie Gifford as an Investment Analyst in 1991, Andrew has worked in the UK, Japanese and North American Teams. Prior to joining Baillie Gifford, Andrew spent three years working in Investment Banking in London. Andrew graduated MA in Economics from the University of Cambridge in 1987.

Donald Farquharson

Donald heads the Japanese Equities Team. Donald is the co-manager for the Japan Growth strategy (and related Growth strategy segregated accounts) which he has run since its inception on 31 December 2009. He is also a member of the International Alpha Portfolio Construction Group (PCG). Donald has over 25 years’ investment experience dedicated almost entirely to Japanese equities: He spent 20 years working for Schroders as a Japanese specialist and latterly Head of the Pan Pacific equity team and manager of the Schroder Japan Growth Fund plc. Between 1991 and 1995, he headed Schroders’ research team in Tokyo. He graduated with MA (Hons) in Arabic Studies from the University of St Andrews in 1987 and is a CFA Charterholder. Donald joined Baillie Gifford in 2008 and became a Partner in 2017.

Jenny Davis

Jenny conducts research for International Alpha portfolios and has been a member of the International Alpha Portfolio Construction Group (PCG) since 2016. She joined Baillie Gifford in 2011 and worked on two of our global equity strategies, having started her career at Neptune Investment Management. Jenny graduated MA in Music from the University of Oxford in 2008, and latterly undertook postgraduate studies in Psychotherapy at the University of Edinburgh.

Tom Walsh

Tom conducts research for International Alpha portfolios and has been a member of the International Alpha Portfolio Construction Group (PCG) since 2018. He joined Baillie Gifford in 2009, working on the UK, European and Global Opportunities teams, as well as spending four years as a member of the International Focus PCG. Before joining Baillie Gifford, Tom worked at Fidelity International, Merrill Lynch and Deloitte & Touche. He graduated LLB (Hons) in Law & Economics from the University of Edinburgh in 1999 and is both CFA and ACA qualified.

Steve Vaughan

Steve joined Baillie Gifford in 2012 and is an Investment Manager in the International Smaller Companies Team. He is a CFA Charterholder. Prior to joining Baillie Gifford, Steve was an Officer in the British Army for nine years. He graduated BA (Hons) in Jurisprudence from the University of Oxford in 2001 and MA in International Relations from the University of Exeter in 2012.

Chris Davies

Chris joined Baillie Gifford in 2012 and is an Investment Manager in the Europe Team. He graduated BA (Hons) in Music from the University of Oxford in 2009 and went on to gain an MMus in Music Performance from the Royal Welsh School of Music and Drama in 2010 and an MSc in Music, Mind and Brain from Goldsmiths College in 2011.

TAX & DISTRIBUTIONS

The Fund intends to pay dividends to its shareholders at least annually. Distributions will automatically be reinvested in Fund shares unless you submit a request for cash payment with at least ten days prior notice, before the record date for distribution, to the Transfer Agent. The distribution dates will appear on this page alongside the rates once they become available. The dates can be changed by the Officers of the Funds. For more information on Baillie Gifford Funds’ Distributions please see the Statutory Prospectus.

FREQUENTLY ASKED QUESTIONS

The document in this link contains answers to some of the most commonly asked tax and distribution related questions regarding mutual funds.

RECENT DISTRIBUTIONS
UPCOMING DISTRIBUTIONS

The below table shows the makeup of the most recent distributions paid.
Fund Name	Ticker	Income Dividends	Short-Term Capital Gains *	Qualified Dividend Income **	Foreign Tax Credits	Long-Term Capital Gains	Total Per Share	Ex. Date	Pay Date	Status
Baillie Gifford International Alpha Fund Institutional Class	BINSX	0.12146	0.00000	0.12146	0.02161	0.00000	0.12146	12/28/2022	12/28/2022	Final
Baillie Gifford International Alpha Fund K Class	BGIKX	0.18773	0.00000	0.18773	0.02161	0.00000	0.18773	12/28/2022	12/28/2022	Final

Source: Bank of New York Mellon and Baillie Gifford & Co

*Short-Term Capital Gains are treated as ordinary income for U.S. Federal Income Tax Purposes.

**Qualified Dividend Income is a subset of Income Dividends (rather than an additional category of income).

Primary ICI File for the Baillie Gifford Funds can be found here.

Secondary ICI File for the Baillie Gifford Funds can be found here.

The table below shows the proposed distribution dates for the current tax year. The dates can be changed by the Officers of the Funds.
Distribution Year	Record Date	ex Date	Payable Date
2023	12/27/2023	12/28/2023	12/28/2023

Documents

Fund Risks

The most significant risks of an investment in the Baillie Gifford International Alpha Fund are Investment Style Risk, Growth Stock Risk, Long-Term Investment Strategy Risk and Non-U.S. Investment Risk. The Fund is managed on a bottom up basis and stock selection is likely to be the main driver of investment returns. Returns are unlikely to track the movements of the benchmark. The prices of growth stocks can be based largely on expectations of future earnings and can decline significantly in reaction to negative news. The Fund is managed on a long-term outlook, meaning that the Fund managers look for investments that they think will make returns over a number of years, rather than over shorter time periods. Non-U.S. securities are subject to additional risks, including less liquidity, increased volatility, less transparency, withholding or other taxes and increased vulnerability to adverse changes in local and global economic conditions. There can be less regulation and possible fluctuation in value due to adverse political conditions. Other Fund risks include: Asia Risk, China Risk, Conflicts of Interest Risk, Currency Risk, Emerging Markets Risk, Equity Securities Risk, Environmental, Social and Governance Risk, Focused Investment Risk, Geographic Focus Risk, Government and Regulatory Risk, Information Technology Risk, Initial Public Offering Risk, Japan Risk, Large-Capitialization Securities Risk, Liquidity Risk, Market Disruption and Geopolitical Risk, Market Risk, Service Provider Risk, Settlement Risk, Small-and Medium-Capitalization Securities Risk and Valuation Risk.

The Baillie Gifford Mutual Funds are distributed by Baillie Gifford Funds Services LLC. Investors should carefully consider the objectives, risks, charges and expenses of the Funds before investing. This information and other information about the Funds can be found in the prospectus and the summary prospectus. For a prospectus and summary prospectus please go to the Documents section on this page. Please carefully read the Fund’s prospectus and related documents before investing.

Index Disclaimer

Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an ‘as is’ basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the ‘MSCI Parties’) expressly disclaims all warranties (including, without limitation, any warranties or originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages (www.msci.com).

The Baillie Gifford Mutual Funds are distributed by Baillie Gifford Funds Services LLC. Investors should carefully consider the objectives, risks, charges and expenses of the Funds before investing. This information and other information about the Funds can be found in the prospectus and the summary prospectus. For a prospectus and summary prospectus please go here. Please carefully read the Fund’s prospectus and related documents before investing.

Baillie Gifford International Alpha Fund

Overview

Investment Proposition

Performance & Portfolio

Stock Level Attribution

Holdings

Insights

Managers

Andrew Stobart

Donald Farquharson

Jenny Davis

Tom Walsh

Steve Vaughan

Chris Davies

TAX & DISTRIBUTIONS

Documents

Factsheets

Financial Reports

Prospectus

Quarterly Investor Reports

Statement of Additional Information (SAI)

Summary Prospectus

Fund Risks

Index Disclaimer