Baillie Gifford EAFE Plus All Cap Fund

Overview

The Baillie Gifford EAFE Plus All Cap Fund seeks capital appreciation.

Investment Proposition

The Baillie Gifford EAFE Plus All Cap Fund aims to deliver good long-term performance to shareholders by investing in a portfolio of 60-90 international growth stocks, with up to 15% in Emerging Markets. The portfolio is built through bottom-up stock selection by the International All Cap Portfolio Construction Group (formerly known as International Focus PCG). As active growth investors we differ from the benchmark, and look for businesses that seek to outperform the market over the long-term. Portfolio guidelines ensure a level of diversification across sectors and regions.

Annualized total returns as of month end** 2/28/2023


	1 Month*	3 Months*	YTD*	1 Year	3 Years	5 Years	10 Years	Gross Expense Ratio	Net Expense Ratio
Share Class K	-5.79%	1.15%	5.11%	-31.19%	-2.90%	0.17%	4.68%	0.61%	0.61%
MSCI EAFE Index	-2.08%	5.98%	5.87%	-14.01%	1.34%	2.03%	5.16%	n/a	n/a

**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 December 31 2022, 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 EAFE Index is a free float-adjusted market capitalization weighted index that is designed to measure equity market performance in the global developed markets, excluding the United States and Canada. 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	-16.36%	31.72%	28.78%	3.33%	-31.19%
MSCI EAFE Index	-13.36%	22.66%	8.28%	11.78%	-14.01%

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 EAFE Index is a free float-adjusted market capitalization weighted index that is designed to measure equity market performance in the global developed markets, excluding the United States and Canada. This unmanaged index does not reflect fees and expenses and is not available for direct investment.

Performance - 2/28/2023

Baillie Gifford EAFE Plus All Cap 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 12/31/2022

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** 2/28/2023


	1 Month*	3 Months*	YTD*	1 Year	3 Years	5 Years	10 Years	Gross Expense Ratio	Net Expense Ratio
Share Class Institutional	-5.81%	1.15%	5.05%	-31.22%	-2.97%	0.08%	4.56%	0.72%	0.72%
MSCI EAFE Index	-2.08%	5.98%	5.87%	-14.01%	1.34%	2.03%	5.16%	n/a	n/a

**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 December 31 2022, 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 EAFE Index is a free float-adjusted market capitalization weighted index that is designed to measure equity market performance in the global developed markets, excluding the United States and Canada. 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	-16.50%	31.60%	28.68%	3.20%	-31.22%
MSCI EAFE Index	-13.36%	22.66%	8.28%	11.78%	-14.01%

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 EAFE Index is a free float-adjusted market capitalization weighted index that is designed to measure equity market performance in the global developed markets, excluding the United States and Canada. This unmanaged index does not reflect fees and expenses and is not available for direct investment.

Performance - 2/28/2023

Baillie Gifford EAFE Plus All Cap Fund - Share Class Institutional

Source: Bank of New York Mellon and relevant underliying 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 12/31/2022

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 2/28/2023

Stock Name	Contribution %
BHP Billiton	0.12
MercadoLibre	0.11
Nestle	0.10
Weir	0.10
Lonza Group	0.09
Techtronic Industries	-0.36
Meituan	-0.28
Zalando SE	-0.24
Shiseido	-0.23
Alibaba	-0.22

Holdings

Top 10
All

Top Ten Holdings as of month end 2/28/2023

	Company Name	Fund %
1	Richemont	3.45
2	AIA	3.23
3	United Overseas Bank	3.13
4	Sartorius Group	3.04
5	Atlas Copco	2.78
6	ASML	2.75
7	SMC	2.64
8	TSMC	2.59
9	Mettler-Toledo	2.56
10	Shiseido	2.54
Total	28.70%

All Holdings as of quarter end 12/31/2022

	SEDOL	ISIN	Stock Name	Country	Holding	Asset Price	Currency	Asset Type	Market Value (USD)	Fund %
1	B4TX8S1	HK0000069689	AIA Group	Hong Kong	1,430,400	86.80	HKD	Equity	15907689.35	3.60
2	6916781	SG1M31001969	United Overseas Bank	Singapore	655,573	30.70	SGD	Equity	15006032.73	3.39
3	BCRWZ18	CH0210483332	Richemont	Switzerland	106,119	119.90	CHF	Equity	13752343.39	3.11
4	5843329	DE0007165631	Sartorius Pref.	Germany	33,146	369.40	EUR	Equity	13067544.51	2.96
5	6805265	JP3351600006	Shiseido	Japan	256,300	6471.00	JPY	Equity	12569762.40	2.84
6	2126249	US5926881054	Mettler-Toledo	Switzerland	8,325	1445.45	USD	Equity	12033371.25	2.72
7	B929F46	NL0010273215	ASML	Netherlands	20,880	503.80	EUR	Equity	11226764.91	2.54
8	2113382	US8740391003	TSMC ADR	Taiwan	138,181	74.49	USD	Equity	10293102.69	2.33
9	6763965	JP3162600005	SMC	Japan	24,200	55580.00	JPY	Equity	10193914.13	2.31
10	BMV7PQ4	SE0015811963	Investor	Sweden	546,295	188.56	SEK	Equity	9886211.93	2.24
11	B1Y1SQ7	PTJMT0AE0001	Jeronimo Martins	Portugal	457,939	20.18	EUR	Equity	9862675.96	2.23
12	BLDBN41	SE0017486889	Atlas Copco A	Sweden	792,407	123.10	SEK	Equity	9361802.55	2.12
13	6658801	JP3201200007	Olympus	Japan	509,300	2352.00	JPY	Equity	9078582.74	2.05
14	BVYVFW2	GB00BVYVFW23	Auto Trader	United Kingdom	1,460,628	5.16	GBP	Equity	9059029.83	2.05
15	6211798	AU000000COH5	Cochlear	Australia	64,404	204.12	AUD	Equity	8915057.97	2.02
16	4741714	FR0000130395	Remy Cointreau	France	49,982	157.60	EUR	Equity	8406898.70	1.90
17	6911485	JP3951600000	Unicharm	Japan	218,400	5068.00	JPY	Equity	8388731.67	1.90
18	BJDS7L3	NL0013654783	Prosus N.V.	Netherlands	119,520	64.45	EUR	Equity	8221091.41	1.86
19	BQV0SV7	DE000ZAL1111	Zalando SE	Germany	224,119	33.11	EUR	Equity	7919610.59	1.79
20	BZ1HM42	NL0012969182	Adyen NV	Netherlands	5,742	1288.40	EUR	Equity	7895504.32	1.79
21	4061412	FR0000121014	LVMH	France	10,553	679.90	EUR	Equity	7657499.03	1.73
22	B0190C7	HK0669013440	Techtronic Industries	Hong Kong	682,500	87.10	HKD	Equity	7616416.50	1.72
23	BGDT3G2	GB00BGDT3G23	Rightmove	United Kingdom	1,200,747	5.11	GBP	Equity	7386545.77	1.67
24	BGJW376	KYG596691041	Meituan	China	310,700	174.70	HKD	Equity	6954469.92	1.57
25	B23X1H3	US58733R1023	MercadoLibre	Brazil	7,936	846.24	USD	Equity	6715760.64	1.52
26	6883807	JP3351100007	Sysmex Corp	Japan	103,900	7998.00	JPY	Equity	6298019.63	1.42
27	6804820	JP3358000002	Shimano	Japan	39,300	20920.00	JPY	Equity	6231050.82	1.41
28	6490995	JP3236200006	Keyence	Japan	15,900	51420.00	JPY	Equity	6196354.54	1.40
29	0946580	GB0009465807	Weir	United Kingdom	307,247	16.69	GBP	Equity	6168408.78	1.40
30	6610403	JP3914400001	Murata	Japan	121,500	6588.00	JPY	Equity	6066482.25	1.37
31	B19NLV4	GB00B19NLV48	Experian	United Kingdom	178,869	28.13	GBP	Equity	6052488.46	1.37
32	7333378	CH0013841017	Lonza Group	Switzerland	12,136	453.10	CHF	Equity	5943386.94	1.34
33	BNCBD46	NL0010801007	IMCD Group NV	Netherlands	41,752	133.15	EUR	Equity	5933137.67	1.34
34	B01FLR7	CNE1000003X6	Ping An Insurance	China	874,000	51.65	HKD	Equity	5783778.24	1.31
35	BYYHL23	BE0974293251	Anheuser-Busch Inbev	Belgium	94,147	56.27	EUR	Equity	5653916.26	1.28
36	BMD58W3	SE0015658117	Epiroc B	Sweden	349,263	167.65	SEK	Equity	5619649.88	1.27
37	BMJ1825	NL0012059018	EXOR	Netherlands	73,293	68.30	EUR	Equity	5342557.11	1.21
38	6640381	JP3551500006	Denso	Japan	101,700	6536.00	JPY	Equity	5037789.99	1.14
39	6640682	JP3734800000	Nidec	Japan	96,900	6839.00	JPY	Equity	5022540.45	1.14
40	0371847	GB0003718474	Games Workshop Group	United Kingdom	48,656	85.65	GBP	Equity	5012944.88	1.13
41	3163836	GB0031638363	Intertek	United Kingdom	97,979	40.34	GBP	Equity	4754425.60	1.08
42	BK6YZP5	KYG017191142	Alibaba Group Holding	China	422,088	86.25	HKD	Equity	4664359.16	1.06
43	BQRRZ00	JP3970300004	Recruit Holdings	Japan	145,500	4177.00	JPY	Equity	4606112.40	1.04
44	6770620	JP3436100006	SoftBank Group	Japan	107,300	5644.00	JPY	Equity	4589800.30	1.04
45	B8P4LP4	NZXROE0001S2	Xero Ltd	New Zealand	95,790	70.27	AUD	Equity	4564738.44	1.03
46	5505072	FR0000121485	Kering	France	8,908	475.50	EUR	Equity	4520606.45	1.02
47	B1VZ0M2	GB00B1VZ0M25	Hargreaves Lansdown	United Kingdom	434,690	8.56	GBP	Equity	4476968.43	1.01
48	3174300	GB0031743007	Burberry	United Kingdom	182,698	20.30	GBP	Equity	4461274.95	1.01
49	6865504	JP3397200001	Suzuki Motor Corp	Japan	136,200	4271.00	JPY	Equity	4408732.43	1.00
50	4031976	DE000A1EWWW0	adidas	Germany	30,315	127.46	EUR	Equity	4123798.70	0.93
51			USD Uncommitted Cash	International	3,917,442	0.00	USD	Equity	3917442.28	0.89
52	0053673	GB0000536739	Ashtead	United Kingdom	65,945	47.20	GBP	Equity	3744148.20	0.85
53	BKDTK92	GB00BKDTK925	Trainline Plc	United Kingdom	1,121,941	2.75	GBP	Equity	3705951.33	0.84
54	BLDBN52	SE0017486897	Atlas Copco B	Sweden	342,292	111.10	SEK	Equity	3649756.82	0.83
55	6483809	JP3205800000	Kao	Japan	87,700	5255.00	JPY	Equity	3492845.50	0.79
56	B7FQV64	BRRADLACNOR0	Raia Drogasil	Brazil	768,400	23.72	BRL	Equity	3452142.24	0.78
57	5633962	DE0006452907	Nemetschek	Germany	65,086	47.69	EUR	Equity	3312690.60	0.75
58	BNYK8H9	KYG9066F1019	Ctrip.com International	China	92,874	273.60	HKD	Equity	3255668.06	0.74
59	BFZ1K46	LU1778762911	Spotify Technology SA	Sweden	39,660	78.95	USD	Equity	3131157.00	0.71
60	BL9YR75	GB00BL9YR756	Wise Plc	United Kingdom	461,113	5.63	GBP	Equity	3121696.04	0.71
61	6171900	INE001A01036	HDFC Corp	India	90,923	2637.60	INR	Equity	2898809.44	0.66
62	B1WT5G2	DK0060079531	DSV	Denmark	17,846	1096.50	DKK	Equity	2808346.76	0.64
63	6084848	JP3933800009	Z Holdings Corp	Japan	1,040,200	332.00	JPY	Equity	2617351.17	0.59
64	BNYHDF3	US22266T1097	Coupang	South Korea	172,695	14.71	USD	Equity	2540343.45	0.57
65	6688080	JP3801600002	Pigeon	Japan	143,900	2168.00	JPY	Equity	2364433.67	0.53
66	6259011	JP3397060009	Sugi Holdings	Japan	52,700	5870.00	JPY	Equity	2344529.92	0.53
67	B1L3CS6	FR0000054470	Ubisoft Entertainment	France	82,506	26.41	EUR	Equity	2325519.07	0.53
68	B0J2D41	KYG070341048	Baidu.com Group Holding	China	158,816	111.70	HKD	Equity	2272884.16	0.51
69	B552PC2	MU0295S00016	MakeMyTrip	India	81,188	27.57	USD	Equity	2238353.16	0.51
70	BN7BZM3	SE0015988019	Nibe Industrier AB 'B' Shares	Sweden	236,615	97.10	SEK	Equity	2205030.62	0.50
71	BL5C4C7	DE000A2LQ884	Auto1 Group SE	Germany	264,546	7.80	EUR	Equity	2202225.43	0.50
72	BFD20M9	KY30744W1070	Farfetch	United Kingdom	326,203	4.73	USD	Equity	1542940.19	0.35
Total	100.00%

Sector Analysis of Total Assets - 2/28/2023

		Fund %	Benchmark %	Difference %
1	Consumer Discretionary	24.48	11.67	12.81
2	Information Technology	12.55	8.08	4.47
3	Communication Services	7.49	4.45	3.03
4	Industrials	17.48	15.34	2.14
5	Consumer Staples	11.81	10.07	1.73
6	Cash	1.14	0.00	1.14
7	Health Care	12.39	12.73	-0.35
8	Real Estate	0.00	2.55	-2.55
9	Utilities	0.00	3.32	-3.32
10	Energy	0.00	4.90	-4.90
11	Financials	12.67	19.19	-6.52
12	Materials	0.00	7.70	-7.70
	Total	100.00	100.00

Total may not sum due to rounding

Regional Analysis of Total Assets - 2/28/2023

		Fund %	Benchmark %	Difference %
1	Emerging Markets	11.68	0.00	11.68
2	Cash	1.14	0.00	1.14
3	Developed Asia Pacific	32.52	33.39	-0.86
4	UK	13.85	15.33	-1.48
5	Europe (ex UK)	40.81	51.28	-10.47
	Total	100.00	100.00

Total may not sum due to rounding

Country Analysis of Total Assets - 2/28/2023

		Fund %	Benchmark %	Difference %
1	China	4.69	0.00	4.69
2	Netherlands	9.05	4.47	4.58
3	Sweden	7.78	3.47	4.32
4	Brazil	2.76	0.00	2.76
5	Taiwan	2.59	0.00	2.59
6	Hong Kong	4.69	2.78	1.90
7	Portugal	2.03	0.21	1.81
8	Singapore	3.13	1.46	1.68
9	Cash	1.14	0.00	1.14
10	India	1.07	0.00	1.07
11	New Zealand	1.08	0.19	0.89
12	South Korea	0.58	0.00	0.58
13	Japan	21.55	21.22	0.33
14	Belgium	1.23	1.01	0.22
15	Austria	0.00	0.21	-0.21
16	Israel	0.00	0.68	-0.68
17	Norway	0.00	0.71	-0.71
18	Ireland	0.00	0.76	-0.76
19	Finland	0.00	0.96	-0.96
20	Germany	7.17	8.49	-1.32
21	UK	13.85	15.33	-1.48
22	Denmark	0.70	2.93	-2.23
23	Switzerland	7.57	9.84	-2.27
24	Italy	0.00	2.52	-2.52
25	Spain	0.00	2.62	-2.62
26	Australia	2.07	7.74	-5.66
27	France	5.29	12.41	-7.12
	Total	100.00	100.00

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

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Meet the Managers

Joe Faraday

Joe is a Client Service Director where he is responsible for servicing International All Cap Clients. He has been a member of the International All Cap Portfolio Construction Group since 2007. Joe joined Baillie Gifford’s Graduate Scheme in 2002 and worked in our European, North America, Developed Asian and Emerging Markets Equity Teams before transferring to the Clients Department in 2013. Following an engineering scholarship with the Smallpeice Trust in his gap year, Joe graduated MEng in Chemical Engineering from the University of Cambridge in 2002 and gained an MBA from the University of Edinburgh in 2009. He is also a CFA Charterholder.

Iain Campbell

Iain joined Baillie Gifford in 2004 and is a member of the Japanese Specialist Team. Most of Iain’s investment career has been focused on Emerging and Developed Asian markets. He has responsibility for managing various specialist Developed Asia, including Japan, portfolios and is also a member of the International All Cap Portfolio Construction Group. Prior to joining Baillie Gifford, Iain worked for Goldman Sachs as an analyst in the Investment Banking division. He graduated BA in Modern History from the University of Oxford in 2000.

Milena Mileva

Milena joined Baillie Gifford in 2009 and is an Investment Manager in the UK Equity Team. She became a partner in 2022. She graduated BA in Social & Political Science from the University of Cambridge in 2007 and MPhil in Politics from the University of Oxford in 2009.

Sophie Earnshaw

Sophie joined Baillie Gifford in 2010 and is an Investment Manager in the Emerging Markets Equity Team and a decision maker on the China A Share Fund. She has also been Co-Manager of the China Fund and a member of the International All Cap Portfolio Construction Group since 2014. Sophie is a CFA Charter holder. She graduated MA in English Literature from the University of Edinburgh in 2008 and MPhil in Eighteenth Century and Romantic Literature from the University of Cambridge in 2009.

Stephen Paice

Stephen is Head of the European Equity Team and has been involved in running the European portion of the Managed Fund since 2019. Stephen joined Baillie Gifford in 2005 and spent time in the US, UK Smaller Companies and Japanese Equities Teams. Stephen graduated BSc (Hons) in Financial Mathematics in 2005.

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

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 EAFE Plus All Cap Fund Institutional Class	BGCSX	0.00716	0.00000	0.00716	0.00000	0.33522	0.34237	12/28/2022	12/28/2022	Final
Baillie Gifford EAFE Plus All Cap Fund K Class	BKGCX	0.00716	0.00000	0.00716	0.00000	0.33522	0.34237	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.

Documents

Risks

The most significant risks of an investment in the Baillie Gifford EAFE Plus All Cap Fund are Investment Style Risk, Growth Stock Risk, Long-Term Investment Strategy Risk, Non-U.S. Investment Risk, Emerging Markets Risk and Asia 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. Investing in emerging markets can involve additional market, credit, currency, liquidity, legal or political risks than investing in more developed markets. Some Asian securities may be less liquid than US or other foreign securities. They can be affected by high inflation, currency fluctuations, political instability and less efficient markets. Many Asian economies are dependent on international trade and only a few industries and can be badly affected by trade barriers. Other Fund risks include: China Risk, Conflicts of Interest Risk, Currency 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-Capitalization 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 EAFE Plus All Cap Fund

Overview

Investment Proposition

Performance & Portfolio

Stock Level Attribution

Holdings

Insights

Meet the Managers

Joe Faraday

Iain Campbell

Milena Mileva

Sophie Earnshaw

Stephen Paice

TAX & DISTRIBUTIONS

Documents

Factsheets

Financial Reports

Monthly Report

Prospectus

Quarterly Investor Reports

Statement of Additional Information (SAI)

Summary Prospectus

Risks

Index Disclaimer