Baillie Gifford Emerging Markets Ex China Fund

Overview

Baillie Gifford Emerging Markets Ex China Fund seeks capital appreciation.

Investment Proposition

The Emerging Markets ex China strategy is philosophically identical to the existing EM strategy (long term, active, focused on growth), the exception being that it will not invest in Chinese companies. The increased appetite for China-dedicated strategies by some investors runs the risk that the rest of EM is neglected. An EM ex China portfolio may be a useful strategy in this regard.

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


	1 Month*	3 Months*	YTD*	1 Year	Since Inception†	Gross Expense Ratio	Net Expense Ratio
Share Class K	-4.93%	-2.39%	5.18%	-25.07%	-24.74%	17.76%	0.87%
MSCI Emerging Markets ex China	-4.51%	-2.98%	1.27%	-18.79%	-18.63%	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).

†Fund inception date: December 28, 2021

Share Class launch date: December 28, 2021

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.

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 net expense ratios for this fund are contractually capped (excluding taxes, sub-accounting expenses and extraordinary expenses), through April 30, 2023.

The MSCI Emerging Markets ex China Index captures large and mid cap representation across 23 of the 24 Emerging Markets (EM) countries* excluding China. This unmanaged index does not reflect fees and expenses and is not available for direct investment.

Annualized total returns as of quarter end 12/31/2022

Source: Bank of New York Mellon and relevant underlying index provider(s).
†Fund inception date: December 28, 2021
Share Class launch date: December 28, 2021
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.

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	Since Inception†	Gross Expense Ratio	Net Expense Ratio
Share Class Institutional	-4.93%	-2.39%	5.18%	-25.07%	-24.74%	17.91%	1.02%
MSCI Emerging Markets ex China	-4.51%	-2.98%	1.27%	-18.79%	-18.63%	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).

†Fund inception date: December 28, 2021

Share Class launch date: December 28, 2021

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.

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 net expense ratios for this fund are contractually capped (excluding taxes, sub-accounting expenses and extraordinary expenses), through April 30, 2023.

The MSCI Emerging Markets ex China Index captures large and mid cap representation across 23 of the 24 Emerging Markets (EM) countries* excluding China. This unmanaged index does not reflect fees and expenses and is not available for direct investment.

Annualized total returns as of quarter end 12/31/2022

Source: Bank of New York Mellon and relevant underlying index provider(s).
†Fund inception date: December 28, 2021
Share Class launch date: December 28, 2021
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.

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 1/31/2023

Stock Name	Contribution %
MercadoLibre	1.07
TSMC	0.34
Samsung SDI Co Ltd	0.26
Cemex	0.23
Grupo Financiero Banorte	0.22
Reliance Industries Ltd	-0.52
CreditAccess Grameen	-0.37
ICICI Bank	-0.16
Bank Rakyat Indonesia	-0.14
Saudi Tadawul Group	-0.10

Holdings

Top 10
All

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

	Company Name	Fund %
1	TSMC	12.94
2	Samsung Electronics	7.07
3	Reliance Industries	5.94
4	MercadoLibre	5.18
5	Petrobras	4.46
6	HDFC Bank	4.42
7	Mediatek	3.05
8	Samsung SDI	2.91
9	First Quantum Minerals	2.63
10	Grupo Financiero Banorte	2.58
Total	51.17%

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	6889106	TW0002330008	TSMC	Taiwan	6,000	448.50	TWD	Equity	87553.48	11.40
2	B16CYP9	US7594701077	Reliance Inds. GDR	India	874	61.50	USD	Equity	53751.00	7.00
3	2781648	US40415F1012	HDFC Bank ADR	India	707	68.41	USD	Equity	48365.87	6.30
4	6771720	KR7005930003	Samsung Electronics	South Korea	976	55300.00	KRW	Equity	42683.12	5.56
5			USD Uncommitted Cash	International	38,023	0.00	USD	Equity	38023.27	4.95
6	2616580	US71654V4086	Petrobras Common ADR	Brazil	2,762	10.65	USD	Equity	29415.30	3.83
7	2569286	US45104G1040	ICICI Bank ADR	India	1,232	21.89	USD	Equity	26968.48	3.51
8	B23X1H3	US58733R1023	MercadoLibre	Brazil	30	846.24	USD	Equity	25387.20	3.31
9	2398822	US4567881085	Infosys Ltd ADR	India	1,244	18.01	USD	Equity	22404.44	2.92
10	2421041	MXP370711014	Grupo Financiero Banorte	Mexico	3,014	139.91	MXN	Equity	21639.21	2.82
11	6622691	ZAE000015889	Naspers	South Africa	130	2824.34	ZAR	Equity	21578.85	2.81
12	6771645	KR7006400006	Samsung SDI Co Ltd	South Korea	45	591000.00	KRW	Equity	21032.03	2.74
13	2347608	CA3359341052	First Quantum Minerals	Other Emerging Markets	983	28.29	CAD	Equity	20524.06	2.67
14	6372480	TW0002454006	Mediatek	Taiwan	1,000	625.00	TWD	Equity	20334.79	2.65
15	6709099	ID1000118201	Bank Rakyat Indonesia	Indonesia	53,700	4940.00	IDR	Equity	17040.50	2.22
16	B1359J0	TH0355A10Z12	PTT Exploration and Production	Thailand	3,100	176.75	THB	Equity	15819.98	2.06
17	BW1YVH8	MX01WA000038	Walmex	Mexico	4,493	68.59	MXN	Equity	15814.18	2.06
18	BG36ZK1	BRB3SAACNOR6	B3 S.A.	Brazil	6,200	13.21	BRL	Equity	15512.48	2.02
19	6346913	KR7051910008	LG Chem. Ltd.	South Korea	31	600000.00	KRW	Equity	14709.37	1.92
20	6773812	KR7005931001	Samsung Electronics Pref	South Korea	327	50500.00	KRW	Equity	13059.31	1.70
21	6451055	KR7005380001	Hyundai Motor Co	South Korea	109	151000.00	KRW	Equity	13016.21	1.69
22	6450267	KR7000660001	SK Hynix Inc	South Korea	204	75000.00	KRW	Equity	12099.64	1.58
23	BD73C40	CA46579R1047	Ivanhoe Mines	Other African	1,400	10.70	CAD	Equity	11055.76	1.44
24	2232878	BMG2519Y1084	Credicorp	Peru	81	135.66	USD	Equity	10988.46	1.43
25	2857334	US91912E1055	Vale SA ADR	Brazil	647	16.97	USD	Equity	10979.59	1.43
26	6202673	TW0002395001	Advantech Co.	Taiwan	1,000	331.00	TWD	Equity	10769.31	1.40
27	2866857	CA5503721063	Lundin Mining	Chile	1,561	8.31	CAD	Equity	9573.72	1.25
28	B0TNJH9	PAP310761054	Copa Holdings S A	Panama	106	83.17	USD	Equity	8816.02	1.15
29	6651048	ID1000095003	Bank Mandiri	Indonesia	13,600	9925.00	IDR	Equity	8670.63	1.13
30	2488671	US1512908898	Cemex ADR	Mexico	2,100	4.05	USD	Equity	8505.00	1.11
31	B00FSK0	US0594603039	Banco Bradesco Pn ADR	Brazil	2,839	2.88	USD	Equity	8176.32	1.06
32	5263251	PLKGHM000017	KGHM Polska Miedz	Poland	224	126.75	PLN	Equity	6472.96	0.84
33	BNYHDF3	US22266T1097	Coupang	South Korea	435	14.71	USD	Equity	6398.85	0.83
34	BYWD7L4	US81141R1005	SEA Ltd ADR	Singapore	115	52.03	USD	Equity	5983.45	0.78
35	B0217K9	ID1000109309	PT Vale Indonesia	Indonesia	13,100	7100.00	IDR	Equity	5974.63	0.78
36	2683410	US71654V1017	Petrobras Pref ADR	Brazil	642	9.29	USD	Equity	5964.18	0.78
37	6560393	KR7035420009	NAVER Corp	South Korea	42	177500.00	KRW	Equity	5895.61	0.77
38	BMZQ749	SA15DHKGHBH4	Saudi Tadawul Group	International	118	181.00	SAR	Equity	5683.34	0.74
39	B39Q399	KR7098460009	Koh Young Technology	South Korea	542	12750.00	KRW	Equity	5465.01	0.71
40	6584445	TW0009914002	Merida Industry Co Ltd	Taiwan	1,000	167.00	TWD	Equity	5433.46	0.71
41	BMBQDF6	LU2237380790	Allegro.eu	Other Emerging Markets	892	25.13	PLN	Equity	5110.51	0.67
42	6606996	ZAE000066304	Firstrand Ltd	South Africa	1,356	62.12	ZAR	Equity	4950.62	0.64
43	BYX9GP8	KR7241560002	Doosan Bobcat	South Korea	165	34600.00	KRW	Equity	4514.83	0.59
44	6264189	KR7036570000	NCsoft	South Korea	12	448000.00	KRW	Equity	4251.48	0.55
45	BL66B27	BRRAIZACNPR6	Raizen	Brazil	4,500	3.74	BRL	Equity	3187.65	0.42
46	B00LR01	KR7018880005	Hanon Systems	South Korea	489	8090.00	KRW	Equity	3128.52	0.41
47	BN6NP19	KYG6683N1034	Nu Holdings Ltd.	Brazil	757	4.07	USD	Equity	3080.99	0.40
48	BKVF490	KYG290181018	dLocal	Brazil	142	15.57	USD	Equity	2210.94	0.29
49	4767981	RU0009029540	Sberbank Of Russia	Russia	5,512	0.00	RUB	Equity	0.00	0.00
50	B5B1TX2	RU0007288411	Mmc Norilsk Nickel	Russia	94	0.00	RUB	Equity	0.00	0.00
51	B59GLW2	RU000A0JKQU8	MAGNIT	Russia	87	0.00	RUB	Equity	0.00	0.00
52	B9GFHQ6	RU000A0JR4A1	Moscow Exchange	Russia	2,760	0.00	RUB	Equity	0.00	0.00
53	BN10NX3	US69269L1044	Ozon Holdings ADR	Russia	142	0.00	USD	Equity	0.00	0.00
54	BYSW6D0	US55315J1025	Norilsk Nickel ADR	Russia	6	0.00	USD	Equity	0.00	0.00
Total	100.00%

Sector Analysis of Total Assets - 1/31/2023

		Fund %	Benchmark %	Difference %
1	Information Technology	32.96	26.62	6.34
2	Energy	11.98	5.72	6.26
3	Consumer Discretionary	12.15	6.42	5.73
4	Cash	5.59	0.00	5.59
5	Materials	12.60	11.51	1.09
6	Real Estate	0.00	1.15	-1.15
7	Utilities	0.00	2.88	-2.88
8	Health Care	0.00	2.93	-2.93
9	Communication Services	2.52	5.82	-3.30
10	Industrials	2.86	6.17	-3.31
11	Consumer Staples	1.98	6.61	-4.63
12	Financials	17.37	24.18	-6.81
	Total	100.00	100.00

Total may not sum due to rounding

Regional Analysis of Total Assets - 1/31/2023

		Fund %	Benchmark %	Difference %
1	Cash	5.59	0.00	5.59
2	Europe (ex UK)	0.00	0.50	-0.50
3	Emerging Markets	94.41	99.50	-5.09
	Total	100.00	100.00

Total may not sum due to rounding

Country Analysis of Total Assets - 1/31/2023

		Fund %	Benchmark %	Difference %
1	Brazil	14.13	7.82	6.31
2	Cash	5.59	0.00	5.59
3	Other Emerging Markets	3.31	0.00	3.31
4	Mexico	5.64	3.73	1.91
5	South Korea	19.35	17.75	1.60
6	Other African	1.51	0.00	1.51
7	Singapore	1.25	0.00	1.25
8	Panama	1.11	0.00	1.11
9	Indonesia	3.63	2.73	0.90
10	Peru	1.27	0.39	0.88
11	International	0.61	0.00	0.61
12	Chile	1.34	0.86	0.49
13	Egypt	0.00	0.12	-0.12
14	Colombia	0.00	0.17	-0.17
15	Czech Republic	0.00	0.23	-0.23
16	Poland	0.82	1.08	-0.26
17	Hungary	0.00	0.28	-0.28
18	Greece	0.00	0.50	-0.50
19	Turkey	0.00	0.86	-0.86
20	Philippines	0.00	1.09	-1.09
21	Kuwait	0.00	1.31	-1.31
22	Thailand	1.87	3.22	-1.34
23	India	18.12	19.50	-1.38
24	Qatar	0.00	1.40	-1.40
25	United Arab Emirates	0.00	1.81	-1.81
26	Malaysia	0.00	2.25	-2.25
27	South Africa	2.96	5.38	-2.42
28	Taiwan	17.49	21.68	-4.20
29	Saudi Arabia	0.00	5.84	-5.84
	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.

Managers

Mike Gush

Mike has been involved with the Global Stewardship strategy since inception as a member of the Portfolio Construction Group. He is a named manager for Baillie Gifford’s Emerging Markets and China Funds, as well as being responsible for the Emerging Markets Small Cap strategy. Mike first joined Baillie Gifford in 2003 and before moving to the Emerging Markets Equity Team in 2005, Mike worked in the UK and Japanese Equity Teams. Mike became a Partner of the firm in 2020. He is a CFA Charterholder and graduated MEng from the University of Durham in 2003.

Ben Durrant - Investment Manager

Ben is an Investment Manager in the Emerging Markets Team. He joined Baillie Gifford in 2017 and has also worked in our UK, Global Discovery and Private Companies teams. He previously worked for RBS in their Group Strategy and Corporate Finance Team. He is also a Chartered Accountant and a CFA Charterholder. Ben graduated BSc (Hons) in Mathematics from the University of Edinburgh in 2012.

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.

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.

Documents

Risks

The most significant risks of an investment in the Baillie Gifford Emerging Markets ex China Fund are Investment Style Risk, Growth Stock Risk, Long-Term Investment Strategy Risk, Geographic Focus Risk, Emerging Markets Risk, Asia Risk and Non-Diversification 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. The Fund focuses on investments in emerging markets excluding China, meaning it may offer less diversification and be more volatile than other funds. 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. The Fund may have a smaller number of holdings with larger positions in each relative to other mutual funds. Other Fund risks include: Conflicts of Interest Risk, Currency Risk, Equity Securities Risk, Environmental, Social and Governance Risk, Focused Investment Risk, Frontier Markets Risk, Government and Regulatory Risk, Information Technology Risk, Initial Public Offering Risk, Large-Capitalization Securities Risk, Liquidity Risk, Market Disruption and Geopolitical Risk, Market Risk, New and Smaller-Sized Funds Risk, Non-U.S. Investment Risk, Service Provider Risk, Settlement Risk, Small-and Medium-Capitalization Securities Risk, Underlying Funds 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 EM ex China. 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 Emerging Markets ex China Fund