Baillie Gifford International Growth Fund

Overview

The Baillie Gifford International Growth Fund seeks capital appreciation.

Investment Proposition

The International Growth strategy aims to produce good long-term performance by investing in a committed portfolio of international growth stocks constructed with little regard for the index. We are growth investors and invest in companies that have the potential to grow substantially more quickly than the market. We conduct our research with a five-year time horizon; International Growth is a genuinely active portfolio with a correspondingly low rate of turnover.

Total returns as of month end 10/31/2023


	Gross Expense Ratio	Net Expense Ratio	1 Month*	3 Months*	YTD*
Share Class K	0.60%	0.60%	-4.69%	-20.12%	-3.39%
MSCI ACWI ex US Index	n/a	n/a	-4.11%	-11.27%	1.47%

Annualized total returns as of quarter end 9/30/2023


	Gross Expense Ratio	Net Expense Ratio	1 Year	3 Years	5 Years	10 Years
Share Class K	0.60%	0.60%	14.56%	-10.06%	1.71%	4.81%
MSCI ACWI ex US Index	n/a	n/a	21.02%	4.25%	3.05%	3.97%

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

MSCI EAFE Index benchmark data used until November 22, 2019

MSCI ACWI ex US benchmark data used after November 22, 2019

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 ACWI 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	-17.32%	37.40%	62.95%	-9.43%	-34.43%
MSCI ACWI ex US Index	-13.36%	23.53%	11.13%	8.29%	-15.57%

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

Share Class launch date: April 28, 2017

MSCI EAFE Index benchmark data used until November 22, 2019

MSCI ACWI ex US benchmark data used after November 22, 2019

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 ACWI 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.

Total returns as of month end 10/31/2023


	Gross Expense Ratio	Net Expense Ratio	1 Month*	3 Months*	YTD*
Share Class Institutional	0.68%	0.68%	-4.71%	-20.11%	-3.40%
MSCI ACWI ex US Index	n/a	n/a	-4.11%	-11.27%	1.47%

Annualized total returns as of quarter end 9/30/2023


	Gross Expense Ratio	Net Expense Ratio	1 Year	3 Years	5 Years	10 Years
Share Class Institutional	0.68%	0.68%	14.60%	-10.12%	1.66%	4.72%
MSCI ACWI ex US Index	n/a	n/a	21.02%	4.25%	3.05%	3.97%

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

MSCI EAFE Index benchmark data used until November 22, 2019

MSCI ACWI ex US benchmark data used after November 22, 2019

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 ACWI 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	-17.34%	37.25%	62.84%	-9.49%	-34.49%
MSCI ACWI ex US Index	-13.36%	23.53%	11.13%	8.29%	-15.57%

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

Share Class launch date: April 28, 2017

MSCI EAFE Index benchmark data used until November 22, 2019

MSCI ACWI ex US benchmark data used after November 22, 2019

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 ACWI 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 - 10/31/2023

Baillie Gifford International Growth 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.

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Stock Level Attribution

Top and bottom 5 relative contributors
One month to 10/31/2023

Stock Name	Contribution %
Spotify Technology SA	0.55
Ferrari NV	0.33
Asml	0.29
AIA	0.26
Nu Holdings Ltd.	0.20
Genmab	-0.66
Sartorius Pref	-0.43
Aixtron	-0.34
Nidec	-0.30
HelloFresh SE Ordinary	-0.30

Holdings

Top 10
All

Top Ten Holdings as of month end 10/31/2023

	Company Name	Fund %
1	MercadoLibre	7.24
2	ASML	6.81
3	Ferrari	5.74
4	Spotify	5.42
5	argenx	5.01
6	Atlas Copco	3.70
7	L'Oréal	3.54
8	Tencent	3.46
9	Genmab	3.26
10	AIA	3.15
Total	47.32%

All Holdings as of quarter end 9/30/2023

	SEDOL	ISIN	Stock Name	Country	Holding	Asset Price	Currency	Asset Type	Market Value (USD)	Fund %
1	B23X1H3	US58733R1023	MercadoLibre	Brazil	147,609	1267.88	USD	Equity	187150498.92	6.99
2	B929F46	NL0010273215	ASML	Netherlands	288,290	559.10	EUR	Equity	170652443.07	6.37
3	BD6G507	NL0011585146	Ferrari NV	Italy	481,337	279.70	EUR	Equity	142539474.33	5.32
4	BNHKYX4	NL0010832176	argenx	Netherlands	270,414	460.60	EUR	Equity	131870163.79	4.93
5	BFZ1K46	LU1778762911	Spotify Technology SA	Sweden	832,298	154.64	USD	Equity	128706562.72	4.81
6	4595739	DK0010272202	Genmab	Denmark	293,158	2508.00	DKK	Equity	104390087.46	3.90
7	BLDBN41	SE0017486889	Atlas Copco A	Sweden	7,266,454	147.25	SEK	Equity	98487265.65	3.68
8	BMMV2K8	KYG875721634	Tencent	China	2,367,400	306.20	HKD	Equity	92557681.77	3.46
9	4057808	FR0000120321	L'Oreal	France	214,048	393.20	EUR	Equity	89108292.77	3.33
10	BGJW376	KYG596691041	Meituan	China	5,619,850	114.60	HKD	Equity	82232781.53	3.07
11	5505072	FR0000121485	Kering	France	177,937	431.90	EUR	Equity	81365989.03	3.04
12	6889106	TW0002330008	TSMC	Taiwan	4,814,000	523.00	TWD	Equity	77995136.38	2.91
13	B4TX8S1	HK0000069689	AIA Group	Hong Kong	9,186,600	63.85	HKD	Equity	74894745.18	2.80
14	BZ1HM42	NL0012969182	Adyen NV	Netherlands	96,174	705.70	EUR	Equity	71857356.51	2.68
15	BYVW0F7	US7223041028	PDD Holdings Inc	China	630,462	98.07	USD	Equity	61829408.34	2.31
16	BFZCHN7	IL0011301780	Wix Com	Israel	625,756	91.80	USD	Equity	57444400.80	2.15
17	BZ8GX83	AU000000WTC3	Wisetech Global Ltd	Australia	1,307,420	65.05	AUD	Equity	54889756.66	2.05
18	BMJ1825	NL0012059018	EXOR	Netherlands	572,247	83.94	EUR	Equity	50856436.86	1.90
19	5843329	DE0007165631	Sartorius Pref.	Germany	146,741	321.80	EUR	Equity	49995504.34	1.87
20	6763965	JP3162600005	SMC	Japan	97,400	66980.00	JPY	Equity	43718224.16	1.63
21	5468346	DE000A0WMPJ6	Aixtron	Germany	1,179,242	34.82	EUR	Equity	43473553.95	1.62
22	6640682	JP3734800000	Nidec	Japan	924,600	6931.00	JPY	Equity	42944564.25	1.60
23	B02K2M3	JP3435750009	M3	Japan	2,209,100	2716.00	JPY	Equity	40207174.40	1.50
24	B3MBS74	GB00B3MBS747	Ocado	United Kingdom	5,417,410	6.00	GBP	Equity	39699756.55	1.48
25	BZCNB42	DE000A2E4K43	Delivery Hero AG	Germany	1,342,003	27.17	EUR	Equity	38604378.47	1.44
26	BQV0SV7	DE000ZAL1111	Zalando SE	Germany	1,712,917	21.13	EUR	Equity	38320331.40	1.43
27	BN4MYF5	DK0061539921	Vestas Wind Systems	Denmark	1,609,472	151.56	DKK	Equity	34633629.08	1.29
28	BF44466	BE0974320526	Umicore	Belgium	1,451,150	22.45	EUR	Equity	34492294.95	1.29
29	BL6B9P1	KYG970081173	Wuxi Biologics Cayman Inc	China	5,805,500	45.65	HKD	Equity	33838885.45	1.26
30	BYWH8S0	DE000A161408	HelloFresh SE Ordinary	Germany	1,110,944	28.28	EUR	Equity	33263275.48	1.24
31			USD Uncommitted Cash	International	33,242,395	0.00	USD	Equity	33242395.15	1.24
32	BN6NP19	KYG6683N1034	Nu Holdings Ltd.	Brazil	4,040,618	7.25	USD	Equity	29294480.50	1.09
33	BFZX9H8	US62914V1061	NIO Inc ADR	China	3,098,212	9.04	USD	Equity	28007836.48	1.05
34	BFXCLC6	NL0013056914	Elastic	Netherlands	332,777	81.24	USD	Equity	27034803.48	1.01
35	BNYHDF3	US22266T1097	Coupang	South Korea	1,537,346	17.00	USD	Equity	26134882.00	0.98
36	6267359	HK0388045442	Hong Kong Exchanges & Clearing	Hong Kong	657,501	292.60	HKD	Equity	24564412.32	0.92
37	BL9YR75	GB00BL9YR756	Wise Plc	United Kingdom	2,802,170	6.86	GBP	Equity	23448806.51	0.88
38	BYZWMR9	CH0311864901	VAT Gp	Switzerland	60,097	329.00	CHF	Equity	21613372.32	0.81
39	7147892	CH0012453913	Temenos	Switzerland	297,453	64.42	CHF	Equity	20946570.03	0.78
40	B8P4LP4	NZXROE0001S2	Xero Ltd	New Zealand	284,357	112.43	AUD	Equity	20633600.36	0.77
41	BLFH8G4	US60741F1049	Mobileye Global Inc.	Israel	490,364	41.55	USD	Equity	20374624.20	0.76
42	BNKF607	SE0015810247	Kinnevik	Sweden	1,897,274	109.20	SEK	Equity	19070186.56	0.71
43	BD9G333	DK0060946788	Ambu	Denmark	1,680,212	73.86	DKK	Equity	17619896.97	0.66
44	6309466	JP3436120004	SBI Holdings	Japan	822,200	3148.00	JPY	Equity	17344852.40	0.65
45	B1W4V69	IT0004176001	Prysmian	Italy	402,985	38.15	EUR	Equity	16277093.68	0.61
46	BK1N461	INE040A01034	HDFC Bank	India	878,503	1526.30	INR	Equity	16146904.45	0.60
47	BYWD7L4	US81141R1005	Sea Ltd ADR	Singapore	314,596	43.95	USD	Equity	13826494.20	0.52
48	BWC52Q6	US83417M1045	Solaredge Technologies Inc	Israel	95,841	129.51	USD	Equity	12412367.91	0.46
49	B06CMQ9	JP3385890003	GMO Payment Gateway	Japan	210,600	8177.00	JPY	Equity	11540132.02	0.43
50	BN49G27	BMG0670A1099	AutoStore Hdgs	Norway	7,788,131	15.14	NOK	Equity	11077438.62	0.41
51	BJ0DP40	NO0010844038	Adevinta	Norway	752,367	105.90	NOK	Equity	7487716.24	0.28
52	6220501	JP3311400000	CyberAgent Inc	Japan	1,328,800	806.30	JPY	Equity	7179838.77	0.27
53	BZ9NS11	CNE1000031W9	Ganfeng Lithium Gp	China	1,634,000	32.15	HKD	Equity	6707623.36	0.25
54	BWVFKQ3	NO0010736879	Schibsted B	Norway	288,179	223.20	NOK	Equity	6044775.82	0.23
55	4790534	NO0003028904	Schibsted	Norway	241,038	240.90	NOK	Equity	5456899.98	0.20
56	BNNTQY0	US67421J1088	Oatly Inc.	Sweden	1,614,525	0.90	USD	Equity	1446775.85	0.05
57			NOK Uncommitted Cash	International	684	0.00	NOK	Equity	64.28	0.00
Total	100.00%

Sector Analysis of Total Assets - 10/31/2023

		Fund %	Benchmark %	Difference %
1	Consumer Discretionary	27.02	11.77	15.25
2	Information Technology	18.08	11.51	6.57
3	Communication Services	10.15	5.47	4.68
4	Health Care	13.25	9.54	3.71
5	Cash	1.11	0.00	1.11
6	Real Estate	0.00	2.02	-2.02
7	Industrials	10.07	12.83	-2.76
8	Consumer Staples	5.72	8.53	-2.81
9	Utilities	0.00	3.23	-3.23
10	Energy	0.00	6.12	-6.12
11	Materials	1.59	7.79	-6.20
12	Financials	13.02	21.19	-8.17
	Total	100.00	100.00

Total may not sum due to rounding

Regional Analysis of Total Assets - 10/31/2023

		Fund %	Benchmark %	Difference %
1	Europe (ex UK)	58.79	32.60	26.19
2	Cash	1.11	0.00	1.11
3	Emerging Markets	25.59	28.27	-2.68
4	North America	0.00	7.46	-7.46
5	UK	2.10	9.82	-7.72
6	Developed Asia Pacific	12.40	21.85	-9.44
	Total	100.00	100.00

Total may not sum due to rounding

Country Analysis of Total Assets - 10/31/2023

		Fund %	Benchmark %	Difference %
1	Netherlands	17.29	2.83	14.46
2	Sweden	9.78	1.97	7.80
3	Brazil	8.54	1.54	7.01
4	Italy	6.33	1.72	4.61
5	China	11.78	8.49	3.29
6	Denmark	5.46	2.19	3.27
7	Israel	2.95	0.40	2.55
8	Hong Kong	4.06	1.51	2.55
9	Germany	6.62	5.32	1.30
10	Cash	1.11	0.00	1.11
11	Belgium	1.36	0.64	0.72
12	New Zealand	0.76	0.12	0.64
13	Norway	0.82	0.46	0.36
14	Colombia	0.00	0.03	-0.03
15	Egypt	0.00	0.03	-0.03
16	Czech Republic	0.00	0.05	-0.05
17	Hungary	0.00	0.07	-0.07
18	Peru	0.00	0.07	-0.07
19	Austria	0.00	0.12	-0.12
20	Greece	0.00	0.13	-0.13
21	Chile	0.00	0.14	-0.14
22	Portugal	0.00	0.15	-0.15
23	Philippines	0.00	0.17	-0.17
24	Turkey	0.00	0.19	-0.19
25	Kuwait	0.00	0.23	-0.23
26	Qatar	0.00	0.26	-0.26
27	Poland	0.00	0.26	-0.26
28	Ireland	0.00	0.34	-0.34
29	United Arab Emirates	0.00	0.38	-0.38
30	Malaysia	0.00	0.41	-0.41
31	Singapore	0.52	0.93	-0.41
32	Thailand	0.00	0.53	-0.53
33	Indonesia	0.00	0.54	-0.54
34	Finland	0.00	0.55	-0.55
35	Mexico	0.00	0.69	-0.69
36	South Africa	0.00	0.88	-0.88
37	Taiwan	3.10	4.28	-1.18
38	Saudi Arabia	0.00	1.19	-1.19
39	France	6.51	7.76	-1.25
40	Spain	0.00	1.68	-1.68
41	South Korea	1.03	3.35	-2.31
42	Australia	1.90	4.61	-2.71
43	India	0.62	4.51	-3.89
44	Switzerland	1.68	6.35	-4.67
45	Canada	0.00	7.46	-7.46
46	UK	2.10	9.82	-7.72
47	Japan	5.68	14.67	-8.99
	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

View all Insights.

Managers

Tom Coutts

Tom has been a member of the International Growth Portfolio Construction Group since March 2008 and took over as Chair in July 2019. He previously spent time in our UK and European equity teams, including six years as head of the European team up to 2017. He also spent three years as our Chief of Investment Staff. Tom joined Baillie Gifford in 1999 and became a Partner in 2014. Tom graduated BA in Modern Languages in 1994.

Lawrence Burns

Lawrence joined Baillie Gifford in 2009 and became a partner in 2020. He is a member of the International Growth Portfolio Construction Group and co-manager of the International Concentrated Growth and Global Outliers strategies. He has been deputy manager of Scottish Mortgage since 2021. He has also worked in the Emerging Markets and UK Equities teams. Lawrence graduated BA in Geography from the University of Cambridge in 2009.

Brian Lum

Brian joined Baillie Gifford in 2006. Brian is the head of our Smaller Companies team and chairs the International Smaller Companies Portfolio Construction Group. In addition, Brian has also been a member of the International Growth Portfolio Construction Group since May 2015. Brian is a CFA Charterholder and graduated MSci and BA (Hons) in Physics from the University of Cambridge in 2006.

Julia Angeles

Julia joined Baillie Gifford in 2008 and became a Partner in 2022. Julia is a Portfolio Manager in the Health Innovation Strategy which she co-founded in 2018 and is also a member of the International Growth portfolio construction group. Since joining Baillie Gifford Julia has worked on a number of regional and global investment strategies. Julia has a passion for the transformation taking place in healthcare, and it was this passion which led to the establishment of the strategy. She believes that over the next 10 years healthcare systems around the world will experience a monumental change and we will witness a move away from reactive medicine to a world where prevention and cure will become an integral part of healthcare driven by technology. Julia previously worked as a Management Consultant at McKinsey & Company advising firms in Denmark, Russia and Hungary. Julia obtained a BSc in 1999, MSc in 2001 and PhD in 2005 in Economics from the University of Aarhus, Denmark and speaks fluent Russian and Danish.

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 Growth Fund Institutional Class	BGESX	0.00000	0.00000	0.00000	0.00000	0.05321	0.05321	12/28/2022	12/28/2022	Final
Baillie Gifford International Growth Fund K Class	BGEKX	0.01147	0.00000	0.01147	0.00000	0.05321	0.06468	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

Capital Gains

Please click here to view estimated capital gain distributions for 2023.

Documents

Risks

The most significant risks of an investment in the Baillie Gifford International Growth 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 Risks, 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, 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 International Growth Fund

Overview

Investment Proposition

Performance & Portfolio

Stock Level Attribution

Holdings

Insights

Managers

Tom Coutts

Lawrence Burns

Brian Lum

Julia Angeles

TAX & DISTRIBUTIONS

Capital Gains

Documents

Factsheets

Financial Reports

Prospectus

Quarterly Investor Reports

Statement of Additional Information (SAI)

Summary Prospectus

Risks

Index Disclaimer