Baillie Gifford International Smaller Companies Fund

Overview

The Baillie Gifford International Smaller Companies Fund seeks capital appreciation.

Investment Proposition

Great companies can be so for different reasons. Some are driven by a vision to shape and transform industries. Some have unique skillsets to exploit emerging opportunities. Some simply operate at a superior level through distinctive culture or thoughtful stewardship. At the lower end of the market cap spectrum, many of these are often underappreciated, and even ignored, by the market given many narrowly focused and short-term driven participants. We focus on unearthing the most exceptional smaller international companies and, by harnessing the asymmetry inherent in equity markets, aim to capture the disproportionate impact of successful investments.

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


	1 Month*	3 Months*	YTD*	1 Year	3 Years	Since Inception†	Gross Expense Ratio	Net Expense Ratio
Share Class K	0.73%	7.11%	10.84%	-39.20%	-1.28%	4.88%	1.84%	0.90%
MSCI ACWI ex-USA Small Cap Index	-2.54%	4.71%	4.49%	-19.56%	1.50%	6.30%	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 19, 2018

Share Class launch date: December 19, 2018

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 December 19, 2018.

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 World ex USA Small Cap Index captures small cap representation across Developed Markets countries (excluding the United States). This index does not reflect fees and expenses and is not available for direct investment.

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	Since Inception†	Gross Expense Ratio	Net Expense Ratio
Share Class Institutional	0.73%	7.17%	10.85%	-39.28%	-1.32%	4.84%	1.91%	0.97%
MSCI ACWI ex-USA Small Cap Index	-2.54%	4.71%	4.49%	-19.56%	1.50%	6.30%	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 19, 2018

Share Class launch date: December 19, 2018

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 December 19, 2018.

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 World ex USA Small Cap Index captures small cap representation across Developed Markets countries (excluding the United States). This index does not reflect fees and expenses and is not available for direct investment.

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 %
Global UniChip	1.68
Avanza Bank Holding	0.82
ASPEED Technology	0.59
Addtech 'B'	0.43
Victoria	0.39
Katitas	-0.32
Infomart Corp	-0.25
Koh Young Technology	-0.14
Johnson Electric Holdings	-0.12
Bengo4.Com Inc	-0.11

Holdings

Top 10
All

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

	Company Name	Fund %
1	Avanza Bank	5.02
2	Global UniChip	4.72
3	AirTac International Group	4.66
4	ADDTECH	3.08
5	Sensirion	2.96
6	Kinaxis	2.94
7	Brunello Cucinelli	2.59
8	Reply Spa	2.40
9	ASPEED Technology	2.35
10	Hypoport	2.11
Total	32.83%

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	B52J816	KYG014081064	AirTac International Group	Taiwan	56,229	931.00	TWD	Equity	1703216.12	4.79
2	BJXMLF7	SE0012454072	Avanza Bank Holding	Sweden	74,543	223.60	SEK	Equity	1599675.11	4.50
3	B056381	TW0003443008	Global UniChip	Taiwan	57,000	641.00	TWD	Equity	1188755.67	3.35
4	BN85P68	CA49448Q1090	Kinaxis	Canada	9,985	151.91	CAD	Equity	1119466.66	3.15
5	B7K6D18	IT0004764699	Brunello Cucinelli SpA	Italy	15,011	69.10	EUR	Equity	1107015.35	3.12
6	BG0SQC9	CH0406705126	Sensirion Holding AG	Switzerland	9,517	98.00	CHF	Equity	1008069.61	2.84
7	BLN8T44	SE0014781795	Addtech 'B'	Sweden	67,403	148.70	SEK	Equity	961929.66	2.71
8			USD Uncommitted Cash	International	947,488	0.00	USD	Equity	947487.74	2.67
9	BFM1K61	JP3967180005	Raksul Inc	Japan	37,300	3320.00	JPY	Equity	938542.57	2.64
10	BZ1DZ96	IT0005282865	Reply Spa	Italy	7,855	107.00	EUR	Equity	897007.22	2.52
11	6212100	TW0002360005	Chroma ATE	Taiwan	131,000	181.00	TWD	Equity	771453.21	2.17
12	BF0QD69	JP3932950003	Katitas	Japan	32,400	3020.00	JPY	Equity	741581.72	2.09
13	0371847	GB0003718474	Games Workshop Group	United Kingdom	6,825	85.65	GBP	Equity	703168.14	1.98
14	6123923	JP3920860008	Megachips Corp	Japan	35,200	2463.00	JPY	Equity	657073.78	1.85
15	B39Q399	KR7098460009	Koh Young Technology	South Korea	61,471	12750.00	KRW	Equity	619814.35	1.74
16	6906760	JP3531800005	Tsugami Corp	Japan	69,100	1163.00	JPY	Equity	609066.66	1.71
17	B034DS7	IL0010910656	Maytronics	Israel	57,936	35.00	ILS	Equity	574680.46	1.62
18	B28XLF6	DE0005493365	Hypoport	Germany	5,480	97.40	EUR	Equity	569646.57	1.60
19	B1QGV49	JP3130300001	eGuarantee Inc	Japan	30,500	2443.00	JPY	Equity	564716.36	1.59
20	BBQ3850	GB00BBQ38507	Keywords Studios	United Kingdom	17,183	27.24	GBP	Equity	563034.82	1.58
21	B80VKP3	TW0005274005	ASPEED Technology	Taiwan	10,100	1685.00	TWD	Equity	553708.25	1.56
22	BZ30ML6	SE0009997018	HMS Networks	Sweden	16,741	339.60	SEK	Equity	545634.97	1.54
23	BLNN0G8	CH0238627142	Bossard	Switzerland	2,523	199.80	CHF	Equity	544850.19	1.53
24	6510989	KR7012510004	Douzone Bizon Co Ltd	South Korea	18,341	36850.00	KRW	Equity	534492.57	1.50
25	BZC0LC1	GB00BZC0LC10	Victoria	United Kingdom	91,866	4.81	GBP	Equity	531531.54	1.50
26	BF1TM59	GB00BF1TM596	Alpha FX	United Kingdom	21,791	18.50	GBP	Equity	484928.88	1.36
27	BD9Y5C0	IT0005162406	Technogym Spa	Italy	62,436	7.15	EUR	Equity	476438.76	1.34
28	6461128	JP3149800009	IRISO Electronics Co Ltd	Japan	14,500	4230.00	JPY	Equity	464852.78	1.31
29	BD09G76	JP3218950008	Kamakura Shinsho	Japan	59,800	1013.00	JPY	Equity	459110.99	1.29
30	6602563	JP3924800000	DMG Mori	Japan	34,500	1755.00	JPY	Equity	458884.38	1.29
31	BD4F658	SE0008294953	Paradox Interactive	Sweden	20,547	212.20	SEK	Equity	418453.23	1.18
32	BF52PL1	AU000000NWL7	Netwealth Gp	Australia	50,397	12.10	AUD	Equity	413538.38	1.16
33	BJV2FV3	DE000NWRK013	New Work	Germany	2,521	152.60	EUR	Equity	410575.80	1.16
34	BK5MWP9	CA25609L1058	Docebo	Canada	12,138	44.74	CAD	Equity	400792.74	1.13
35	BP2C235	LU2333563281	Tonies SE	Germany	61,683	6.00	EUR	Equity	394986.92	1.11
36	BNHSHK6	DK0061802139	Alk-Abello	Denmark	28,407	96.05	DKK	Equity	391583.11	1.10
37	BYVKG53	INE741K01010	CreditAccess Grameen	India	35,335	915.30	INR	Equity	390935.88	1.10
38	BSLVC23	JP3399770001	Snow Peak	Japan	21,700	2351.00	JPY	Equity	386651.26	1.09
39	BSLTDM4	JP3835870001	Bengo4.Com Inc	Japan	19,600	2596.00	JPY	Equity	385627.34	1.09
40	BMGYLN9	GG00BMGYLN96	Burford Capital	Channel Islands, IoM	44,958	6.67	GBP	Equity	360713.15	1.02
41	7370063	BE0165385973	Melexis	Belgium	4,167	81.00	EUR	Equity	360225.53	1.01
42	3147777	GB0031477770	First Derivatives	United Kingdom	21,266	13.62	GBP	Equity	348411.17	0.98
43	BYVX2X2	GB00BYVX2X20	Team 17 Group	United Kingdom	63,642	4.40	GBP	Equity	336841.55	0.95
44	B28PS95	CH0033361673	U-Blox	Switzerland	2,764	110.20	CHF	Equity	329218.33	0.93
45	BP4JH17	BMG5150J1577	Johnson Electric Holdings	Hong Kong	255,000	9.83	HKD	Equity	321161.57	0.90
46	BFWVYJ2	JP3386670008	GA Technologies	Japan	31,300	1334.00	JPY	Equity	316451.55	0.89
47	BMC6VV7	JP3155360005	Wealthnavi Inc	Japan	30,700	1352.00	JPY	Equity	314573.50	0.89
48	BK7C5Q9	JP3386690006	JMDC	Japan	10,600	3780.00	JPY	Equity	303671.98	0.85
49	B03XKH2	JP3105270007	Outsourcing	Japan	42,100	948.00	JPY	Equity	302480.58	0.85
50	BZCRNM6	JP3277040006	KH Neochem	Japan	14,400	2693.00	JPY	Equity	293904.28	0.83
51	6660914	JP3197700002	Optex Co Ltd	Japan	20,900	1796.00	JPY	Equity	284485.20	0.80
52	4031910	FR0004110310	ESI Group	France	3,611	73.80	EUR	Equity	284413.25	0.80
53	B84B5K9	JP3305960001	Colopl Inc	Japan	57,100	628.00	JPY	Equity	271770.81	0.76
54	BJYJG18	JP3332540008	Sansan	Japan	27,500	1276.00	JPY	Equity	265944.14	0.75
55	6806008	JP3356500003	Shima Seiki Mfg.	Japan	17,700	1855.00	JPY	Equity	248842.32	0.70
56	BMXT7N9	IL0011751166	Nayax	Israel	12,805	66.70	ILS	Equity	242055.69	0.68
57	B7TYN35	JP3240100002	Kitanotatsujin Corp	Japan	110,800	279.00	JPY	Equity	234288.53	0.66
58	BL5C4C7	DE000A2LQ884	Auto1 Group SE	Germany	26,851	7.80	EUR	Equity	223522.39	0.63
59	BNK9TP5	GB00BNK9TP58	Trustpilot Group Plc	United Kingdom	180,138	0.97	GBP	Equity	209103.74	0.59
60	B3W40C2	GB00B3W40C23	Dotdigital Group	United Kingdom	204,692	0.83	GBP	Equity	203873.31	0.57
61	B6X51B1	TW0008436007	TCI Co	Taiwan	35,148	171.00	TWD	Equity	195549.38	0.55
62	BY7QYJ5	GB00BY7QYJ50	Molten Ventures	United Kingdom	44,756	3.54	GBP	Equity	190690.46	0.54
63	B18RC03	JP3153480003	Infomart Corp	Japan	66,700	357.00	JPY	Equity	180468.38	0.51
64	B7JCJZ3	JP3102320003	Istyle	Japan	42,700	542.00	JPY	Equity	175401.87	0.49
65	BD83SJ6	JP3984120000	Locondo	Japan	20,700	1080.00	JPY	Equity	169434.23	0.48
66	BKLFVR7	JP3826520003	freee K.K.	Japan	7,500	2928.00	JPY	Equity	166432.98	0.47
67	BMBM5J2	FI4000330972	Nanoform Finland	Finland	45,167	3.20	EUR	Equity	154254.27	0.43
68	B898BV8	SE0004840718	Xvivo Perfusion	Sweden	8,654	183.00	SEK	Equity	151992.13	0.43
69	BMTCQY6	SE0014428835	Vostok New Ventures	Sweden	58,145	25.98	SEK	Equity	144978.85	0.41
70	BD6SZB4	NZVHTE0001S6	Volpara Health Technologies	New Zealand	384,714	0.53	AUD	Equity	136969.25	0.39
71	6321266	JP3152720003	Inter Action Corporation	Japan	11,400	1537.00	JPY	Equity	132796.24	0.37
72	B3PQXL5	JP3122440005	Anicom Holdings Inc	Japan	29,800	580.00	JPY	Equity	130993.97	0.37
73	BYW82K3	DE000A2DAM03	Aumann Ag	Germany	9,457	11.48	EUR	Equity	115867.40	0.33
74	B021F83	GB00B021F836	Naked Wines	United Kingdom	68,761	1.27	GBP	Equity	104879.50	0.30
75	3433067	GB0034330679	ANGLE	United Kingdom	167,788	0.51	GBP	Equity	101925.17	0.29
76	BNGN4R8	SE0005878741	Bactiguard Hdg	Sweden	9,525	110.40	SEK	Equity	100922.31	0.28
77	4018786	SE0000683484	CellaVision	Sweden	4,416	229.00	SEK	Equity	97054.95	0.27
78	BF062T5	KR7042000000	Cafe24	South Korea	10,865	9860.00	KRW	Equity	84720.36	0.24
79	BKYBH63	AU0000066086	Vulcan Energy Resources	Australia	16,343	6.33	AUD	Equity	70155.43	0.20
80	B13V385	JP3952870008	Demae-Can	Japan	21,100	430.00	JPY	Equity	68763.50	0.19
81	BYZWZT2	KYG468321040	Hypebeast	Hong Kong	1,256,600	0.40	HKD	Equity	64400.16	0.18
82	BMCM2Q7	AU0000107831	CleanSpace Hdgs	Australia	186,083	0.50	AUD	Equity	63096.09	0.18
83	BYXX821	SE0007439443	Storytel	Sweden	14,833	44.23	SEK	Equity	62964.98	0.18
84	BWFKZT2	US15117K1034	Cellectis ADR	France	22,950	2.10	USD	Equity	48195.00	0.14
85	BMYXW80	KR7376980009	Wantedlab	South Korea	3,239	12550.00	KRW	Equity	32146.66	0.09
86	BLH36Q6	DE000A3E5ED2	Veganz Group Ag	Germany	2,160	12.80	EUR	Equity	29507.31	0.08
87	BWWYKX6	BE0974281132	Biocartis Gp	Belgium	33,774	0.53	EUR	Equity	19031.91	0.05
88	B1P76L5	FR0010425595	Cellectis	France	506	1.99	EUR	Equity	1073.03	0.00
89			TWD Uncommitted Cash	International	11	0.00	TWD	Equity	0.36	0.00
90			KRW Uncommitted Cash	International	-16,296,209	0.00	KRW	Equity	-12887.47	-0.04
Total	100.00%

Sector Analysis of Total Assets - 2/28/2023

		Fund %	Benchmark %	Difference %
1	Information Technology	37.03	11.06	25.97
2	Communication Services	7.34	3.77	3.57
3	Financials	14.72	11.28	3.44
4	Cash	2.30	0.00	2.30
5	Consumer Discretionary	13.38	11.52	1.87
6	Health Care	4.10	6.93	-2.83
7	Utilities	0.00	3.31	-3.31
8	Industrials	17.02	20.68	-3.66
9	Energy	0.00	4.07	-4.07
10	Consumer Staples	1.62	6.07	-4.45
11	Real Estate	1.63	9.57	-7.95
12	Materials	0.86	11.75	-10.88
	Total	100.00	100.00

Total may not sum due to rounding

Regional Analysis of Total Assets - 2/28/2023

		Fund %	Benchmark %	Difference %
1	Europe (ex UK)	35.11	26.27	8.84
2	Cash	2.30	0.00	2.30
3	UK	11.46	10.14	1.32
4	North America	4.03	7.24	-3.22
5	Developed Asia Pacific	27.33	30.61	-3.28
6	Emerging Markets	19.78	25.74	-5.96
	Total	100.00	100.00

Total may not sum due to rounding

Country Analysis of Total Assets - 2/28/2023

		Fund %	Benchmark %	Difference %
1	Taiwan	14.36	5.54	8.82
2	Sweden	12.34	4.00	8.34
3	Japan	24.60	20.39	4.21
4	Italy	6.40	2.36	4.04
5	Cash	2.30	0.00	2.30
6	Switzerland	5.48	3.18	2.30
7	Germany	5.10	3.33	1.77
8	Channel Islands, IoM	0.93	0.00	0.93
9	Israel	2.33	1.62	0.72
10	South Korea	4.23	3.69	0.54
11	UK	10.53	10.14	0.39
12	Belgium	1.20	1.03	0.17
13	Hungary	0.00	0.01	-0.01
14	Czech Republic	0.00	0.02	-0.02
15	Colombia	0.00	0.03	-0.03
16	Egypt	0.00	0.06	-0.06
17	Ireland	0.00	0.17	-0.17
18	Greece	0.00	0.18	-0.18
19	Portugal	0.00	0.20	-0.20
20	United Arab Emirates	0.00	0.20	-0.20
21	Chile	0.00	0.21	-0.21
22	Qatar	0.00	0.24	-0.24
23	Kuwait	0.00	0.29	-0.29
24	Poland	0.00	0.29	-0.29
25	Philippines	0.00	0.30	-0.30
26	New Zealand	0.52	0.84	-0.32
27	Denmark	1.07	1.45	-0.37
28	Turkey	0.00	0.49	-0.49
29	Hong Kong	0.89	1.43	-0.54
30	Mexico	0.00	0.63	-0.63
31	Indonesia	0.00	0.68	-0.68
32	Austria	0.00	0.69	-0.69
33	Malaysia	0.00	0.75	-0.75
34	Saudi Arabia	0.00	0.82	-0.82
35	Finland	0.27	1.12	-0.85
36	South Africa	0.00	0.92	-0.92
37	Thailand	0.00	1.03	-1.03
38	Netherlands	0.00	1.34	-1.34
39	Brazil	0.00	1.37	-1.37
40	Spain	0.00	1.38	-1.38
41	Singapore	0.00	1.38	-1.38
42	Norway	0.00	1.60	-1.60
43	France	0.92	2.62	-1.70
44	China	0.00	2.58	-2.58
45	Canada	4.03	7.24	-3.22
46	India	1.04	5.60	-4.55
47	Australia	1.47	6.57	-5.11
	Total	100.00	100.00

Total may not sum due to rounding.

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

Brian Lum (Chair)

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.

Praveen Kumar

Praveen joined Baillie Gifford in 2008 and is an Investment Manager in the Japanese Equities Team. He previously worked for FKI Logistex. Praveen graduated BEng in Computer Science from Bangalore University in 2001 and gained an MBA from the University of Cambridge in 2008.

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.

Charlie Broughton

Charlie joined Baillie Gifford in 2014 and is an Investment Manager in the Smaller Companies Team. He graduated MA (Hons) in Medieval History and Archaeology from the University of St Andrews in 2013. Charlie is a CFA Charterholder.

Remya Nair

Remya joined Baillie Gifford in 2018 and is an Investment Analyst on the Pan European Small Cap Portfolio Construction Group. She graduated MSc (Hons) in International Development Management in 2018, and previously BSc (Dual Hons) in Social Policy and Sociology in 2017, from the London School of Economics.

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 International Smaller Companies Fund Institutional Class	BICIX	0.01288	0.00000	0.01288	0.02291	0.00000	0.01288	12/28/2022	12/28/2022	Final
Baillie Gifford International Smaller Companies Fund K Class	BICKX	0.01768	0.00000	0.01768	0.02291	0.00000	0.01768	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 International Smaller Companies Fund are Investment Style Risk, Small-and Medium Capitalization Securities Risk, Growth Stock Risk, Long-Term Investment Strategy Risk, Asia 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 shares of small-and medium -capitalization companies can be more volatile than larger companies. This can be more evident during market downturns as they may have potentially reduced liquidity and shorter operating histories. 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. 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. 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: 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, Liquidity Risk, Market Disruption and Geopolitical Risk, Market Risk, New and Smaller-Sized Funds Risks, Servicer Provider Risk, Settlement 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.