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.

Total returns as of month end 11/30/2023


	Gross Expense Ratio	Net Expense Ratio	1 Month*	3 Months*	YTD*
Share Class K	1.55%	0.90%	12.73%	-2.99%	3.82%
MSCI ACWI ex-USA Small Cap Index	n/a	n/a	9.70%	-0.27%	9.25%

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


	Gross Expense Ratio	Net Expense Ratio	1 Year	3 Years	Since Inception†
Share Class K	1.55%	0.90%	14.03%	-9.30%	3.95%
MSCI ACWI ex-USA Small Cap Index	n/a	n/a	19.60%	4.50%	6.47%

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, 2024.

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.

Total returns as of month end 11/30/2023


	Gross Expense Ratio	Net Expense Ratio	1 Month*	3 Months*	YTD*
Share Class Institutional	1.64%	0.99%	12.75%	-2.99%	3.73%
MSCI ACWI ex-USA Small Cap Index	n/a	n/a	9.70%	-0.27%	9.25%

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


	Gross Expense Ratio	Net Expense Ratio	1 Year	3 Years	Since Inception†
Share Class Institutional	1.64%	0.99%	14.00%	-9.35%	3.91%
MSCI ACWI ex-USA Small Cap Index	n/a	n/a	19.60%	4.50%	6.47%

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, 2024.

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 10/31/2023

Stock Name	Contribution %
Creditaccess Grameen Ltd.	0.56
AirTac International Group	0.50
Global UniChip	0.44
Brunello Cucinelli SpA	0.28
U-Blox	0.14
Victoria	-0.57
Chroma ATE	-0.51
Kinaxis	-0.26
Alpha FX	-0.25
New Work	-0.21

Holdings

Top 10
All

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

	Company Name	Fund %
1	Global UniChip	4.78
2	AirTac International Group	4.13
3	Avanza Bank	3.02
4	ADDTECH	2.92
5	Kinaxis	2.89
6	Brunello Cucinelli	2.84
7	Chroma Ate	2.68
8	CreditAccess Grameen	2.60
9	Hypoport	2.50
10	Games Workshop	2.48
Total	30.83%

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	B056381	TW0003443008	Global UniChip	Taiwan	13,000	1365.00	TWD	Equity	549712.67	4.20
2	B52J816	KYG014081064	AirTac International Group	Taiwan	15,229	979.00	TWD	Equity	461863.69	3.53
3	6212100	TW0002360005	Chroma ATE	Taiwan	48,000	276.00	TWD	Equity	410402.57	3.14
4	BN85P68	CA49448Q1090	Kinaxis	Canada	3,561	153.18	CAD	Equity	403457.09	3.08
5	BLN8T44	SE0014781795	Addtech 'B'	Sweden	24,057	175.20	SEK	Equity	387951.84	2.96
6	BJXMLF7	SE0012454072	Avanza Bank Holding	Sweden	21,614	189.40	SEK	Equity	376805.62	2.88
7	B28XLF6	DE0005493365	Hypoport	Germany	2,470	128.30	EUR	Equity	335518.95	2.56
8	B7K6D18	IT0004764699	Brunello Cucinelli SpA	Italy	4,267	72.05	EUR	Equity	325499.31	2.49
9	0371847	GB0003718474	Games Workshop Group	United Kingdom	2,487	105.70	GBP	Equity	320853.09	2.45
10	BG0SQC9	CH0406705126	Sensirion Holding AG	Switzerland	3,415	73.40	CHF	Equity	274006.34	2.09
11	BF1TM59	GB00BF1TM596	Alpha FX	United Kingdom	11,785	18.70	GBP	Equity	268984.12	2.05
12	BZ1DZ96	IT0005282865	Reply Spa	Italy	2,828	89.05	EUR	Equity	266628.62	2.04
13	B80VKP3	TW0005274005	ASPEED Technology	Taiwan	3,100	2765.00	TWD	Equity	265531.82	2.03
14	BYVKG53	INE741K01010	CreditAccess Grameen	India	16,321	1315.50	INR	Equity	258549.52	1.98
15	6123923	JP3920860008	Megachips Corp	Japan	9,000	4180.00	JPY	Equity	252102.53	1.93
16	BFM1K61	JP3967180005	Raksul Inc	Japan	28,100	1331.00	JPY	Equity	250635.62	1.91
17	BSLTDM4	JP3835870001	Bengo4.Com Inc	Japan	7,000	4835.00	JPY	Equity	226805.16	1.73
18	BK5MWP9	CA25609L1058	Docebo	Canada	5,550	55.08	CAD	Equity	226105.03	1.73
19	B034DS7	IL0010910656	Maytronics	Israel	21,392	40.03	ILS	Equity	224933.48	1.72
20	BZ30ML6	SE0009997018	HMS Networks	Sweden	5,987	400.00	SEK	Equity	220430.40	1.68
21	6602563	JP3924800000	DMG Mori	Japan	12,800	2543.00	JPY	Equity	218129.67	1.67
22	BZC0LC1	GB00BZC0LC10	Victoria	United Kingdom	34,103	5.20	GBP	Equity	216446.91	1.65
23	BMGYLN9	GG00BMGYLN96	Burford Capital	Channel Islands, IoM	15,439	11.31	GBP	Equity	213126.39	1.63
24	BD9Y5C0	IT0005162406	Technogym Spa	Italy	27,317	7.32	EUR	Equity	211708.12	1.62
25	B39Q399	KR7098460009	Koh Young Technology	South Korea	22,896	12380.00	KRW	Equity	210058.16	1.60
26			USD Uncommitted Cash	International	207,129	0.00	USD	Equity	207128.94	1.58
27	BLNN0G8	CH0238627142	Bossard	Switzerland	942	201.00	CHF	Equity	206976.39	1.58
28	6906760	JP3531800005	Tsugami Corp	Japan	25,200	1160.00	JPY	Equity	195892.11	1.50
29	BF52PL1	AU000000NWL7	Netwealth Gp	Australia	18,610	15.10	AUD	Equity	181364.47	1.39
30	BZCRNM6	JP3277040006	KH Neochem	Japan	11,500	2295.00	JPY	Equity	176863.80	1.35
31	B18RC03	JP3153480003	Infomart Corp	Japan	65,500	402.00	JPY	Equity	176451.67	1.35
32	BF0QD69	JP3932950003	Katitas	Japan	11,900	2178.00	JPY	Equity	173685.37	1.33
33	BD4F658	SE0008294953	Paradox Interactive	Sweden	7,484	229.60	SEK	Equity	158164.10	1.21
34	BMXT7N9	IL0011751166	Nayax	Israel	6,508	88.34	ILS	Equity	151015.69	1.15
35	6461128	JP3149800009	IRISO Electronics Co Ltd	Japan	5,200	4200.00	JPY	Equity	146356.17	1.12
36	B1QGV49	JP3130300001	eGuarantee Inc	Japan	10,800	1948.00	JPY	Equity	140984.42	1.08
37	BK7C5Q9	JP3386690006	JMDC	Japan	3,700	5439.00	JPY	Equity	134858.77	1.03
38	7370063	BE0165385973	Melexis	Belgium	1,496	81.70	EUR	Equity	129403.82	0.99
39	BD0CJ98	KR7140860008	Park Systems	South Korea	1,053	163300.00	KRW	Equity	127430.64	0.97
40	3147777	GB0031477770	First Derivatives	United Kingdom	6,731	14.64	GBP	Equity	120275.21	0.92
41	BNHSHK6	DK0061802139	Alk-Abello	Denmark	10,346	79.45	DKK	Equity	116706.85	0.89
42	BBQ3850	GB00BBQ38507	Keywords Studios	United Kingdom	6,180	15.47	GBP	Equity	116690.16	0.89
43	B03XKH2	JP3105270007	Outsourcing	Japan	14,700	1155.00	JPY	Equity	113777.85	0.87
44	BP4JH17	BMG5150J1577	Johnson Electric Holdings	Hong Kong	91,500	9.64	HKD	Equity	112624.73	0.86
45	B28PS95	CH0033361673	U-Blox	Switzerland	1,299	77.90	CHF	Equity	110616.64	0.85
46	6660914	JP3197700002	Optex Co Ltd	Japan	10,000	1619.00	JPY	Equity	108493.89	0.83
47	6510989	KR7012510004	Douzone Bizon Co Ltd	South Korea	4,964	29000.00	KRW	Equity	106681.49	0.81
48	BP2C235	LU2333563281	Tonies SE	Germany	21,879	4.60	EUR	Equity	106556.20	0.81
49	BP6S8Z3	GB00BP6S8Z30	Oxford Nanopore Technologies PLC	United Kingdom	42,249	2.06	GBP	Equity	106021.75	0.81
50	BKDX4P8	INE933S01016	IndiaMART InterMESH	India	2,991	2876.30	INR	Equity	103599.28	0.79
51	BJV2FV3	DE000NWRK013	New Work	Germany	916	99.00	EUR	Equity	96011.69	0.73
52	BMC6VV7	JP3155360005	Wealthnavi Inc	Japan	11,200	1269.00	JPY	Equity	95244.09	0.73
53	BFWVYJ2	JP3386670008	GA Technologies	Japan	11,300	1211.00	JPY	Equity	91702.46	0.70
54	6311632	KR7039130000	Hanatour Service	South Korea	2,627	46550.00	KRW	Equity	90623.13	0.69
55	BD09G76	JP3218950008	Kamakura Shinsho	Japan	21,300	624.00	JPY	Equity	89068.19	0.68
56	BD83SJ6	JP3984120000	Locondo	Japan	7,900	1601.00	JPY	Equity	84757.25	0.65
57	BJYJG18	JP3332540008	Sansan	Japan	9,700	1258.00	JPY	Equity	81773.16	0.62
58	B898BV8	SE0004840718	Xvivo Perfusion	Sweden	3,136	274.50	SEK	Equity	79235.65	0.61
59	6806008	JP3356500003	Shima Seiki Mfg.	Japan	6,500	1789.00	JPY	Equity	77925.95	0.60
60	BNK9TP5	GB00BNK9TP58	Trustpilot Group Plc	United Kingdom	61,941	1.03	GBP	Equity	77643.33	0.59
61	B0LX4M7	INE191H01014	PVR Inox Ltd	India	3,700	1716.95	INR	Equity	76500.72	0.58
62	BMH40Q4	JP3160960005	Appier Group Inc	Japan	7,100	1599.00	JPY	Equity	76079.08	0.58
63	B6X51B1	TW0008436007	TCI Co	Taiwan	13,148	180.50	TWD	Equity	73518.50	0.56
64	BYVX2X2	GB00BYVX2X20	Team 17 Group	United Kingdom	22,496	2.65	GBP	Equity	72762.34	0.56
65	B3W40C2	GB00B3W40C23	Dotdigital Group	United Kingdom	73,839	0.78	GBP	Equity	69936.35	0.53
66	BD6SZB4	NZVHTE0001S6	Volpara Health Technologies	New Zealand	144,415	0.73	AUD	Equity	67573.94	0.52
67	B7TYN35	JP3240100002	Kitanotatsujin Corp	Japan	40,400	239.00	JPY	Equity	64704.98	0.49
68	BKRQ602	JP3423580004	CellSource Co., Ltd.	Japan	3,700	2512.00	JPY	Equity	62284.47	0.48
69	4031910	FR0004110310	ESI Group	France	384	151.50	EUR	Equity	61593.84	0.47
70	BL5C4C7	DE000A2LQ884	Auto1 Group SE	Germany	9,585	6.06	EUR	Equity	61497.60	0.47
71	BSLVC23	JP3399770001	Snow Peak	Japan	7,400	1187.00	JPY	Equity	58862.79	0.45
72	BKLFVR7	JP3826520003	freee K.K.	Japan	2,700	2972.00	JPY	Equity	53773.83	0.41
73	BYW82K3	DE000A2DAM03	Aumann Ag	Germany	3,322	15.02	EUR	Equity	52827.86	0.40
74	B7JCJZ3	JP3102320003	Istyle	Japan	15,000	508.00	JPY	Equity	51063.83	0.39
75	B3PQXL5	JP3122440005	Anicom Holdings Inc	Japan	11,300	615.00	JPY	Equity	46570.61	0.36
76	BY7QYJ5	GB00BY7QYJ50	Molten Ventures	United Kingdom	15,369	2.28	GBP	Equity	42769.67	0.33
77	BMTCQY6	SE0014428835	Vostok New Ventures	Sweden	25,658	16.68	SEK	Equity	39393.18	0.30
78	BMYXW80	KR7376980009	Wantedlab	South Korea	4,359	11090.00	KRW	Equity	35824.30	0.27
79	BMBM5J2	FI4000330972	Nanoform Finland	Finland	17,143	1.78	EUR	Equity	32307.27	0.25
80	BKPTHH7	JP3386710002	GMO Financial Gate Inc	Japan	400	10650.00	JPY	Equity	28547.50	0.22
81	BLGXWY7	GB00BLGXWY71	WAG Payment Solutions PLC	United Kingdom	25,199	0.92	GBP	Equity	28296.10	0.22
82	6321266	JP3152720003	Inter Action Corporation	Japan	4,000	1030.00	JPY	Equity	27609.31	0.21
83	BKYBH63	AU0000066086	Vulcan Energy Resources Ltd	Australia	14,023	2.89	AUD	Equity	26155.78	0.20
84	BYZWZT2	KYG468321040	Hypebeast	Hong Kong	481,000	0.42	HKD	Equity	25487.59	0.19
85	4018786	SE0000683484	CellaVision	Sweden	1,790	153.60	SEK	Equity	25307.34	0.19
86	B13V385	JP3952870008	Demae-Can	Japan	8,500	369.00	JPY	Equity	21018.60	0.16
87	BLH36Q6	DE000A3E5ED2	Veganz Group Ag	Germany	716	24.30	EUR	Equity	18420.98	0.14
88	BWFKZT2	US15117K1034	Cellectis ADR	France	10,403	1.58	USD	Equity	16436.74	0.13
89	BYXX821	SE0007439443	Storytel	Sweden	5,732	30.06	SEK	Equity	15859.79	0.12
90	3433067	GB0034330679	ANGLE	United Kingdom	72,211	0.15	GBP	Equity	13440.91	0.10
91			TWD Uncommitted Cash	International	11	0.00	TWD	Equity	0.34	0.00
92			GBP Uncommitted Cash	International	-9,217	0.00	GBP	Equity	-11250.20	-0.09
93			JPY Uncommitted Cash	International	-2,119,471	0.00	JPY	Equity	-14203.19	-0.11
Total	100.00%

Sector Analysis of Total Assets - 10/31/2023

		Fund %	Benchmark %	Difference %
1	Information Technology	33.37	11.44	21.92
2	Financials	16.75	11.22	5.54
3	Communication Services	6.83	3.83	3.00
4	Consumer Discretionary	14.34	11.83	2.51
5	Cash	1.96	0.00	1.96
6	Health Care	4.72	6.95	-2.23
7	Industrials	17.93	20.24	-2.31
8	Utilities	0.00	2.94	-2.94
9	Energy	0.00	4.56	-4.56
10	Consumer Staples	1.21	6.51	-5.30
11	Real Estate	1.31	8.84	-7.53
12	Materials	1.58	11.65	-10.06
	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)	31.27	23.64	7.63
2	UK	11.78	9.33	2.45
3	Cash	1.96	0.00	1.96
4	North America	4.70	6.86	-2.16
5	Developed Asia Pacific	27.67	30.74	-3.07
6	Emerging Markets	22.62	29.43	-6.81
	Total	100.00	100.00

Total may not sum due to rounding

Country Analysis of Total Assets - 10/31/2023

		Fund %	Benchmark %	Difference %
1	Taiwan	14.21	6.36	7.85
2	Sweden	9.89	3.29	6.60
3	Italy	6.75	2.36	4.39
4	Japan	24.77	21.66	3.11
5	Cash	1.96	0.00	1.96
6	Switzerland	4.74	2.83	1.91
7	Germany	4.96	3.07	1.89
8	Channel Islands, IoM	1.58	0.00	1.58
9	Israel	2.75	1.69	1.06
10	UK	10.20	9.33	0.87
11	South Korea	4.24	3.89	0.35
12	New Zealand	0.56	0.53	0.03
13	Belgium	0.91	0.89	0.02
14	Hungary	0.00	0.02	-0.02
15	Czech Republic	0.00	0.02	-0.02
16	Hong Kong	1.13	1.15	-0.02
17	Egypt	0.00	0.13	-0.13
18	Greece	0.00	0.14	-0.14
19	Ireland	0.00	0.19	-0.19
20	Qatar	0.00	0.20	-0.20
21	Chile	0.00	0.23	-0.23
22	Portugal	0.00	0.23	-0.23
23	Philippines	0.00	0.23	-0.23
24	Kuwait	0.00	0.28	-0.28
25	Denmark	0.95	1.28	-0.33
26	United Arab Emirates	0.00	0.34	-0.34
27	Poland	0.00	0.36	-0.36
28	Finland	0.24	0.84	-0.60
29	Austria	0.00	0.61	-0.61
30	Indonesia	0.00	0.62	-0.62
31	Mexico	0.00	0.66	-0.66
32	Turkey	0.00	0.69	-0.69
33	Malaysia	0.00	0.73	-0.73
34	Thailand	0.00	0.96	-0.96
35	South Africa	0.00	0.97	-0.97
36	Netherlands	0.00	0.97	-0.97
37	Saudi Arabia	0.00	1.06	-1.06
38	Singapore	0.00	1.27	-1.27
39	Spain	0.00	1.30	-1.30
40	Brazil	0.00	1.46	-1.46
41	Norway	0.00	1.54	-1.54
42	Canada	4.70	6.86	-2.16
43	China	0.00	2.28	-2.28
44	France	0.08	2.43	-2.34
45	India	3.98	7.96	-3.98
46	Australia	1.40	6.13	-4.73
	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 a deputy manager on the Pan European Small Cap Strategy. She is also an investment manager in the International Smaller Companies Team and a member of its Portfolio Construction Group. She graduated MSc (Hons) in International Development Management in 2018 and 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
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 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.

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 Smaller Companies Fund are, Small-and Medium Capitalization Securities Risk, Growth Stock Risk, Investment Style Risk, Long-Term Investment Strategy Risk, Non-U.S. Investment Risk and Asia Risk. 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 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 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. 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. 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, Service 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.