INVESTMENT TRUST BULLETIN - Baillie Gifford

INVESTMENT TRUST BULLETIN

YOUR MONTHLY GUIDE TO ALL OUR FACTS AND FIGURES

30 September 2021

Investment Trust Awards

These awards are not a recommendation to buy. If you need further information or are in doubt then you should

consult a professional adviser.

Past performance is not a guide to future returns

Citywire Investment Trust Awards 2020

Pacific Horizon Trust was the winner of the Asia Pacific category

Scottish Mortgage Investment Trust PLC was the winner of the Global Equities category

The Scottish American Investment Company P.L.C. was the winner of the International Income category

Baillie Gifford UK Growth Fund was the winner of the UK All Companies category

Money Observer Investment Trust Awards 2020

Baillie Gifford was the winner of the Premier Group category

Scottish Mortgage Investment Trust PLC was the winner of the Global Growth category

The Scottish American Investment Company P.L.C. was the winner of the Global Income category

Edinburgh Worldwide Investment Trust plc was highly commended in the Global category

Moneywise Investment Trust Awards 2020


FT & Investor Chronicle Investment and Wealth Management Awards 2019

Scottish Mortgage Investment Trust PLC was the winner of the Best Investment Trust category

Citywire Investment Trust Awards 2019

Edinburgh Worldwide Investment Trust plc was the winner of the Global Equities category





The Scottish American Investment Company P.L.C. was the winner of the Global Income category

Baillie Gifford Shin Nippon PLC was the winner of the Japan category


Scottish Mortgage Investment Trust PLC was the winner of the Global category

Edinburgh Worldwide Investment Trust plc was highly commended in the Global category

Citywire Investment Trust Insider Awards 2018

Japan Trust was the winner of the Japan Equities category

Pacific Horizon was the winner of the Asia Pacific Equities category





Baillie Gifford Shin Nippon PLC was the winner of the Japan category


The Monks Investment Trust PLC was the winner of the Global category

Scottish Mortgage Investment Trust PLC was highly commended in the Global category

Pacific Horizon Investment Trust PLC was highly commended in the Asia Pacific ex Japan category

Association of Investment Companies Awards 2017

Scottish Mortgage Investment Trust PLC was the winner of the Best Marketing Campaign category

What Investment Trust Awards 2017

Baillie Gifford was the winner of the Best Investment Trust Group category

Scottish Mortgage Investment Trust PLC was the winner of the Best Global Trust category

Contents

Page Morningstar Analyst Rating

Morningstar Rating

Rayner Spencer Mills Research

FundCalibre

4 About This Bulletin

6 Scottish Mortgage Investment Trust PLC Gold Rated Elite Rated

7 The Monks Investment Trust PLC Silver

8 Edinburgh Worldwide Investment Trust plc Silver Rated

9 The Scottish American Investment Company P.L.C. Neutral

10 Baillie Gifford UK Growth Fund plc

11 Baillie Gifford US Growth Trust plc Rated

12 Baillie Gifford European Growth Trust plc

13 Baillie Gifford China Growth Trust plc

14 The Baillie Gifford Japan Trust PLC Bronze Rated Elite Rated

15 Baillie Gifford Shin Nippon PLC Elite Rated

16 Pacific Horizon Investment Trust PLC Rated

17 Keystone Positive Change Investment Trust plc

18 Risk Factors

20 Annual Remuneration

21 How To Contact Us

22 Legal Notices

© 2021 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. For more detailed information about Morningstar’s Analyst Rating, including its methodology, please go to morningstar.com. For disclosure and detailed information about this fund please refer to full Morningstar Global Fund Report that can be accessed here: bailliegifford.com/globalfundreport-scottishmortgage bailliegifford.com/globalfundreport-japantrust bailliegifford.com/globalfundreport-ewit bailliegifford.com/globalfundreport-monks bailliegifford.com/globalfundreport-saints

The selected trusts are rated by Rayner Spencer Mills Research, for more information go to: rsmgroup.co.uk*.

The selected trusts are rated by FundCalibre, for more information go to: fundcalibre.com*.

*These ratings are designed for use by professional advisers andintermediaries as part of their advice process. These ratings are not arecommendation to buy. If you need further information or are in doubtthen you should consult a professional adviser.

Ref: 11388 10003672

Rated

4

http://www.morningstar.com/

http://www.bailliegifford.com/globalfundreport-scottishmortgage

http://www.bailliegifford.com/globalfundreport-japantrust

https://www.bailliegifford.com/en/uk/individual-investors/literature-library/fund-rating-reports/morningstar-analyst-rating-reports/edinburgh-worldwide-morningstar-report/

https://www.bailliegifford.com/en/uk/individual-investors/literature-library/fund-rating-reports/morningstar-analyst-rating-reports/edinburgh-worldwide-morningstar-report/

http://www.bailliegifford.com/globalfundreport-monks

http://www.bailliegifford.com/globalfundreport-saints

http://www.rsmgroup.co.uk/

http://www.fundcalibre.com/

Investment Trust Managers AIC Sector

Scottish Mortgage Investment Trust PLC James Anderson and Tom Slater Global

The Monks Investment Trust PLC Spencer Adair Global

Edinburgh Worldwide Investment Trust plc Douglas Brodie Global Smaller Companies

The Scottish American Investment Company P.L.C. James Dow and Toby Ross Global Equity Income

Baillie Gifford UK Growth Fund plc Iain McCombie and Milena Mileva UK All Companies

Baillie Gifford US Growth Trust plc Gary Robinson and Kirsty Gibson North America

Baillie Gifford European Growth Trust plc Stephen Paice and Moritz Sitte Europe

Baillie Gifford China Growth Trust plc Roderick Snell and Sophie Earnshaw China / Greater China

The Baillie Gifford Japan Trust PLC Matt Brett Japan

Baillie Gifford Shin Nippon PLC Praveen Kumar Japanese Smaller Companies

Pacific Horizon Investment Trust PLC Roderick Snell Asia Pacific

Keystone Positive Change Investment Trust plc Kate Fox and Lee Qian Global

Prices are published daily in the Financial Times and on our website at bailliegifford.com.

The investment trusts managed by Baillie Gifford & Co Limited are listed UK companies. The value of their shares, and any income from them, can fall as well as rise and investors may not get back the amount invested.

The Trusts are listed on the London Stock Exchange and are not authorised or regulated by the Financial Conduct Authority.

The information and opinions expressed within this bulletin are subject to change without notice.

Any comments expressed in this bulletin are not recommendations or advice.

Details of other risks are set out on pages 15 and 16 and further details of risks associated with investing in investment trusts, including how charges are applied, can be found in the Trust specific pages at bailliegifford.com, or by calling Baillie Gifford on 0800 917 2112.

This bulletin has been issued by Baillie Gifford & Co (Financial Services Register 142597), Calton Square, 1 Greenside Row, Edinburgh EH1 3AN. Baillie Gifford & Co Limited (Financial Services Register 119179) is the manager and secretary of the Trusts, and it delegates portfolio management to Baillie Gifford & Co.

Full product details, including a Key Information Document, the possible effect of charges on an investment, are available on request. In this document the NAVs are calculated with borrowings deducted at fair value (for bank borrowings less than one year fair value is equal to par value). In the periodic performance tables borrowings are deducted at fair value for 1, 3 and 5 years and par value for 10 years.

Fair – borrowings (if any) at an estimate of their market worth. Par – borrowings at their eventual repayment value. All performance figures are in sterling terms, total return – that is,

with any dividends reinvested. The graphs represent 5 years’ performance, to the date at the top of each page, and have been indexed to start at 100 (this aids comparison and is not a reflection of actual values at any given date). The Discrete Performance tables are updated quarterly.

Gearing is calculated according to Association of Investment Companies (AIC) guidelines. The potential gearing figure reflects the amount of borrowings drawn expressed as a percentage of shareholders’ funds. The invested gearing figure reflects the amount of borrowings at par less cash and cash equivalents actively invested, expressed as a percentage of shareholders’ funds. A minus gearing figure means that cash or cash equivalents, as adjusted to take into account the exposure of derivative holdings, exceed borrowings.

Annual turnover is reported to the date shown and is calculated by dividing sales by the average of opening and closing investment portfolio.

Active share, a measure of how actively a portfolio is managed, is the percentage of the portfolio that differs from its benchmark or comparative index. It is calculated by deducting from 100 the percentage of the portfolio that overlaps with the benchmark or comparative index. An active share of 100 indicates no overlap with the benchmark or comparative index and an active share of zero indicates a portfolio that tracks the benchmark or comparative index.

The ongoing charges figures represent the total operating costs of the Trusts divided by the average net assets (with debt at fair value) as disclosed in the most recently published in each Trust’s Annual Report.

5

https://www.bailliegifford.com/

https://www.bailliegifford.com/

Scottish Mortgage Investment Trust PLC

30 September 2021

All data as at 30 September 2021 and source Baillie Gifford & Co Limited unless otherwise stated. Past performance is not a guide to future

returns.

Key Information

Managers James Anderson / Tom Slater

Deputy Manager Lawrence Burns

Total Assets £21.15bn Total Borrowings at fair £1.68bn

Ongoing Charges 0.34%* Dividend Yield 0.2%

Potential Gearing 8% Invested Gearing 7%

Active Share 93%**

Annual Turnover (As at 31/03/2021) 33%

Net Asset Value per Share (NAV) 1379.17p

Share Price 1428.00p

Discount of Share Price to NAV (12 month average) 1.4%

*Ongoing charges as at 31/03/2021. Calculated in accordance with AIC recommendations. Details of these costs can be found in the Key Information

Document.

**Relative to FTSE All-World Index. Source: Baillie Gifford & Co, FTSE.

Premium/(Discount) of Share Price to NAV at Fair (%)

For details of the Company’s liquidity policy, please see the Business Review in the Annual Report.

Portfolio Concentration

The largest 30 holdings accounted for 75.1% of total assets, and the total number of holdings was 100. The portfolio includes 49 privatecompanies, which in aggregate accounted for 19.5% of total assets.

Top Ten Holdings

Holdings % of Total Assets

1 Moderna 9.2

2 Illumina 5.8

3 ASML 5.5

4 Tesla Inc 4.7

5 Tencent 4.1

6 Ginkgo BioWorks 3.2

7 Meituan 2.9

8 NIO 2.8

9 Delivery Hero 2.6

10 Amazon.com 2.6

Total 43.2

Total may not sum due to rounding.

Proposition

Scottish Mortgage is an actively managed, low cost investment trust,

investing in a high conviction, global portfolio of companies with the aim

of maximising its total return to its shareholders over the long term. The

managers aim to achieve a greater return than the FTSE All-World Index

(in sterling terms) over a five year rolling period. The majority of the

portfolio will be held in quoted equities and up to a maximum of 30% of

the assets may be invested in companies not listed on a public market

(measured at the time of purchase).

The Managers are looking for strong, well run businesses which offer

the best potential durable growth opportunities for the future. They think

in terms of owning companies rather than renting shares and are first and

foremost stock pickers, selecting investments based on an individual

company’s fundamental characteristics. A long term approach is taken, as

the Managers believe that it is only over periods of five years or longer

that durable competitive advantages and managerial excellence within

companies are truly reflected in returns.

Companies are analysed using a range of questions that aim to assess:

the strength of management, a company’s competitive and financial

positions, the customers’ perspective, prospects for sales and margins,

current and potential valuation, how the market and the Managers’ views

differ and what will happen after five years. The resulting portfolio bears

little resemblance to the benchmark index which is only used for

performance measurement, rather than portfolio construction.

The Managers do not believe that they have a strong competitive

advantage in timing short term market volatility so do not attempt to do so.

Similarly, the Managers do not seek to make top-down calls on markets

more broadly. This is not to say that no attention is paid to the broader

world: on the contrary many of the discussions of companies revolve

around the future shape of the global economy. The Managers simply aim

to ignore the maelstrom of noise in markets and trade only when

appropriate for their investment approach.

Performance Periodic Performance (%)

1 Year 3 Years 5 Years 10 Years

Share Price 44.5 167.7 350.0 1171.9

NAV 39.4 166.7 341.6 1077.6

Index* 22.7 39.7 83.1 274.8

Discrete Performance (%)

30/09/16-30/09/17

30/09/17-30/09/18

30/09/18-30/09/19

30/09/19-30/09/20

30/09/20-30/09/21

Share Price 30.3 29.0 -6.4 97.8 44.5

NAV 30.6 26.7 -1.2 93.7 39.4

Index* 15.5 13.4 7.8 5.7 22.7

Performance source: Morningstar, FTSE, total return in sterling.

*FTSE All-World Index.

-8

-6

-4

-2

0

2

4

6

Sep 16 Sep 17 Sep 18 Sep 19 Sep 20 Sep 21

90

140

190

240

290

340

390

440

490


Indexed

Share Price – Scottish Mortgage Investment Trust PLCNAV – Scottish Mortgage Investment Trust PLCIndex*

6

The Monks Investment Trust PLC

30 September 2021


returns.

Key Information

Manager Spencer Adair

Deputy Managers Malcolm MacColl 0

Total Assets £3,412.57m Total Borrowings £132.89m



Active Share 86%**




Premium of Share Price to NAV 0.2%

*Ongoing charges as at 30/04/2021. Calculated in accordance with AIC recommendations. Details of these costs can be found in the Key Information

Document.

**Relative to FTSE World Index. Source: Baillie Gifford & Co, FTSE.

Proposition

The Trust aims for long-term capital growth which takes priority over income. This is pursued through applying a patient approach to investment, principally from a differentiated, actively managed global equity portfolio containing a diversified range of growth stocks – companies with above average earnings growth – which we expect to hold for around five years on average. Investments are made on an unconstrained basis. The portfolio, which includes stocks with a range of different growth profiles, will typically contain 100+ stocks from around the world and Monks should not be viewed as a proxy for any index.

Geographic Analysis of Total Assets

1 United Kingdom 11.2%

2 Europe 12.5%

3 North America 52.3%

4 Japan 6.0%

5 Developed Asia 4.0%

6 Emerging Markets 12.1%

7 Net Liquid Assets 1.9%

Sector Analysis of Total Assets

1 Technology 24.6%

2 Consumer Discretionary 20.3%

3 Financials 19.8%

4 Health Care 14.7%

5 Industrials 9.2%

6 Basic Materials 3.5%

7 Real Estate 2.8%

8 Consumer Staples 1.7%

9 Energy 1.2%

10 Utilities 0.4%


Figures may not sum due to rounding.

Top Ten Holdings


1 The Schiehallion Fund Limited 4.5

2 SEA Limited 2.2

3 Alphabet 2.1

4 Prosus 2.0

5 Moderna 2.0

6 Microsoft 2.0

7 Moody's 2.0

8 Amazon.com 1.8

9 Ryanair 1.7

10 Martin Marietta Materials 1.7

Total 21.9




Share Price 23.8 66.8 169.5 371.8

NAV 24.8 68.7 145.2 321.1

Index* 24.0 40.8 85.6 284.9


30/09/16-30/09/17

30/09/17-30/09/18

30/09/18-30/09/19

30/09/19-30/09/20

30/09/20-30/09/21

Share Price 35.6 19.1 7.8 24.9 23.8

NAV 24.9 16.3 5.7 27.9 24.8

Index* 15.4 14.2 7.9 5.2 24.0


*FTSE World Index.

1

2

3

4

5

6

1

2

3

4

5

6

80

130

180

230

280

330


Indexed

Share Price – The Monks Investment Trust PLC

NAV – The Monks Investment Trust PLC

Index*

7

Edinburgh Worldwide Investment Trust plc

30 September 2021


returns.

Key Information

Manager Douglas Brodie Deputy Managers Luke Ward / Svetlana Viteva


Ongoing Charges 0.72%* Dividend Yield Nil


Active Share 99%**



Share Price 307.50p

Discount of Share Price to NAV 4.2%

Invested in Private Companies 10.4%

*Ongoing charges as at 31/10/2020. Calculated in accordance with AIC

recommendations. Details of these costs can be found in the Key Information

Document.

**Relative to S&P Global Small Cap Index Cap Index. Source: Baillie Gifford & Co,

S&P.

Proposition

The Trust aims for capital growth from a global portfolio of initially immature entrepreneurial companies, typically with a market capitalisation of less than $5bn at time of initial investment, which are believed to offer long-term growth potential (over at least five years).

The portfolio does not seek to track the comparative index, hence a degree of volatility against companies index is inevitable. A spread of risk is achieved by having 75–125 holdings, with exposure to a minimum of six countries and 15 industries.

The Trust is actively managed and will primarily consist of listed companies although up to 15% of total assets can be invested, at the time of initial investment, in private companies.


1 North America 65.5%

2 UK 15.8%

3 Europe 5.3%

Israel 1.6%

Denmark 1.3%

Switzerland 1.0%

Others 1.3%

4 Asia 8.5%

China 4.5%

Japan 3.9%

5 Australasia 2.0%



Top 20 Industry Positions (%) - 31 in Total

Top Ten Holdings


1 Tesla Inc 5.6

2 Alnylam Pharmaceuticals 4.1

3 STAAR Surgical 3.2

4 Ocado 3.1

5 Zillow 2.9

6 Upwork 2.9

7 Space Exploration Technologies 2.6

8 MarketAxess 2.5

9 PsiQuantum 2.5

10 Chegg 2.2

Total 31.6

Totals may not sum due to rounding.



Share Price 5.3 56.6 211.2 507.1

NAV 12.4 67.9 187.2 487.1

Index* 33.5 32.5 71.7 246.9


30/09/16-30/09/17

30/09/17-30/09/18

30/09/18-30/09/19

30/09/19-30/09/20

30/09/20-30/09/21

Share Price 32.0 50.6 -6.3 58.7 5.3

NAV 24.8 37.1 -5.7 58.3 12.4

Index* 15.9 11.8 0.6 -1.4 33.5

Performance source: Morningstar, S&P, MSCI, total return in sterling.

*Changed from MSCI AC World Index to S&P Global Small Cap Index on

01/02/2014. Data chain-linked from this date to form a single comparative index.

1

2

3

4

0 5 10 15 20

Semiconductors & Semiconductor Equipment

Auto Components

Internet & Direct Marketing Retail

IT Services

Pharmaceuticals

Electronic Equipment, Instruments & Components

Diversified Consumer Services

Life Sciences Tools & Services

Food & Staples Retailing

Capital Markets

Technology Hardware, Storage & Peripherals

Professional Services

Electrical Equipment

Interactive Media & Services

Health Care Technology

Automobiles

Aerospace & Defense

Health Care Equipment & Supplies

Biotechnology

Software

80

130

180

230

280

330

380

430


Indexed

Share Price – Edinburgh Worldwide Investment Trust plc

NAV – Edinburgh Worldwide Investment Trust plc

Index*

8

The Scottish American Investment Company P.L.C.

30 September 2021


returns.

Key Information

Managers James Dow / Toby Ross

Total Assets £952.23m Total Borrowings £97.96m



Active Share 89%**


Net Asset Value per Share (NAV) at Fair 489.40p

Net Asset Value per Share (NAV) at Book 490.88p

Share Price 500.00p

Premium of Share Price to NAV (at Fair) 2.2%

Premium of Share Price to NAV (at Book) 1.9%


recommendations. Details of these costs can be found in the Key Information Document.

**Relative to FTSE All-World Index. Source: Baillie Gifford & Co, FTSE.

Proposition

The Trust aims to be a core investment for private investors seeking income. Its objective is to grow the dividend at a faster rate than inflation by increasing capital and growing income. The focus of the portfolio is on global equities but investments are also made in bonds, property and other asset types.

The equity portfolio is managed on a global basis and usually consists of between 50–100 stocks. In constructing the portfolio, little regard is paid to the composition of the equity indices.

Dividend versus CPI

(figures rebased to 100 at 30 June 2011)

Source: Thomson Reuters Datastream/Baillie Gifford & Co. The Consumer Price

Index (CPI) is a measure of inflation that is used in the Government’s target for

inflation.

Year to June 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

Dividend Per Share

(p)

9.35 9.60 10.0010.37 5 10.60 10.77 5 10.90 11.30 11.70 12.00 12.125

Year on Year Change

(%)

2.2 2.7 4.2 3.8 2.2 1.7 1.2 3.7 3.5 2.6 1.0

Top Ten Equity Holdings


1 TSMC 2.9

2 United Parcel Service 2.8

3 Novo Nordisk 2.7

4 Microsoft 2.6

5 Sonic Healthcare 2.6

6 Partners 2.6

7 Fastenal 2.5

8 Roche 2.4

9 Anta Sports Products 2.4

10 Procter & Gamble 2.4

Total 25.9


Asset Allocation of Total Assets

1 North American Equities 31.3%

2 South American Equities 1.8%

3 European Equities 32.8%

4 African and Middle Eastern

Equities 0.8%

5 Europe 0.5%

6 Asian Equities 15.3%

7 Australasian Equities 4.3%

8 Fixed Interest 5.4%

9 Property 7.3%





Share Price 16.3 43.6 85.1 232.9

NAV 19.7 45.9 91.0 260.5

Index* 22.7 39.7 83.1 274.8


30/09/16-30/09/17

30/09/17-30/09/18

30/09/18-30/09/19

30/09/19-30/09/20

30/09/20-30/09/21

Share Price 17.6 9.6 13.6 8.7 16.3

NAV 17.8 11.2 12.9 7.9 19.7

Index* 15.5 13.4 7.8 5.7 22.7


*FTSE All-World Index.

100

105

110

115

120

125

130

135

11 12 13 14 15 16 17 18 19 20 21

SAINTS dividend CPI

1

3

6

7

8

9

80

100

120

140

160

180

200

220


Indexed

Share Price – The Scottish American Investment Company P.L.C.NAV – The Scottish American Investment Company P.L.C.Index*

9

Baillie Gifford UK Growth Trust plc

30 September 2021


returns.

Key Information

Managers Iain McCombie / Milena Mileva



Potential Gearing 1% Invested Gearing -3%

Active Share 85%**



Share Price 233.00p




Document.

**Relative to FTSE All-Share Index. Source: Baillie Gifford & Co, FTSE.

Top Sector Positions (%) - 19 in Total

Proposition

The Trust aims to achieve capital growth predominantly from investment in UK listed equities, with the aim of providing a total return in excess of the FTSE All-Share Index. Investments are made with a five year investment horizon and the portfolio is relatively concentrated with between 35 - 65 companies. 10% of the total asset value of Trust can be invested, at the time of initial investment, in private companies. Sector and industry weightings are a consequence of the index agnostic approach to stock selection. The portfolio does not seek to track or mirror the benchmark, hence a degree of volatility against it is inevitable. The yield on the Trust’s investments is of secondary importance.

Top Ten Holdings


1 Genus 4.7

2 St. James's Place 4.4

3 Volution Group 4.3

4 Ashtead 3.7

5 Howden Joinery 3.5

6 Abcam 3.5

7 Auto Trader 3.4

8 Renishaw 3.1

9 Rightmove 3.0

10 Games Workshop 3.0

Total 36.6




Share Price 31.5 34.0 62.5 162.6

NAV 23.8 23.7 43.8 152.4

Index* 27.9 9.5 29.8 119.2


30/09/16-30/09/17

30/09/17-30/09/18

30/09/18-30/09/19

30/09/19-30/09/20

30/09/20-30/09/21

Share Price 10.4 9.8 -1.0 2.9 31.5

NAV 9.7 6.0 -2.2 2.2 23.8

Index* 11.9 5.9 2.7 -16.6 27.9

Performance source: Morningstar, FTSE, total return in sterling. *FTSE All-Share Index.

The line at 30 June 2018 represents the appointment of Baillie Gifford & Co Limited as Managers and Company Secretaries.

0 5 10 15

Net Liquid Assets

Medical Equipment and Services

Chemicals

Personal Goods

General Industrials

Beverages

Leisure Goods

Industrial Metals and Mining

Industrial Transportation

Media

Construction and Materials

Non-life Insurance

Real Estate Investment and Services

Electronic and Electrical Equipment

Software and Computer Services

Retailers

Life Insurance

Pharmaceuticals and Biotechnology

Industrial Support Services

Investment Banking and Brokerage Services

80

90

100

110

120

130

140

150

160

170

180


Indexed

Share Price – Baillie Gifford UK Growth Fund plc

NAV – Baillie Gifford UK Growth Fund plc

Comparative Index - FTSE All-Share Index

10

Baillie Gifford US Growth Trust plc

30 September 2021


returns.

Key Information

Managers Gary Robinson / Kirsty Gibson




Active Share 92%**



Share Price 318.00p




Document.

**Relative to S&P 500 Index. Source: Baillie Gifford & Co, S&P.


1 Information Technology 33.9%


3 Health Care 21.1%

4 Industrials 7.5%

5 Communication Services 7.4%

6 Financials 4.6%

7 Real Estate 1.0%

8 Materials 0.7%





The largest 30 holdings accounted for 69.2% of total assets, and the total number of holdings was 73. The portfolio includes 24 private companies, which in aggregate accounted for 19.1% of total assets.

Top Ten Holdings


1 Shopify 6.2

2 Moderna 6.0

3 Amazon.com 4.1

4 Tesla Inc 3.9

5 Affirm 3.3

6 Wayfair 3.2

7 The Trade Desk 3.2

8 Stripe 2.9

9 Twilio 2.7

10 Netflix 2.6

Total 38.2


Proposition

The Trust aims to produce long-term capital growth by investing predominantly in equities of companies which are incorporated, domiciled or conducting a significant portion of their business in the United States of America. The maximum amount which may be invested directly in private companies shall not exceed 50% of the total assets of the Company, measured at the time of investment. We are bottom-up, growth investors with a long-term horizon. The portfolio consists of direct holdings in listed securities and private companies in up to a combined maximum of 90 holdings companies or funds, typically with 30 to 50 or more listed security holdings. The team aims to deliver outstanding investment performance by harnessing the asymmetry of returns inherent in equity markets. We believe we will maximise our chances of achieving this aim by identifying the exceptional growth businesses in America and owning them for long enough that the advantages of their business models and cultural strengths become the dominant drivers of their valuations. We have observed that, increasingly, companies in the US are choosing to remain private for longer, and as such the public equity markets do not offer the full spectrum of growth investment opportunity that we have previously enjoyed. The Trust’s ability to invest up to 50% of NAV in private companies at the time of purchase gives us the flexibility to invest in what we believe are the exceptional growth companies in the US, whatever their listed status. We take a five-year view when investing in stocks and are not driven by short-term trends..

Performance

Periodic Performance (%)

1 Year 3 Years 5 Years

Since Inception†

Share Price 20.9 138.4 N/A 216.4

NAV 33.4 154.9 N/A 236.8

Index* 24.7 50.9 N/A 86.2


30/09/16-30/09/17

30/09/17-30/09/18

30/09/18-30/09/19

30/09/19-30/09/20

30/09/20-30/09/21

Share Price N/A N/A -2.2 101.5 20.9

NAV N/A N/A -0.5 91.9 33.4

Index* N/A N/A 10.3 9.8 24.7

Performance source: Morningstar, S&P, total return in sterling.

†23 March 2018.

*S&P 500 Index.

1

2

3

4

5

6

80

130

180

230

280

330

380

Mar 18 Mar 19 Mar 20 Mar 21

Indexed

Share Price – Baillie Gifford US Growth Trust plc

NAV – Baillie Gifford US Growth Trust plc

Index*

11

Baillie Gifford European Growth Trust plc

30 September 2021


returns.

Key Information

Managers Stephen Paice / Moritz Sitte / Chris Davies




Active Share 88%**

Annual Turnover (As at 30/09/2020***) 29%


Share Price 152.40p


Invested in Private Companies 4.6%



Top 20 Sector Positions (%) - 24 in Total



Document. Baillie Gifford was appointed on 29 November 2019 and agreed to waive its management fee for six months. Without the management fee waiver,

the ongoing charges would have been 0.75%.

**Relative to FTSE Europe ex UK Index. Source: Baillie Gifford & Co, FTSE.

*** The annual turnover figure excludes the reorganisation of the portfolio

following the appointment of Baillie Gifford & Co as Managers and Company

Secretaries of the Company.

Proposition

The Trust aims to achieve capital growth over the long term from a diversified portfolio of European securities; the yield on the Trust’s investments is of secondary importance. The managers invest in high quality, well managed businesses that are able to grow significantly and which typically have a strong competitive position and are managed by owner-operators. The portfolio is relatively concentrated with between 30 and 60 listed and private companies. Sector and industry weightings are a consequence of bottom-up stock picking. The portfolio does not seek to track or mirror the index, the active

share is likely to be over 80%.

Top Ten Holdings


1 IMCD 5.9

2 Adyen 4.4

3 Zalando 4.1

4 Prosus 4.0

5 Ryanair 3.7

6 Avanza Bank 3.3

7 Atlas Copco 3.2

8 NIBE 3.2

9 ASML 3.1

10 Northvolt 3.0

Total 38.0




Share Price 25.2 78.3 138.5 323.5

NAV 23.9 62.6 106.9 245.1

Index* 23.0 31.1 64.5 196.1


30/09/16-30/09/17

30/09/17-30/09/18

30/09/18-30/09/19

30/09/19-30/09/20

30/09/20-30/09/21

Share Price 32.2 1.2 -7.6 54.2 25.2

NAV 29.9 -2.1 -4.6 37.5 23.9

Index* 22.6 2.4 6.9 -0.3 23.0


*Index: FTSE Europe ex UK Index.

The line at 30 November 2019 represents the appointment of Baillie Gifford & Co Limited as Managers and Company Secretaries.

0 5 10 15

Leisure Goods

Industrial Materials

Personal Care, Drug and Grocery Stores

Media

Electronic and Electrical Equipment

Automobiles and Parts

Technology Hardware and Equipment

Medical Equipment and Services

Investment Banking and Brokerage Services

Industrial Support Services

Banks

Construction and Materials

Travel and Leisure

Personal Goods

Chemicals

Industrial Engineering

Consumer Services

Industrial Transportation

Retailers

Software and Computer Services

90

110

130

150

170

190

210

230

250

270


Indexed

Share Price – Baillie Gifford European Growth Trust plcNAV – Baillie Gifford European Growth Trust plcIndex*

1 Sweden 27.1%

2 Netherlands 18.3%

3 Germany 17.4%

4 France 9.1%

5 Norway 6.0%

6 Switzerland 5.7%

7 Ireland 5.7%

8 Italy 3.4%

9 Denmark 2.3%

10 Hungary 1.6%

11 Poland 1.2%


1

2

3

4

5

6

7

8

12

Baillie Gifford China Growth Trust plc

30 September 2021


returns.

Key Information

Managers Roderick Snell / Sophie Earnshaw




Active Share 71%**


Share Price 375.00p


*Ongoing charges as at 31/01/2021 (excluding performance fee). Calculated in

accordance with AIC recommendations. Details of these costs can be found in the Key Information Document. Baillie Gifford was appointed on 16 September

2020 and agreed to waive its management fee for six months. Without the

management fee waiver, the ongoing charges (excluding performance fees) wouldhave been 1.02%.

**Relative to MSCI China All Shares Index. Source: Baillie Gifford & Co, MSCI.




3 Health Care 16.0%

4 Industrials 11.3%

5 Financials 8.5%



8 Materials 3.2%

9 Utilities 1.3%

10 Real Estate 0.4%




The largest 30 holdings accounted for 75.1% of total assets, and the total number of holdings was 65.

Top Ten Holdings


1 Tencent 8.5

2 Alibaba 6.6

3 ByteDance 5.2

4 Li Ning 3.9

5 Meituan 3.7

6 CATL 3.7

7 Kweichow Moutai 3.5

8 China Merchants Bank 3.2

9 Ping An Insurance 2.9

10 BeiGene 2.1

Total 43.3


Proposition

The Trust aims to produce long term capital growth by investing in an actively managed portfolio of Chinese companies. Up to a maximum of 20% of assets may be invested in companies not listed on a public market (measured at time of purchase). We invest on a long-term (5 year) perspective, and have a strong preference for growth. We are looking for significant upside in each stock that we invest in. The process is driven by rigorous, fundamental, bottom-up analysis undertaken by our dedicated emerging markets team, with input from our China office. The fund managers draw on this analysis, as well as insights gleaned from discussion with all of Baillie Gifford’s global investors, to produce a portfolio that typically holds 40–80 stocks.



Share Price -7.6 26.4 43.1 148.1

NAV 2.4 10.1 30.9 118.4

Index* -2.8 7.2 33.2 126.6


30/09/16-30/09/17

30/09/17-30/09/18

30/09/18-30/09/19

30/09/19-30/09/20

30/09/20-30/09/21

Share Price* 11.1 2.0 10.7 23.5 -7.6

NAV 11.0 7.1 -0.1 7.7 2.4

Index* 14.6 8.4 3.1 7.0 -2.8

Performance source: Morningstar, MSCI, total return in sterling.

*Changed from MSCI AC Asia ex Pacific Index to MSCI China All Shares Index on

16/09/20. Data chain-linked from this date to form a single comparative index.

The line at 16 September 2020 represents the appointment of Baillie Gifford & Co Limited as Managers and Company Secretaries.

Before the 16 September 2020 the Trust was able to invest across the Asia Pacific region rather than solely in China, and had a different comparative index.

1

2

3

4

5

6

78

80

100

120

140

160

180

200

220


Indexed

Share Price – Baillie Gifford China Growth Trust plc

NAV – Baillie Gifford China Growth Trust plc

Index – MSCI China All Shares Index

13

The Baillie Gifford Japan Trust PLC

30 September 2021


returns.

Key Information

Manager Matt Brett

Deputy Manager Praveen Kumar




Active Share 81%**






recommendations. Details of these costs can be found in the Key Information Document.

**Relative to TOPIX. Source: Baillie Gifford & Co, Tokyo Stock Exchange.


1 Commerce & Services 20.2%

2 Manufacturing & Machinery 18.5%

3 Info, Comm and Utilities 16.6%

4 Electricals & Electronics 15.5%

5 Financials 9.1%

6 Chemicals & Other Materials 7.5%

7 Pharmaceuticals & Foods 4.0%

8 Real Estate & Construction 3.3%

9 Retail 2.1%



Proposition

The Trust aims to pursue long-term capital growth principally through investment in medium to smaller sized Japanese companies which are believed to have above average prospects for growth.

We invest in a spread of 40–70 companies, predominantly medium and smaller sized, that we believe offer good growth opportunities.

Growth may come from innovative business models, disrupting traditional Japanese practices or market opportunities, such as growth from overseas.

We aim to take a three to five year view and the Trust is managed by looking at the underlying investments rather than the benchmark which is TOPIX total return.

Top Ten Holdings


1 SoftBank Group 4.1

2 Rakuten 3.1

3 GMO Internet 3.0

4 SBI Holdings 3.0

5 Sysmex 3.0

6 CyberAgent 2.8

7 Misumi 2.8

8 FANUC 2.7

9 Sony 2.7

10 Kubota 2.5

Total 29.8




Share Price 16.3 19.9 90.7 441.0

NAV 14.3 25.7 87.9 381.7

Index* 15.6 18.0 50.2 164.4


30/09/16-30/09/17

30/09/17-30/09/18

30/09/18-30/09/19

30/09/19-30/09/20

30/09/20-30/09/21

Share Price 34.0 18.8 -3.3 6.6 16.3

NAV 20.7 23.8 0.6 9.3 14.3

Index* 12.6 13.0 -0.3 2.4 15.6

Performance source: Morningstar, Tokyo Stock Exchange, total return in sterling.

*TOPIX.

1

2

3

4

5

6

78

10

90

110

130

150

170

190

210


Indexed

Share Price – The Baillie Gifford Japan Trust PLC

NAV – The Baillie Gifford Japan Trust PLC

Index*

14

Baillie Gifford Shin Nippon PLC

30 September 2021


returns.

Key Information

Manager Praveen Kumar




Active Share 95%**



Share Price 247.50p




Document.

**Relative to MSCI Japan Small Cap Index. Source: Baillie Gifford & Co, MSCI.


1 Industrials 26.4%



4 Health Care 10.7%

5 Financials 6.2%



8 Real Estate 2.4%

9 Materials 1.9%



Top Ten Holdings


1 Jeol 3.7

2 RakSul 3.5

3 Outsourcing 3.1

4 Snow Peak 3.0

5 LITALICO 2.8

6 Tsugami 2.5

7 Descente 2.5

8 Shoei 2.4

9 KATITAS 2.4

10 GMO Payment Gateway 2.2

Total 28.2


Proposition

The Trust aims to achieve long-term capital growth principally through investment in small Japanese companies which are believed to have above average prospects for capital growth.

We invest in 40–80 attractively valued smaller companies that we believe offer good growth opportunities. The Trust is actively managed and will primarily consist of listed companies although up to 10% of total assets can be invested, at the time of initial investment, in unlisted investments.

Growth may come from innovative business models, disrupting traditional Japanese practices or market opportunities, such as growth from overseas.

We aim to take a three to five year view and the Trust is managed by looking at the underlying investments rather than the comparative index, the MSCI Japan Small Cap Index, total return, in sterling terms.

Performance

Periodic Performance (%)


Share Price 4.0 20.4 114.3 627.9

NAV 7.0 23.7 112.0 557.7

Index* 10.1 11.9 43.0 172.5


30/09/16-30/09/17

30/09/17-30/09/18

30/09/18-30/09/19

30/09/19-30/09/20

30/09/20-30/09/21

Share Price 27.9 39.1 -11.4 30.8 4.0

NAV 22.6 39.8 -8.6 26.4 7.0

Index* 15.3 10.8 -0.3 2.0 10.1


*MSCI Japan Small Cap Index.

1

2

3

4

5

6

7

80

100

120

140

160

180

200

220

240


Indexed

Share Price – Baillie Gifford Shin Nippon PLC

NAV – Baillie Gifford Shin Nippon PLC

Index*

15

Pacific Horizon Investment Trust PLC

30 September 2021


returns.

Key Information

Manager Roderick Snell




Active Share 93%**



Share Price 874.00p



1 India 30.1%

2 Hong Kong & China 23.1%

3 Korea 13.5%

4 Singapore 9.2%

5 Vietnam 5.4%

6 Indonesia 4.7%

7 Taiwan 3.1%

8 China 'A' Shares 3.0%

9 Other Listed 1.9%

10 Kazakhstan 0.6%



Private Companies

The portfolio includes 7 private companies, which in aggregate

accounted for 7.2% of total assets.

Top 20 Industry Positions (%) - 36 in Total



Document.

**Relative to MSCI All Country Asia Ex Japan Index. Source: Baillie Gifford & Co,

MSCI.

Proposition

The Trust aims to achieve capital growth through investment in the Asia Pacific region (excluding Japan) and the Indian Sub-continent.

The portfolio contains companies which have been identified as offering the potential for long-term capital appreciation, irrespective of whether they comprise part of any index. Country and sector weightings are a consequence of the index agnostic approach to stock selection. In constructing the equity portfolio a spread of risk is achieved by diversification and the portfolio will typically consist of between 40–120 holdings.

The Trust is actively managed and will normally consist principally of quoted securities although up to 10% of total assets can be invested, at the time of initial investment, in private companies.

Top Ten Holdings


1 SEA Limited 6.7

2 Tata Motors 3.6

3 Zomato 2.9

4 Li Ning 2.7

5 Delhivery 2.6

6 Jadestone Energy 2.5

7 MMG Limited 2.2

8 Vedanta 2.1

9 JD.com 2.0

10 Samsung SDI 1.9

Total 29.2




Share Price 51.3 168.2 305.9 567.9

NAV 48.1 144.3 230.7 451.2

Index* 10.0 27.0 58.3 168.6


30/09/16-30/09/17

30/09/17-30/09/18

30/09/18-30/09/19

30/09/19-30/09/20

30/09/20-30/09/21

Share Price 34.9 12.2 -4.1 85.0 51.3

NAV 29.1 4.9 3.0 60.1 48.1

Index* 19.1 4.7 2.5 12.6 10.0


*MSCI All Country Asia Ex Japan Index.

1

23

4

5

6

7

11

0 5 10 15 20

Capital Markets

Insurance

Wireless Telecommunication Services

Software

Interactive Media & Services

Construction & Engineering

Transportation Infrastructure

IT Services

Biotechnology

Machinery

Banks

Electronic Equipment, Instruments & Components

Textiles, Apparel & Luxury Goods

Oil, Gas & Consumable Fuels

Real Estate Management & Development

Automobiles

Semiconductors & Semiconductor Equipment

Internet & Direct Marketing Retail

Entertainment

Metals & Mining

80

130

180

230

280

330

380

430


Indexed

Share Price – Pacific Horizon Investment Trust PLC

NAV – Pacific Horizon Investment Trust PLC

Index*

16

Keystone Positive Change Investment Trust plc

30 September 2021


returns.

Key Information

Managers Kate Fox / Lee Qian



Active Share 96%**


Share Price 344.00p


*Ongoing charges as at 10/02/2021. These charges are an estimate only and are

calculated in accordance with AIC recommendations. Details of these costs can

be found in the Key Information Document.

**Relative to MSCI ACWI (GBP) Index. Source: Baillie Gifford & Co, MSCI.


1 North America 52.3

2 Europe (ex UK) 24.3

3 Emerging Markets 18.3

4 Developed Asia Pacific 3.9

5 UK 1.0

6 Net Liquid Assets 0.3


Private Companies

The portfolio includes 4 private companies, which in aggregate accounted for 2.1% of total assets.

Top Ten Holdings


1 Moderna 13.4

2 ASML 7.6

3 TSMC 5.3

4 Tesla Inc 5.1

5 MercadoLibre 5.0

6 Dexcom 4.7

7 Illumina 4.0

8 M3 3.4

9 Umicore 3.4

10 NIBE 3.3

Total 55.1

Totals may not sum due to rounding.

Proposition

The trust aims to generate long term capital growth with the aim of the NAV total return exceeding that of the MSCI AC World Index in Sterling terms by at least 2% per annum over rolling five year periods; and contribute towards a more sustainable and inclusive world by investing in the equities of companies whose products or services make a positive social or environmental impact. The performance target stated is in no way guaranteed.



Share Price 40.9 15.6 20.2 119.5

NAV 17.4 0.8 8.8 103.1

Index* 24.5 6.6 26.3 113.3


30/09/16-30/09/17

30/09/17-30/09/18

30/09/18-30/09/19

30/09/19-30/09/20

30/09/20-30/09/21

Share Price 3.2 0.8 -4.1 -14.5 40.9

NAV 7.8 0.0 1.1 -15.0 17.4

Index* 11.9 5.9 2.7 -16.6 24.5


*MSCI ACWI Index (GBP). Changed from FTSE All Share Index on 10/2/2021.

Data chain-linked from this date to form a single index.

The line at 10 February 2021 represents the appointment of Baillie Gifford & Co Limited as Managers and Company Secretaries.

Prior to this date the Trust had a different investment universe and objective.

1

2

3

4

70

80

90

100

110

120

130

140


Indexed

Share Price – Keystone Positive Change Investment Trust PLC

NAV – Keystone Positive Change Investment Trust PLC

Index*

17

Risk Factors

Any investment in an investment trust involves risk. You should be aware of the following risk factors which, in addition to those on page three, apply to all of the investment trusts:

— All the Trusts can borrow ‘money’ to make further investments (sometimes known as “gearing” or “leverage”). The risk is that when this money is repaid by the trust, the value of the investments may not be enough to cover the borrowing and interest costs, and the trust will make a loss. If the trust’s investments fall in value, any invested borrowings will increase the amount of this loss.

— Market values for securities which have become difficult to trade may not be readily available, and there can be no assurance that any value assigned to such securities will accurately reflect the price the Trusts might receive upon their sale.

— The Trusts can buy back their own shares. The risks from borrowing, referred to above, are increased when a trust buys back its own shares.

— Share prices may either be below (at a discount) or above (at a premium) the net asset value (NAV). The Trust may issue new shares when the price is at a premium which will reduce the share price. Shares bought at a premium can therefore quickly lose value.

— The Trusts can make use of derivatives which may impact on their performance.

Trust Specific Risk Factors and Information

Scottish Mortgage Investment Trust PLC

— The Trust invests in overseas securities. Changes in the rates of exchange may also cause the value of your investment (and any income it may pay) to go down or up.

— The Trust invests in emerging markets where difficulties in dealing, settlement and custody could arise, resulting in a negative impact on the value of your investment.

— The Trust has a significant investment in private companies. The Trust's risk could be increased as these assets may be more difficult to buy or sell, so changes in their price may be greater.

The Monks Investment Trust PLC



— The aim of the Trust is to achieve capital growth. You should not expect a significant, or steady, annual income from the Trust.

Edinburgh Worldwide Investment Trust plc


— Investment in smaller, immature companies is generally considered higher risk as changes in their share prices may be greater and the shares may be harder to sell. Smaller, immature companies may do less well in periods of unfavourable economic conditions.


— The Trust’s risk could be increased by its investment in private companies. These assets may be more difficult to buy or sell, so changes in their prices may be greater.

The Scottish American Investment Company P.L.C.

— The Trust invests in overseas securities. Changes in the rates of exchange may also cause the value of your investment (and any income it may pay) to go down or up


— The Trust has some direct property investments, which may be difficult to sell. Valuations of property are only estimates based on the valuer's opinion. These estimates may not be achieved when the property is sold.

— Corporate bonds are generally perceived to carry a greater possibility of capital loss than investment in, for example, higher rated UK government bonds. Bonds issued by companies and governments may be adversely affected by changes in interest rates and expectations of inflation.

— The level of income is not guaranteed.

Baillie Gifford UK Growth Fund plc

— The Trust’s exposure to a single market may increase risk. — The aim of the Trust is to achieve capital growth. You should not

expect a significant, or steady, annual income from the Trust. — The Trust's risk is increased as it holds fewer investments than a

typical investment trust and the effect of this, together with its long-term approach to investment, could result in large movements in the share price.

Baillie Gifford US Growth Trust plc


— Investment in smaller companies is generally considered higher risk as changes in their share prices may be greater and the shares may be harder to sell. Smaller companies may do less well in periods of unfavorable economic conditions.

— The Trust's exposure to a single market and currency may increase risk.

— The Trust has a significant investment in private companies. The Trust's risk could be increased as these assets may be more difficult to buy or sell, so changes in their price may be greater.

— The aim of the Trust is to achieve capital growth and it is unlikely that the Trust will provide a steady, or indeed any, income.

Baillie Gifford European Growth Trust plc


— The Trust's risk could be increased by its investment in private companies. These assets may be more difficult to sell, so changes in their prices may be greater.

— The Trust's risk is increased as it holds fewer investments than a typical investment trust and the effect of this, together with its long-term approach to investment, could result in large movements in the share price.


18

Baillie Gifford China Growth Trust plc


— Investment in smaller companies is generally considered higher risk as changes in their share prices may be greater and the shares may be harder to sell. Smaller companies may do less well in periods of unfavorable economic conditions.

— The Trust's exposure to a single market and currency may increase risk.

— The Trust's risk could be increased by its investment in private companies. These assets may be more difficult to sell, so changes in their prices may be greater.

— The Trust invests in China where potential issues with market volatility, political and economic instability including the risk of market shutdown, trading, liquidity, settlement, corporate governance, regulation, legislation and taxation could arise, resulting in a negative impact on the value of your investment.


The Baillie Gifford Japan Trust PLC


— Investment in smaller companies is generally considered higher risk as changes in their share prices may be greater and the shares may be harder to sell. Smaller companies may do less well in periods of unfavourable economic conditions.

— The Trust’s exposure to a single market and currency may increase risk.


Baillie Gifford Shin Nippon PLC


— Investment in smaller companies is generally considered higher risk as changes in their share prices may be greater and the shares may be harder to sell. Smaller companies may do less well in periods of unfavourable economic conditions.

— The Trust’s exposure to a single market and currency may increase risk.


— The Trust's risk could be increased by its investment in private companies. These assets may be more difficult to buy or sell, so changes in their prices may be greater.

Pacific Horizon Investment Trust PLC




— The Trust’s risk could be increased by its investment in private companies. These assets may be more difficult to buy or sell, so changes in their prices may be greater.

— The Trust invests in China, often through contractual structures that are complex and could be open to challenge, where potential issues with market volatility, political and economic instability including the risk of market shutdown, trading, liquidity, settlement, corporate governance, regulation, legislation and taxation could arise, resulting in a negative impact on the value of your investment.

Keystone Positive Change Investment Trust plc

— The Trust invests in overseas securities. Changes in the rates of exchange may also cause the value of your investment (and anyincome it may pay) to go down or up.

— The Trust invests in emerging markets where difficulties indealing, settlement and custody could arise, resulting in a negative impact on the value of your investment.

— The Trust's risk could be increased by its investment in private companies. These assets may be more difficult to sell, so changesin their prices may be greater.

— The Trust's risk is increased as it holds fewer investments than atypical investment trust and the effect of this, together with its long term approach to investment, could result in large movements in the share price.

— The Trust invests in companies whose products or behaviour make a positive impact on society and/or the environment. This means the Trust will not invest in certain sectors and companies and the universe of investments available to the Trust will be more limited than other funds and trusts that do not apply such criteria. The Trust therefore may have different returns than a fund or trust which has no such restrictions.


19

— Scottish Mortgage Investment Trust PLC’s annual remuneration to Baillie Gifford & Co Limited is 0.30% on the first £4 billion and thereafter 0.25% of total assets less current liabilities (excluding short-term borrowings for investment purposes), calculated and payable on a quarterly basis.

— The Monks Investment Trust PLC’s annual remuneration is 0.45% on the first £750 million of total assets, 0.33% on the next £1 billion of total assets and 0.30% on the remaining total assets, where total assets is defined as the total value of all assets held less liabilities (other than any liability in the form of debt intended for investment purposes).

— Edinburgh Worldwide Investment Trust plc’s annual remuneration to Baillie Gifford & Co Limited is calculated as 0.75% on the first £50 million net assets of the Company attributable to its shareholders, 0.65% on the next £200m and 0.55% on the remainder. This is calculated and payable on a quarterly basis.

— Baillie Gifford UK Growth Fund plc’s annual remuneration to

Baillie Gifford & Co Limited is calculated as 0.50% of net assets, with no additional performance fee. The management agreement provides for six months' notice period.

— Baillie Gifford US Growth Trust plc’s annual remuneration to

Baillie Gifford & Co Limited is calculated at 0.70% on the first £100 million net assets of the Trust attributable to its shareholders and 0.55% on the remainder. This is calculated and payable on a quarterly basis.

— Baillie Gifford European Growth Trust plc’s annual

remuneration fee is 0.55% of the lower of (i) the Company’s market capitalisation and (ii) the Company’s net asset value (which shall include income), in either case up to £500 million, and 0.50% of the amount of the lower of the Company’s market capitalisation or net asset value above £500 million, calculated and payable quarterly.

— Baillie Gifford China Growth Trust plc’s annual remuneration is (i) 0.75%. of the first £50 million of Net Asset Value; plus (ii) 0.65%. of Net Asset Value between £50 million and £250 million; plus (iii) 0.55%. of Net Asset Value in excess of £250 million. This is calculated and payable on a quarterly basis.

— The Baillie Gifford Japan Trust PLC’s annual remuneration to Baillie Gifford & Co Limited is calculated as 0.75% on the first £50 million net assets of the Company attributable to its shareholders, 0.65% on the next £200m and 0.55% on the remainder. This is calculated and payable on a quarterly basis.

— Baillie Gifford Shin Nippon PLC’s annual remuneration to

Baillie Gifford & Co Limited is calculated as 0.75% on the first £50 million net assets of the Company attributable to its shareholders, 0.65% on the next £200m and 0.55% on the remainder. This is calculated and payable on a quarterly basis.

— Pacific Horizon Investment Trust PLC’s annual remuneration to

Baillie Gifford & Co Limited is calculated as 0.75% on the first £50 million net assets of the Company attributable to its shareholders, 0.65% on the next £200 million and at 0.55% on the remainder. This is calculated and payable on a quarterly basis.

— The Scottish American Investment Company P.L.C.’s annual remuneration, calculated quarterly, is 0.45% on the first £500m of total assets and 0.35% on the remaining total assets, where total 'assets' is defined as the total value of the assets held, excluding the value of the property portfolio, less all liabilities (other than any liability in the form of debt intended for investment purposes). OLIM Limited receives an annual fee from SAINTS of 0.5% of the value of the property portfolio subject to a minimum quarterly fee of £6,250. Prior to 1 April 2020, the annual management fee was 0.45% of total assets, excluding the value of the property portfolio, less current liabilities.

— Keystone Positive Change Investment Trust plc’s annual

remuneration to (i) 0.70% of the first £100 million of market capitalisation: plus (ii) 0.65% of market capitalisation between £100 million and £250 million; plus (iii) 0.55% of market capitalisation in excess of £250 million. This is calculated and payable on a quarterly basis

Annual Remuneration

20

How To Contact Us

Please note that we do not have the facility for you to invest directly with us in our Investment Trusts and we do not offer ISAs, SIPPS or Share Plans. You can buy the trusts from a stockbroker, a third party or a fund platform. Please visit our website for details of fund platforms that offer our trusts at bailliegifford.com/en/uk/individual-investors/how-to-invest.

Website bailliegifford.com

E-Mail [email protected]

Registrar: Computershare Investor Services PLC PO Box 82 The Pavilions Bridgwater Road Bristol BS99 6ZZ

0370 702 0010

Scottish Mortgage Investment Trust PLC The Monks Investment Trust PLC Edinburgh Worldwide Investment Trust plc The Scottish American Investment Company P.L.C. Baillie Gifford UK Growth Fund plc Baillie Gifford US Growth Trust plc Baillie Gifford European Growth Trust plc Baillie Gifford China Growth Trust plc The Baillie Gifford Japan Trust PLC Baillie Gifford Shin Nippon PLC Pacific Horizon Investment Trust PLC Keystone Positive Change Investment Trust plc

0370 707 1300 0370 707 1170 0370 707 1643 0370 707 1282 0370 707 1711 0370 702 0000 0370 889 4086 0370 707 1410 0370 889 3221 0370 889 3223 0370 707 1229 0800 917 2112

Intermediaries Head of Intermediary Sales Sales Managers South East London London Scotland, Ireland and N.E. England North and Midlands South West, South Wales and Channel Islands South Midlands and East Anglia UK Advisers UK Advisers Client Relations

Grant Walker Samantha Crawley Scott Mackenzie Simon Gaunt Kevin Mitchell Laura Ingleby Chris Whittingslow Harry Driscoll Megan Rooney Richard Atack Yvette Cord

0131 275 3200 07771 647065

0131 474 5277

07971 987003

0207 054 6018 07961 025745

0207 054 6003

07896 709008

0131 275 3251

07919 397178

0207 054 6020

07843 501643

0207 054 6014

07583 072213

0131 474 5158

07483 049920

0131 275 3838

07483 054720

0131 275 3251

07941 035860

0800 027 0132

21

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INVESTMENT TRUST BULLETIN - Baillie Gifford

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