Baillie Gifford Investment Funds ICVC-Baillie Gifford Cautious Managed Fund Y GBP Income

Objective The Fund aims to achieve capital growth over rolling five-year periods. Policy The Fund will be actively managed and will invest anywhere in the world in a combination of shares, bonds and cash with a maximum of 60% in shares and a minimum of 40% in bonds and cash. The remainder may be in any combination of shares, bonds, other transferable securities, money market instruments, deposits and cash. The Authorised Corporate Director (ACD) has named this Fund 'Cautious'. The Fund invests in a combination of lower risk assets such as bonds (a minimum of 40%) and also in higher risk assets such as shares of companies (UK and international). The Fund is 'Cautious' as it is intended to provide modest capital growth returns (through equity exposure) with modest levels of volatility. The levels of exposure to these assets will vary but will at all times be managed to limit risk. This exposure may be achieved directly or indirectly via collective investment schemes. The Fund will invest in bonds which may be issued by government, supranational, public sector or corporate issuers and may be investment grade or sub-investment grade bonds. Currency forwards and derivatives, which are types of financial contracts, are used for both investment purposes and in the management of risk. It is intended that the use of derivatives will be at limited risk. Other Information Bonds are a type of investment which can be issued by governments, companies and other organisations when they want to borrow money. The issuer of the bond owes the holder a debt. The issuer is obliged to pay interest and/or repay the debt at a later date. You can sell some or all of your shares on any business day in the United Kingdom by contacting our Dealing Department by phone or post. Where properly completed documentation is received by post, shares will be sold at the next valuation point following receipt of the instruction. Income will be re-invested. No further shares will be purchased but the reinvestment will be reflected in the price of your existing accumulation shares. You are, however, deemed to have received the income for tax purposes. For further explanation and information see the investment objective and policy section of the Prospectus, which is available by contacting us. Recommendation: this Fund may not be appropriate for investors who plan to withdraw their money within five years.