Baillie Gifford High Yield Bond Fund B Income

Objective The Fund aims to produce a combination of income and capital growth. Policy The Fund will invest at least 80% in sub-investment grade bonds. The Fund may also invest in other bonds. The bonds in which the Fund invests will be denominated in sterling or denominated in other currencies and hedged back to sterling. Currency forwards and derivatives, which are types of financial contracts, are used for both investment purposes and in the management of risk. The Fund will be actively managed. 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. Sub-investment grade bonds typically mean the risk of non-payment is high. 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. Any income due to you will be paid into your bank or building society account, paid on the dates specified in the Prospectus. 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 three years.