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<p><strong>Please consider a Fund’s objectives, risks (including risk of loss), charges and expenses before investing. For these, see the prospectus and summary prospectus at <a rel="noopener" href="http://www.bailliegifford.com/usmutualfunds" target="_blank" title="Mutual Funds"><u>bailliegifford.com/usmutualfunds</u></a>. Please read these before investing. Securities are offered through Baillie Gifford Funds Services LLC, an affiliate of Baillie Gifford Overseas Limited and a member of FINRA.</strong></p>
<p><br><strong>Andrew Keiller</strong>: Emerging markets today look very different from the emerging markets of the past. They're much more resilient. Across several major emerging economies, inflation is contained. Policy has been more orthodox than many developed markets. And central banks have room to support growth if needed. And that's a very different starting point from previous emerging markets cycles. One example we can point to is public debt levels.</p>
<p>As you can see, these are materially lower than in many developed economies like the US. So the old tale the emerging markets are fiscally weak, no longer holds. Also, EM countries are now borrowing more in their own currencies rather than relying heavily on dollar funding. That is reducing their vulnerability and actually making them less exposed to dollar swings.</p>
<p>In 2025, EM sovereign debt upgrades outnumbered downgrades, something we haven't seen for over a decade. And that matters because when you combine an improving macro environment with the ability to invest in more and more great companies, that's when investors sit up and take note.</p>
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<h2 data-gtm-vis-recent-on-screen934959_1669="1391" data-gtm-vis-first-on-screen934959_1669="1391" data-gtm-vis-total-visible-time934959_1669="100" data-gtm-vis-has-fired934959_1669="1">Risk factors </h2>
<p class="MsoNormal">This content contains information on investments which does not constitute independent research. Accordingly, it is not subject to the protections afforded to independent research and Baillie Gifford and its staff may have dealt in the investments concerned.</p>
<p class="MsoNormal">As with all mutual funds, the value of an investment in the fund could decline, so you could lose money.</p>
<p class="MsoNormal">The most significant risks of an investment in the Baillie Gifford Emerging Markets Equities Fund are: Investment Style Risk, Growth Stock Risk, Emerging Markets Risk, Market Disruption and Geopolitical Risk and Government and Regulatory 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 prices of growth stocks can be based largely on expectations of future earnings and can decline significantly in reaction to negative news. The Fund focuses on investments in emerging markets, meaning it may offer less diversification and be more volatile than other funds. Investing in emerging markets can involve additional market, credit, currency, liquidity, legal or political risks than investing in more developed markets. The value of investments could be adversely affected by events such as war, public health crises and changes in economic and political conditions in the US and elsewhere. This could prevent the Fund from implementing its investment strategies and increase exposure to other risks. Governmental and regulatory authorities in the US and elsewhere have intervened in markets and may do so again in the future. The effects of these actions can be uncertain and could restrict the Fund in implementing its investment strategies. Some non-US markets have had little regulation which could increase risk of loss due to fraud or market failures. Governmental and regulatory authorities may adopt or change laws that could adversely impact the Fund. Other Fund risks include: Asia Risk, China Risk, Conflicts of Interest Risk, Currency Risk, Equity Securities Risk, Environmental, Social and Governance Risk, Focused Investment Risk, Frontier Markets Risk, Geographic Focus Risk, Information Technology Risk, Initial Public Offering Risk, Large-Capitalization Securities Risk, Liquidity Risk, Long-Term Investment Strategy Risk, Market Risk, Non-U.S. Investment Risk, Service Provider Risk, Settlement Risk, Small-and Medium-Capitalization Securities Risk, Underlying Funds Risk and Valuation Risk.</p>
<p class="MsoNormal">For more information about these and other risks of an investment in the fund, see “Additional Information about Principal Strategies and Risks” in the prospectus. The Baillie Gifford Emerging Markets Equities Fund seeks capital appreciation. There can be no assurance, however, that the fund will achieve its investment objective. </p>
<p class="MsoNormal">The fund is distributed by Baillie Gifford Funds Services LLC. Baillie Gifford Funds Services LLC is registered as a broker-dealer with the SEC, a member of FINRA and is an affiliate of Baillie Gifford Overseas Limited.</p>
<p class="MsoNormal">This communication was produced and approved in April 2026 and has not been updated subsequently. It represents views held at the time of writing and may not reflect current thinking.</p>
<p class="MsoNormal">All information is sourced from Baillie Gifford & Co and is current unless otherwise stated.</p>
<p class="MsoNormal">The images used in this article are for illustrative purposes only.</p>
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<p><span class="source-text">193635 10062343</span></p>
