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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>Qian Zhang</strong>: We are moving into a more multi-polar world, a world where economic power is spread across regions. Trade flows are shifting. Supply chains are diversifying, and capital is moving differently. What we're seeing is de-globalisation. It's re-globalisation. And emerging markets are at the centre of that rewiring. </p>
<p>Companies are building more resilient supply chains. Manufacturing footprints are broadening across Asia, Latin America and Eastern Europe. Trade within emerging markets themselves is expanding rapidly.</p>
<p>Emerging markets are no longer simply producers for western customers. They are now trading more with each other, investing more in each other. And they are becoming customers, suppliers and partners at a scale we've never seen before. These are meaningful shifts. It isn't only about where things are produced. It changes the growth equation.</p>
<p>EM growth is increasingly driven by domestic and regional demand. And to give you an idea of the size of some of those markets, China's annual retail sales is more than ten times of how much it exports to the US. And in countries like India, 70 to 80% of corporate revenue is generated locally. That creates depth and resilience as well as opportunities for us as active stock pickers.</p>
<p>So the equation isn't about whether globalisation is ending. It's where the next phase of it is taking shape.</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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