Baillie Gifford Emerging Markets Equities Fund

Overview

The Baillie Gifford Emerging Markets Equities Fund seeks capital appreciation.

Investment Proposition

We invest with a long-term (3-5 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 analysis undertaken by our dedicated Emerging Markets team. The Emerging Markets team draws 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 60–100 stocks.

Total returns as of month end 10/31/2023


	Gross Expense Ratio	Net Expense Ratio	1 Month*	3 Months*	YTD*
Share Class K	0.83%	0.83%	-4.59%	-14.09%	1.23%
MSCI Emerging Markets Index	n/a	n/a	-3.87%	-12.09%	-1.80%

Annualized total returns as of quarter end 9/30/2023


	Gross Expense Ratio	Net Expense Ratio	1 Year	3 Years	5 Years	10 Years
Share Class K	0.83%	0.83%	18.29%	-3.88%	1.52%	4.51%
MSCI Emerging Markets Index	n/a	n/a	12.17%	-1.34%	0.93%	2.45%

Performance of Institutional Class may exceed that of Class K, this is due to rounding. Generally, on Funds which utilize a sub-transfer agency service, we expect Class K to have higher performance than Institutional Class.

Source: Bank of New York Mellon and relevant underlying index provider(s).

Share Class launch date: April 28, 2017

All figures quoted are in US dollars, net of fees.

*Not annualized

The performance data quoted represents past performance and is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted.

Returns are based on the K share class from April 28, 2017. Prior to that date returns are calculated based on the oldest share class of the Fund adjusted to reflect the K share class fees where these fees are higher.

Expense Ratios: All mutual funds have expense ratios which represent what shareholders pay for operating expenses and management fees. Expense ratios are expressed as an annualized percentage of a fund's average net assets paid out in expenses. Expense ratio information is as of the Fund's current prospectus, as revised and supplemented from time to time.

The MSCI Emerging Markets Index is a free float-adjusted market capitalization weighted index that is designed to measure equity market performance in the global emerging markets. This unmanaged index does not reflect fees and expenses and is not available for direct investment.

Discrete performance figures to 12/31/2022


	12/31/2017 12/31/2018	12/31/2018 12/31/2019	12/31/2019 12/31/2020	12/31/2020 12/31/2021	12/31/2021 12/31/2022
Share Class K	-14.91%	28.00%	29.56%	-9.08%	-26.47%
MSCI Emerging Markets Index	-14.24%	18.88%	18.69%	-2.22%	-19.74%

Source: Bank of New York Mellon and relevant underlying index provider(s).

All figures quoted are in US dollars, net of fees.

The performance data quoted represents past performance and is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted.

Returns are based on the K share class from April 28, 2017. Prior to that date returns are calculated based on the oldest share class of the Fund adjusted to reflect the K share class fees where these fees are higher.

The MSCI Emerging Markets Index is a free float-adjusted market capitalization weighted index that is designed to measure equity market performance in the global emerging markets. This unmanaged index does not reflect fees and expenses and is not available for direct investment.

Performance - 10/31/2023

Baillie Gifford Emerging Markets Equities Fund - Share Class K

Source: Bank of New York Mellon and relevant underlying index provider(s), single pricing basis, total return.

The performance data quoted represents past performance and is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted.

Returns are based on the K share class from April 28, 2017. Prior to that date returns are calculated based on the oldest share class of the Fund adjusted to reflect the K share class fees where these fees are higher.

All performance figures are cumulative.
All figures quoted are in US dollars, net of fees.
The graph is rebased to 100.

Annualized total returns as of quarter end 9/30/2023

Source: Bank of New York Mellon and relevant underlying index provider(s).
Share Class launch date: April 28, 2017
All figures quoted are in US dollars, net of fees.
*Not annualized

The performance data quoted represents past performance and is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted.

Returns are based on the K share class from April 28, 2017. Prior to that date returns are calculated based on the oldest share class of the Fund adjusted to reflect the K share class fees where these fees are higher.

The Baillie Gifford Fund's performance shown assumes reinvestment of dividend and capital gain distributions and is net of management fees and expenses. Returns for periods less than one year are not annualized. From time to time, certain fees and/or expenses have been voluntarily or contractually waived or reimbursed, which has resulted in higher returns. Without these waivers or reimbursements, the returns would have been lower. Voluntary waivers or reimbursements may be applied or discontinued at any time without notice. Only the Board of Trustees may modify or terminate contractual fee waivers or expense reimbursements. All fees are described in the fund's prospectus.

Total returns as of month end 10/31/2023


	Gross Expense Ratio	Net Expense Ratio	1 Month*	3 Months*	YTD*
Share Class Institutional	0.91%	0.91%	-4.59%	-14.10%	1.17%
MSCI Emerging Markets Index	n/a	n/a	-3.87%	-12.09%	-1.80%

Annualized total returns as of quarter end 9/30/2023


	Gross Expense Ratio	Net Expense Ratio	1 Year	3 Years	5 Years	10 Years
Share Class Institutional	0.91%	0.91%	18.24%	-3.96%	1.44%	4.41%
MSCI Emerging Markets Index	n/a	n/a	12.17%	-1.34%	0.93%	2.45%

Performance of Institutional Class may exceed that of Class K, this is due to rounding. Generally, on Funds which utilize a sub-transfer agency service, we expect Class K to have higher performance than Institutional Class.

Source: Bank of New York Mellon and relevant underlying index provider(s).

Share Class launch date: April 28, 2017

All figures quoted are in US dollars, net of fees.

*Not annualized

The performance data quoted represents past performance and is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted.

Returns are based on the Institutional share class from April 28, 2017. Prior to that date returns are calculated based on the oldest share class of the Fund adjusted to reflect the Institutional share class fees where these fees are higher.

Expense Ratios: All mutual funds have expense ratios which represent what shareholders pay for operating expenses and management fees. Expense ratios are expressed as an annualized percentage of a fund's average net assets paid out in expenses. Expense ratio information is as of the Fund's current prospectus, as revised and supplemented from time to time.

The MSCI Emerging Markets Index is a free float-adjusted market capitalization weighted index that is designed to measure equity market performance in the global emerging markets. This unmanaged index does not reflect fees and expenses and is not available for direct investment.

Discrete performance figures to 12/31/2022


	12/31/2017 12/31/2018	12/31/2018 12/31/2019	12/31/2019 12/31/2020	12/31/2020 12/31/2021	12/31/2021 12/31/2022
Share Class Institutional	-14.98%	27.94%	29.42%	-9.19%	-26.52%
MSCI Emerging Markets Index	-14.24%	18.88%	18.69%	-2.22%	-19.74%

Source: Bank of New York Mellon and relevant underlying index provider(s).

All figures quoted are in US dollars, net of fees.

The performance data quoted represents past performance and is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted.

Returns are based on the Institutional share class from April 28, 2017. Prior to that date returns are calculated based on the oldest share class of the Fund adjusted to reflect the Institutional share class fees where these fees are higher.

The MSCI Emerging Markets Index is a free float-adjusted market capitalization weighted index that is designed to measure equity market performance in the global emerging markets. This unmanaged index does not reflect fees and expenses and is not available for direct investment.

Performance - 10/31/2023

Baillie Gifford Emerging Markets Equities Fund - Share Class Institutional

Source: Bank of New York Mellon and relevant underlying index provider(s), single pricing basis, total return.

The performance data quoted represents past performance and is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted.

Returns are based on the Institutional share class from April 28, 2017. Prior to that date returns are calculated based on the oldest share class of the Fund adjusted to reflect the Institutional share class fees where these fees are higher.

All performance figures are cumulative.
All figures quoted are in US dollars, net of fees.
The graph is rebased to 100.

Annualized total returns as of quarter end 9/30/2023

Source: Bank of New York Mellon and relevant underlying index provider(s).
Share Class launch date: April 28, 2017
All figures quoted are in US dollars, net of fees.
*Not annualized

The performance data quoted represents past performance and is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted.

Returns are based on the Institutional share class from April 28, 2017. Prior to that date returns are calculated based on the oldest share class of the Fund adjusted to reflect the Institutional share class fees where these fees are higher.

The Baillie Gifford Fund's performance shown assumes reinvestment of dividend and capital gain distributions and is net of management fees and expenses. Returns for periods less than one year are not annualized. From time to time, certain fees and/or expenses have been voluntarily or contractually waived or reimbursed, which has resulted in higher returns. Without these waivers or reimbursements, the returns would have been lower. Voluntary waivers or reimbursements may be applied or discontinued at any time without notice. Only the Board of Trustees may modify or terminate contractual fee waivers or expense reimbursements. All fees are described in the fund's prospectus.

Stock Level Attribution

Top and bottom 5 relative contributors
One month to 10/31/2023

Stock Name	Contribution %
Petrobras	0.20
TSMC	0.15
Mediatek	0.12
SK Hynix Inc	0.09
Posco	0.09
First Quantum Minerals	-1.14
Baidu.com Group Holding	-0.22
Hyundai Motor	-0.11
Lundin Mining	-0.10
WNS (Holdings) ADR	-0.09

Holdings

Top 10
All

Top Ten Holdings as of month end 10/31/2023

	Company Name	Fund %
1	TSMC	9.94
2	Samsung Electronics	7.32
3	Petrobras	6.04
4	MercadoLibre	4.12
5	Reliance Industries	3.98
6	Tencent	3.65
7	Alibaba	3.50
8	HDFC Bank	2.66
9	SK Hynix	2.58
10	Bank Rakyat Indonesia	2.07
Total	45.86%

All Holdings as of quarter end 9/30/2023

	SEDOL	ISIN	Stock Name	Country	Holding	Asset Price	Currency	Asset Type	Market Value (USD)	Fund %
1	6889106	TW0002330008	TSMC	Taiwan	26,842,310	523.00	TWD	Equity	434891904.71	9.44
2	6771720	KR7005930003	Samsung Electronics	South Korea	5,021,221	68400.00	KRW	Equity	254521651.40	5.53
3	2616580	US71654V4086	Petrobras Common ADR	Brazil	13,415,368	14.99	USD	Equity	201096366.32	4.37
4	B23X1H3	US58733R1023	MercadoLibre	Brazil	146,345	1267.88	USD	Equity	185547898.60	4.03
5	6099626	INE002A01018	Reliance Industries Ltd	India	6,397,936	2345.00	INR	Equity	180671171.50	3.92
6	BMMV2K8	KYG875721634	Tencent	China	4,335,000	306.20	HKD	Equity	169484476.85	3.68
7	BK6YZP5	KYG017191142	Alibaba Group Holding	China	14,638,720	85.60	HKD	Equity	159997246.12	3.47
8	BK1N461	INE040A01034	HDFC Bank	India	6,620,931	1526.30	INR	Equity	121692857.29	2.64
9	6450267	KR7000660001	SK Hynix Inc	South Korea	1,318,232	114700.00	KRW	Equity	112050696.90	2.43
10	2347608	CA3359341052	First Quantum Minerals	Other Emerging Markets	4,417,091	32.09	CAD	Equity	104840569.67	2.28
11	6709099	ID1000118201	Bank Rakyat Indonesia	Indonesia	283,736,363	5225.00	IDR	Equity	95925104.93	2.08
12	B01NPJ1	INE467B01029	Tata Consultancy Services	India	2,213,236	3528.60	INR	Equity	94045122.75	2.04
13	6451055	KR7005380001	Hyundai Motor Co	South Korea	603,809	191100.00	KRW	Equity	85510523.12	1.86
14	2421041	MXP370711014	Grupo Financiero Banorte	Mexico	9,957,987	146.11	MXN	Equity	83721925.40	1.82
15	B01FLR7	CNE1000003X6	Ping An Insurance	China	14,332,000	44.85	HKD	Equity	82073865.05	1.78
16	BN0VX82	ZAE000325783	Naspers	South Africa	499,660	3025.55	ZAR	Equity	80243867.27	1.74
17			USD Uncommitted Cash	International	75,193,626	0.00	USD	Equity	75193626.08	1.63
18	B0J2D41	KYG070341048	Baidu.com Group Holding	China	4,353,400	133.40	HKD	Equity	74151517.20	1.61
19	6773812	KR7005931001	Samsung Electronics Pref	South Korea	1,807,689	54500.00	KRW	Equity	73009523.12	1.59
20	B1359J0	TH0355A10Z12	PTT Exploration and Production	Thailand	14,683,500	171.00	THB	Equity	68956498.46	1.50
21	BG36ZK1	BRB3SAACNOR6	B3 S.A.	Brazil	27,968,200	12.29	BRL	Equity	68674414.21	1.49
22	BWFGD63	INE669C01036	Tech Mahindra	India	4,494,977	1222.80	INR	Equity	66189488.66	1.44
23	B1DYPZ5	CNE1000002M1	China Merchants Bank 'H'	China	14,883,000	32.70	HKD	Equity	62140375.52	1.35
24	B00FSK0	US0594603039	Banco Bradesco Pn ADR	Brazil	20,230,583	2.85	USD	Equity	57657161.55	1.25
25	2683410	US71654V1017	Petrobras Pref ADR	Brazil	4,154,467	13.71	USD	Equity	56957742.57	1.24
26	6005214	TW0002345006	Accton Technology	Taiwan	3,720,000	493.00	TWD	Equity	56813246.39	1.23
27	BNYHDF3	US22266T1097	Coupang	South Korea	3,241,796	17.00	USD	Equity	55110532.00	1.20
28	6372480	TW0002454006	Mediatek	Taiwan	2,417,000	735.00	TWD	Equity	55033069.50	1.20
29	6346913	KR7051910008	LG Chem. Ltd.	South Korea	143,926	496500.00	KRW	Equity	52956320.59	1.15
30	BF0TRG6	INE795G01014	HDFC Life Insurance Co Ltd	India	6,873,106	637.40	INR	Equity	52755922.68	1.15
31	BW1YVH8	MX01WA000038	Walmex	Mexico	13,717,943	65.60	MXN	Equity	51782205.64	1.12
32	BLD4QD0	CNE1000048K8	Haier Smart Home 'H'	China	16,209,480	24.65	HKD	Equity	51017790.43	1.11
33	B0MP1B0	KYG8087W1015	Shenzhou International Group Holdings	China	5,040,700	75.00	HKD	Equity	48271161.99	1.05
34	2246039	US3444191064	FEMSA ADR	Mexico	441,188	109.15	USD	Equity	48155670.20	1.05
35	BD5CPP1	CNE100001QQ5	Midea Group 'A'	China	6,048,770	55.48	CNY	Equity	45945161.88	1.00
36	BNR4MR6	CNE1000047B9	Anker Innovations 'A'	China	3,559,600	93.76	CNY	Equity	45693566.72	0.99
37	BKPQZT6	KYG8208B1014	JD.com	China	2,965,285	115.10	HKD	Equity	43579014.35	0.95
38	B01GZF6	INE481G01011	Ultratech Cement Ltd	India	434,678	8254.85	INR	Equity	43209870.86	0.94
39	6771645	KR7006400006	Samsung SDI Co Ltd	South Korea	113,858	512000.00	KRW	Equity	43200901.14	0.94
40	B0TNJH9	PAP310761054	Copa Holdings S A	Panama	473,781	89.12	USD	Equity	42223362.72	0.92
41	2488671	US1512908898	Cemex ADR	Mexico	6,280,573	6.50	USD	Equity	40823724.50	0.89
42	BQPG2F3	INE758E01017	Jio Financial Services Ltd	India	14,461,787	231.20	INR	Equity	40263906.85	0.87
43	BL66B27	BRRAIZACNPR6	Raizen	Brazil	53,156,210	3.58	BRL	Equity	38020305.24	0.83
44	BYWD7L4	US81141R1005	Sea Ltd ADR	Singapore	838,919	43.95	USD	Equity	36870490.05	0.80
45	2232878	BMG2519Y1084	Credicorp	Peru	287,175	127.97	USD	Equity	36749784.75	0.80
46	6725299	CNE100000502	Zijin Mining Group Co Ltd 'H'	China	23,218,000	11.98	HKD	Equity	35515445.27	0.77
47	BH4DMW9	KYG8190F1028	Silergy	China	3,670,000	304.50	TWD	Equity	34618887.56	0.75
48	BN7SX97	KYG5223Y1089	KE Holdings (HK Line)	China	6,462,424	41.70	HKD	Equity	34408611.09	0.75
49	2866857	CA5503721063	Lundin Mining	Chile	4,465,067	10.13	CAD	Equity	33454976.86	0.73
50	B0RJCG9	KYG6145U1094	Minth Group	China	12,518,000	20.15	HKD	Equity	32206656.15	0.70
51	BD5CPS4	CNE000000040	Ping An Bank 'A'	China	19,575,809	11.20	CNY	Equity	30017464.39	0.65
52	BN7FZ69	INE148O01028	Delhivery Ltd	India	5,907,980	412.70	INR	Equity	29361592.53	0.64
53	6606996	ZAE000066304	Firstrand Ltd	South Africa	8,227,356	63.86	ZAR	Equity	27888306.11	0.61
54	BMBQDF6	LU2237380790	Allegro.eu	Poland	3,717,023	32.24	PLN	Equity	27449453.36	0.60
55	6181482	BMG1368B1028	Brilliance China Automotive	China	50,358,000	3.87	HKD	Equity	24883706.91	0.54
56			INR Uncommitted Cash	International	2,021,751,718	0.00	INR	Equity	24346354.59	0.53
57	B194GX4	US92932M1018	WNS (Holdings) ADR	India	352,945	68.46	USD	Equity	24162614.70	0.52
58	BGDY260	KYG1146Y1017	BeiGene HK Line	China	1,718,795	107.60	HKD	Equity	23614132.29	0.51
59	5263251	PLKGHM000017	KGHM Polska Miedz	Poland	897,734	111.95	PLN	Equity	23024093.95	0.50
60	BYX9GP8	KR7241560002	Doosan Bobcat	South Korea	609,190	51000.00	KRW	Equity	23024077.37	0.50
61	BPH0717	THA790010013	SCB X	Thailand	8,120,800	102.50	THB	Equity	22859787.16	0.50
62	BP3R2F1	CNE0000018R8	Kweichow Moutai 'A'	China	91,400	1798.55	CNY	Equity	22506345.11	0.49
63	BFZYWR2	US88034P1093	Tencent Music Entertainment ADR	China	3,498,190	6.38	USD	Equity	22318452.20	0.48
64	6531827	KYG3777B1032	Geely Automobile Holdings	China	18,697,000	9.24	HKD	Equity	22058680.90	0.48
65	BLC90T0	KYG532631028	Kuaishou Technology	China	2,462,900	62.85	HKD	Equity	19764585.00	0.43
66	B01JCK9	KYG5496K1242	Li Ning	China	4,444,500	32.95	HKD	Equity	18698809.99	0.41
67	6560393	KR7035420009	NAVER Corp	South Korea	116,275	201500.00	KRW	Equity	17362837.19	0.38
68	B4JSZL8	KYG3323L1005	Fabrinet	Thailand	72,537	166.62	USD	Equity	12086114.94	0.26
69	BP8L269	KYG9887T1168	Zai Lab HK Line	China	4,446,930	18.94	HKD	Equity	10754145.47	0.23
70	B5YGG00	CA9191444020	Valeura Energy	Thailand	3,982,783	3.44	CAD	Equity	10133708.22	0.22
71			KRW Uncommitted Cash	International	12,988,905,526	0.00	KRW	Equity	9625689.59	0.21
72	BNDK6G5	US54975P1021	Lufax Holding Ltd	China	6,343,355	1.06	USD	Equity	6723956.30	0.15
73	BMBX7M2	US4824971042	KE Holdings ADR	China	359,307	15.52	USD	Equity	5576444.64	0.12
74	B2QKYZ0	US55953Q2021	Magnit OJSC Spon GDR	Russia	2	4.91	USD	Equity	9.82	0.00
75	B9GFHQ6	RU000A0JR4A1	Moscow Exchange	Russia	14,557,370	0.00	RUB	Equity	0.00	0.00
76	4767981	RU0009029540	Sberbank Of Russia	Russia	31,444,360	0.00	RUB	Equity	0.00	0.00
77	B5B1TX2	RU0007288411	Mmc Norilsk Nickel	Russia	548,127	0.00	RUB	Equity	0.00	0.00
78	BYSW6D0	US55315J1025	Norilsk Nickel ADR	Russia	2	0.00	USD	Equity	0.00	0.00
79			HKD Uncommitted Cash	International	-8,017,014	0.00	HKD	Equity	-1023642.44	-0.02
Total	100.00%

Sector Analysis of Total Assets - 10/31/2023

		Fund %	Benchmark %	Difference %
1	Information Technology	29.61	20.64	8.97
2	Energy	12.79	5.28	7.51
3	Consumer Discretionary	19.23	13.57	5.66
4	Cash	0.61	0.00	0.61
5	Real Estate	0.92	1.66	-0.74
6	Materials	6.25	7.77	-1.53
7	Communication Services	7.20	9.37	-2.17
8	Utilities	0.00	2.63	-2.63
9	Consumer Staples	3.30	6.25	-2.95
10	Health Care	0.84	3.95	-3.11
11	Industrials	2.04	6.42	-4.38
12	Financials	17.22	22.45	-5.23
	Total	100.00	100.00

Total may not sum due to rounding

Regional Analysis of Total Assets - 10/31/2023

		Fund %	Benchmark %	Difference %
1	Cash	0.61	0.00	0.61
2	Emerging Markets	99.39	99.53	-0.14
3	Europe (ex UK)	0.00	0.47	-0.47
	Total	100.00	100.00

Total may not sum due to rounding

Country Analysis of Total Assets - 10/31/2023

		Fund %	Benchmark %	Difference %
1	Brazil	13.81	5.42	8.40
2	South Korea	15.17	11.78	3.39
3	Mexico	5.08	2.42	2.66
4	Thailand	3.19	1.87	1.32
5	Other Emerging Markets	1.19	0.00	1.19
6	Panama	0.90	0.00	0.90
7	Singapore	0.82	0.00	0.82
8	Cash	0.61	0.00	0.61
9	Peru	0.84	0.26	0.58
10	Poland	1.18	0.92	0.26
11	Indonesia	2.07	1.89	0.18
12	Chile	0.65	0.48	0.17
13	Colombia	0.00	0.10	-0.10
14	Egypt	0.00	0.10	-0.10
15	Czech Republic	0.00	0.17	-0.17
16	Hungary	0.00	0.25	-0.25
17	Greece	0.00	0.47	-0.47
18	Philippines	0.00	0.62	-0.62
19	Turkey	0.00	0.68	-0.68
20	South Africa	2.35	3.09	-0.74
21	Kuwait	0.00	0.81	-0.81
22	Qatar	0.00	0.90	-0.90
23	United Arab Emirates	0.00	1.32	-1.32
24	Malaysia	0.00	1.44	-1.44
25	India	14.33	15.88	-1.54
26	Taiwan	12.69	15.07	-2.37
27	Saudi Arabia	0.00	4.18	-4.18
28	China	25.11	29.89	-4.78
	Total	100.00	100.00

As at March 3, 2022, the Russian holdings held within the Fund were valued at zero by our Fair Value Pricing Committee due to the ongoing issues in the Russian market. As a result of the 0% weighting they have been excluded from the list above. Details of the stocks can be found in the full holdings list.

It should not be assumed that recommendations/transactions made in the future will be profitable or will equal performance of the securities mentioned. The composition of the Fund's holdings is subject to change. Percentages are based on securities at market value. Internal classifications are used for any graphs represented above.

There is no guarantee that the investment objective of the Fund will be achieved. Stocks fluctuate in price and the value of your investment in the Fund may go down. This means that you could lose money on your investment in the Fund or the Fund may not perform as well as other possible investments.

Insights

View all Insights.

Managers

Andrew Stobart

Andrew Stobart has been an Investment Manager in the Emerging Markets Team since 2007 and sits on the Emerging Markets All Cap Portfolio Construction Group. Andrew has also been a member of the International Alpha Portfolio Construction Group since 2008. Since joining Baillie Gifford as an Investment Analyst in 1991, Andrew has worked in the UK, Japanese and North American Teams. Prior to joining Baillie Gifford, Andrew spent three years working in Investment Banking in London. Andrew graduated MA in Economics from the University of Cambridge in 1987.

Mike Gush

Mike is an Investment Manager in the Emerging Markets Equity Team. He joined Baillie Gifford in 2003 and became a partner of the firm in 2020. Prior to joining the team in 2005, he also spent time working in our UK and Japanese Equity Teams. Mike has also been a member of the Sustainable Growth strategy since its inception in 2015, where he is an investment scout. Mike is a CFA Charterholder and graduated MEng from the University of Durham in 2003.

Ben Durrant

Ben is an Investment Manager in the Emerging Markets Team. He joined Baillie Gifford in 2017 and has also worked in our UK, Global Discovery and Private Companies teams. He previously worked for RBS in their Group Strategy and Corporate Finance Team. He is also a Chartered Accountant and a CFA Charterholder. Ben graduated BSc (Hons) in Mathematics from the University of Edinburgh in 2012.

TAX & DISTRIBUTIONS

The Fund intends to pay dividends to its shareholders at least annually. Distributions will automatically be reinvested in Fund shares unless you submit a request for cash payment with at least ten days prior notice, before the record date for distribution, to the Transfer Agent. The distribution dates will appear on this page alongside the rates once they become available. The dates can be changed by the Officers of the Funds. For more information on Baillie Gifford Funds’ Distributions please see the Statutory Prospectus.

FREQUENTLY ASKED QUESTIONS

The document in this link contains answers to some of the most commonly asked tax and distribution related questions regarding mutual funds.

RECENT DISTRIBUTIONS
UPCOMING DISTRIBUTIONS

The below table shows the makeup of the most recent distributions paid.
Fund Name	Ticker	Income Dividends	Short-Term Capital Gains *	Qualified Dividend Income **	Foreign Tax Credits	Long-Term Capital Gains	Total Per Share	Ex. Date	Pay Date	Status
Baillie Gifford Emerging Markets Equities Fund Institutional Class	BGEGX	0.91120	0.00000	0.82027	0.05381	0.00000	0.91120	12/28/2022	12/28/2022	Final
Baillie Gifford Emerging Markets Equities Fund K Class	BGKEX	0.93028	0.00000	0.83744	0.05381	0.00000	0.93028	12/28/2022	12/28/2022	Final

Source: Bank of New York Mellon and Baillie Gifford & Co

*Short-Term Capital Gains are treated as ordinary income for U.S. Federal Income Tax Purposes.

**Qualified Dividend Income is a subset of Income Dividends (rather than an additional category of income).

Primary ICI File for the Baillie Gifford Funds can be found here.

Secondary ICI File for the Baillie Gifford Funds can be found here.

The table below shows the proposed distribution dates for the current tax year. The dates can be changed by the Officers of the Funds.
Distribution Year	Record Date	ex Date	Payable Date
2023	12/27/2023	12/28/2023	12/28/2023

Capital Gains

Please click here to view estimated capital gain distributions for 2023.

Documents

Risks

The most significant risks of an investment in the Baillie Gifford Emerging Markets Equities Fund are Investment Style Risk, Growth Stock Risk, Long-Term Investment Strategy Risk, Market Disruption and Geopolitical Risk, Government and Regulatory Risk and Emerging Markets 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 is managed on a long-term outlook, meaning that the Fund managers look for investments that they think will make returns over a number of years, rather than over shorter time periods. 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. 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. 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, Market Risk, Non-U.S. Investment Risk, Service Provider Risk, Settlement Risk, Small-and Medium-Capitalization Securities Risk, Underlying Funds Risk and Valuation Risk.

The Baillie Gifford Mutual Funds are distributed by Baillie Gifford Funds Services LLC. Investors should carefully consider the objectives, risks, charges and expenses of the Funds before investing. This information and other information about the Funds can be found in the prospectus and the summary prospectus. For a prospectus and summary prospectus please go to the Documents section on this page. Please carefully read the Fund’s prospectus and related documents before investing.

Index Disclaimer

Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an ‘as is’ basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the ‘MSCI Parties’) expressly disclaims all warranties (including, without limitation, any warranties or originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages (www.msci.com).

The Baillie Gifford Mutual Funds are distributed by Baillie Gifford Funds Services LLC. Investors should carefully consider the objectives, risks, charges and expenses of the Funds before investing. This information and other information about the Funds can be found in the prospectus and the summary prospectus. For a prospectus and summary prospectus please go here. Please carefully read the Fund’s prospectus and related documents before investing.

Baillie Gifford Emerging Markets Equities Fund

Overview

Investment Proposition

Performance & Portfolio

Stock Level Attribution

Holdings

Insights

Managers

Andrew Stobart

Mike Gush

Ben Durrant

TAX & DISTRIBUTIONS

Capital Gains

Documents

Factsheets

Financial Reports

Prospectus

Quarterly Investor Reports

Statement of Additional Information (SAI)

Summary Prospectus

Risks

Index Disclaimer