0001120543 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_China_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000072288Member 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_China_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000072288Member ck0001120543:C000228389Member 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_China_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000072288Member ck0001120543:C000228388Member 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_China_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000072288Member oef:RiskNotInsuredMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_China_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000072288Member oef:RiskLoseMoneyMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_China_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000072288Member ck0001120543:ChinaRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_China_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000072288Member ck0001120543:InvestmentStyleRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_China_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000072288Member ck0001120543:GovernmentAndRegulatoryRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_China_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000072288Member ck0001120543:MarketDisruptionAndGeopoliticalRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_China_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000072288Member ck0001120543:GeographicFocusRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_China_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000072288Member ck0001120543:ConflictsOfInterestRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_China_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000072288Member ck0001120543:CurrencyRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_China_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000072288Member ck0001120543:EmergingMarketsRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_China_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000072288Member ck0001120543:EquitySecuritiesRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_China_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000072288Member ck0001120543:ESGRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_China_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000072288Member ck0001120543:FocusedInvestmentRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_China_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000072288Member ck0001120543:GrowthStockRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_China_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000072288Member ck0001120543:InformationTechnologyRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_China_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000072288Member ck0001120543:IPORiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_China_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000072288Member ck0001120543:LargeCapitalizationSecuritiesRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_China_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000072288Member ck0001120543:LiquidityRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_China_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000072288Member ck0001120543:LongTermInvestmentStrategyRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_China_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000072288Member ck0001120543:MarketRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_China_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000072288Member ck0001120543:NewAndSmallerSizedFundsRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_China_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000072288Member ck0001120543:NonDiversificationRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_China_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000072288Member ck0001120543:NonUSInvestmentRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_China_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000072288Member ck0001120543:ServiceProviderRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_China_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000072288Member ck0001120543:SettlementRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_China_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000072288Member ck0001120543:SmallAndMediumCapitalizationSecuritiesRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_China_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000072288Member ck0001120543:UnderlyingFundsRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_China_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000072288Member ck0001120543:ValuationRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_China_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000228388Member 2022-01-01 2022-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_China_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000228388Member 2023-01-01 2023-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_China_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000228388Member 2024-01-01 2024-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_China_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000228388Member 2025-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_China_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000228388Member 2021-07-07 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_China_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000228388Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_China_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000228388Member oef:AfterTaxesOnDistributionsMember 2021-07-07 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_China_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000228388Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_China_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000228388Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-07-07 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_China_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000228389Member 2025-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_China_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000228389Member 2021-07-07 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_China_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:index_MSCI_China_All_Shares_IndexMember 2025-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_China_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:index_MSCI_China_All_Shares_IndexMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_China_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000228388Member 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_China_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000228389Member 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000006833Member 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000006833Member ck0001120543:C000186027Member 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000006833Member ck0001120543:C000186026Member 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000006833Member oef:RiskNotInsuredMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000006833Member oef:RiskLoseMoneyMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000006833Member ck0001120543:InvestmentStyleRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000006833Member ck0001120543:GrowthStockRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000006833Member ck0001120543:EmergingMarketsRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000006833Member ck0001120543:MarketDisruptionAndGeopoliticalRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000006833Member ck0001120543:GovernmentAndRegulatoryRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000006833Member ck0001120543:AsiaRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000006833Member ck0001120543:ChinaRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000006833Member ck0001120543:ConflictsOfInterestRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000006833Member ck0001120543:CurrencyRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000006833Member ck0001120543:EquitySecuritiesRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000006833Member ck0001120543:ESGRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000006833Member ck0001120543:FocusedInvestmentRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000006833Member ck0001120543:FrontierMarketsRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000006833Member ck0001120543:GeographicFocusRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000006833Member ck0001120543:InformationTechnologyRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000006833Member ck0001120543:IPORiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000006833Member ck0001120543:LargeCapitalizationSecuritiesRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000006833Member ck0001120543:LiquidityRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000006833Member ck0001120543:LongTermInvestmentStrategyRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000006833Member ck0001120543:MarketRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000006833Member ck0001120543:NonUSInvestmentRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000006833Member ck0001120543:ServiceProviderRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000006833Member ck0001120543:SettlementRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000006833Member ck0001120543:SmallAndMediumCapitalizationSecuritiesRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000006833Member ck0001120543:UnderlyingFundsRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000006833Member ck0001120543:ValuationRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000186026Member 2016-01-01 2016-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000186026Member 2017-01-01 2017-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000186026Member 2018-01-01 2018-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000186026Member 2019-01-01 2019-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000186026Member 2020-01-01 2020-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000186026Member 2021-01-01 2021-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000186026Member 2022-01-01 2022-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000186026Member 2023-01-01 2023-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000186026Member 2024-01-01 2024-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000186026Member 2025-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000186026Member 2021-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000186026Member 2016-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000186026Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000186026Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000186026Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000186026Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000186026Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000186026Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000186027Member 2025-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000186027Member 2021-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000186027Member 2016-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:index_MSCI_Emerging_Markets_IndexMember 2025-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:index_MSCI_Emerging_Markets_IndexMember 2021-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:index_MSCI_Emerging_Markets_IndexMember 2016-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_ex_China_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000074798Member 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_ex_China_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000074798Member ck0001120543:C000233007Member 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_ex_China_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000074798Member ck0001120543:C000233008Member 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_ex_China_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000074798Member oef:RiskNotInsuredMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_ex_China_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000074798Member oef:RiskLoseMoneyMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_ex_China_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000074798Member ck0001120543:InvestmentStyleRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_ex_China_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000074798Member ck0001120543:GrowthStockRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_ex_China_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000074798Member ck0001120543:EmergingMarketsRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_ex_China_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000074798Member ck0001120543:MarketDisruptionAndGeopoliticalRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_ex_China_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000074798Member ck0001120543:GovernmentAndRegulatoryRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_ex_China_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000074798Member ck0001120543:AsiaRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_ex_China_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000074798Member ck0001120543:ConflictsOfInterestRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_ex_China_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000074798Member ck0001120543:CurrencyRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_ex_China_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000074798Member ck0001120543:EquitySecuritiesRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_ex_China_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000074798Member ck0001120543:ESGRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_ex_China_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000074798Member ck0001120543:FocusedInvestmentRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_ex_China_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000074798Member ck0001120543:FrontierMarketsRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_ex_China_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000074798Member ck0001120543:GeographicFocusRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_ex_China_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000074798Member ck0001120543:InformationTechnologyRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_ex_China_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000074798Member ck0001120543:IPORiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_ex_China_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000074798Member ck0001120543:LargeCapitalizationSecuritiesRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_ex_China_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000074798Member ck0001120543:LiquidityRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_ex_China_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000074798Member ck0001120543:LongTermInvestmentStrategyRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_ex_China_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000074798Member ck0001120543:MarketRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_ex_China_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000074798Member ck0001120543:NewAndSmallerSizedFundsRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_ex_China_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000074798Member ck0001120543:NonDiversificationRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_ex_China_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000074798Member ck0001120543:NonUSInvestmentRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_ex_China_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000074798Member ck0001120543:ServiceProviderRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_ex_China_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000074798Member ck0001120543:SettlementRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_ex_China_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000074798Member ck0001120543:SmallAndMediumCapitalizationSecuritiesRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_ex_China_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000074798Member ck0001120543:UnderlyingFundsRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_ex_China_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000074798Member ck0001120543:ValuationRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_ex_China_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000233008Member 2022-01-01 2022-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_ex_China_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000233008Member 2023-01-01 2023-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_ex_China_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000233008Member 2024-01-01 2024-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_ex_China_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000233008Member 2025-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_ex_China_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000233008Member 2021-12-28 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_ex_China_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000233008Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_ex_China_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000233008Member oef:AfterTaxesOnDistributionsMember 2021-12-28 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_ex_China_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000233008Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_ex_China_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000233008Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-12-28 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_ex_China_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000233007Member 2025-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_ex_China_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000233007Member 2021-12-28 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_ex_China_Fund_Institutional_K_Class_ProspectusMember ck0001120543:index_MSCI_Emerging_Markets_ex_ChinaMember 2025-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_ex_China_Fund_Institutional_K_Class_ProspectusMember ck0001120543:index_MSCI_Emerging_Markets_ex_ChinaMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_ex_China_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000233008Member 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_ex_China_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000233007Member 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Global_Alpha_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000026149Member 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Global_Alpha_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000026149Member ck0001120543:C000186034Member 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Global_Alpha_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000026149Member ck0001120543:C000186035Member 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Global_Alpha_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000026149Member oef:RiskNotInsuredMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Global_Alpha_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000026149Member oef:RiskLoseMoneyMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Global_Alpha_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000026149Member ck0001120543:InvestmentStyleRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Global_Alpha_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000026149Member ck0001120543:GrowthStockRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Global_Alpha_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000026149Member ck0001120543:LongTermInvestmentStrategyRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Global_Alpha_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000026149Member ck0001120543:MarketRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Global_Alpha_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000026149Member ck0001120543:AsiaRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Global_Alpha_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000026149Member ck0001120543:ChinaRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Global_Alpha_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000026149Member ck0001120543:ConflictsOfInterestRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Global_Alpha_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000026149Member ck0001120543:CurrencyRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Global_Alpha_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000026149Member ck0001120543:DevelopedMarketsRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Global_Alpha_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000026149Member ck0001120543:EmergingMarketsRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Global_Alpha_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000026149Member ck0001120543:EquitySecuritiesRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Global_Alpha_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000026149Member ck0001120543:ESGRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Global_Alpha_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000026149Member ck0001120543:FocusedInvestmentRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Global_Alpha_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000026149Member ck0001120543:GovernmentAndRegulatoryRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Global_Alpha_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000026149Member ck0001120543:InformationTechnologyRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Global_Alpha_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000026149Member ck0001120543:IPORiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Global_Alpha_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000026149Member ck0001120543:LargeCapitalizationSecuritiesRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Global_Alpha_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000026149Member ck0001120543:LiquidityRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Global_Alpha_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000026149Member ck0001120543:MarketDisruptionAndGeopoliticalRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Global_Alpha_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000026149Member ck0001120543:NonUSInvestmentRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Global_Alpha_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000026149Member ck0001120543:ServiceProviderRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Global_Alpha_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000026149Member ck0001120543:SettlementRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Global_Alpha_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000026149Member ck0001120543:SmallAndMediumCapitalizationSecuritiesRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Global_Alpha_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000026149Member ck0001120543:ValuationRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Global_Alpha_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000186035Member 2016-01-01 2016-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Global_Alpha_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000186035Member 2017-01-01 2017-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Global_Alpha_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000186035Member 2018-01-01 2018-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Global_Alpha_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000186035Member 2019-01-01 2019-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Global_Alpha_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000186035Member 2020-01-01 2020-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Global_Alpha_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000186035Member 2021-01-01 2021-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Global_Alpha_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000186035Member 2022-01-01 2022-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Global_Alpha_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000186035Member 2023-01-01 2023-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Global_Alpha_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000186035Member 2024-01-01 2024-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Global_Alpha_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000186035Member 2025-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Global_Alpha_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000186035Member 2021-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Global_Alpha_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000186035Member 2016-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Global_Alpha_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000186035Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Global_Alpha_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000186035Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Global_Alpha_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000186035Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Global_Alpha_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000186035Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Global_Alpha_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000186035Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Global_Alpha_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000186035Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Global_Alpha_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000186034Member 2025-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Global_Alpha_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000186034Member 2021-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Global_Alpha_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000186034Member 2016-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Global_Alpha_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:index_MSCI_ACWI_IndexMember 2025-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Global_Alpha_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:index_MSCI_ACWI_IndexMember 2021-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Global_Alpha_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:index_MSCI_ACWI_IndexMember 2016-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Alpha_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000012763Member 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Alpha_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000012763Member ck0001120543:C000186029Member 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Alpha_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000012763Member ck0001120543:C000186028Member 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Alpha_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000012763Member oef:RiskNotInsuredMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Alpha_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000012763Member oef:RiskLoseMoneyMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Alpha_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000012763Member ck0001120543:InvestmentStyleRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Alpha_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000012763Member ck0001120543:GrowthStockRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Alpha_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000012763Member ck0001120543:LongTermInvestmentStrategyRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Alpha_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000012763Member ck0001120543:NonUSInvestmentRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Alpha_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000012763Member ck0001120543:AsiaRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Alpha_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000012763Member ck0001120543:ChinaRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Alpha_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000012763Member ck0001120543:ConflictsOfInterestRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Alpha_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000012763Member ck0001120543:CurrencyRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Alpha_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000012763Member ck0001120543:DevelopedMarketsRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Alpha_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000012763Member ck0001120543:EmergingMarketsRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Alpha_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000012763Member ck0001120543:EquitySecuritiesRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Alpha_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000012763Member ck0001120543:ESGRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Alpha_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000012763Member ck0001120543:FocusedInvestmentRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Alpha_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000012763Member ck0001120543:FrontierMarketsRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Alpha_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000012763Member ck0001120543:GeographicFocusRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Alpha_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000012763Member ck0001120543:GovernmentAndRegulatoryRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Alpha_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000012763Member ck0001120543:InformationTechnologyRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Alpha_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000012763Member ck0001120543:IPORiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Alpha_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000012763Member ck0001120543:LargeCapitalizationSecuritiesRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Alpha_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000012763Member ck0001120543:LiquidityRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Alpha_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000012763Member ck0001120543:MarketDisruptionAndGeopoliticalRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Alpha_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000012763Member ck0001120543:MarketRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Alpha_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000012763Member ck0001120543:ServiceProviderRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Alpha_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000012763Member ck0001120543:SettlementRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Alpha_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000012763Member ck0001120543:SmallAndMediumCapitalizationSecuritiesRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Alpha_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000012763Member ck0001120543:ValuationRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Alpha_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000186028Member 2016-01-01 2016-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Alpha_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000186028Member 2017-01-01 2017-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Alpha_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000186028Member 2018-01-01 2018-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Alpha_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000186028Member 2019-01-01 2019-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Alpha_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000186028Member 2020-01-01 2020-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Alpha_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000186028Member 2021-01-01 2021-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Alpha_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000186028Member 2022-01-01 2022-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Alpha_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000186028Member 2023-01-01 2023-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Alpha_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000186028Member 2024-01-01 2024-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Alpha_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000186028Member 2025-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Alpha_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000186028Member 2021-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Alpha_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000186028Member 2016-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Alpha_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000186028Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Alpha_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000186028Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Alpha_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000186028Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Alpha_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000186028Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Alpha_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000186028Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Alpha_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000186028Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Alpha_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000186029Member 2025-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Alpha_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000186029Member 2021-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Alpha_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000186029Member 2016-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Alpha_Fund_Institutional_K_Class_ProspectusMember ck0001120543:index_MSCI_ACWI_ex_USA_IndexMember 2025-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Alpha_Fund_Institutional_K_Class_ProspectusMember ck0001120543:index_MSCI_ACWI_ex_USA_IndexMember 2021-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Alpha_Fund_Institutional_K_Class_ProspectusMember ck0001120543:index_MSCI_ACWI_ex_USA_IndexMember 2016-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Concentrated_Growth_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000059107Member 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Concentrated_Growth_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000059107Member ck0001120543:C000193787Member 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Concentrated_Growth_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000059107Member ck0001120543:C000193786Member 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Concentrated_Growth_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000059107Member oef:RiskNotInsuredMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Concentrated_Growth_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000059107Member oef:RiskLoseMoneyMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Concentrated_Growth_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000059107Member ck0001120543:InvestmentStyleRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Concentrated_Growth_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000059107Member ck0001120543:GrowthStockRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Concentrated_Growth_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000059107Member ck0001120543:LongTermInvestmentStrategyRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Concentrated_Growth_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000059107Member ck0001120543:NonUSInvestmentRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Concentrated_Growth_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000059107Member ck0001120543:NonDiversificationRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Concentrated_Growth_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000059107Member ck0001120543:AsiaRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Concentrated_Growth_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000059107Member ck0001120543:ChinaRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Concentrated_Growth_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000059107Member ck0001120543:ConflictsOfInterestRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Concentrated_Growth_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000059107Member ck0001120543:CurrencyRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Concentrated_Growth_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000059107Member ck0001120543:DevelopedMarketsRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Concentrated_Growth_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000059107Member ck0001120543:EmergingMarketsRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Concentrated_Growth_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000059107Member ck0001120543:EquitySecuritiesRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Concentrated_Growth_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000059107Member ck0001120543:ESGRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Concentrated_Growth_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000059107Member ck0001120543:FocusedInvestmentRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Concentrated_Growth_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000059107Member ck0001120543:GeographicFocusRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Concentrated_Growth_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000059107Member ck0001120543:GovernmentAndRegulatoryRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Concentrated_Growth_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000059107Member ck0001120543:InformationTechnologyRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Concentrated_Growth_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000059107Member ck0001120543:IPORiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Concentrated_Growth_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000059107Member ck0001120543:LargeCapitalizationSecuritiesRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Concentrated_Growth_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000059107Member ck0001120543:LiquidityRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Concentrated_Growth_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000059107Member ck0001120543:MarketDisruptionAndGeopoliticalRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Concentrated_Growth_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000059107Member ck0001120543:MarketRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Concentrated_Growth_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000059107Member ck0001120543:NewAndSmallerSizedFundsRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Concentrated_Growth_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000059107Member ck0001120543:ServiceProviderRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Concentrated_Growth_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000059107Member ck0001120543:SettlementRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Concentrated_Growth_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000059107Member ck0001120543:SmallAndMediumCapitalizationSecuritiesRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Concentrated_Growth_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000059107Member ck0001120543:ValuationRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Concentrated_Growth_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000193786Member 2018-01-01 2018-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Concentrated_Growth_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000193786Member 2019-01-01 2019-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Concentrated_Growth_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000193786Member 2020-01-01 2020-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Concentrated_Growth_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000193786Member 2021-01-01 2021-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Concentrated_Growth_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000193786Member 2022-01-01 2022-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Concentrated_Growth_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000193786Member 2023-01-01 2023-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Concentrated_Growth_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000193786Member 2024-01-01 2024-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Concentrated_Growth_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000193786Member 2025-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Concentrated_Growth_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000193786Member 2021-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Concentrated_Growth_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000193786Member 2017-12-14 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Concentrated_Growth_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000193786Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Concentrated_Growth_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000193786Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Concentrated_Growth_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000193786Member oef:AfterTaxesOnDistributionsMember 2017-12-14 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Concentrated_Growth_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000193786Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Concentrated_Growth_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000193786Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Concentrated_Growth_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000193786Member oef:AfterTaxesOnDistributionsAndSalesMember 2017-12-14 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Concentrated_Growth_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000193787Member 2025-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Concentrated_Growth_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000193787Member 2021-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Concentrated_Growth_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000193787Member 2017-12-14 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Concentrated_Growth_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:index_MSCI_ACWI_ex_USA_IndexMember 2025-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Concentrated_Growth_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:index_MSCI_ACWI_ex_USA_IndexMember 2021-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Concentrated_Growth_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:index_MSCI_ACWI_ex_USA_IndexMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Concentrated_Growth_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000193787Member 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Concentrated_Growth_Equities_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000193786Member 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000012764Member 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000012764Member ck0001120543:C000186031Member 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000012764Member ck0001120543:C000186030Member 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000012764Member oef:RiskNotInsuredMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000012764Member oef:RiskLoseMoneyMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000012764Member ck0001120543:InvestmentStyleRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000012764Member ck0001120543:GrowthStockRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000012764Member ck0001120543:LongTermInvestmentStrategyRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000012764Member ck0001120543:NonUSInvestmentRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000012764Member ck0001120543:AsiaRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000012764Member ck0001120543:ChinaRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000012764Member ck0001120543:ConflictsOfInterestRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000012764Member ck0001120543:CurrencyRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000012764Member ck0001120543:DevelopedMarketsRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000012764Member ck0001120543:EmergingMarketsRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000012764Member ck0001120543:EquitySecuritiesRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000012764Member ck0001120543:ESGRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000012764Member ck0001120543:FocusedInvestmentRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000012764Member ck0001120543:GeographicFocusRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000012764Member ck0001120543:GovernmentAndRegulatoryRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000012764Member ck0001120543:InformationTechnologyRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000012764Member ck0001120543:IPORiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000012764Member ck0001120543:LargeCapitalizationSecuritiesRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000012764Member ck0001120543:LiquidityRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000012764Member ck0001120543:MarketDisruptionAndGeopoliticalRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000012764Member ck0001120543:MarketRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000012764Member ck0001120543:ServiceProviderRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000012764Member ck0001120543:SettlementRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000012764Member ck0001120543:SmallAndMediumCapitalizationSecuritiesRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000012764Member ck0001120543:ValuationRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000186030Member 2016-01-01 2016-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000186030Member 2017-01-01 2017-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000186030Member 2018-01-01 2018-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000186030Member 2019-01-01 2019-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000186030Member 2020-01-01 2020-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000186030Member 2021-01-01 2021-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000186030Member 2022-01-01 2022-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000186030Member 2023-01-01 2023-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000186030Member 2024-01-01 2024-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000186030Member 2025-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000186030Member 2021-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000186030Member 2016-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000186030Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000186030Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000186030Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000186030Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000186030Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000186030Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000186031Member 2025-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000186031Member 2021-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000186031Member 2016-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:index_MSCI_ACWI_ex_USA_Index2Member 2025-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:index_MSCI_ACWI_ex_USA_Index2Member 2021-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:index_MSCI_ACWI_ex_USA_Index2Member 2016-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:index_MSCI_EAFE_Index2Member 2025-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:index_MSCI_EAFE_Index2Member 2021-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:index_MSCI_EAFE_Index2Member 2016-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Long_Term_Global_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000046079Member 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Long_Term_Global_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000046079Member ck0001120543:C000186041Member 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Long_Term_Global_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000046079Member ck0001120543:C000186040Member 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Long_Term_Global_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000046079Member oef:RiskNotInsuredMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Long_Term_Global_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000046079Member oef:RiskLoseMoneyMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Long_Term_Global_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000046079Member ck0001120543:InvestmentStyleRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Long_Term_Global_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000046079Member ck0001120543:GrowthStockRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Long_Term_Global_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000046079Member ck0001120543:LongTermInvestmentStrategyRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Long_Term_Global_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000046079Member ck0001120543:NonDiversificationRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Long_Term_Global_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000046079Member ck0001120543:NonUSInvestmentRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Long_Term_Global_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000046079Member ck0001120543:AsiaRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Long_Term_Global_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000046079Member ck0001120543:ChinaRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Long_Term_Global_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000046079Member ck0001120543:ConflictsOfInterestRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Long_Term_Global_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000046079Member ck0001120543:CurrencyRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Long_Term_Global_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000046079Member ck0001120543:DevelopedMarketsRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Long_Term_Global_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000046079Member ck0001120543:EmergingMarketsRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Long_Term_Global_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000046079Member ck0001120543:EquitySecuritiesRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Long_Term_Global_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000046079Member ck0001120543:ESGRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Long_Term_Global_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000046079Member ck0001120543:FocusedInvestmentRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Long_Term_Global_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000046079Member ck0001120543:GovernmentAndRegulatoryRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Long_Term_Global_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000046079Member ck0001120543:InformationTechnologyRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Long_Term_Global_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000046079Member ck0001120543:IPORiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Long_Term_Global_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000046079Member ck0001120543:LargeCapitalizationSecuritiesRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Long_Term_Global_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000046079Member ck0001120543:LiquidityRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Long_Term_Global_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000046079Member ck0001120543:MarketDisruptionAndGeopoliticalRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Long_Term_Global_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000046079Member ck0001120543:MarketRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Long_Term_Global_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000046079Member ck0001120543:ServiceProviderRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Long_Term_Global_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000046079Member ck0001120543:SettlementRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Long_Term_Global_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000046079Member ck0001120543:SmallAndMediumCapitalizationSecuritiesRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Long_Term_Global_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000046079Member ck0001120543:ValuationRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Long_Term_Global_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000186040Member 2016-01-01 2016-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Long_Term_Global_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000186040Member 2017-01-01 2017-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Long_Term_Global_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000186040Member 2018-01-01 2018-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Long_Term_Global_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000186040Member 2019-01-01 2019-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Long_Term_Global_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000186040Member 2020-01-01 2020-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Long_Term_Global_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000186040Member 2021-01-01 2021-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Long_Term_Global_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000186040Member 2022-01-01 2022-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Long_Term_Global_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000186040Member 2023-01-01 2023-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Long_Term_Global_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000186040Member 2024-01-01 2024-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Long_Term_Global_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000186040Member 2025-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Long_Term_Global_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000186040Member 2021-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Long_Term_Global_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000186040Member 2016-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Long_Term_Global_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000186040Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Long_Term_Global_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000186040Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Long_Term_Global_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000186040Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Long_Term_Global_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000186040Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Long_Term_Global_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000186040Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Long_Term_Global_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000186040Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Long_Term_Global_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000186041Member 2025-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Long_Term_Global_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000186041Member 2021-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Long_Term_Global_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000186041Member 2016-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Long_Term_Global_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:index_MSCI_ACWI_Index2Member 2025-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Long_Term_Global_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:index_MSCI_ACWI_Index2Member 2021-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Long_Term_Global_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:index_MSCI_ACWI_Index2Member 2016-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_US_Equity_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000026150Member 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_US_Equity_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000026150Member ck0001120543:C000186037Member 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_US_Equity_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000026150Member ck0001120543:C000186036Member 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_US_Equity_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000026150Member oef:RiskNotInsuredMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_US_Equity_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000026150Member oef:RiskLoseMoneyMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_US_Equity_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000026150Member ck0001120543:InvestmentStyleRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_US_Equity_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000026150Member ck0001120543:GrowthStockRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_US_Equity_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000026150Member ck0001120543:LongTermInvestmentStrategyRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_US_Equity_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000026150Member ck0001120543:GeographicFocusRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_US_Equity_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000026150Member ck0001120543:NonDiversificationRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_US_Equity_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000026150Member ck0001120543:ConflictsOfInterestRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_US_Equity_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000026150Member ck0001120543:DevelopedMarketsRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_US_Equity_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000026150Member ck0001120543:EquitySecuritiesRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_US_Equity_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000026150Member ck0001120543:ESGRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_US_Equity_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000026150Member ck0001120543:FocusedInvestmentRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_US_Equity_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000026150Member ck0001120543:GovernmentAndRegulatoryRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_US_Equity_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000026150Member ck0001120543:InformationTechnologyRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_US_Equity_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000026150Member ck0001120543:IPORiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_US_Equity_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000026150Member ck0001120543:LargeCapitalizationSecuritiesRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_US_Equity_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000026150Member ck0001120543:LiquidityRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_US_Equity_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000026150Member ck0001120543:MarketDisruptionAndGeopoliticalRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_US_Equity_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000026150Member ck0001120543:MarketRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_US_Equity_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000026150Member ck0001120543:NewAndSmallerSizedFundsRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_US_Equity_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000026150Member ck0001120543:ServiceProviderRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_US_Equity_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000026150Member ck0001120543:SmallAndMediumCapitalizationSecuritiesRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_US_Equity_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:S000026150Member ck0001120543:ValuationRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_US_Equity_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000186036Member 2017-01-01 2017-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_US_Equity_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000186036Member 2018-01-01 2018-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_US_Equity_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000186036Member 2019-01-01 2019-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_US_Equity_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000186036Member 2020-01-01 2020-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_US_Equity_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000186036Member 2021-01-01 2021-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_US_Equity_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000186036Member 2022-01-01 2022-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_US_Equity_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000186036Member 2023-01-01 2023-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_US_Equity_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000186036Member 2024-01-01 2024-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_US_Equity_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000186036Member 2025-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_US_Equity_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000186036Member 2021-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_US_Equity_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000186036Member 2016-12-05 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_US_Equity_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000186036Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_US_Equity_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000186036Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_US_Equity_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000186036Member oef:AfterTaxesOnDistributionsMember 2016-12-05 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_US_Equity_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000186036Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_US_Equity_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000186036Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_US_Equity_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000186036Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-12-05 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_US_Equity_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000186037Member 2025-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_US_Equity_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000186037Member 2021-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_US_Equity_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000186037Member 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_US_Equity_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:index_SP_500_Index4Member 2025-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_US_Equity_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:index_SP_500_Index4Member 2021-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_US_Equity_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:index_SP_500_Index4Member 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_US_Equity_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:index_Russell_1000_Growth_Index5Member 2025-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_US_Equity_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:index_Russell_1000_Growth_Index5Member 2021-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_US_Equity_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:index_Russell_1000_Growth_Index5Member 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_US_Equity_Growth_Fund_Institutional_K_Class_ProspectusMember ck0001120543:C000186036Member 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_Equities_Fund_Class_234_5_ProspectusMember ck0001120543:S000006833Member 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_Equities_Fund_Class_234_5_ProspectusMember ck0001120543:S000006833Member ck0001120543:C000018471Member 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_Equities_Fund_Class_234_5_ProspectusMember ck0001120543:S000006833Member ck0001120543:C000157005Member 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_Equities_Fund_Class_234_5_ProspectusMember ck0001120543:S000006833Member ck0001120543:C000157006Member 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_Equities_Fund_Class_234_5_ProspectusMember ck0001120543:S000006833Member ck0001120543:C000018472Member 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_Equities_Fund_Class_234_5_ProspectusMember ck0001120543:S000006833Member oef:RiskNotInsuredMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_Equities_Fund_Class_234_5_ProspectusMember ck0001120543:S000006833Member oef:RiskLoseMoneyMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_Equities_Fund_Class_234_5_ProspectusMember ck0001120543:S000006833Member ck0001120543:InvestmentStyleRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_Equities_Fund_Class_234_5_ProspectusMember ck0001120543:S000006833Member ck0001120543:GrowthStockRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_Equities_Fund_Class_234_5_ProspectusMember ck0001120543:S000006833Member ck0001120543:EmergingMarketsRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_Equities_Fund_Class_234_5_ProspectusMember ck0001120543:S000006833Member ck0001120543:MarketDisruptionAndGeopoliticalRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_Equities_Fund_Class_234_5_ProspectusMember ck0001120543:S000006833Member ck0001120543:GovernmentAndRegulatoryRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_Equities_Fund_Class_234_5_ProspectusMember ck0001120543:S000006833Member ck0001120543:AsiaRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_Equities_Fund_Class_234_5_ProspectusMember ck0001120543:S000006833Member ck0001120543:ChinaRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_Equities_Fund_Class_234_5_ProspectusMember ck0001120543:S000006833Member ck0001120543:ConflictsOfInterestRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_Equities_Fund_Class_234_5_ProspectusMember ck0001120543:S000006833Member ck0001120543:CurrencyRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_Equities_Fund_Class_234_5_ProspectusMember ck0001120543:S000006833Member ck0001120543:EquitySecuritiesRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_Equities_Fund_Class_234_5_ProspectusMember ck0001120543:S000006833Member ck0001120543:ESGRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_Equities_Fund_Class_234_5_ProspectusMember ck0001120543:S000006833Member ck0001120543:FocusedInvestmentRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_Equities_Fund_Class_234_5_ProspectusMember ck0001120543:S000006833Member ck0001120543:FrontierMarketsRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_Equities_Fund_Class_234_5_ProspectusMember ck0001120543:S000006833Member ck0001120543:GeographicFocusRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_Equities_Fund_Class_234_5_ProspectusMember ck0001120543:S000006833Member ck0001120543:InformationTechnologyRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_Equities_Fund_Class_234_5_ProspectusMember ck0001120543:S000006833Member ck0001120543:IPORiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_Equities_Fund_Class_234_5_ProspectusMember ck0001120543:S000006833Member ck0001120543:LargeCapitalizationSecuritiesRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_Equities_Fund_Class_234_5_ProspectusMember ck0001120543:S000006833Member ck0001120543:LiquidityRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_Equities_Fund_Class_234_5_ProspectusMember ck0001120543:S000006833Member ck0001120543:LongTermInvestmentStrategyRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_Equities_Fund_Class_234_5_ProspectusMember ck0001120543:S000006833Member ck0001120543:MarketRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_Equities_Fund_Class_234_5_ProspectusMember ck0001120543:S000006833Member ck0001120543:NonUSInvestmentRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_Equities_Fund_Class_234_5_ProspectusMember ck0001120543:S000006833Member ck0001120543:ServiceProviderRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_Equities_Fund_Class_234_5_ProspectusMember ck0001120543:S000006833Member ck0001120543:SettlementRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_Equities_Fund_Class_234_5_ProspectusMember ck0001120543:S000006833Member ck0001120543:SmallAndMediumCapitalizationSecuritiesRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_Equities_Fund_Class_234_5_ProspectusMember ck0001120543:S000006833Member ck0001120543:UnderlyingFundsRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_Equities_Fund_Class_234_5_ProspectusMember ck0001120543:S000006833Member ck0001120543:ValuationRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_Equities_Fund_Class_234_5_ProspectusMember ck0001120543:C000018472Member 2016-01-01 2016-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_Equities_Fund_Class_234_5_ProspectusMember ck0001120543:C000018472Member 2017-01-01 2017-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_Equities_Fund_Class_234_5_ProspectusMember ck0001120543:C000018472Member 2018-01-01 2018-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_Equities_Fund_Class_234_5_ProspectusMember ck0001120543:C000018472Member 2019-01-01 2019-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_Equities_Fund_Class_234_5_ProspectusMember ck0001120543:C000018472Member 2020-01-01 2020-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_Equities_Fund_Class_234_5_ProspectusMember ck0001120543:C000018472Member 2021-01-01 2021-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_Equities_Fund_Class_234_5_ProspectusMember ck0001120543:C000018472Member 2022-01-01 2022-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_Equities_Fund_Class_234_5_ProspectusMember ck0001120543:C000018472Member 2023-01-01 2023-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_Equities_Fund_Class_234_5_ProspectusMember ck0001120543:C000018472Member 2024-01-01 2024-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_Equities_Fund_Class_234_5_ProspectusMember ck0001120543:C000018472Member 2025-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_Equities_Fund_Class_234_5_ProspectusMember ck0001120543:C000018472Member 2021-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_Equities_Fund_Class_234_5_ProspectusMember ck0001120543:C000018472Member 2016-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_Equities_Fund_Class_234_5_ProspectusMember ck0001120543:C000018472Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_Equities_Fund_Class_234_5_ProspectusMember ck0001120543:C000018472Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_Equities_Fund_Class_234_5_ProspectusMember ck0001120543:C000018472Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_Equities_Fund_Class_234_5_ProspectusMember ck0001120543:C000018472Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_Equities_Fund_Class_234_5_ProspectusMember ck0001120543:C000018472Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_Equities_Fund_Class_234_5_ProspectusMember ck0001120543:C000018472Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_Equities_Fund_Class_234_5_ProspectusMember ck0001120543:C000018471Member 2025-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_Equities_Fund_Class_234_5_ProspectusMember ck0001120543:C000018471Member 2021-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_Equities_Fund_Class_234_5_ProspectusMember ck0001120543:C000018471Member 2016-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_Equities_Fund_Class_234_5_ProspectusMember ck0001120543:C000157005Member 2025-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_Equities_Fund_Class_234_5_ProspectusMember ck0001120543:C000157005Member 2021-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_Equities_Fund_Class_234_5_ProspectusMember ck0001120543:C000157005Member 2016-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_Equities_Fund_Class_234_5_ProspectusMember ck0001120543:C000157006Member 2025-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_Equities_Fund_Class_234_5_ProspectusMember ck0001120543:C000157006Member 2021-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_Equities_Fund_Class_234_5_ProspectusMember ck0001120543:C000157006Member 2016-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_Equities_Fund_Class_234_5_ProspectusMember ck0001120543:index_MSCI_Emerging_Markets_Index3Member 2025-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_Equities_Fund_Class_234_5_ProspectusMember ck0001120543:index_MSCI_Emerging_Markets_Index3Member 2021-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Emerging_Markets_Equities_Fund_Class_234_5_ProspectusMember ck0001120543:index_MSCI_Emerging_Markets_Index3Member 2016-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Global_Alpha_Equities_Fund_Class_234_5_ProspectusMember ck0001120543:S000026149Member 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Global_Alpha_Equities_Fund_Class_234_5_ProspectusMember ck0001120543:S000026149Member ck0001120543:C000078432Member 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Global_Alpha_Equities_Fund_Class_234_5_ProspectusMember ck0001120543:S000026149Member ck0001120543:C000078433Member 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Global_Alpha_Equities_Fund_Class_234_5_ProspectusMember ck0001120543:S000026149Member ck0001120543:C000078430Member 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Global_Alpha_Equities_Fund_Class_234_5_ProspectusMember ck0001120543:S000026149Member ck0001120543:C000116269Member 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Global_Alpha_Equities_Fund_Class_234_5_ProspectusMember ck0001120543:S000026149Member oef:RiskNotInsuredMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Global_Alpha_Equities_Fund_Class_234_5_ProspectusMember ck0001120543:S000026149Member oef:RiskLoseMoneyMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Global_Alpha_Equities_Fund_Class_234_5_ProspectusMember ck0001120543:S000026149Member ck0001120543:InvestmentStyleRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Global_Alpha_Equities_Fund_Class_234_5_ProspectusMember ck0001120543:S000026149Member ck0001120543:GrowthStockRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Global_Alpha_Equities_Fund_Class_234_5_ProspectusMember ck0001120543:S000026149Member ck0001120543:LongTermInvestmentStrategyRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Global_Alpha_Equities_Fund_Class_234_5_ProspectusMember ck0001120543:S000026149Member ck0001120543:MarketRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Global_Alpha_Equities_Fund_Class_234_5_ProspectusMember ck0001120543:S000026149Member ck0001120543:AsiaRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Global_Alpha_Equities_Fund_Class_234_5_ProspectusMember ck0001120543:S000026149Member ck0001120543:ChinaRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Global_Alpha_Equities_Fund_Class_234_5_ProspectusMember ck0001120543:S000026149Member ck0001120543:ConflictsOfInterestRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Global_Alpha_Equities_Fund_Class_234_5_ProspectusMember ck0001120543:S000026149Member ck0001120543:CurrencyRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Global_Alpha_Equities_Fund_Class_234_5_ProspectusMember ck0001120543:S000026149Member ck0001120543:DevelopedMarketsRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Global_Alpha_Equities_Fund_Class_234_5_ProspectusMember ck0001120543:S000026149Member ck0001120543:EmergingMarketsRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Global_Alpha_Equities_Fund_Class_234_5_ProspectusMember ck0001120543:S000026149Member ck0001120543:EquitySecuritiesRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Global_Alpha_Equities_Fund_Class_234_5_ProspectusMember ck0001120543:S000026149Member ck0001120543:ESGRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Global_Alpha_Equities_Fund_Class_234_5_ProspectusMember ck0001120543:S000026149Member ck0001120543:FocusedInvestmentRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Global_Alpha_Equities_Fund_Class_234_5_ProspectusMember ck0001120543:S000026149Member ck0001120543:GovernmentAndRegulatoryRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Global_Alpha_Equities_Fund_Class_234_5_ProspectusMember ck0001120543:S000026149Member ck0001120543:InformationTechnologyRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Global_Alpha_Equities_Fund_Class_234_5_ProspectusMember ck0001120543:S000026149Member ck0001120543:IPORiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Global_Alpha_Equities_Fund_Class_234_5_ProspectusMember ck0001120543:S000026149Member ck0001120543:LargeCapitalizationSecuritiesRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Global_Alpha_Equities_Fund_Class_234_5_ProspectusMember ck0001120543:S000026149Member ck0001120543:LiquidityRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Global_Alpha_Equities_Fund_Class_234_5_ProspectusMember ck0001120543:S000026149Member ck0001120543:MarketDisruptionAndGeopoliticalRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Global_Alpha_Equities_Fund_Class_234_5_ProspectusMember ck0001120543:S000026149Member ck0001120543:NonUSInvestmentRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Global_Alpha_Equities_Fund_Class_234_5_ProspectusMember ck0001120543:S000026149Member ck0001120543:ServiceProviderRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Global_Alpha_Equities_Fund_Class_234_5_ProspectusMember ck0001120543:S000026149Member ck0001120543:SettlementRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Global_Alpha_Equities_Fund_Class_234_5_ProspectusMember ck0001120543:S000026149Member ck0001120543:SmallAndMediumCapitalizationSecuritiesRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Global_Alpha_Equities_Fund_Class_234_5_ProspectusMember ck0001120543:S000026149Member ck0001120543:ValuationRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Global_Alpha_Equities_Fund_Class_234_5_ProspectusMember ck0001120543:C000078432Member 2016-01-01 2016-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Global_Alpha_Equities_Fund_Class_234_5_ProspectusMember ck0001120543:C000078432Member 2017-01-01 2017-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Global_Alpha_Equities_Fund_Class_234_5_ProspectusMember ck0001120543:C000078432Member 2018-01-01 2018-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Global_Alpha_Equities_Fund_Class_234_5_ProspectusMember ck0001120543:C000078432Member 2019-01-01 2019-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Global_Alpha_Equities_Fund_Class_234_5_ProspectusMember ck0001120543:C000078432Member 2020-01-01 2020-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Global_Alpha_Equities_Fund_Class_234_5_ProspectusMember ck0001120543:C000078432Member 2021-01-01 2021-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Global_Alpha_Equities_Fund_Class_234_5_ProspectusMember ck0001120543:C000078432Member 2022-01-01 2022-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Global_Alpha_Equities_Fund_Class_234_5_ProspectusMember ck0001120543:C000078432Member 2023-01-01 2023-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Global_Alpha_Equities_Fund_Class_234_5_ProspectusMember ck0001120543:C000078432Member 2024-01-01 2024-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Global_Alpha_Equities_Fund_Class_234_5_ProspectusMember ck0001120543:C000078432Member 2025-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Global_Alpha_Equities_Fund_Class_234_5_ProspectusMember ck0001120543:C000078432Member 2021-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Global_Alpha_Equities_Fund_Class_234_5_ProspectusMember ck0001120543:C000078432Member 2016-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Global_Alpha_Equities_Fund_Class_234_5_ProspectusMember ck0001120543:C000078432Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Global_Alpha_Equities_Fund_Class_234_5_ProspectusMember ck0001120543:C000078432Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Global_Alpha_Equities_Fund_Class_234_5_ProspectusMember ck0001120543:C000078432Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Global_Alpha_Equities_Fund_Class_234_5_ProspectusMember ck0001120543:C000078432Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Global_Alpha_Equities_Fund_Class_234_5_ProspectusMember ck0001120543:C000078432Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Global_Alpha_Equities_Fund_Class_234_5_ProspectusMember ck0001120543:C000078432Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Global_Alpha_Equities_Fund_Class_234_5_ProspectusMember ck0001120543:C000078433Member 2025-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Global_Alpha_Equities_Fund_Class_234_5_ProspectusMember ck0001120543:C000078433Member 2021-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Global_Alpha_Equities_Fund_Class_234_5_ProspectusMember ck0001120543:C000078433Member 2016-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Global_Alpha_Equities_Fund_Class_234_5_ProspectusMember ck0001120543:C000078430Member 2025-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Global_Alpha_Equities_Fund_Class_234_5_ProspectusMember ck0001120543:C000078430Member 2021-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Global_Alpha_Equities_Fund_Class_234_5_ProspectusMember ck0001120543:C000078430Member 2016-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Global_Alpha_Equities_Fund_Class_234_5_ProspectusMember ck0001120543:C000116269Member 2025-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Global_Alpha_Equities_Fund_Class_234_5_ProspectusMember ck0001120543:C000116269Member 2021-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Global_Alpha_Equities_Fund_Class_234_5_ProspectusMember ck0001120543:C000116269Member 2016-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Global_Alpha_Equities_Fund_Class_234_5_ProspectusMember ck0001120543:index_MSCI_ACWI_Index4Member 2025-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Global_Alpha_Equities_Fund_Class_234_5_ProspectusMember ck0001120543:index_MSCI_ACWI_Index4Member 2021-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Global_Alpha_Equities_Fund_Class_234_5_ProspectusMember ck0001120543:index_MSCI_ACWI_Index4Member 2016-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Alpha_Fund_Class_234_5_ProspectusMember ck0001120543:S000012763Member 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Alpha_Fund_Class_234_5_ProspectusMember ck0001120543:S000012763Member ck0001120543:C000034445Member 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Alpha_Fund_Class_234_5_ProspectusMember ck0001120543:S000012763Member ck0001120543:C000034446Member 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Alpha_Fund_Class_234_5_ProspectusMember ck0001120543:S000012763Member ck0001120543:C000078438Member 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Alpha_Fund_Class_234_5_ProspectusMember ck0001120543:S000012763Member ck0001120543:C000116266Member 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Alpha_Fund_Class_234_5_ProspectusMember ck0001120543:S000012763Member oef:RiskNotInsuredMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Alpha_Fund_Class_234_5_ProspectusMember ck0001120543:S000012763Member oef:RiskLoseMoneyMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Alpha_Fund_Class_234_5_ProspectusMember ck0001120543:S000012763Member ck0001120543:InvestmentStyleRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Alpha_Fund_Class_234_5_ProspectusMember ck0001120543:S000012763Member ck0001120543:GrowthStockRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Alpha_Fund_Class_234_5_ProspectusMember ck0001120543:S000012763Member ck0001120543:LongTermInvestmentStrategyRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Alpha_Fund_Class_234_5_ProspectusMember ck0001120543:S000012763Member ck0001120543:NonUSInvestmentRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Alpha_Fund_Class_234_5_ProspectusMember ck0001120543:S000012763Member ck0001120543:AsiaRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Alpha_Fund_Class_234_5_ProspectusMember ck0001120543:S000012763Member ck0001120543:ChinaRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Alpha_Fund_Class_234_5_ProspectusMember ck0001120543:S000012763Member ck0001120543:ConflictsOfInterestRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Alpha_Fund_Class_234_5_ProspectusMember ck0001120543:S000012763Member ck0001120543:CurrencyRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Alpha_Fund_Class_234_5_ProspectusMember ck0001120543:S000012763Member ck0001120543:DevelopedMarketsRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Alpha_Fund_Class_234_5_ProspectusMember ck0001120543:S000012763Member ck0001120543:EmergingMarketsRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Alpha_Fund_Class_234_5_ProspectusMember ck0001120543:S000012763Member ck0001120543:EquitySecuritiesRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Alpha_Fund_Class_234_5_ProspectusMember ck0001120543:S000012763Member ck0001120543:ESGRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Alpha_Fund_Class_234_5_ProspectusMember ck0001120543:S000012763Member ck0001120543:FocusedInvestmentRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Alpha_Fund_Class_234_5_ProspectusMember ck0001120543:S000012763Member ck0001120543:FrontierMarketsRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Alpha_Fund_Class_234_5_ProspectusMember ck0001120543:S000012763Member ck0001120543:GeographicFocusRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Alpha_Fund_Class_234_5_ProspectusMember ck0001120543:S000012763Member ck0001120543:GovernmentAndRegulatoryRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Alpha_Fund_Class_234_5_ProspectusMember ck0001120543:S000012763Member ck0001120543:InformationTechnologyRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Alpha_Fund_Class_234_5_ProspectusMember ck0001120543:S000012763Member ck0001120543:IPORiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Alpha_Fund_Class_234_5_ProspectusMember ck0001120543:S000012763Member ck0001120543:LargeCapitalizationSecuritiesRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Alpha_Fund_Class_234_5_ProspectusMember ck0001120543:S000012763Member ck0001120543:LiquidityRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Alpha_Fund_Class_234_5_ProspectusMember ck0001120543:S000012763Member ck0001120543:MarketDisruptionAndGeopoliticalRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Alpha_Fund_Class_234_5_ProspectusMember ck0001120543:S000012763Member ck0001120543:MarketRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Alpha_Fund_Class_234_5_ProspectusMember ck0001120543:S000012763Member ck0001120543:ServiceProviderRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Alpha_Fund_Class_234_5_ProspectusMember ck0001120543:S000012763Member ck0001120543:SettlementRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Alpha_Fund_Class_234_5_ProspectusMember ck0001120543:S000012763Member ck0001120543:SmallAndMediumCapitalizationSecuritiesRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Alpha_Fund_Class_234_5_ProspectusMember ck0001120543:S000012763Member ck0001120543:ValuationRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Alpha_Fund_Class_234_5_ProspectusMember ck0001120543:C000034445Member 2016-01-01 2016-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Alpha_Fund_Class_234_5_ProspectusMember ck0001120543:C000034445Member 2017-01-01 2017-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Alpha_Fund_Class_234_5_ProspectusMember ck0001120543:C000034445Member 2018-01-01 2018-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Alpha_Fund_Class_234_5_ProspectusMember ck0001120543:C000034445Member 2019-01-01 2019-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Alpha_Fund_Class_234_5_ProspectusMember ck0001120543:C000034445Member 2020-01-01 2020-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Alpha_Fund_Class_234_5_ProspectusMember ck0001120543:C000034445Member 2021-01-01 2021-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Alpha_Fund_Class_234_5_ProspectusMember ck0001120543:C000034445Member 2022-01-01 2022-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Alpha_Fund_Class_234_5_ProspectusMember ck0001120543:C000034445Member 2023-01-01 2023-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Alpha_Fund_Class_234_5_ProspectusMember ck0001120543:C000034445Member 2024-01-01 2024-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Alpha_Fund_Class_234_5_ProspectusMember ck0001120543:C000034445Member 2025-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Alpha_Fund_Class_234_5_ProspectusMember ck0001120543:C000034445Member 2021-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Alpha_Fund_Class_234_5_ProspectusMember ck0001120543:C000034445Member 2016-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Alpha_Fund_Class_234_5_ProspectusMember ck0001120543:C000034445Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Alpha_Fund_Class_234_5_ProspectusMember ck0001120543:C000034445Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Alpha_Fund_Class_234_5_ProspectusMember ck0001120543:C000034445Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Alpha_Fund_Class_234_5_ProspectusMember ck0001120543:C000034445Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Alpha_Fund_Class_234_5_ProspectusMember ck0001120543:C000034445Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Alpha_Fund_Class_234_5_ProspectusMember ck0001120543:C000034445Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Alpha_Fund_Class_234_5_ProspectusMember ck0001120543:C000034446Member 2025-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Alpha_Fund_Class_234_5_ProspectusMember ck0001120543:C000034446Member 2021-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Alpha_Fund_Class_234_5_ProspectusMember ck0001120543:C000034446Member 2016-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Alpha_Fund_Class_234_5_ProspectusMember ck0001120543:C000078438Member 2025-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Alpha_Fund_Class_234_5_ProspectusMember ck0001120543:C000078438Member 2021-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Alpha_Fund_Class_234_5_ProspectusMember ck0001120543:C000078438Member 2016-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Alpha_Fund_Class_234_5_ProspectusMember ck0001120543:C000116266Member 2025-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Alpha_Fund_Class_234_5_ProspectusMember ck0001120543:C000116266Member 2021-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Alpha_Fund_Class_234_5_ProspectusMember ck0001120543:C000116266Member 2016-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Alpha_Fund_Class_234_5_ProspectusMember ck0001120543:index_MSCI_ACWI_ex_USA_Index2Member 2025-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Alpha_Fund_Class_234_5_ProspectusMember ck0001120543:index_MSCI_ACWI_ex_USA_Index2Member 2021-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Alpha_Fund_Class_234_5_ProspectusMember ck0001120543:index_MSCI_ACWI_ex_USA_Index2Member 2016-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Growth_Fund_Class_234_5_ProspectusMember ck0001120543:S000012764Member 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Growth_Fund_Class_234_5_ProspectusMember ck0001120543:S000012764Member ck0001120543:C000034448Member 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Growth_Fund_Class_234_5_ProspectusMember ck0001120543:S000012764Member ck0001120543:C000034449Member 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Growth_Fund_Class_234_5_ProspectusMember ck0001120543:S000012764Member ck0001120543:C000078439Member 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Growth_Fund_Class_234_5_ProspectusMember ck0001120543:S000012764Member ck0001120543:C000116267Member 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Growth_Fund_Class_234_5_ProspectusMember ck0001120543:S000012764Member oef:RiskNotInsuredMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Growth_Fund_Class_234_5_ProspectusMember ck0001120543:S000012764Member oef:RiskLoseMoneyMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Growth_Fund_Class_234_5_ProspectusMember ck0001120543:S000012764Member ck0001120543:InvestmentStyleRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Growth_Fund_Class_234_5_ProspectusMember ck0001120543:S000012764Member ck0001120543:GrowthStockRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Growth_Fund_Class_234_5_ProspectusMember ck0001120543:S000012764Member ck0001120543:LongTermInvestmentStrategyRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Growth_Fund_Class_234_5_ProspectusMember ck0001120543:S000012764Member ck0001120543:NonUSInvestmentRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Growth_Fund_Class_234_5_ProspectusMember ck0001120543:S000012764Member ck0001120543:AsiaRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Growth_Fund_Class_234_5_ProspectusMember ck0001120543:S000012764Member ck0001120543:ChinaRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Growth_Fund_Class_234_5_ProspectusMember ck0001120543:S000012764Member ck0001120543:ConflictsOfInterestRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Growth_Fund_Class_234_5_ProspectusMember ck0001120543:S000012764Member ck0001120543:CurrencyRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Growth_Fund_Class_234_5_ProspectusMember ck0001120543:S000012764Member ck0001120543:DevelopedMarketsRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Growth_Fund_Class_234_5_ProspectusMember ck0001120543:S000012764Member ck0001120543:EmergingMarketsRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Growth_Fund_Class_234_5_ProspectusMember ck0001120543:S000012764Member ck0001120543:EquitySecuritiesRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Growth_Fund_Class_234_5_ProspectusMember ck0001120543:S000012764Member ck0001120543:ESGRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Growth_Fund_Class_234_5_ProspectusMember ck0001120543:S000012764Member ck0001120543:FocusedInvestmentRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Growth_Fund_Class_234_5_ProspectusMember ck0001120543:S000012764Member ck0001120543:GeographicFocusRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Growth_Fund_Class_234_5_ProspectusMember ck0001120543:S000012764Member ck0001120543:GovernmentAndRegulatoryRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Growth_Fund_Class_234_5_ProspectusMember ck0001120543:S000012764Member ck0001120543:InformationTechnologyRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Growth_Fund_Class_234_5_ProspectusMember ck0001120543:S000012764Member ck0001120543:IPORiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Growth_Fund_Class_234_5_ProspectusMember ck0001120543:S000012764Member ck0001120543:LargeCapitalizationSecuritiesRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Growth_Fund_Class_234_5_ProspectusMember ck0001120543:S000012764Member ck0001120543:LiquidityRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Growth_Fund_Class_234_5_ProspectusMember ck0001120543:S000012764Member ck0001120543:MarketDisruptionAndGeopoliticalRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Growth_Fund_Class_234_5_ProspectusMember ck0001120543:S000012764Member ck0001120543:MarketRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Growth_Fund_Class_234_5_ProspectusMember ck0001120543:S000012764Member ck0001120543:ServiceProviderRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Growth_Fund_Class_234_5_ProspectusMember ck0001120543:S000012764Member ck0001120543:SettlementRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Growth_Fund_Class_234_5_ProspectusMember ck0001120543:S000012764Member ck0001120543:SmallAndMediumCapitalizationSecuritiesRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Growth_Fund_Class_234_5_ProspectusMember ck0001120543:S000012764Member ck0001120543:ValuationRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_International_Growth_Fund_Class_234_5_ProspectusMember ck0001120543:C000034448Member 2016-01-01 2016-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Growth_Fund_Class_234_5_ProspectusMember ck0001120543:C000034448Member 2017-01-01 2017-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Growth_Fund_Class_234_5_ProspectusMember ck0001120543:C000034448Member 2018-01-01 2018-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Growth_Fund_Class_234_5_ProspectusMember ck0001120543:C000034448Member 2019-01-01 2019-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Growth_Fund_Class_234_5_ProspectusMember ck0001120543:C000034448Member 2020-01-01 2020-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Growth_Fund_Class_234_5_ProspectusMember ck0001120543:C000034448Member 2021-01-01 2021-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Growth_Fund_Class_234_5_ProspectusMember ck0001120543:C000034448Member 2022-01-01 2022-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Growth_Fund_Class_234_5_ProspectusMember ck0001120543:C000034448Member 2023-01-01 2023-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Growth_Fund_Class_234_5_ProspectusMember ck0001120543:C000034448Member 2024-01-01 2024-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Growth_Fund_Class_234_5_ProspectusMember ck0001120543:C000034448Member 2025-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Growth_Fund_Class_234_5_ProspectusMember ck0001120543:C000034448Member 2021-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Growth_Fund_Class_234_5_ProspectusMember ck0001120543:C000034448Member 2016-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Growth_Fund_Class_234_5_ProspectusMember ck0001120543:C000034448Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Growth_Fund_Class_234_5_ProspectusMember ck0001120543:C000034448Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Growth_Fund_Class_234_5_ProspectusMember ck0001120543:C000034448Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Growth_Fund_Class_234_5_ProspectusMember ck0001120543:C000034448Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Growth_Fund_Class_234_5_ProspectusMember ck0001120543:C000034448Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Growth_Fund_Class_234_5_ProspectusMember ck0001120543:C000034448Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Growth_Fund_Class_234_5_ProspectusMember ck0001120543:C000034449Member 2025-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Growth_Fund_Class_234_5_ProspectusMember ck0001120543:C000034449Member 2021-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Growth_Fund_Class_234_5_ProspectusMember ck0001120543:C000034449Member 2016-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Growth_Fund_Class_234_5_ProspectusMember ck0001120543:C000078439Member 2025-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Growth_Fund_Class_234_5_ProspectusMember ck0001120543:C000078439Member 2021-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Growth_Fund_Class_234_5_ProspectusMember ck0001120543:C000078439Member 2016-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Growth_Fund_Class_234_5_ProspectusMember ck0001120543:C000116267Member 2025-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Growth_Fund_Class_234_5_ProspectusMember ck0001120543:C000116267Member 2021-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Growth_Fund_Class_234_5_ProspectusMember ck0001120543:C000116267Member 2016-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Growth_Fund_Class_234_5_ProspectusMember ck0001120543:index_MSCI_ACWI_ex_USA_Index2Member 2025-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Growth_Fund_Class_234_5_ProspectusMember ck0001120543:index_MSCI_ACWI_ex_USA_Index2Member 2021-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Growth_Fund_Class_234_5_ProspectusMember ck0001120543:index_MSCI_ACWI_ex_USA_Index2Member 2016-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Growth_Fund_Class_234_5_ProspectusMember ck0001120543:index_MSCI_EAFE_Index2Member 2025-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Growth_Fund_Class_234_5_ProspectusMember ck0001120543:index_MSCI_EAFE_Index2Member 2021-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_International_Growth_Fund_Class_234_5_ProspectusMember ck0001120543:index_MSCI_EAFE_Index2Member 2016-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Long_Term_Global_Growth_Fund_Class_234_5_ProspectusMember ck0001120543:S000046079Member 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Long_Term_Global_Growth_Fund_Class_234_5_ProspectusMember ck0001120543:S000046079Member ck0001120543:C000144091Member 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Long_Term_Global_Growth_Fund_Class_234_5_ProspectusMember ck0001120543:S000046079Member ck0001120543:C000144092Member 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Long_Term_Global_Growth_Fund_Class_234_5_ProspectusMember ck0001120543:S000046079Member ck0001120543:C000144093Member 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Long_Term_Global_Growth_Fund_Class_234_5_ProspectusMember ck0001120543:S000046079Member ck0001120543:C000144094Member 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Long_Term_Global_Growth_Fund_Class_234_5_ProspectusMember ck0001120543:S000046079Member oef:RiskNotInsuredMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Long_Term_Global_Growth_Fund_Class_234_5_ProspectusMember ck0001120543:S000046079Member oef:RiskLoseMoneyMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Long_Term_Global_Growth_Fund_Class_234_5_ProspectusMember ck0001120543:S000046079Member ck0001120543:InvestmentStyleRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Long_Term_Global_Growth_Fund_Class_234_5_ProspectusMember ck0001120543:S000046079Member ck0001120543:GrowthStockRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Long_Term_Global_Growth_Fund_Class_234_5_ProspectusMember ck0001120543:S000046079Member ck0001120543:LongTermInvestmentStrategyRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Long_Term_Global_Growth_Fund_Class_234_5_ProspectusMember ck0001120543:S000046079Member ck0001120543:NonDiversificationRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Long_Term_Global_Growth_Fund_Class_234_5_ProspectusMember ck0001120543:S000046079Member ck0001120543:NonUSInvestmentRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Long_Term_Global_Growth_Fund_Class_234_5_ProspectusMember ck0001120543:S000046079Member ck0001120543:AsiaRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Long_Term_Global_Growth_Fund_Class_234_5_ProspectusMember ck0001120543:S000046079Member ck0001120543:ChinaRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Long_Term_Global_Growth_Fund_Class_234_5_ProspectusMember ck0001120543:S000046079Member ck0001120543:ConflictsOfInterestRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Long_Term_Global_Growth_Fund_Class_234_5_ProspectusMember ck0001120543:S000046079Member ck0001120543:CurrencyRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Long_Term_Global_Growth_Fund_Class_234_5_ProspectusMember ck0001120543:S000046079Member ck0001120543:DevelopedMarketsRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Long_Term_Global_Growth_Fund_Class_234_5_ProspectusMember ck0001120543:S000046079Member ck0001120543:EmergingMarketsRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Long_Term_Global_Growth_Fund_Class_234_5_ProspectusMember ck0001120543:S000046079Member ck0001120543:EquitySecuritiesRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Long_Term_Global_Growth_Fund_Class_234_5_ProspectusMember ck0001120543:S000046079Member ck0001120543:ESGRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Long_Term_Global_Growth_Fund_Class_234_5_ProspectusMember ck0001120543:S000046079Member ck0001120543:FocusedInvestmentRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Long_Term_Global_Growth_Fund_Class_234_5_ProspectusMember ck0001120543:S000046079Member ck0001120543:GovernmentAndRegulatoryRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Long_Term_Global_Growth_Fund_Class_234_5_ProspectusMember ck0001120543:S000046079Member ck0001120543:InformationTechnologyRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Long_Term_Global_Growth_Fund_Class_234_5_ProspectusMember ck0001120543:S000046079Member ck0001120543:IPORiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Long_Term_Global_Growth_Fund_Class_234_5_ProspectusMember ck0001120543:S000046079Member ck0001120543:LargeCapitalizationSecuritiesRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Long_Term_Global_Growth_Fund_Class_234_5_ProspectusMember ck0001120543:S000046079Member ck0001120543:LiquidityRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Long_Term_Global_Growth_Fund_Class_234_5_ProspectusMember ck0001120543:S000046079Member ck0001120543:MarketDisruptionAndGeopoliticalRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Long_Term_Global_Growth_Fund_Class_234_5_ProspectusMember ck0001120543:S000046079Member ck0001120543:MarketRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Long_Term_Global_Growth_Fund_Class_234_5_ProspectusMember ck0001120543:S000046079Member ck0001120543:ServiceProviderRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Long_Term_Global_Growth_Fund_Class_234_5_ProspectusMember ck0001120543:S000046079Member ck0001120543:SettlementRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Long_Term_Global_Growth_Fund_Class_234_5_ProspectusMember ck0001120543:S000046079Member ck0001120543:SmallAndMediumCapitalizationSecuritiesRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Long_Term_Global_Growth_Fund_Class_234_5_ProspectusMember ck0001120543:S000046079Member ck0001120543:ValuationRiskMember 2026-04-29 2026-04-29 0001120543 ck0001120543:doc_Baillie_Gifford_Long_Term_Global_Growth_Fund_Class_234_5_ProspectusMember ck0001120543:C000144091Member 2016-01-01 2016-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Long_Term_Global_Growth_Fund_Class_234_5_ProspectusMember ck0001120543:C000144091Member 2017-01-01 2017-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Long_Term_Global_Growth_Fund_Class_234_5_ProspectusMember ck0001120543:C000144091Member 2018-01-01 2018-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Long_Term_Global_Growth_Fund_Class_234_5_ProspectusMember ck0001120543:C000144091Member 2019-01-01 2019-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Long_Term_Global_Growth_Fund_Class_234_5_ProspectusMember ck0001120543:C000144091Member 2020-01-01 2020-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Long_Term_Global_Growth_Fund_Class_234_5_ProspectusMember ck0001120543:C000144091Member 2021-01-01 2021-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Long_Term_Global_Growth_Fund_Class_234_5_ProspectusMember ck0001120543:C000144091Member 2022-01-01 2022-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Long_Term_Global_Growth_Fund_Class_234_5_ProspectusMember ck0001120543:C000144091Member 2023-01-01 2023-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Long_Term_Global_Growth_Fund_Class_234_5_ProspectusMember ck0001120543:C000144091Member 2024-01-01 2024-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Long_Term_Global_Growth_Fund_Class_234_5_ProspectusMember ck0001120543:C000144091Member 2025-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Long_Term_Global_Growth_Fund_Class_234_5_ProspectusMember ck0001120543:C000144091Member 2021-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Long_Term_Global_Growth_Fund_Class_234_5_ProspectusMember ck0001120543:C000144091Member 2016-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Long_Term_Global_Growth_Fund_Class_234_5_ProspectusMember ck0001120543:C000144091Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Long_Term_Global_Growth_Fund_Class_234_5_ProspectusMember ck0001120543:C000144091Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Long_Term_Global_Growth_Fund_Class_234_5_ProspectusMember ck0001120543:C000144091Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Long_Term_Global_Growth_Fund_Class_234_5_ProspectusMember ck0001120543:C000144091Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Long_Term_Global_Growth_Fund_Class_234_5_ProspectusMember ck0001120543:C000144091Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Long_Term_Global_Growth_Fund_Class_234_5_ProspectusMember ck0001120543:C000144091Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Long_Term_Global_Growth_Fund_Class_234_5_ProspectusMember ck0001120543:C000144092Member 2025-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Long_Term_Global_Growth_Fund_Class_234_5_ProspectusMember ck0001120543:C000144092Member 2021-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Long_Term_Global_Growth_Fund_Class_234_5_ProspectusMember ck0001120543:C000144092Member 2016-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Long_Term_Global_Growth_Fund_Class_234_5_ProspectusMember ck0001120543:C000144093Member 2025-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Long_Term_Global_Growth_Fund_Class_234_5_ProspectusMember ck0001120543:C000144093Member 2021-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Long_Term_Global_Growth_Fund_Class_234_5_ProspectusMember ck0001120543:C000144093Member 2016-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Long_Term_Global_Growth_Fund_Class_234_5_ProspectusMember ck0001120543:C000144094Member 2025-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Long_Term_Global_Growth_Fund_Class_234_5_ProspectusMember ck0001120543:C000144094Member 2021-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Long_Term_Global_Growth_Fund_Class_234_5_ProspectusMember ck0001120543:C000144094Member 2016-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Long_Term_Global_Growth_Fund_Class_234_5_ProspectusMember ck0001120543:index_MSCI_ACWI_Index4Member 2025-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Long_Term_Global_Growth_Fund_Class_234_5_ProspectusMember ck0001120543:index_MSCI_ACWI_Index4Member 2021-01-01 2025-12-31 0001120543 ck0001120543:doc_Baillie_Gifford_Long_Term_Global_Growth_Fund_Class_234_5_ProspectusMember ck0001120543:index_MSCI_ACWI_Index4Member 2016-01-01 2025-12-31 iso4217:USD pure 2026-04-29 N-1A BAILLIE GIFFORD FUNDS 2026-04-30 Baillie Gifford China Equities Fund Investment Objective <p style="word-wrap:break-word; margin:0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">Baillie Gifford China Equities Fund seeks capital appreciation.</span></p> Fees and Expenses <p style="word-wrap:break-word; margin:0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">The tables below describe the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:9pt; color:#000000">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span></p> Shareholder Fees (Fees paid directly from your investment) <table cellpadding="0" style="margin:5pt 0pt 0pt; border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:103pt; max-width:103pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Class K</span></p></td><td style="min-width:156pt; max-width:156pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Institutional Class</span></p></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:103pt; max-width:103pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">None</span></p></td><td style="min-width:156pt; max-width:156pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">None</span></p></td></tr> </table> 0 0 Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) <table style="border-collapse:collapse; margin:7.11pt 0pt 0pt; border-spacing: 0px;"><tr><td style="min-width:140pt; max-width:140pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:40pt; max-width:40pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Class K</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:69pt; max-width:69pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Institutional Class</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:140pt; max-width:140pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:left; padding:1.12pt 0pt 0.32pt 2pt"><p style="word-wrap:break-word; margin:0pt; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">Management Fees</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(a)</span></p> </td><td style="min-width:40pt; max-width:40pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.72%</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:69pt; max-width:69pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.72%</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:140pt; max-width:140pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:left; padding:1.12pt 0pt 0.32pt 2pt"><p style="word-wrap:break-word; margin:0pt; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">Distribution (12b‑1) Fees</span></p> </td><td style="min-width:40pt; max-width:40pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">None</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:69pt; max-width:69pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">None</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:140pt; max-width:140pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:left; padding:1.12pt 0pt 0.32pt 2pt"><p style="word-wrap:break-word; margin:0pt; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">Other Expenses</span></p> </td><td style="min-width:40pt; max-width:40pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">7.75%</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:69pt; max-width:69pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">7.84%</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:140pt; max-width:140pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:left; padding:1.12pt 0pt 0.32pt 2pt"><p style="word-wrap:break-word; margin:0pt; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Total Annual Fund Operating Expenses</span></p> </td><td style="min-width:40pt; max-width:40pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">8.47%</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:69pt; max-width:69pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">8.56%</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:140pt; max-width:140pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:left; padding:1.12pt 0pt 0.32pt 2pt"><p style="word-wrap:break-word; margin:0pt; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">Fee Waiver and/or Expense Reimbursement</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(b)</span></p> </td><td style="min-width:40pt; max-width:40pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">(7.60)%</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:69pt; max-width:69pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">(7.60)%</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:140pt; max-width:140pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:left; padding:1.12pt 0pt 0.32pt 2pt"><p style="word-wrap:break-word; margin:0pt; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement</span><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(b)</span></p> </td><td style="min-width:40pt; max-width:40pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.87%</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:69pt; max-width:69pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.96%</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td></tr> </table><table cellpadding="0" style="margin:5.5pt 0pt 0pt; border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td style="min-width:21pt; max-width:21pt; vertical-align:top"><p style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(a)</span><span style="font-size:8pt">​</span></p></td><td style="min-width:240pt; max-width:240pt; vertical-align:bottom"><p style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:8pt; color:#000000">The Management Fee consists of an Advisory Fee and an Administration and Supervisory Fee paid by the Fund to Baillie Gifford Overseas Limited.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td style="min-width:21pt; max-width:21pt; vertical-align:top"><p style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(b)</span><span style="font-size:8pt">​</span></p></td><td style="min-width:240pt; max-width:240pt; vertical-align:bottom"><p style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:8pt; color:#000000">Baillie Gifford Overseas Limited has contractually agreed to waive its fees and/or bear Other Expenses of the Fund until April 30, 2027 to the extent that the Fund’s Total Annual Fund Operating Expenses (excluding taxes, sub-accounting expenses and extraordinary expenses) exceed 0.87% for Class K and Institutional Class shares. This contractual agreement may only be terminated by the Board of Trustees of the Trust. Expenses after waiver/reimbursement exceed 0.87% for Institutional Class due to sub-accounting expenses of 0.09%.</span></p></td></tr> </table> 0.0072 0.0072 0 0 0.0775 0.0784 0.0847 0.0856 -0.076 -0.076 0.0087 0.0096 2027-04-30 Example of Expenses <p style="word-wrap:break-word; margin:0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. It assumes that you invest $10,000 in the Fund for the time periods indicated, regardless of whether or not you redeem your shares at the end of such periods. It also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The example below also applies any contractual expense waivers and/or expense reimbursements to the first year of each period listed in the table.</span></p> Although your actual costs may be higher or lower, based on these assumptions, your expenses would be: <table cellpadding="0" style="margin:5pt 0pt 0pt; border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td colspan="3" style="min-width:158pt; max-width:158pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Class K</span></p></td><td style="min-width:101pt; max-width:101pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Institutional Class</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:32.02pt; max-width:32.02pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">1 Year</span></p></td><td style="min-width:123.98pt; max-width:123.98pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$89</span></p></td><td style="min-width:101pt; max-width:101pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$98</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:32.02pt; max-width:32.02pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">3 Years</span></p></td><td style="min-width:123.98pt; max-width:123.98pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$1,792</span></p></td><td style="min-width:101pt; max-width:101pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$1,816</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:32.02pt; max-width:32.02pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">5 Years</span></p></td><td style="min-width:123.98pt; max-width:123.98pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$3,379</span></p></td><td style="min-width:101pt; max-width:101pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$3,414</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:32.02pt; max-width:32.02pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">10 Years</span></p></td><td style="min-width:123.98pt; max-width:123.98pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$6,890</span></p></td><td style="min-width:101pt; max-width:101pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$6,938</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> </table> <table cellpadding="0" style="margin:5pt 0pt 0pt; border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td colspan="3" style="min-width:158pt; max-width:158pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Class K</span></p></td><td style="min-width:101pt; max-width:101pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Institutional Class</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:32.02pt; max-width:32.02pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">1 Year</span></p></td><td style="min-width:123.98pt; max-width:123.98pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$89</span></p></td><td style="min-width:101pt; max-width:101pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$98</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:32.02pt; max-width:32.02pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">3 Years</span></p></td><td style="min-width:123.98pt; max-width:123.98pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$1,792</span></p></td><td style="min-width:101pt; max-width:101pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$1,816</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:32.02pt; max-width:32.02pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">5 Years</span></p></td><td style="min-width:123.98pt; max-width:123.98pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$3,379</span></p></td><td style="min-width:101pt; max-width:101pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$3,414</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:32.02pt; max-width:32.02pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">10 Years</span></p></td><td style="min-width:123.98pt; max-width:123.98pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$6,890</span></p></td><td style="min-width:101pt; max-width:101pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$6,938</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> </table> 89 89 98 98 1792 1792 1816 1816 3379 3379 3414 3414 6890 6890 6938 6938 Portfolio Turnover <p style="word-wrap:break-word; margin:0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These transaction costs, which are not reflected in “</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">Annual Fund Operating Expenses</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">” or in the “</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">Example of Expenses</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">” above, affect the Fund’s performance. During the Fund’s most recent fiscal year, the Fund’s portfolio turnover rate was 13% of the average value of its portfolio.</span></p> 0.13 Principal Investment Strategies <p style="word-wrap:break-word; margin:0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">The Fund seeks to meet its objective by investing in a portfolio of common stocks and other equity securities of companies located in the People’s Republic of China (“</span><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:9pt; color:#000000">China</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">”).</span></p> <p style="word-wrap:break-word; margin:5pt 0pt 0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">Under normal circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in common stocks and other equity securities of companies located in China, regardless of where their securities are principally listed for trading. The Fund invests in equity securities either directly or indirectly, such as through depositary receipts or participatory notes and may invest in preferred stocks, convertible securities, rights and warrants. The Fund may invest in any sector or industry, in issuers of any market capitalization, and may participate in initial public offerings (“</span><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:9pt; color:#000000">IPOs</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">”). In addition, investment is permitted in securities offerings that are not registered in the U.S.</span></p> <p style="word-wrap:break-word; margin:5pt 0pt 0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">The Fund’s investments can include securities of companies listed on exchanges located in and outside of China and include China “A” shares (“</span><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:9pt; color:#000000">A Shares</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">” or “</span><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:9pt; color:#000000">China A Shares</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">”), which are common stocks and other equity securities that are listed or traded on a Chinese stock exchange, and which are quoted in renminbi, the official currency of China. The Fund expects to directly access China A Shares through the Shanghai-Hong Kong Stock Connect program and the Shenzhen-Hong Kong Stock Connect program (together the “</span><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:9pt; color:#000000">Stock Connect programs</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">”). The Fund also expects to directly access securities of companies through the qualified foreign investor program (“</span><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:9pt; color:#000000">QFI</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">,” formerly the Qualified Foreign Institutional Investor and Renminbi Qualified Foreign Institutional Investor programs) and may, in the future, directly access securities of companies through other means which become available. In addition, the Fund may invest in equity securities indirectly, such as through depositary receipts, participatory notes, or exchange-traded funds (“</span><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:9pt; color:#000000">ETFs</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">”), especially during extended closures of the Chinese markets.</span></p> <p style="word-wrap:break-word; margin:0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">The portfolio managers employ a bottom-up approach to stock selection, seeking to identify companies they believe have attractive long-term growth prospects, and principally select companies without being constrained by the Fund’s benchmark, the MSCI China All Shares Index. The portfolio managers focus on company research and the long-term outlook of companies and industries. Ideas can come from a wide variety of sources, including, but not limited to, research trips, company meetings, and relationships with industry thought leaders and academic institutions. Stock ideas are normally researched to assess a range of factors, including: long-term growth potential, geographic and industry positioning, competitive advantage, management, financial strength, and valuation. The portfolio managers employ an additional due diligence process for Chinese companies in light of the comparative immaturity of the Chinese capital markets and the status of China as an emerging market economy.</span></p> <p style="word-wrap:break-word; margin:5pt 0pt 0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">The portfolio managers seek to identify exceptional growth companies in China across a broad range of sectors with the potential to achieve the Fund’s investment objective. Under normal circumstances, the intended outcome is a portfolio typically consisting of between 40 and 80 growth companies with the potential to outperform the Fund’s benchmark over the long term. The Fund intends to operate as a non-diversified fund, which means that it may invest a relatively large percentage of its assets in a small number of issuers, industries, or sectors. The Fund aims to hold securities for long periods (typically at least 5 years), which generally results in relatively low portfolio turnover and is in line with the portfolio managers’ long-term investment outlook. It is expected that the Fund will hold large positions, over 5%, in a small number of companies consistent with the Fund operating as a non-diversified fund. When assessing a company’s long-term growth prospects, the portfolio managers seek to identify and to incorporate a range of factors that are material to managing the Fund’s investment risks and maximizing capital appreciation. Such factors potentially include the environmental, social, and/or governance characteristics of the company, such as stewardship, sustainable business practices, and/or corporate culture.</span></p> <p style="word-wrap:break-word; margin:5pt 0pt 0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">The Fund may invest without limitation in securities quoted or denominated in currencies other than the U.S. dollar and may hold such currencies. The Fund does not expect to engage in currency hedging and thus expects to be fully exposed to currency fluctuations relative to the U.S. dollar.</span></p> An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. You could lose money by investing in the Fund. <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">China Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Investing in securities of Chinese issuers involves certain risks and considerations not typically associated with investing in securities of U.S. issuers, including, among others, more frequent trading suspensions </span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">and government interventions (including by nationalization of assets), currency exchange rate fluctuations or blockages, limits on the use of brokers and on foreign ownership, different financial reporting standards, higher dependence on exports and international trade, potential for increased trade tariffs, sanctions, embargoes and other trade limitations, custody risks, risks associated with investments in variable interest entities, and potential adverse tax consequences. U.S. sanctions or other investment restrictions could preclude the Fund from investing in certain Chinese issuers or cause the Fund to sell investments at a disadvantageous time. Significant portions of the Chinese securities markets may become rapidly illiquid, as Chinese issuers have the ability to suspend the trading of their equity securities, and have shown a willingness to exercise that option in response to market volatility and other events.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Investment Style Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Baillie Gifford Overseas Limited (the “</span><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:9pt; color:#000000">Manager</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">”) actively makes investment decisions for the Fund through bottom-up stock selection. Accordingly, the Fund will have risk characteristics that differ from its benchmark index. The Manager’s judgments about the attractiveness, relative value, or potential appreciation of a particular stock may prove to be incorrect and cause the Fund to lose money or underperform compared to its benchmark index. There can be no assurance that the Manager’s investment decisions will produce the desired results.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Government and Regulatory Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Governmental and regulatory authorities in the United States and other countries, have taken, and may in the future take, actions intervening in the markets in which the Fund invests and in the economy more generally. Governmental and regulatory authorities may also act to increase the scope or burden of regulations applicable to the Fund or to the companies in which the Fund invests. The effects of these actions on the markets generally, and the Fund’s investment program in particular, can be uncertain and could restrict the ability of the Fund to fully implement its investment strategies, either generally, or with respect to certain securities, industries, or countries. By contrast, markets in some non-U.S. countries historically have been subject to little regulation or oversight by governmental or regulatory authorities, which could heighten the risk of loss due to fraud or market failures in those countries. Governments, agencies, or other regulatory bodies in any country may adopt or change laws or regulations that could adversely affect the Fund or the market value of an instrument held by the Fund.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Market Disruption and Geopolitical Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The value of the Fund’s investments could be adversely affected by events that disrupt securities markets and adversely affect global markets such as war, terrorism, public health crises, and geopolitical events and by changes in non-U.S. and U.S. economic and political conditions. These disruptions could prevent the Fund from implementing its investment strategies and achieving its investment objective, and increase the Fund’s exposure to other risks detailed in this Prospectus. As a result, the Fund could lose money, experience significant redemptions, encounter operational difficulties, </span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">and suffer other negative impacts. Certain locations and industries may be particularly susceptible to this risk, and other risks may be heightened by such events.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Geographic Focus Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The Fund expects to focus its investments in a limited number of countries or geographic regions, and as a result may not offer the same level of diversification of risks as a more broadly global fund because the Fund will be exposed to a smaller geographic area. The performance of a fund that is less diversified across countries or geographic regions will be closely tied to market, currency, economic, political, environmental, or regulatory conditions and developments in the countries or regions in which the Fund invests, and may be more volatile than the performance of a more geographically-diversified portfolio.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Conflicts of Interest Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The Manager’s relationships with the Fund’s institutional investor base may give rise to various conflicts of interest, since the Manager will sometimes have an incentive to favor those shareholders over other shareholders in the Fund. In addition, the Manager serves as investment adviser to various clients other than the Fund, some of whom may pursue strategies that are substantially similar or nearly identical to investment strategies pursued by the Fund. This “side-by-side” management may give rise to various conflicts of interest, including, for example, in connection with the fair allocation of trades among the Manager’s clients or the sharing of different, more, or more timely information regarding investment performance, portfolio holdings, strategy developments and/or the Manager’s general market outlook. Furthermore, if investment personnel of the Manager hold board or other positions at outside companies, they could be exposed to material non-public information potentially impeding or delaying the Fund’s ability to buy or sell certain investments, or they could otherwise be restricted in their ability to participate in the Fund’s investment process.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Currency Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The Fund may realize a loss if it has exposure to a non-U.S. currency, and this non-U.S. currency declines in value, relative to the U.S. dollar. The Fund does not expect to engage in currency hedging and thus expects to be fully exposed to currency fluctuations relative to the U.S. dollar.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Emerging Markets Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– To the extent the Fund invests in emerging market securities, the Fund may be exposed to greater market, credit, currency, liquidity, legal, political, technical and other risks different from, or greater than, the risks of investing in developed markets.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Equity Securities Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Equity securities may react more strongly to changes in an issuer’s financial condition or prospects than other securities of the same issuer. Investing in equity securities indirectly, such as through participatory notes or depositary receipts, may involve other risks such as the risk that the counterparty may default or that the investment does not track the underlying security as expected.</span></p> <p style="white-space:nowrap; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">ESG Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– To the extent that the Fund’s portfolio managers incorporate environmental, social and/or governance </span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">considerations (“</span><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:9pt; color:#000000">ESG Factors</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">”) into the Fund’s investment process as a part of the Fund’s long-term investment approach, the Fund is subject to the risk that it may underperform funds that do not take ESG Factors into account. The consideration of ESG Factors may prioritize long-term rather than short-term returns, and therefore may negatively impact the relative performance of the Fund over the short, medium or even long term depending on how successfully those ESG Factors are incorporated and whether such investments are in or out of favor. In considering ESG Factors, the portfolio managers may be dependent upon information and data obtained through voluntary reporting by issuers or third-party research that may be incomplete, inaccurate or unavailable, which could impact the portfolio managers’ assessment of relative risks and opportunities. See also “</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">Long-Term Investment Strategy Risk</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">” and “</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">Selected Investment Techniques and Topics</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000"> – </span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">Our Stewardship Approach</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">.”</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Focused Investment Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Because the Fund focuses its investments in a limited number of companies, its investment strategy could result in more risk or greater volatility in returns than if the Fund’s investments were less focused.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Growth Stock Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The prices of growth stocks may be based largely on expectations of future earnings, and their prices can decline rapidly and significantly in reaction to negative news. Growth stocks may underperform stocks in other broad style categories (and the stock market as a whole) over any period of time and may shift in and out of favor with investors generally, sometimes rapidly, depending on changes in market, economic, and other factors.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Information Technology Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Cyber-attacks, disruptions, or failures that affect the Fund’s service providers, counterparties, the securities markets generally, other market participants, or issuers of securities held by the Fund may adversely affect the Fund and its shareholders, including by causing losses for the Fund or impairing Fund operations.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">IPO Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The Fund may purchase securities in IPOs. These securities are subject to many of the same risks of investing in companies with smaller market capitalizations. Securities issued in IPOs have no trading history, and information about the companies may be available for very limited periods. In addition, the prices of securities sold in IPOs may be highly volatile.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Large-Capitalization Securities Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Returns on investments in securities of large companies could trail the returns on investments in securities of smaller and medium-sized companies. Larger companies may be unable to respond as quickly as smaller and medium-sized companies to competitive challenges or to changes in business, product, financial, or other market conditions. Larger companies may not be able to achieve or maintain growth at the high rates that may be achieved by well-managed smaller and medium-sized companies.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Liquidity Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The Fund’s investments may be subject to low trading volume, lack of a market maker, contractual lock-in periods or regulatory restrictions, and the Fund may hold large positions in particular securities. As a result, it may not be possible to sell an investment at a particular time or at an acceptable price. Liquidity risk may be magnified during periods of changing interest rates, significant shareholder redemptions or market turmoil. Illiquid investments may trade at a discount from comparable, more liquid investments and may be subject to wide fluctuations in market value. In some cases, due to unanticipated levels of illiquidity the Fund may seek to meet its redemption obligations wholly or in part by distributions of assets in-kind.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Long-Term Investment Strategy Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The Fund pursues a long-term investment approach, typically seeking returns over a period of several years. This investment style may cause the Fund to lose money or underperform compared to its benchmark index or other mutual funds over extended periods of time, and the Fund may not perform as expected in the long term. An investment in the Fund may be more suitable for long-term investors who can bear the risk of short- or medium-term fluctuations in the value of the Fund’s portfolio. See also “</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">Selected Investment Techniques and Topics</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000"> – </span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">Our Stewardship Approach</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">.”</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Market Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The value of the Fund’s investments will be affected by fluctuations in the stock markets in which the Fund is invested, factors affecting a particular industry or industries, real or perceived adverse economic conditions, changes in interest or currency rates or adverse investor sentiment generally. Declines in securities market prices may reduce the net asset value of the Fund’s shares.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">New and Smaller-Sized Funds Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– New funds and smaller-sized funds, such as the Fund, will be subject to greater liquidity risk due to their smaller asset bases and may be required to sell securities at disadvantageous times or prices due to a large shareholder redemption. A fund that has been recently formed will have limited or no performance history for investors to evaluate and may not reach or maintain a sufficient asset size to effectively implement its investment strategy.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Non-Diversification Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The Fund is classified as a “non-diversified” fund. A non-diversified fund may hold a smaller number of portfolio securities, with larger positions in each security it holds, than many other mutual funds. To the extent the Fund invests in a relatively small number of issuers, a decline in the market value of a particular security held by the Fund may affect its value more than if it invested in a larger number of issuers. The value of the Fund’s shares may be more volatile than the values of shares of more diversified funds. See also</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000"> “Focused Investment Risk.”</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Non-U.S. Investment Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Non-U.S. securities are subject to additional risks, including less liquidity, increased volatility, less transparency, withholding or other taxes, increased vulnerability to adverse changes in local and global economic conditions, less regulation, and possible fluctuation in value due to adverse political conditions. Foreign portfolio transactions generally involve higher </span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">commission rates, transfer taxes, and custodial costs than similar transactions in the U.S.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Service Provider Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The Fund will be affected by the Manager’s investment techniques, analyses, assessments and employee retention. Similarly, adverse events or performance failures at a service provider, such as human error, inadequate controls or insolvency, have the ability to adversely affect the Fund.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Settlement Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The Fund may experience delays in settlement due to the different clearance and settlement procedures in non-U.S. countries. Such delays may increase credit risk to the Fund, limit the ability of the Fund to reinvest the proceeds of a sale of securities, or prevent the Fund from selling securities at times and prices it considers desirable.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; letter-spacing:-0.1pt; color:#955aa5">Small- and Medium-Capitalization Securities Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; letter-spacing:-0.1pt; color:#000000">– Securities of small- and medium-capitalization companies can be more volatile due to various factors including more limited product lines, financial and management resources and market distribution channels, as well as shorter operating histories and potentially reduced liquidity, especially during market declines, than the securities of larger, more established companies.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Underlying Funds Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Investments in other pooled investment vehicles may indirectly expose the Fund to all of the risks applicable to an investment in such other pooled vehicle. The Fund must pay its pro rata portion of the other pooled vehicle’s fees and expenses. If such pooled vehicle is an ETF or other product traded on a securities exchange or otherwise actively traded, its shares may trade at a premium or discount to their net asset value, an effect that might be more pronounced in less liquid markets. Further, the Manager or an affiliate may serve as investment adviser to some pooled vehicles in which the Fund invests, leading to potential conflicts of interest.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Valuation Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– In certain circumstances, some of the Fund’s portfolio holdings may be valued on the basis of factors other than market quotations by employing fair value procedures. This may occur more often in times of market turmoil or reduced liquidity. Portfolio holdings that are valued using techniques other than market quotations, including “fair valued” securities, may be subject to greater fluctuation in their valuations from one day to the next than if market quotations were used. There is no assurance that the Fund could sell or close out a portfolio position for the value established for it at any time, and it is possible that the Fund would incur a loss because a portfolio position is sold or closed out at a discount to the valuation established by the Fund at that time.</span></p> Performance <p style="word-wrap:break-word; margin:0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s annual total returns from year to year and by comparing the Fund’s average annual total returns with those of the Fund’s benchmark. Past performance (before and after taxes) is not an indication of future performance.</span></p> The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s annual total returns from year to year and by comparing the Fund’s average annual total returns with those of the Fund’s benchmark. Past performance (before and after taxes) is not an indication of future performance. Annual Total Returns – Institutional Class Shares <div style="margin:5pt 0pt 0pt; padding:0pt 0pt 0pt 4pt"><span style="display:inline-block; width:228.01pt; height:119.3pt; vertical-align:0pt"><img alt="" src="j2699542_ba001.jpg" style="width: 303.94px; height: 159.02px;"/></span></div> <p style="word-wrap:break-word; margin:3pt 0pt 0pt; padding:0pt 0pt 0pt 4pt; line-height:8.5pt; transform-origin:left; transform:matrix(0.75,0,0,1,0,0); min-width:132.18%"><span style="font-family:Arial, Helvetica, sans-serif; font-style:normal; font-weight:normal; font-size:8pt; color:#8c8c8c">Highest Quarterly Return: 23.36% (Q3, 2025)</span></p> <p style="word-wrap:break-word; margin:0pt; padding:0pt 0pt 0pt 4pt; line-height:8.5pt; transform-origin:left; transform:matrix(0.75,0,0,1,0,0); min-width:132.18%"><span style="font-family:Arial, Helvetica, sans-serif; font-style:normal; font-weight:normal; font-size:8pt; color:#8c8c8c">Lowest Quarterly Return: ‑24.46% (Q3, 2022)</span></p> Highest Quarterly Return 0.2336 2025-09-30 Lowest Quarterly Return -0.2446 2022-09-30 <p style="word-wrap:break-word; margin:9pt 0pt 0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">In the table below, after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown for Institutional Class shares only, and after-tax returns for other share classes will vary. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you are tax-exempt or if you hold your Fund shares through a tax-advantaged account. A description of the Fund’s comparative index and details regarding the calculation of the Fund’s class-by-class performance are provided in the section of the Prospectus entitled “</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">Additional Performance Information</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">.”</span></p> In the table below, after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown for Institutional Class shares only, and after-tax returns for other share classes will vary. After-tax returns shown are not relevant if you are tax-exempt or if you hold your Fund shares through a tax-advantaged account. <table cellpadding="0" style="margin:5pt 0pt 0pt; border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:145.85pt; max-width:145.85pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Average Annual Total Returns for <br/>Periods Ended December 31, 2025</span></p></td><td style="min-width:41.15pt; max-width:41.15pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">1 Year</span></p></td><td style="min-width:19.59pt; max-width:19.59pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:50.41pt; max-width:50.41pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Since Fund<br/>Inception<br/>(07/07/2021)</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:145.85pt; max-width:145.85pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">Institutional Class Returns Before Taxes</span></p></td><td style="min-width:41.15pt; max-width:41.15pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">36.53%</span></p></td><td style="min-width:19.59pt; max-width:19.59pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:50.41pt; max-width:50.41pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">‑6.89%</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:145.85pt; max-width:145.85pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">Institutional Class Returns After Taxes <br/>on Distributions</span></p></td><td style="min-width:41.15pt; max-width:41.15pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">36.37%</span></p></td><td style="min-width:19.59pt; max-width:19.59pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:50.41pt; max-width:50.41pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">‑7.11%</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:145.85pt; max-width:145.85pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">Institutional Class Returns After Taxes <br/>on Distributions and Sale of Fund Shares</span></p></td><td style="min-width:41.15pt; max-width:41.15pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">21.97%</span></p></td><td style="min-width:19.59pt; max-width:19.59pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:50.41pt; max-width:50.41pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">‑5.10%</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:145.85pt; max-width:145.85pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">Class K Returns Before Taxes</span></p></td><td style="min-width:41.15pt; max-width:41.15pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">36.77%</span></p></td><td style="min-width:19.59pt; max-width:19.59pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:50.41pt; max-width:50.41pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">‑6.82%</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td colspan="5" style="min-width:259pt; max-width:259pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Comparative Index<br/></span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">(reflects no deductions for fees, expenses, or taxes)</span></p></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:145.85pt; max-width:145.85pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">MSCI China All Shares Index(1)</span></p></td><td style="min-width:41.15pt; max-width:41.15pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">29.22%</span></p></td><td style="min-width:19.59pt; max-width:19.59pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:50.41pt; max-width:50.41pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">‑2.39%</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> </table> <table cellpadding="0" style="margin:5.64pt 0pt 0pt; border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td style="min-width:21pt; max-width:21pt; vertical-align:top"><p style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; letter-spacing:0.2pt; color:#000000">(1)</span><span style="font-size:8pt">​</span></p></td><td style="min-width:240pt; max-width:240pt; vertical-align:bottom"><p style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:8pt; letter-spacing:0.2pt; color:#000000">The source of the index data is MSCI Inc. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This Prospectus is not approved, endorsed, reviewed or produced by MSCI. None of the MSCI data 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.</span></p></td></tr> </table> Average Annual Total Returns for Periods Ended December 31, 2025 2021-07-07 2021-07-07 0.3653 -0.0689 0.3637 -0.0711 0.2197 -0.051 0.3677 -0.0682 (reflects no deductions for fees, expenses, or taxes) 0.2922 -0.0239 <p style="word-wrap:break-word; margin:5pt 0pt 0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">Updated information on the Fund’s investment performance can be obtained by visiting http://USmutualfund.bailliegifford.com.</span></p> http://USmutualfund.bailliegifford.com Baillie Gifford Emerging Markets Equities Fund Investment Objective <p style="word-wrap:break-word; margin:0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">Baillie Gifford Emerging Markets Equities Fund seeks capital appreciation.</span></p> Fees and Expenses <p style="word-wrap:break-word; margin:0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">The tables below describe the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:9pt; color:#000000">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span></p> Shareholder Fees (Fees paid directly from your investment) <table cellpadding="0" style="margin:5pt 0pt 0pt; border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:103pt; max-width:103pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Class K</span></p></td><td style="min-width:156pt; max-width:156pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Institutional Class</span></p></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:103pt; max-width:103pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">None</span></p></td><td style="min-width:156pt; max-width:156pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">None</span></p></td></tr> </table> 0 0 Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) <table style="border-collapse:collapse; margin:7.11pt 0pt 0pt; border-spacing: 0px;"><tr><td style="min-width:149pt; max-width:149pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:32pt; max-width:32pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Class K</span></p> </td><td style="min-width:6pt; max-width:6pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:71pt; max-width:71pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Institutional Class</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:149pt; max-width:149pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:left; padding:1.12pt 0pt 0.32pt 2pt"><p style="word-wrap:break-word; margin:0pt; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">Management Fees</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(a)</span></p> </td><td style="min-width:32pt; max-width:32pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.69%</span></p> </td><td style="min-width:6pt; max-width:6pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:71pt; max-width:71pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.69%</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:149pt; max-width:149pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:left; padding:1.12pt 0pt 0.32pt 2pt"><p style="word-wrap:break-word; margin:0pt; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">Distribution (12b‑1) Fees</span></p> </td><td style="min-width:32pt; max-width:32pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">None</span></p> </td><td style="min-width:6pt; max-width:6pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:71pt; max-width:71pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">None</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:149pt; max-width:149pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:left; padding:1.12pt 0pt 0.32pt 2pt"><p style="word-wrap:break-word; margin:0pt; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">Other Expenses</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(b)</span></p> </td><td style="min-width:32pt; max-width:32pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.08%</span></p> </td><td style="min-width:6pt; max-width:6pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:71pt; max-width:71pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.17%</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:149pt; max-width:149pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:left; padding:1.12pt 0pt 0.32pt 2pt"><p style="word-wrap:break-word; margin:0pt; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Total Annual Fund Operating <br/>Expenses</span></p> </td><td style="min-width:32pt; max-width:32pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.77%</span></p> </td><td style="min-width:6pt; max-width:6pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:71pt; max-width:71pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.86%</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td></tr> </table><table cellpadding="0" style="margin:5.5pt 0pt 0pt; border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td style="min-width:21pt; max-width:21pt; vertical-align:top"><p style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(a)</span><span style="font-size:8pt">​</span></p></td><td style="min-width:240pt; max-width:240pt; vertical-align:bottom"><p style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:8pt; color:#000000">The Management Fee consists of an Advisory Fee and an Administration and Supervisory Fee paid by the Fund to Baillie Gifford Overseas Limited.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td style="min-width:21pt; max-width:21pt; vertical-align:top"><p style="white-space:nowrap; line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(b)</span><span style="font-size:8pt">​</span></p></td><td style="min-width:240pt; max-width:240pt; vertical-align:bottom"><p style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:8pt; color:#000000">Other Expenses for Institutional Class differ due to sub-accounting expenses.</span></p></td></tr> </table> 0.0069 0.0069 0 0 0.0008 0.0017 0.0077 0.0086 Example of Expenses <p style="word-wrap:break-word; margin:0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. It assumes that you invest $10,000 in the Fund for the time periods indicated, regardless of whether or not you redeem your shares at the end of such periods. It also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same.</span></p> Although your actual costs may be higher or lower, based on these assumptions, your expenses would be: <table cellpadding="0" style="margin:5pt 0pt 0pt; border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td colspan="3" style="min-width:158pt; max-width:158pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Class K</span></p></td><td style="min-width:101pt; max-width:101pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Institutional Class</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:32.02pt; max-width:32.02pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">1 Year</span></p></td><td style="min-width:123.98pt; max-width:123.98pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$79</span></p></td><td style="min-width:101pt; max-width:101pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$88</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:32.02pt; max-width:32.02pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">3 Years</span></p></td><td style="min-width:123.98pt; max-width:123.98pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$246</span></p></td><td style="min-width:101pt; max-width:101pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$274</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:32.02pt; max-width:32.02pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">5 Years</span></p></td><td style="min-width:123.98pt; max-width:123.98pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$428</span></p></td><td style="min-width:101pt; max-width:101pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$477</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:32.02pt; max-width:32.02pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">10 Years</span></p></td><td style="min-width:123.98pt; max-width:123.98pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$954</span></p></td><td style="min-width:101pt; max-width:101pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$1,061</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> </table> <table cellpadding="0" style="margin:5pt 0pt 0pt; border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td colspan="3" style="min-width:158pt; max-width:158pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Class K</span></p></td><td style="min-width:101pt; max-width:101pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Institutional Class</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:32.02pt; max-width:32.02pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">1 Year</span></p></td><td style="min-width:123.98pt; max-width:123.98pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$79</span></p></td><td style="min-width:101pt; max-width:101pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$88</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:32.02pt; max-width:32.02pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">3 Years</span></p></td><td style="min-width:123.98pt; max-width:123.98pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$246</span></p></td><td style="min-width:101pt; max-width:101pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$274</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:32.02pt; max-width:32.02pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">5 Years</span></p></td><td style="min-width:123.98pt; max-width:123.98pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$428</span></p></td><td style="min-width:101pt; max-width:101pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$477</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:32.02pt; max-width:32.02pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">10 Years</span></p></td><td style="min-width:123.98pt; max-width:123.98pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$954</span></p></td><td style="min-width:101pt; max-width:101pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$1,061</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> </table> 79 79 88 88 246 246 274 274 428 428 477 477 954 954 1061 1061 Portfolio Turnover <p style="word-wrap:break-word; margin:0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These transaction costs, which are not reflected in “</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">Annual Fund Operating Expenses</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">” or in the “</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">Example of Expenses</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">” above, affect the Fund’s performance. During the Fund’s most recent fiscal year, the Fund’s portfolio turnover rate was 28% of the average value of its portfolio.</span></p> 0.28 Principal Investment Strategies <p style="word-wrap:break-word; margin:0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">The Fund seeks to meet its objective by investing in a portfolio of common stocks and other equity securities of issuers located in countries of emerging and frontier markets.</span></p> <p style="word-wrap:break-word; margin:5pt 0pt 0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">Under normal circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of companies located in countries represented in the MSCI Emerging Markets Index. The countries represented in the MSCI Emerging Markets Index include markets that may be less sophisticated than more developed markets in terms of participation by investors, analyst coverage, liquidity, and regulation. The Fund invests in equity securities either directly or indirectly, such as through depositary receipts or participatory notes, and may invest in preferred stocks, convertible securities, rights and warrants. The Fund is not constrained with respect to market capitalization and may participate in initial public offerings (</span><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:9pt; color:#000000">“IPOs”</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">). In addition, investment is permitted in securities offerings that are not registered in the U.S. The portfolio managers have flexibility to gain exposure to one or more emerging markets through investing in exchange traded funds (“</span><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:9pt; color:#000000">ETFs</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">”) that track relevant equity indices.</span></p> <p style="word-wrap:break-word; margin:5pt 0pt 0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">The portfolio managers primarily employ a bottom-up approach to stock selection, seeking to identify companies they believe have attractive long-term growth prospects, and select companies without being constrained by the MSCI Emerging Markets benchmark. The portfolio managers may reference the benchmark to set limits on the relative weighting of countries in the portfolio. The portfolio managers can also consider macro-economic factors when identifying potential investments. The portfolio managers focus on company research and the long-term outlook of companies and industries. Ideas can come from a wide variety of sources, including, but not limited to, research trips, company meetings, and relationships with industry thought leaders and academic institutions. Stock ideas are normally researched to assess a range of factors, including: long-term growth potential, geographic and industry positioning, competitive advantage, management, financial strength and valuation. Under normal circumstances, the intended outcome is a diversified portfolio typically consisting of between 60 and 100 growth companies with the potential to outperform the Fund’s benchmark over the long term. The process can result in significant exposure to a single country or a small number of countries, which in recent periods has included China. The Fund expects to invest significantly in Chinese companies including through China A shares, which are common stocks and other equity securities that are listed or traded on a Chinese stock exchange and which are quoted in renminbi, the official currency of China. The Fund aims to hold securities for long periods (typically at least 5 years), which generally results in relatively low portfolio turnover and is in line with the portfolio managers’ long-term investment outlook. When assessing a company’s long-term growth prospects, the portfolio managers seek to identify and to incorporate a range of factors that are material to managing the Fund’s investment risks and maximizing capital appreciation. Such factors potentially include the environmental, social, and/or governance characteristics of the company, such as stewardship, sustainable business practices, and/or corporate culture.</span></p> <p style="word-wrap:break-word; margin:5pt 0pt 0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">The Fund may invest without limitation in securities quoted or denominated in currencies other than the U.S. dollar and may hold such currencies. The Fund does not expect to engage in </span></p><p style="word-wrap:break-word; margin:0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">currency hedging and thus expects to be fully exposed to currency fluctuations relative to the U.S. dollar.</span></p> An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. You could lose money by investing in the Fund. <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Investment Style Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Baillie Gifford Overseas Limited (the “</span><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:9pt; color:#000000">Manager</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">”) actively makes investment decisions for the Fund through bottom-up stock selection. Accordingly, the Fund will have risk characteristics that differ from its benchmark index. The Manager’s judgments about the attractiveness, relative value, or potential appreciation of a particular stock may prove to be incorrect and cause the Fund to lose money or underperform compared to its benchmark index. There can be no assurance that the Manager’s investment decisions will produce the desired results.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Growth Stock Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The prices of growth stocks may be based largely on expectations of future earnings, and their prices can decline rapidly and significantly in reaction to negative news. Growth stocks may underperform stocks in other broad style categories (and the stock market as a whole) over any period of time and may shift in and out of favor with investors generally, sometimes rapidly, depending on changes in market, economic, and other factors.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Emerging Markets Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Because the Fund invests in emerging market securities, the Fund may be exposed to greater market, credit, currency, liquidity, legal, political, technical and other risks different from, or greater than, the risks of investing in developed markets.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Market Disruption and Geopolitical Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The value of the Fund’s investments could be adversely affected by events that disrupt securities markets and adversely affect global markets such as war, terrorism, public health crises, and geopolitical events and by changes in non-U.S. and U.S. economic and political conditions. These disruptions could prevent the Fund from implementing its investment strategies and achieving its investment objective, and increase the Fund’s exposure to other risks detailed in this Prospectus. As a result, the Fund could lose money, experience significant redemptions, encounter operational difficulties, and suffer other negative impacts. Certain locations and industries may be particularly susceptible to this risk, and other risks may be heightened by such events.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Government and Regulatory Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Governmental and regulatory authorities in the United States and other countries, have taken, and may in the future take, actions intervening in the markets in which the Fund invests and in the economy more generally. Governmental and regulatory authorities may also act to increase the scope or burden of regulations applicable to the Fund or to the companies in which the Fund invests. The effects of these actions on the </span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">markets generally, and the Fund’s investment program in particular, can be uncertain and could restrict the ability of the Fund to fully implement its investment strategies, either generally, or with respect to certain securities, industries, or countries. By contrast, markets in some non-U.S. countries historically have been subject to little regulation or oversight by governmental or regulatory authorities, which could heighten the risk of loss due to fraud or market failures in those countries. Governments, agencies, or other regulatory bodies in any country may adopt or change laws or regulations that could adversely affect the Fund or the market value of an instrument held by the Fund.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Asia Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Investing in securities of companies located in or with exposure to Asian countries involves certain risks and considerations not typically associated with investing in securities of U.S. issuers, including different financial reporting standards, currency exchange rate fluctuations, and highly regulated markets with the potential for government interference. The economies of many Asian countries are heavily dependent on international trade and on only a few industries or commodities and, as a result, can be adversely affected by trade barriers, exchange controls and other measures imposed or negotiated by the countries with which they trade. Some Asian securities may be less liquid than U.S. or other foreign securities. See “</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">China Risk</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">” for additional details regarding the risks of investing in that country.</span></p><p style="word-wrap:break-word; margin:5pt 0pt 0pt; padding:0pt 0pt 0pt 18pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">Additionally, many of the economies of countries in Asia are considered emerging market or frontier market economies. These Asian economies are often characterized by high inflation, undeveloped financial service sectors, frequent currency fluctuations, devaluations, or restrictions, political and social instability, and less efficient markets. See </span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">“Emerging Markets Risk</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">” and “</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">Frontier Markets Risk</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">” for additional details regarding the risks of investing in such countries.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">China Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Investing in securities of Chinese issuers involves certain risks and considerations not typically associated with investing in securities of U.S. issuers, including, among others, more frequent trading suspensions and government interventions (including by nationalization of assets), currency exchange rate fluctuations or blockages, limits on the use of brokers and on foreign ownership, different financial reporting standards, higher dependence on exports and international trade, potential for increased trade tariffs, sanctions, embargoes and other trade limitations, custody risks, risks associated with investments in variable interest entities, and potential adverse tax consequences. U.S. sanctions or other investment restrictions could preclude the Fund from investing in certain Chinese issuers or cause the Fund to sell investments at a disadvantageous time. Significant portions of the Chinese securities markets may become rapidly illiquid, as Chinese issuers have the ability to suspend the trading of their equity securities, and have shown a willingness to exercise that option in response to market volatility and other events.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Conflicts of Interest Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The Manager’s relationships with the Fund’s institutional investor base may give rise to various conflicts of interest, since the Manager will sometimes have </span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">an incentive to favor those shareholders over other shareholders in the Fund. In addition, the Manager serves as investment adviser to various clients other than the Fund, some of whom may pursue strategies that are substantially similar or nearly identical to investment strategies pursued by the Fund. This “side-by-side” management may give rise to various conflicts of interest, including, for example, in connection with the fair allocation of trades among the Manager’s clients or the sharing of different, more, or more timely information regarding investment performance, portfolio holdings, strategy developments and/or the Manager’s general market outlook. Although the Fund’s investment objective and strategies are substantially similar to those of an ETF managed by the Manager, differences in purchase and redemption structure, investment restrictions, and legal requirements lead to the use of different trading practices and potentially different portfolio decisions. Furthermore, if investment personnel of the Manager hold board or other positions at outside companies, they could be exposed to material non-public information potentially impeding or delaying the Fund’s ability to buy or sell certain investments, or they could otherwise be restricted in their ability to participate in the Fund’s investment process.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Currency Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The Fund may realize a loss if it has exposure to a non-U.S. currency, and this non-U.S. currency declines in value, relative to the U.S. dollar. The Fund does not expect to engage in currency hedging and thus expects to be fully exposed to currency fluctuations relative to the U.S. dollar.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Equity Securities Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Equity securities may react more strongly to changes in an issuer’s financial condition or prospects than other securities of the same issuer. Investing in equity securities indirectly, such as through participatory notes or depositary receipts, may involve other risks such as the risk that the counterparty may default or that the investment does not track the underlying security as expected.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">ESG Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– To the extent that the Fund’s portfolio managers incorporate environmental, social and/or governance considerations (“</span><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:9pt; color:#000000">ESG Factors</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">”) into the Fund’s investment process as a part of the Fund’s long-term investment approach, the Fund is subject to the risk that it may underperform funds that do not take ESG Factors into account. The consideration of ESG Factors may prioritize long-term rather than short-term returns, and therefore may negatively impact the relative performance of the Fund over the short, medium or even long term depending on how successfully those ESG Factors are incorporated and whether such investments are in or out of favor. In considering ESG Factors, the portfolio managers may be dependent upon information and data obtained through voluntary reporting by issuers or third-party research that may be incomplete, inaccurate or unavailable, which could impact the portfolio managers’ assessment of relative risks and opportunities. See also “</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">Long-Term Investment Strategy Risk</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">” and “</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">Selected Investment Techniques and Topics</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">Our Stewardship Approach</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">.”</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Focused Investment Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Should the Fund focus its investments in related, or a limited number of, countries, regions, sectors, or companies, this would create more risk and greater volatility than if the Fund’s investments were less focused.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Frontier Markets Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Frontier markets are those emerging markets that are considered to be among the smallest, least mature and least liquid and, as a result, may be more volatile and less liquid than investments in more developed markets or in other emerging market countries. Emerging markets risk may be especially heightened in frontier markets.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Geographic Focus Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The Fund expects to focus its investments in a limited number of countries or geographic regions, and as a result may not offer the same level of diversification of risks as a more broadly global fund because the Fund will be exposed to a smaller geographic area. The performance of a fund that is less diversified across countries or geographic regions will be closely tied to market, currency, economic, political, environmental, or regulatory conditions and developments in the countries or regions in which the Fund invests, and may be more volatile than the performance of a more geographically-diversified portfolio.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Information Technology Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Cyber-attacks, disruptions, or failures that affect the Fund’s service providers, counterparties, the securities markets generally, other market participants, or issuers of securities held by the Fund may adversely affect the Fund and its shareholders, including by causing losses for the Fund or impairing Fund operations.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">IPO Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The Fund may purchase securities in IPOs. These securities are subject to many of the same risks of investing in companies with smaller market capitalizations. Securities issued in IPOs have no trading history, and information about the companies may be available for very limited periods. In addition, the prices of securities sold in IPOs may be highly volatile.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Large-Capitalization Securities Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Returns on investments in securities of large companies could trail the returns on investments in securities of smaller and medium-sized companies. Larger companies may be unable to respond as quickly as smaller and medium-sized companies to competitive challenges or to changes in business, product, financial, or other market conditions. Larger companies may not be able to achieve or maintain growth at the high rates that may be achieved by well-managed smaller and medium-sized companies.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Liquidity Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The Fund’s investments may be subject to low trading volume, lack of a market maker, contractual lock-in periods or regulatory restrictions, and the Fund may hold large positions in particular securities. As a result, it may not be possible to sell an investment at a particular time or at an acceptable price. Liquidity risk may be magnified during periods of changing interest rates, significant shareholder redemptions or market turmoil. Illiquid investments may trade at a discount from comparable, more liquid investments and </span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">may be subject to wide fluctuations in market value. In some cases, due to unanticipated levels of illiquidity the Fund may seek to meet its redemption obligations wholly or in part by distributions of assets in-kind.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Long-Term Investment Strategy Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The Fund pursues a long-term investment approach, typically seeking returns over a period of several years. This investment style may cause the Fund to lose money or underperform compared to its benchmark index or other mutual funds over extended periods of time, and the Fund may not perform as expected in the long term. An investment in the Fund may be more suitable for long-term investors who can bear the risk of short- or medium-term fluctuations in the value of the Fund’s portfolio. See also “</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">Selected Investment Techniques and Topics</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">Our Stewardship Approach</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">.”</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Market Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The value of the Fund’s investments will be affected by fluctuations in the stock markets in which the Fund is invested, factors affecting a particular industry or industries, real or perceived adverse economic conditions, changes in interest or currency rates or adverse investor sentiment generally. Declines in securities market prices may reduce the net asset value of the Fund’s shares.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Non-U.S. Investment Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Non-U.S. securities are subject to additional risks, including less liquidity, increased volatility, less transparency, withholding or other taxes, increased vulnerability to adverse changes in local and global economic conditions, less regulation, and possible fluctuation in value due to adverse political conditions. Foreign portfolio transactions generally involve higher commission rates, transfer taxes, and custodial costs than similar transactions in the U.S.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Service Provider Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The Fund will be affected by the Manager’s investment techniques, analyses, assessments and employee retention. Similarly, adverse events or performance failures at a service provider, such as human error, inadequate controls or insolvency, have the ability to adversely affect the Fund.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Settlement Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The Fund may experience delays in settlement due to the different clearance and settlement procedures in non-U.S. countries. Such delays may increase credit risk to the Fund, limit the ability of the Fund to reinvest the proceeds of a sale of securities, or prevent the Fund from selling securities at times and prices it considers desirable.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; letter-spacing:-0.1pt; color:#955aa5">Small- and Medium-Capitalization Securities Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; letter-spacing:-0.1pt; color:#000000">– Securities of small- and medium-capitalization companies can be more volatile due to various factors including more limited product lines, financial and management resources and market distribution channels, as well as shorter operating histories and potentially reduced liquidity, especially during market declines, than the securities of larger, more established companies.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Underlying Funds Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Investments in other pooled investment vehicles may indirectly expose the Fund to all of the risks applicable to an investment in such other pooled </span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">vehicle. The Fund must pay its pro rata portion of the other pooled vehicle’s fees and expenses. If such pooled vehicle is an ETF or other product traded on a securities exchange or otherwise actively traded, its shares may trade at a premium or discount to their net asset value, an effect that might be more pronounced in less liquid markets. Further, the Manager or an affiliate may serve as investment adviser to some pooled vehicles in which the Fund invests, leading to potential conflicts of interest.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Valuation Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– In certain circumstances, some of the Fund’s portfolio holdings may be valued on the basis of factors other than market quotations by employing fair value procedures. This may occur more often in times of market turmoil or reduced liquidity. Portfolio holdings that are valued using techniques other than market quotations, including “fair valued” securities, may be subject to greater fluctuation in their valuations from one day to the next than if market quotations were used. There is no assurance that the Fund could sell or close out a portfolio position for the value established for it at any time, and it is possible that the Fund would incur a loss because a portfolio position is sold or closed out at a discount to the valuation established by the Fund at that time.</span></p> Performance <p style="word-wrap:break-word; margin:0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s annual total returns from year to year and by comparing the Fund’s average annual total returns with those of the Fund’s benchmark. Past performance (before and after taxes) is not an indication of future performance.</span></p> The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s annual total returns from year to year and by comparing the Fund’s average annual total returns with those of the Fund’s benchmark. Past performance (before and after taxes) is not an indication of future performance. Annual Total Returns – Institutional Class Shares(1) <div style="margin:5pt 0pt 0pt; padding:0pt 0pt 0pt 4pt"><span style="display:inline-block; width:231.19pt; height:119.91pt; vertical-align:0pt"><img alt="" src="j2699542_ba002.jpg" style="width: 308.18px; height: 159.84px;"/></span></div> <p style="word-wrap:break-word; margin:3pt 0pt 0pt; padding:0pt 0pt 0pt 4pt; line-height:8.5pt; transform-origin:left; transform:matrix(0.75,0,0,1,0,0); min-width:132.18%"><span style="font-family:Arial, Helvetica, sans-serif; font-style:normal; font-weight:normal; font-size:8pt; color:#8c8c8c">Highest Quarterly Return: 25.20% (Q4, 2020)</span></p> <p style="word-wrap:break-word; margin:0pt; padding:0pt 0pt 0pt 4pt; line-height:8.5pt; transform-origin:left; transform:matrix(0.75,0,0,1,0,0); min-width:132.18%"><span style="font-family:Arial, Helvetica, sans-serif; font-style:normal; font-weight:normal; font-size:8pt; color:#8c8c8c">Lowest Quarterly Return: ‑26.53% (Q1, 2020)</span></p> Highest Quarterly Return 0.252 2020-12-31 Lowest Quarterly Return -0.2653 2020-03-31 <div style="display:table-cell; vertical-align:top; min-width:21pt; max-width:21pt"><div style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(1)</span><span style="font-size:8pt">​</span></div></div><div style="display:table-cell; vertical-align:bottom; min-width:240pt; max-width:240pt"><div style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:8pt; color:#000000">Performance for Institutional Class shares prior to their date of inception (April 28, 2017) is derived from the historical performance of Class 5 shares, which are not offered under this Prospectus and are currently closed to new investors. The historical Class 5 performance has been adjusted for the higher total annual operating expenses incurred by Institutional Class.</span></div></div> <p style="word-wrap:break-word; margin:5pt 0pt 0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">In the table below, after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown for Institutional Class shares only, and after-tax returns </span></p><p style="word-wrap:break-word; margin:0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">for other share classes will vary. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you are tax-exempt or if you hold your Fund shares through a tax-advantaged account. A description of the Fund’s comparative index and details regarding the calculation of the Fund’s class-by-class performance are provided in the section of the Prospectus entitled “Additional Performance Information.”</span></p> In the table below, after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown for Institutional Class shares only, and after-tax returns for other share classes will vary. After-tax returns shown are not relevant if you are tax-exempt or if you hold your Fund shares through a tax-advantaged account. <table cellpadding="0" style="margin:5pt 0pt 0pt; border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:121.83pt; max-width:121.83pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Average Annual Total <br/>Returns for Periods Ended <br/>December 31, 2025</span><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(1)</span></p></td><td style="min-width:35.17pt; max-width:35.17pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">1 Year</span></p></td><td colspan="2" style="min-width:48pt; max-width:48pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">5 Years</span></p></td><td style="min-width:52pt; max-width:52pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">10 Years</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:121.83pt; max-width:121.83pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">Institutional Class Returns Before <br/>Taxes</span></p></td><td style="min-width:35.17pt; max-width:35.17pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">40.60%</span></p></td><td colspan="2" style="min-width:48pt; max-width:48pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">2.56%</span></p></td><td style="min-width:52pt; max-width:52pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">9.66%</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:121.83pt; max-width:121.83pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">Institutional Class Returns After <br/>Taxes on Distributions</span></p></td><td style="min-width:35.17pt; max-width:35.17pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">40.17%</span></p></td><td colspan="2" style="min-width:48pt; max-width:48pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">1.87%</span></p></td><td style="min-width:52pt; max-width:52pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">8.87%</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:121.83pt; max-width:121.83pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">Institutional Class Returns After <br/>Taxes on Distributions and Sale of <br/>Fund Shares</span></p></td><td style="min-width:35.17pt; max-width:35.17pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">24.52%</span></p></td><td colspan="2" style="min-width:48pt; max-width:48pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">1.90%</span></p></td><td style="min-width:52pt; max-width:52pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">7.81%</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:121.83pt; max-width:121.83pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">Class K Returns Before Taxes</span></p></td><td style="min-width:35.17pt; max-width:35.17pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">40.69%</span></p></td><td colspan="2" style="min-width:48pt; max-width:48pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">2.65%</span></p></td><td style="min-width:52pt; max-width:52pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">9.75%</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td colspan="6" style="min-width:259pt; max-width:259pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Comparative Index<br/></span><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">(reflects no deductions for fees, expenses, or taxes)</span></p></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:121.83pt; max-width:121.83pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">MSCI Emerging Markets Index</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(2)</span></p></td><td style="min-width:35.17pt; max-width:35.17pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">34.36%</span></p></td><td colspan="2" style="min-width:48pt; max-width:48pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">4.67%</span></p></td><td style="min-width:52pt; max-width:52pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">8.85%</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> </table> <table cellpadding="0" style="margin:5.64pt 0pt 0pt; border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td style="min-width:21pt; max-width:21pt; vertical-align:top"><p style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(1)</span><span style="font-size:8pt">​</span></p></td><td style="min-width:240pt; max-width:240pt; vertical-align:bottom"><p style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:8pt; color:#000000">Performance for Class K and Institutional Class shares prior to their date of inception (April 28, 2017) is derived from the historical performance of Class 5 shares and, for both Class K and Institutional Class, has been adjusted for the higher total annual operating expenses incurred by Class K and Institutional Class.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td style="min-width:21pt; max-width:21pt; vertical-align:top"><p style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(2)</span><span style="font-size:8pt">​</span></p></td><td style="min-width:240pt; max-width:240pt; vertical-align:bottom"><p style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:8pt; color:#000000">The source of the index data is MSCI Inc. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This Prospectus is not approved, endorsed, reviewed or produced by MSCI. None of the MSCI data 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.</span></p></td></tr> </table> Average Annual Total Returns for Periods Ended December 31, 2025 0.406 0.0256 0.0966 0.4017 0.0187 0.0887 0.2452 0.019 0.0781 0.4069 0.0265 0.0975 (reflects no deductions for fees, expenses, or taxes) 0.3436 0.0467 0.0885 <p style="word-wrap:break-word; margin:5pt 0pt 0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">Updated information on the Fund’s investment performance can be obtained by visiting http://USmutualfund.bailliegifford.com.</span></p> http://USmutualfund.bailliegifford.com Baillie Gifford Emerging Markets ex China Fund Investment Objective <p style="word-wrap:break-word; margin:0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">Baillie Gifford Emerging Markets ex China Fund seeks capital appreciation.</span></p> Fees and Expenses <p style="word-wrap:break-word; margin:0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">The tables below describe the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:9pt; color:#000000">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span></p> Shareholder Fees (Fees paid directly from your investment) <table cellpadding="0" style="margin:5pt 0pt 0pt; border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:103pt; max-width:103pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Class K</span></p></td><td style="min-width:156pt; max-width:156pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Institutional Class</span></p></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:103pt; max-width:103pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">None</span></p></td><td style="min-width:156pt; max-width:156pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">None</span></p></td></tr> </table> 0 0 Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) <table style="border-collapse:collapse; margin:7.11pt 0pt 0pt; border-spacing: 0px;"><tr><td style="min-width:148pt; max-width:148pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:34pt; max-width:34pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Class K</span></p> </td><td style="min-width:6pt; max-width:6pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:70pt; max-width:70pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Institutional Class</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:148pt; max-width:148pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:left; padding:1.12pt 0pt 0.32pt 2pt"><p style="word-wrap:break-word; margin:0pt; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">Management Fees</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(a)</span></p> </td><td style="min-width:34pt; max-width:34pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.72%</span></p> </td><td style="min-width:6pt; max-width:6pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:70pt; max-width:70pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.72%</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:148pt; max-width:148pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:left; padding:1.12pt 0pt 0.32pt 2pt"><p style="word-wrap:break-word; margin:0pt; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">Distribution (12b‑1) Fees</span></p> </td><td style="min-width:34pt; max-width:34pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">None</span></p> </td><td style="min-width:6pt; max-width:6pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:70pt; max-width:70pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">None</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:148pt; max-width:148pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:left; padding:1.12pt 0pt 0.32pt 2pt"><p style="word-wrap:break-word; margin:0pt; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">Other Expenses</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(b)</span></p> </td><td style="min-width:34pt; max-width:34pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">19.43%</span></p> </td><td style="min-width:6pt; max-width:6pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:70pt; max-width:70pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">19.43%</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:148pt; max-width:148pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:left; padding:1.12pt 0pt 0.32pt 2pt"><p style="word-wrap:break-word; margin:0pt; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Total Annual Fund Operating Expenses</span></p> </td><td style="min-width:34pt; max-width:34pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">20.15%</span></p> </td><td style="min-width:6pt; max-width:6pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:70pt; max-width:70pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">20.15%</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:148pt; max-width:148pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:left; padding:1.12pt 0pt 0.32pt 2pt"><p style="word-wrap:break-word; margin:0pt; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">Fee Waiver and/or Expense Reimbursement</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(c)</span></p> </td><td style="min-width:34pt; max-width:34pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">(19.28)%</span></p> </td><td style="min-width:6pt; max-width:6pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:70pt; max-width:70pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">(19.28)%</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:148pt; max-width:148pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:left; padding:1.12pt 0pt 0.32pt 2pt"><p style="word-wrap:break-word; margin:0pt; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement</span><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(c)</span></p> </td><td style="min-width:34pt; max-width:34pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.87%</span></p> </td><td style="min-width:6pt; max-width:6pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:70pt; max-width:70pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.87%</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td></tr> </table><table cellpadding="0" style="margin:5.5pt 0pt 0pt; border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td style="min-width:21pt; max-width:21pt; vertical-align:top"><p style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(a)</span><span style="font-size:8pt">​</span></p></td><td style="min-width:240pt; max-width:240pt; vertical-align:bottom"><p style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:8pt; color:#000000">The Management Fee consists of an Advisory Fee and an Administration and Supervisory Fee paid by the Fund to Baillie Gifford Overseas Limited.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td style="min-width:21pt; max-width:21pt; vertical-align:top"><p style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(b)</span><span style="font-size:8pt">​</span></p></td><td style="min-width:240pt; max-width:240pt; vertical-align:bottom"><p style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:8pt; color:#000000">Other Expenses for Institutional Class are expected to be higher than those of Class K in the future since Institutional Class is expected to bear sub-accounting expenses.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td style="min-width:21pt; max-width:21pt; vertical-align:top"><p style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(c)</span><span style="font-size:8pt">​</span></p></td><td style="min-width:240pt; max-width:240pt; vertical-align:bottom"><p style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:8pt; color:#000000">Baillie Gifford Overseas Limited has contractually agreed to waive its fees and/or bear Other Expenses of the Fund until April 30, 2027 to the extent that the Fund’s Total Annual Fund Operating Expenses (excluding taxes, sub-accounting expenses and extraordinary expenses) exceed 0.87% for Class K and Institutional Class shares. This contractual agreement may only be terminated by the Board of Trustees of the Trust. Expenses after waiver/reimbursement are expected to exceed 0.87% for Institutional Class in the future due to sub-accounting expenses.</span></p></td></tr> </table> 0.0072 0.0072 0 0 0.1943 0.1943 0.2015 0.2015 -0.1928 -0.1928 0.0087 0.0087 2027-04-30 Example of Expenses <p style="word-wrap:break-word; margin:0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. It assumes that you invest $10,000 in the Fund for the time periods indicated, regardless of whether or not you redeem your shares at the end of such periods. It also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The example below also applies any contractual expense waivers and/or expense reimbursements to the first year of each period listed in the table.</span></p> Although your actual costs may be higher or lower, based on these assumptions, your expenses would be: <table cellpadding="0" style="margin:5pt 0pt 0pt; border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td colspan="3" style="min-width:158pt; max-width:158pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Class K</span></p></td><td style="min-width:101pt; max-width:101pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Institutional Class</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:32.02pt; max-width:32.02pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">1 Year</span></p></td><td style="min-width:123.98pt; max-width:123.98pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$89</span></p></td><td style="min-width:101pt; max-width:101pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$89</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:32.02pt; max-width:32.02pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">3 Years</span></p></td><td style="min-width:123.98pt; max-width:123.98pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$3,674</span></p></td><td style="min-width:101pt; max-width:101pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$3,674</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:32.02pt; max-width:32.02pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">5 Years</span></p></td><td style="min-width:123.98pt; max-width:123.98pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$6,254</span></p></td><td style="min-width:101pt; max-width:101pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$6,254</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:32.02pt; max-width:32.02pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">10 Years</span></p></td><td style="min-width:123.98pt; max-width:123.98pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$9,971</span></p></td><td style="min-width:101pt; max-width:101pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$9,971</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> </table> <table cellpadding="0" style="margin:5pt 0pt 0pt; border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td colspan="3" style="min-width:158pt; max-width:158pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Class K</span></p></td><td style="min-width:101pt; max-width:101pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Institutional Class</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:32.02pt; max-width:32.02pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">1 Year</span></p></td><td style="min-width:123.98pt; max-width:123.98pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$89</span></p></td><td style="min-width:101pt; max-width:101pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$89</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:32.02pt; max-width:32.02pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">3 Years</span></p></td><td style="min-width:123.98pt; max-width:123.98pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$3,674</span></p></td><td style="min-width:101pt; max-width:101pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$3,674</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:32.02pt; max-width:32.02pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">5 Years</span></p></td><td style="min-width:123.98pt; max-width:123.98pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$6,254</span></p></td><td style="min-width:101pt; max-width:101pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$6,254</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:32.02pt; max-width:32.02pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">10 Years</span></p></td><td style="min-width:123.98pt; max-width:123.98pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$9,971</span></p></td><td style="min-width:101pt; max-width:101pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$9,971</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> </table> 89 89 89 89 3674 3674 3674 3674 6254 6254 6254 6254 9971 9971 9971 9971 Portfolio Turnover <p style="word-wrap:break-word; margin:0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These transaction costs, which are not reflected in “</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">Annual Fund Operating Expenses</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">” or in the “</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">Example of Expenses</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">” above, affect the Fund’s performance. During the Fund’s most recent fiscal year, the Fund’s portfolio turnover rate was 20% of the average value of its portfolio.</span></p> 0.20 Principal Investment Strategies <p style="word-wrap:break-word; margin:0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">The Fund seeks to meet its objective by investing in a portfolio of common stocks and other equity securities of issuers located in countries of emerging and frontier markets.</span></p> <p style="word-wrap:break-word; margin:5pt 0pt 0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">Under normal circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in companies located in countries represented in the MSCI Emerging Markets ex China Index. The Fund invests primarily in equity securities either directly or indirectly (such as through depositary receipts or participatory notes) and may invest in preferred stocks, convertible securities, rights and warrants. The Fund is not constrained with respect to market capitalization and may participate in initial public offerings (“</span><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:9pt; color:#000000">IPOs</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">”). In addition, investment is permitted in securities offerings that are not registered in the U.S. The portfolio managers have flexibility to gain exposure to one or more emerging markets through investing in exchange-traded funds (“</span><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:9pt; color:#000000">ETFs</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">”) that track relevant equity indices.</span></p> <p style="word-wrap:break-word; margin:5pt 0pt 0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">The portfolio managers select companies without being constrained by the MSCI Emerging Markets ex China benchmark. The portfolio managers may reference the benchmark to set limits on the relative weighting of countries in the portfolio. The intended investment universe comprises primarily issuers located in countries with emerging market economies, with the exception of China, though the Fund may gain limited exposure to the Chinese economy, as a consequence of the indirect exposure that companies in other emerging market countries have to China. The portfolio managers focus on company research and the long-term outlook of companies and industries. Ideas can come from a wide variety of sources, including, but not limited to, research trips, company meetings, and relationships with industry thought leaders and academic institutions. Stock ideas are normally researched to assess a range of factors, including: long-term growth potential, geographic and industry positioning, competitive advantage, management, financial strength and valuation.</span></p><p style="word-wrap:break-word; margin:0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">Under normal circumstances, the intended outcome is a portfolio typically consisting of between 40 and 80 growth companies with the potential to outperform the Fund’s benchmark over the long term. The Fund intends to operate as a non-diversified fund, which means that it may invest a relatively large percentage of its assets in a small number of issuers, industries, or sectors. The process can result in significant exposure to a single country or a small number of countries, which in recent periods has included Taiwan. The Fund aims to hold securities for long periods (typically at least 5 years), which generally results in relatively low portfolio turnover and is in line with the portfolio managers’ long-term investment outlook. When assessing a company’s long-term growth prospects, the portfolio managers seek to identify and to incorporate a range of factors that are material to managing the Fund’s investment risks and maximizing capital appreciation. Such factors potentially include the environmental, social, and/or governance characteristics of the company, such as stewardship, sustainable business practices, and/or corporate culture.</span></p> <p style="word-wrap:break-word; margin:5pt 0pt 0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">The portfolio managers primarily employ a bottom-up stock-picking approach that seeks to make long-term investments in well-managed businesses with genuine and sustainable competitive advantages. The portfolio managers can also consider macro-economic factors when identifying potential investments. The portfolio managers seek to identify companies that they believe are likely to generate above average growth in earnings and cash flows, based on fundamental research.</span></p> <p style="word-wrap:break-word; margin:5pt 0pt 0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">The portfolio managers may sell a holding if they determine there has been a material deterioration in the investment case or as appropriate to make other investments or meet redemptions.</span></p> <p style="word-wrap:break-word; margin:5pt 0pt 0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">The Fund may invest without limitation in securities quoted or denominated in currencies other than the U.S. dollar and may hold such currencies. The Fund does not expect to engage in currency hedging and thus expects to be fully exposed to currency fluctuations relative to the U.S. dollar.</span></p> An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. You could lose money by investing in the Fund. <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Investment Style Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Baillie Gifford Overseas Limited (the “</span><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:9pt; color:#000000">Manager</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">”) actively makes investment decisions for the Fund through bottom-up stock selection. Accordingly, the Fund will have risk characteristics that differ from its benchmark index. The Manager’s judgments about the attractiveness, relative value, or potential appreciation of a particular stock may prove to be incorrect and cause the Fund to lose money or underperform compared to its benchmark index. There can be no assurance that the Manager’s investment decisions will produce the desired results.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Growth Stock Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The prices of growth stocks may be based largely on expectations of future earnings, and their prices can decline rapidly and significantly in reaction to </span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">negative news. Growth stocks may underperform stocks in other broad style categories (and the stock market as a whole) over any period of time and may shift in and out of favor with investors generally, sometimes rapidly, depending on changes in market, economic, and other factors.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Emerging Markets Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Because the Fund invests in emerging market securities, the Fund may be exposed to greater market, credit, currency, liquidity, legal, political, technical and other risks different from, or greater than, the risks of investing in developed markets.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; letter-spacing:0.2pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; letter-spacing:0.2pt; color:#955aa5">Market Disruption and Geopolitical Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; letter-spacing:0.2pt; color:#000000">– The value of the Fund’s investments could be adversely affected by events that disrupt securities markets and adversely affect global markets such as war, terrorism, public health crises, and geopolitical events and by changes in non-U.S. and U.S. economic and political conditions. These disruptions could prevent the Fund from implementing its investment strategies and achieving its investment objective, and increase the Fund’s exposure to other risks detailed in this Prospectus. As a result, the Fund could lose money, experience significant redemptions, encounter operational difficulties, and suffer other negative impacts. Certain locations and industries may be particularly susceptible to this risk, and other risks may be heightened by such events.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; letter-spacing:0.2pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; letter-spacing:0.2pt; color:#955aa5">Government and Regulatory Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; letter-spacing:0.2pt; color:#000000">– Governmental and regulatory authorities in the United States and other countries, have taken, and may in the future take, actions intervening in the markets in which the Fund invests and in the economy more generally. Governmental and regulatory authorities may also act to increase the scope or burden of regulations applicable to the Fund or to the companies in which the Fund invests. The effects of these actions on the markets generally, and the Fund’s investment program in particular, can be uncertain and could restrict the ability of the Fund to fully implement its investment strategies, either generally, or with respect to certain securities, industries, or countries. By contrast, markets in some non-U.S. countries historically have been subject to little regulation or oversight by governmental or regulatory authorities, which could heighten the risk of loss due to fraud or market failures in those countries. Governments, agencies, or other regulatory bodies in any country may adopt or change laws or regulations that could adversely affect the Fund or the market value of an instrument held by the Fund.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Asia Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Investing in securities of companies located in or with exposure to Asian countries involves certain risks and considerations not typically associated with investing in securities of U.S. issuers, including different financial reporting standards, currency exchange rate fluctuations, and highly regulated markets with the potential for government interference. The economies of many Asian countries are heavily dependent on international trade and on only a few industries or commodities and, as a result, can be adversely affected by trade barriers, exchange controls and other measures imposed or negotiated by the countries with which they trade. Some Asian securities may be less liquid than U.S. or other foreign securities.</span></p><p style="word-wrap:break-word; margin:0pt; padding:0pt 0pt 0pt 18pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">Additionally, many of the economies of countries in Asia are considered emerging market or frontier market economies. These Asian economies are often characterized by high inflation, undeveloped financial service sectors, frequent currency fluctuations, devaluations, or restrictions, political and social instability, and less efficient markets. See </span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">“Emerging Markets Risk</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">” and “</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">Frontier Markets Risk</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">” for additional details regarding the risks of investing in such countries.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Conflicts of Interest Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The Manager’s relationships with the Fund’s institutional investor base may give rise to various conflicts of interest, since the Manager will sometimes have an incentive to favor those shareholders over other shareholders in the Fund. In addition, the Manager serves as investment adviser to various clients other than the Fund, some of whom may pursue strategies that are substantially similar or nearly identical to investment strategies pursued by the Fund. This “side-by-side” management may give rise to various conflicts of interest, including, for example, in connection with the fair allocation of trades among the Manager’s clients or the sharing of different, more, or more timely information regarding investment performance, portfolio holdings, strategy developments and/or the Manager’s general market outlook. Furthermore, if investment personnel of the Manager hold board or other positions at outside companies, they could be exposed to material non-public information potentially impeding or delaying a Fund’s ability to buy or sell certain investments, or they could otherwise be restricted in their ability to participate in a Fund’s investment process.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Currency Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The Fund may realize a loss if it has exposure to a non-U.S. currency, and this non-U.S. currency declines in value, relative to the U.S. dollar. The Fund does not expect to engage in currency hedging and thus expects to be fully exposed to currency fluctuations relative to the U.S. dollar.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Equity Securities Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Equity securities may react more strongly to changes in an issuer’s financial condition or prospects than other securities of the same issuer. Investing in equity securities indirectly, such as through participatory notes or depositary receipts, may involve other risks such as the risk that the counterparty may default or that the investment does not track the underlying security as expected.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">ESG Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– To the extent that the Fund’s portfolio managers incorporate environmental, social and/or governance considerations (“</span><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:9pt; color:#000000">ESG Factors</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">”) into the Fund’s investment process as a part of the Fund’s long-term investment approach, the Fund is subject to the risk that it may underperform funds that do not take ESG Factors into account. The consideration of ESG Factors may prioritize long-term rather than short-term returns, and therefore may negatively impact the relative performance of the Fund over the short, medium or even long term depending on how successfully those ESG Factors are incorporated and whether such investments are in or out of favor. In considering ESG Factors, the portfolio managers may be dependent upon information and data obtained through voluntary reporting by issuers or third-party research that </span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">may be incomplete, inaccurate or unavailable, which could impact the portfolio managers’ assessment of relative risks and opportunities. See also “</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">Long-Term Investment Strategy Risk</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">” and “</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">Selected Investment Techniques and Topics</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">Our Stewardship Approach</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">.”</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Focused Investment Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Should the Fund focus its investments in related, or a limited number of, countries, regions, sectors, or companies, this would create more risk and greater volatility than if the Fund’s investments were less focused.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Frontier Markets Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Frontier markets are those emerging markets that are considered to be among the smallest, least mature and least liquid and, as a result, may be more volatile and less liquid than investments in more developed markets or in other emerging market countries. Emerging markets risk may be especially heightened in frontier markets.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Geographic Focus Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The Fund expects to focus its investments in a limited number of countries or geographic regions, and as a result may not offer the same level of diversification of risks as a more broadly global fund because the Fund will be exposed to a smaller geographic area. The performance of a fund that is less diversified across countries or geographic regions will be closely tied to market, currency, economic, political, environmental, or regulatory conditions and developments in the countries or regions in which the Fund invests, and may be more volatile than the performance of a more geographically-diversified portfolio.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Information Technology Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Cyber-attacks, disruptions, or failures that affect the Fund’s service providers, counterparties, the securities markets generally, other market participants, or issuers of securities held by the Fund may adversely affect the Fund and its shareholders, including by causing losses for the Fund or impairing Fund operations.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">IPO Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The Fund may purchase securities in IPOs. These securities are subject to many of the same risks of investing in companies with smaller market capitalizations. Securities issued in IPOs have no trading history, and information about the companies may be available for very limited periods. In addition, the prices of securities sold in IPOs may be highly volatile.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Large-Capitalization Securities Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Returns on investments in securities of large companies could trail the returns on investments in securities of smaller and medium-sized companies. Larger companies may be unable to respond as quickly as smaller and medium-sized companies to competitive challenges or to changes in business, product, financial, or other market conditions. Larger companies may not be able to achieve or maintain growth at the high rates that may be achieved by well-managed smaller and medium-sized companies.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Liquidity Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The Fund’s investments may be subject to low trading volume, lack of a market maker, contractual lock-in periods or regulatory restrictions, and the Fund may hold large positions in particular securities. As a result, it may not be possible to sell an investment at a particular time or at an acceptable price. Liquidity risk may be magnified during </span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">periods of changing interest rates, significant shareholder redemptions or market turmoil. Illiquid investments may trade at a discount from comparable, more liquid investments and may be subject to wide fluctuations in market value. In some cases, due to unanticipated levels of illiquidity the Fund may seek to meet its redemption obligations wholly or in part by distributions of assets in-kind.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Long-Term Investment Strategy Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The Fund pursues a long-term investment approach, typically seeking returns over a period of several years, which can comprise a full market cycle or more. This investment style may cause the Fund to lose money or underperform compared to its benchmark index or other mutual funds over extended periods of time, and the Fund may not perform as expected in the long term. The market price of the Fund’s investments will fluctuate daily due to economic and other events that affect particular companies and other issuers or the market as a whole, and the market may disagree with the Manager’s assessment for growth in the shorter- or longer-terms. Short- and medium-term price fluctuations may be especially pronounced in less developed markets or in companies with lower market capitalizations. See also “</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">Selected Investment Techniques and Topics</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">Our Stewardship Approach</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">.”</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Market Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The value of the Fund’s investments will be affected by fluctuations in the stock markets in which the Fund is invested, factors affecting a particular industry or industries, real or perceived adverse economic conditions, changes in interest or currency rates or adverse investor sentiment generally. Declines in securities market prices may reduce the net asset value of the Fund’s shares.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">New and Smaller-Sized Funds Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– New funds and smaller-sized funds, such as the Fund, will be subject to greater liquidity risk due to their smaller asset bases and may be required to sell securities at disadvantageous times or prices due to a large shareholder redemption. A fund that has been recently formed will have limited or no performance history for investors to evaluate and may not reach or maintain a sufficient asset size to effectively implement its investment strategy.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Non-Diversification Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The Fund is classified as a “non-diversified” fund. A non-diversified fund may hold a smaller number of portfolio securities, with larger positions in each security it holds, than many other mutual funds. To the extent the Fund invests in a relatively small number of issuers, a decline in the market value of a particular security held by the Fund may affect its value more than if it invested in a larger number of issuers. The value of the Fund’s shares may be more volatile than the values of shares of more diversified funds. See also “</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">Focused Investment Risk</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">.”</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Non-U.S. Investment Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Non-U.S. securities are subject to additional risks, including less liquidity, increased volatility, less transparency, withholding or other taxes, increased vulnerability to adverse changes in local and global economic conditions, less regulation, and possible fluctuation in value due to adverse political conditions. Foreign portfolio transactions generally involve higher commission rates, transfer taxes, and custodial costs than similar transactions in the U.S.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Service Provider Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The Fund will be affected by the Manager’s investment techniques, analyses, assessments and employee retention. Similarly, adverse events or performance failures at a service provider, such as human error, inadequate controls or insolvency, have the ability to adversely affect the Fund.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Settlement Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The Fund may experience delays in settlement due to the different clearance and settlement procedures in non-U.S. countries. Such delays may increase credit risk to the Fund, limit the ability of the Fund to reinvest the proceeds of a sale of securities, or prevent the Fund from selling securities at times and prices it considers desirable.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; letter-spacing:-0.1pt; color:#955aa5">Small- and Medium-Capitalization Securities Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; letter-spacing:-0.1pt; color:#000000">– Securities of small- and medium-capitalization companies can be more volatile due to various factors including more limited product lines, financial and management resources and market distribution channels, as well as shorter operating histories and potentially reduced liquidity, especially during market declines, than the securities of larger, more established companies.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Underlying Funds Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Investments in other pooled investment vehicles may indirectly expose the Fund to all of the risks applicable to an investment in such other pooled vehicle. The Fund must pay its pro rata portion of the other pooled vehicle’s fees and expenses. If such pooled vehicle is an ETF or other product traded on a securities exchange or otherwise actively traded, its shares may trade at a premium or discount to their net asset value, an effect that might be more pronounced in less liquid markets. Further, the Manager or an affiliate may serve as investment adviser to some pooled vehicles in which the Fund invests, leading to potential conflicts of interest.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Valuation Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– In certain circumstances, some of the Fund’s portfolio holdings may be valued on the basis of factors other than market quotations by employing fair value procedures. This may occur more often in times of market turmoil or reduced liquidity. Portfolio holdings that are valued using techniques other than market quotations, including “fair valued” securities, may be subject to greater fluctuation in their valuations from one day to the next than if market quotations were used. There is no assurance that the Fund could sell or close out a portfolio position for the value established for it at any time, and it is possible that the Fund would incur a loss because a portfolio position is sold or closed out at a discount to the valuation established by the Fund at that time.</span></p> Performance <p style="word-wrap:break-word; margin:0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s annual total returns from year to year and by comparing the Fund’s average annual total returns with those of the Fund’s benchmark. Past performance (before and after taxes) is not an indication of future performance.</span></p> The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s annual total returns from year to year and by comparing the Fund’s average annual total returns with those of the Fund’s benchmark. Past performance (before and after taxes) is not an indication of future performance. Annual Total Returns – Institutional Class Shares <div style="margin:5pt 0pt 0pt; padding:0pt 0pt 0pt 4pt"><span style="display:inline-block; width:227.76pt; height:119.3pt; vertical-align:0pt"><img alt="" src="j2699542_ba003.jpg" style="width: 303.6px; height: 159.02px;"/></span></div> <p style="word-wrap:break-word; margin:3pt 0pt 0pt; padding:0pt 0pt 0pt 4pt; line-height:8.5pt; transform-origin:left; transform:matrix(0.75,0,0,1,0,0); min-width:132.18%"><span style="font-family:Arial, Helvetica, sans-serif; font-style:normal; font-weight:normal; font-size:8pt; color:#8c8c8c">Highest Quarterly Return: 17.96% (Q2, 2025)</span></p> <p style="word-wrap:break-word; margin:0pt; padding:0pt 0pt 0pt 4pt; line-height:8.5pt; transform-origin:left; transform:matrix(0.75,0,0,1,0,0); min-width:132.18%"><span style="font-family:Arial, Helvetica, sans-serif; font-style:normal; font-weight:normal; font-size:8pt; color:#8c8c8c">Lowest Quarterly Return: ‑19.98% (Q2, 2022)</span></p> Highest Quarterly Return 0.1796 2025-06-30 Lowest Quarterly Return -0.1998 2022-06-30 <p style="word-wrap:break-word; margin:5pt 0pt 0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">In the table below, after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown for Institutional Class shares only, and after-tax returns for other share classes will vary. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you are tax-exempt or if you hold your Fund shares through a tax-advantaged account. A description of the Fund’s comparative index and details regarding the calculation of the Fund’s class-by-class performance are provided in the section of the Prospectus entitled “</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">Additional Performance Information</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">.”</span></p> In the table below, after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown for Institutional Class shares only, and after-tax returns for other share classes will vary. After-tax returns shown are not relevant if you are tax-exempt or if you hold your Fund shares through a tax-advantaged account. <table cellpadding="0" style="margin:5pt 0pt 0pt; border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:142.72pt; max-width:142.72pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Average Annual Total Returns for <br/>Periods Ended December 31, 2025</span></p></td><td style="min-width:41.78pt; max-width:41.78pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">1 Year</span></p></td><td style="min-width:72.5pt; max-width:72.5pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Since Fund<br/>Inception<br/>(12/28/2021)</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:142.72pt; max-width:142.72pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">Institutional Class Returns Before Taxes</span></p></td><td style="min-width:41.78pt; max-width:41.78pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">43.26%</span></p></td><td style="min-width:72.5pt; max-width:72.5pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">9.01%</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:142.72pt; max-width:142.72pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">Institutional Class Returns After <br/>Taxes on Distributions</span></p></td><td style="min-width:41.78pt; max-width:41.78pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">42.62%</span></p></td><td style="min-width:72.5pt; max-width:72.5pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">8.42%</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:142.72pt; max-width:142.72pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">Institutional Class Returns After <br/>Taxes on Distributions and Sale of <br/>Fund Shares</span></p></td><td style="min-width:41.78pt; max-width:41.78pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">26.07%</span></p></td><td style="min-width:72.5pt; max-width:72.5pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">7.04%</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:142.72pt; max-width:142.72pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">Class K Returns Before Taxes</span></p></td><td style="min-width:41.78pt; max-width:41.78pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">43.26%</span></p></td><td style="min-width:72.5pt; max-width:72.5pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">9.01%</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td colspan="4" style="min-width:259pt; max-width:259pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Comparative Index<br/></span><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">(reflects no deductions for fees, expenses, or taxes)</span></p></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:142.72pt; max-width:142.72pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">MSCI Emerging Markets ex China</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(1)</span></p></td><td style="min-width:41.78pt; max-width:41.78pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">35.64%</span></p></td><td style="min-width:72.5pt; max-width:72.5pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">8.47%</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> </table> <table cellpadding="0" style="margin:5.64pt 0pt 0pt; border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td style="min-width:21pt; max-width:21pt; vertical-align:top"><p style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(1)</span><span style="font-size:8pt">​</span></p></td><td style="min-width:240pt; max-width:240pt; vertical-align:bottom"><p style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:8pt; color:#000000">The source of the index data is MSCI Inc. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This Prospectus is not approved, endorsed, reviewed or produced by MSCI. None of the MSCI data 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.</span></p></td></tr> </table> Average Annual Total Returns for Periods Ended December 31, 2025 2021-12-28 2021-12-28 0.4326 0.0901 0.4262 0.0842 0.2607 0.0704 0.4326 0.0901 (reflects no deductions for fees, expenses, or taxes) 0.3564 0.0847 <p style="word-wrap:break-word; margin:5pt 0pt 0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">Updated information on the Fund’s investment performance can be obtained by visiting http://USmutualfund.bailliegifford.com.</span></p> http://USmutualfund.bailliegifford.com Baillie Gifford Global Alpha Equities Fund Investment Objective <p style="word-wrap:break-word; margin:0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">Baillie Gifford Global Alpha Equities Fund seeks capital appreciation.</span></p> Fees and Expenses <p style="word-wrap:break-word; margin:0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">The tables below describe the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:9pt; color:#000000">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span></p> Shareholder Fees (Fees paid directly from your investment) <table cellpadding="0" style="margin:5pt 0pt 0pt; border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:103pt; max-width:103pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Class K</span></p></td><td style="min-width:156pt; max-width:156pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Institutional Class</span></p></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:103pt; max-width:103pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">None</span></p></td><td style="min-width:156pt; max-width:156pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">None</span></p></td></tr> </table> 0 0 Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) <table style="border-collapse:collapse; margin:7.11pt 0pt 0pt; border-spacing: 0px;"><tr><td style="min-width:140pt; max-width:140pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:40pt; max-width:40pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Class K</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:69pt; max-width:69pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Institutional Class</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:140pt; max-width:140pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:left; padding:1.12pt 0pt 0.32pt 2pt"><p style="word-wrap:break-word; margin:0pt; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">Management Fees</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(a)</span></p> </td><td style="min-width:40pt; max-width:40pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.57%</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:69pt; max-width:69pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.57%</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:140pt; max-width:140pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:left; padding:1.12pt 0pt 0.32pt 2pt"><p style="word-wrap:break-word; margin:0pt; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">Distribution (12b‑1) Fees</span></p> </td><td style="min-width:40pt; max-width:40pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">None</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:69pt; max-width:69pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">None</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:140pt; max-width:140pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:left; padding:1.12pt 0pt 0.32pt 2pt"><p style="word-wrap:break-word; margin:0pt; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">Other Expenses</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(b)</span></p> </td><td style="min-width:40pt; max-width:40pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.09%</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:69pt; max-width:69pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.17%</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:140pt; max-width:140pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:left; padding:1.12pt 0pt 0.32pt 2pt"><p style="word-wrap:break-word; margin:0pt; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Total Annual Fund Operating <br/>Expenses</span></p> </td><td style="min-width:40pt; max-width:40pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.66%</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(c)</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:69pt; max-width:69pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.74%</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td></tr> </table><table cellpadding="0" style="margin:5.5pt 0pt 0pt; border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td style="min-width:21pt; max-width:21pt; vertical-align:top"><p style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(a)</span><span style="font-size:8pt">​</span></p></td><td style="min-width:240pt; max-width:240pt; vertical-align:bottom"><p style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:8pt; color:#000000">The Management Fee consists of an Advisory Fee and an Administration and Supervisory Fee paid by the Fund to Baillie Gifford Overseas Limited.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td style="min-width:21pt; max-width:21pt; vertical-align:top"><p style="white-space:nowrap; line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(b)</span><span style="font-size:8pt">​</span></p></td><td style="min-width:240pt; max-width:240pt; vertical-align:bottom"><p style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:8pt; color:#000000">Other Expenses for Institutional Class differ due to sub-accounting expenses.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td style="min-width:21pt; max-width:21pt; vertical-align:top"><p style="white-space:nowrap; line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(c)</span><span style="font-size:8pt">​</span></p></td><td style="min-width:240pt; max-width:240pt; vertical-align:bottom"><p style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:8pt; color:#000000">Total Annual Fund Operating Expenses for the year ended December 31, 2025 do not match the Financial Statements due to rounding.</span></p></td></tr> </table> 0.0057 0.0057 0 0 0.0009 0.0017 0.0066 0.0074 Example of Expenses <p style="word-wrap:break-word; margin:0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. It assumes that you invest $10,000 in the Fund for the time periods indicated, regardless of whether or not you redeem your shares at the end of such periods. It also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same.</span></p> Although your actual costs may be higher or lower, based on these assumptions, your expenses would be: <table cellpadding="0" style="margin:5pt 0pt 0pt; border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td colspan="3" style="min-width:158pt; max-width:158pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Class K</span></p></td><td style="min-width:101pt; max-width:101pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Institutional Class</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:32.02pt; max-width:32.02pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">1 Year</span></p></td><td style="min-width:123.98pt; max-width:123.98pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$67</span></p></td><td style="min-width:101pt; max-width:101pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$76</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:32.02pt; max-width:32.02pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">3 Years</span></p></td><td style="min-width:123.98pt; max-width:123.98pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$211</span></p></td><td style="min-width:101pt; max-width:101pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$237</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:32.02pt; max-width:32.02pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">5 Years</span></p></td><td style="min-width:123.98pt; max-width:123.98pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$368</span></p></td><td style="min-width:101pt; max-width:101pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$411</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:32.02pt; max-width:32.02pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">10 Years</span></p></td><td style="min-width:123.98pt; max-width:123.98pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$822</span></p></td><td style="min-width:101pt; max-width:101pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$918</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> </table> <table cellpadding="0" style="margin:5pt 0pt 0pt; border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td colspan="3" style="min-width:158pt; max-width:158pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Class K</span></p></td><td style="min-width:101pt; max-width:101pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Institutional Class</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:32.02pt; max-width:32.02pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">1 Year</span></p></td><td style="min-width:123.98pt; max-width:123.98pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$67</span></p></td><td style="min-width:101pt; max-width:101pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$76</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:32.02pt; max-width:32.02pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">3 Years</span></p></td><td style="min-width:123.98pt; max-width:123.98pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$211</span></p></td><td style="min-width:101pt; max-width:101pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$237</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:32.02pt; max-width:32.02pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">5 Years</span></p></td><td style="min-width:123.98pt; max-width:123.98pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$368</span></p></td><td style="min-width:101pt; max-width:101pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$411</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:32.02pt; max-width:32.02pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">10 Years</span></p></td><td style="min-width:123.98pt; max-width:123.98pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$822</span></p></td><td style="min-width:101pt; max-width:101pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$918</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> </table> 67 67 76 76 211 211 237 237 368 368 411 411 822 822 918 918 Portfolio Turnover <p style="word-wrap:break-word; margin:0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may lead to higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These transaction costs, which are not reflected in “</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">Annual Fund Operating Expenses</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">” or in the “</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">Example of </span></p> <p style="word-wrap:break-word; margin:0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">Expenses</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">” above, affect the Fund’s performance. During the Fund’s most recent fiscal year, the Fund’s portfolio turnover rate was 30% of the average value of its portfolio.</span></p> 0.30 Principal Investment Strategies <p style="word-wrap:break-word; margin:0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">The Fund seeks to meet its objective by investing in a global, diversified portfolio of common stocks and other equity securities of issuers located in countries of developed and emerging markets.</span></p> <p style="word-wrap:break-word; margin:5pt 0pt 0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">Under normal circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities. The Fund invests predominantly in a diversified portfolio of securities issued by companies located in countries represented in the MSCI ACWI Index. The Fund invests in a range of companies globally. The Fund ordinarily invests in securities of issuers located in at least three different countries. In addition, under normal circumstances, the Fund invests at least 40% of its total assets in securities of companies located outside the U.S. when market conditions are favorable, but, when market conditions are not favorable, the Fund invests at least 30% of its total assets in companies located outside the U.S. The Fund invests in equity securities either directly or indirectly, such as through depositary receipts, and may invest in preferred stocks, convertible securities, rights and warrants. The Fund does not apply specific constraints with respect to market capitalization and may participate in initial public offerings (</span><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:9pt; color:#000000">“IPOs”</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">). In addition, investment is permitted in securities offerings that are not registered in the U.S.</span></p> <p style="word-wrap:break-word; margin:5pt 0pt 0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">The portfolio managers employ a bottom-up approach to stock selection, seeking to identify companies they believe have attractive long-term growth prospects, and select companies without being constrained by the MSCI ACWI benchmark. The portfolio managers focus on company research and the long-term outlook of companies and industries. Ideas can come from a wide variety of sources, including, but not limited to, research trips, company meetings, and relationships with industry thought leaders and academic institutions. Stock ideas are normally researched to assess a range of factors, including: long-term growth potential, geographic and industry positioning, competitive advantage, management, financial strength and valuation. Under normal circumstances, the intended outcome is a diversified portfolio typically consisting of between 70 and 120 growth companies with the potential to outperform the Fund’s benchmark over the long term. The process can result in significant exposure to a single country or a small number of countries. The Fund aims to hold securities for long periods (typically at least 5 years), which generally results in relatively low portfolio turnover and is in line with the portfolio managers’ long-term investment outlook. When assessing a company’s long-term growth prospects, the portfolio managers seek to identify and to incorporate a range of factors that are material to managing the Fund’s investment risks and maximizing capital appreciation. Such factors potentially include the environmental, social, and/or governance characteristics of the company, such as stewardship, sustainable business practices, and/or corporate culture.</span></p> <p style="word-wrap:break-word; margin:5pt 0pt 0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">The Fund may invest without limitation in securities quoted or denominated in currencies other than the U.S. dollar and may hold such currencies. The Fund does not expect to engage in </span></p><p style="word-wrap:break-word; margin:0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">currency hedging and thus expects to be fully exposed to currency fluctuations relative to the U.S. dollar.</span></p> An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. You could lose money by investing in the Fund. <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; letter-spacing:-0.1pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; letter-spacing:-0.1pt; color:#955aa5">Investment Style Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; letter-spacing:-0.1pt; color:#000000">– Baillie Gifford Overseas Limited (the “</span><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:9pt; letter-spacing:-0.1pt; color:#000000">Manager</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; letter-spacing:-0.1pt; color:#000000">”) actively makes investment decisions for the Fund through bottom-up stock selection. Accordingly, the Fund will have risk characteristics that differ from its benchmark index. The Manager’s judgments about the attractiveness, relative value, or potential appreciation of a particular stock may prove to be incorrect and cause the Fund to lose money or underperform compared to its benchmark index. There can be no assurance that the Manager’s investment decisions will produce the desired results.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Growth Stock Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The prices of growth stocks may be based largely on expectations of future earnings, and their prices can decline rapidly and significantly in reaction to negative news. Growth stocks may underperform stocks in other broad style categories (and the stock market as a whole) over any period of time and may shift in and out of favor with investors generally, sometimes rapidly, depending on changes in market, economic, and other factors.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Long-Term Investment Strategy Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The Fund pursues a long-term investment approach, typically seeking returns over a period of several years. This investment style may cause the Fund to lose money or underperform compared to its benchmark index or other mutual funds over extended periods of time, and the Fund may not perform as expected in the long term. An investment in the Fund may be more suitable for long-term investors who can bear the risk of short- or medium-term fluctuations in the value of the Fund’s portfolio. See also “</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">Selected Investment Techniques and Topics</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">Our Stewardship Approach</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">.”</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Market Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The value of the Fund’s investments will be affected by fluctuations in the stock markets in which the Fund is invested, factors affecting a particular industry or industries, real or perceived adverse economic conditions, changes in interest or currency rates or adverse investor sentiment generally. Declines in securities market prices may reduce the net asset value of the Fund’s shares.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; letter-spacing:-0.1pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; letter-spacing:-0.1pt; color:#955aa5">Asia Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; letter-spacing:-0.1pt; color:#000000">– Investing in securities of companies located in or with exposure to Asian countries involves certain risks and considerations not typically associated with investing in securities of U.S. issuers, including different financial reporting standards, currency exchange rate fluctuations, and highly regulated markets with the potential for government interference. The economies of many Asian countries are heavily dependent on international trade and on only a few industries or commodities and, as a result, can be adversely affected by trade barriers, exchange controls and other </span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">measures imposed or negotiated by the countries with which they trade. Some Asian securities may be less liquid than U.S. or other foreign securities. See “</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">China Risk</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">” for additional details regarding the risks of investing in that country.</span></p><p style="word-wrap:break-word; margin:5pt 0pt 0pt; padding:0pt 0pt 0pt 18pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">Additionally, many of the economies of countries in Asia are considered emerging market or frontier market economies. These Asian economies are often characterized by high inflation, undeveloped financial service sectors, frequent currency fluctuations, devaluations, or restrictions, political and social instability, and less efficient markets. See </span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">“Emerging Markets Risk</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">” for additional details regarding the risks of investing in such countries.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">China Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Investing in securities of Chinese issuers involves certain risks and considerations not typically associated with investing in securities of U.S. issuers, including, among others, more frequent trading suspensions and government interventions (including by nationalization of assets), currency exchange rate fluctuations or blockages, limits on the use of brokers and on foreign ownership, different financial reporting standards, higher dependence on exports and international trade, potential for increased trade tariffs, sanctions, embargoes and other trade limitations, custody risks, risks associated with investments in variable interest entities, and potential adverse tax consequences. U.S. sanctions or other investment restrictions could preclude the Fund from investing in certain Chinese issuers or cause the Fund to sell investments at a disadvantageous time. Significant portions of the Chinese securities markets may become rapidly illiquid, as Chinese issuers have the ability to suspend the trading of their equity securities, and have shown a willingness to exercise that option in response to market volatility and other events.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Conflicts of Interest Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The Manager’s relationships with the Fund’s institutional investor base may give rise to various conflicts of interest, since the Manager will sometimes have an incentive to favor those shareholders over other shareholders in the Fund. In addition, the Manager serves as investment adviser to various clients other than the Fund, some of whom may pursue strategies that are substantially similar or nearly identical to investment strategies pursued by the Fund. This “side-by-side” management may give rise to various conflicts of interest, including, for example, in connection with the fair allocation of trades among the Manager’s clients or the sharing of different, more, or more timely information regarding investment performance, portfolio holdings, strategy developments and/or the Manager’s general market outlook. Furthermore, if investment personnel of the Manager hold board or other positions at outside companies, they could be exposed to material non-public information potentially impeding or delaying a Fund’s ability to buy or sell certain investments, or they could otherwise be restricted in their ability to participate in a Fund’s investment process.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Currency Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The Fund may realize a loss if it has exposure to a non-U.S. currency, and this non-U.S. currency declines in value, relative to the U.S. dollar. The Fund does not expect to engage in currency hedging and thus expects to be fully exposed to currency fluctuations relative to the U.S. dollar.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Developed Markets Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Investing in securities of companies located in, or with exposure to, developed countries will subject the Fund to the regulatory, political, currency, security, economic and other risks associated with such countries. In recent periods, countries with developed markets have generally experienced slower economic growth than some less developed countries. Services sectors (e.g., the financial services sector) generally tend to represent the primary source of economic growth in developed markets, which can make them susceptible to the risks of individual service sectors. In addition, developed countries will be impacted by changes to the economic conditions of certain key trading partners, regulatory burdens, and the price or availability of certain commodities, among other things.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Emerging Markets Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– To the extent the Fund invests in emerging market securities, the Fund may be exposed to greater market, credit, currency, liquidity, legal, political, technical and other risks different from, or greater than, the risks of investing in developed markets.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Equity Securities Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Equity securities may react more strongly to changes in an issuer’s financial condition or prospects than other securities of the same issuer. Investing in equity securities indirectly, such as through participatory notes or depositary receipts, may involve other risks such as the risk that the counterparty may default or that the investment does not track the underlying security as expected.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">ESG Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– To the extent that the Fund’s portfolio managers incorporate environmental, social and/or governance considerations (“</span><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:9pt; color:#000000">ESG Factors</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">”) into the Fund’s investment process as a part of the Fund’s long-term investment approach, the Fund is subject to the risk that it may underperform funds that do not take ESG Factors into account. The consideration of ESG Factors may prioritize long-term rather than short-term returns, and therefore may negatively impact the relative performance of the Fund over the short, medium or even long term depending on how successfully those ESG Factors are incorporated and whether such investments are in or out of favor. In considering ESG Factors, the portfolio managers may be dependent upon information and data obtained through voluntary reporting by issuers or third-party research that may be incomplete, inaccurate or unavailable, which could impact the portfolio managers’ assessment of relative risks and opportunities. See also “</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">Long-Term Investment Strategy Risk</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">” and “</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">Selected Investment Techniques and Topics</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">Our Stewardship Approach</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">.”</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Focused Investment Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Should the Fund focus its investments in related, or a limited number of, countries, regions, sectors, or companies, this would create more risk and greater volatility than if the Fund’s investments were less focused.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Government and Regulatory Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Governmental and regulatory authorities in the United States and other countries, have taken, and may in the future take, actions intervening in the markets in which the Fund invests and in the economy more generally. Governmental and regulatory authorities may also act to increase the scope or burden of </span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">regulations applicable to the Fund or to the companies in which the Fund invests. The effects of these actions on the markets generally, and the Fund’s investment program in particular, can be uncertain and could restrict the ability of the Fund to fully implement its investment strategies, either generally, or with respect to certain securities, industries, or countries. By contrast, markets in some non-U.S. countries historically have been subject to little regulation or oversight by governmental or regulatory authorities, which could heighten the risk of loss due to fraud or market failures in those countries. Governments, agencies, or other regulatory bodies in any country may adopt or change laws or regulations that could adversely affect the Fund or the market value of an instrument held by the Fund.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Information Technology Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Cyber-attacks, disruptions, or failures that affect the Fund’s service providers, counterparties, the securities markets generally, other market participants, or issuers of securities held by the Fund may adversely affect the Fund and its shareholders, including by causing losses for the Fund or impairing Fund operations.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">IPO Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The Fund may purchase securities in IPOs. These securities are subject to many of the same risks of investing in companies with smaller market capitalizations. Securities issued in IPOs have no trading history, and information about the companies may be available for very limited periods. In addition, the prices of securities sold in IPOs may be highly volatile.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Large-Capitalization Securities Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Returns on investments in securities of large companies could trail the returns on investments in securities of smaller and medium-sized companies. Larger companies may be unable to respond as quickly as smaller and medium-sized companies to competitive challenges or to changes in business, product, financial, or other market conditions. Larger companies may not be able to achieve or maintain growth at the high rates that may be achieved by well-managed smaller and medium-sized companies.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Liquidity Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The Fund’s investments may be subject to low trading volume, lack of a market maker, contractual lock-in periods or regulatory restrictions, and the Fund may hold large positions in particular securities. As a result, it may not be possible to sell an investment at a particular time or at an acceptable price. Liquidity risk may be magnified during periods of changing interest rates, significant shareholder redemptions or market turmoil. Illiquid investments may trade at a discount from comparable, more liquid investments and may be subject to wide fluctuations in market value. In some cases, due to unanticipated levels of illiquidity the Fund may seek to meet its redemption obligations wholly or in part by distributions of assets in-kind.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Market Disruption and Geopolitical Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The value of the Fund’s investments could be adversely affected by events that disrupt securities markets and adversely affect global markets such as war, terrorism, public health crises, and geopolitical events and by changes in non-U.S. and U.S. economic and political conditions. These disruptions could prevent the Fund from implementing its investment strategies and achieving its investment objective, and increase the </span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">Fund’s exposure to other risks detailed in this Prospectus. As a result, the Fund could lose money, experience significant redemptions, encounter operational difficulties, and suffer other negative impacts. Certain locations and industries may be particularly susceptible to this risk, and other risks may be heightened by such events.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Non-U.S. Investment Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Non-U.S. securities are subject to additional risks, including less liquidity, increased volatility, less transparency, withholding or other taxes, increased vulnerability to adverse changes in local and global economic conditions, less regulation, and possible fluctuation in value due to adverse political conditions. Foreign portfolio transactions generally involve higher commission rates, transfer taxes, and custodial costs than similar transactions in the U.S.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Service Provider Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The Fund will be affected by the Manager’s investment techniques, analyses, assessments and employee retention. Similarly, adverse events or performance failures at a service provider, such as human error, inadequate controls or insolvency, have the ability to adversely affect the Fund.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Settlement Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The Fund may experience delays in settlement due to the different clearance and settlement procedures in non-U.S. countries. Such delays may increase credit risk to the Fund, limit the ability of the Fund to reinvest the proceeds of a sale of securities, or prevent the Fund from selling securities at times and prices it considers desirable.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; letter-spacing:-0.1pt; color:#955aa5">Small- and Medium-Capitalization Securities Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; letter-spacing:-0.1pt; color:#000000">– Securities of small- and medium-capitalization companies can be more volatile due to various factors including more limited product lines, financial and management resources and market distribution channels, as well as shorter operating histories and potentially reduced liquidity, especially during market declines, than the securities of larger, more established companies.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Valuation Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– In certain circumstances, some of the Fund’s portfolio holdings may be valued on the basis of factors other than market quotations by employing fair value procedures. This may occur more often in times of market turmoil or reduced liquidity. Portfolio holdings that are valued using techniques other than market quotations, including “fair valued” securities, may be subject to greater fluctuation in their valuations from one day to the next than if market quotations were used. There is no assurance that the Fund could sell or close out a portfolio position for the value established for it at any time, and it is possible that the Fund would incur a loss because a portfolio position is sold or closed out at a discount to the valuation established by the Fund at that time.</span></p> Performance <p style="word-wrap:break-word; margin:0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s annual total returns from year to year and by comparing the Fund’s average annual total returns with those of the Fund’s benchmark. Past performance (before and after taxes) is not an indication of future performance.</span></p> The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s annual total returns from year to year and by comparing the Fund’s average annual total returns with those of the Fund’s benchmark. Past performance (before and after taxes) is not an indication of future performance. Annual Total Returns – Institutional Class Shares(1) <div style="margin:5pt 0pt 0pt; padding:0pt 0pt 0pt 4pt"><span style="display:inline-block; width:230.97pt; height:119.91pt; vertical-align:0pt"><img alt="" src="j2699542_ba004.jpg" style="width: 307.89px; height: 159.84px;"/></span></div> <p style="word-wrap:break-word; margin:3pt 0pt 0pt; padding:0pt 0pt 0pt 4pt; line-height:8.5pt; transform-origin:left; transform:matrix(0.75,0,0,1,0,0); min-width:132.18%"><span style="font-family:Arial, Helvetica, sans-serif; font-style:normal; font-weight:normal; font-size:8pt; color:#8c8c8c">Highest Quarterly Return: 28.04% (Q2, 2020)</span></p> <p style="word-wrap:break-word; margin:0pt; padding:0pt 0pt 0pt 4pt; line-height:8.5pt; transform-origin:left; transform:matrix(0.75,0,0,1,0,0); min-width:132.18%"><span style="font-family:Arial, Helvetica, sans-serif; font-style:normal; font-weight:normal; font-size:8pt; color:#8c8c8c">Lowest Quarterly Return: ‑18.91% (Q1, 2020)</span></p> Highest Quarterly Return 0.2804 2020-06-30 Lowest Quarterly Return -0.1891 2020-03-31 <table cellpadding="0" style="margin:15pt 0pt 0pt; border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td style="min-width:21pt; max-width:21pt; vertical-align:top"><p style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(1)</span><span style="font-size:8pt">​</span></p></td><td style="min-width:240pt; max-width:240pt; vertical-align:bottom"><p style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:8pt; color:#000000">Performance for Institutional Class shares prior to their date of inception (April 28, 2017) is derived from the historical performance of Class 3 shares, which are not offered under this Prospectus and are currently closed to new investors. The historical Class 3 performance has been adjusted for the higher total annual operating expenses incurred by Institutional Class.</span></p></td></tr> </table> <p style="word-wrap:break-word; margin:5pt 0pt 0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">In the table below, after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown for Institutional Class shares only, and after-tax returns for other share classes will vary. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you are tax-exempt or if you hold your Fund shares through a tax-advantaged account. A description of the Fund’s comparative index and details regarding the calculation of the Fund’s class-by-class performance are provided in the section of the Prospectus entitled “</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">Additional Performance Information</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">.”</span></p> In the table below, after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown for Institutional Class shares only, and after-tax returns for other share classes will vary. After-tax returns shown are not relevant if you are tax-exempt or if you hold your Fund shares through a tax-advantaged account. <table cellpadding="0" style="margin:5pt 0pt 0pt; border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:121.83pt; max-width:121.83pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Average Annual Total <br/>Returns for Periods Ended <br/>December 31, 2025</span><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(1)</span></p></td><td style="min-width:35.17pt; max-width:35.17pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">1 Year</span></p></td><td colspan="2" style="min-width:48pt; max-width:48pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">5 Years</span></p></td><td style="min-width:52pt; max-width:52pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">10 Years</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:121.83pt; max-width:121.83pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">Institutional Class Returns Before <br/>Taxes</span></p></td><td style="min-width:35.17pt; max-width:35.17pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">17.27%</span></p></td><td colspan="2" style="min-width:48pt; max-width:48pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">3.42%</span></p></td><td style="min-width:52pt; max-width:52pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">10.56%</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:121.83pt; max-width:121.83pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">Institutional Class Returns After <br/>Taxes on Distributions</span></p></td><td style="min-width:35.17pt; max-width:35.17pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">8.70%</span></p></td><td colspan="2" style="min-width:48pt; max-width:48pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.51%</span></p></td><td style="min-width:52pt; max-width:52pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">7.94%</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:121.83pt; max-width:121.83pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">Institutional Class Returns After <br/>Taxes on Distributions and Sale of <br/>Fund Shares</span></p></td><td style="min-width:35.17pt; max-width:35.17pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">15.96%</span></p></td><td colspan="2" style="min-width:48pt; max-width:48pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">2.42%</span></p></td><td style="min-width:52pt; max-width:52pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">8.20%</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:121.83pt; max-width:121.83pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">Class K Returns Before Taxes</span></p></td><td style="min-width:35.17pt; max-width:35.17pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">17.50%</span></p></td><td colspan="2" style="min-width:48pt; max-width:48pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">3.53%</span></p></td><td style="min-width:52pt; max-width:52pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">10.64%</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td colspan="6" style="min-width:259pt; max-width:259pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Comparative Index<br/></span><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">(reflects no deductions for fees, expenses, or taxes)</span></p></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:121.83pt; max-width:121.83pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">MSCI ACWI Index</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(2)</span></p></td><td style="min-width:35.17pt; max-width:35.17pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">22.87%</span></p></td><td colspan="2" style="min-width:48pt; max-width:48pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">11.70%</span></p></td><td style="min-width:52pt; max-width:52pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">12.27%</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> </table> <table cellpadding="0" style="margin:5.64pt 0pt 0pt; border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td style="min-width:21pt; max-width:21pt; vertical-align:top"><p style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(1)</span><span style="font-size:8pt">​</span></p></td><td style="min-width:240pt; max-width:240pt; vertical-align:bottom"><p style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:8pt; color:#000000">Performance for Class K and Institutional Class shares prior to their date of inception (April 28, 2017) is derived from the historical performance of Class 3 shares and, for both Class K and Institutional Class, has been adjusted for the higher total annual operating expenses incurred by Class K and Institutional Class.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td style="min-width:21pt; max-width:21pt; vertical-align:top"><p style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(2)</span><span style="font-size:8pt">​</span></p></td><td style="min-width:240pt; max-width:240pt; vertical-align:bottom"><p style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:8pt; color:#000000">The source of the index data is MSCI Inc. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This Prospectus is not approved, endorsed, reviewed or produced by MSCI. None of the MSCI data 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.</span></p></td></tr> </table> Average Annual Total Returns for Periods Ended December 31, 2025 0.1727 0.0342 0.1056 0.087 0.0051 0.0794 0.1596 0.0242 0.082 0.175 0.0353 0.1064 (reflects no deductions for fees, expenses, or taxes) 0.2287 0.117 0.1227 <p style="word-wrap:break-word; margin:0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">Updated information on the Fund’s investment performance can be obtained by visiting http://USmutualfund.bailliegifford.com.</span></p> http://USmutualfund.bailliegifford.com Baillie Gifford International Alpha Fund Investment Objective <p style="word-wrap:break-word; margin:0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">Baillie Gifford International Alpha Fund seeks capital appreciation.</span></p> Fees and Expenses <p style="word-wrap:break-word; margin:0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">The tables below describe the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:9pt; color:#000000">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span></p> Shareholder Fees (Fees paid directly from your investment) <table cellpadding="0" style="margin:5pt 0pt 0pt; border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:103pt; max-width:103pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Class K</span></p></td><td style="min-width:156pt; max-width:156pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Institutional Class</span></p></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:103pt; max-width:103pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">None</span></p></td><td style="min-width:156pt; max-width:156pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">None</span></p></td></tr> </table> 0 0 Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) <table style="border-collapse:collapse; margin:7.11pt 0pt 0pt; border-spacing: 0px;"><tr><td style="min-width:149pt; max-width:149pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:32pt; max-width:32pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Class K</span></p> </td><td style="min-width:6pt; max-width:6pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:71pt; max-width:71pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Institutional Class</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:149pt; max-width:149pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:left; padding:1.12pt 0pt 0.32pt 2pt"><p style="word-wrap:break-word; margin:0pt; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">Management Fees</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(a)</span></p> </td><td style="min-width:32pt; max-width:32pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.52%</span></p> </td><td style="min-width:6pt; max-width:6pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:71pt; max-width:71pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.52%</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:149pt; max-width:149pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:left; padding:1.12pt 0pt 0.32pt 2pt"><p style="word-wrap:break-word; margin:0pt; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">Distribution (12b‑1) Fees</span></p> </td><td style="min-width:32pt; max-width:32pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">None</span></p> </td><td style="min-width:6pt; max-width:6pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:71pt; max-width:71pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">None</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:149pt; max-width:149pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:left; padding:1.12pt 0pt 0.32pt 2pt"><p style="word-wrap:break-word; margin:0pt; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">Other Expenses</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(b)</span></p> </td><td style="min-width:32pt; max-width:32pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.07%</span></p> </td><td style="min-width:6pt; max-width:6pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:71pt; max-width:71pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.17%</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:149pt; max-width:149pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:left; padding:1.12pt 0pt 0.32pt 2pt"><p style="word-wrap:break-word; margin:0pt; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Total Annual Fund Operating <br/>Expenses</span></p> </td><td style="min-width:32pt; max-width:32pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.59%</span></p> </td><td style="min-width:6pt; max-width:6pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:71pt; max-width:71pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.69%</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td></tr> </table><table cellpadding="0" style="margin:5.5pt 0pt 0pt; border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td style="min-width:21pt; max-width:21pt; vertical-align:top"><p style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(a)</span><span style="font-size:8pt">​</span></p></td><td style="min-width:240pt; max-width:240pt; vertical-align:bottom"><p style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:8pt; color:#000000">The Management Fee consists of an Advisory Fee and an Administration and Supervisory Fee paid by the Fund to Baillie Gifford Overseas Limited.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td style="min-width:21pt; max-width:21pt; vertical-align:top"><p style="white-space:nowrap; line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(b)</span><span style="font-size:8pt">​</span></p></td><td style="min-width:240pt; max-width:240pt; vertical-align:bottom"><p style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:8pt; color:#000000">Other Expenses for Institutional Class differ due to sub-accounting expenses.</span></p></td></tr> </table> 0.0052 0.0052 0 0 0.0007 0.0017 0.0059 0.0069 Example of Expenses <p style="word-wrap:break-word; margin:0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. It assumes that you invest $10,000 in the Fund for the time periods indicated, regardless of whether or not you redeem your shares at the end of such periods. It also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same.</span></p> Although your actual costs may be higher or lower, based on these assumptions, your expenses would be: <table cellpadding="0" style="margin:5pt 0pt 0pt; border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td colspan="3" style="min-width:158pt; max-width:158pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Class K</span></p></td><td style="min-width:101pt; max-width:101pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Institutional Class</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:32.02pt; max-width:32.02pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">1 Year</span></p></td><td style="min-width:123.98pt; max-width:123.98pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$60</span></p></td><td style="min-width:101pt; max-width:101pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$70</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:32.02pt; max-width:32.02pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">3 Years</span></p></td><td style="min-width:123.98pt; max-width:123.98pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$189</span></p></td><td style="min-width:101pt; max-width:101pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$221</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:32.02pt; max-width:32.02pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">5 Years</span></p></td><td style="min-width:123.98pt; max-width:123.98pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$329</span></p></td><td style="min-width:101pt; max-width:101pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$384</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:32.02pt; max-width:32.02pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">10 Years</span></p></td><td style="min-width:123.98pt; max-width:123.98pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$738</span></p></td><td style="min-width:101pt; max-width:101pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$859</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> </table> <table cellpadding="0" style="margin:5pt 0pt 0pt; border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td colspan="3" style="min-width:158pt; max-width:158pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Class K</span></p></td><td style="min-width:101pt; max-width:101pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Institutional Class</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:32.02pt; max-width:32.02pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">1 Year</span></p></td><td style="min-width:123.98pt; max-width:123.98pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$60</span></p></td><td style="min-width:101pt; max-width:101pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$70</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:32.02pt; max-width:32.02pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">3 Years</span></p></td><td style="min-width:123.98pt; max-width:123.98pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$189</span></p></td><td style="min-width:101pt; max-width:101pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$221</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:32.02pt; max-width:32.02pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">5 Years</span></p></td><td style="min-width:123.98pt; max-width:123.98pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$329</span></p></td><td style="min-width:101pt; max-width:101pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$384</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:32.02pt; max-width:32.02pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">10 Years</span></p></td><td style="min-width:123.98pt; max-width:123.98pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$738</span></p></td><td style="min-width:101pt; max-width:101pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$859</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> </table> 60 60 70 70 189 189 221 221 329 329 384 384 738 738 859 859 Portfolio Turnover <p style="word-wrap:break-word; margin:0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These transaction costs, which are not reflected in “</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">Annual Fund Operating Expenses</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">” or in the “</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">Example of Expenses</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">” above, affect the Fund’s performance. During the </span></p> <p style="word-wrap:break-word; margin:0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">Fund’s most recent fiscal year, the Fund’s portfolio turnover rate was 19% of the average value of its portfolio.</span></p> 0.19 Principal Investment Strategies <p style="word-wrap:break-word; margin:0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">The Fund seeks to meet its objective by investing in an international portfolio of equities, which include common stock and other equity securities, of issuers located in countries of developed and emerging markets.</span></p> <p style="word-wrap:break-word; margin:5pt 0pt 0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">Under normal circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in common stocks and other equity securities. The Fund invests predominantly in securities issued by companies located in countries represented in the MSCI ACWI ex USA Index which includes issuers from a range of developed and emerging market countries. The Fund may invest to a lesser extent in frontier markets. The Fund ordinarily invests in securities of issuers located in at least three countries outside the U.S. The Fund invests in equity securities either directly or indirectly, such as through depositary receipts, and may invest in preferred stocks, convertible securities, rights and warrants. The Fund is not constrained with respect to market capitalization and may participate in initial public offerings (</span><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:9pt; color:#000000">“IPOs”</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">). In addition, investment is permitted in securities offerings that are not registered in the U.S.</span></p> <p style="word-wrap:break-word; margin:5pt 0pt 0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">The portfolio managers employ a bottom-up approach to stock selection, seeking to identify companies they believe have attractive long-term growth prospects, and principally select companies without being constrained by the MSCI ACWI ex USA benchmark. The portfolio managers focus on company research and the long-term outlook of companies and industries. Ideas can come from a wide variety of sources, including, but not limited to, research trips, company meetings, and relationships with industry thought leaders and academic institutions. Stock ideas are normally researched to assess a range of factors, including: long-term growth potential, geographic and industry positioning, competitive advantage, management, financial strength and valuation. Under normal circumstances, the intended outcome is a diversified portfolio typically consisting of between 60 and 90 growth companies with the potential to outperform the Fund’s benchmark over the long term. The process can result in significant exposure to a single country or a small number of countries. The Fund expects to invest in Chinese companies, among other means, through China A shares, which are common stocks and other equity securities that are listed or traded on a Chinese stock exchange and which are quoted in renminbi, the official currency of China. The Fund aims to hold securities for long periods (typically at least 5 years), which generally results in relatively low portfolio turnover and is in line with the portfolio managers’ long-term investment outlook. When assessing a company’s long-term growth prospects, the portfolio managers seek to identify and to incorporate a range of factors that are material to managing the Fund’s investment risks and maximizing capital appreciation. Such factors potentially include the environmental, social, and/or governance characteristics of the company, such as stewardship, sustainable business practices, and/or corporate culture.</span></p> <p style="word-wrap:break-word; margin:5pt 0pt 0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">The Fund may invest without limitation in securities quoted or denominated in currencies other than the U.S. dollar and may hold such currencies. The Fund does not expect to engage in </span></p><p style="word-wrap:break-word; margin:0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">currency hedging and thus expects to be fully exposed to currency fluctuations relative to the U.S. dollar.</span></p> An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. You could lose money by investing in the Fund. <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Investment Style Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Baillie Gifford Overseas Limited (the “</span><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:9pt; color:#000000">Manager</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">”) actively makes investment decisions for the Fund through bottom-up stock selection. Accordingly, the Fund will have risk characteristics that differ from its benchmark index. The Manager’s judgments about the attractiveness, relative value, or potential appreciation of a particular stock may prove to be incorrect and cause the Fund to lose money or underperform compared to its benchmark index. There can be no assurance that the Manager’s investment decisions will produce the desired results.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Growth Stock Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The prices of growth stocks may be based largely on expectations of future earnings, and their prices can decline rapidly and significantly in reaction to negative news. Growth stocks may underperform stocks in other broad style categories (and the stock market as a whole) over any period of time and may shift in and out of favor with investors generally, sometimes rapidly, depending on changes in market, economic, and other factors.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Long-Term Investment Strategy Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The Fund pursues a long-term investment approach, typically seeking returns over a period of several years. This investment style may cause the Fund to lose money or underperform compared to its benchmark index or other mutual funds over extended periods of time, and the Fund may not perform as expected in the long term. An investment in the Fund may be more suitable for long-term investors who can bear the risk of short- or medium-term fluctuations in the value of the Fund’s portfolio. See also “</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">Selected Investment Techniques and Topics</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">Our Stewardship Approach</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">.”</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Non-U.S. Investment Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Non-U.S. securities are subject to additional risks, including less liquidity, increased volatility, less transparency, withholding or other taxes, increased vulnerability to adverse changes in local and global economic conditions, less regulation, and possible fluctuation in value due to adverse political conditions. Foreign portfolio transactions generally involve higher commission rates, transfer taxes, and custodial costs than similar transactions in the U.S.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Asia Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Investing in securities of companies located in or with exposure to Asian countries involves certain risks and considerations not typically associated with investing in securities of U.S. issuers, including different financial reporting standards, currency exchange rate fluctuations, and highly regulated markets with the potential for government interference. The economies of many Asian </span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">countries are heavily dependent on international trade and on only a few industries or commodities and, as a result, can be adversely affected by trade barriers, exchange controls and other measures imposed or negotiated by the countries with which they trade. Some Asian securities may be less liquid than U.S. or other foreign securities. See “</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">China Risk</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">” for additional details regarding the risks of investing in that country.</span></p><p style="word-wrap:break-word; margin:5pt 0pt 0pt; padding:0pt 0pt 0pt 18pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">Additionally, many of the economies of countries in Asia are considered emerging market or frontier market economies. These Asian economies are often characterized by high inflation, undeveloped financial service sectors, frequent currency fluctuations, devaluations, or restrictions, political and social instability, and less efficient markets. See </span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">“Emerging Markets Risk</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">” for additional details regarding the risks of investing in such countries.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">China Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Investing in securities of Chinese issuers involves certain risks and considerations not typically associated with investing in securities of U.S. issuers, including, among others, more frequent trading suspensions and government interventions (including by nationalization of assets), currency exchange rate fluctuations or blockages, limits on the use of brokers and on foreign ownership, different financial reporting standards, higher dependence on exports and international trade, potential for increased trade tariffs, sanctions, embargoes and other trade limitations, custody risks, risks associated with investments in variable interest entities, and potential adverse tax consequences. U.S. sanctions or other investment restrictions could preclude the Fund from investing in certain Chinese issuers or cause the Fund to sell investments at a disadvantageous time. Significant portions of the Chinese securities markets may become rapidly illiquid, as Chinese issuers have the ability to suspend the trading of their equity securities, and have shown a willingness to exercise that option in response to market volatility and other events.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Conflicts of Interest Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The Manager’s relationships with the Fund’s institutional investor base may give rise to various conflicts of interest, since the Manager will sometimes have an incentive to favor those shareholders over other shareholders in the Fund. In addition, the Manager serves as investment adviser to various clients other than the Fund, some of whom may pursue strategies that are substantially similar or nearly identical to investment strategies pursued by the Fund. This “side-by-side” management may give rise to various conflicts of interest, including, for example, in connection with the fair allocation of trades among the Manager’s clients or the sharing of different, more, or more timely information regarding investment performance, portfolio holdings, strategy developments and/or the Manager’s general market outlook. Although the Fund’s investment objective and strategies are substantially similar to those of an ETF managed by the Manager, differences in purchase and redemption structure, investment restrictions, and legal requirements lead to the use of different trading practices and potentially different portfolio decisions. Furthermore, if investment personnel of the Manager hold board or other positions at outside companies, they could be exposed to material non-public information potentially </span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">impeding or delaying the Fund’s ability to buy or sell certain investments, or they could otherwise be restricted in their ability to participate in the Fund’s investment process.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Currency Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The Fund may realize a loss if it has exposure to a non-U.S. currency, and this non-U.S. currency declines in value, relative to the U.S. dollar. The Fund does not expect to engage in currency hedging and thus expects to be fully exposed to currency fluctuations relative to the U.S. dollar.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Developed Markets Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Investing in securities of companies located in, or with exposure to, developed countries will subject the Fund to the regulatory, political, currency, security, economic and other risks associated with such countries. In recent periods, countries with developed markets have generally experienced slower economic growth than some less developed countries. Services sectors (e.g., the financial services sector) generally tend to represent the primary source of economic growth in developed markets, which can make them susceptible to the risks of individual service sectors. In addition, developed countries will be impacted by changes to the economic conditions of certain key trading partners, regulatory burdens, and the price or availability of certain commodities, among other things.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Emerging Markets Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– To the extent the Fund invests in emerging market securities, the Fund may be exposed to greater market, credit, currency, liquidity, legal, political, technical and other risks different from, or greater than, the risks of investing in developed markets.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Equity Securities Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Equity securities may react more strongly to changes in an issuer’s financial condition or prospects than other securities of the same issuer. Investing in equity securities indirectly, such as through participatory notes or depositary receipts, may involve other risks such as the risk that the counterparty may default or that the investment does not track the underlying security as expected.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">ESG Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– To the extent that the Fund’s portfolio managers incorporate environmental, social and/or governance considerations (“</span><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:9pt; color:#000000">ESG Factors</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">”) into the Fund’s investment process as a part of the Fund’s long-term investment approach, the Fund is subject to the risk that it may underperform funds that do not take ESG Factors into account. The consideration of ESG Factors may prioritize long-term rather than short-term returns, and therefore may negatively impact the relative performance of the Fund over the short, medium or even long term depending on how successfully those ESG Factors are incorporated and whether such investments are in or out of favor. In considering ESG Factors, the portfolio managers may be dependent upon information and data obtained through voluntary reporting by issuers or third-party research that may be incomplete, inaccurate or unavailable, which could impact the portfolio managers’ assessment of relative risks and opportunities. See also “</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">Long-Term Investment Strategy Risk</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">” and “</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">Selected Investment Techniques and Topics</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">Our Stewardship Approach</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">.”</span></p> <p style="white-space:nowrap; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Focused Investment Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Should the Fund focus its investments in related, or a limited number of, countries, </span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">regions, sectors, or companies, this would create more risk and greater volatility than if the Fund’s investments were less focused.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Frontier Markets Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Frontier markets are those emerging markets that are considered to be among the smallest, least mature and least liquid and, as a result, may be more volatile and less liquid than investments in more developed markets or in other emerging market countries. Emerging markets risk may be especially heightened in frontier markets.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Geographic Focus Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The Fund expects to focus its investments in a limited number of countries or geographic regions, and as a result may not offer the same level of diversification of risks as a more broadly global fund </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; letter-spacing:-0.1pt; color:#000000">because the Fund will be exposed to a smaller geographic area. The performance of a fund that is less diversified across countries or geographic regions will be closely tied to market, currency, economic, political, environmental, or regulatory conditions and developments in the countries or regions in which the Fund invests, and may be more volatile than the performance of a more geographically-diversified portfolio.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Government and Regulatory Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Governmental and regulatory authorities in the United States and other countries, have taken, and may in the future take, actions intervening in the markets in which the Fund invests and in the economy more generally. Governmental and regulatory authorities may also act to increase the scope or burden of regulations applicable to the Fund or to the companies in which the Fund invests. The effects of these actions on the markets generally, and the Fund’s investment program in particular, can be uncertain and could restrict the ability of the Fund to fully implement its investment strategies, either generally, or with respect to certain securities, industries, or countries. By contrast, markets in some non-U.S. countries historically have been subject to little regulation or oversight by governmental or regulatory authorities, which could heighten the risk of loss due to fraud or market failures in those countries. Governments, agencies, or other regulatory bodies in any country may adopt or change laws or regulations that could adversely affect the Fund or the market value of an instrument held by the Fund.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Information Technology Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Cyber-attacks, disruptions, or failures that affect the Fund’s service providers, counterparties, the securities markets generally, other market participants, or issuers of securities held by the Fund may adversely affect the Fund and its shareholders, including by causing losses for the Fund or impairing Fund operations.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">IPO Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The Fund may purchase securities in IPOs. These securities are subject to many of the same risks of investing in companies with smaller market capitalizations. Securities issued in IPOs have no trading history, and information about the companies may be available for very limited periods. In addition, the prices of securities sold in IPOs may be highly volatile.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Large-Capitalization Securities Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Returns on investments in securities of large companies could trail the returns on investments in securities of smaller and medium-sized companies. Larger companies may be unable to respond as quickly as smaller and medium-sized companies </span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">to competitive challenges or to changes in business, product, financial, or other market conditions. Larger companies may not be able to achieve or maintain growth at the high rates that may be achieved by well-managed smaller and medium-sized companies.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; letter-spacing:0.1pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; letter-spacing:0.1pt; color:#955aa5">Liquidity Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; letter-spacing:0.1pt; color:#000000">– The Fund’s investments may be subject to low trading volume, lack of a market maker, contractual lock-in periods or regulatory restrictions, and the Fund may hold large positions in particular securities. As a result, it may not be possible to sell an investment at a particular time or at an acceptable price. Liquidity risk may be magnified during periods of changing interest rates, significant shareholder redemptions or market turmoil. Illiquid investments may trade at a discount from comparable, more liquid investments and may be subject to wide fluctuations in market value. In some cases, due to unanticipated levels of illiquidity the Fund may seek to meet its redemption obligations wholly or in part by distributions of assets in-kind.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; letter-spacing:0.2pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; letter-spacing:0.2pt; color:#955aa5">Market Disruption and Geopolitical Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; letter-spacing:0.2pt; color:#000000">– The value of the Fund’s investments could be adversely affected by events that disrupt securities markets and adversely affect global markets such as war, terrorism, public health crises, and geopolitical events and by changes in non-U.S. and U.S. economic and political conditions. These disruptions could prevent the Fund from implementing its investment strategies and achieving its investment objective, and increase the Fund’s exposure to other risks detailed in this Prospectus. As a result, the Fund could lose money, experience significant redemptions, encounter operational difficulties, and suffer other negative impacts. Certain locations and industries may be particularly susceptible to this risk, and other risks may be heightened by such events.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Market Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The value of the Fund’s investments will be affected by fluctuations in the stock markets in which the Fund is invested, factors affecting a particular industry or industries, real or perceived adverse economic conditions, changes in interest or currency rates or adverse investor sentiment generally. Declines in securities market prices may reduce the net asset value of the Fund’s shares.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Service Provider Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The Fund will be affected by the Manager’s investment techniques, analyses, assessments and employee retention. Similarly, adverse events or performance failures at a service provider, such as human error, inadequate controls or insolvency, have the ability to adversely affect the Fund.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Settlement Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The Fund may experience delays in settlement due to the different clearance and settlement procedures in non-U.S. countries. Such delays may increase credit risk to the Fund, limit the ability of the Fund to reinvest the proceeds of a sale of securities, or prevent the Fund from selling securities at times and prices it considers desirable.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; letter-spacing:-0.1pt; color:#955aa5">Small- and Medium-Capitalization Securities Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; letter-spacing:-0.1pt; color:#000000">– Securities of small- and medium-capitalization companies can be more volatile due to various factors including more limited product lines, financial and management resources and market </span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">distribution channels, as well as shorter operating histories and potentially reduced liquidity, especially during market declines, than the securities of larger, more established companies.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Valuation Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– In certain circumstances, some of the Fund’s portfolio holdings may be valued on the basis of factors other than market quotations by employing fair value procedures. This may occur more often in times of market turmoil or reduced liquidity. Portfolio holdings that are valued using techniques other than market quotations, including “fair valued” securities, may be subject to greater fluctuation in their valuations from one day to the next than if market quotations were used. There is no assurance that the Fund could sell or close out a portfolio position for the value established for it at any time, and it is possible that the Fund would incur a loss because a portfolio position is sold or closed out at a discount to the valuation established by the Fund at that time.</span></p> Performance <p style="word-wrap:break-word; margin:0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s annual total returns from year to year and by comparing the Fund’s average annual total returns with those of the Fund’s benchmark. Past performance (before and after taxes) is not an indication of future performance.</span></p> The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s annual total returns from year to year and by comparing the Fund’s average annual total returns with those of the Fund’s benchmark. Past performance (before and after taxes) is not an indication of future performance. Annual Total Returns – Institutional Class Shares(1) <div style="margin:5pt 0pt 0pt; padding:0pt 0pt 0pt 4pt"><span style="display:inline-block; width:230.97pt; height:119.91pt; vertical-align:0pt"><img alt="" src="j2699542_ba005.jpg" style="width: 307.89px; height: 159.84px;"/></span></div> <p style="word-wrap:break-word; margin:3pt 0pt 0pt; padding:0pt 0pt 0pt 4pt; line-height:8.5pt; transform-origin:left; transform:matrix(0.75,0,0,1,0,0); min-width:132.18%"><span style="font-family:Arial, Helvetica, sans-serif; font-style:normal; font-weight:normal; font-size:8pt; color:#8c8c8c">Highest Quarterly Return: 25.58% (Q2, 2020)</span></p> <p style="word-wrap:break-word; margin:0pt; padding:0pt 0pt 0pt 4pt; line-height:8.5pt; transform-origin:left; transform:matrix(0.75,0,0,1,0,0); min-width:132.18%"><span style="font-family:Arial, Helvetica, sans-serif; font-style:normal; font-weight:normal; font-size:8pt; color:#8c8c8c">Lowest Quarterly Return: ‑20.84% (Q1, 2020)</span></p> Highest Quarterly Return 0.2558 2020-06-30 Lowest Quarterly Return -0.2084 2020-03-31 <table cellpadding="0" style="margin:15pt 0pt 0pt; border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td style="min-width:21pt; max-width:21pt; vertical-align:top"><p style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(1)</span><span style="font-size:8pt">​</span></p></td><td style="min-width:240pt; max-width:240pt; vertical-align:bottom"><p style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:8pt; color:#000000">Performance for Institutional Class shares prior to their date of inception (April 28, 2017) is derived from the historical performance of Class 2 shares, which are not offered under this Prospectus and are currently closed to new investors. The historical Class 2 performance has been adjusted for the higher total annual operating expenses incurred by Institutional Class.</span></p></td></tr> </table> <p style="word-wrap:break-word; margin:5pt 0pt 0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">In the table below, after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown for Institutional Class shares only, and after-tax returns for other share classes will vary. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you are tax-exempt or if you hold your Fund shares through a tax-advantaged account. A description of the Fund’s comparative index and details regarding the calculation of the Fund’s class-by-class performance are provided in the section of the Prospectus entitled “</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">Additional Performance Information</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">.”</span></p> In the table below, after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown for Institutional Class shares only, and after-tax returns for other share classes will vary. After-tax returns shown are not relevant if you are tax-exempt or if you hold your Fund shares through a tax-advantaged account. <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:118.71pt; max-width:118.71pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Average Annual Total <br/>Returns for Periods Ended <br/>December 31, 2025</span><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(1)</span></p></td><td style="min-width:38.29pt; max-width:38.29pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">1 Year</span></p></td><td colspan="2" style="min-width:48pt; max-width:48pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">5 Years</span></p></td><td style="min-width:52pt; max-width:52pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">10 Years</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:118.71pt; max-width:118.71pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">Institutional Class Returns Before <br/>Taxes</span></p></td><td style="min-width:38.29pt; max-width:38.29pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">19.45%</span></p></td><td colspan="2" style="min-width:48pt; max-width:48pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">1.02%</span></p></td><td style="min-width:52pt; max-width:52pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">7.59%</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:118.71pt; max-width:118.71pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">Institutional Class Returns After <br/>Taxes on Distributions</span></p></td><td style="min-width:38.29pt; max-width:38.29pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">16.73%</span></p></td><td colspan="2" style="min-width:48pt; max-width:48pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.03%</span></p></td><td style="min-width:52pt; max-width:52pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">6.56%</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:118.71pt; max-width:118.71pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">Institutional Class Returns After <br/>Taxes on Distributions and Sale <br/>of Fund Shares</span></p></td><td style="min-width:38.29pt; max-width:38.29pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">14.12%</span></p></td><td colspan="2" style="min-width:48pt; max-width:48pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.91%</span></p></td><td style="min-width:52pt; max-width:52pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">6.15%</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:118.71pt; max-width:118.71pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">Class K Returns Before Taxes</span></p></td><td style="min-width:38.29pt; max-width:38.29pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">19.59%</span></p></td><td colspan="2" style="min-width:48pt; max-width:48pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">1.10%</span></p></td><td style="min-width:52pt; max-width:52pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">7.67%</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td colspan="6" style="min-width:259pt; max-width:259pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Comparative Index<br/></span><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">(reflects no deductions for fees, expenses, or taxes)</span></p></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:118.71pt; max-width:118.71pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">MSCI ACWI ex USA Index</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(2)</span></p></td><td style="min-width:38.29pt; max-width:38.29pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">33.11%</span></p></td><td colspan="2" style="min-width:48pt; max-width:48pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">8.45%</span></p></td><td style="min-width:52pt; max-width:52pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">8.94%</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> </table> <table cellpadding="0" style="margin:5.64pt 0pt 0pt; border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td style="min-width:21pt; max-width:21pt; vertical-align:top"><p style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(1)</span><span style="font-size:8pt">​</span></p></td><td style="min-width:240pt; max-width:240pt; vertical-align:bottom"><p style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:8pt; color:#000000">Performance for Class K and Institutional Class shares prior to their date of inception (April 28, 2017) is derived from the historical performance of Class 2 shares and, for Institutional Class, has been adjusted for the higher total annual operating expenses incurred by Institutional Class.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td style="min-width:21pt; max-width:21pt; vertical-align:top"><p style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(2)</span><span style="font-size:8pt">​</span></p></td><td style="min-width:240pt; max-width:240pt; vertical-align:bottom"><p style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:8pt; color:#000000">The source of the index data is MSCI Inc. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This Prospectus is not approved, endorsed, reviewed or produced by MSCI. None of the MSCI data 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.</span></p></td></tr> </table> Average Annual Total Returns for Periods Ended December 31, 2025 0.1945 0.0102 0.0759 0.1673 0.0003 0.0656 0.1412 0.0091 0.0615 0.1959 0.011 0.0767 (reflects no deductions for fees, expenses, or taxes) 0.3311 0.0845 0.0894 <p style="word-wrap:break-word; margin:5pt 0pt 0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">Updated information on the Fund’s investment performance can be obtained by visiting http://USmutualfund.bailliegifford.com.</span></p> http://USmutualfund.bailliegifford.com Baillie Gifford International Concentrated Growth Equities Fund Investment Objective <p style="word-wrap:break-word; margin:0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">Baillie Gifford International Concentrated Growth Equities Fund seeks capital appreciation.</span></p> Fees and Expenses <p style="word-wrap:break-word; margin:0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">The tables below describe the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:9pt; color:#000000">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span></p> Shareholder Fees (Fees paid directly from your investment) <table cellpadding="0" style="margin:5pt 0pt 0pt; border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:103pt; max-width:103pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Class K</span></p></td><td style="min-width:156pt; max-width:156pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Institutional Class</span></p></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:103pt; max-width:103pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">None</span></p></td><td style="min-width:156pt; max-width:156pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">None</span></p></td></tr> </table> 0 0 Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) <table style="border-collapse:collapse; margin:7.11pt 0pt 0pt; border-spacing: 0px;"><tr><td style="min-width:141pt; max-width:141pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:41pt; max-width:41pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Class K</span></p> </td><td style="min-width:6pt; max-width:6pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:70pt; max-width:70pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Institutional Class</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:141pt; max-width:141pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:left; padding:1.12pt 0pt 0.32pt 2pt"><p style="word-wrap:break-word; margin:0pt; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">Management Fees</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(a)</span></p> </td><td style="min-width:41pt; max-width:41pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.57%</span></p> </td><td style="min-width:6pt; max-width:6pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:70pt; max-width:70pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.57%</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:141pt; max-width:141pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:left; padding:1.12pt 0pt 0.32pt 2pt"><p style="word-wrap:break-word; margin:0pt; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">Distribution (12b‑1) Fees</span></p> </td><td style="min-width:41pt; max-width:41pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">None</span></p> </td><td style="min-width:6pt; max-width:6pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:70pt; max-width:70pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">None</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:141pt; max-width:141pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:left; padding:1.12pt 0pt 0.32pt 2pt"><p style="word-wrap:break-word; margin:0pt; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">Other Expenses</span></p> </td><td style="min-width:41pt; max-width:41pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.26%</span></p> </td><td style="min-width:6pt; max-width:6pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:70pt; max-width:70pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.37%</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:141pt; max-width:141pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:left; padding:1.12pt 0pt 0.32pt 2pt"><p style="word-wrap:break-word; margin:0pt; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Total Annual Fund Operating Expenses</span></p> </td><td style="min-width:41pt; max-width:41pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.83%</span></p> </td><td style="min-width:6pt; max-width:6pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:70pt; max-width:70pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.94%</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:141pt; max-width:141pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:left; padding:1.12pt 0pt 0.32pt 2pt"><p style="word-wrap:break-word; margin:0pt; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">Fee Waiver and/or Expense Reimbursement</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(b)</span></p> </td><td style="min-width:41pt; max-width:41pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">(0.11)%</span></p> </td><td style="min-width:6pt; max-width:6pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:70pt; max-width:70pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">(0.11)%</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:141pt; max-width:141pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:left; padding:1.12pt 0pt 0.32pt 2pt"><p style="word-wrap:break-word; margin:0pt; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement</span><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(b)</span></p> </td><td style="min-width:41pt; max-width:41pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.72%</span></p> </td><td style="min-width:6pt; max-width:6pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:70pt; max-width:70pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.83%</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td></tr> </table><table cellpadding="0" style="margin:5.5pt 0pt 0pt; border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td style="min-width:21pt; max-width:21pt; vertical-align:top"><p style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(a)</span><span style="font-size:8pt">​</span></p></td><td style="min-width:240pt; max-width:240pt; vertical-align:bottom"><p style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:8pt; color:#000000">The Management Fee consists of an Advisory Fee and an Administration and Supervisory Fee paid by the Fund to Baillie Gifford Overseas Limited.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td style="min-width:21pt; max-width:21pt; vertical-align:top"><p style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(b)</span><span style="font-size:8pt">​</span></p></td><td style="min-width:240pt; max-width:240pt; vertical-align:bottom"><p style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:8pt; color:#000000">Baillie Gifford Overseas Limited has contractually agreed to waive its fees and/or bear Other Expenses of the Fund until April 30, 2027 to the extent that such Fund’s Total Annual Operating Expenses (excluding taxes, sub-accounting expenses and extraordinary expenses) exceed 0.72% for Class K and Institutional Class shares. This contractual agreement may only be terminated by the Board of Trustees of the Trust. Expenses after waiver/reimbursement exceed 0.72% for Institutional Class due to sub-accounting expenses of 0.11%.</span></p></td></tr> </table> 0.0057 0.0057 0 0 0.0026 0.0037 0.0083 0.0094 -0.0011 -0.0011 0.0072 0.0083 2027-04-30 Example of Expenses <p style="word-wrap:break-word; margin:0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. It assumes that you invest $10,000 in the Fund for the time periods indicated, regardless of whether or not you redeem your shares at the end of such periods. It also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The example below also applies any contractual expense waivers and/or expense reimbursements to the first year of each period listed in the table.</span></p> Although your actual costs may be higher or lower, based on these assumptions, your expenses would be: <table cellpadding="0" style="margin:5pt 0pt 0pt; border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td colspan="3" style="min-width:158pt; max-width:158pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Class K</span></p></td><td style="min-width:101pt; max-width:101pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Institutional Class</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:32.02pt; max-width:32.02pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">1 Year</span></p></td><td style="min-width:123.98pt; max-width:123.98pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$74</span></p></td><td style="min-width:101pt; max-width:101pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$84</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:32.02pt; max-width:32.02pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">3 Years</span></p></td><td style="min-width:123.98pt; max-width:123.98pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$254</span></p></td><td style="min-width:101pt; max-width:101pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$288</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:32.02pt; max-width:32.02pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">5 Years</span></p></td><td style="min-width:123.98pt; max-width:123.98pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$450</span></p></td><td style="min-width:101pt; max-width:101pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$508</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:32.02pt; max-width:32.02pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">10 Years</span></p></td><td style="min-width:123.98pt; max-width:123.98pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$1,015</span></p></td><td style="min-width:101pt; max-width:101pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$1,144</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> </table> <table cellpadding="0" style="margin:5pt 0pt 0pt; border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td colspan="3" style="min-width:158pt; max-width:158pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Class K</span></p></td><td style="min-width:101pt; max-width:101pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Institutional Class</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:32.02pt; max-width:32.02pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">1 Year</span></p></td><td style="min-width:123.98pt; max-width:123.98pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$74</span></p></td><td style="min-width:101pt; max-width:101pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$84</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:32.02pt; max-width:32.02pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">3 Years</span></p></td><td style="min-width:123.98pt; max-width:123.98pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$254</span></p></td><td style="min-width:101pt; max-width:101pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$288</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:32.02pt; max-width:32.02pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">5 Years</span></p></td><td style="min-width:123.98pt; max-width:123.98pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$450</span></p></td><td style="min-width:101pt; max-width:101pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$508</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:32.02pt; max-width:32.02pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">10 Years</span></p></td><td style="min-width:123.98pt; max-width:123.98pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$1,015</span></p></td><td style="min-width:101pt; max-width:101pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$1,144</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> </table> 74 74 84 84 254 254 288 288 450 450 508 508 1015 1015 1144 1144 Portfolio Turnover <p style="word-wrap:break-word; margin:0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These transaction costs, which are not reflected in “</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">Annual Fund Operating Expenses</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">” or in the “</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">Example of Expenses</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">” above, affect the Fund’s performance. During the Fund’s most recent fiscal year, the Fund’s portfolio turnover rate was 15% of the average value of its portfolio.</span></p> 0.15 Principal Investment Strategies <p style="word-wrap:break-word; margin:0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">The Fund seeks to meet its objective by investing in an international portfolio of common stocks and other equity securities of issuers located in countries of developed and emerging markets.</span></p> <p style="word-wrap:break-word; margin:5pt 0pt 0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">Under normal circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities. The Fund may invest up to 20% of its net assets in common stocks and other equities of companies located in the U.S. The Fund invests in equity securities either directly or indirectly, such as through depositary receipts, and may invest in preferred stocks, convertible securities, rights and warrants. The Fund is not constrained with respect to market capitalization and may participate in initial public offerings (</span><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:9pt; color:#000000">“IPOs”</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">). In addition, investment is permitted in securities offerings that are not registered in the U.S.</span></p> <p style="word-wrap:break-word; margin:5pt 0pt 0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">The portfolio managers employ a bottom-up approach to stock selection, seeking to identify companies they believe have attractive long-term growth prospects, and principally select companies without being constrained by the MSCI ACWI ex USA benchmark. The portfolio managers focus on company research and the long-term outlook of companies and industries. Ideas can come from a wide variety of sources, including, but not limited to, research trips, company meetings, and relationships with industry thought leaders and academic institutions. Stock ideas are normally researched to assess a range of factors, including: long-term growth potential, geographic and industry positioning, competitive advantage, management, financial strength and valuation. Under normal circumstances, the intended outcome is a portfolio typically consisting of between 20 and 35 growth companies with the potential to outperform the Fund’s benchmark over the long term. The process can result in significant exposure to a single country or a small number of countries. The Fund is a non-diversified fund, which means that it may invest a relatively large percentage of its assets in a small number of issuers, industries, or sectors. The Fund aims to hold </span></p> <p style="word-wrap:break-word; margin:0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">securities for long periods (typically at least 5 years), which generally results in relatively low portfolio turnover and is in line with the portfolio managers’ long-term investment outlook. When assessing a company’s long-term growth prospects, the portfolio managers seek to identify and to incorporate a range of factors that are material to managing the Fund’s investment risks and maximizing capital appreciation. Such factors potentially include the environmental, social, and/or governance characteristics of the company, such as stewardship, sustainable business practices, and/or corporate culture.</span></p> <p style="word-wrap:break-word; margin:5pt 0pt 0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">The Fund may invest without limitation in securities quoted or denominated in currencies other than the U.S. dollar and may hold such currencies. The Fund does not expect to engage in currency hedging and thus expects to be fully exposed to currency fluctuations relative to the U.S. dollar.</span></p> An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. You could lose money by investing in the Fund. <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Investment Style Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Baillie Gifford Overseas Limited (the “</span><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:9pt; color:#000000">Manager</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">”) actively makes investment decisions for the Fund through bottom-up stock selection. Accordingly, the Fund will have risk characteristics that differ from its benchmark index. The Manager’s judgments about the attractiveness, relative value, or potential appreciation of a particular stock may prove to be incorrect and cause the Fund to lose money or underperform compared to its benchmark index. There can be no assurance that the Manager’s investment decisions will produce the desired results.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Growth Stock Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The prices of growth stocks may be based largely on expectations of future earnings, and their prices can decline rapidly and significantly in reaction to negative news. Growth stocks may underperform stocks in other broad style categories (and the stock market as a whole) over any period of time and may shift in and out of favor with investors generally, sometimes rapidly, depending on changes in market, economic, and other factors.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Long-Term Investment Strategy Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The Fund pursues a long-term investment approach, typically seeking returns over a period of several years. This investment style may cause the Fund to lose money or underperform compared to its benchmark index or other mutual funds over extended periods of time, and the Fund may not perform as expected in the long term. An investment in the Fund may be more suitable for long-term investors who can bear the risk of short- or medium-term fluctuations in the value of the Fund’s portfolio. See also “</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">Selected Investment Techniques and Topics</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">Our Stewardship Approach</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">.”</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Non-U.S. Investment Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Non-U.S. securities are subject to additional risks, including less liquidity, increased volatility, less transparency, withholding or other taxes, increased </span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">vulnerability to adverse changes in local and global economic conditions, less regulation, and possible fluctuation in value due to adverse political conditions. Foreign portfolio transactions generally involve higher commission rates, transfer taxes, and custodial costs than similar transactions in the U.S.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Non-Diversification Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The Fund is classified as a “non-diversified” fund. Because the Fund may invest a relatively large percentage of its assets in a single issuer or small number of issuers, its performance could be closely tied to the value of that one issuer or those few issuers, and could be more volatile than the performance of diversified funds.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Asia Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Investing in securities of companies located in or with exposure to Asian countries involves certain risks and considerations not typically associated with investing in securities of U.S. issuers, including different financial reporting standards, currency exchange rate fluctuations, and highly regulated markets with the potential for government interference. The economies of many Asian countries are heavily dependent on international trade and on only a few industries or commodities and, as a result, can be adversely affected by trade barriers, exchange controls and other measures imposed or negotiated by the countries with which they trade. Some Asian securities may be less liquid than U.S. or other foreign securities. See “</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">China Risk</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">” for additional details regarding the risks of investing in that country.</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">Additionally, many of the economies of countries in Asia are considered emerging market or frontier market economies. These Asian economies are often characterized by high inflation, undeveloped financial service sectors, frequent currency fluctuations, devaluations, or restrictions, political and social instability, and less efficient markets. See “</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">Emerging Markets Risk</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">” for additional details regarding the risks of investing in such countries.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">China Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Investing in securities of Chinese issuers involves certain risks and considerations not typically associated with investing in securities of U.S. issuers, including, among others, more frequent trading suspensions and government interventions (including by nationalization of assets), currency exchange rate fluctuations or blockages, limits on the use of brokers and on foreign ownership, different financial reporting standards, higher dependence on exports and international trade, potential for increased trade tariffs, sanctions, embargoes and other trade limitations, custody risks, risks associated with investments in variable interest entities, and potential adverse tax consequences. U.S. sanctions or other investment restrictions could preclude the Fund from investing in certain Chinese issuers or cause the Fund to sell investments at a disadvantageous time. Significant portions of the Chinese securities markets may become rapidly illiquid, as Chinese issuers have the ability to suspend the trading of their equity securities, and have shown a willingness to exercise that option in response to market volatility and other events.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Conflicts of Interest Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The Manager’s relationships with the Fund’s institutional investor base may give rise to various conflicts of interest, since the Manager will sometimes have </span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">an incentive to favor those shareholders over other shareholders in the Fund. In addition, the Manager serves as investment adviser to various clients other than the Fund, some of whom may pursue strategies that are substantially similar or nearly identical to investment strategies pursued by the Fund. This “side-by-side” management may give rise to various conflicts of interest, including, for example, in connection with the fair allocation of trades among the Manager’s clients or the sharing of different, more, or more timely information regarding investment performance, portfolio holdings, strategy developments and/or the Manager’s general market outlook. Furthermore, if investment personnel of the Manager hold board or other positions at outside companies, they could be exposed to material non-public information potentially impeding or delaying a Fund’s ability to buy or sell certain investments, or they could otherwise be restricted in their ability to participate in a Fund’s investment process.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Currency Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The Fund may realize a loss if it has exposure to a non-U.S. currency, and this non-U.S. currency declines in value, relative to the U.S. dollar. The Fund does not expect to engage in currency hedging and thus expects to be fully exposed to currency fluctuations relative to the U.S. dollar.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Developed Markets Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Investing in securities of companies located in, or with exposure to, developed countries will subject the Fund to the regulatory, political, currency, security, economic and other risks associated with such countries. In recent periods, countries with developed markets have generally experienced slower economic growth than some less developed countries. Services sectors (e.g., the financial services sector) generally tend to represent the primary source of economic growth in developed markets, which can make them susceptible to the risks of individual service sectors. In addition, developed countries will be impacted by changes to the economic conditions of certain key trading partners, regulatory burdens, and the price or availability of certain commodities, among other things.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Emerging Markets Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– To the extent the Fund invests in emerging market securities, the Fund may be exposed to greater market, credit, currency, liquidity, legal, political, technical and other risks different from, or greater than, the risks of investing in developed markets.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Equity Securities Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Equity securities may react more strongly to changes in an issuer’s financial condition or prospects than other securities of the same issuer. Investing in equity securities indirectly, such as through participatory notes or depositary receipts, may involve other risks such as the risk that the counterparty may default or that the investment does not track the underlying security as expected.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">ESG Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– To the extent that the Fund’s portfolio managers incorporate environmental, social and/or governance considerations (“</span><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:9pt; color:#000000">ESG Factors</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">”) into the Fund’s investment process as a part of the Fund’s long-term investment approach, the Fund is subject to the risk that it may underperform funds that do not take ESG Factors into account. The consideration of ESG Factors may prioritize </span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">long-term rather than short-term returns, and therefore may negatively impact the relative performance of the Fund over the short, medium or even long term depending on how successfully those ESG Factors are incorporated and whether such investments are in or out of favor. In considering ESG Factors, the portfolio managers may be dependent upon information and data obtained through voluntary reporting by issuers or third-party research that may be incomplete, inaccurate or unavailable, which could impact the portfolio managers’ assessment of relative risks and opportunities. See also “</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">Long-Term Investment Strategy Risk</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">” and “</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">Selected Investment Techniques and Topics</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">Our Stewardship Approach</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">.”</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Focused Investment Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Because the Fund focuses its investments in a limited number of companies, its investment strategy could result in more risk or greater volatility in returns than if the Fund’s investments were less focused.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Geographic Focus Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The Fund expects to focus its investments in a limited number of countries or geographic regions, and as a result may not offer the same level of diversification of risks as a more broadly global fund because the Fund will be exposed to a smaller geographic area. The performance of a fund that is less diversified across countries or geographic regions will be closely tied to market, currency, economic, political, environmental, or regulatory conditions and developments in the countries or regions in which the Fund invests, and may be more volatile than the performance of a more geographically-diversified portfolio.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Government and Regulatory Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Governmental and regulatory authorities in the United States and other countries, have taken, and may in the future take, actions intervening in the markets in which the Fund invests and in the economy more generally. Governmental and regulatory authorities may also act to increase the scope or burden of regulations applicable to the Fund or to the companies in which the Fund invests. The effects of these actions on the markets generally, and the Fund’s investment program in particular, can be uncertain and could restrict the ability of the Fund to fully implement its investment strategies, either generally, or with respect to certain securities, industries, or countries. By contrast, markets in some non-U.S. countries historically have been subject to little regulation or oversight by governmental or regulatory authorities, which could heighten the risk of loss due to fraud or market failures in those countries. Governments, agencies, or other regulatory bodies in any country may adopt or change laws or regulations that could adversely affect the Fund or the market value of an instrument held by the Fund.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Information Technology Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Cyber-attacks, disruptions, or failures that affect the Fund’s service providers, counterparties, the securities markets generally, other market participants, or issuers of securities held by the Fund may adversely affect the Fund and its shareholders, including by causing losses for the Fund or impairing Fund operations.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">IPO Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The Fund may purchase securities in IPOs. These securities are subject to many of the same risks of investing in companies with smaller market capitalizations. </span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">Securities issued in IPOs have no trading history, and information about the companies may be available for very limited periods. In addition, the prices of securities sold in IPOs may be highly volatile.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Large-Capitalization Securities Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Returns on investments in securities of large companies could trail the returns on investments in securities of smaller and medium-sized companies. Larger companies may be unable to respond as quickly as smaller and medium-sized companies to competitive challenges or to changes in business, product, financial, or other market conditions. Larger companies may not be able to achieve or maintain growth at the high rates that may be achieved by well-managed smaller and medium-sized companies.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Liquidity Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The Fund’s investments may be subject to low trading volume, lack of a market maker, contractual lock-in periods or regulatory restrictions, and the Fund may hold large positions in particular securities. As a result, it may not be possible to sell an investment at a particular time or at an acceptable price. Liquidity risk may be magnified during periods of changing interest rates, significant shareholder redemptions or market turmoil. Illiquid investments may trade at a discount from comparable, more liquid investments and may be subject to wide fluctuations in market value. In some cases, due to unanticipated levels of illiquidity the Fund may seek to meet its redemption obligations wholly or in part by distributions of assets in-kind.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Market Disruption and Geopolitical Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The value of the Fund’s investments could be adversely affected by events that disrupt securities markets and adversely affect global markets such as war, terrorism, public health crises, and geopolitical events and by changes in non-U.S. and U.S. economic and political conditions. These disruptions could prevent the Fund from implementing its investment strategies and achieving its investment objective, and increase the Fund’s exposure to other risks detailed in this Prospectus. As a result, the Fund could lose money, experience significant redemptions, encounter operational difficulties, and suffer other negative impacts. Certain locations and industries may be particularly susceptible to this risk, and other risks may be heightened by such events.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Market Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The value of the Fund’s investments will be affected by fluctuations in the stock markets in which the Fund is invested, factors affecting a particular industry or industries, real or perceived adverse economic conditions, changes in interest or currency rates or adverse investor sentiment generally. Declines in securities market prices may reduce the net asset value of the Fund’s shares.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">New and Smaller-Sized Funds Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– New funds and smaller-sized funds, such as the Fund, will be subject to greater liquidity risk due to their smaller asset bases and may be required to sell securities at disadvantageous times or prices due to a large shareholder redemption. A fund that has been recently formed will have limited or no performance history for investors to evaluate and may not reach or maintain a sufficient asset size to effectively implement its investment strategy.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Service Provider Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The Fund will be affected by the Manager’s investment techniques, analyses, assessments and employee retention. Similarly, adverse events or performance failures at a service provider, such as human error, inadequate controls or insolvency, have the ability to adversely affect the Fund.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Settlement Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The Fund may experience delays in settlement due to the different clearance and settlement procedures in non-U.S. countries. Such delays may increase credit risk to the Fund, limit the ability of the Fund to reinvest the proceeds of a sale of securities, or prevent the Fund from selling securities at times and prices it considers desirable.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; letter-spacing:-0.1pt; color:#955aa5">Small- and Medium-Capitalization Securities Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; letter-spacing:-0.1pt; color:#000000">– Securities of small- and medium-capitalization companies can be more volatile due to various factors including more limited product lines, financial and management resources and market distribution channels, as well as shorter operating histories and potentially reduced liquidity, especially during market declines, than the securities of larger, more established companies.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Valuation Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– In certain circumstances, some of the Fund’s portfolio holdings may be valued on the basis of factors other than market quotations by employing fair value procedures. This may occur more often in times of market turmoil or reduced liquidity. Portfolio holdings that are valued using techniques other than market quotations, including “fair valued” securities, may be subject to greater fluctuation in their valuations from one day to the next than if market quotations were used. There is no assurance that the Fund could sell or close out a portfolio position for the value established for it at any time, and it is possible that the Fund would incur a loss because a portfolio position is sold or closed out at a discount to the valuation established by the Fund at that time.</span></p> Performance <p style="word-wrap:break-word; margin:0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s annual total returns from year to year and by comparing the Fund’s average annual total returns with those of the Fund’s benchmark. Past performance (before and after taxes) is not an indication of future performance.</span></p> The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s annual total returns from year to year and by comparing the Fund’s average annual total returns with those of the Fund’s benchmark. Past performance (before and after taxes) is not an indication of future performance. Annual Total Returns – Institutional Class Shares <div style="margin:5pt 0pt 0pt; padding:0pt 0pt 0pt 4pt"><span style="display:inline-block; width:231.09pt; height:118.78pt; vertical-align:0pt"><img alt="" src="j2699542_bc001.jpg" style="width: 308.04px; height: 158.33px;"/></span></div> <p style="word-wrap:break-word; margin:3pt 0pt 0pt; padding:0pt 0pt 0pt 4pt; line-height:8.5pt; transform-origin:left; transform:matrix(0.75,0,0,1,0,0); min-width:132.18%"><span style="font-family:Arial, Helvetica, sans-serif; font-style:normal; font-weight:normal; font-size:8pt; color:#8c8c8c">Highest Quarterly Return: 44.43% (Q2, 2020)</span></p> <p style="word-wrap:break-word; margin:0pt; padding:0pt 0pt 0pt 4pt; line-height:8.5pt; transform-origin:left; transform:matrix(0.75,0,0,1,0,0); min-width:132.18%"><span style="font-family:Arial, Helvetica, sans-serif; font-style:normal; font-weight:normal; font-size:8pt; color:#8c8c8c">Lowest Quarterly Return: ‑24.10% (Q2, 2022)</span></p> Highest Quarterly Return 0.4443 2020-06-30 Lowest Quarterly Return -0.241 2022-06-30 <p style="word-wrap:break-word; margin:0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">In the table below, after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown for Institutional Class shares only, and after-tax returns for other share classes will vary. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you are tax-exempt or if you hold your Fund shares through a tax-advantaged account. A description of the Fund’s comparative index and details regarding the calculation of the Fund’s class-by-class performance are provided in the section of the Prospectus entitled “</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">Additional Performance Information</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">.”</span></p> In the table below, after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown for Institutional Class shares only, and after-tax returns for other share classes will vary. After-tax returns shown are not relevant if you are tax-exempt or if you hold your Fund shares through a tax-advantaged account. <table cellpadding="0" style="margin:5pt 0pt 0pt; border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:113.82pt; max-width:113.82pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Average Annual Total <br/>Returns for Periods Ended <br/>December 31, 2025</span></p></td><td style="min-width:43.18pt; max-width:43.18pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">1 Year</span></p></td><td colspan="2" style="min-width:41pt; max-width:41pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">5 Years</span></p></td><td style="min-width:59pt; max-width:59pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Since Fund<br/>Inception<br/> (12/14/2017)</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:113.82pt; max-width:113.82pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">Institutional Class Returns <br/>Before Taxes</span></p></td><td style="min-width:43.18pt; max-width:43.18pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">16.56%</span></p></td><td colspan="2" style="min-width:41pt; max-width:41pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">‑0.74%</span></p></td><td style="min-width:59pt; max-width:59pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">11.52%</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:113.82pt; max-width:113.82pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">Institutional Class Returns <br/>After Taxes on Distributions</span></p></td><td style="min-width:43.18pt; max-width:43.18pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">16.56%</span></p></td><td colspan="2" style="min-width:41pt; max-width:41pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">‑2.24%</span></p></td><td style="min-width:59pt; max-width:59pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">8.59%</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:113.82pt; max-width:113.82pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">Institutional Class Returns <br/>After Taxes on Distributions and <br/>Sale of Fund Shares</span></p></td><td style="min-width:43.18pt; max-width:43.18pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">9.80%</span></p></td><td colspan="2" style="min-width:41pt; max-width:41pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">‑0.84%</span></p></td><td style="min-width:59pt; max-width:59pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">9.18%</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:113.82pt; max-width:113.82pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">Class K Returns Before Taxes</span></p></td><td style="min-width:43.18pt; max-width:43.18pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">16.69%</span></p></td><td colspan="2" style="min-width:41pt; max-width:41pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">‑0.63%</span></p></td><td style="min-width:59pt; max-width:59pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">11.66%</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td colspan="6" style="min-width:259pt; max-width:259pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Comparative Index</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000"><br/>(reflects no deductions for fees, expenses, or taxes)</span></p></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:113.82pt; max-width:113.82pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">MSCI ACWI ex USA Index</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(1)</span></p></td><td style="min-width:43.18pt; max-width:43.18pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">33.11%</span></p></td><td colspan="2" style="min-width:41pt; max-width:41pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">8.45%</span></p></td><td style="min-width:59pt; max-width:59pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">7.55%</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> </table> <table cellpadding="0" style="margin:5.64pt 0pt 0pt; border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td style="min-width:21pt; max-width:21pt; vertical-align:top"><p style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(1)</span><span style="font-size:8pt">​</span></p></td><td style="min-width:240pt; max-width:240pt; vertical-align:bottom"><p style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:8pt; color:#000000">The source of the index data is MSCI Inc. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This Prospectus is not approved, endorsed, reviewed or produced by MSCI. None of the MSCI data 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.</span></p></td></tr> </table> Average Annual Total Returns for Periods Ended December 31, 2025 2017-12-14 2017-12-14 0.1656 -0.0074 0.1152 0.1656 -0.0224 0.0859 0.098 -0.0084 0.0918 0.1669 -0.0063 0.1166 (reflects no deductions for fees, expenses, or taxes) 0.3311 0.0845 0.0755 <p style="word-wrap:break-word; margin:5pt 0pt 0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">Updated information on the Fund’s investment performance can be obtained by visiting http://USmutualfund.bailliegifford.com.</span></p> http://USmutualfund.bailliegifford.com Baillie Gifford International Growth Fund Investment Objective <p style="word-wrap:break-word; margin:0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">Baillie Gifford International Growth Fund seeks capital appreciation.</span></p> Fees and Expenses <p style="word-wrap:break-word; margin:0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">The tables below describe the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:9pt; color:#000000">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span></p> Shareholder Fees (Fees paid directly from your investment) <table cellpadding="0" style="margin:5pt 0pt 0pt; border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:103pt; max-width:103pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Class K</span></p></td><td style="min-width:156pt; max-width:156pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Institutional Class</span></p></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:103pt; max-width:103pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">None</span></p></td><td style="min-width:156pt; max-width:156pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">None</span></p></td></tr> </table> 0 0 Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) <table style="border-collapse:collapse; margin:7.11pt 0pt 0pt; border-spacing: 0px;"><tr><td style="min-width:142.8pt; max-width:142.8pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:38.2pt; max-width:38.2pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Class K</span></p> </td><td style="min-width:6pt; max-width:6pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:71pt; max-width:71pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Institutional Class</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:142.8pt; max-width:142.8pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:left; padding:1.12pt 0pt 0.32pt 2pt"><p style="word-wrap:break-word; margin:0pt; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">Management Fees</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(a)</span></p> </td><td style="min-width:38.2pt; max-width:38.2pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.50%</span></p> </td><td style="min-width:6pt; max-width:6pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:71pt; max-width:71pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.50%</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:142.8pt; max-width:142.8pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:left; padding:1.12pt 0pt 0.32pt 2pt"><p style="word-wrap:break-word; margin:0pt; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">Distribution (12b‑1) Fees</span></p> </td><td style="min-width:38.2pt; max-width:38.2pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">None</span></p> </td><td style="min-width:6pt; max-width:6pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:71pt; max-width:71pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">None</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:142.8pt; max-width:142.8pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:left; padding:1.12pt 0pt 0.32pt 2pt"><p style="word-wrap:break-word; margin:0pt; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">Other Expenses</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(b)</span></p> </td><td style="min-width:38.2pt; max-width:38.2pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.07%</span></p> </td><td style="min-width:6pt; max-width:6pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:71pt; max-width:71pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.15%</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:142.8pt; max-width:142.8pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:left; padding:1.12pt 0pt 0.32pt 2pt"><p style="word-wrap:break-word; margin:0pt; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Total Annual Fund Operating Expenses</span></p> </td><td style="min-width:38.2pt; max-width:38.2pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.57%</span></p> </td><td style="min-width:6pt; max-width:6pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:71pt; max-width:71pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.65%</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td></tr> </table><table cellpadding="0" style="margin:5.5pt 0pt 0pt; border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td style="min-width:21pt; max-width:21pt; vertical-align:top"><p style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(a)</span><span style="font-size:8pt">​</span></p></td><td style="min-width:240pt; max-width:240pt; vertical-align:bottom"><p style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:8pt; color:#000000">The Management Fee consists of an Advisory Fee and an Administration and Supervisory Fee paid by the Fund to Baillie Gifford Overseas Limited.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td style="min-width:21pt; max-width:21pt; vertical-align:top"><p style="white-space:nowrap; line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(b)</span><span style="font-size:8pt">​</span></p></td><td style="min-width:240pt; max-width:240pt; vertical-align:bottom"><p style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:8pt; color:#000000">Other Expenses for Institutional Class differ due to sub-accounting expenses.</span></p></td></tr> </table> 0.005 0.005 0 0 0.0007 0.0015 0.0057 0.0065 Example of Expenses <p style="word-wrap:break-word; margin:0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. It assumes that you invest $10,000 in the Fund for the time periods indicated, regardless of whether or not you redeem your shares at the end of such periods. It also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same.</span></p> Although your actual costs may be higher or lower, based on these assumptions, your expenses would be: <table cellpadding="0" style="margin:5pt 0pt 0pt; border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td colspan="3" style="min-width:158pt; max-width:158pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Class K</span></p></td><td style="min-width:101pt; max-width:101pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Institutional Class</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:32.02pt; max-width:32.02pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">1 Year</span></p></td><td style="min-width:123.98pt; max-width:123.98pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$58</span></p></td><td style="min-width:101pt; max-width:101pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$66</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:32.02pt; max-width:32.02pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">3 Years</span></p></td><td style="min-width:123.98pt; max-width:123.98pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$183</span></p></td><td style="min-width:101pt; max-width:101pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$208</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:32.02pt; max-width:32.02pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">5 Years</span></p></td><td style="min-width:123.98pt; max-width:123.98pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$318</span></p></td><td style="min-width:101pt; max-width:101pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$362</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:32.02pt; max-width:32.02pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">10 Years</span></p></td><td style="min-width:123.98pt; max-width:123.98pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$714</span></p></td><td style="min-width:101pt; max-width:101pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$810</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> </table> <table cellpadding="0" style="margin:5pt 0pt 0pt; border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td colspan="3" style="min-width:158pt; max-width:158pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Class K</span></p></td><td style="min-width:101pt; max-width:101pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Institutional Class</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:32.02pt; max-width:32.02pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">1 Year</span></p></td><td style="min-width:123.98pt; max-width:123.98pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$58</span></p></td><td style="min-width:101pt; max-width:101pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$66</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:32.02pt; max-width:32.02pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">3 Years</span></p></td><td style="min-width:123.98pt; max-width:123.98pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$183</span></p></td><td style="min-width:101pt; max-width:101pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$208</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:32.02pt; max-width:32.02pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">5 Years</span></p></td><td style="min-width:123.98pt; max-width:123.98pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$318</span></p></td><td style="min-width:101pt; max-width:101pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$362</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:32.02pt; max-width:32.02pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">10 Years</span></p></td><td style="min-width:123.98pt; max-width:123.98pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$714</span></p></td><td style="min-width:101pt; max-width:101pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$810</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> </table> 58 58 66 66 183 183 208 208 318 318 362 362 714 714 810 810 Portfolio Turnover <p style="word-wrap:break-word; margin:0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These transaction costs, which are not reflected in “</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">Annual Fund Operating Expenses</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">” or in the “</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">Example of Expenses</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">” above, affect the Fund’s performance. During the Fund’s most recent fiscal year, the Fund’s portfolio turnover rate was 21% of the average value of its portfolio.</span></p> 0.21 Principal Investment Strategies <p style="word-wrap:break-word; margin:0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">The Fund seeks to meet its objective by investing in a diversified, international portfolio of common stocks and other equity securities of issuers located in countries of developed and emerging markets.</span></p> <p style="word-wrap:break-word; margin:5pt 0pt 0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">The Fund invests predominantly in securities issued by companies located in countries outside the U.S., including a range of developed and emerging market countries. The Fund may, however, invest up to 10% of its net assets in common stocks and other equities of companies located in the U.S. Under normal circumstances, the Fund invests in securities of issuers located in at least three countries outside the U.S. and typically maintains substantial exposure to emerging markets, which could constitute a majority of the Fund’s holdings. The Fund invests in equity securities either directly or indirectly, such as through depositary receipts, and may invest in preferred stocks, convertible securities, rights and warrants. The Fund is not constrained with respect to market capitalization and may participate in initial public offerings (</span><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:9pt; color:#000000">“IPOs”</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">). In addition, investment is permitted in securities offerings that are not registered in the U.S. In selecting companies for investment, the portfolio managers generally consider issuers in both developed and emerging markets.</span></p> <p style="word-wrap:break-word; margin:5pt 0pt 0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">The portfolio managers employ a bottom-up approach to stock selection, seeking to identify companies they believe have attractive long-term growth prospects, and select companies without being constrained by a benchmark. The portfolio managers focus on company research and the long-term outlook of companies and industries. Ideas can come from a wide variety of sources, including, but not limited to, research trips, company meetings, and relationships with industry thought leaders and academic institutions. Stock ideas are normally researched to assess a range of factors, including: long-term growth potential, geographic and industry positioning, competitive advantage, management, financial strength and valuation. Under normal circumstances, the intended outcome is a diversified portfolio typically consisting of at least 50 growth companies with the potential to outperform the MSCI ACWI ex USA Index over the long term. The process can result in significant exposure to a single country or a small number of countries or countries in a specific region, such as those located in emerging markets. The Fund expects to invest in Chinese companies, among other means, through China A shares, which are common stocks and other equity securities that are listed or traded on a Chinese stock exchange and which are quoted in renminbi, the official currency of China. The Fund aims to hold securities for long periods (typically at least 5 years), which generally results in relatively low portfolio turnover and is in line with the portfolio managers’ long-term investment outlook. Because the Fund aims to hold securities for long periods, the Fund does not expect to actively reduce its holdings of shares of particular issuers (other than in response to purchase and redemption requests) even if market movements cause the Fund to operate as a non-diversified company for an extended period of time. When assessing a company’s long-term growth prospects, the portfolio managers seek to identify and to incorporate a range of factors that are material to managing the Fund’s investment risks and maximizing capital appreciation. Such factors potentially include the environmental, social, and/or governance characteristics of the company, such as stewardship, sustainable business practices, and/or corporate culture.</span></p> <p style="word-wrap:break-word; margin:0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">The Fund may invest without limitation in securities quoted or denominated in currencies other than the U.S. dollar and may hold such currencies. The Fund does not expect to engage in currency hedging and thus expects to be fully exposed to currency fluctuations relative to the U.S. dollar.</span></p> An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. You could lose money by investing in the Fund. <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Investment Style Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Baillie Gifford Overseas Limited (the “</span><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:9pt; color:#000000">Manager</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">”) actively makes investment decisions for the Fund through bottom-up stock selection. Accordingly, the Fund will have risk characteristics that differ from its benchmark index. The Manager’s judgments about the attractiveness, relative value, or potential appreciation of a particular stock may prove to be incorrect and cause the Fund to lose money or underperform compared to its benchmark index. There can be no assurance that the Manager’s investment decisions will produce the desired results.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Growth Stock Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The prices of growth stocks may be based largely on expectations of future earnings, and their prices can decline rapidly and significantly in reaction to negative news. Growth stocks may underperform stocks in other broad style categories (and the stock market as a whole) over any period of time and may shift in and out of favor with investors generally, sometimes rapidly, depending on changes in market, economic, and other factors.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Long-Term Investment Strategy Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The Fund pursues a long-term investment approach, typically seeking returns over a period of several years. This investment style may cause the Fund to lose money or underperform compared to its benchmark index or other mutual funds over extended periods of time, and the Fund may not perform as expected in the long term. An investment in the Fund may be more suitable for long-term investors who can bear the risk of short- or medium-term fluctuations in the value of the Fund’s portfolio. See also “</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">Selected Investment Techniques and Topics</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">Our Stewardship Approach</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">.”</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Non-U.S. Investment Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Non-U.S. securities are subject to additional risks, including less liquidity, increased volatility, less transparency, withholding or other taxes, increased vulnerability to adverse changes in local and global economic conditions, less regulation, and possible fluctuation in value due to adverse political conditions. Foreign portfolio transactions generally involve higher commission rates, transfer taxes, and custodial costs than similar transactions in the U.S.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Asia Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Investing in securities of companies located in or with exposure to Asian countries involves certain risks and considerations not typically associated with investing in securities of U.S. issuers, including different financial </span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">reporting standards, currency exchange rate fluctuations, and highly regulated markets with the potential for government interference. The economies of many Asian countries are heavily dependent on international trade and on only a few industries or commodities and, as a result, can be adversely affected by trade barriers, exchange controls and other measures imposed or negotiated by the countries with which they trade. Some Asian securities may be less liquid than U.S. or other foreign securities. See “</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">China Risk</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">” for additional details regarding the risks of investing in that country.</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">Additionally, many of the economies of countries in Asia are considered emerging market or frontier market economies. These Asian economies are often characterized by high inflation, undeveloped financial service sectors, frequent currency fluctuations, devaluations, or restrictions, political and social instability, and less efficient markets. See </span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">“Emerging Markets Risk</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">” for additional details regarding the risks of investing in such countries.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">China Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Investing in securities of Chinese issuers involves certain risks and considerations not typically associated with investing in securities of U.S. issuers, including, among others, more frequent trading suspensions and government interventions (including by nationalization of assets), currency exchange rate fluctuations or blockages, limits on the use of brokers and on foreign ownership, different financial reporting standards, higher dependence on exports and international trade, potential for increased trade tariffs, sanctions, embargoes and other trade limitations, custody risks, risks associated with investments in variable interest entities, and potential adverse tax consequences. U.S. sanctions or other investment restrictions could preclude the Fund from investing in certain Chinese issuers or cause the Fund to sell investments at a disadvantageous time. Significant portions of the Chinese securities markets may become rapidly illiquid, as Chinese issuers have the ability to suspend the trading of their equity securities, and have shown a willingness to exercise that option in response to market volatility and other events.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Conflicts of Interest Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The Manager’s relationships with the Fund’s institutional investor base may give rise to various conflicts of interest, since the Manager will sometimes have an incentive to favor those shareholders over other shareholders in the Fund. In addition, the Manager serves as investment adviser to various clients other than the Fund, some of whom may pursue strategies that are substantially similar or nearly identical to investment strategies pursued by the Fund. This “side-by-side” management may give rise to various conflicts of interest, including, for example, in connection with the fair allocation of trades among the Manager’s clients or the sharing of different, more, or more timely information regarding investment performance, portfolio holdings, strategy developments and/or the Manager’s general market outlook. Furthermore, if investment personnel of the Manager hold board or other positions at outside companies, they could be exposed to material non-public information potentially impeding or delaying a Fund’s ability to buy or sell certain investments, or </span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">they could otherwise be restricted in their ability to participate in a Fund’s investment process.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Currency Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The Fund may realize a loss if it has exposure to a non-U.S. currency, and this non-U.S. currency declines in value, relative to the U.S. dollar. The Fund does not expect to engage in currency hedging and thus expects to be fully exposed to currency fluctuations relative to the U.S. dollar.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Developed Markets Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Investing in securities of companies located in, or with exposure to, developed countries will subject the Fund to the regulatory, political, currency, security, economic and other risks associated with such countries. In recent periods, countries with developed markets have generally experienced slower economic growth than some less developed countries. Services sectors (e.g., the financial services sector) generally tend to represent the primary source of economic growth in developed markets, which can make them susceptible to the risks of individual service sectors. In addition, developed countries will be impacted by changes to the economic conditions of certain key trading partners, regulatory burdens, and the price or availability of certain commodities, among other things.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Emerging Markets Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– To the extent the Fund invests in emerging market securities, the Fund may be exposed to greater market, credit, currency, liquidity, legal, political, technical and other risks different from, or greater than, the risks of investing in developed markets.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Equity Securities Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Equity securities may react more strongly to changes in an issuer’s financial condition or prospects than other securities of the same issuer. Investing in equity securities indirectly, such as through participatory notes or depositary receipts, may involve other risks such as the risk that the counterparty may default or that the investment does not track the underlying security as expected.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">ESG Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– To the extent that the Fund’s portfolio managers incorporate environmental, social and/or governance considerations (“</span><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:9pt; color:#000000">ESG Factors</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">”) into the Fund’s investment process as a part of the Fund’s long-term investment approach, the Fund is subject to the risk that it may underperform funds that do not take ESG Factors into account. The consideration of ESG Factors may prioritize long-term rather than short-term returns, and therefore may negatively impact the relative performance of the Fund over the short, medium or even long term depending on how successfully those ESG Factors are incorporated and whether such investments are in or out of favor. In considering ESG Factors, the portfolio managers may be dependent upon information and data obtained through voluntary reporting by issuers or third-party research that may be incomplete, inaccurate or unavailable, which could impact the portfolio managers’ assessment of relative risks and opportunities. See also “</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">Long-Term Investment Strategy Risk</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">” and “</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">Selected Investment Techniques and Topics</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">Our Stewardship Approach</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">.”</span></p> <p style="white-space:nowrap; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Focused Investment Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Should the Fund focus its investments in related, or a limited number of, countries, </span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">regions, sectors, or companies, this would create more risk and greater volatility than if the Fund’s investments were less focused.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Geographic Focus Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The Fund expects to focus its investments in a limited number of countries or geographic regions, and as a result may not offer the same level of diversification of risks as a more broadly global fund because the Fund will be exposed to a smaller geographic area. The performance of a fund that is less diversified across countries or geographic regions will be closely tied to market, currency, economic, political, environmental, or regulatory conditions and developments in the countries or regions in which the Fund invests, and may be more volatile than the performance of a more geographically-diversified portfolio.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Government and Regulatory Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Governmental and regulatory authorities in the United States and other countries, have taken, and may in the future take, actions intervening in the markets in which the Fund invests and in the economy more generally. Governmental and regulatory authorities may also act to increase the scope or burden of regulations applicable to the Fund or to the companies in which the Fund invests. The effects of these actions on the markets generally, and the Fund’s investment program in particular, can be uncertain and could restrict the ability of the Fund to fully implement its investment strategies, either generally, or with respect to certain securities, industries, or countries. By contrast, markets in some non-U.S. countries historically have been subject to little regulation or oversight by governmental or regulatory authorities, which could heighten the risk of loss due to fraud or market failures in those countries. Governments, agencies, or other regulatory bodies in any country may adopt or change laws or regulations that could adversely affect the Fund or the market value of an instrument held by the Fund.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Information Technology Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Cyber-attacks, disruptions, or failures that affect the Fund’s service providers, counterparties, the securities markets generally, other market participants, or issuers of securities held by the Fund may adversely affect the Fund and its shareholders, including by causing losses for the Fund or impairing Fund operations.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">IPO Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The Fund may purchase securities in IPOs. These securities are subject to many of the same risks of investing in companies with smaller market capitalizations. Securities issued in IPOs have no trading history, and information about the companies may be available for very limited periods. In addition, the prices of securities sold in IPOs may be highly volatile.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Large-Capitalization Securities Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Returns on investments in securities of large companies could trail the returns on investments in securities of smaller and medium-sized companies. Larger companies may be unable to respond as quickly as smaller and medium-sized companies to competitive challenges or to changes in business, product, financial, or other market conditions. Larger companies may not be able to achieve or maintain growth at the high rates that may be achieved by well-managed smaller and medium-sized companies.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Liquidity Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The Fund’s investments may be subject to low trading volume, lack of a market maker, contractual lock-in periods or regulatory restrictions, and the Fund may hold large positions in particular securities. As a result, it may not be possible to sell an investment at a particular time or at an acceptable price. Liquidity risk may be magnified during periods of changing interest rates, significant shareholder redemptions or market turmoil. Illiquid investments may trade at a discount from comparable, more liquid investments and may be subject to wide fluctuations in market value. In some cases, due to unanticipated levels of illiquidity the Fund may seek to meet its redemption obligations wholly or in part by distributions of assets in-kind.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Market Disruption and Geopolitical Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The value of the Fund’s investments could be adversely affected by events that disrupt securities markets and adversely affect global markets such as war, terrorism, public health crises, and geopolitical events and by changes in non-U.S. and U.S. economic and political conditions. These disruptions could prevent the Fund from implementing its investment strategies and achieving its investment objective, and increase the Fund’s exposure to other risks detailed in this Prospectus. As a result, the Fund could lose money, experience significant redemptions, encounter operational difficulties, and suffer other negative impacts. Certain locations and industries may be particularly susceptible to this risk, and other risks may be heightened by such events.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Market Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The value of the Fund’s investments will be affected by fluctuations in the stock markets in which the Fund is invested, factors affecting a particular industry or industries, real or perceived adverse economic conditions, changes in interest or currency rates or adverse investor sentiment generally. Declines in securities market prices may reduce the net asset value of the Fund’s shares.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Service Provider Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The Fund will be affected by the Manager’s investment techniques, analyses, assessments and employee retention. Similarly, adverse events or performance failures at a service provider, such as human error, inadequate controls or insolvency, have the ability to adversely affect the Fund.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Settlement Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The Fund may experience delays in settlement due to the different clearance and settlement procedures in non-U.S. countries. Such delays may increase credit risk to the Fund, limit the ability of the Fund to reinvest the proceeds of a sale of securities, or prevent the Fund from selling securities at times and prices it considers desirable.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; letter-spacing:-0.1pt; color:#955aa5">Small- and Medium-Capitalization Securities Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; letter-spacing:-0.1pt; color:#000000">– </span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; letter-spacing:-0.1pt; color:#000000">S</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; letter-spacing:-0.1pt; color:#000000">ecurities of small- and medium-capitalization companies can be more volatile due to various factors including more limited product lines, financial and management resources and market distribution channels, as well as shorter operating histories and potentially reduced liquidity, especially during market declines, than the securities of larger, more established companies.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Valuation Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– In certain circumstances, some of the Fund’s portfolio holdings may be valued on the basis of factors other than market quotations by employing fair value procedures. This may occur more often in times of market turmoil or reduced liquidity. Portfolio holdings that are valued using techniques other than market quotations, including “fair valued” securities, may be subject to greater fluctuation in their valuations from one day to the next than if market quotations were used. There is no assurance that the Fund could sell or close out a portfolio position for the value established for it at any time, and it is possible that the Fund would incur a loss because a portfolio position is sold or closed out at a discount to the valuation established by the Fund at that time.</span></p> Performance <p style="word-wrap:break-word; margin:0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s annual total returns from year to year and by comparing the Fund’s average annual total returns with those of the Fund’s benchmarks. Past performance (before and after taxes) is not an indication of future performance.</span></p> The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s annual total returns from year to year and by comparing the Fund’s average annual total returns with those of the Fund’s benchmarks. Past performance (before and after taxes) is not an indication of future performance. Annual Total Returns – Institutional Class Shares(1) <div style="margin:5pt 0pt 0pt; padding:0pt 0pt 0pt 4pt"><span style="display:inline-block; width:231.19pt; height:119.91pt; vertical-align:0pt"><img alt="" src="j2699542_bc002.jpg" style="width: 308.18px; height: 159.84px;"/></span></div> <p style="word-wrap:break-word; margin:3pt 0pt 0pt; padding:0pt 0pt 0pt 4pt; line-height:8.5pt; transform-origin:left; transform:matrix(0.75,0,0,1,0,0); min-width:132.18%"><span style="font-family:Arial, Helvetica, sans-serif; font-style:normal; font-weight:normal; font-size:8pt; color:#8c8c8c">Highest Quarterly Return: 36.69% (Q2, 2020)</span></p> <p style="word-wrap:break-word; margin:0pt; padding:0pt 0pt 0pt 4pt; line-height:8.5pt; transform-origin:left; transform:matrix(0.75,0,0,1,0,0); min-width:132.18%"><span style="font-family:Arial, Helvetica, sans-serif; font-style:normal; font-weight:normal; font-size:8pt; color:#8c8c8c">Lowest Quarterly Return: ‑21.77% (Q1, 2022)</span></p> Highest Quarterly Return 0.3669 2020-06-30 Lowest Quarterly Return -0.2177 2022-03-31 <div style="display:table-cell; vertical-align:top; min-width:21pt; max-width:21pt"><div style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(1)</span><span style="font-size:8pt">​</span></div></div><div style="display:table-cell; vertical-align:bottom; min-width:240pt; max-width:240pt"><div style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:8pt; color:#000000">Performance for Institutional Class shares prior to their date of inception (April 28, 2017) is derived from the historical performance of Class 2 shares, which are not offered under this Prospectus and are currently closed to new investors. The historical Class 2 performance has been adjusted for the higher total annual operating expenses incurred by Institutional Class.</span></div></div> <p style="word-wrap:break-word; margin:5pt 0pt 0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">In the table below, after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown for Institutional Class shares only, and after-tax returns for other share classes will vary. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you are tax-exempt or if you hold your Fund shares through a tax-advantaged account. The table compares the Fund’s returns to two broad-based securities market indices that the Fund believes provide appropriate market benchmarks for the Fund’s performance. A description of the Fund’s comparative indices and details regarding the calculation of the Fund’s class-by-class performance are provided in the </span></p><p style="word-wrap:break-word; margin:0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">section of the Prospectus entitled “</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">Additional Performance Information</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">.”</span></p> In the table below, after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown for Institutional Class shares only, and after-tax returns for other share classes will vary. After-tax returns shown are not relevant if you are tax-exempt or if you hold your Fund shares through a tax-advantaged account. <table cellpadding="0" style="margin:5pt 0pt 0pt; border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:113.82pt; max-width:113.82pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Average Annual Total <br/>Returns for Periods Ended <br/>December 31, 2025</span><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(1)</span></p></td><td style="min-width:43.18pt; max-width:43.18pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">1 Year</span></p></td><td colspan="2" style="min-width:47.5pt; max-width:47.5pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">5 Years</span></p></td><td style="min-width:52.5pt; max-width:52.5pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">10 Years</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:113.82pt; max-width:113.82pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">Institutional Class Returns <br/>Before Taxes</span></p></td><td style="min-width:43.18pt; max-width:43.18pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">17.23%</span></p></td><td colspan="2" style="min-width:47.5pt; max-width:47.5pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">‑3.08%</span></p></td><td style="min-width:52.5pt; max-width:52.5pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">8.85%</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:113.82pt; max-width:113.82pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">Institutional Class Returns <br/>After Taxes on Distributions</span></p></td><td style="min-width:43.18pt; max-width:43.18pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">15.81%</span></p></td><td colspan="2" style="min-width:47.5pt; max-width:47.5pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">‑4.33%</span></p></td><td style="min-width:52.5pt; max-width:52.5pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">7.47%</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:113.82pt; max-width:113.82pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">Institutional Class Returns <br/>After Taxes on Distributions and <br/>Sale of Fund Shares</span></p></td><td style="min-width:43.18pt; max-width:43.18pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">11.27%</span></p></td><td colspan="2" style="min-width:47.5pt; max-width:47.5pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">‑2.34%</span></p></td><td style="min-width:52.5pt; max-width:52.5pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">7.14%</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:113.82pt; max-width:113.82pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">Class K Returns Before Taxes</span></p></td><td style="min-width:43.18pt; max-width:43.18pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">17.24%</span></p></td><td colspan="2" style="min-width:47.5pt; max-width:47.5pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">‑3.00%</span></p></td><td style="min-width:52.5pt; max-width:52.5pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">8.93%</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td colspan="6" style="min-width:259pt; max-width:259pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Comparative Indices</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000"><br/>(reflects no deductions for fees, expenses, or taxes)</span></p></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:113.82pt; max-width:113.82pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">MSCI ACWI ex USA Index</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(2)</span></p></td><td style="min-width:43.18pt; max-width:43.18pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">33.11%</span></p></td><td colspan="2" style="min-width:47.5pt; max-width:47.5pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">8.45%</span></p></td><td style="min-width:52.5pt; max-width:52.5pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">8.94%</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:113.82pt; max-width:113.82pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">MSCI EAFE Index</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(2)</span></p></td><td style="min-width:43.18pt; max-width:43.18pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">31.89%</span></p></td><td colspan="2" style="min-width:47.5pt; max-width:47.5pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">9.46%</span></p></td><td style="min-width:52.5pt; max-width:52.5pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">8.71%</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> </table> <table cellpadding="0" style="margin:5.64pt 0pt 0pt; border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td style="min-width:21pt; max-width:21pt; vertical-align:top"><p style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(1)</span><span style="font-size:8pt">​</span></p></td><td style="min-width:240pt; max-width:240pt; vertical-align:bottom"><p style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:8pt; color:#000000">Performance for Class K and Institutional Class shares prior to their date of inception (April 28, 2017) is derived from the historical performance of Class 2 shares and, for Institutional Class, has been adjusted for the higher total annual operating expenses incurred by Institutional Class.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td style="min-width:21pt; max-width:21pt; vertical-align:top"><p style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(2)</span><span style="font-size:8pt">​</span></p></td><td style="min-width:240pt; max-width:240pt; vertical-align:bottom"><p style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:8pt; color:#000000">The source of the index data is MSCI Inc. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This Prospectus is not approved, endorsed, reviewed or produced by MSCI. None of the MSCI data 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.</span></p></td></tr> </table> Average Annual Total Returns for Periods Ended December 31, 2025 0.1723 -0.0308 0.0885 0.1581 -0.0433 0.0747 0.1127 -0.0234 0.0714 0.1724 -0.03 0.0893 (reflects no deductions for fees, expenses, or taxes) 0.3311 0.0845 0.0894 0.3189 0.0946 0.0871 <p style="word-wrap:break-word; margin:5pt 0pt 0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">Updated information on the Fund’s investment performance can be obtained by visiting http://USmutualfund.bailliegifford.com.</span></p> http://USmutualfund.bailliegifford.com Baillie Gifford Long Term Global Growth Fund Investment Objective <p style="word-wrap:break-word; margin:0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">Baillie Gifford Long Term Global Growth Fund seeks to provide long-term capital appreciation.</span></p> Fees and Expenses <p style="word-wrap:break-word; margin:0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">The tables below describe the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:9pt; color:#000000">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span></p> Shareholder Fees (Fees paid directly from your investment) <table cellpadding="0" style="margin:5pt 0pt 0pt; border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:103pt; max-width:103pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Class K</span></p></td><td style="min-width:156pt; max-width:156pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Institutional Class</span></p></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:103pt; max-width:103pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">None</span></p></td><td style="min-width:156pt; max-width:156pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">None</span></p></td></tr> </table> 0 0 Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) <table style="border-collapse:collapse; margin:7.11pt 0pt 0pt; border-spacing: 0px;"><tr><td style="min-width:138pt; max-width:138pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:43pt; max-width:43pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Class K</span></p> </td><td style="min-width:6pt; max-width:6pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:71pt; max-width:71pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Institutional Class</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:138pt; max-width:138pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:left; padding:1.12pt 0pt 0.32pt 2pt"><p style="word-wrap:break-word; margin:0pt; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">Management Fees</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(a)</span></p> </td><td style="min-width:43pt; max-width:43pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.62%</span></p> </td><td style="min-width:6pt; max-width:6pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:71pt; max-width:71pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.62%</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:138pt; max-width:138pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:left; padding:1.12pt 0pt 0.32pt 2pt"><p style="word-wrap:break-word; margin:0pt; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">Distribution (12b‑1) Fees</span></p> </td><td style="min-width:43pt; max-width:43pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">None</span></p> </td><td style="min-width:6pt; max-width:6pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:71pt; max-width:71pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">None</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:138pt; max-width:138pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:left; padding:1.12pt 0pt 0.32pt 2pt"><p style="word-wrap:break-word; margin:0pt; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">Other Expenses</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(b)</span></p> </td><td style="min-width:43pt; max-width:43pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.08%</span></p> </td><td style="min-width:6pt; max-width:6pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:71pt; max-width:71pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.17%</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:138pt; max-width:138pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:left; padding:1.12pt 0pt 0.32pt 2pt"><p style="word-wrap:break-word; margin:0pt; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Total Annual Fund Operating Expenses</span><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(c)</span></p> </td><td style="min-width:43pt; max-width:43pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.70%</span></p> </td><td style="min-width:6pt; max-width:6pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:71pt; max-width:71pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.79%</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td></tr> </table><table cellpadding="0" style="margin:5.5pt 0pt 0pt; border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td style="min-width:21pt; max-width:21pt; vertical-align:top"><p style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(a)</span><span style="font-size:8pt">​</span></p></td><td style="min-width:240pt; max-width:240pt; vertical-align:bottom"><p style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:8pt; color:#000000">The Management Fee consists of an Advisory Fee and an Administration and Supervisory Fee paid by the Fund to Baillie Gifford Overseas Limited.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td style="min-width:21pt; max-width:21pt; vertical-align:top"><p style="white-space:nowrap; line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(b)</span><span style="font-size:8pt">​</span></p></td><td style="min-width:240pt; max-width:240pt; vertical-align:bottom"><p style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:8pt; color:#000000">Other Expenses for Institutional Class differ due to sub-accounting expenses.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td style="min-width:21pt; max-width:21pt; vertical-align:top"><p style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(c)</span><span style="font-size:8pt">​</span></p></td><td style="min-width:240pt; max-width:240pt; vertical-align:bottom"><p style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:8pt; letter-spacing:-0.1pt; color:#000000">Baillie Gifford Overseas Limited has contractually agreed to waive its fees and/or bear Other Expenses of the Fund until April 30, 2027 to the extent that such Fund’s Total Annual Operating Expenses (excluding taxes, sub-accounting expenses and extraordinary expenses) exceed 0.70% for Class K and Institutional Class shares. This contractual agreement may only be terminated by the Board of Trustees of the Trust. No fee waiver was in effect during the Fund’s fiscal year ended December 31, 2025, and even if the fee waiver described in this footnote had been in effect during such period, it would not have reduced the Total Annual Fund Operating Expenses set forth in the table above for either share class.</span></p></td></tr> </table> 0.0062 0.0062 0 0 0.0008 0.0017 0.007 0.0079 2027-04-30 Example of Expenses <p style="word-wrap:break-word; margin:0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. It assumes that you invest $10,000 in the Fund for the time periods indicated, regardless of whether or not you redeem your shares at the end of such periods. It also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same.</span></p> Although your actual costs may be higher or lower, based on these assumptions, your expenses would be: <table cellpadding="0" style="margin:5pt 0pt 0pt; border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td colspan="3" style="min-width:158pt; max-width:158pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Class K</span></p></td><td style="min-width:101pt; max-width:101pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Institutional Class</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:32.02pt; max-width:32.02pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">1 Year</span></p></td><td style="min-width:123.98pt; max-width:123.98pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$72</span></p></td><td style="min-width:101pt; max-width:101pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$81</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:32.02pt; max-width:32.02pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">3 Years</span></p></td><td style="min-width:123.98pt; max-width:123.98pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$224</span></p></td><td style="min-width:101pt; max-width:101pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$252</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:32.02pt; max-width:32.02pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">5 Years</span></p></td><td style="min-width:123.98pt; max-width:123.98pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$390</span></p></td><td style="min-width:101pt; max-width:101pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$439</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:32.02pt; max-width:32.02pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">10 Years</span></p></td><td style="min-width:123.98pt; max-width:123.98pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$871</span></p></td><td style="min-width:101pt; max-width:101pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$978</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> </table> <table cellpadding="0" style="margin:5pt 0pt 0pt; border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td colspan="3" style="min-width:158pt; max-width:158pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Class K</span></p></td><td style="min-width:101pt; max-width:101pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Institutional Class</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:32.02pt; max-width:32.02pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">1 Year</span></p></td><td style="min-width:123.98pt; max-width:123.98pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$72</span></p></td><td style="min-width:101pt; max-width:101pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$81</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:32.02pt; max-width:32.02pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">3 Years</span></p></td><td style="min-width:123.98pt; max-width:123.98pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$224</span></p></td><td style="min-width:101pt; max-width:101pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$252</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:32.02pt; max-width:32.02pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">5 Years</span></p></td><td style="min-width:123.98pt; max-width:123.98pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$390</span></p></td><td style="min-width:101pt; max-width:101pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$439</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:32.02pt; max-width:32.02pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">10 Years</span></p></td><td style="min-width:123.98pt; max-width:123.98pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$871</span></p></td><td style="min-width:101pt; max-width:101pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$978</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> </table> 72 72 81 81 224 224 252 252 390 390 439 439 871 871 978 978 Portfolio Turnover <p style="word-wrap:break-word; margin:0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These transaction costs, which are not reflected in “</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">Annual Fund Operating Expenses</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">” or in the “</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">Example of Expenses</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">” above, affect the Fund’s performance. During the Fund’s most recent fiscal year, the Fund’s portfolio turnover rate was 22% of the average value of its portfolio.</span></p> 0.22 Principal Investment Strategies <p style="word-wrap:break-word; margin:0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">The Fund seeks to meet its objective by investing in a portfolio of global common stocks and other equity securities without reference to benchmark constraints.</span></p> <p style="word-wrap:break-word; margin:5pt 0pt 0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">While the portfolio managers are not constrained by geographic limitations, the Fund ordinarily invests in securities of issuers located in at least six different countries. In addition, under normal circumstances, the Fund invests at least 40% of its total assets in securities of companies located outside the U.S. when market conditions are favorable, but, when market conditions are not favorable, invests at least 30% of its total assets in companies located outside the U.S. The Fund may invest in issuers located in emerging markets.</span></p> <p style="word-wrap:break-word; margin:5pt 0pt 0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">The Fund does not apply specific constraints with respect to market capitalization and may participate in initial public offerings (</span><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:9pt; color:#000000">“IPOs”</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">). In addition, investment is permitted in securities offerings that are not registered in the U.S.</span></p> <p style="word-wrap:break-word; margin:5pt 0pt 0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">The portfolio managers employ a bottom-up approach to stock selection, seeking to identify companies they believe have attractive long-term growth prospects, and select investments without regard to the geographic, industry, sector, or individual company weightings on any index. The portfolio managers focus on company research and the long-term outlook of companies and industries. Ideas can come from a wide variety of sources, including, but not limited to, research trips, company meetings, and relationships with industry thought leaders and academic institutions. Stock ideas are normally researched to assess a range of factors, including: long-term growth potential, geographic and industry positioning, competitive advantage, management, financial strength and valuation. Under normal circumstances, the intended outcome is a portfolio typically consisting of between 30 and 60 growth companies with the potential to outperform the Fund’s benchmark over the long term. The process can result in significant exposure to a single country or a small number of countries, and the Fund expects to have considerable exposure to Chinese companies including through China A shares, which are common stocks and other equity securities that are listed or traded on a Chinese stock exchange and which are quoted in renminbi, the official currency of China. The Fund is a non-diversified fund, which means that it may invest a relatively large percentage of its assets in a small number of issuers, industries or sectors. The Fund aims to hold securities for long periods (typically at least 5 years), which generally results in relatively low portfolio turnover and is in line with the portfolio managers’ long-term investment outlook.</span></p> <p style="word-wrap:break-word; margin:5pt 0pt 0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">When assessing a company’s long-term growth prospects, the portfolio managers seek to identify and to incorporate a range of </span></p><p style="word-wrap:break-word; margin:0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">factors that they believe are material to managing the Fund’s investment risks and maximizing capital appreciation. The Manager believes that a company selected for the Fund’s portfolio is unlikely to be financially sustainable in the long run if the portfolio managers believe that its approach to business is fundamentally out of line with changing societal expectations. The portfolio managers employ an investment process designed to identify companies with practices they believe are aligned with sustainable financial growth over the long-term, including environmental, social, and/or governance characteristics, such as stewardship, sustainable business practices, and/or corporate culture. With respect to the consideration of a company’s environmental characteristics, the portfolio managers believe that the possibility of climate-related disruptions and the related transition to a low-carbon economy present opportunities for, and specific risks relevant to, the Fund’s holdings. As a result, the portfolio managers generally seek to invest the Fund’s assets in companies that they believe are “climate-fit” for the future, which are companies that take appropriate steps (in the view of and as determined by the portfolio managers) to (i) reduce their direct and indirect greenhouse gas emissions (i.e., pursue “net zero” carbon emission ambitions or targets), (ii) integrate the related challenges into business strategies (i.e., the company undertakes steps to understand and manage the related technological, market and environmental changes confronting its business), and/or (iii) provide robust disclosure on climate change and other significant environmental issues so that investors can better assess the related investment risks and opportunities to such company. However, the portfolio managers do not employ categorical restrictions or exclusions in assessing a company’s climate-fitness. The portfolio managers expect that companies that they assess as climate-fit under the Fund’s investment process will ultimately correlate with companies that themselves are aligned with a broader global transition toward net zero carbon emissions.</span></p> <p style="word-wrap:break-word; margin:5pt 0pt 0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">The portfolio managers may sell a holding if they determine there has been a material deterioration in the investment case or as appropriate to make other investments or meet redemptions.</span></p> <p style="word-wrap:break-word; margin:5pt 0pt 0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">The Fund invests in equity securities either directly or indirectly, such as through depositary receipts, and may invest in preferred stocks, convertible securities, rights and warrants. The Fund may invest without limitation in securities quoted or denominated in currencies other than the U.S. dollar and may hold such currencies. The Fund does not expect to engage in currency hedging and thus expects to be fully exposed to currency fluctuations relative to the U.S. dollar.</span></p> An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. You could lose money by investing in the Fund. <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Investment Style Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Baillie Gifford Overseas Limited (the “</span><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:9pt; color:#000000">Manager</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">”) actively makes investment decisions for the Fund through bottom-up stock selection. Accordingly, the </span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">Fund will have risk characteristics that differ from its benchmark index. The Manager’s judgments about the attractiveness, relative value, or potential appreciation of a particular stock may prove to be incorrect and cause the Fund to lose money or underperform compared to its benchmark index. There can be no assurance that the Manager’s investment decisions will produce the desired results.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Growth Stock Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The prices of growth stocks may be based largely on expectations of future earnings, and their prices can decline rapidly and significantly in reaction to negative news. Growth stocks may underperform stocks in other broad style categories (and the stock market as a whole) over any period of time and may shift in and out of favor with investors generally, sometimes rapidly, depending on changes in market, economic, and other factors.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Long-Term Investment Strategy Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The Fund pursues a long-term investment approach, typically seeking returns over a period of several years. This investment style may cause the Fund to lose money or underperform compared to its benchmark index or other mutual funds over extended periods of time, and the Fund may not perform as expected in the long term. An investment in the Fund may be more suitable for long-term investors who can bear the risk of short- or medium-term fluctuations in the value of the Fund’s portfolio. See also “</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">Selected Investment Techniques and Topics</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">Our Stewardship Approach</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">.”</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Non-Diversification Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The Fund is classified as a “non-diversified” fund. A non-diversified fund may hold a smaller number of portfolio securities, with larger positions in each security it holds, than many other mutual funds. To the extent the Fund invests in a relatively small number of issuers, a decline in the market value of a particular security held by the Fund may affect its value more than if it invested in a larger number of issuers. The value of the Fund’s shares may be more volatile than the values of shares of more diversified funds. See also “</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">Focused Investment Risk</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">.”</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Non-U.S. Investment Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Non-U.S. securities are subject to additional risks, including less liquidity, increased volatility, less transparency, withholding or other taxes, increased vulnerability to adverse changes in local and global economic conditions, less regulation, and possible fluctuation in value due to adverse political conditions. Foreign portfolio transactions generally involve higher commission rates, transfer taxes, and custodial costs than similar transactions in the U.S.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Asia Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Investing in securities of companies located in or with exposure to Asian countries involves certain risks and considerations not typically associated with investing in securities of U.S. issuers, including different financial reporting standards, currency exchange rate fluctuations, and highly regulated markets with the potential for government interference. The economies of many Asian countries are heavily dependent on international trade and on only a few industries or commodities and, as a result, can be adversely affected by trade barriers, exchange controls and other measures imposed or negotiated by the countries with which they trade. Some Asian securities may be less </span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">liquid than U.S. or other foreign securities. See “</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">China Risk</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">” for additional details regarding the risks of investing in that country.</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">Additionally, many of the economies of countries in Asia are considered emerging market or frontier market economies. These Asian economies are often characterized by high inflation, undeveloped financial service sectors, frequent currency fluctuations, devaluations, or restrictions, political and social instability, and less efficient markets. See </span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">“Emerging Markets Risk</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">” for additional details regarding the risks of investing in such countries.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">China Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Investing in securities of Chinese issuers involves certain risks and considerations not typically associated with investing in securities of U.S. issuers, including, among others, more frequent trading suspensions and government interventions (including by nationalization of assets), currency exchange rate fluctuations or blockages, limits on the use of brokers and on foreign ownership, different financial reporting standards, higher dependence on exports and international trade, potential for increased trade tariffs, sanctions, embargoes and other trade limitations, custody risks, risks associated with investments in variable interest entities, and potential adverse tax consequences. U.S. sanctions or other investment restrictions could preclude the Fund from investing in certain Chinese issuers or cause the Fund to sell investments at a disadvantageous time. Significant portions of the Chinese securities markets may become rapidly illiquid, as Chinese issuers have the ability to suspend the trading of their equity securities, and have shown a willingness to exercise that option in response to market volatility and other events.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Conflicts of Interest Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The Manager’s relationships with the Fund’s institutional investor base may give rise to various conflicts of interest, since the Manager will sometimes have an incentive to favor those shareholders over other shareholders in the Fund. In addition, the Manager serves as investment adviser to various clients other than the Fund, some of whom may pursue strategies that are substantially similar or nearly identical to investment strategies pursued by the Fund. This “side-by-side” management may give rise to various conflicts of interest, including, for example, in connection with the fair allocation of trades among the Manager’s clients or the sharing of different, more, or more timely information regarding investment performance, portfolio holdings, strategy developments and/or the Manager’s general market outlook. Furthermore, if investment personnel of the Manager hold board or other positions at outside companies, they could be exposed to material non-public information potentially impeding or delaying a Fund’s ability to buy or sell certain investments, or they could otherwise be restricted in their ability to participate in a Fund’s investment process.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Currency Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The Fund may realize a loss if it has exposure to a non-U.S. currency, and this non-U.S. currency declines in value, relative to the U.S. dollar. The Fund does not expect to engage in currency hedging and thus expects to be fully exposed to currency fluctuations relative to the U.S. dollar.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Developed Markets Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Investing in securities of companies located in, or with exposure to, developed countries will subject the Fund to the regulatory, political, currency, security, economic and other risks associated with such countries. In recent periods, countries with developed markets have generally experienced slower economic growth than some less developed countries. Services sectors (e.g., the financial services sector) generally tend to represent the primary source of economic growth in developed markets, which can make them susceptible to the risks of individual service sectors. In addition, developed countries will be impacted by changes to the economic conditions of certain key trading partners, regulatory burdens, and the price or availability of certain commodities, among other things.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Emerging Markets Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– To the extent the Fund invests in emerging market securities, the Fund may be exposed to greater market, credit, currency, liquidity, legal, political, technical and other risks different from, or greater than, the risks of investing in developed markets.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Equity Securities Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Equity securities may react more strongly to changes in an issuer’s financial condition or prospects than other securities of the same issuer. Investing in equity securities indirectly, such as through participatory notes or depositary receipts, may involve other risks such as the risk that the counterparty may default or that the investment does not track the underlying security as expected.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">ESG Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– To the extent that the Fund’s portfolio managers incorporate environmental, social and/or governance considerations (“</span><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:9pt; color:#000000">ESG Factors</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">”) into the Fund’s investment process as a part of the Fund’s long-term investment approach, the Fund is subject to the risk that it may underperform funds that do not take ESG Factors into account. The consideration of ESG Factors may prioritize long-term rather than short-term returns, and therefore may negatively impact the relative performance of the Fund over the short, medium or even long term depending on how successfully those ESG Factors are incorporated and whether such investments are in or out of favor. In considering ESG Factors, the portfolio managers may be dependent upon information and data obtained through voluntary reporting by issuers or third-party research that may be incomplete, inaccurate or unavailable, which could impact the portfolio managers’ assessment of relative risks and opportunities. See also “</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">Long-Term Investment Strategy Risk</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">” and “</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">Selected Investment Techniques and Topics</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">Our Stewardship Approach</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">.”</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Focused Investment Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Because the Fund focuses its investments in a limited number of companies, its investment strategy could result in more risk or greater volatility in returns than if the Fund’s investments were less focused.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Government and Regulatory Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Governmental and regulatory authorities in the United States and other countries, have taken, and may in the future take, actions intervening in the markets in which the Fund invests and in the economy more generally. Governmental and regulatory authorities may also act to increase the scope or burden of regulations applicable to the Fund or to the companies in </span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">which the Fund invests. The effects of these actions on the markets generally, and the Fund’s investment program in particular, can be uncertain and could restrict the ability of the Fund to fully implement its investment strategies, either generally, or with respect to certain securities, industries, or countries. By contrast, markets in some non-U.S. countries historically have been subject to little regulation or oversight by governmental or regulatory authorities, which could heighten the risk of loss due to fraud or market failures in those countries. Governments, agencies, or other regulatory bodies in any country may adopt or change laws or regulations that could adversely affect the Fund or the market value of an instrument held by the Fund.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Information Technology Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Cyber-attacks, disruptions, or failures that affect the Fund’s service providers, counterparties, the securities markets generally, other market participants, or issuers of securities held by the Fund may adversely affect the Fund and its shareholders, including by causing losses for the Fund or impairing Fund operations.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">IPO Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The Fund may purchase securities in IPOs. These securities are subject to many of the same risks of investing in companies with smaller market capitalizations. Securities issued in IPOs have no trading history, and information about the companies may be available for very limited periods. In addition, the prices of securities sold in IPOs may be highly volatile.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Large-Capitalization Securities Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Returns on investments in securities of large companies could trail the returns on investments in securities of smaller and medium-sized companies. Larger companies may be unable to respond as quickly as smaller and medium-sized companies to competitive challenges or to changes in business, product, financial, or other market conditions. Larger companies may not be able to achieve or maintain growth at the high rates that may be achieved by well-managed smaller and medium-sized companies.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Liquidity Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The Fund’s investments may be subject to low trading volume, lack of a market maker, contractual lock-in periods or regulatory restrictions, and the Fund may hold large positions in particular securities. As a result, it may not be possible to sell an investment at a particular time or at an acceptable price. Liquidity risk may be magnified during periods of changing interest rates, significant shareholder redemptions or market turmoil. Illiquid investments may trade at a discount from comparable, more liquid investments and may be subject to wide fluctuations in market value. In some cases, due to unanticipated levels of illiquidity the Fund may seek to meet its redemption obligations wholly or in part by distributions of assets in-kind.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Market Disruption and Geopolitical Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The value of the Fund’s investments could be adversely affected by events that disrupt securities markets and adversely affect global markets such as war, terrorism, public health crises, and geopolitical events and by changes in non-U.S. and U.S. economic and political conditions. These disruptions could prevent the Fund from implementing its investment strategies and achieving its investment objective, and increase the Fund’s exposure to other risks detailed in this Prospectus. </span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">As a result, the Fund could lose money, experience significant redemptions, encounter operational difficulties, and suffer other negative impacts. Certain locations and industries may be particularly susceptible to this risk, and other risks may be heightened by such events.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Market Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The value of the Fund’s investments will be affected by fluctuations in the stock markets in which the Fund is invested, factors affecting a particular industry or industries, real or perceived adverse economic conditions, changes in interest or currency rates or adverse investor sentiment generally. Declines in securities market prices may reduce the net asset value of the Fund’s shares.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Service Provider Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The Fund will be affected by the Manager’s investment techniques, analyses, assessments and employee retention. Similarly, adverse events or performance failures at a service provider, such as human error, inadequate controls or insolvency, have the ability to adversely affect the Fund.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Settlement Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The Fund may experience delays in settlement due to the different clearance and settlement procedures in non-U.S. countries. Such delays may increase credit risk to the Fund, limit the ability of the Fund to reinvest the proceeds of a sale of securities, or prevent the Fund from selling securities at times and prices it considers desirable.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; letter-spacing:-0.1pt; color:#955aa5">Small- and Medium-Capitalization Securities Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; letter-spacing:-0.1pt; color:#000000">– Securities of small- and medium-capitalization companies can be more volatile due to various factors including more limited product lines, financial and management resources and market distribution channels, as well as shorter operating histories and potentially reduced liquidity, especially during market declines, than the securities of larger, more established companies.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Valuation Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– In certain circumstances, some of the Fund’s portfolio holdings may be valued on the basis of factors other than market quotations by employing fair value procedures. This may occur more often in times of market turmoil or reduced liquidity. Portfolio holdings that are valued using techniques other than market quotations, including “fair valued” securities, may be subject to greater fluctuation in their valuations from one day to the next than if market quotations were used. There is no assurance that the Fund could sell or close out a portfolio position for the value established for it at any time, and it is possible that the Fund would incur a loss because a portfolio position is sold or closed out at a discount to the valuation established by the Fund at that time.</span></p> Performance <p style="word-wrap:break-word; margin:0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s annual total returns from year to year and by comparing the Fund’s average annual total returns with those of the Fund’s benchmark. Past performance (before and after taxes) is not an indication of future performance.</span></p> The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s annual total returns from year to year and by comparing the Fund’s average annual total returns with those of the Fund’s benchmark. Past performance (before and after taxes) is not an indication of future performance. Annual Total Returns – Institutional Class Shares(1) <div style="margin:5pt 0pt 0pt; padding:0pt 0pt 0pt 4pt"><span style="display:inline-block; width:231.59pt; height:118.78pt; vertical-align:0pt"><img alt="" src="j2699542_bc003.jpg" style="width: 308.7px; height: 158.33px;"/></span></div> <p style="word-wrap:break-word; margin:3pt 0pt 0pt; padding:0pt 0pt 0pt 4pt; line-height:8.5pt; transform-origin:left; transform:matrix(0.75,0,0,1,0,0); min-width:132.18%"><span style="font-family:Arial, Helvetica, sans-serif; font-style:normal; font-weight:normal; font-size:8pt; color:#8c8c8c">Highest Quarterly Return: 44.21% (Q2, 2020)</span></p> <p style="word-wrap:break-word; margin:0pt; padding:0pt 0pt 0pt 4pt; line-height:8.5pt; transform-origin:left; transform:matrix(0.75,0,0,1,0,0); min-width:132.18%"><span style="font-family:Arial, Helvetica, sans-serif; font-style:normal; font-weight:normal; font-size:8pt; color:#8c8c8c">Lowest Quarterly Return: ‑28.26% (Q2, 2022)</span></p> Highest Quarterly Return 0.4421 2020-06-30 Lowest Quarterly Return -0.2826 2022-06-30 <div style="display:table-cell; vertical-align:top; min-width:21pt; max-width:21pt"><div style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(1)</span><span style="font-size:8pt">​</span></div></div><div style="display:table-cell; vertical-align:bottom; min-width:240pt; max-width:240pt"><div style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:8pt; color:#000000">Performance for Institutional Class shares prior to their date of inception (April 28, 2017) is derived from the historical performance of Class 2 shares, which are not offered under this Prospectus and are currently closed to new investors. The historical Class 2 performance has been adjusted for the higher total annual operating expenses incurred by Institutional Class.</span></div></div> <p style="word-wrap:break-word; margin:5pt 0pt 0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; letter-spacing:-0.2pt; color:#000000">In the table below, after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown for Institutional Class shares only, and after-tax returns for other share classes will vary. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you are tax-exempt or if you hold your Fund shares through a tax-advantaged account. A description of the Fund’s comparative index and details regarding the calculation of the Fund’s class-by-class performance are provided in the section of the Prospectus entitled “</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; letter-spacing:-0.2pt; color:#000000">Additional Performance Information</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; letter-spacing:-0.2pt; color:#000000">.”</span></p> In the table below, after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown for Institutional Class shares only, and after-tax returns for other share classes will vary. After-tax returns shown are not relevant if you are tax-exempt or if you hold your Fund shares through a tax-advantaged account. <table cellpadding="0" style="margin:5pt 0pt 0pt; border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:113.82pt; max-width:113.82pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Average Annual Total <br/>Returns for Periods Ended <br/>December 31, 2025</span><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(1)</span></p></td><td style="min-width:43.18pt; max-width:43.18pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">1 Year</span></p></td><td colspan="2" style="min-width:47.5pt; max-width:47.5pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">5 Years</span></p></td><td style="min-width:52.5pt; max-width:52.5pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">10 Years</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:113.82pt; max-width:113.82pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">Institutional Class Returns <br/>Before Taxes</span></p></td><td style="min-width:43.18pt; max-width:43.18pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">16.26%</span></p></td><td colspan="2" style="min-width:47.5pt; max-width:47.5pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">1.81%</span></p></td><td style="min-width:52.5pt; max-width:52.5pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">15.67%</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:113.82pt; max-width:113.82pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">Institutional Class Returns <br/>After Taxes on Distributions</span></p></td><td style="min-width:43.18pt; max-width:43.18pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">16.26%</span></p></td><td colspan="2" style="min-width:47.5pt; max-width:47.5pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">1.39%</span></p></td><td style="min-width:52.5pt; max-width:52.5pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">14.94%</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:113.82pt; max-width:113.82pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">Institutional Class Returns <br/>After Taxes on Distributions and <br/>Sale of Fund Shares</span></p></td><td style="min-width:43.18pt; max-width:43.18pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">9.63%</span></p></td><td colspan="2" style="min-width:47.5pt; max-width:47.5pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">1.31%</span></p></td><td style="min-width:52.5pt; max-width:52.5pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">13.12%</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:113.82pt; max-width:113.82pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">Class K Returns Before Taxes</span></p></td><td style="min-width:43.18pt; max-width:43.18pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">16.40%</span></p></td><td colspan="2" style="min-width:47.5pt; max-width:47.5pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">1.91%</span></p></td><td style="min-width:52.5pt; max-width:52.5pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">15.77%</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td colspan="6" style="min-width:259pt; max-width:259pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Comparative Index</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000"><br/>(reflects no deductions for fees, expenses, or taxes)</span></p></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:113.82pt; max-width:113.82pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">MSCI ACWI Index</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(2)</span></p></td><td style="min-width:43.18pt; max-width:43.18pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">22.87%</span></p></td><td colspan="2" style="min-width:47.5pt; max-width:47.5pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">11.70%</span></p></td><td style="min-width:52.5pt; max-width:52.5pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">12.27%</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> </table> <table cellpadding="0" style="margin:5.64pt 0pt 0pt; border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td style="min-width:21pt; max-width:21pt; vertical-align:top"><p style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(1)</span><span style="font-size:8pt">​</span></p></td><td style="min-width:240pt; max-width:240pt; vertical-align:bottom"><p style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:8pt; color:#000000">Performance for Class K and Institutional Class shares prior to their date of inception (April 28, 2017) is derived from the historical performance of Class 2 shares and, for Institutional Class, has been adjusted for the higher total annual operating expenses incurred by Institutional Class.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td style="min-width:21pt; max-width:21pt; vertical-align:top"><p style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(2)</span><span style="font-size:8pt">​</span></p></td><td style="min-width:240pt; max-width:240pt; vertical-align:bottom"><p style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:8pt; color:#000000">The source of the index data is MSCI Inc. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This Prospectus is not approved, endorsed, reviewed or produced by MSCI. None of the MSCI data 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.</span></p></td></tr> </table> Average Annual Total Returns for Periods Ended December 31, 2025 0.1626 0.0181 0.1567 0.1626 0.0139 0.1494 0.0963 0.0131 0.1312 0.164 0.0191 0.1577 (reflects no deductions for fees, expenses, or taxes) 0.2287 0.117 0.1227 <p style="word-wrap:break-word; margin:5pt 0pt 0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">Updated information on the Fund’s investment performance can be obtained by visiting http://USmutualfund.bailliegifford.com.</span></p> http://USmutualfund.bailliegifford.com Baillie Gifford U.S. Equity Growth Fund Investment Objective <p style="word-wrap:break-word; margin:0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">Baillie Gifford U.S. Equity Growth Fund seeks capital appreciation.</span></p> Fees and Expenses <p style="word-wrap:break-word; margin:0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">The tables below describe the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:9pt; color:#000000">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span></p> Shareholder Fees (Fees paid directly from your investment) <table cellpadding="0" style="margin:5pt 0pt 0pt; border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:103pt; max-width:103pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Class K</span></p></td><td style="min-width:156pt; max-width:156pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Institutional Class</span></p></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:103pt; max-width:103pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">None</span></p></td><td style="min-width:156pt; max-width:156pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">None</span></p></td></tr> </table> 0 0 Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) <table style="border-collapse:collapse; margin:7.11pt 0pt 0pt; border-spacing: 0px;"><tr><td style="min-width:148pt; max-width:148pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:34pt; max-width:34pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Class K</span></p> </td><td style="min-width:6pt; max-width:6pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:70pt; max-width:70pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Institutional Class</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:148pt; max-width:148pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:left; padding:1.12pt 0pt 0.32pt 2pt"><p style="word-wrap:break-word; margin:0pt; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">Management Fees</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(a)</span></p> </td><td style="min-width:34pt; max-width:34pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.50%</span></p> </td><td style="min-width:6pt; max-width:6pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:70pt; max-width:70pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.50%</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:148pt; max-width:148pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:left; padding:1.12pt 0pt 0.32pt 2pt"><p style="word-wrap:break-word; margin:0pt; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">Distribution (12b‑1) Fees</span></p> </td><td style="min-width:34pt; max-width:34pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">None</span></p> </td><td style="min-width:6pt; max-width:6pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:70pt; max-width:70pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">None</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:148pt; max-width:148pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:left; padding:1.12pt 0pt 0.32pt 2pt"><p style="word-wrap:break-word; margin:0pt; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">Other Expenses</span></p> </td><td style="min-width:34pt; max-width:34pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">1.00%</span></p> </td><td style="min-width:6pt; max-width:6pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:70pt; max-width:70pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">1.10%</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:148pt; max-width:148pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:left; padding:1.12pt 0pt 0.32pt 2pt"><p style="word-wrap:break-word; margin:0pt; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Total Annual Fund Operating Expenses</span></p> </td><td style="min-width:34pt; max-width:34pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">1.50%</span></p> </td><td style="min-width:6pt; max-width:6pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:70pt; max-width:70pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">1.60%</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:148pt; max-width:148pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:left; padding:1.12pt 0pt 0.32pt 2pt"><p style="word-wrap:break-word; margin:0pt; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">Fee Waiver and/or Expense Reimbursement</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(b)</span></p> </td><td style="min-width:34pt; max-width:34pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">(0.85)%</span></p> </td><td style="min-width:6pt; max-width:6pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:70pt; max-width:70pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">(0.85)%</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:148pt; max-width:148pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:left; padding:1.12pt 0pt 0.32pt 2pt"><p style="word-wrap:break-word; margin:0pt; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement</span><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(b)</span></p> </td><td style="min-width:34pt; max-width:34pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.65%</span></p> </td><td style="min-width:6pt; max-width:6pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:70pt; max-width:70pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.75%</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td></tr> </table><table cellpadding="0" style="margin:5.5pt 0pt 0pt; border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td style="min-width:21pt; max-width:21pt; vertical-align:top"><p style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(a)</span><span style="font-size:8pt">​</span></p></td><td style="min-width:240pt; max-width:240pt; vertical-align:bottom"><p style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:8pt; color:#000000">The Management Fee consists of an Advisory Fee and an Administration and Supervisory Fee paid by the Fund to Baillie Gifford Overseas Limited.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td style="min-width:21pt; max-width:21pt; vertical-align:top"><p style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(b)</span><span style="font-size:8pt">​</span></p></td><td style="min-width:240pt; max-width:240pt; vertical-align:bottom"><p style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:8pt; color:#000000">Baillie Gifford Overseas Limited has contractually agreed to waive its fees and/or bear Other Expenses of the Fund until April 30, 2027 to the extent that such Fund’s Total Annual Operating Expenses (excluding taxes, sub-accounting expenses and extraordinary expenses) exceed 0.65% for Class K and Institutional Class shares. This contractual agreement may only be terminated by the Board of Trustees of the Trust. Expenses after waiver/reimbursement exceed 0.65% for Institutional Class due to sub-accounting expenses of 0.10%.</span></p></td></tr> </table> 0.005 0.005 0 0 0.01 0.011 0.015 0.016 -0.0085 -0.0085 0.0065 0.0075 2027-04-30 Example of Expenses <p style="word-wrap:break-word; margin:0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. It assumes that you invest $10,000 in the Fund for the time periods indicated, regardless of whether or not you redeem your shares at the end of such periods. It also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The example below also applies any contractual expense waivers and/or expense reimbursements to the first year of each period listed in the table.</span></p> Although your actual costs may be higher or lower, based on these assumptions, your expenses would be: <table cellpadding="0" style="margin:5pt 0pt 0pt; border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td colspan="3" style="min-width:158pt; max-width:158pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Class K</span></p></td><td style="min-width:101pt; max-width:101pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Institutional Class</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:32.02pt; max-width:32.02pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">1 Year</span></p></td><td style="min-width:123.98pt; max-width:123.98pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$66</span></p></td><td style="min-width:101pt; max-width:101pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$77</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:32.02pt; max-width:32.02pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">3 Years</span></p></td><td style="min-width:123.98pt; max-width:123.98pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$391</span></p></td><td style="min-width:101pt; max-width:101pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$422</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:32.02pt; max-width:32.02pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">5 Years</span></p></td><td style="min-width:123.98pt; max-width:123.98pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$738</span></p></td><td style="min-width:101pt; max-width:101pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$791</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:32.02pt; max-width:32.02pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">10 Years</span></p></td><td style="min-width:123.98pt; max-width:123.98pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$1,718</span></p></td><td style="min-width:101pt; max-width:101pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$1,828</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> </table> <table cellpadding="0" style="margin:5pt 0pt 0pt; border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td colspan="3" style="min-width:158pt; max-width:158pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Class K</span></p></td><td style="min-width:101pt; max-width:101pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Institutional Class</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:32.02pt; max-width:32.02pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">1 Year</span></p></td><td style="min-width:123.98pt; max-width:123.98pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$66</span></p></td><td style="min-width:101pt; max-width:101pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$77</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:32.02pt; max-width:32.02pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">3 Years</span></p></td><td style="min-width:123.98pt; max-width:123.98pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$391</span></p></td><td style="min-width:101pt; max-width:101pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$422</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:32.02pt; max-width:32.02pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">5 Years</span></p></td><td style="min-width:123.98pt; max-width:123.98pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$738</span></p></td><td style="min-width:101pt; max-width:101pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$791</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:32.02pt; max-width:32.02pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">10 Years</span></p></td><td style="min-width:123.98pt; max-width:123.98pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$1,718</span></p></td><td style="min-width:101pt; max-width:101pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$1,828</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> </table> 66 66 77 77 391 391 422 422 738 738 791 791 1718 1718 1828 1828 Portfolio Turnover <p style="word-wrap:break-word; margin:0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These transaction costs, which are not reflected in “</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">Annual Fund Operating Expenses</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">” or in the “</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">Example of Expenses</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">” above, affect the Fund’s performance. During the Fund’s most recent fiscal year, the Fund’s portfolio turnover rate was 18% of the average value of its portfolio.</span></p> 0.18 Principal Investment Strategies <p style="word-wrap:break-word; margin:0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">The Fund seeks to meet its objective by investing in a portfolio of equities, which include common stock and other equity securities, of issuers located in the U.S.</span></p> <p style="word-wrap:break-word; margin:5pt 0pt 0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">The portfolio managers seek to identify exceptional growth businesses in the U.S. and to own them for long enough that the advantages of their business models and the strength of their cultures support positive relative performance over the long term.</span></p> <p style="word-wrap:break-word; margin:5pt 0pt 0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">Under normal circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in common stocks and other equity securities of companies whose principal activities are in the U.S. The Fund invests in equity securities either directly or indirectly, such as through depositary receipts, and may invest in preferred stocks, convertible securities, rights and warrants. The Fund typically invests primarily in issuers with a market capitalization of more than $1.5 billion at the time of purchase and may participate in initial public offerings (</span><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:9pt; color:#000000">“IPOs”</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">).</span></p> <p style="word-wrap:break-word; margin:5pt 0pt 0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">The portfolio managers employ a bottom-up approach to stock selection, seeking to identify companies they believe have attractive long-term growth prospects, and select companies without being constrained by a benchmark. Under normal circumstances, the intended outcome is a portfolio typically consisting of between 30 and 50 growth companies with the potential to outperform the Fund’s benchmarks over the long term. The portfolio managers focus on company research and the long-term outlook of companies and industries. Ideas can come from a wide variety of sources, including, but not limited to, research trips, company meetings, and relationships with industry thought leaders and academic institutions. Stock ideas are normally researched to assess a range of factors, including: long-term growth potential, geographic and industry positioning, competitive advantage, management, financial strength and valuation. The Fund is a non-diversified fund, which means that it may invest a relatively large percentage of its assets in a small number of issuers, industries or sectors The Fund aims to hold securities for long periods (typically at least 5 years), which generally results in relatively low portfolio turnover and is in line </span></p> <p style="word-wrap:break-word; margin:0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">with the portfolio managers’ long-term investment outlook. When assessing a company’s long-term growth prospects, the portfolio managers seek to identify and to incorporate a range of factors that are material to managing the Fund’s investment risks and maximizing capital appreciation. Such factors potentially include the environmental, social, and/or governance characteristics of the company, such as stewardship, sustainable business practices, and/or corporate culture.</span></p> An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. You could lose money by investing in the Fund. <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Investment Style Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Baillie Gifford Overseas Limited (the “</span><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:9pt; color:#000000">Manager</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">”) actively makes investment decisions for the Fund through bottom-up stock selection. Accordingly, the Fund will have risk characteristics that differ from its benchmark index. The Manager’s judgments about the attractiveness, relative value, or potential appreciation of a particular stock may prove to be incorrect and cause the Fund to lose money or underperform compared to its benchmark index. There can be no assurance that the Manager’s investment decisions will produce the desired results.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Growth Stock Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The prices of growth stocks may be based largely on expectations of future earnings, and their prices can decline rapidly and significantly in reaction to negative news. Growth stocks may underperform stocks in other broad style categories (and the stock market as a whole) over any period of time and may shift in and out of favor with investors generally, sometimes rapidly, depending on changes in market, economic, and other factors.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Long-Term Investment Strategy Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The Fund pursues a long-term investment approach, typically seeking returns over a period of several years. This investment style may cause the Fund to lose money or underperform compared to its benchmark index or other mutual funds over extended periods of time, and the Fund may not perform as expected in the long term. An investment in the Fund may be more suitable for long-term investors who can bear the risk of short- or medium-term fluctuations in the value of the Fund’s portfolio. See also “</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">Selected Investment Techniques and Topics</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">Our Stewardship Approach</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">.”</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Geographic Focus Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The Fund expects to focus its investments in a limited number of countries or geographic regions, and as a result may not offer the same level of diversification of risks as a more broadly global fund because the Fund will be exposed to a smaller geographic area. The performance of a fund that is less diversified across countries or geographic regions will be closely tied to market, currency, economic, political, environmental, or regulatory conditions and developments in the countries or regions in which the Fund invests, and may be more volatile </span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">than the performance of a more geographically-diversified portfolio.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Non-Diversification Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The Fund is classified as a “non-diversified” fund. A non-diversified fund may hold a smaller number of portfolio securities, with larger positions in each security it holds, than many other mutual funds. To the extent the Fund invests in a relatively small number of issuers, a decline in the market value of a particular security held by the Fund may affect its value more than if it invested in a larger number of issuers. The value of the Fund’s shares may be more volatile than the values of shares of more diversified funds. See also “</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">Focused Investment Risk</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">.”</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Conflicts of Interest Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The Manager’s relationships with the Fund’s institutional investor base may give rise to various conflicts of interest, since the Manager will sometimes have an incentive to favor those shareholders over other shareholders in the Fund. In addition, the Manager serves as investment adviser to various clients other than the Fund, some of whom may pursue strategies that are substantially similar or nearly identical to investment strategies pursued by the Fund. This “side-by-side” management may give rise to various conflicts of interest, including, for example, in connection with the fair allocation of trades among the Manager’s clients or the sharing of different, more, or more timely information regarding investment performance, portfolio holdings, strategy developments and/or the Manager’s general market outlook. Although the Fund’s investment objective and strategies are substantially similar to those of an ETF managed by the Manager, differences in purchase and redemption structure, investment restrictions, and legal requirements lead to the use of different trading practices and potentially different portfolio decisions. Furthermore, if investment personnel of the Manager hold board or other positions at outside companies, they could be exposed to material non-public information potentially impeding or delaying a Fund’s ability to buy or sell certain investments, or they could otherwise be restricted in their ability to participate in a Fund’s investment process.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Developed Markets Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Investing in securities of companies located in, or with exposure to, developed countries will subject the Fund to the regulatory, political, currency, security, economic and other risks associated with such countries. In recent periods, countries with developed markets have generally experienced slower economic growth than some less developed countries. Services sectors (e.g., the financial services sector) generally tend to represent the primary source of economic growth in developed markets, which can make them susceptible to the risks of individual service sectors. In addition, developed countries will be impacted by changes to the economic conditions of certain key trading partners, regulatory burdens, and the price or availability of certain commodities, among other things.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Equity Securities Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Equity securities may react more strongly to changes in an issuer’s financial condition or prospects than other securities of the same issuer. Investing in equity securities indirectly, such as through participatory notes or depositary receipts, may involve other risks such as the risk that the counterparty may default or that the </span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">investment does not track the underlying security as expected.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">ESG Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– To the extent that the Fund’s portfolio managers incorporate environmental, social and/or governance considerations (“</span><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:9pt; color:#000000">ESG Factors</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">”) into the Fund’s investment process as a part of the Fund’s long-term investment approach, the Fund is subject to the risk that it may underperform funds that do not take ESG Factors into account. The consideration of ESG Factors may prioritize long-term rather than short-term returns, and therefore may negatively impact the relative performance of the Fund over the short, medium or even long term depending on how successfully those ESG Factors are incorporated and whether such investments are in or out of favor. In considering ESG Factors, the portfolio managers may be dependent upon information and data obtained through voluntary reporting by issuers or third-party research that may be incomplete, inaccurate or unavailable, which could impact the portfolio managers’ assessment of relative risks and opportunities. See also “</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">Long-Term Investment Strategy Risk</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">” and “</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">Selected Investment Techniques and Topics</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">Our Stewardship Approach</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">.”</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Focused Investment Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Because the Fund focuses its investments in a limited number of companies, its investment strategy could result in more risk or greater volatility in returns than if the Fund’s investments were less focused.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Government and Regulatory Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Governmental and regulatory authorities in the United States and other countries, have taken, and may in the future take, actions intervening in the markets in which the Fund invests and in the economy more generally. Governmental and regulatory authorities may also act to increase the scope or burden of regulations applicable to the Fund or to the companies in which the Fund invests. The effects of these actions on the markets generally, and the Fund’s investment program in particular, can be uncertain and could restrict the ability of the Fund to fully implement its investment strategies, either generally, or with respect to certain securities, industries, or countries. By contrast, markets in some non-U.S. countries historically have been subject to little regulation or oversight by governmental or regulatory authorities, which could heighten the risk of loss due to fraud or market failures in those countries. Governments, agencies, or other regulatory bodies in any country may adopt or change laws or regulations that could adversely affect the Fund or the market value of an instrument held by the Fund.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Information Technology Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Cyber-attacks, disruptions, or failures that affect the Fund’s service providers, counterparties, the securities markets generally, other market participants, or issuers of securities held by the Fund may adversely affect the Fund and its shareholders, including by causing losses for the Fund or impairing Fund operations.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">IPO Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The Fund may purchase securities in IPOs. These securities are subject to many of the same risks of investing in companies with smaller market capitalizations. Securities issued in IPOs have no trading history, and information about the companies may be available for very </span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">limited periods. In addition, the prices of securities sold in IPOs may be highly volatile.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Large-Capitalization Securities Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Returns on investments in securities of large companies could trail the returns on investments in securities of smaller and medium-sized companies. Larger companies may be unable to respond as quickly as smaller and medium-sized companies to competitive challenges or to changes in business, product, financial, or other market conditions. Larger companies may not be able to achieve or maintain growth at the high rates that may be achieved by well-managed smaller and medium-sized companies.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Liquidity Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The Fund’s investments may be subject to low trading volume, lack of a market maker, contractual lock-in periods or regulatory restrictions, and the Fund may hold large positions in particular securities. As a result, it may not be possible to sell an investment at a particular time or at an acceptable price. Liquidity risk may be magnified during periods of changing interest rates, significant shareholder redemptions or market turmoil. Illiquid investments may trade at a discount from comparable, more liquid investments and may be subject to wide fluctuations in market value. In some cases, due to unanticipated levels of illiquidity the Fund may seek to meet its redemption obligations wholly or in part by distributions of assets in-kind.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Market Disruption and Geopolitical Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The value of the Fund’s investments could be adversely affected by events that disrupt securities markets and adversely affect global markets such as war, terrorism, public health crises, and geopolitical events and by changes in non-U.S. and U.S. economic and political conditions. These disruptions could prevent the Fund from implementing its investment strategies and achieving its investment objective, and increase the Fund’s exposure to other risks detailed in this Prospectus. As a result, the Fund could lose money, experience significant redemptions, encounter operational difficulties, and suffer other negative impacts. Certain locations and industries may be particularly susceptible to this risk, and other risks may be heightened by such events.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Market Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The value of the Fund’s investments will be affected by fluctuations in the stock markets in which the Fund is invested, factors affecting a particular industry or industries, real or perceived adverse economic conditions, changes in interest or currency rates or adverse investor sentiment generally. Declines in securities market prices may reduce the net asset value of the Fund’s shares.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">New and Smaller-Sized Funds Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– New funds and smaller-sized funds, such as the Fund, will be subject to greater liquidity risk due to their smaller asset bases and may be required to sell securities at disadvantageous times or prices due to a large shareholder redemption. A fund that has been recently formed will have limited or no performance history for investors to evaluate and may not reach or maintain a sufficient asset size to effectively implement its investment strategy.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Service Provider Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The Fund will be affected by the Manager’s investment techniques, analyses, assessments and employee retention. Similarly, adverse events or </span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">performance failures at a service provider, such as human error, inadequate controls or insolvency, have the ability to adversely affect the Fund.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; letter-spacing:-0.1pt; color:#955aa5">Small- and Medium-Capitalization Securities Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; letter-spacing:-0.1pt; color:#000000">– Securities of small- and medium-capitalization companies can be more volatile due to various factors including more limited product lines, financial and management resources and market distribution channels, as well as shorter operating histories and potentially reduced liquidity, especially during market declines, than the securities of larger, more established companies.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Valuation Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– In certain circumstances, some of the Fund’s portfolio holdings may be valued on the basis of factors other than market quotations by employing fair value procedures. This may occur more often in times of market turmoil or reduced liquidity. Portfolio holdings that are valued using techniques other than market quotations, including “fair valued” securities, may be subject to greater fluctuation in their valuations from one day to the next than if market quotations were used. There is no assurance that the Fund could sell or close out a portfolio position for the value established for it at any time, and it is possible that the Fund would incur a loss because a portfolio position is sold or closed out at a discount to the valuation established by the Fund at that time.</span></p> Performance <p style="word-wrap:break-word; margin:0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s annual total returns from year to year and by comparing the Fund’s average annual total returns with those of the Fund’s benchmarks. Past performance (before and after taxes) is not an indication of future performance.</span></p> The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s annual total returns from year to year and by comparing the Fund’s average annual total returns with those of the Fund’s benchmarks. Past performance (before and after taxes) is not an indication of future performance. Annual Total Returns – Institutional Class Shares(1)(2) <div style="margin:5pt 0pt 0pt; padding:0pt 0pt 0pt 4pt"><span style="display:inline-block; width:231.7pt; height:119.91pt; vertical-align:0pt"><img alt="" src="j2699542_bc004.jpg" style="width: 308.85px; height: 159.84px;"/></span></div> <p style="word-wrap:break-word; margin:3pt 0pt 0pt; padding:0pt 0pt 0pt 4pt; line-height:8.5pt; transform-origin:left; transform:matrix(0.75,0,0,1,0,0); min-width:132.18%"><span style="font-family:Arial, Helvetica, sans-serif; font-style:normal; font-weight:normal; font-size:8pt; color:#8c8c8c">Highest Quarterly Return: 55.77% (Q2, 2020)</span></p> <p style="word-wrap:break-word; margin:0pt; padding:0pt 0pt 0pt 4pt; line-height:8.5pt; transform-origin:left; transform:matrix(0.75,0,0,1,0,0); min-width:132.18%"><span style="font-family:Arial, Helvetica, sans-serif; font-style:normal; font-weight:normal; font-size:8pt; color:#8c8c8c">Lowest Quarterly Return: ‑38.41% (Q2, 2022)</span></p> Highest Quarterly Return 0.5577 2020-06-30 Lowest Quarterly Return -0.3841 2022-06-30 <div style="display:table-cell; vertical-align:top; min-width:21pt; max-width:21pt"><div style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(1)</span><span style="font-size:8pt">​</span></div></div><div style="display:table-cell; vertical-align:bottom; min-width:240pt; max-width:240pt"><div style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:8pt; color:#000000">The inception date for Baillie Gifford U.S. Equity Growth Fund is December 5, 2016, when Baillie Gifford International, LLC purchased Class 1 shares. Classes 1‑5 of the Fund were terminated effective May 1, 2017, and Class 1 shares were converted to Class K shares. For the period from January 1, 2017 to May 1, 2017, the performance shown is for Class 1 shares and has been adjusted for the higher total annual operating expenses incurred by Institutional Class.</span></div></div><div style="display:table-cell; vertical-align:top; min-width:21pt; max-width:21pt"><div style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(2)</span><span style="font-size:8pt">​</span></div></div><div style="display:table-cell; vertical-align:bottom; min-width:240pt; max-width:240pt"><div style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:8pt; color:#000000">Excluding reimbursement received from the Manager, total return for 2019 was 29.72%.</span></div></div> <p style="word-wrap:break-word; margin:0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">In the table below, after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown for Institutional Class shares only, and after-tax returns for other share classes will vary. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you are tax-exempt or if you hold your Fund shares through a tax-advantaged account. The table compares the Fund’s returns to a broad-based securities market index, as required by relevant disclosure rules, and an additional benchmark that the Fund believes better aligns with the Fund’s investment objective and strategies. A description of the Fund’s comparative indices and details regarding the calculation of the Fund’s class-by-class performance are provided in the section of the Prospectus entitled “</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">Additional Performance Information</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">.”</span></p> In the table below, after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown for Institutional Class shares only, and after-tax returns for other share classes will vary. After-tax returns shown are not relevant if you are tax-exempt or if you hold your Fund shares through a tax-advantaged account. <table cellpadding="0" style="margin:5pt 0pt 0pt; border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:113.82pt; max-width:113.82pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Average Annual Total <br/>Returns for Periods Ended <br/>December 31, 2025</span></p></td><td style="min-width:43.18pt; max-width:43.18pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">1 Year</span></p></td><td colspan="2" style="min-width:41pt; max-width:41pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">5 Years</span></p></td><td style="min-width:59pt; max-width:59pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Since Fund<br/>Inception<br/> (12/05/2016)</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:113.82pt; max-width:113.82pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">Institutional Class Returns <br/>Before Taxes</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(1)(2)</span></p></td><td style="min-width:43.18pt; max-width:43.18pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">10.25%</span></p></td><td colspan="2" style="min-width:41pt; max-width:41pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">‑2.27%</span></p></td><td style="min-width:59pt; max-width:59pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">15.86%</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:113.82pt; max-width:113.82pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">Institutional Class Returns <br/>After Taxes on Distributions</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(1)(2)</span></p></td><td style="min-width:43.18pt; max-width:43.18pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">10.25%</span></p></td><td colspan="2" style="min-width:41pt; max-width:41pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">‑3.14%</span></p></td><td style="min-width:59pt; max-width:59pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">15.08%</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:113.82pt; max-width:113.82pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">Institutional Class Returns <br/>After Taxes on Distributions and <br/>Sale of Fund Shares</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(1)(2)</span></p></td><td style="min-width:43.18pt; max-width:43.18pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">6.07%</span></p></td><td colspan="2" style="min-width:41pt; max-width:41pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">‑1.86%</span></p></td><td style="min-width:59pt; max-width:59pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">13.26%</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:113.82pt; max-width:113.82pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">Class K Returns Before Taxes</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(3)</span></p></td><td style="min-width:43.18pt; max-width:43.18pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">10.38%</span></p></td><td colspan="2" style="min-width:41pt; max-width:41pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">‑2.18%</span></p></td><td style="min-width:59pt; max-width:59pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">15.95%</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td colspan="6" style="min-width:259pt; max-width:259pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Comparative Indices</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000"><br/>(reflects no deductions for fees, expenses, or taxes)</span></p></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:113.82pt; max-width:113.82pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">S&amp;P 500 Index</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(4)</span></p></td><td style="min-width:43.18pt; max-width:43.18pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">17.88%</span></p></td><td colspan="2" style="min-width:41pt; max-width:41pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">14.42%</span></p></td><td style="min-width:59pt; max-width:59pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">15.22%</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:113.82pt; max-width:113.82pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">Russell 1000 Growth Index</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(5)</span></p></td><td style="min-width:43.18pt; max-width:43.18pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">18.56%</span></p></td><td colspan="2" style="min-width:41pt; max-width:41pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">15.31%</span></p></td><td style="min-width:59pt; max-width:59pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">19.42%</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> </table> <table cellpadding="0" style="margin:5.64pt 0pt 0pt; border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td style="min-width:21pt; max-width:21pt; vertical-align:top"><p style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(1)</span><span style="font-size:8pt">​</span></p></td><td style="min-width:240pt; max-width:240pt; vertical-align:bottom"><p style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:8pt; color:#000000">Performance for Institutional Class shares prior to their date of inception (April 28, 2017) is derived from the historical performance of Class 1 shares and has been adjusted for the higher total annual operating expenses incurred by Institutional Class.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td style="min-width:21pt; max-width:21pt; vertical-align:top"><p style="white-space:nowrap; line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(2)</span><span style="font-size:8pt">​</span></p></td><td style="min-width:240pt; max-width:240pt; vertical-align:bottom"><p style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:8pt; color:#000000">If reimbursement received from the Manager in 2019 were excluded, the total return would be lower.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td style="min-width:21pt; max-width:21pt; vertical-align:top"><p style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(3)</span><span style="font-size:8pt">​</span></p></td><td style="min-width:240pt; max-width:240pt; vertical-align:bottom"><p style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:8pt; color:#000000">The inception date for Baillie Gifford U.S. Equity Growth Fund is December 5, 2016, when Baillie Gifford International, LLC purchased Class 1 shares. Classes 1‑5 of the Fund were terminated effective May 1, 2017, and Class 1 shares were converted to Class K shares. For periods prior to May 1, 2017, the performance shown is based on the performance for Class 1 shares.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td style="min-width:21pt; max-width:21pt; vertical-align:top"><p style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(4)</span><span style="font-size:8pt">​</span></p></td><td style="min-width:240pt; max-width:240pt; vertical-align:bottom"><p style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:8pt; color:#000000">The S&amp;P 500 Index is a product of S&amp;P Dow Jones Indices LLC, a division of S&amp;P Global, or its affiliates. Standard &amp; Poor’s</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">®</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:8pt; color:#000000"> and S&amp;P</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">®</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:8pt; color:#000000"> are registered trademarks of Standard &amp; Poor’s Financial Services LLC, a division of S&amp;P Global; Dow Jones</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">®</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:8pt; color:#000000"> is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&amp;P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&amp;P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td style="min-width:21pt; max-width:21pt; vertical-align:top"><p style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(5)</span><span style="font-size:8pt">​</span></p></td><td style="min-width:240pt; max-width:240pt; vertical-align:bottom"><p style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:8pt; color:#000000">The source of the index data is London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”).© LSE Group 2020. FTSE Russell is a trading name of certain of the LSE Group companies. “Russell</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">®</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:8pt; color:#000000">” is a trademark(s) of the relevant LSE Group companies and is used by any other LSE Group company under license. “TMX</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">®</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:8pt; color:#000000">” is a trademark of TSX, Inc. and used by the LSE Group under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability </span></p></td></tr> </table><table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt 0pt 0pt 21pt"><td style="min-width:240pt; max-width:240pt; vertical-align:top"><p style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:8pt; color:#000000">for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this Prospectus. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this Prospectus.</span></p></td></tr> </table> Average Annual Total Returns for Periods Ended December 31, 2025 2016-12-05 0.1025 -0.0227 0.1586 0.1025 -0.0314 0.1508 0.0607 -0.0186 0.1326 0.1038 -0.0218 0.1595 (reflects no deductions for fees, expenses, or taxes) 0.1788 0.1442 0.1522 0.1856 0.1531 0.1942 <p style="word-wrap:break-word; margin:5pt 0pt 0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">Updated information on the Fund’s investment performance can be obtained by visiting http://USmutualfund.bailliegifford.com.</span></p> http://USmutualfund.bailliegifford.com Baillie Gifford Emerging Markets Equities Fund Investment Objective <p style="word-wrap:break-word; margin:0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">Baillie Gifford Emerging Markets Equities Fund seeks capital appreciation.</span></p> Fees and Expenses <p style="word-wrap:break-word; margin:0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">The tables below describe the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund.</span></p> Shareholder Fees (Fees paid directly from your investment) <table cellpadding="0" style="margin:5pt 0pt 0pt; border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:66pt; max-width:66pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Class 2</span></p></td><td style="min-width:66pt; max-width:66pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Class 3</span></p></td><td style="min-width:66pt; max-width:66pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Class 4</span></p></td><td style="min-width:61pt; max-width:61pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Class 5</span></p></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:66pt; max-width:66pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">None</span></p></td><td style="min-width:66pt; max-width:66pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">None</span></p></td><td style="min-width:66pt; max-width:66pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">None</span></p></td><td style="min-width:61pt; max-width:61pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">None</span></p></td></tr> </table> 0 0 0 0 Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) <table style="border-collapse:collapse; margin:7.11pt 0pt 0pt; border-spacing: 0px;"><tr><td style="min-width:120pt; max-width:120pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:30pt; max-width:30pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Class 2</span></p> </td><td style="min-width:7pt; max-width:7pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:29.5pt; max-width:29.5pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Class 3</span></p> </td><td style="min-width:7pt; max-width:7pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:28.5pt; max-width:28.5pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Class 4</span></p> </td><td style="min-width:7pt; max-width:7pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:28.5pt; max-width:28.5pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Class 5</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:120pt; max-width:120pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:left; padding:1.12pt 0pt 0.32pt 2pt"><p style="word-wrap:break-word; margin:0pt; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">Advisory Fees</span></p> </td><td style="min-width:30pt; max-width:30pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.52%</span></p> </td><td style="min-width:7pt; max-width:7pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:29.5pt; max-width:29.5pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.52%</span></p> </td><td style="min-width:7pt; max-width:7pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:28.5pt; max-width:28.5pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.52%</span></p> </td><td style="min-width:7pt; max-width:7pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:28.5pt; max-width:28.5pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.52%</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:120pt; max-width:120pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:left; padding:1.12pt 0pt 0.32pt 2pt"><p style="word-wrap:break-word; margin:0pt; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">Service Fees</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(a)</span></p> </td><td style="min-width:30pt; max-width:30pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.17%</span></p> </td><td style="min-width:7pt; max-width:7pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:29.5pt; max-width:29.5pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.10%</span></p> </td><td style="min-width:7pt; max-width:7pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:28.5pt; max-width:28.5pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.07%</span></p> </td><td style="min-width:7pt; max-width:7pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:28.5pt; max-width:28.5pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.02%</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:120pt; max-width:120pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:left; padding:1.12pt 0pt 0.32pt 2pt"><p style="word-wrap:break-word; margin:0pt; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">Other Expenses</span></p> </td><td style="min-width:30pt; max-width:30pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.08%</span></p> </td><td style="min-width:7pt; max-width:7pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:29.5pt; max-width:29.5pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.08%</span></p> </td><td style="min-width:7pt; max-width:7pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:28.5pt; max-width:28.5pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.08%</span></p> </td><td style="min-width:7pt; max-width:7pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:28.5pt; max-width:28.5pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.08%</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:120pt; max-width:120pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:left; padding:1.12pt 0pt 0.32pt 2pt"><p style="word-wrap:break-word; margin:0pt; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Total Annual Fund Operating Expenses</span></p> </td><td style="min-width:30pt; max-width:30pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.77%</span></p> </td><td style="min-width:7pt; max-width:7pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:29.5pt; max-width:29.5pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.70%</span></p> </td><td style="min-width:7pt; max-width:7pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:28.5pt; max-width:28.5pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.67%</span></p> </td><td style="min-width:7pt; max-width:7pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:28.5pt; max-width:28.5pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.62%</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td></tr> </table><table cellpadding="0" style="margin:5.5pt 0pt 0pt; border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td style="min-width:21pt; max-width:21pt; vertical-align:top"><p style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(a)</span><span style="font-size:8pt">​</span></p></td><td style="min-width:240pt; max-width:240pt; vertical-align:bottom"><p style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:8pt; color:#000000">Service Fees differ between the classes of the Fund to reflect varying levels of shareholder servicing fees payable to Baillie Gifford Overseas Limited, as described in detail under “Fund Management—Shareholder Services” below.</span></p></td></tr> </table> 0.0052 0.0052 0.0052 0.0052 0.0017 0.001 0.0007 0.0002 0.0008 0.0008 0.0008 0.0008 0.0077 0.007 0.0067 0.0062 Example of Expenses <p style="word-wrap:break-word; margin:0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. It assumes that you invest $10,000 in the Fund for the time periods indicated, regardless of whether or not you redeem your shares at the end of such periods. It also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same.</span></p> Although your actual costs may be higher or lower, based on these assumptions, your expenses would be: <table cellpadding="0" style="margin:5pt 0pt 0pt; border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td colspan="4" style="min-width:113.82pt; max-width:113.82pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Class 2</span></p></td><td style="min-width:48.18pt; max-width:48.18pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Class 3</span></p></td><td style="min-width:48pt; max-width:48pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Class 4</span></p></td><td style="min-width:49pt; max-width:49pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Class 5</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:32.02pt; max-width:32.02pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">1 Year</span></p></td><td style="min-width:78.98pt; max-width:78.98pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$79</span></p></td><td style="min-width:0.82pt; max-width:0.82pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:48.18pt; max-width:48.18pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$72</span></p></td><td style="min-width:48pt; max-width:48pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$68</span></p></td><td style="min-width:49pt; max-width:49pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$63</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:32.02pt; max-width:32.02pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">3 Years</span></p></td><td style="min-width:78.98pt; max-width:78.98pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$246</span></p></td><td style="min-width:0.82pt; max-width:0.82pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:48.18pt; max-width:48.18pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$224</span></p></td><td style="min-width:48pt; max-width:48pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$214</span></p></td><td style="min-width:49pt; max-width:49pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$199</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:32.02pt; max-width:32.02pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">5 Years</span></p></td><td style="min-width:78.98pt; max-width:78.98pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$428</span></p></td><td style="min-width:0.82pt; max-width:0.82pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:48.18pt; max-width:48.18pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$390</span></p></td><td style="min-width:48pt; max-width:48pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$373</span></p></td><td style="min-width:49pt; max-width:49pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$346</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:32.02pt; max-width:32.02pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">10 Years</span></p></td><td style="min-width:78.98pt; max-width:78.98pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$954</span></p></td><td style="min-width:0.82pt; max-width:0.82pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:48.18pt; max-width:48.18pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$871</span></p></td><td style="min-width:48pt; max-width:48pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$835</span></p></td><td style="min-width:49pt; max-width:49pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$774</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> </table> <table cellpadding="0" style="margin:5pt 0pt 0pt; border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td colspan="4" style="min-width:113.82pt; max-width:113.82pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Class 2</span></p></td><td style="min-width:48.18pt; max-width:48.18pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Class 3</span></p></td><td style="min-width:48pt; max-width:48pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Class 4</span></p></td><td style="min-width:49pt; max-width:49pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Class 5</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:32.02pt; max-width:32.02pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">1 Year</span></p></td><td style="min-width:78.98pt; max-width:78.98pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$79</span></p></td><td style="min-width:0.82pt; max-width:0.82pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:48.18pt; max-width:48.18pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$72</span></p></td><td style="min-width:48pt; max-width:48pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$68</span></p></td><td style="min-width:49pt; max-width:49pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$63</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:32.02pt; max-width:32.02pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">3 Years</span></p></td><td style="min-width:78.98pt; max-width:78.98pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$246</span></p></td><td style="min-width:0.82pt; max-width:0.82pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:48.18pt; max-width:48.18pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$224</span></p></td><td style="min-width:48pt; max-width:48pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$214</span></p></td><td style="min-width:49pt; max-width:49pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$199</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:32.02pt; max-width:32.02pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">5 Years</span></p></td><td style="min-width:78.98pt; max-width:78.98pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$428</span></p></td><td style="min-width:0.82pt; max-width:0.82pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:48.18pt; max-width:48.18pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$390</span></p></td><td style="min-width:48pt; max-width:48pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$373</span></p></td><td style="min-width:49pt; max-width:49pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$346</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:32.02pt; max-width:32.02pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">10 Years</span></p></td><td style="min-width:78.98pt; max-width:78.98pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$954</span></p></td><td style="min-width:0.82pt; max-width:0.82pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:48.18pt; max-width:48.18pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$871</span></p></td><td style="min-width:48pt; max-width:48pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$835</span></p></td><td style="min-width:49pt; max-width:49pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$774</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> </table> 79 79 72 72 68 68 63 63 246 246 224 224 214 214 199 199 428 428 390 390 373 373 346 346 954 954 871 871 835 835 774 774 Portfolio Turnover <p style="word-wrap:break-word; margin:0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These transaction costs, which are not reflected in “</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">Annual Fund Operating Expenses</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">” or in the </span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">“Example of Expenses</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">” above, affect the Fund’s performance. During the Fund’s most recent fiscal year, the Fund’s portfolio turnover rate was 28% of the average value of its portfolio.</span></p> 0.28 Principal Investment Strategies <p style="word-wrap:break-word; margin:0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">The Fund seeks to meet its objective by investing in a portfolio of common stocks and other equity securities of issuers located in countries of emerging and frontier markets.</span></p> <p style="word-wrap:break-word; margin:5pt 0pt 0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">Under normal circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of companies located in countries represented in the MSCI Emerging Markets Index. The countries represented in the MSCI Emerging Markets Index include markets that may be less sophisticated than more developed markets in terms of participation by investors, analyst coverage, liquidity, and regulation. The Fund invests in equity securities either directly or indirectly, such as through depositary receipts or participatory notes, and may invest in preferred stocks, convertible securities, rights and warrants. The Fund is not constrained with respect to market capitalization and may participate in initial public offerings (</span><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:9pt; color:#000000">“IPOs”</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">). In addition, investment is permitted in securities offerings that are not registered in the U.S. The portfolio managers have flexibility to gain exposure to one or more emerging markets through investing in exchange traded funds (“</span><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:9pt; color:#000000">ETFs</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">”) that track relevant equity indices.</span></p> <p style="word-wrap:break-word; margin:5pt 0pt 0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">The portfolio managers primarily employ a bottom-up approach to stock selection, seeking to identify companies they believe have attractive long-term growth prospects, and select companies without being constrained by the MSCI Emerging Markets benchmark. The portfolio managers may reference the benchmark to set limits on the relative weighting of countries in the portfolio. The portfolio managers can also consider macro-economic factors when identifying potential investments. The portfolio managers focus on company research and the long-term outlook of companies and industries. Ideas can come from a wide variety of sources, including, but not limited to, research trips, company meetings, and relationships with industry thought leaders and academic institutions. Stock ideas are normally researched to assess a range of factors, including: long-term growth potential, geographic and industry positioning, competitive advantage, management, financial strength and valuation. Under normal circumstances, the intended outcome is a diversified portfolio typically consisting of between 60 and 100 growth companies with the potential to outperform the Fund’s benchmark over the long term. The process can result in significant exposure to a single country or a small number of countries, which in recent periods has included China. The Fund expects to invest significantly in Chinese companies including through China A shares, which are common stocks and other equity securities that are listed or traded on a Chinese stock exchange and which are quoted in renminbi, the official currency of China. The Fund aims to hold securities for long periods (typically at least 5 years), which generally results in relatively low portfolio turnover and is in line with the portfolio managers’ long-term investment outlook. When assessing a company’s long-term growth prospects, the portfolio managers seek to identify and to incorporate a range of factors that are material to managing the Fund’s investment risks and maximizing capital appreciation. Such factors potentially include the environmental, social, and/or governance characteristics of the company, such as stewardship, sustainable business practices, and/or corporate culture.</span></p> <p style="word-wrap:break-word; margin:5pt 0pt 0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">The Fund may invest without limitation in securities quoted or denominated in currencies other than the U.S. dollar and may </span></p><p style="word-wrap:break-word; margin:0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">hold such currencies. The Fund does not expect to engage in currency hedging and thus expects to be fully exposed to currency fluctuations relative to the U.S. dollar.</span></p> An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. You could lose money by investing in the Fund. <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Investment Style Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Baillie Gifford Overseas Limited (the “</span><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:9pt; color:#000000">Manager</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">”) actively makes investment decisions for the Fund through bottom-up stock selection. Accordingly, the Fund will have risk characteristics that differ from its benchmark index. The Manager’s judgments about the attractiveness, relative value, or potential appreciation of a particular stock may prove to be incorrect and cause the Fund to lose money or underperform compared to its benchmark index. There can be no assurance that the Manager’s investment decisions will produce the desired results.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Growth Stock Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The prices of growth stocks may be based largely on expectations of future earnings, and their prices can decline rapidly and significantly in reaction to negative news. Growth stocks may underperform stocks in other broad style categories (and the stock market as a whole) over any period of time and may shift in and out of favor with investors generally, sometimes rapidly, depending on changes in market, economic, and other factors.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Emerging Markets Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Because the Fund invests in emerging market securities, the Fund may be exposed to greater market, credit, currency, liquidity, legal, political, technical and other risks different from, or greater than, the risks of investing in developed markets.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Market Disruption and Geopolitical Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The value of the Fund’s investments could be adversely affected by events that disrupt securities markets and adversely affect global markets such as war, terrorism, public health crises, and geopolitical events and by changes in non-U.S. and U.S. economic and political conditions. These disruptions could prevent the Fund from implementing its investment strategies and achieving its investment objective, and increase the Fund’s exposure to other risks detailed in this Prospectus. As a result, the Fund could lose money, experience significant redemptions, encounter operational difficulties, and suffer other negative impacts. Certain locations and industries may be particularly susceptible to this risk, and other risks may be heightened by such events.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Government and Regulatory Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Governmental and regulatory authorities in the United States and other countries, have taken, and may in the future take, actions intervening in the markets in which the Fund invests and in the economy more generally. Governmental and regulatory authorities may also act to increase the scope or burden of regulations applicable to the Fund or to the companies in </span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">which the Fund invests. The effects of these actions on the markets generally, and the Fund’s investment program in particular, can be uncertain and could restrict the ability of the Fund to fully implement its investment strategies, either generally, or with respect to certain securities, industries, or countries. By contrast, markets in some non-U.S. countries historically have been subject to little regulation or oversight by governmental or regulatory authorities, which could heighten the risk of loss due to fraud or market failures in those countries. Governments, agencies, or other regulatory bodies in any country may adopt or change laws or regulations that could adversely affect the Fund or the market value of an instrument held by the Fund.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Asia Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Investing in securities of companies located in or with exposure to Asian countries involves certain risks and considerations not typically associated with investing in securities of U.S. issuers, including different financial reporting standards, currency exchange rate fluctuations, and highly regulated markets with the potential for government interference. The economies of many Asian countries are heavily dependent on international trade and on only a few industries or commodities and, as a result, can be adversely affected by trade barriers, exchange controls and other measures imposed or negotiated by the countries with which they trade. Some Asian securities may be less liquid than U.S. or other foreign securities. See “</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">China Risk</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">” for additional details regarding the risks of investing in that country.</span></p><p style="word-wrap:break-word; margin:5pt 0pt 0pt; padding:0pt 0pt 0pt 18pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">Additionally, many of the economies of countries in Asia are considered emerging market or frontier market economies. These Asian economies are often characterized by high inflation, undeveloped financial service sectors, frequent currency fluctuations, devaluations, or restrictions, political and social instability, and less efficient markets. See </span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">“Emerging Markets Risk</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">” and “</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">Frontier Markets Risk</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">” for additional details regarding the risks of investing in such countries.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">China Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Investing in securities of Chinese issuers involves certain risks and considerations not typically associated with investing in securities of U.S. issuers, including, among others, more frequent trading suspensions and government interventions (including by nationalization of assets), currency exchange rate fluctuations or blockages, limits on the use of brokers and on foreign ownership, different financial reporting standards, higher dependence on exports and international trade, potential for increased trade tariffs, sanctions, embargoes and other trade limitations, custody risks, risks associated with investments in variable interest entities, and potential adverse tax consequences. U.S. sanctions or other investment restrictions could preclude the Fund from investing in certain Chinese issuers or cause the Fund to sell investments at a disadvantageous time. Significant portions of the Chinese securities markets may become rapidly illiquid, as Chinese issuers have the ability to suspend the trading of their equity securities, and have shown a willingness to exercise that option in response to market volatility and other events.</span></p> <p style="white-space:nowrap; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Conflicts of Interest Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The Manager’s relationships with the Fund’s institutional investor base may give rise to various </span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">conflicts of interest, since the Manager will sometimes have an incentive to favor those shareholders over other shareholders in the Fund. In addition, the Manager serves as investment adviser to various clients other than the Fund, some of whom may pursue strategies that are substantially similar or nearly identical to investment strategies pursued by the Fund. This “side-by-side” management may give rise to various conflicts of interest, including, for example, in connection with the fair allocation of trades among the Manager’s clients or the sharing of different, more, or more timely information regarding investment performance, portfolio holdings, strategy developments and/or the Manager’s general market outlook. Although the Fund’s investment objective and strategies are substantially similar to those of an ETF managed by the Manager, differences in purchase and redemption structure, investment restrictions, and legal requirements lead to the use of different trading practices and potentially different portfolio decisions. Furthermore, if investment personnel of the Manager hold board or other positions at outside companies, they could be exposed to material non-public information potentially impeding or delaying the Fund’s ability to buy or sell certain investments, or they could otherwise be restricted in their ability to participate in the Fund’s investment process.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Currency Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The Fund may realize a loss if it has exposure to a non-U.S. currency, and this non-U.S. currency declines in value, relative to the U.S. dollar. The Fund does not expect to engage in currency hedging and thus expects to be fully exposed to currency fluctuations relative to the U.S. dollar.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Equity Securities Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Equity securities may react more strongly to changes in an issuer’s financial condition or prospects than other securities of the same issuer. Investing in equity securities indirectly, such as through participatory notes or depositary receipts, may involve other risks such as the risk that the counterparty may default or that the investment does not track the underlying security as expected.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">ESG Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– To the extent that the Fund’s portfolio managers incorporate environmental, social and/or governance considerations (“</span><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:9pt; color:#000000">ESG Factors</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">”) into the Fund’s investment process as a part of the Fund’s long-term investment approach, the Fund is subject to the risk that it may underperform funds that do not take ESG Factors into account. The consideration of ESG Factors may prioritize long-term rather than short-term returns, and therefore may negatively impact the relative performance of the Fund over the short, medium or even long term depending on how successfully those ESG Factors are incorporated and whether such investments are in or out of favor. In considering ESG Factors, the portfolio managers may be dependent upon information and data obtained through voluntary reporting by issuers or third-party research that may be incomplete, inaccurate or unavailable, which could impact the portfolio managers’ assessment of relative risks and opportunities. See also “</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">Long-Term Investment Strategy Risk</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">” and “</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">Selected Investment Techniques and Topics</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">Our Stewardship Approach.”</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Focused Investment Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Should the Fund focus its investments in related, or a limited number of, countries, regions, sectors, or companies, this would create more risk and greater volatility than if the Fund’s investments were less focused.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Frontier Markets Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Frontier markets are those emerging markets that are considered to be among the smallest, least mature and least liquid and, as a result, may be more volatile and less liquid than investments in more developed markets or in other emerging market countries. Emerging markets risk may be especially heightened in frontier markets.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Geographic Focus Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The Fund expects to focus its investments in a limited number of countries or geographic regions, and as a result may not offer the same level of diversification of risks as a more broadly global fund because the Fund will be exposed to a smaller geographic area. The performance of a fund that is less diversified across countries or geographic regions will be closely tied to market, currency, economic, political, environmental, or regulatory conditions and developments in the countries or regions in which the Fund invests, and may be more volatile than the performance of a more geographically-diversified portfolio.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Information Technology Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Cyber-attacks, disruptions, or failures that affect the Fund’s service providers, counterparties, the securities markets generally, other market participants, or issuers of securities held by the Fund may adversely affect the Fund and its shareholders, including by causing losses for the Fund or impairing Fund operations.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">IPO Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The Fund may purchase securities in IPOs. These securities are subject to many of the same risks of investing in companies with smaller market capitalizations. Securities issued in IPOs have no trading history, and information about the companies may be available for very limited periods. In addition, the prices of securities sold in IPOs may be highly volatile.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Large-Capitalization Securities Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Returns on investments in securities of large companies could trail the returns on investments in securities of smaller and medium-sized companies. Larger companies may be unable to respond as quickly as smaller and medium-sized companies to competitive challenges or to changes in business, product, financial, or other market conditions. Larger companies may not be able to achieve or maintain growth at the high rates that may be achieved by well-managed smaller and medium-sized companies.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Liquidity Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The Fund’s investments may be subject to low trading volume, lack of a market maker, contractual lock-in periods or regulatory restrictions, and the Fund may hold large positions in particular securities. As a result, it may not be possible to sell an investment at a particular time or at an acceptable price. Liquidity risk may be magnified during periods of changing interest rates, significant shareholder redemptions or market turmoil. Illiquid investments may trade at a discount from comparable, more liquid investments and may be subject to wide fluctuations in market value. In some cases, due to unanticipated levels of illiquidity the Fund may </span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">seek to meet its redemption obligations wholly or in part by distributions of assets in-kind.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Long-Term Investment Strategy Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The Fund pursues a long-term investment approach, typically seeking returns over a period of several years. This investment style may cause the Fund to lose money or underperform compared to its benchmark index or other mutual funds over extended periods of time, and the Fund may not perform as expected in the long term. An investment in the Fund may be more suitable for long-term investors who can bear the risk of short- or medium-term fluctuations in the value of the Fund’s portfolio. See also “</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">Selected Investment Techniques and Topics</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">Our Stewardship Approach</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">.”</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Market Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The value of the Fund’s investments will be affected by fluctuations in the stock markets in which the Fund is invested, factors affecting a particular industry or industries, real or perceived adverse economic conditions, changes in interest or currency rates or adverse investor sentiment generally. Declines in securities market prices may reduce the net asset value of the Fund’s shares.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Non-U.S. Investment Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Non-U.S. securities are subject to additional risks, including less liquidity, increased volatility, less transparency, withholding or other taxes, increased vulnerability to adverse changes in local and global economic conditions, less regulation, and possible fluctuation in value due to adverse political conditions. Foreign portfolio transactions generally involve higher commission rates, transfer taxes, and custodial costs than similar transactions in the U.S.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Service Provider Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The Fund will be affected by the Manager’s investment techniques, analyses, assessments and employee retention. Similarly, adverse events or performance failures at a service provider, such as human error, inadequate controls or insolvency, have the ability to adversely affect the Fund.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Settlement Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The Fund may experience delays in settlement due to the different clearance and settlement procedures in non-U.S. countries. Such delays may increase credit risk to the Fund, limit the ability of the Fund to reinvest the proceeds of a sale of securities, or prevent the Fund from selling securities at times and prices it considers desirable.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; letter-spacing:-0.15pt; color:#955aa5">Small- and Medium-Capitalization Securities Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; letter-spacing:-0.15pt; color:#000000">– Securities of small- and medium-capitalization companies can be more volatile due to various factors including more limited product lines, financial and management resources and market distribution channels, as well as shorter operating histories and potentially reduced liquidity, especially during market declines, than the securities of larger, more established companies.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Underlying Funds Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Investments in other pooled investment vehicles may indirectly expose the Fund to all of the risks applicable to an investment in such other pooled vehicle. The Fund must pay its pro rata portion of the other pooled vehicle’s fees and expenses. If such pooled vehicle is an ETF or other product traded on a securities exchange or </span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">otherwise actively traded, its shares may trade at a premium or discount to their net asset value, an effect that might be more pronounced in less liquid markets. Further, the Manager or an affiliate may serve as investment adviser to some pooled vehicles in which the Fund invests, leading to potential conflicts of interest.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Valuation Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– In certain circumstances, some of the Fund’s portfolio holdings may be valued on the basis of factors other than market quotations by employing fair value procedures. This may occur more often in times of market turmoil or reduced liquidity. Portfolio holdings that are valued using techniques other than market quotations, including “fair valued” securities, may be subject to greater fluctuation in their valuations from one day to the next than if market quotations were used. There is no assurance that the Fund could sell or close out a portfolio position for the value established for it at any time, and it is possible that the Fund would incur a loss because a portfolio position is sold or closed out at a discount to the valuation established by the Fund at that time.</span></p> Performance <p style="word-wrap:break-word; margin:0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s annual total returns from year to year and by comparing the Fund’s average annual total returns with those of the Fund’s benchmark. Past performance (before and after taxes) is not an indication of future performance.</span></p> The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s annual total returns from year to year and by comparing the Fund’s average annual total returns with those of the Fund’s benchmark. Past performance (before and after taxes) is not an indication of future performance. Annual Total Returns – Class 5 Shares <div style="margin:5pt 0pt 0pt; padding:0pt 0pt 0pt 4pt"><span style="display:inline-block; width:257pt; height:120pt; vertical-align:0pt; overflow:hidden"><img alt="" src="j2699543_ba001.jpg" style="margin:0.97pt 15.03pt; width: 302.5px; height: 157.37px;"/></span></div> <p style="word-wrap:break-word; margin:3pt 0pt 0pt; padding:0pt 0pt 0pt 4pt; line-height:8.5pt; transform-origin:left; transform:matrix(0.75,0,0,1,0,0); min-width:132.18%"><span style="font-family:Arial, Helvetica, sans-serif; font-style:normal; font-weight:normal; font-size:8pt; color:#8c8c8c">Highest Quarterly Return: 25.25% (Q4, 2020)</span></p> <p style="word-wrap:break-word; margin:0pt; padding:0pt 0pt 0pt 4pt; line-height:8.5pt; transform-origin:left; transform:matrix(0.75,0,0,1,0,0); min-width:132.18%"><span style="font-family:Arial, Helvetica, sans-serif; font-style:normal; font-weight:normal; font-size:8pt; color:#8c8c8c">Lowest Quarterly Return: ‑26.48% (Q1, 2020)</span></p> Highest Quarterly Return 0.2525 2020-12-31 Lowest Quarterly Return -0.2648 2020-03-31 <p style="word-wrap:break-word; margin:9pt 0pt 0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">In the table below, after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown for Class 5 shares only, and after-tax returns for other share classes will vary. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you are tax-exempt or if you hold your Fund shares through a tax-advantaged account. A description of the Fund’s comparative index and details regarding the calculation of the Fund’s class-by-class performance are provided in the section of the Prospectus entitled “</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">Additional Performance Information</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">.”</span></p> In the table below, after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown for Class 5 shares only, and after-tax returns for other share classes will vary. After-tax returns shown are not relevant if you are tax-exempt or if you hold your Fund shares through a tax-advantaged account. <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:134.73pt; max-width:134.73pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Average Annual Total <br/>Returns for Periods Ended <br/>December 31, 2025</span></p></td><td style="min-width:42.27pt; max-width:42.27pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">1 Year</span></p></td><td style="min-width:6.64pt; max-width:6.64pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:31.36pt; max-width:31.36pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">5 Years</span></p></td><td style="min-width:42pt; max-width:42pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">10 Years</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:134.73pt; max-width:134.73pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">Class 5 Returns Before Taxes</span></p></td><td style="min-width:42.27pt; max-width:42.27pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">40.92%</span></p></td><td style="min-width:6.64pt; max-width:6.64pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:31.36pt; max-width:31.36pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">2.80%</span></p></td><td style="min-width:42pt; max-width:42pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">9.92%</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:134.73pt; max-width:134.73pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">Class 5 Returns After Taxes on <br/>Distributions</span></p></td><td style="min-width:42.27pt; max-width:42.27pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">40.44%</span></p></td><td style="min-width:6.64pt; max-width:6.64pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:31.36pt; max-width:31.36pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">2.08%</span></p></td><td style="min-width:42pt; max-width:42pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">9.12%</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:134.73pt; max-width:134.73pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">Class 5 Returns After Taxes on <br/>Distributions and Sale of Fund Shares</span></p></td><td style="min-width:42.27pt; max-width:42.27pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">24.71%</span></p></td><td style="min-width:6.64pt; max-width:6.64pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:31.36pt; max-width:31.36pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">2.08%</span></p></td><td style="min-width:42pt; max-width:42pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">8.02%</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:134.73pt; max-width:134.73pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">Class 2 Returns Before Taxes</span></p></td><td style="min-width:42.27pt; max-width:42.27pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">40.71%</span></p></td><td style="min-width:6.64pt; max-width:6.64pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:31.36pt; max-width:31.36pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">2.65%</span></p></td><td style="min-width:42pt; max-width:42pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">9.76%</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:134.73pt; max-width:134.73pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">Class 3 Returns Before Taxes</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(1)</span></p></td><td style="min-width:42.27pt; max-width:42.27pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">40.81%</span></p></td><td style="min-width:6.64pt; max-width:6.64pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:31.36pt; max-width:31.36pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">2.72%</span></p></td><td style="min-width:42pt; max-width:42pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">9.83%</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:134.73pt; max-width:134.73pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">Class 4 Returns Before Taxes</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(2)</span></p></td><td style="min-width:42.27pt; max-width:42.27pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">40.85%</span></p></td><td style="min-width:6.64pt; max-width:6.64pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:31.36pt; max-width:31.36pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">2.75%</span></p></td><td style="min-width:42pt; max-width:42pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">9.86%</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td colspan="6" style="min-width:259pt; max-width:259pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Comparative Index<br/></span><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">(reflects no deductions for fees, expenses, or taxes)</span></p></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:134.73pt; max-width:134.73pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">MSCI Emerging Markets Index</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(3)</span></p></td><td style="min-width:42.27pt; max-width:42.27pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">34.36%</span></p></td><td style="min-width:6.64pt; max-width:6.64pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:31.36pt; max-width:31.36pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">4.67%</span></p></td><td style="min-width:42pt; max-width:42pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">8.85%</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> </table> <table cellpadding="0" style="margin:5.64pt 0pt 0pt; border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td style="min-width:21pt; max-width:21pt; vertical-align:top"><p style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(1)</span><span style="font-size:8pt">​</span></p></td><td style="min-width:240pt; max-width:240pt; vertical-align:bottom"><p style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:8pt; color:#000000">Performance for Class 3 shares prior to their date of inception (March 31, 2016) is derived from the historical performance of Class 5 shares, and has been adjusted for the higher shareholder servicing fees applied to Class 3 shares.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td style="min-width:21pt; max-width:21pt; vertical-align:top"><p style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(2)</span><span style="font-size:8pt">​</span></p></td><td style="min-width:240pt; max-width:240pt; vertical-align:bottom"><p style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:8pt; color:#000000">Performance for Class 4 shares for periods prior to it being funded on July 13, 2023 is derived from the historical performance of Class 5 shares and has been adjusted for the period during which higher shareholder servicing fees applied to Class 4 shares.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td style="min-width:21pt; max-width:21pt; vertical-align:top"><p style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(3)</span><span style="font-size:8pt">​</span></p></td><td style="min-width:240pt; max-width:240pt; vertical-align:bottom"><p style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:8pt; color:#000000">The source of the index data is MSCI Inc. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This Prospectus is not approved, endorsed, reviewed or produced by MSCI. None of the MSCI data 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.</span></p></td></tr> </table> Average Annual Total Returns for Periods Ended December 31, 2025 0.4092 0.028 0.0992 0.4044 0.0208 0.0912 0.2471 0.0208 0.0802 0.4071 0.0265 0.0976 0.4081 0.0272 0.0983 0.4085 0.0275 0.0986 (reflects no deductions for fees, expenses, or taxes) 0.3436 0.0467 0.0885 <p style="word-wrap:break-word; margin:5pt 0pt 0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">Updated information on the Fund’s investment performance can be obtained by visiting http://USmutualfund.bailliegifford.com.</span></p> http://USmutualfund.bailliegifford.com Baillie Gifford Global Alpha Equities Fund Investment Objective <p style="word-wrap:break-word; margin:0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">Baillie Gifford Global Alpha Equities Fund seeks capital appreciation.</span></p> Fees and Expenses <p style="word-wrap:break-word; margin:0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">The tables below describe the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund.</span></p> Shareholder Fees (Fees paid directly from your investment) <table cellpadding="0" style="margin:5pt 0pt 0pt; border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:66pt; max-width:66pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Class 2</span></p></td><td style="min-width:66pt; max-width:66pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Class 3</span></p></td><td style="min-width:66pt; max-width:66pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Class 4</span></p></td><td style="min-width:61pt; max-width:61pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Class 5</span></p></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:66pt; max-width:66pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">None</span></p></td><td style="min-width:66pt; max-width:66pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">None</span></p></td><td style="min-width:66pt; max-width:66pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">None</span></p></td><td style="min-width:61pt; max-width:61pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">None</span></p></td></tr> </table> 0 0 0 0 Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) <table style="border-collapse:collapse; margin:7.11pt 0pt 0pt; border-spacing: 0px;"><tr><td style="min-width:120pt; max-width:120pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:30pt; max-width:30pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Class 2</span></p> </td><td style="min-width:7pt; max-width:7pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:29.5pt; max-width:29.5pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Class 3</span></p> </td><td style="min-width:7pt; max-width:7pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:29pt; max-width:29pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Class 4</span></p> </td><td style="min-width:7pt; max-width:7pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:29pt; max-width:29pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Class 5</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:120pt; max-width:120pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:left; padding:1.12pt 0pt 0.32pt 2pt"><p style="word-wrap:break-word; margin:0pt; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">Advisory Fees</span></p> </td><td style="min-width:30pt; max-width:30pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.40%</span></p> </td><td style="min-width:7pt; max-width:7pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:29.5pt; max-width:29.5pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.40%</span></p> </td><td style="min-width:7pt; max-width:7pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:29pt; max-width:29pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.40%</span></p> </td><td style="min-width:7pt; max-width:7pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:29pt; max-width:29pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.40%</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:120pt; max-width:120pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:left; padding:1.12pt 0pt 0.32pt 2pt"><p style="word-wrap:break-word; margin:0pt; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">Service Fees</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(a)</span></p> </td><td style="min-width:30pt; max-width:30pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.17%</span></p> </td><td style="min-width:7pt; max-width:7pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:29.5pt; max-width:29.5pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.10%</span></p> </td><td style="min-width:7pt; max-width:7pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:29pt; max-width:29pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.07%</span></p> </td><td style="min-width:7pt; max-width:7pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:29pt; max-width:29pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.02%</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:120pt; max-width:120pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:left; padding:1.12pt 0pt 0.32pt 2pt"><p style="word-wrap:break-word; margin:0pt; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">Other Expenses</span></p> </td><td style="min-width:30pt; max-width:30pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.09%</span></p> </td><td style="min-width:7pt; max-width:7pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:29.5pt; max-width:29.5pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.09%</span></p> </td><td style="min-width:7pt; max-width:7pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:29pt; max-width:29pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.09%</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(b)</span></p> </td><td style="min-width:7pt; max-width:7pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:29pt; max-width:29pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.09%</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(b)</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:120pt; max-width:120pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:left; padding:1.12pt 0pt 0.32pt 2pt"><p style="word-wrap:break-word; margin:0pt; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Total Annual Fund Operating <br/>Expenses</span></p> </td><td style="min-width:30pt; max-width:30pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.66%</span></p> </td><td style="min-width:7pt; max-width:7pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:29.5pt; max-width:29.5pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.59%</span></p> </td><td style="min-width:7pt; max-width:7pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:29pt; max-width:29pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.56%</span></p> </td><td style="min-width:7pt; max-width:7pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:29pt; max-width:29pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.51%</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td></tr> </table><table cellpadding="0" style="margin:5.5pt 0pt 0pt; border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td style="min-width:21pt; max-width:21pt; vertical-align:top"><p style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(a)</span><span style="font-size:8pt">​</span></p></td><td style="min-width:240pt; max-width:240pt; vertical-align:bottom"><p style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:8pt; color:#000000">Service Fees differ between the classes of the Fund to reflect varying levels of shareholder servicing fees payable to Baillie Gifford Overseas Limited, as described in detail under “Fund Management—Shareholder Services” below</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td style="min-width:21pt; max-width:21pt; vertical-align:top"><p style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(b)</span><span style="font-size:8pt">​</span></p></td><td style="min-width:240pt; max-width:240pt; vertical-align:bottom"><p style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:8pt; color:#000000">Classes 4 and 5 were unfunded as of December 31, 2025. Therefore, Other Expenses have been estimated for these Classes based on the Other Expenses of Class 2 shares.</span></p></td></tr> </table> 0.004 0.004 0.004 0.004 0.0017 0.001 0.0007 0.0002 0.0009 0.0009 0.0009 0.0009 0.0066 0.0059 0.0056 0.0051 Classes 4 and 5 were unfunded as of December 31, 2025. Therefore, Other Expenses have been estimated for these Classes based on the Other Expenses of Class 2 shares. Example of Expenses <p style="word-wrap:break-word; margin:0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. It assumes that you invest $10,000 in the Fund for the time periods indicated, regardless of whether or not you redeem your shares at the end of such periods. It also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same.</span></p> Although your actual costs may be higher or lower, based on these assumptions, your expenses would be: <table cellpadding="0" style="margin:5pt 0pt 0pt; border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td colspan="4" style="min-width:113.82pt; max-width:113.82pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Class 2</span></p></td><td style="min-width:48.18pt; max-width:48.18pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Class 3</span></p></td><td style="min-width:48pt; max-width:48pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Class 4</span></p></td><td style="min-width:49pt; max-width:49pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Class 5</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:32.02pt; max-width:32.02pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">1 Year</span></p></td><td style="min-width:78.98pt; max-width:78.98pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$67</span></p></td><td style="min-width:0.82pt; max-width:0.82pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:48.18pt; max-width:48.18pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$60</span></p></td><td style="min-width:48pt; max-width:48pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$57</span></p></td><td style="min-width:49pt; max-width:49pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$52</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:32.02pt; max-width:32.02pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">3 Years</span></p></td><td style="min-width:78.98pt; max-width:78.98pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$211</span></p></td><td style="min-width:0.82pt; max-width:0.82pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:48.18pt; max-width:48.18pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$189</span></p></td><td style="min-width:48pt; max-width:48pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$179</span></p></td><td style="min-width:49pt; max-width:49pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$164</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:32.02pt; max-width:32.02pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">5 Years</span></p></td><td style="min-width:78.98pt; max-width:78.98pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$368</span></p></td><td style="min-width:0.82pt; max-width:0.82pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:48.18pt; max-width:48.18pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$329</span></p></td><td style="min-width:48pt; max-width:48pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$313</span></p></td><td style="min-width:49pt; max-width:49pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$285</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:32.02pt; max-width:32.02pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">10 Years</span></p></td><td style="min-width:78.98pt; max-width:78.98pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$822</span></p></td><td style="min-width:0.82pt; max-width:0.82pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:48.18pt; max-width:48.18pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$738</span></p></td><td style="min-width:48pt; max-width:48pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$701</span></p></td><td style="min-width:49pt; max-width:49pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$640</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> </table> <table cellpadding="0" style="margin:5pt 0pt 0pt; border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td colspan="4" style="min-width:113.82pt; max-width:113.82pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Class 2</span></p></td><td style="min-width:48.18pt; max-width:48.18pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Class 3</span></p></td><td style="min-width:48pt; max-width:48pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Class 4</span></p></td><td style="min-width:49pt; max-width:49pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Class 5</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:32.02pt; max-width:32.02pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">1 Year</span></p></td><td style="min-width:78.98pt; max-width:78.98pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$67</span></p></td><td style="min-width:0.82pt; max-width:0.82pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:48.18pt; max-width:48.18pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$60</span></p></td><td style="min-width:48pt; max-width:48pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$57</span></p></td><td style="min-width:49pt; max-width:49pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$52</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:32.02pt; max-width:32.02pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">3 Years</span></p></td><td style="min-width:78.98pt; max-width:78.98pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$211</span></p></td><td style="min-width:0.82pt; max-width:0.82pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:48.18pt; max-width:48.18pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$189</span></p></td><td style="min-width:48pt; max-width:48pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$179</span></p></td><td style="min-width:49pt; max-width:49pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$164</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:32.02pt; max-width:32.02pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">5 Years</span></p></td><td style="min-width:78.98pt; max-width:78.98pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$368</span></p></td><td style="min-width:0.82pt; max-width:0.82pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:48.18pt; max-width:48.18pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$329</span></p></td><td style="min-width:48pt; max-width:48pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$313</span></p></td><td style="min-width:49pt; max-width:49pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$285</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:32.02pt; max-width:32.02pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">10 Years</span></p></td><td style="min-width:78.98pt; max-width:78.98pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$822</span></p></td><td style="min-width:0.82pt; max-width:0.82pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:48.18pt; max-width:48.18pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$738</span></p></td><td style="min-width:48pt; max-width:48pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$701</span></p></td><td style="min-width:49pt; max-width:49pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$640</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> </table> 67 67 60 60 57 57 52 52 211 211 189 189 179 179 164 164 368 368 329 329 313 313 285 285 822 822 738 738 701 701 640 640 Portfolio Turnover <p style="word-wrap:break-word; margin:0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may lead to higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These transaction costs, which are not reflected in “</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">Annual Fund Operating Expenses</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">” or in the “</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">Example of Expenses</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">” above, affect the Fund’s performance. During the Fund’s most recent fiscal year, the Fund’s portfolio turnover rate was 30% of the average value of its portfolio.</span></p> 0.30 Principal Investment Strategies <p style="word-wrap:break-word; margin:0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">The Fund seeks to meet its objective by investing in a global, diversified portfolio of common stocks and other equity securities of issuers located in countries of developed and emerging markets.</span></p> <p style="word-wrap:break-word; margin:5pt 0pt 0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">Under normal circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities. The Fund invests predominantly in a diversified portfolio of securities issued by companies located in countries represented in the MSCI ACWI Index. The Fund invests in a range of companies globally. The Fund ordinarily invests in securities of issuers located in at least three different countries. In addition, under normal circumstances, the Fund invests at least 40% of its total assets in securities of companies located outside the U.S. when market conditions are favorable, but, when market conditions are not favorable, the Fund invests at least 30% of its total assets in companies located outside the U.S. The Fund invests in equity securities either directly or indirectly, such as through depositary receipts, and may invest in preferred stocks, convertible securities, rights and warrants. The Fund does not apply specific constraints with respect to market capitalization and may participate in initial public offerings (</span><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:9pt; color:#000000">“IPOs”</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">). In addition, investment is permitted in securities offerings that are not registered in the U.S.</span></p> <p style="word-wrap:break-word; margin:5pt 0pt 0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">The portfolio managers employ a bottom-up approach to stock selection, seeking to identify companies they believe have attractive long-term growth prospects, and select companies without being constrained by the MSCI ACWI benchmark. The portfolio managers focus on company research and the long-term outlook of companies and industries. Ideas can come from a wide variety of sources, including, but not limited to, research trips, company meetings, and relationships with industry thought leaders and academic institutions. Stock ideas are normally researched to assess a range of factors, including: long-term growth potential, geographic and industry positioning, competitive advantage, management, financial strength and valuation. Under normal circumstances, the intended outcome is a diversified portfolio typically consisting of between 70 and 120 growth companies with the potential to outperform the Fund’s benchmark over the long term. The process can result in significant exposure to a single country or a small number of countries. The Fund aims to hold securities for long periods (typically at least 5 years), which generally results in relatively low portfolio turnover and is in line with the portfolio managers’ long-term investment outlook. When assessing a company’s long-term growth prospects, the portfolio managers seek to identify and to incorporate a range of factors that are material to managing the Fund’s investment risks and maximizing capital appreciation. Such factors potentially include the environmental, social, and/or governance characteristics of the company, such as stewardship, sustainable business practices, and/or corporate culture.</span></p> <p style="word-wrap:break-word; margin:5pt 0pt 0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">The Fund may invest without limitation in securities quoted or denominated in currencies other than the U.S. dollar and may hold such currencies. The Fund does not expect to engage in currency hedging and thus expects to be fully exposed to currency fluctuations relative to the U.S. dollar.</span></p> An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. You could lose money by investing in the Fund. <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Investment Style Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Baillie Gifford Overseas Limited (the “</span><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:9pt; color:#000000">Manager</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">”) actively makes investment decisions for the Fund through bottom-up stock selection. Accordingly, the Fund will have risk characteristics that differ from its benchmark index. The Manager’s judgments about the attractiveness, relative value, or potential appreciation of a particular stock may prove to be incorrect and cause the Fund to lose money or underperform compared to its benchmark index. There can be no assurance that the Manager’s investment decisions will produce the desired results.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Growth Stock Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The prices of growth stocks may be based largely on expectations of future earnings, and their prices can decline rapidly and significantly in reaction to negative news. Growth stocks may underperform stocks in other broad style categories (and the stock market as a whole) over any period of time and may shift in and out of favor with investors generally, sometimes rapidly, depending on changes in market, economic, and other factors.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Long-Term Investment Strategy Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The Fund pursues a long-term investment approach, typically seeking returns over a period of several years. This investment style may cause the Fund to lose money or underperform compared to its benchmark index or other mutual funds over extended periods of time, and the Fund may not perform as expected in the long term. An investment in the Fund may be more suitable for long-term investors who can bear the risk of short- or medium-term fluctuations in the value of the Fund’s portfolio. See also “</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">Selected Investment Techniques and Topics</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">Our Stewardship Approach.”</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Market Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The value of the Fund’s investments will be affected by fluctuations in the stock markets in which the Fund is invested, factors affecting a particular industry or industries, real or perceived adverse economic conditions, changes in interest or currency rates or adverse investor sentiment generally. Declines in securities market prices may reduce the net asset value of the Fund’s shares.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Asia Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Investing in securities of companies located in or with exposure to Asian countries involves certain risks and considerations not typically associated with investing in securities of U.S. issuers, including different financial reporting standards, currency exchange rate fluctuations, and highly regulated markets with the potential for government interference. The economies of many Asian countries are heavily dependent on international trade and on only a few industries or commodities and, as a result, can be adversely affected by trade barriers, exchange controls and other measures imposed or negotiated by the countries with which they trade. Some Asian securities may be less </span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">liquid than U.S. or other foreign securities. See “</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">China Risk</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">” for additional details regarding the risks of investing in that country.</span></p><p style="word-wrap:break-word; margin:5pt 0pt 0pt; padding:0pt 0pt 0pt 18pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">Additionally, many of the economies of countries in Asia are considered emerging market or frontier market economies. These Asian economies are often characterized by high inflation, undeveloped financial service sectors, frequent currency fluctuations, devaluations, or restrictions, political and social instability, and less efficient markets. See </span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">“Emerging Markets Risk</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">” for additional details regarding the risks of investing in such countries.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">China Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Investing in securities of Chinese issuers involves certain risks and considerations not typically associated with investing in securities of U.S. issuers, including, among others, more frequent trading suspensions and government interventions (including by nationalization of assets), currency exchange rate fluctuations or blockages, limits on the use of brokers and on foreign ownership, different financial reporting standards, higher dependence on exports and international trade, potential for increased trade tariffs, sanctions, embargoes and other trade limitations, custody risks, risks associated with investments in variable interest entities, and potential adverse tax consequences. U.S. sanctions or other investment restrictions could preclude the Fund from investing in certain Chinese issuers or cause the Fund to sell investments at a disadvantageous time. Significant portions of the Chinese securities markets may become rapidly illiquid, as Chinese issuers have the ability to suspend the trading of their equity securities, and have shown a willingness to exercise that option in response to market volatility and other events.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Conflicts of Interest Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The Manager’s relationships with the Fund’s institutional investor base may give rise to various conflicts of interest, since the Manager will sometimes have an incentive to favor those shareholders over other shareholders in the Fund. In addition, the Manager serves as investment adviser to various clients other than the Fund, some of whom may pursue strategies that are substantially similar or nearly identical to investment strategies pursued by the Fund. This “side-by-side” management may give rise to various conflicts of interest, including, for example, in connection with the fair allocation of trades among the Manager’s clients or the sharing of different, more, or more timely information regarding investment performance, portfolio holdings, strategy developments and/or the Manager’s general market outlook. Furthermore, if investment personnel of the Manager hold board or other positions at outside companies, they could be exposed to material non-public information potentially impeding or delaying a Fund’s ability to buy or sell certain investments, or they could otherwise be restricted in their ability to participate in a Fund’s investment process.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Currency Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The Fund may realize a loss if it has exposure to a non-U.S. currency, and this non-U.S. currency declines in value, relative to the U.S. dollar. The Fund does not expect to engage in currency hedging and thus expects to be fully exposed to currency fluctuations relative to the U.S. dollar.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Developed Markets Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Investing in securities of companies located in, or with exposure to, developed countries will subject the Fund to the regulatory, political, currency, security, economic and other risks associated with such countries. Developed market countries tend to represent a significant portion of the global economy and in recent periods, countries with developed markets have generally experienced slower economic growth than some less developed countries. Services sectors (e.g., the financial services sector) generally tend to represent the primary source of economic growth in developed markets, which can make them susceptible to the risks of individual service sectors. In addition, developed countries will be impacted by changes to the economic conditions of certain key trading partners, regulatory burdens, and the price or availability of certain commodities, among other things.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Emerging Markets Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– To the extent the Fund invests in emerging market securities, the Fund may be exposed to greater market, credit, currency, liquidity, legal, political, technical and other risks different from, or greater than, the risks of investing in developed markets.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Equity Securities Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Equity securities may react more strongly to changes in an issuer’s financial condition or prospects than other securities of the same issuer. Investing in equity securities indirectly, such as through participatory notes or depositary receipts, may involve other risks such as the risk that the counterparty may default or that the investment does not track the underlying security as expected.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">ESG Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– To the extent that the Fund’s portfolio managers incorporate environmental, social and/or governance considerations (“</span><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:9pt; color:#000000">ESG Factors</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">”) into the Fund’s investment process as a part of the Fund’s long-term investment approach, the Fund is subject to the risk that it may underperform funds that do not take ESG Factors into account. The consideration of ESG Factors may prioritize long-term rather than short-term returns, and therefore may negatively impact the relative performance of the Fund over the short, medium or even long term depending on how successfully those ESG Factors are incorporated and whether such investments are in or out of favor. In considering ESG Factors, the portfolio managers may be dependent upon information and data obtained through voluntary reporting by issuers or third-party research that may be incomplete, inaccurate or unavailable, which could impact the portfolio managers’ assessment of relative risks and opportunities. See also “</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">Long-Term Investment Strategy Risk</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">” and “</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">Selected Investment Techniques and Topics—Our Stewardship Approach.”</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Focused Investment Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Should the Fund focus its investments in related, or a limited number of, countries, regions, sectors, or companies, this would create more risk and greater volatility than if the Fund’s investments were less focused.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Government and Regulatory Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Governmental and regulatory authorities in the United States and other countries, have taken, and may in the future take, actions intervening in the markets in which the Fund invests and in </span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">the economy more generally. Governmental and regulatory authorities may also act to increase the scope or burden of regulations applicable to the Fund or to the companies in which the Fund invests. The effects of these actions on the markets generally, and the Fund’s investment program in particular, can be uncertain and could restrict the ability of the Fund to fully implement its investment strategies, either generally, or with respect to certain securities, industries, or countries. By contrast, markets in some non-U.S. countries historically have been subject to little regulation or oversight by governmental or regulatory authorities, which could heighten the risk of loss due to fraud or market failures in those countries. Governments, agencies, or other regulatory bodies in any country may adopt or change laws or regulations that could adversely affect the Fund or the market value of an instrument held by the Fund.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Information Technology Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Cyber-attacks, disruptions, or failures that affect the Fund’s service providers, counterparties, the securities markets generally, other market participants, or issuers of securities held by the Fund may adversely affect the Fund and its shareholders, including by causing losses for the Fund or impairing Fund operations.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">IPO Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The Fund may purchase securities in IPOs. These securities are subject to many of the same risks of investing in companies with smaller market capitalizations. Securities issued in IPOs have no trading history, and information about the companies may be available for very limited periods. In addition, the prices of securities sold in IPOs may be highly volatile.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Large-Capitalization Securities Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Returns on investments in securities of large companies could trail the returns on investments in securities of smaller and medium-sized companies. Larger companies may be unable to respond as quickly as smaller and medium-sized companies to competitive challenges or to changes in business, product, financial, or other market conditions. Larger companies may not be able to achieve or maintain growth at the high rates that may be achieved by well-managed smaller and medium-sized companies.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Liquidity Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The Fund’s investments may be subject to low trading volume, lack of a market maker, contractual lock-in periods or regulatory restrictions, and the Fund may hold large positions in particular securities. As a result, it may not be possible to sell an investment at a particular time or at an acceptable price. Liquidity risk may be magnified during periods of changing interest rates, significant shareholder redemptions or market turmoil. Illiquid investments may trade at a discount from comparable, more liquid investments and may be subject to wide fluctuations in market value. In some cases, due to unanticipated levels of illiquidity the Fund may seek to meet its redemption obligations wholly or in part by distributions of assets in-kind.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Market Disruption and Geopolitical Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The value of the Fund’s investments could be adversely affected by events that disrupt securities markets and adversely affect global markets such as war, terrorism, public health crises, and geopolitical events and by changes in non-U.S. and U.S. economic and political conditions. These disruptions could </span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">prevent the Fund from implementing its investment strategies and achieving its investment objective, and increase the Fund’s exposure to other risks detailed in this Prospectus. As a result, the Fund could lose money, experience significant redemptions, encounter operational difficulties, and suffer other negative impacts. Certain locations and industries may be particularly susceptible to this risk, and other risks may be heightened by such events.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Non-U.S. Investment Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Non-U.S. securities are subject to additional risks, including less liquidity, increased volatility, less transparency, withholding or other taxes, increased vulnerability to adverse changes in local and global economic conditions, less regulation, and possible fluctuation in value due to adverse political conditions. Foreign portfolio transactions generally involve higher commission rates, transfer taxes, and custodial costs than similar transactions in the U.S.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Service Provider Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The Fund will be affected by the Manager’s investment techniques, analyses, assessments and employee retention. Similarly, adverse events or performance failures at a service provider, such as human error, inadequate controls or insolvency, have the ability to adversely affect the Fund.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Settlement Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The Fund may experience delays in settlement due to the different clearance and settlement procedures in non-U.S. countries. Such delays may increase credit risk to the Fund, limit the ability of the Fund to reinvest the proceeds of a sale of securities, or prevent the Fund from selling securities at times and prices it considers desirable.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; letter-spacing:-0.15pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; letter-spacing:-0.15pt; color:#955aa5">Small- and Medium-Capitalization Securities Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; letter-spacing:-0.15pt; color:#000000">– Securities of small- and medium-capitalization companies can be more volatile due to various factors including more limited product lines, financial and management resources and market distribution channels, as well as shorter operating histories and potentially reduced liquidity, especially during market declines, than the securities of larger, more established companies.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Valuation Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– In certain circumstances, some of the Fund’s portfolio holdings may be valued on the basis of factors other than market quotations by employing fair value procedures. This may occur more often in times of market turmoil or reduced liquidity. Portfolio holdings that are valued using techniques other than market quotations, including “fair valued” securities, may be subject to greater fluctuation in their valuations from one day to the next than if market quotations were used. There is no assurance that the Fund could sell or close out a portfolio position for the value established for it at any time, and it is possible that the Fund would incur a loss because a portfolio position is sold or closed out at a discount to the valuation established by the Fund at that time.</span></p> Performance The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s annual total returns from year to year and by comparing the Fund’s average annual total returns with those of the Fund’s benchmark. <p style="word-wrap:break-word; margin:0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s annual total returns from year to year and by comparing the Fund’s average annual total returns with those of the Fund’s </span></p><p style="word-wrap:break-word; margin:0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">benchmark. Past performance (before and after taxes) is not an indication of future performance.</span></p> Past performance (before and after taxes) is not an indication of future performance. Annual Total Returns – Class 2 Shares <div style="margin:5pt 0pt 0pt; padding:0pt 0pt 0pt 4pt"><span style="display:inline-block; width:257pt; height:120pt; vertical-align:0pt; overflow:hidden"><img alt="" src="j2699543_ba002.jpg" style="margin:0.04pt 13.03pt; width: 307.85px; height: 159.84px;"/></span></div> <p style="word-wrap:break-word; margin:3pt 0pt 0pt; padding:0pt 0pt 0pt 4pt; line-height:8.5pt; transform-origin:left; transform:matrix(0.75,0,0,1,0,0); min-width:132.18%"><span style="font-family:Arial, Helvetica, sans-serif; font-style:normal; font-weight:normal; font-size:8pt; color:#8c8c8c">Highest Quarterly Return: 28.09% (Q2, 2020)</span></p> <p style="word-wrap:break-word; margin:0pt; padding:0pt 0pt 0pt 4pt; line-height:8.5pt; transform-origin:left; transform:matrix(0.75,0,0,1,0,0); min-width:132.18%"><span style="font-family:Arial, Helvetica, sans-serif; font-style:normal; font-weight:normal; font-size:8pt; color:#8c8c8c">Lowest Quarterly Return: ‑18.92% (Q1, 2020)</span></p> Highest Quarterly Return 0.2809 2020-06-30 Lowest Quarterly Return -0.1892 2020-03-31 <p style="word-wrap:break-word; margin:9pt 0pt 0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">In the table below, after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown for Class 2 shares only, and after-tax returns for other share classes will vary. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you are tax-exempt or if you hold your Fund shares through a tax-advantaged account. A description of the Fund’s comparative index and details regarding the calculation of the Fund’s class-by-class performance are provided in the section of the Prospectus entitled “</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">Additional Performance Information</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">.”</span></p> In the table below, after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown for Class 2 shares only, and after-tax returns for other share classes will vary. After-tax returns shown are not relevant if you are tax-exempt or if you hold your Fund shares through a tax-advantaged account. <table cellpadding="0" style="margin:5pt 0pt 0pt; border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:134.73pt; max-width:134.73pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Average Annual Total <br/>Returns for Periods Ended <br/>December 31, 2025</span></p></td><td style="min-width:42.27pt; max-width:42.27pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">1 Year</span></p></td><td style="min-width:6.64pt; max-width:6.64pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:31.36pt; max-width:31.36pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">5 Years</span></p></td><td style="min-width:42pt; max-width:42pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">10 Years</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:134.73pt; max-width:134.73pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">Class 2 Returns Before Taxes</span></p></td><td style="min-width:42.27pt; max-width:42.27pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">17.46%</span></p></td><td style="min-width:6.64pt; max-width:6.64pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:31.36pt; max-width:31.36pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">3.53%</span></p></td><td style="min-width:42pt; max-width:42pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">10.64%</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:134.73pt; max-width:134.73pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">Class 2 Returns After Taxes on <br/>Distributions</span></p></td><td style="min-width:42.27pt; max-width:42.27pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">8.86%</span></p></td><td style="min-width:6.64pt; max-width:6.64pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:31.36pt; max-width:31.36pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.62%</span></p></td><td style="min-width:42pt; max-width:42pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">8.05%</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:134.73pt; max-width:134.73pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">Class 2 Returns After Taxes on <br/>Distributions and Sale of Fund Shares</span></p></td><td style="min-width:42.27pt; max-width:42.27pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">16.00%</span></p></td><td style="min-width:6.64pt; max-width:6.64pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:31.36pt; max-width:31.36pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">2.50%</span></p></td><td style="min-width:42pt; max-width:42pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">8.29%</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:134.73pt; max-width:134.73pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">Class 3 Returns Before Taxes</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(1)</span></p></td><td style="min-width:42.27pt; max-width:42.27pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">17.46%</span></p></td><td style="min-width:6.64pt; max-width:6.64pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:31.36pt; max-width:31.36pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">3.53%</span></p></td><td style="min-width:42pt; max-width:42pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">10.64%</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:134.73pt; max-width:134.73pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">Class 4 Returns Before Taxes</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(2)</span></p></td><td style="min-width:42.27pt; max-width:42.27pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">17.46%</span></p></td><td style="min-width:6.64pt; max-width:6.64pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:31.36pt; max-width:31.36pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">3.53%</span></p></td><td style="min-width:42pt; max-width:42pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">10.64%</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:134.73pt; max-width:134.73pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">Class 5 Returns Before Taxes</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(3)</span></p></td><td style="min-width:42.27pt; max-width:42.27pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">17.46%</span></p></td><td style="min-width:6.64pt; max-width:6.64pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:31.36pt; max-width:31.36pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">3.53%</span></p></td><td style="min-width:42pt; max-width:42pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">10.64%</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td colspan="6" style="min-width:259pt; max-width:259pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Comparative Index</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000"><br/>(reflects no deductions for fees, expenses, or taxes)</span></p></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:134.73pt; max-width:134.73pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">MSCI ACWI Index</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(4)</span></p></td><td style="min-width:42.27pt; max-width:42.27pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">22.87%</span></p></td><td style="min-width:6.64pt; max-width:6.64pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:31.36pt; max-width:31.36pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">11.70%</span></p></td><td style="min-width:42pt; max-width:42pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">12.27%</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> </table> <table cellpadding="0" style="margin:5.64pt 0pt 0pt; border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td style="min-width:21pt; max-width:21pt; vertical-align:top"><p style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(1)</span><span style="font-size:8pt">​</span></p></td><td style="min-width:240pt; max-width:240pt; vertical-align:bottom"><p style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:8pt; color:#000000">Class 3 shares were unfunded from April 15, 2024, to October 21, 2025. During this period, performance for Class 3 shares is derived from the historical performance of Class 2 shares, and has not been adjusted for the lower shareholder servicing fees applicable to Class 3 shares; had it, returns would have been higher.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td style="min-width:21pt; max-width:21pt; vertical-align:top"><p style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(2)</span><span style="font-size:8pt">​</span></p></td><td style="min-width:240pt; max-width:240pt; vertical-align:bottom"><p style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:8pt; color:#000000">Performance for Class 4 shares, which were unfunded as of December 31, 2025, is derived from the historical performance of Class 2 shares, and has not been adjusted for the lower shareholder servicing fees applicable to Class 4 shares; had it, returns would have been higher.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td style="min-width:21pt; max-width:21pt; vertical-align:top"><p style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(3)</span><span style="font-size:8pt">​</span></p></td><td style="min-width:240pt; max-width:240pt; vertical-align:bottom"><p style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:8pt; color:#000000">Performance for Class 5 shares, which were unfunded as of December 31, 2025, is derived from the historical performance of Class 2 shares, and has not been adjusted for the lower shareholder servicing fees applicable to Class 5 shares; had it, returns would have been higher.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td style="min-width:21pt; max-width:21pt; vertical-align:top"><p style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(4)</span><span style="font-size:8pt">​</span></p></td><td style="min-width:240pt; max-width:240pt; vertical-align:bottom"><p style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:8pt; color:#000000">The source of the index data is MSCI Inc. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The </span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt 0pt 0pt 21pt"><td style="min-width:240pt; max-width:240pt; vertical-align:top"><p style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:8pt; color:#000000">MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This Prospectus is not approved, endorsed, reviewed or produced by MSCI. None of the MSCI data 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.</span></p></td></tr> </table> Average Annual Total Returns for Periods Ended December 31, 2025 0.1746 0.0353 0.1064 0.0886 0.0062 0.0805 0.16 0.025 0.0829 0.1746 0.0353 0.1064 0.1746 0.0353 0.1064 0.1746 0.0353 0.1064 (reflects no deductions for fees, expenses, or taxes) 0.2287 0.117 0.1227 <p style="word-wrap:break-word; margin:5pt 0pt 0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">Updated information on the Fund’s investment performance can be obtained by visiting http://USmutualfund.bailliegifford.com.</span></p> http://USmutualfund.bailliegifford.com Baillie Gifford International Alpha Fund Investment Objective <p style="word-wrap:break-word; margin:0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">Baillie Gifford International Alpha Fund seeks capital appreciation.</span></p> Fees and Expenses <p style="word-wrap:break-word; margin:0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">The tables below describe the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund.</span></p> Shareholder Fees (Fees paid directly from your investment) <table cellpadding="0" style="margin:5pt 0pt 0pt; border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:66pt; max-width:66pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Class 2</span></p></td><td style="min-width:66pt; max-width:66pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Class 3</span></p></td><td style="min-width:66pt; max-width:66pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Class 4</span></p></td><td style="min-width:61pt; max-width:61pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Class 5</span></p></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:66pt; max-width:66pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">None</span></p></td><td style="min-width:66pt; max-width:66pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">None</span></p></td><td style="min-width:66pt; max-width:66pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">None</span></p></td><td style="min-width:61pt; max-width:61pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">None</span></p></td></tr> </table> 0 0 0 0 Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) <table style="border-collapse:collapse; margin:7.11pt 0pt 0pt; border-spacing: 0px;"><tr><td style="min-width:120pt; max-width:120pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:30pt; max-width:30pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Class 2</span></p> </td><td style="min-width:7pt; max-width:7pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:29.5pt; max-width:29.5pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Class 3</span></p> </td><td style="min-width:7pt; max-width:7pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:28.5pt; max-width:28.5pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Class 4</span></p> </td><td style="min-width:7pt; max-width:7pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:28.5pt; max-width:28.5pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Class 5</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:120pt; max-width:120pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:left; padding:1.12pt 0pt 0.32pt 2pt"><p style="word-wrap:break-word; margin:0pt; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">Advisory Fees</span></p> </td><td style="min-width:30pt; max-width:30pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.35%</span></p> </td><td style="min-width:7pt; max-width:7pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:29.5pt; max-width:29.5pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.35%</span></p> </td><td style="min-width:7pt; max-width:7pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:28.5pt; max-width:28.5pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.35%</span></p> </td><td style="min-width:7pt; max-width:7pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:28.5pt; max-width:28.5pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.35%</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:120pt; max-width:120pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:left; padding:1.12pt 0pt 0.32pt 2pt"><p style="word-wrap:break-word; margin:0pt; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">Service Fees</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(a)</span></p> </td><td style="min-width:30pt; max-width:30pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.17%</span></p> </td><td style="min-width:7pt; max-width:7pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:29.5pt; max-width:29.5pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.10%</span></p> </td><td style="min-width:7pt; max-width:7pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:28.5pt; max-width:28.5pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.07%</span></p> </td><td style="min-width:7pt; max-width:7pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:28.5pt; max-width:28.5pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.02%</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:120pt; max-width:120pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:left; padding:1.12pt 0pt 0.32pt 2pt"><p style="word-wrap:break-word; margin:0pt; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">Other Expenses</span></p> </td><td style="min-width:30pt; max-width:30pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.07%</span></p> </td><td style="min-width:7pt; max-width:7pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:29.5pt; max-width:29.5pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.07%</span></p> </td><td style="min-width:7pt; max-width:7pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:28.5pt; max-width:28.5pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.07%</span></p> </td><td style="min-width:7pt; max-width:7pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:28.5pt; max-width:28.5pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.07%</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:120pt; max-width:120pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:left; padding:1.12pt 0pt 0.32pt 2pt"><p style="word-wrap:break-word; margin:0pt; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Total Annual Fund Operating <br/>Expenses</span></p> </td><td style="min-width:30pt; max-width:30pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.01pt 0pt 0.11pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">0.59</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">%</span></p> </td><td style="min-width:7pt; max-width:7pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:29.5pt; max-width:29.5pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.01pt 0pt 0.11pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">0.52</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">%</span></p> </td><td style="min-width:7pt; max-width:7pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:28.5pt; max-width:28.5pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.01pt 0pt 0.11pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">0.49</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">%</span></p> </td><td style="min-width:7pt; max-width:7pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:28.5pt; max-width:28.5pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.01pt 0pt 0.11pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">0.44</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">%</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td></tr> </table><table cellpadding="0" style="margin:5.5pt 0pt 0pt; border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td style="min-width:21pt; max-width:21pt; vertical-align:top"><p style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(a)</span><span style="font-size:8pt">​</span></p></td><td style="min-width:240pt; max-width:240pt; vertical-align:bottom"><p style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:8pt; color:#000000">Service Fees differ between the classes of the Fund to reflect varying levels of shareholder servicing fees payable to Baillie Gifford Overseas Limited, as described in detail under “Fund Management—Shareholder Services” below.</span></p></td></tr> </table> 0.0035 0.0035 0.0035 0.0035 0.0017 0.001 0.0007 0.0002 0.0007 0.0007 0.0007 0.0007 0.0059 0.0052 0.0049 0.0044 Example of Expenses <p style="word-wrap:break-word; margin:0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. It assumes that you invest $10,000 in the Fund for the time periods indicated, regardless of whether or not you redeem your shares at the end of such periods. It also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same.</span></p> Although your actual costs may be higher or lower, based on these assumptions, your expenses would be: <table cellpadding="0" style="margin:5pt 0pt 0pt; border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td colspan="4" style="min-width:113.82pt; max-width:113.82pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Class 2</span></p></td><td style="min-width:48.18pt; max-width:48.18pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Class 3</span></p></td><td style="min-width:48pt; max-width:48pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Class 4</span></p></td><td style="min-width:49pt; max-width:49pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Class 5</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:32.02pt; max-width:32.02pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">1 Year</span></p></td><td style="min-width:78.98pt; max-width:78.98pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$60</span></p></td><td style="min-width:0.82pt; max-width:0.82pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:48.18pt; max-width:48.18pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$53</span></p></td><td style="min-width:48pt; max-width:48pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$50</span></p></td><td style="min-width:49pt; max-width:49pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$45</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:32.02pt; max-width:32.02pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">3 Years</span></p></td><td style="min-width:78.98pt; max-width:78.98pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$189</span></p></td><td style="min-width:0.82pt; max-width:0.82pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:48.18pt; max-width:48.18pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$167</span></p></td><td style="min-width:48pt; max-width:48pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$157</span></p></td><td style="min-width:49pt; max-width:49pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$141</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:32.02pt; max-width:32.02pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">5 Years</span></p></td><td style="min-width:78.98pt; max-width:78.98pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$329</span></p></td><td style="min-width:0.82pt; max-width:0.82pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:48.18pt; max-width:48.18pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$291</span></p></td><td style="min-width:48pt; max-width:48pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$274</span></p></td><td style="min-width:49pt; max-width:49pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$246</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:32.02pt; max-width:32.02pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">10 Years</span></p></td><td style="min-width:78.98pt; max-width:78.98pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$738</span></p></td><td style="min-width:0.82pt; max-width:0.82pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:48.18pt; max-width:48.18pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$653</span></p></td><td style="min-width:48pt; max-width:48pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$616</span></p></td><td style="min-width:49pt; max-width:49pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$555</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> </table> <table cellpadding="0" style="margin:5pt 0pt 0pt; border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td colspan="4" style="min-width:113.82pt; max-width:113.82pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Class 2</span></p></td><td style="min-width:48.18pt; max-width:48.18pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Class 3</span></p></td><td style="min-width:48pt; max-width:48pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Class 4</span></p></td><td style="min-width:49pt; max-width:49pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Class 5</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:32.02pt; max-width:32.02pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">1 Year</span></p></td><td style="min-width:78.98pt; max-width:78.98pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$60</span></p></td><td style="min-width:0.82pt; max-width:0.82pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:48.18pt; max-width:48.18pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$53</span></p></td><td style="min-width:48pt; max-width:48pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$50</span></p></td><td style="min-width:49pt; max-width:49pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$45</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:32.02pt; max-width:32.02pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">3 Years</span></p></td><td style="min-width:78.98pt; max-width:78.98pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$189</span></p></td><td style="min-width:0.82pt; max-width:0.82pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:48.18pt; max-width:48.18pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$167</span></p></td><td style="min-width:48pt; max-width:48pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$157</span></p></td><td style="min-width:49pt; max-width:49pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$141</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:32.02pt; max-width:32.02pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">5 Years</span></p></td><td style="min-width:78.98pt; max-width:78.98pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$329</span></p></td><td style="min-width:0.82pt; max-width:0.82pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:48.18pt; max-width:48.18pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$291</span></p></td><td style="min-width:48pt; max-width:48pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$274</span></p></td><td style="min-width:49pt; max-width:49pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$246</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:32.02pt; max-width:32.02pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">10 Years</span></p></td><td style="min-width:78.98pt; max-width:78.98pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$738</span></p></td><td style="min-width:0.82pt; max-width:0.82pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:48.18pt; max-width:48.18pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$653</span></p></td><td style="min-width:48pt; max-width:48pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$616</span></p></td><td style="min-width:49pt; max-width:49pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$555</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> </table> 60 60 53 53 50 50 45 45 189 189 167 167 157 157 141 141 329 329 291 291 274 274 246 246 738 738 653 653 616 616 555 555 Portfolio Turnover <p style="word-wrap:break-word; margin:0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These transaction costs, which are not reflected in “</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">Annual Fund Operating Expenses</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">” or in the “</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">Example of Expenses</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">” above, affect the Fund’s performance. During the Fund’s most recent fiscal year, the Fund’s portfolio turnover rate was 19% of the average value of its portfolio.</span></p> 0.19 Principal Investment Strategies <p style="word-wrap:break-word; margin:0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">The Fund seeks to meet its objective by investing in an international portfolio of equities, which include common stock and other equity securities, of issuers located in countries of developed and emerging markets.</span></p> <p style="word-wrap:break-word; margin:5pt 0pt 0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">Under normal circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in common stocks and other equity securities. The Fund invests predominantly in securities issued by companies located in countries represented in the MSCI ACWI ex USA Index which includes issuers from a range of developed and emerging market countries. The Fund may invest to a lesser extent in frontier markets. The Fund ordinarily invests in securities of issuers located in at least three countries outside the U.S. The Fund invests in equity securities either directly or indirectly, such as through depositary receipts, and may invest in preferred stocks, convertible securities, rights and warrants. The Fund is not constrained with respect to market capitalization and may participate in initial public offerings (</span><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:9pt; color:#000000">“IPOs”</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">). In addition, investment is permitted in securities offerings that are not registered in the U.S.</span></p> <p style="word-wrap:break-word; margin:5pt 0pt 0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">The portfolio managers employ a bottom-up approach to stock selection, seeking to identify companies they believe have attractive long-term growth prospects, and principally select companies without being constrained by the MSCI ACWI ex USA benchmark. The portfolio managers focus on company research and the long-term outlook of companies and industries. Ideas can come from a wide variety of sources, including, but not limited to, research trips, company meetings, and relationships with industry thought leaders and academic institutions. Stock ideas are normally researched to assess a range of factors, including: long-term growth potential, geographic and industry positioning, competitive advantage, management, financial strength and valuation. Under normal circumstances, the intended outcome is a diversified portfolio typically consisting of between 60 and 90 growth companies with the potential to outperform the Fund’s benchmark over the long term. The process can result in significant exposure to a single country or a small number of countries. The Fund expects to invest in Chinese companies, among other means, through China A shares, which are common stocks and other equity securities that are listed or traded on a Chinese stock exchange and which are quoted in renminbi, the official currency of China. The Fund aims to hold securities for long periods (typically at least 5 years), which generally results in relatively low portfolio turnover and is in line with the portfolio managers’ long-term investment outlook. When assessing a company’s long-term growth prospects, the portfolio managers seek to identify and to incorporate a range of factors that are material to managing the Fund’s investment risks and maximizing capital appreciation. Such factors potentially include the environmental, social, and/or governance characteristics of the company, such as stewardship, sustainable business practices, and/or corporate culture.</span></p> <p style="word-wrap:break-word; margin:5pt 0pt 0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">The Fund may invest without limitation in securities quoted or denominated in currencies other than the U.S. dollar and may hold such currencies. The Fund does not expect to engage in currency hedging and thus expects to be fully exposed to currency fluctuations relative to the U.S. dollar.</span></p> An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. You could lose money by investing in the Fund. <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Investment Style Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Baillie Gifford Overseas Limited (the “</span><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:9pt; color:#000000">Manager</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">”) actively makes investment decisions for the Fund through bottom-up stock selection. Accordingly, the Fund will have risk characteristics that differ from its benchmark index. The Manager’s judgments about the attractiveness, relative value, or potential appreciation of a particular stock may prove to be incorrect and cause the Fund to lose money or underperform compared to its benchmark index. There can be no assurance that the Manager’s investment decisions will produce the desired results.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Growth Stock Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The prices of growth stocks may be based largely on expectations of future earnings, and their prices can decline rapidly and significantly in reaction to negative news. Growth stocks may underperform stocks in other broad style categories (and the stock market as a whole) over any period of time and may shift in and out of favor with investors generally, sometimes rapidly, depending on changes in market, economic, and other factors.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Long-Term Investment Strategy Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The Fund pursues a long-term investment approach, typically seeking returns over a period of several years. This investment style may cause the Fund to lose money or underperform compared to its benchmark index or other mutual funds over extended periods of time, and the Fund may not perform as expected in the long term. An investment in the Fund may be more suitable for long-term investors who can bear the risk of short- or medium-term fluctuations in the value of the Fund’s portfolio. See also “</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">Selected Investment Techniques and Topics</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">Our Stewardship Approach.”</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Non-U.S. Investment Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Non-U.S. securities are subject to additional risks, including less liquidity, increased volatility, less transparency, withholding or other taxes, increased vulnerability to adverse changes in local and global economic conditions, less regulation, and possible fluctuation in value due to adverse political conditions. Foreign portfolio transactions generally involve higher commission rates, transfer taxes, and custodial costs than similar transactions in the U.S.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Asia Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Investing in securities of companies located in or with exposure to Asian countries involves certain risks and considerations not typically associated with investing in securities of U.S. issuers, including different financial reporting standards, currency exchange rate fluctuations, and highly regulated markets with the potential for government interference. The economies of many Asian countries are heavily dependent on international trade and on only a few industries or commodities and, as a result, can be adversely affected by trade barriers, exchange controls </span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">and other measures imposed or negotiated by the countries with which they trade. Some Asian securities may be less liquid than U.S. or other foreign securities. See “</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">China Risk</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">” for additional details regarding the risks of investing in that country.</span></p><p style="word-wrap:break-word; margin:5pt 0pt 0pt; padding:0pt 0pt 0pt 18pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">Additionally, many of the economies of countries in Asia are considered emerging market or frontier market economies. These Asian economies are often characterized by high inflation, undeveloped financial service sectors, frequent currency fluctuations, devaluations, or restrictions, political and social instability, and less efficient markets. See “</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">Emerging Markets Risk</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">” for additional details regarding the risks of investing in such countries.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">China Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Investing in securities of Chinese issuers involves certain risks and considerations not typically associated with investing in securities of U.S. issuers, including, among others, more frequent trading suspensions and government interventions (including by nationalization of assets), currency exchange rate fluctuations or blockages, limits on the use of brokers and on foreign ownership, different financial reporting standards, higher dependence on exports and international trade, potential for increased trade tariffs, sanctions, embargoes and other trade limitations, custody risks, risks associated with investments in variable interest entities, and potential adverse tax consequences. U.S. sanctions or other investment restrictions could preclude the Fund from investing in certain Chinese issuers or cause the Fund to sell investments at a disadvantageous time. Significant portions of the Chinese securities markets may become rapidly illiquid, as Chinese issuers have the ability to suspend the trading of their equity securities, and have shown a willingness to exercise that option in response to market volatility and other events.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Conflicts of Interest Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The Manager’s relationships with the Fund’s institutional investor base may give rise to various conflicts of interest, since the Manager will sometimes have an incentive to favor those shareholders over other shareholders in the Fund. In addition, the Manager serves as investment adviser to various clients other than the Fund, some of whom may pursue strategies that are substantially similar or nearly identical to investment strategies pursued by the Fund. This “side-by-side” management may give rise to various conflicts of interest, including, for example, in connection with the fair allocation of trades among the Manager’s clients or the sharing of different, more, or more timely information regarding investment performance, portfolio holdings, strategy developments and/or the Manager’s general market outlook. Although the Fund’s investment objective and strategies are substantially similar to those of an ETF managed by the Manager, differences in purchase and redemption structure, investment restrictions, and legal requirements lead to the use of different trading practices and potentially different portfolio decisions. Furthermore, if investment personnel of the Manager hold board or other positions at outside companies, they could be exposed to material non-public information potentially impeding or delaying the Fund’s ability to buy or sell certain investments, or they could otherwise be restricted in their ability to participate in the Fund’s investment process.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Currency Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The Fund may realize a loss if it has exposure to a non-U.S. currency, and this non-U.S. currency declines in value, relative to the U.S. dollar. The Fund does not expect to engage in currency hedging and thus expects to be fully exposed to currency fluctuations relative to the U.S. dollar.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Developed Markets Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Investing in securities of companies located in, or with exposure to, developed countries will subject the Fund to the regulatory, political, currency, security, economic and other risks associated with such countries. In recent periods, countries with developed markets have generally experienced slower economic growth than some less developed countries. Services sectors </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; letter-spacing:-0.1pt; color:#000000">(e.g., the financial services sector) generally tend to represent the primary source of economic growth in developed markets, which can make them susceptible to the risks of individual service sectors. In addition, developed countries will be impacted by changes to the economic conditions of certain key trading partners, regulatory burdens, and the price or availability of certain commodities, among other things.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Emerging Markets Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– To the extent the Fund invests in emerging market securities, the Fund may be exposed to greater market, credit, currency, liquidity, legal, political, technical and other risks different from, or greater than, the risks of investing in developed markets.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Equity Securities Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Equity securities may react more strongly to changes in an issuer’s financial condition or prospects than other securities of the same issuer. Investing in equity securities indirectly, such as through participatory notes or depositary receipts, may involve other risks such as the risk that the counterparty may default or that the investment does not track the underlying security as expected.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">ESG Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– To the extent that the Fund’s portfolio managers incorporate environmental, social and/or governance considerations (“</span><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:9pt; color:#000000">ESG Factors</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">”) into the Fund’s investment process as a part of the Fund’s long-term investment approach, the Fund is subject to the risk that it may underperform funds that do not take ESG Factors into account. The consideration of ESG Factors may prioritize long-term rather than short-term returns, and therefore may negatively impact the relative performance of the Fund over the short, medium or even long term depending on how successfully those ESG Factors are incorporated and whether such investments are in or out of favor. In considering ESG Factors, the portfolio managers may be dependent upon information and data obtained through voluntary reporting by issuers or third-party research that may be incomplete, inaccurate or unavailable, which could impact the portfolio managers’ assessment of relative risks and opportunities. See also “</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">Long-Term Investment Strategy Risk</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">” and “</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">Selected Investment Techniques and Topics—Our Stewardship Approach.”</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Focused Investment Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Should the Fund focus its investments in related, or a limited number of, countries, regions, sectors, or companies, this would create more risk and greater volatility than if the Fund’s investments were less focused.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Frontier Markets Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Frontier markets are those emerging markets that are considered to be among the smallest, least mature and least liquid and, as a result, may be more volatile and less liquid than investments in more developed markets or in other emerging market countries. Emerging markets risk may be especially heightened in frontier markets.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Geographic Focus Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The Fund expects to focus its investments in a limited number of countries or geographic regions, and as a result may not offer the same level of diversification of risks as a more broadly global fund because the Fund will be exposed to a smaller geographic area. The performance of a fund that is less diversified across countries or geographic regions will be closely tied to market, currency, economic, political, environmental, or regulatory conditions and developments in the countries or regions in which the Fund invests, and may be more volatile than the performance of a more geographically-diversified portfolio.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Government and Regulatory Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Governmental and regulatory authorities in the United States and other countries, have taken, and may in the future take, actions intervening in the markets in which the Fund invests and in the economy more generally. Governmental and regulatory authorities may also act to increase the scope or burden of regulations applicable to the Fund or to the companies in which the Fund invests. The effects of these actions on the markets generally, and the Fund’s investment program in particular, can be uncertain and could restrict the ability of the Fund to fully implement its investment strategies, either generally, or with respect to certain securities, industries, or countries. By contrast, markets in some non-U.S. countries historically have been subject to little regulation or oversight by governmental or regulatory authorities, which could heighten the risk of loss due to fraud or market failures in those countries. Governments, agencies, or other regulatory bodies in any country may adopt or change laws or regulations that could adversely affect the Fund or the market value of an instrument held by the Fund.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Information Technology Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Cyber-attacks, disruptions, or failures that affect the Fund’s service providers, counterparties, the securities markets generally, other market participants, or issuers of securities held by the Fund may adversely affect the Fund and its shareholders, including by causing losses for the Fund or impairing Fund operations.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">IPO Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The Fund may purchase securities in IPOs. These securities are subject to many of the same risks of investing in companies with smaller market capitalizations. Securities issued in IPOs have no trading history, and information about the companies may be available for very limited periods. In addition, the prices of securities sold in IPOs may be highly volatile.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Large-Capitalization Securities Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Returns on investments in securities of large companies could trail the returns on investments in securities of smaller and medium-sized companies. Larger companies may be unable to respond as quickly as smaller and medium-sized companies to competitive challenges or to changes in business, product, financial, or other market conditions. Larger companies may </span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">not be able to achieve or maintain growth at the high rates that may be achieved by well-managed smaller and medium-sized companies.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Liquidity Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The Fund’s investments may be subject to low trading volume, lack of a market maker, contractual lock-in periods or regulatory restrictions, and the Fund may hold large positions in particular securities. As a result, it may not be possible to sell an investment at a particular time or at an acceptable price. Liquidity risk may be magnified during periods of changing interest rates, significant shareholder redemptions or market turmoil. Illiquid investments may trade at a discount from comparable, more liquid investments and may be subject to wide fluctuations in market value. In some cases, due to unanticipated levels of illiquidity the Fund may seek to meet its redemption obligations wholly or in part by distributions of assets in-kind.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Market Disruption and Geopolitical Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The value of the Fund’s investments could be adversely affected by events that disrupt securities markets and adversely affect global markets such as war, terrorism, public health crises, and geopolitical events and by changes in non-U.S. and U.S. economic and political conditions. These disruptions could prevent the Fund from implementing its investment strategies and achieving its investment objective, and increase the Fund’s exposure to other risks detailed in this Prospectus. As a result, the Fund could lose money, experience significant redemptions, encounter operational difficulties, and suffer other negative impacts. Certain locations and industries may be particularly susceptible to this risk, and other risks may be heightened by such events.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Market Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The value of the Fund’s investments will be affected by fluctuations in the stock markets in which the Fund is invested, factors affecting a particular industry or industries, real or perceived adverse economic conditions, changes in interest or currency rates or adverse investor sentiment generally. Declines in securities market prices may reduce the net asset value of the Fund’s shares.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Service Provider Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The Fund will be affected by the Manager’s investment techniques, analyses, assessments and employee retention. Similarly, adverse events or performance failures at a service provider, such as human error, inadequate controls or insolvency, have the ability to adversely affect the Fund.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Settlement Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The Fund may experience delays in settlement due to the different clearance and settlement procedures in non-U.S. countries. Such delays may increase credit risk to the Fund, limit the ability of the Fund to reinvest the proceeds of a sale of securities, or prevent the Fund from selling securities at times and prices it considers desirable.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; letter-spacing:-0.15pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; letter-spacing:-0.15pt; color:#955aa5">Small- and Medium-Capitalization Securities Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; letter-spacing:-0.15pt; color:#000000">– Securities of small- and medium-capitalization companies can be more volatile due to various factors including more limited product </span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">lines, financial and management resources and market distribution channels, as well as shorter operating histories and potentially reduced liquidity, especially during market declines, than the securities of larger, more established companies.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Valuation Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– In certain circumstances, some of the Fund’s portfolio holdings may be valued on the basis of factors other than market quotations by employing fair value procedures. This may occur more often in times of market turmoil or reduced liquidity. Portfolio holdings that are valued using techniques other than market quotations, including “fair valued” securities, may be subject to greater fluctuation in their valuations from one day to the next than if market quotations were used. There is no assurance that the Fund could sell or close out a portfolio position for the value established for it at any time, and it is possible that the Fund would incur a loss because a portfolio position is sold or closed out at a discount to the valuation established by the Fund at that time.</span></p> Performance <p style="word-wrap:break-word; margin:0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s annual total returns from year to year and by comparing the Fund’s average annual total returns with those of the Fund’s benchmark. Past performance (before and after taxes) is not an indication of future performance.</span></p> The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s annual total returns from year to year and by comparing the Fund’s average annual total returns with those of the Fund’s benchmark. Past performance (before and after taxes) is not an indication of future performance. Annual Total Returns – Class 2 Shares <div style="margin:5pt 0pt 0pt; padding:0pt 0pt 0pt 4pt"><span style="display:inline-block; width:257pt; height:120pt; vertical-align:0pt; overflow:hidden"><img alt="" src="j2699543_ba003.jpg" style="margin:-1.08pt 13.03pt; width: 307.85px; height: 162.85px;"/></span></div> <p style="word-wrap:break-word; margin:3pt 0pt 0pt; padding:0pt 0pt 0pt 4pt; line-height:8.5pt; transform-origin:left; transform:matrix(0.75,0,0,1,0,0); min-width:132.18%"><span style="font-family:Arial, Helvetica, sans-serif; font-style:normal; font-weight:normal; font-size:8pt; color:#8c8c8c">Highest Quarterly Return: 25.55% (Q2, 2020)</span></p> <p style="word-wrap:break-word; margin:0pt; padding:0pt 0pt 0pt 4pt; line-height:8.5pt; transform-origin:left; transform:matrix(0.75,0,0,1,0,0); min-width:132.18%"><span style="font-family:Arial, Helvetica, sans-serif; font-style:normal; font-weight:normal; font-size:8pt; color:#8c8c8c">Lowest Quarterly Return: ‑20.78% (Q1, 2020)</span></p> Highest Quarterly Return 0.2555 2020-06-30 Lowest Quarterly Return -0.2078 2020-03-31 In the table below, after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown for Class 2 shares only, and after-tax returns for other share classes will vary. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you are tax-exempt or if you hold your Fund shares through a tax-advantaged account. A description of the Fund’s comparative index and details regarding the calculation of the Fund’s class-by-class performance are provided in the section of the Prospectus entitled “Additional Performance Information.” In the table below, after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown for Class 2 shares only, and after-tax returns for other share classes will vary. After-tax returns shown are not relevant if you are tax-exempt or if you hold your Fund shares through a tax-advantaged account. <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:134.73pt; max-width:134.73pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Average Annual Total <br/>Returns for Periods Ended <br/>December 31, 2025</span></p></td><td style="min-width:42.27pt; max-width:42.27pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">1 Year</span></p></td><td style="min-width:6.64pt; max-width:6.64pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:31.36pt; max-width:31.36pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">5 Years</span></p></td><td style="min-width:42pt; max-width:42pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">10 Years</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:134.73pt; max-width:134.73pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">Class 2 Returns Before Taxes</span></p></td><td style="min-width:42.27pt; max-width:42.27pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">19.58%</span></p></td><td style="min-width:6.64pt; max-width:6.64pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:31.36pt; max-width:31.36pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">1.10%</span></p></td><td style="min-width:42pt; max-width:42pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">7.67%</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:134.73pt; max-width:134.73pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">Class 2 Returns After Taxes on <br/>Distributions</span></p></td><td style="min-width:42.27pt; max-width:42.27pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">16.82%</span></p></td><td style="min-width:6.64pt; max-width:6.64pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:31.36pt; max-width:31.36pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.06%</span></p></td><td style="min-width:42pt; max-width:42pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">6.60%</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:134.73pt; max-width:134.73pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">Class 2 Returns After Taxes on <br/>Distributions and Sale of Fund Shares</span></p></td><td style="min-width:42.27pt; max-width:42.27pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">14.23%</span></p></td><td style="min-width:6.64pt; max-width:6.64pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:31.36pt; max-width:31.36pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.96%</span></p></td><td style="min-width:42pt; max-width:42pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">6.20%</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:134.73pt; max-width:134.73pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">Class 3 Returns Before Taxes</span></p></td><td style="min-width:42.27pt; max-width:42.27pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">19.67%</span></p></td><td style="min-width:6.64pt; max-width:6.64pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:31.36pt; max-width:31.36pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">1.18%</span></p></td><td style="min-width:42pt; max-width:42pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">7.74%</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:134.73pt; max-width:134.73pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">Class 4 Returns Before Taxes</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(1)</span></p></td><td style="min-width:42.27pt; max-width:42.27pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">19.70%</span></p></td><td style="min-width:6.64pt; max-width:6.64pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:31.36pt; max-width:31.36pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">1.21%</span></p></td><td style="min-width:42pt; max-width:42pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">7.76%</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:134.73pt; max-width:134.73pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">Class 5 Returns Before Taxes</span></p></td><td style="min-width:42.27pt; max-width:42.27pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">19.76%</span></p></td><td style="min-width:6.64pt; max-width:6.64pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:31.36pt; max-width:31.36pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">1.26%</span></p></td><td style="min-width:42pt; max-width:42pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">7.83%</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td colspan="6" style="min-width:259pt; max-width:259pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Comparative Index<br/></span><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">(reflects no deductions for fees, expenses, or taxes)</span></p></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:134.73pt; max-width:134.73pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">MSCI ACWI ex USA Index</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(2)</span></p></td><td style="min-width:42.27pt; max-width:42.27pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">33.11%</span></p></td><td style="min-width:6.64pt; max-width:6.64pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:31.36pt; max-width:31.36pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">8.45%</span></p></td><td style="min-width:42pt; max-width:42pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">8.94%</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> </table> <table cellpadding="0" style="margin:5.64pt 0pt 0pt; border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td style="min-width:21pt; max-width:21pt; vertical-align:top"><p style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(1)</span><span style="font-size:8pt">​</span></p></td><td style="min-width:240pt; max-width:240pt; vertical-align:bottom"><p style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:8pt; color:#000000">Performance for Class 4 shares prior to their date of inception (July 10, 2017) is derived from the historical performance of Class 2 shares, and has not been adjusted for the lower shareholder servicing fees applicable to Class 4 shares; had it, returns would have been higher.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td style="min-width:21pt; max-width:21pt; vertical-align:top"><p style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(2)</span><span style="font-size:8pt">​</span></p></td><td style="min-width:240pt; max-width:240pt; vertical-align:bottom"><p style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:8pt; color:#000000">The source of the index data is MSCI Inc. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This Prospectus is not approved, endorsed, reviewed or produced by MSCI. None of the MSCI data 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.</span></p></td></tr> </table> Average Annual Total Returns for Periods Ended December 31, 2025 0.1958 0.011 0.0767 0.1682 0.0006 0.066 0.1423 0.0096 0.062 0.1967 0.0118 0.0774 0.197 0.0121 0.0776 0.1976 0.0126 0.0783 (reflects no deductions for fees, expenses, or taxes) 0.3311 0.0845 0.0894 <p style="word-wrap:break-word; margin:5pt 0pt 0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">Updated information on the Fund’s investment performance can be obtained by visiting http://USmutualfund.bailliegifford.com.</span></p> http://USmutualfund.bailliegifford.com Baillie Gifford International Growth Fund Investment Objective <p style="word-wrap:break-word; margin:0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">Baillie Gifford International Growth Fund seeks capital appreciation.</span></p> Fees and Expenses <p style="word-wrap:break-word; margin:0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">The tables below describe the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund.</span></p> Shareholder Fees (Fees paid directly from your investment) <table cellpadding="0" style="margin:5pt 0pt 0pt; border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:64pt; max-width:64pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Class 2</span></p></td><td style="min-width:66pt; max-width:66pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Class 3</span></p></td><td style="min-width:66pt; max-width:66pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Class 4</span></p></td><td style="min-width:63pt; max-width:63pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Class 5</span></p></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:64pt; max-width:64pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">None</span></p></td><td style="min-width:66pt; max-width:66pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">None</span></p></td><td style="min-width:66pt; max-width:66pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">None</span></p></td><td style="min-width:63pt; max-width:63pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">None</span></p></td></tr> </table> 0 0 0 0 Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) <table style="border-collapse:collapse; margin:7.11pt 0pt 0pt; border-spacing: 0px;"><tr><td style="min-width:120pt; max-width:120pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:30pt; max-width:30pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Class 2</span></p> </td><td style="min-width:7pt; max-width:7pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:29.5pt; max-width:29.5pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Class 3</span></p> </td><td style="min-width:7pt; max-width:7pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:28.5pt; max-width:28.5pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Class 4</span></p> </td><td style="min-width:7pt; max-width:7pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:29pt; max-width:29pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Class 5</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:120pt; max-width:120pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:left; padding:1.12pt 0pt 0.32pt 2pt"><p style="word-wrap:break-word; margin:0pt; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">Advisory Fees</span></p> </td><td style="min-width:30pt; max-width:30pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.33%</span></p> </td><td style="min-width:7pt; max-width:7pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:29.5pt; max-width:29.5pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.33%</span></p> </td><td style="min-width:7pt; max-width:7pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:28.5pt; max-width:28.5pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.33%</span></p> </td><td style="min-width:7pt; max-width:7pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:29pt; max-width:29pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.33%</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:120pt; max-width:120pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:left; padding:1.12pt 0pt 0.32pt 2pt"><p style="word-wrap:break-word; margin:0pt; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">Service Fees</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(a)</span></p> </td><td style="min-width:30pt; max-width:30pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.17%</span></p> </td><td style="min-width:7pt; max-width:7pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:29.5pt; max-width:29.5pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.10%</span></p> </td><td style="min-width:7pt; max-width:7pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:28.5pt; max-width:28.5pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.07%</span></p> </td><td style="min-width:7pt; max-width:7pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:29pt; max-width:29pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.02%</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:120pt; max-width:120pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:left; padding:1.12pt 0pt 0.32pt 2pt"><p style="word-wrap:break-word; margin:0pt; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">Other Expenses</span></p> </td><td style="min-width:30pt; max-width:30pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.07%</span></p> </td><td style="min-width:7pt; max-width:7pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:29.5pt; max-width:29.5pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.07%</span></p> </td><td style="min-width:7pt; max-width:7pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:28.5pt; max-width:28.5pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.07%</span></p> </td><td style="min-width:7pt; max-width:7pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:29pt; max-width:29pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.07%</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:120pt; max-width:120pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:left; padding:1.12pt 0pt 0.32pt 2pt"><p style="word-wrap:break-word; margin:0pt; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Total Annual Fund Operating <br/>Expenses</span></p> </td><td style="min-width:30pt; max-width:30pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.57%</span></p> </td><td style="min-width:7pt; max-width:7pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:29.5pt; max-width:29.5pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.50%</span></p> </td><td style="min-width:7pt; max-width:7pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:28.5pt; max-width:28.5pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.47%</span></p> </td><td style="min-width:7pt; max-width:7pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:29pt; max-width:29pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.42%</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td></tr> </table><table cellpadding="0" style="margin:5.5pt 0pt 0pt; border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td style="min-width:21pt; max-width:21pt; vertical-align:top"><p style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(a)</span><span style="font-size:8pt">​</span></p></td><td style="min-width:240pt; max-width:240pt; vertical-align:bottom"><p style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:8pt; color:#000000">Service Fees differ between the classes of the Fund to reflect varying levels of shareholder servicing fees payable to Baillie Gifford Overseas Limited, as described in detail under “Fund Management—Shareholder Services” below.</span></p></td></tr> </table> 0.0033 0.0033 0.0033 0.0033 0.0017 0.001 0.0007 0.0002 0.0007 0.0007 0.0007 0.0007 0.0057 0.005 0.0047 0.0042 Example of Expenses <p style="word-wrap:break-word; margin:0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. It assumes that you invest $10,000 in the Fund for the time periods indicated, regardless of whether or not you redeem your shares at the end of such periods. It also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same.</span></p> Although your actual costs may be higher or lower, based on these assumptions, your expenses would be: <table cellpadding="0" style="margin:5pt 0pt 0pt; border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td colspan="4" style="min-width:105.82pt; max-width:105.82pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Class 2</span></p></td><td style="min-width:50.18pt; max-width:50.18pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Class 3</span></p></td><td style="min-width:54pt; max-width:54pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Class 4</span></p></td><td style="min-width:49pt; max-width:49pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Class 5</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:32.02pt; max-width:32.02pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">1 Year</span></p></td><td style="min-width:70.98pt; max-width:70.98pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$58</span></p></td><td style="min-width:0.82pt; max-width:0.82pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:50.18pt; max-width:50.18pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$51</span></p></td><td style="min-width:54pt; max-width:54pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$48</span></p></td><td style="min-width:49pt; max-width:49pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$43</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:32.02pt; max-width:32.02pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">3 Years</span></p></td><td style="min-width:70.98pt; max-width:70.98pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$183</span></p></td><td style="min-width:0.82pt; max-width:0.82pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:50.18pt; max-width:50.18pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$160</span></p></td><td style="min-width:54pt; max-width:54pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$151</span></p></td><td style="min-width:49pt; max-width:49pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$135</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:32.02pt; max-width:32.02pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">5 Years</span></p></td><td style="min-width:70.98pt; max-width:70.98pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$318</span></p></td><td style="min-width:0.82pt; max-width:0.82pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:50.18pt; max-width:50.18pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$280</span></p></td><td style="min-width:54pt; max-width:54pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$263</span></p></td><td style="min-width:49pt; max-width:49pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$235</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:32.02pt; max-width:32.02pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">10 Years</span></p></td><td style="min-width:70.98pt; max-width:70.98pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$714</span></p></td><td style="min-width:0.82pt; max-width:0.82pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:50.18pt; max-width:50.18pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$628</span></p></td><td style="min-width:54pt; max-width:54pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$591</span></p></td><td style="min-width:49pt; max-width:49pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$530</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> </table> <table cellpadding="0" style="margin:5pt 0pt 0pt; border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td colspan="4" style="min-width:105.82pt; max-width:105.82pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Class 2</span></p></td><td style="min-width:50.18pt; max-width:50.18pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Class 3</span></p></td><td style="min-width:54pt; max-width:54pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Class 4</span></p></td><td style="min-width:49pt; max-width:49pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Class 5</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:32.02pt; max-width:32.02pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">1 Year</span></p></td><td style="min-width:70.98pt; max-width:70.98pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$58</span></p></td><td style="min-width:0.82pt; max-width:0.82pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:50.18pt; max-width:50.18pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$51</span></p></td><td style="min-width:54pt; max-width:54pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$48</span></p></td><td style="min-width:49pt; max-width:49pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$43</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:32.02pt; max-width:32.02pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">3 Years</span></p></td><td style="min-width:70.98pt; max-width:70.98pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$183</span></p></td><td style="min-width:0.82pt; max-width:0.82pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:50.18pt; max-width:50.18pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$160</span></p></td><td style="min-width:54pt; max-width:54pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$151</span></p></td><td style="min-width:49pt; max-width:49pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$135</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:32.02pt; max-width:32.02pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">5 Years</span></p></td><td style="min-width:70.98pt; max-width:70.98pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$318</span></p></td><td style="min-width:0.82pt; max-width:0.82pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:50.18pt; max-width:50.18pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$280</span></p></td><td style="min-width:54pt; max-width:54pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$263</span></p></td><td style="min-width:49pt; max-width:49pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$235</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:32.02pt; max-width:32.02pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">10 Years</span></p></td><td style="min-width:70.98pt; max-width:70.98pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$714</span></p></td><td style="min-width:0.82pt; max-width:0.82pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:50.18pt; max-width:50.18pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$628</span></p></td><td style="min-width:54pt; max-width:54pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$591</span></p></td><td style="min-width:49pt; max-width:49pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$530</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> </table> 58 58 51 51 48 48 43 43 183 183 160 160 151 151 135 135 318 318 280 280 263 263 235 235 714 714 628 628 591 591 530 530 Portfolio Turnover <p style="word-wrap:break-word; margin:0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These transaction costs, which are not reflected in “</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">Annual Fund Operating Expenses</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">” or in the “</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">Example of Expenses</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">” above, affect the Fund’s performance. During the Fund’s most recent fiscal year, the Fund’s portfolio turnover rate was 21% of the average value of its portfolio.</span></p> 0.21 Principal Investment Strategies <p style="word-wrap:break-word; margin:0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">The Fund seeks to meet its objective by investing in a diversified, international portfolio of common stocks and other equity securities of issuers located in countries of developed and emerging markets.</span></p> <p style="word-wrap:break-word; margin:5pt 0pt 0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">The Fund invests predominantly in securities issued by companies located in countries outside the U.S., including a range of developed and emerging market countries. The Fund may, however, invest up to 10% of its net assets in common stocks and other equities of companies located in the U.S. Under normal circumstances, the Fund invests in securities of issuers located in at least three countries outside the U.S. and typically maintains substantial exposure to emerging markets, which could constitute a majority of the Fund’s holdings. The Fund invests in equity securities either directly or indirectly, such as through depositary receipts, and may invest in preferred stocks, convertible securities, rights and warrants. The Fund is not constrained with respect to market capitalization and may participate in initial public offerings (</span><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:9pt; color:#000000">“IPOs”</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">). In addition, investment is permitted in securities offerings that are not registered in the U.S. In selecting companies for investment, the portfolio managers generally consider issuers in both developed and emerging markets.</span></p> <p style="word-wrap:break-word; margin:5pt 0pt 0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">The portfolio managers employ a bottom-up approach to stock selection, seeking to identify companies they believe have attractive long-term growth prospects, and select companies without being constrained by a benchmark. The portfolio managers focus on company research and the long-term outlook of companies and industries. Ideas can come from a wide variety of sources, including, but not limited to, research trips, company meetings, and relationships with industry thought leaders and academic institutions. Stock ideas are normally researched to assess a range of factors, including: long-term growth potential, geographic and industry positioning, competitive advantage, management, financial strength and valuation. Under normal circumstances, the intended outcome is a diversified portfolio typically consisting of at least 50 growth companies with the potential to outperform the MSCI ACWI ex USA Index over the long term. The process can result in significant exposure to a single country or a small number of countries or countries in a specific region, such as those located in emerging markets. The Fund expects to invest in Chinese companies, among other means, through China A shares, which are common stocks and other equity securities that are listed or traded on a Chinese stock exchange and which are quoted in renminbi, the official currency of China. The Fund aims to hold securities for long periods (typically at least 5 years), which generally results in relatively low portfolio turnover and is in line with the portfolio managers’ long-term investment outlook. Because the Fund aims to hold securities for long periods, the Fund does not expect to actively reduce its holdings of shares of particular issuers (other than in response to purchase and redemption requests) even if market movements cause the Fund to operate as a non-diversified company for an extended period of time. When assessing a company’s long-term growth prospects, the portfolio managers seek to identify and to incorporate a range of factors that are material to managing the Fund’s investment risks and maximizing capital appreciation. Such factors potentially include the environmental, social, and/or governance characteristics of </span></p> <p style="word-wrap:break-word; margin:0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">the company, such as stewardship, sustainable business practices, and/or corporate culture.</span></p> <p style="word-wrap:break-word; margin:5pt 0pt 0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">The Fund may invest without limitation in securities quoted or denominated in currencies other than the U.S. dollar and may hold such currencies. The Fund does not expect to engage in currency hedging and thus expects to be fully exposed to currency fluctuations relative to the U.S. dollar.</span></p> An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. You could lose money by investing in the Fund. <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Investment Style Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Baillie Gifford Overseas Limited (the “</span><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:9pt; color:#000000">Manager</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">”) actively makes investment decisions for the Fund through bottom-up stock selection. Accordingly, the Fund will have risk characteristics that differ from its benchmark index. The Manager’s judgments about the attractiveness, relative value, or potential appreciation of a particular stock may prove to be incorrect and cause the Fund to lose money or underperform compared to its benchmark index. There can be no assurance that the Manager’s investment decisions will produce the desired results.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Growth Stock Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The prices of growth stocks may be based largely on expectations of future earnings, and their prices can decline rapidly and significantly in reaction to negative news. Growth stocks may underperform stocks in other broad style categories (and the stock market as a whole) over any period of time and may shift in and out of favor with investors generally, sometimes rapidly, depending on changes in market, economic, and other factors.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Long-Term Investment Strategy Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The Fund pursues a long-term investment approach, typically seeking returns over a period of several years. This investment style may cause the Fund to lose money or underperform compared to its benchmark index or other mutual funds over extended periods of time, and the Fund may not perform as expected in the long term. An investment in the Fund may be more suitable for long-term investors who can bear the risk of short- or medium-term fluctuations in the value of the Fund’s portfolio. See also “</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">Selected Investment Techniques and Topics</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">Our Stewardship Approach.”</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Non-U.S. Investment Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Non-U.S. securities are subject to additional risks, including less liquidity, increased volatility, less transparency, withholding or other taxes, increased vulnerability to adverse changes in local and global economic conditions, less regulation, and possible fluctuation in value due to adverse political conditions. Foreign portfolio transactions generally involve higher commission rates, transfer taxes, and custodial costs than similar transactions in the U.S.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Asia Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Investing in securities of companies located in or with exposure to Asian countries involves certain risks and considerations not typically associated with investing in securities of U.S. issuers, including different financial reporting standards, currency exchange rate fluctuations, and highly regulated markets with the potential for government interference. The economies of many Asian countries are heavily dependent on international trade and on only a few industries or commodities and, as a result, can be adversely affected by trade barriers, exchange controls and other measures imposed or negotiated by the countries with which they trade. Some Asian securities may be less liquid than U.S. or other foreign securities. See “</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">China Risk</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">” for additional details regarding the risks of investing in that country.</span></p><p style="word-wrap:break-word; margin:5pt 0pt 0pt; padding:0pt 0pt 0pt 18pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">Additionally, many of the economies of countries in Asia are considered emerging market or frontier market economies. These Asian economies are often characterized by high inflation, undeveloped financial service sectors, frequent currency fluctuations, devaluations, or restrictions, political and social instability, and less efficient markets. See </span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">“Emerging Markets Risk</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">” for additional details regarding the risks of investing in such countries.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">China Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Investing in securities of Chinese issuers involves certain risks and considerations not typically associated with investing in securities of U.S. issuers, including, among others, more frequent trading suspensions and government interventions (including by nationalization of assets), currency exchange rate fluctuations or blockages, limits on the use of brokers and on foreign ownership, different financial reporting standards, higher dependence on exports and international trade, potential for increased trade tariffs, sanctions, embargoes and other trade limitations, custody risks, risks associated with investments in variable interest entities, and potential adverse tax consequences. U.S. sanctions or other investment restrictions could preclude the Fund from investing in certain Chinese issuers or cause the Fund to sell investments at a disadvantageous time. Significant portions of the Chinese securities markets may become rapidly illiquid, as Chinese issuers have the ability to suspend the trading of their equity securities, and have shown a willingness to exercise that option in response to market volatility and other events.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Conflicts of Interest Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The Manager’s relationships with the Fund’s institutional investor base may give rise to various conflicts of interest, since the Manager will sometimes have an incentive to favor those shareholders over other shareholders in the Fund. In addition, the Manager serves as investment adviser to various clients other than the Fund, some of whom may pursue strategies that are substantially similar or nearly identical to investment strategies pursued by the Fund. This “side-by-side” management may give rise to various conflicts of interest, including, for example, in connection with the fair allocation of trades among the Manager’s clients or the sharing of different, more, or more timely information regarding investment performance, portfolio holdings, strategy developments and/or the Manager’s general market outlook. Furthermore, if investment personnel of the Manager hold board or other </span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">positions at outside companies, they could be exposed to material non-public information potentially impeding or delaying a Fund’s ability to buy or sell certain investments, or they could otherwise be restricted in their ability to participate in a Fund’s investment process.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Currency Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The Fund may realize a loss if it has exposure to a non-U.S. currency, and this non-U.S. currency declines in value, relative to the U.S. dollar. The Fund does not expect to engage in currency hedging and thus expects to be fully exposed to currency fluctuations relative to the U.S. dollar.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Developed Markets Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Investing in securities of companies located in, or with exposure to, developed countries will subject the Fund to the regulatory, political, currency, security, economic and other risks associated with such countries. In recent periods, countries with developed markets have generally experienced slower economic growth than some less developed countries. Services sectors </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; letter-spacing:-0.1pt; color:#000000">(e.g., the financial services sector) generally tend to represent the primary source of economic growth in developed markets, which can make them susceptible to the risks of individual service sectors. In addition, developed countries will be impacted by changes to the economic conditions of certain key trading partners, regulatory burdens, and the price or availability of certain commodities, among other things.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Emerging Markets Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– To the extent the Fund invests in emerging market securities, the Fund may be exposed to greater market, credit, currency, liquidity, legal, political, technical and other risks different from, or greater than, the risks of investing in developed markets.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Equity Securities Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Equity securities may react more strongly to changes in an issuer’s financial condition or prospects than other securities of the same issuer. Investing in equity securities indirectly, such as through participatory notes or depositary receipts, may involve other risks such as the risk that the counterparty may default or that the investment does not track the underlying security as expected.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">ESG Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– To the extent that the Fund’s portfolio managers incorporate environmental, social and/or governance considerations (“</span><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:9pt; color:#000000">ESG Factors</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">”) into the Fund’s investment process as a part of the Fund’s long-term investment approach, the Fund is subject to the risk that it may underperform funds that do not take ESG Factors into account. The consideration of ESG Factors may prioritize long-term rather than short-term returns, and therefore may negatively impact the relative performance of the Fund over the short, medium or even long term depending on how successfully those ESG Factors are incorporated and whether such investments are in or out of favor. In considering ESG Factors, the portfolio managers may be dependent upon information and data obtained through voluntary reporting by issuers or third-party research that may be incomplete, inaccurate or unavailable, which could impact the portfolio managers’ assessment of relative risks and opportunities. See also “</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">Long-Term Investment Strategy Risk</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">” and “</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">Selected Investment Techniques and Topics</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">Our Stewardship Approach.”</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Focused Investment Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Should the Fund focus its investments in related, or a limited number of, countries, regions, sectors, or companies, this would create more risk and greater volatility than if the Fund’s investments were less focused.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Geographic Focus Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The Fund expects to focus its investments in a limited number of countries or geographic regions, and as a result may not offer the same level of diversification of risks as a more broadly global fund because the Fund will be exposed to a smaller geographic area. The performance of a fund that is less diversified across countries or geographic regions will be closely tied to market, currency, economic, political, environmental, or regulatory conditions and developments in the countries or regions in which the Fund invests, and may be more volatile than the performance of a more geographically-diversified portfolio.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Government and Regulatory Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Governmental and regulatory authorities in the United States and other countries, have taken, and may in the future take, actions intervening in the markets in which the Fund invests and in the economy more generally. Governmental and regulatory authorities may also act to increase the scope or burden of regulations applicable to the Fund or to the companies in which the Fund invests. The effects of these actions on the markets generally, and the Fund’s investment program in particular, can be uncertain and could restrict the ability of the Fund to fully implement its investment strategies, either generally, or with respect to certain securities, industries, or countries. By contrast, markets in some non-U.S. countries historically have been subject to little regulation or oversight by governmental or regulatory authorities, which could heighten the risk of loss due to fraud or market failures in those countries. Governments, agencies, or other regulatory bodies in any country may adopt or change laws or regulations that could adversely affect the Fund or the market value of an instrument held by the Fund.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Information Technology Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Cyber-attacks, disruptions, or failures that affect the Fund’s service providers, counterparties, the securities markets generally, other market participants, or issuers of securities held by the Fund may adversely affect the Fund and its shareholders, including by causing losses for the Fund or impairing Fund operations.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">IPO Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The Fund may purchase securities in IPOs. These securities are subject to many of the same risks of investing in companies with smaller market capitalizations. Securities issued in IPOs have no trading history, and information about the companies may be available for very limited periods. In addition, the prices of securities sold in IPOs may be highly volatile.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Large-Capitalization Securities Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Returns on investments in securities of large companies could trail the returns on investments in securities of smaller and medium-sized companies. Larger companies may be unable to respond as quickly as smaller and medium-sized companies to competitive challenges or to changes in business, product, financial, or other market conditions. Larger companies may not be able to achieve or maintain growth at the high rates </span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">that may be achieved by well-managed smaller and medium-sized companies.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Liquidity Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The Fund’s investments may be subject to low trading volume, lack of a market maker, contractual lock-in periods or regulatory restrictions, and the Fund may hold large positions in particular securities. As a result, it may not be possible to sell an investment at a particular time or at an acceptable price. Liquidity risk may be magnified during periods of changing interest rates, significant shareholder redemptions or market turmoil. Illiquid investments may trade at a discount from comparable, more liquid investments and may be subject to wide fluctuations in market value. In some cases, due to unanticipated levels of illiquidity the Fund may seek to meet its redemption obligations wholly or in part by distributions of assets in-kind.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Market Disruption and Geopolitical Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The value of the Fund’s investments could be adversely affected by events that disrupt securities markets and adversely affect global markets such as war, terrorism, public health crises, and geopolitical events and by changes in non-U.S. and U.S. economic and political conditions. These disruptions could prevent the Fund from implementing its investment strategies and achieving its investment objective, and increase the Fund’s exposure to other risks detailed in this Prospectus. As a result, the Fund could lose money, experience significant redemptions, encounter operational difficulties, and suffer other negative impacts. Certain locations and industries may be particularly susceptible to this risk, and other risks may be heightened by such events.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Market Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The value of the Fund’s investments will be affected by fluctuations in the stock markets in which the Fund is invested, factors affecting a particular industry or industries, real or perceived adverse economic conditions, changes in interest or currency rates or adverse investor sentiment generally. Declines in securities market prices may reduce the net asset value of the Fund’s shares.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Service Provider Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The Fund will be affected by the Manager’s investment techniques, analyses, assessments and employee retention. Similarly, adverse events or performance failures at a service provider, such as human error, inadequate controls or insolvency, have the ability to adversely affect the Fund.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Settlement Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The Fund may experience delays in settlement due to the different clearance and settlement procedures in non-U.S. countries. Such delays may increase credit risk to the Fund, limit the ability of the Fund to reinvest the proceeds of a sale of securities, or prevent the Fund from selling securities at times and prices it considers desirable.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; letter-spacing:-0.1pt; color:#955aa5">Small- and Medium-Capitalization Securities Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; letter-spacing:-0.1pt; color:#000000">– Securities of small- and medium-capitalization companies can be more volatile due to various factors including more limited product lines, financial and management resources and market distribution channels, as well as shorter operating histories and potentially reduced liquidity, especially during market declines, than the securities of larger, more established companies.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Valuation Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– In certain circumstances, some of the Fund’s portfolio holdings may be valued on the basis of factors other than market quotations by employing fair value procedures. This may occur more often in times of market turmoil or reduced liquidity. Portfolio holdings that are valued using techniques other than market quotations, including “fair valued” securities, may be subject to greater fluctuation in their valuations from one day to the next than if market quotations were used. There is no assurance that the Fund could sell or close out a portfolio position for the value established for it at any time, and it is possible that the Fund would incur a loss because a portfolio position is sold or closed out at a discount to the valuation established by the Fund at that time.</span></p> Performance <p style="word-wrap:break-word; margin:0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s annual total returns from year to year and by comparing the Fund’s average annual total returns with those of the Fund’s benchmarks. Past performance (before and after taxes) is not an indication of future performance.</span></p> The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s annual total returns from year to year and by comparing the Fund’s average annual total returns with those of the Fund’s benchmarks. Past performance (before and after taxes) is not an indication of future performance. Annual Total Returns – Class 2 Shares <div style="margin:5pt 0pt 0pt; padding:0pt 0pt 0pt 4pt"><span style="display:inline-block; width:257pt; height:120pt; vertical-align:0pt; overflow:hidden"><img alt="" src="j2699543_bc001.jpg" style="margin:0.04pt 13.03pt; width: 307.85px; height: 159.84px;"/></span></div> <p style="word-wrap:break-word; margin:3pt 0pt 0pt; padding:0pt 0pt 0pt 4pt; line-height:8.5pt; transform-origin:left; transform:matrix(0.75,0,0,1,0,0); min-width:132.18%"><span style="font-family:Arial, Helvetica, sans-serif; font-style:normal; font-weight:normal; font-size:8pt; color:#8c8c8c">Highest Quarterly Return: 36.72% (Q2, 2020)</span></p> <p style="word-wrap:break-word; margin:0pt; padding:0pt 0pt 0pt 4pt; line-height:8.5pt; transform-origin:left; transform:matrix(0.75,0,0,1,0,0); min-width:132.18%"><span style="font-family:Arial, Helvetica, sans-serif; font-style:normal; font-weight:normal; font-size:8pt; color:#8c8c8c">Lowest Quarterly Return: ‑21.75% (Q1, 2022)</span></p> Highest Quarterly Return 0.3672 2020-06-30 Lowest Quarterly Return -0.2175 2022-03-31 <p style="word-wrap:break-word; margin:9pt 0pt 0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">In the table below, after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown for Class 2 shares only, and after-tax returns for other share classes will vary. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you are tax-exempt or if you hold your Fund shares through a tax-advantaged account. The table compares the Fund’s returns to two broad-based securities market indices that the Fund believes provide appropriate market benchmarks for the Fund’s performance. A description of the Fund’s comparative indices and details regarding the calculation of the Fund’s class-by-class performance are provided in the section of the Prospectus entitled “</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">Additional Performance Information</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">.”</span></p> In the table below, after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown for Class 2 shares only, and after-tax returns for other share classes will vary. After-tax returns shown are not relevant if you are tax-exempt or if you hold your Fund shares through a tax-advantaged account. <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:112.4pt; max-width:112.4pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Average Annual Total <br/>Returns for Periods Ended <br/>December 31, 2025</span></p></td><td style="min-width:44.6pt; max-width:44.6pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">1 Year</span></p></td><td colspan="3" style="min-width:48pt; max-width:48pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">5 Years</span></p></td><td style="min-width:52pt; max-width:52pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">10 Years</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:112.4pt; max-width:112.4pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">Class 2 Returns Before Taxes</span></p></td><td style="min-width:44.6pt; max-width:44.6pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">17.28%</span></p></td><td colspan="3" style="min-width:48pt; max-width:48pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">‑2.99%</span></p></td><td style="min-width:52pt; max-width:52pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">8.93%</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:112.4pt; max-width:112.4pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">Class 2 Returns After Taxes on <br/>Distributions</span></p></td><td style="min-width:44.6pt; max-width:44.6pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">15.93%</span></p></td><td colspan="3" style="min-width:48pt; max-width:48pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">‑4.23%</span></p></td><td style="min-width:52pt; max-width:52pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">7.57%</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:112.4pt; max-width:112.4pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">Class 2 Returns After Taxes on <br/>Distributions and Sale of Fund <br/>Shares</span></p></td><td style="min-width:44.6pt; max-width:44.6pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">11.34%</span></p></td><td colspan="3" style="min-width:48pt; max-width:48pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">‑2.26%</span></p></td><td style="min-width:52pt; max-width:52pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">7.22%</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:112.4pt; max-width:112.4pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">Class 3 Returns Before Taxes</span></p></td><td style="min-width:44.6pt; max-width:44.6pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">16.85%</span></p></td><td colspan="3" style="min-width:48pt; max-width:48pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">‑3.07%</span></p></td><td style="min-width:52pt; max-width:52pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">8.89%</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:112.4pt; max-width:112.4pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">Class 4 Returns Before Taxes</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(1)</span></p></td><td style="min-width:44.6pt; max-width:44.6pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">17.39%</span></p></td><td colspan="3" style="min-width:48pt; max-width:48pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">‑2.90%</span></p></td><td style="min-width:52pt; max-width:52pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">9.03%</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:112.4pt; max-width:112.4pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">Class 5 Returns Before Taxes</span></p></td><td style="min-width:44.6pt; max-width:44.6pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">17.45%</span></p></td><td colspan="3" style="min-width:48pt; max-width:48pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">‑2.85%</span></p></td><td style="min-width:52pt; max-width:52pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">9.10%</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td colspan="7" style="min-width:259pt; max-width:259pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Comparative Index<br/></span><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">(reflects no deductions for fees, expenses or taxes)</span></p></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:112.4pt; max-width:112.4pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">MSCI ACWI ex USA Index</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(2)</span></p></td><td style="min-width:44.6pt; max-width:44.6pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">33.11%</span></p></td><td style="min-width:24.42pt; max-width:24.42pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:23.58pt; max-width:23.58pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">8.45%</span></p></td><td style="min-width:52pt; max-width:52pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">8.94%</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:112.4pt; max-width:112.4pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">MSCI EAFE Index</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(2)</span></p></td><td style="min-width:44.6pt; max-width:44.6pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">31.89%</span></p></td><td style="min-width:24.42pt; max-width:24.42pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:23.58pt; max-width:23.58pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">9.46%</span></p></td><td style="min-width:52pt; max-width:52pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">8.71%</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> </table> <table cellpadding="0" style="margin:5.64pt 0pt 0pt; border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td style="min-width:21pt; max-width:21pt; vertical-align:top"><p style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(1)</span><span style="font-size:8pt">​</span></p></td><td style="min-width:240pt; max-width:240pt; vertical-align:bottom"><p style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:8pt; color:#000000">Performance for Class 4 shares prior to their date of inception (October 10, 2016) is derived from the historical performance of Class 2 shares, and has not been adjusted for the lower shareholder servicing fees applicable to Class 4 shares; had it, returns would have been higher.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td style="min-width:21pt; max-width:21pt; vertical-align:top"><p style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(2)</span><span style="font-size:8pt">​</span></p></td><td style="min-width:240pt; max-width:240pt; vertical-align:bottom"><p style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:8pt; color:#000000">The source of the index data is MSCI Inc. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This Prospectus is not approved, endorsed, reviewed or produced by MSCI. None of the MSCI data 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.</span></p></td></tr> </table> Average Annual Total Returns for Periods Ended December 31, 2025 0.1728 -0.0299 0.0893 0.1593 -0.0423 0.0757 0.1134 -0.0226 0.0722 0.1685 -0.0307 0.0889 0.1739 -0.029 0.0903 0.1745 -0.0285 0.091 (reflects no deductions for fees, expenses or taxes) 0.3311 0.0845 0.0894 0.3189 0.0946 0.0871 <p style="word-wrap:break-word; margin:5pt 0pt 0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">Updated information on the Fund’s investment performance can be obtained by visiting http://USmutualfund.bailliegifford.com.</span></p> http://USmutualfund.bailliegifford.com Baillie Gifford Long Term Global Growth Fund Investment Objective <p style="word-wrap:break-word; margin:0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">Baillie Gifford Long Term Global Growth Fund seeks to provide long-term capital appreciation.</span></p> Fees and Expenses <p style="word-wrap:break-word; margin:0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">The tables below describe the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund.</span></p> Shareholder Fees (Fees paid directly from your investment) <table cellpadding="0" style="margin:5pt 0pt 0pt; border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:64pt; max-width:64pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Class 2</span></p></td><td style="min-width:66pt; max-width:66pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Class 3</span></p></td><td style="min-width:66pt; max-width:66pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Class 4</span></p></td><td style="min-width:63pt; max-width:63pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Class 5</span></p></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:64pt; max-width:64pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">None</span></p></td><td style="min-width:66pt; max-width:66pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">None</span></p></td><td style="min-width:66pt; max-width:66pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">None</span></p></td><td style="min-width:63pt; max-width:63pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">None</span></p></td></tr> </table> 0 0 0 0 Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) <table style="border-collapse:collapse; margin:7.11pt 0pt 0pt; border-spacing: 0px;"><tr><td style="min-width:111.36pt; max-width:111.36pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:30pt; max-width:30pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Class 2</span></p> </td><td style="min-width:5pt; max-width:5pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:33pt; max-width:33pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Class 3</span></p> </td><td style="min-width:5pt; max-width:5pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:34.2pt; max-width:34.2pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Class 4</span></p> </td><td style="min-width:5pt; max-width:5pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:34.2pt; max-width:34.2pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Class 5</span></p> </td><td style="min-width:3.24pt; max-width:3.24pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:111.36pt; max-width:111.36pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:left; padding:1.12pt 0pt 0.32pt 2pt"><p style="word-wrap:break-word; margin:0pt; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">Advisory Fees</span></p> </td><td style="min-width:30pt; max-width:30pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.45%</span></p> </td><td style="min-width:5pt; max-width:5pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:33pt; max-width:33pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.45%</span></p> </td><td style="min-width:5pt; max-width:5pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:34.2pt; max-width:34.2pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.45%</span></p> </td><td style="min-width:5pt; max-width:5pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:34.2pt; max-width:34.2pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.45%</span></p> </td><td style="min-width:3.24pt; max-width:3.24pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:111.36pt; max-width:111.36pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:left; padding:1.12pt 0pt 0.32pt 2pt"><p style="word-wrap:break-word; margin:0pt; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">Service Fees</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(a)</span></p> </td><td style="min-width:30pt; max-width:30pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.17%</span></p> </td><td style="min-width:5pt; max-width:5pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:33pt; max-width:33pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.10%</span></p> </td><td style="min-width:5pt; max-width:5pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:34.2pt; max-width:34.2pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.07%</span></p> </td><td style="min-width:5pt; max-width:5pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:34.2pt; max-width:34.2pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.02%</span></p> </td><td style="min-width:3.24pt; max-width:3.24pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:111.36pt; max-width:111.36pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:left; padding:1.12pt 0pt 0.32pt 2pt"><p style="word-wrap:break-word; margin:0pt; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">Other Expenses</span></p> </td><td style="min-width:30pt; max-width:30pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.08%</span></p> </td><td style="min-width:5pt; max-width:5pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:33pt; max-width:33pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.08%</span></p> </td><td style="min-width:5pt; max-width:5pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:34.2pt; max-width:34.2pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.08%</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(b)</span></p> </td><td style="min-width:5pt; max-width:5pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:34.2pt; max-width:34.2pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.08%</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(b)</span></p> </td><td style="min-width:3.24pt; max-width:3.24pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:111.36pt; max-width:111.36pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:left; padding:1.12pt 0pt 0.32pt 2pt"><p style="word-wrap:break-word; margin:0pt; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Total Annual Fund Operating Expenses</span><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(c)</span></p> </td><td style="min-width:30pt; max-width:30pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.70%</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(d)</span></p> </td><td style="min-width:5pt; max-width:5pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:33pt; max-width:33pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.63%</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(d)</span></p> </td><td style="min-width:5pt; max-width:5pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:34.2pt; max-width:34.2pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.60%</span></p> </td><td style="min-width:5pt; max-width:5pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td><td style="min-width:34.2pt; max-width:34.2pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="word-wrap:break-word; margin:0pt; text-align:right; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">0.55%</span></p> </td><td style="min-width:3.24pt; max-width:3.24pt; vertical-align:bottom; border-bottom:0.5pt solid #000000; box-sizing:border-box"><p style="font-size:6pt"> </p></td></tr> </table><table cellpadding="0" style="margin:5.5pt 0pt 0pt; border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td style="min-width:21pt; max-width:21pt; vertical-align:top"><p style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(a)</span><span style="font-size:8pt">​</span></p></td><td style="min-width:240pt; max-width:240pt; vertical-align:bottom"><p style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:8pt; color:#000000">Service Fees differ between the classes of the Fund to reflect varying levels of shareholder servicing fees payable to Baillie Gifford Overseas Limited, as described in detail under “Fund Management—Shareholder Services” below.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td style="min-width:21pt; max-width:21pt; vertical-align:top"><p style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(b)</span><span style="font-size:8pt">​</span></p></td><td style="min-width:240pt; max-width:240pt; vertical-align:bottom"><p style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:8pt; color:#000000">Classes 4 and 5 were unfunded as of December 31, 2025. Therefore, Other Expenses have been estimated for these Classes based on the Other Expenses of Class 2 shares.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td style="min-width:21pt; max-width:21pt; vertical-align:top"><p style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(c)</span><span style="font-size:8pt">​</span></p></td><td style="min-width:240pt; max-width:240pt; vertical-align:bottom"><p style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:8pt; color:#000000">Baillie Gifford Overseas Limited has contractually agreed to waive its fees and/or bear Other Expenses of the Fund until April 30, 2027, to the extent that the Fund’s Total Annual Fund Operating Expenses (excluding taxes, sub-accounting expenses and extraordinary expenses) exceed 0.70% for Class 2 shares, 0.63% for Class 3 shares, 0.60% for Class 4 shares, and 0.55% for Class 5 shares. This contractual agreement may only be terminated by the Board of Trustees of the Trust. No fee waiver was in effect during the Fund’s fiscal year ended December 31, 2025, and even if the fee waiver described in this footnote had been in effect during such period, it would not have reduced the Total Annual Fund Operating Expenses set forth in the table above for either share class.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td style="min-width:21pt; max-width:21pt; vertical-align:top"><p style="white-space:nowrap; line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(d)</span><span style="font-size:8pt">​</span></p></td><td style="min-width:240pt; max-width:240pt; vertical-align:bottom"><p style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:8pt; color:#000000">Total Annual Fund Operating Expenses for the year ended December 31, 2025 do not match the Financial Statements due to rounding.</span></p></td></tr> </table> 0.0045 0.0045 0.0045 0.0045 0.0017 0.001 0.0007 0.0002 0.0008 0.0008 0.0008 0.0008 0.007 0.0063 0.006 0.0055 Classes 4 and 5 were unfunded as of December 31, 2025. Therefore, Other Expenses have been estimated for these Classes based on the Other Expenses of Class 2 shares. 2027-04-30 Example of Expenses <p style="word-wrap:break-word; margin:0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. It assumes that you invest $10,000 in the Fund for the time periods indicated, regardless of whether or not you redeem your shares at the end of such periods. It also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same.</span></p> Although your actual costs may be higher or lower, based on these assumptions, your expenses would be: <table cellpadding="0" style="margin:5pt 0pt 0pt; border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td colspan="4" style="min-width:105.82pt; max-width:105.82pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Class 2</span></p></td><td style="min-width:50.18pt; max-width:50.18pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Class 3</span></p></td><td style="min-width:54pt; max-width:54pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Class 4</span></p></td><td style="min-width:49pt; max-width:49pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Class 5</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:32.02pt; max-width:32.02pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">1 Year</span></p></td><td style="min-width:70.98pt; max-width:70.98pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$72</span></p></td><td style="min-width:0.82pt; max-width:0.82pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:50.18pt; max-width:50.18pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$64</span></p></td><td style="min-width:54pt; max-width:54pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$61</span></p></td><td style="min-width:49pt; max-width:49pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$56</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:32.02pt; max-width:32.02pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">3 Years</span></p></td><td style="min-width:70.98pt; max-width:70.98pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$224</span></p></td><td style="min-width:0.82pt; max-width:0.82pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:50.18pt; max-width:50.18pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$202</span></p></td><td style="min-width:54pt; max-width:54pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$192</span></p></td><td style="min-width:49pt; max-width:49pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$176</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:32.02pt; max-width:32.02pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">5 Years</span></p></td><td style="min-width:70.98pt; max-width:70.98pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$390</span></p></td><td style="min-width:0.82pt; max-width:0.82pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:50.18pt; max-width:50.18pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$351</span></p></td><td style="min-width:54pt; max-width:54pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$335</span></p></td><td style="min-width:49pt; max-width:49pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$307</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:32.02pt; max-width:32.02pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">10 Years</span></p></td><td style="min-width:70.98pt; max-width:70.98pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$871</span></p></td><td style="min-width:0.82pt; max-width:0.82pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:50.18pt; max-width:50.18pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$786</span></p></td><td style="min-width:54pt; max-width:54pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$750</span></p></td><td style="min-width:49pt; max-width:49pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$689</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> </table> <table cellpadding="0" style="margin:5pt 0pt 0pt; border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td colspan="4" style="min-width:105.82pt; max-width:105.82pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Class 2</span></p></td><td style="min-width:50.18pt; max-width:50.18pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Class 3</span></p></td><td style="min-width:54pt; max-width:54pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Class 4</span></p></td><td style="min-width:49pt; max-width:49pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Class 5</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:32.02pt; max-width:32.02pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">1 Year</span></p></td><td style="min-width:70.98pt; max-width:70.98pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$72</span></p></td><td style="min-width:0.82pt; max-width:0.82pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:50.18pt; max-width:50.18pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$64</span></p></td><td style="min-width:54pt; max-width:54pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$61</span></p></td><td style="min-width:49pt; max-width:49pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$56</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:32.02pt; max-width:32.02pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">3 Years</span></p></td><td style="min-width:70.98pt; max-width:70.98pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$224</span></p></td><td style="min-width:0.82pt; max-width:0.82pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:50.18pt; max-width:50.18pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$202</span></p></td><td style="min-width:54pt; max-width:54pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$192</span></p></td><td style="min-width:49pt; max-width:49pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$176</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:32.02pt; max-width:32.02pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">5 Years</span></p></td><td style="min-width:70.98pt; max-width:70.98pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$390</span></p></td><td style="min-width:0.82pt; max-width:0.82pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:50.18pt; max-width:50.18pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$351</span></p></td><td style="min-width:54pt; max-width:54pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$335</span></p></td><td style="min-width:49pt; max-width:49pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$307</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:32.02pt; max-width:32.02pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">10 Years</span></p></td><td style="min-width:70.98pt; max-width:70.98pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$871</span></p></td><td style="min-width:0.82pt; max-width:0.82pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:50.18pt; max-width:50.18pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$786</span></p></td><td style="min-width:54pt; max-width:54pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$750</span></p></td><td style="min-width:49pt; max-width:49pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">$689</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> </table> 72 72 64 64 61 61 56 56 224 224 202 202 192 192 176 176 390 390 351 351 335 335 307 307 871 871 786 786 750 750 689 689 Portfolio Turnover <p style="word-wrap:break-word; margin:0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These transaction costs, which are not reflected in “</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">Annual Fund Operating Expenses</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">” or in the “</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">Example of Expenses</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">” above, affect the Fund’s performance. During the Fund’s most recent fiscal year, the Fund’s portfolio turnover rate was 22% of the average value of its portfolio.</span></p> 0.22 Principal Investment Strategies <p style="word-wrap:break-word; margin:0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">The Fund seeks to meet its objective by investing in a portfolio of global common stocks and other equity securities without reference to benchmark constraints.</span></p> <p style="word-wrap:break-word; margin:5pt 0pt 0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">While the portfolio managers are not constrained by geographic limitations, the Fund ordinarily invests in securities of issuers located in at least six different countries. In addition, under normal circumstances, the Fund invests at least 40% of its total assets in securities of companies located outside the U.S. when market conditions are favorable, but, when market conditions are not favorable, invests at least 30% of its total assets in companies located outside the U.S. The Fund may invest in issuers located in emerging markets.</span></p> <p style="word-wrap:break-word; margin:5pt 0pt 0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">The Fund does not apply specific constraints with respect to market capitalization and may participate in initial public offerings (</span><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:9pt; color:#000000">“IPOs”</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">). In addition, investment is permitted in securities offerings that are not registered in the U.S.</span></p> <p style="word-wrap:break-word; margin:5pt 0pt 0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">The portfolio managers employ a bottom-up approach to stock selection, seeking to identify companies they believe have attractive long-term growth prospects, and select investments without regard to the geographic, industry, sector, or individual company weightings on any index. The portfolio managers focus on company research and the long-term outlook of companies and industries. Ideas can come from a wide variety of sources, including, but not limited to, research trips, company meetings, and relationships with industry thought leaders and academic institutions. Stock ideas are normally researched to assess a range of factors, including: long-term growth potential, geographic and industry positioning, competitive advantage, management, financial strength and valuation. Under normal circumstances, the intended outcome is a portfolio typically consisting of between 30 and 60 growth companies with the potential to outperform the Fund’s benchmark over the long term. The process can result in significant exposure to a single country or a small number of countries, and the Fund expects to have considerable exposure to Chinese companies including through China A shares, which are common stocks and other equity securities that are listed or traded on a Chinese stock exchange </span></p><p style="word-wrap:break-word; margin:0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">and which are quoted in renminbi, the official currency of China. The Fund is a non-diversified fund, which means that it may invest a relatively large percentage of its assets in a small number of issuers, industries or sectors. The Fund aims to hold securities for long periods (typically at least 5 years), which generally results in relatively low portfolio turnover and is in line with the portfolio managers’ long-term investment outlook.</span></p> <p style="word-wrap:break-word; margin:5pt 0pt 0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">When assessing a company’s long-term growth prospects, the portfolio managers seek to identify and to incorporate a range of factors that they believe are material to managing the Fund’s investment risks and maximizing capital appreciation. The Manager believes that a company selected for the Fund’s portfolio is unlikely to be financially sustainable in the long run if the portfolio managers believe that its approach to business is fundamentally out of line with changing societal expectations. The portfolio managers employ an investment process designed to identify companies with practices they believe are aligned with sustainable financial growth over the long-term, including environmental, social, and/or governance characteristics, such as stewardship, sustainable business practices, and/or corporate culture. With respect to the consideration of a company’s environmental characteristics, the portfolio managers believe that the possibility of climate-related disruptions and the related transition to a low-carbon economy present opportunities for, and specific risks relevant to, the Fund’s holdings. As a result, the portfolio managers generally seek to invest the Fund’s assets in companies that they believe are “climate-fit” for the future, which are companies that take appropriate steps (in the view of and as determined by the portfolio managers) to (i) reduce their direct and indirect greenhouse gas emissions (i.e., pursue “net zero” carbon emission ambitions or targets), (ii) integrate the related challenges into business strategies (i.e., the company undertakes steps to understand and manage the related technological, market and environmental changes confronting its business), and/or (iii) provide robust disclosure on climate change and other significant environmental issues so that investors can better assess the related investment risks and opportunities to such company. However, the portfolio managers do not employ categorical restrictions or exclusions in assessing a company’s climate-fitness. The portfolio managers expect that companies that they assess as climate-fit under the Fund’s investment process will ultimately correlate with companies that themselves are aligned with a broader global transition toward net zero carbon emissions.</span></p> <p style="word-wrap:break-word; margin:5pt 0pt 0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">The portfolio managers may sell a holding if they determine there has been a material deterioration in the investment case or as appropriate to make other investments or meet redemptions.</span></p> <p style="word-wrap:break-word; margin:5pt 0pt 0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">The Fund invests in equity securities either directly or indirectly, such as through depositary receipts, and may invest in preferred stocks, convertible securities, rights and warrants. The Fund may invest without limitation in securities quoted or denominated in currencies other than the U.S. dollar and may hold such currencies. The Fund does not expect to engage in currency hedging and thus expects to be fully exposed to currency fluctuations relative to the U.S. dollar.</span></p> An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. You could lose money by investing in the Fund. <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Investment Style Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Baillie Gifford Overseas Limited (the “</span><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:9pt; color:#000000">Manager</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">”) actively makes investment decisions for the Fund through bottom-up stock selection. Accordingly, the Fund will have risk characteristics that differ from its benchmark index. The Manager’s judgments about the attractiveness, relative value, or potential appreciation of a particular stock may prove to be incorrect and cause the Fund to lose money or underperform compared to its benchmark index. There can be no assurance that the Manager’s investment decisions will produce the desired results.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Growth Stock Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The prices of growth stocks may be based largely on expectations of future earnings, and their prices can decline rapidly and significantly in reaction to negative news. Growth stocks may underperform stocks in other broad style categories (and the stock market as a whole) over any period of time and may shift in and out of favor with investors generally, sometimes rapidly, depending on changes in market, economic, and other factors.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Long-Term Investment Strategy Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The Fund pursues a long-term investment approach, typically seeking returns over a period of several years. This investment style may cause the Fund to lose money or underperform compared to its benchmark index or other mutual funds over extended periods of time, and the Fund may not perform as expected in the long term. An investment in the Fund may be more suitable for long-term investors who can bear the risk of short- or medium-term fluctuations in the value of the Fund’s portfolio. See also “</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">Selected Investment Techniques and Topics</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">Our Stewardship Approach.”</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Non-Diversification Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The Fund is classified as a “non-diversified” fund. A non-diversified fund may hold a smaller number of portfolio securities, with larger positions in each security it holds, than many other mutual funds. To the extent the Fund invests in a relatively small number of issuers, a decline in the market value of a particular security held by the Fund may affect its value more than if it invested in a larger number of issuers. The value of the Fund’s shares may be more volatile than the values of shares of more diversified funds. See also “</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">Focused Investment Risk</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">.”</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Non-U.S. Investment Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Non-U.S. securities are subject to additional risks, including less liquidity, increased volatility, less transparency, withholding or other taxes, increased vulnerability to adverse changes in local and global economic conditions, less regulation, and possible fluctuation in value due to adverse political conditions. Foreign portfolio transactions generally involve higher commission rates, transfer taxes, and custodial costs than similar transactions in the U.S.</span></p> <p style="white-space:nowrap; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Asia Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Investing in securities of companies located in or with exposure to Asian countries involves certain risks and </span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">considerations not typically associated with investing in securities of U.S. issuers, including different financial reporting standards, currency exchange rate fluctuations, and highly regulated markets with the potential for government interference. The economies of many Asian countries are heavily dependent on international trade and on only a few industries or commodities and, as a result, can be adversely affected by trade barriers, exchange controls and other measures imposed or negotiated by the countries with which they trade. Some Asian securities may be less liquid than U.S. or other foreign securities. See “</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">China Risk</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">” for additional details regarding the risks of investing in that country.</span></p><p style="word-wrap:break-word; margin:5pt 0pt 0pt; padding:0pt 0pt 0pt 18pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">Additionally, many of the economies of countries in Asia are considered emerging market or frontier market economies. These Asian economies are often characterized by high inflation, undeveloped financial service sectors, frequent currency fluctuations, devaluations, or restrictions, political and social instability, and less efficient markets. See </span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">“Emerging Markets Risk</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">” for additional details regarding the risks of investing in such countries.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">China Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Investing in securities of Chinese issuers involves certain risks and considerations not typically associated with investing in securities of U.S. issuers, including, among others, more frequent trading suspensions and government interventions (including by nationalization of assets), currency exchange rate fluctuations or blockages, limits on the use of brokers and on foreign ownership, different financial reporting standards, higher dependence on exports and international trade, potential for increased trade tariffs, sanctions, embargoes and other trade limitations, custody risks, risks associated with investments in variable interest entities, and potential adverse tax consequences. U.S. sanctions or other investment restrictions could preclude the Fund from investing in certain Chinese issuers or cause the Fund to sell investments at a disadvantageous time. Significant portions of the Chinese securities markets may become rapidly illiquid, as Chinese issuers have the ability to suspend the trading of their equity securities, and have shown a willingness to exercise that option in response to market volatility and other events.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Conflicts of Interest Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The Manager’s relationships with the Fund’s institutional investor base may give rise to various conflicts of interest, since the Manager will sometimes have an incentive to favor those shareholders over other shareholders in the Fund. In addition, the Manager serves as investment adviser to various clients other than the Fund, some of whom may pursue strategies that are substantially similar or nearly identical to investment strategies pursued by the Fund. This “side-by-side” management may give rise to various conflicts of interest, including, for example, in connection with the fair allocation of trades among the Manager’s clients or the sharing of different, more, or more timely information regarding investment performance, portfolio holdings, strategy developments and/or the Manager’s general market outlook. Furthermore, if investment personnel of the Manager hold board or other positions at outside companies, they could be exposed to material non-public information potentially impeding or </span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">delaying a Fund’s ability to buy or sell certain investments, or they could otherwise be restricted in their ability to participate in a Fund’s investment process.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Currency Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The Fund may realize a loss if it has exposure to a non-U.S. currency, and this non-U.S. currency declines in value, relative to the U.S. dollar. The Fund does not expect to engage in currency hedging and thus expects to be fully exposed to currency fluctuations relative to the U.S. dollar.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Developed Markets Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Investing in securities of companies located in, or with exposure to, developed countries will subject the Fund to the regulatory, political, currency, security, economic and other risks associated with such countries. In recent periods, countries with developed markets have generally experienced slower economic growth than some less developed countries. Services sectors </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; letter-spacing:-0.1pt; color:#000000">(e.g., the financial services sector) generally tend to represent the primary source of economic growth in developed markets, which can make them susceptible to the risks of individual service sectors. In addition, developed countries will be impacted by changes to the economic conditions of certain key trading partners, regulatory burdens, and the price or availability of certain commodities, among other things.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Emerging Markets Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– To the extent the Fund invests in emerging market securities, the Fund may be exposed to greater market, credit, currency, liquidity, legal, political, technical and other risks different from, or greater than, the risks of investing in developed markets.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Equity Securities Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Equity securities may react more strongly to changes in an issuer’s financial condition or prospects than other securities of the same issuer. Investing in equity securities indirectly, such as through participatory notes or depositary receipts, may involve other risks such as the risk that the counterparty may default or that the investment does not track the underlying security as expected.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">ESG Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– To the extent that the Fund’s portfolio managers incorporate environmental, social and/or governance considerations (“</span><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:9pt; color:#000000">ESG Factors</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">”) into the Fund’s investment process as a part of the Fund’s long-term investment approach, the Fund is subject to the risk that it may underperform funds that do not take ESG Factors into account. The consideration of ESG Factors may prioritize long-term rather than short-term returns, and therefore may negatively impact the relative performance of the Fund over the short, medium or even long term depending on how successfully those ESG Factors are incorporated and whether such investments are in or out of favor. In considering ESG Factors, the portfolio managers may be dependent upon information and data obtained through voluntary reporting by issuers or third-party research that may be incomplete, inaccurate or unavailable, which could impact the portfolio managers’ assessment of relative risks and opportunities. See also “</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">Long-Term Investment Strategy Risk</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">” and “</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">Selected Investment Techniques and Topics—Our Stewardship Approach.”</span></p> <p style="white-space:nowrap; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Focused Investment Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Because the Fund focuses its investments in a limited number of companies, its investment </span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">strategy could result in more risk or greater volatility in returns than if the Fund’s investments were less focused.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Government and Regulatory Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Governmental and regulatory authorities in the United States and other countries, have taken, and may in the future take, actions intervening in the markets in which the Fund invests and in the economy more generally. Governmental and regulatory authorities may also act to increase the scope or burden of regulations applicable to the Fund or to the companies in which the Fund invests. The effects of these actions on the markets generally, and the Fund’s investment program in particular, can be uncertain and could restrict the ability of the Fund to fully implement its investment strategies, either generally, or with respect to certain securities, industries, or countries. By contrast, markets in some non-U.S. countries historically have been subject to little regulation or oversight by governmental or regulatory authorities, which could heighten the risk of loss due to fraud or market failures in those countries. Governments, agencies, or other regulatory bodies in any country may adopt or change laws or regulations that could adversely affect the Fund or the market value of an instrument held by the Fund.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Information Technology Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Cyber-attacks, disruptions, or failures that affect the Fund’s service providers, counterparties, the securities markets generally, other market participants, or issuers of securities held by the Fund may adversely affect the Fund and its shareholders, including by causing losses for the Fund or impairing Fund operations.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">IPO Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The Fund may purchase securities in IPOs. These securities are subject to many of the same risks of investing in companies with smaller market capitalizations. Securities issued in IPOs have no trading history, and information about the companies may be available for very limited periods. In addition, the prices of securities sold in IPOs may be highly volatile.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Large-Capitalization Securities Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– Returns on investments in securities of large companies could trail the returns on investments in securities of smaller and medium-sized companies. Larger companies may be unable to respond as quickly as smaller and medium-sized companies to competitive challenges or to changes in business, product, financial, or other market conditions. Larger companies may not be able to achieve or maintain growth at the high rates that may be achieved by well-managed smaller and medium-sized companies.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Liquidity Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The Fund’s investments may be subject to low trading volume, lack of a market maker, contractual lock-in periods or regulatory restrictions, and the Fund may hold large positions in particular securities. As a result, it may not be possible to sell an investment at a particular time or at an acceptable price. Liquidity risk may be magnified during periods of changing interest rates, significant shareholder redemptions or market turmoil. Illiquid investments may trade at a discount from comparable, more liquid investments and may be subject to wide fluctuations in market value. In some cases, due to unanticipated levels of illiquidity the Fund may seek to meet its redemption obligations wholly or in part by distributions of assets in-kind.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Market Disruption and Geopolitical Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The value of the Fund’s investments could be adversely affected by events that disrupt securities markets and adversely affect global markets such as war, terrorism, public health crises, and geopolitical events and by changes in non-U.S. and U.S. economic and political conditions. These disruptions could prevent the Fund from implementing its investment strategies and achieving its investment objective, and increase the Fund’s exposure to other risks detailed in this Prospectus. As a result, the Fund could lose money, experience significant redemptions, encounter operational difficulties, and suffer other negative impacts. Certain locations and industries may be particularly susceptible to this risk, and other risks may be heightened by such events.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Market Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The value of the Fund’s investments will be affected by fluctuations in the stock markets in which the Fund is invested, factors affecting a particular industry or industries, real or perceived adverse economic conditions, changes in interest or currency rates or adverse investor sentiment generally. Declines in securities market prices may reduce the net asset value of the Fund’s shares.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Service Provider Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The Fund will be affected by the Manager’s investment techniques, analyses, assessments and employee retention. Similarly, adverse events or performance failures at a service provider, such as human error, inadequate controls or insolvency, have the ability to adversely affect the Fund.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Settlement Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– The Fund may experience delays in settlement due to the different clearance and settlement procedures in non-U.S. countries. Such delays may increase credit risk to the Fund, limit the ability of the Fund to reinvest the proceeds of a sale of securities, or prevent the Fund from selling securities at times and prices it considers desirable.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; letter-spacing:-0.1pt; color:#955aa5">Small- and Medium-Capitalization Securities Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; letter-spacing:-0.1pt; color:#000000">– Securities of small- and medium-capitalization companies can be more volatile due to various factors including more limited product lines, financial and management resources and market distribution channels, as well as shorter operating histories and potentially reduced liquidity, especially during market declines, than the securities of larger, more established companies.</span></p> <p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">—</span></p><p style="line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#955aa5">Valuation Risk </span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">– In certain circumstances, some of the Fund’s portfolio holdings may be valued on the basis of factors other than market quotations by employing fair value procedures. This may occur more often in times of market turmoil or reduced liquidity. Portfolio holdings that are valued using techniques other than market quotations, including “fair valued” securities, may be subject to greater fluctuation in their valuations from one day to the next than if market quotations were used. There is no assurance that the Fund could sell or close out a portfolio position for the value established for it at any time, and it is possible that the Fund would incur a loss because a portfolio position is sold or closed out at a discount to the valuation established by the Fund at that time.</span></p> Performance <p style="word-wrap:break-word; margin:0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s annual total returns from year to year and by comparing the Fund’s average annual total returns with those of the Fund’s benchmark. Past performance (before and after taxes) is not an indication of future performance.</span></p> The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s annual total returns from year to year and by comparing the Fund’s average annual total returns with those of the Fund’s benchmark. Past performance (before and after taxes) is not an indication of future performance. Annual Total Returns – Class 2 Shares <div style="margin:5pt 0pt 0pt; padding:0pt 0pt 0pt 4pt"><span style="display:inline-block; width:257pt; height:120pt; vertical-align:0pt; overflow:hidden"><img alt="" src="j2699543_bc002.jpg" style="margin:0.61pt 12.71pt; width: 308.7px; height: 158.33px;"/></span></div> <p style="word-wrap:break-word; margin:3pt 0pt 0pt; padding:0pt 0pt 0pt 4pt; line-height:8.5pt; transform-origin:left; transform:matrix(0.75,0,0,1,0,0); min-width:132.18%"><span style="font-family:Arial, Helvetica, sans-serif; font-style:normal; font-weight:normal; font-size:8pt; color:#8c8c8c">Highest Quarterly Return: 44.24% (Q2, 2020)</span></p> <p style="word-wrap:break-word; margin:0pt; padding:0pt 0pt 0pt 4pt; line-height:8.5pt; transform-origin:left; transform:matrix(0.75,0,0,1,0,0); min-width:132.18%"><span style="font-family:Arial, Helvetica, sans-serif; font-style:normal; font-weight:normal; font-size:8pt; color:#8c8c8c">Lowest Quarterly Return: ‑28.24% (Q2, 2022)</span></p> Highest Quarterly Return 0.4424 2020-06-30 Lowest Quarterly Return -0.2824 2022-06-30 <p style="word-wrap:break-word; margin:9pt 0pt 0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">In the table below, after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown for Class 2 shares only, and after-tax returns for other share classes will vary. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you are tax-exempt or if you hold your Fund shares through a tax-advantaged account. A description of the Fund’s comparative index and details regarding the calculation of the Fund’s class-by-class performance are provided in the section of the Prospectus entitled “</span><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:9pt; color:#000000">Additional Performance Information</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">.”</span></p> In the table below, after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown for Class 2 shares only, and after-tax returns for other share classes will vary. After-tax returns shown are not relevant if you are tax-exempt or if you hold your Fund shares through a tax-advantaged account. <table cellpadding="0" style="margin:5pt 0pt 0pt; border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:112.4pt; max-width:112.4pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Average Annual Total <br/>Returns for Periods Ended <br/>December 31, 2025</span></p></td><td style="min-width:44.6pt; max-width:44.6pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">1 Year</span></p></td><td colspan="2" style="min-width:48pt; max-width:48pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">5 Years</span></p></td><td style="min-width:52pt; max-width:52pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">10 Years</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:112.4pt; max-width:112.4pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">Class 2 Returns Before Taxes</span></p></td><td style="min-width:44.6pt; max-width:44.6pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">16.38%</span></p></td><td colspan="2" style="min-width:48pt; max-width:48pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">1.91%</span></p></td><td style="min-width:52pt; max-width:52pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">15.77%</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:112.4pt; max-width:112.4pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">Class 2 Returns After Taxes on <br/>Distributions</span></p></td><td style="min-width:44.6pt; max-width:44.6pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">16.38%</span></p></td><td colspan="2" style="min-width:48pt; max-width:48pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">1.49%</span></p></td><td style="min-width:52pt; max-width:52pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">15.04%</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:112.4pt; max-width:112.4pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">Class 2 Returns After Taxes on <br/>Distributions and Sale of Fund <br/>Shares</span></p></td><td style="min-width:44.6pt; max-width:44.6pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">9.70%</span></p></td><td colspan="2" style="min-width:48pt; max-width:48pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">1.38%</span></p></td><td style="min-width:52pt; max-width:52pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">13.21%</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:112.4pt; max-width:112.4pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">Class 3 Returns Before Taxes</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(1)</span></p></td><td style="min-width:44.6pt; max-width:44.6pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">16.38%</span></p></td><td colspan="2" style="min-width:48pt; max-width:48pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">1.91%</span></p></td><td style="min-width:52pt; max-width:52pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">15.77%</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:112.4pt; max-width:112.4pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">Class 4 Returns Before Taxes</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(2)</span></p></td><td style="min-width:44.6pt; max-width:44.6pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">16.38%</span></p></td><td colspan="2" style="min-width:48pt; max-width:48pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">1.91%</span></p></td><td style="min-width:52pt; max-width:52pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">15.77%</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:112.4pt; max-width:112.4pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">Class 5 Returns Before Taxes</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(3)</span></p></td><td style="min-width:44.6pt; max-width:44.6pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">16.38%</span></p></td><td colspan="2" style="min-width:48pt; max-width:48pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">1.91%</span></p></td><td style="min-width:52pt; max-width:52pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">15.77%</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td colspan="6" style="min-width:259pt; max-width:259pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-weight:bold; font-size:8pt; color:#000000">Comparative Index<br/></span><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">(reflects no deductions for fees, expenses, or taxes)</span></p></td></tr> <tr style="display:block; margin:0pt"><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td><td style="min-width:112.4pt; max-width:112.4pt; padding:0pt 0pt 0.61pt; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">MSCI ACWI Index</span><span style="font-family:Arial, Helvetica, sans-serif; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(4)</span></p></td><td style="min-width:44.6pt; max-width:44.6pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">22.87%</span></p></td><td colspan="2" style="min-width:48pt; max-width:48pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">11.70%</span></p></td><td style="min-width:52pt; max-width:52pt; padding:0pt 0pt 0.61pt; text-align:right; vertical-align:bottom; border-bottom:0.75pt solid #000000"><p style="text-align:right; white-space:nowrap; line-height:8.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:8pt; color:#000000">12.27%</span></p></td><td style="min-width:2pt; max-width:2pt; border-bottom:0.75pt solid #000000"></td></tr> </table> <table cellpadding="0" style="margin:5.64pt 0pt 0pt; border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td style="min-width:21pt; max-width:21pt; vertical-align:top"><p style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(1)</span><span style="font-size:8pt">​</span></p></td><td style="min-width:240pt; max-width:240pt; vertical-align:bottom"><p style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:8pt; color:#000000">Performance for Class 3 shares prior to their commencement of investment operations (October 14, 2025) is derived from the historical performance of Class 2 shares, and has not been adjusted for the lower shareholder servicing fees applicable to Class 3 shares; had it, returns would have been higher.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td style="min-width:21pt; max-width:21pt; vertical-align:top"><p style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(2)</span><span style="font-size:8pt">​</span></p></td><td style="min-width:240pt; max-width:240pt; vertical-align:bottom"><p style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:8pt; color:#000000">Performance for Class 4 shares, which were unfunded as of December 31, 2025, is derived from the historical performance of Class 2 shares, and has not been adjusted for the lower shareholder servicing fees applicable to Class 4 shares; had it, returns would have been higher.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td style="min-width:21pt; max-width:21pt; vertical-align:top"><p style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(3)</span><span style="font-size:8pt">​</span></p></td><td style="min-width:240pt; max-width:240pt; vertical-align:bottom"><p style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:8pt; color:#000000">Performance for Class 5 shares, which were unfunded as of December 31, 2025, is derived from the historical performance of Class 2 shares, and has not been adjusted for the lower shareholder servicing fees applicable to Class 5 shares; had it, returns would have been higher.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td style="min-width:21pt; max-width:21pt; vertical-align:top"><p style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:4.64pt; vertical-align:top; position:relative; top:-1.36pt; color:#000000">(4)</span><span style="font-size:8pt">​</span></p></td><td style="min-width:240pt; max-width:240pt; vertical-align:bottom"><p style="line-height:8pt"><span style="font-family:Arial, Helvetica, sans-serif; font-style:italic; font-size:8pt; color:#000000">The source of the index data is MSCI Inc. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This Prospectus is not approved, endorsed, reviewed or produced by MSCI. None of the MSCI data 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.</span></p></td></tr> </table> Average Annual Total Returns for Periods Ended December 31, 2025 0.1638 0.0191 0.1577 0.1638 0.0149 0.1504 0.097 0.0138 0.1321 0.1638 0.0191 0.1577 0.1638 0.0191 0.1577 0.1638 0.0191 0.1577 (reflects no deductions for fees, expenses, or taxes) 0.2287 0.117 0.1227 <p style="word-wrap:break-word; margin:5pt 0pt 0pt; line-height:9.5pt"><span style="font-family:Arial, Helvetica, sans-serif; font-size:9pt; color:#000000">Updated information on the Fund’s investment performance can be obtained by visiting http://USmutualfund.bailliegifford.com.</span></p> http://USmutualfund.bailliegifford.com -0.2843 -0.1803 0.0976 0.3653 0.0293 0.5295 -0.1498 0.2794 0.2891 -0.0882 -0.2652 0.1421 0.0589 0.4060 -0.2507 0.2387 0.0607 0.4326 0.0479 0.3453 -0.0942 0.3256 0.3622 0.0753 -0.2914 0.1950 0.1076 0.1727 0.0508 0.3492 -0.1668 0.3211 0.2629 -0.0074 -0.2867 0.1860 0.0493 0.1945 -0.1323 0.4532 0.9709 0.0069 -0.3958 0.1475 0.1834 0.1656 0.0119 0.4600 -0.1734 0.3725 0.6284 -0.0949 -0.3449 0.1420 0.0780 0.1723 -0.0395 0.5401 -0.0147 0.3340 1.0161 0.0240 -0.4608 0.3643 0.2492 0.1626 0.3472 0.0830 0.3001 1.2543 -0.0425 -0.5563 0.4593 0.3044 0.1025 0.0324 0.5325 -0.1480 0.2819 0.2925 -0.0861 -0.2633 0.1448 0.0612 0.4092 0.0495 0.3456 -0.0944 0.3256 0.3631 0.0765 -0.2908 0.1961 0.1092 0.1746 0.0524 0.3496 -0.1657 0.3214 0.2645 -0.0065 -0.2864 0.1872 0.0505 0.1958 0.0134 0.4609 -0.1733 0.3734 0.6295 -0.0940 -0.3443 0.1431 0.0786 0.1728 -0.0380 0.5407 -0.0142 0.3349 1.0177 0.0250 -0.4604 0.3660 0.2501 0.1638 485BPOS 0001120543 false Baillie Gifford Overseas Limited has contractually agreed to waive its fees and/or bear Other Expenses of the Fund until April 30, 2027 to the extent that the Fund’s Total Annual Fund Operating Expenses (excluding taxes, sub-accounting expenses and extraordinary expenses) exceed 0.87% for Class K and Institutional Class shares. This contractual agreement may only be terminated by the Board of Trustees of the Trust. Expenses after waiver/reimbursement exceed 0.87% for Institutional Class due to sub-accounting expenses of 0.09%. The Management Fee consists of an Advisory Fee and an Administration and Supervisory Fee paid by the Fund to Baillie Gifford Overseas Limited. The source of the index data is MSCI Inc. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This Prospectus is not approved, endorsed, reviewed or produced by MSCI. None of the MSCI data 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. The Management Fee consists of an Advisory Fee and an Administration and Supervisory Fee paid by the Fund to Baillie Gifford Overseas Limited. Other Expenses for Institutional Class differ due to sub-accounting expenses. Performance for Class K and Institutional Class shares prior to their date of inception (April 28, 2017) is derived from the historical performance of Class 5 shares and, for both Class K and Institutional Class, has been adjusted for the higher total annual operating expenses incurred by Class K and Institutional Class. The source of the index data is MSCI Inc. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This Prospectus is not approved, endorsed, reviewed or produced by MSCI. None of the MSCI data 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. Baillie Gifford Overseas Limited has contractually agreed to waive its fees and/or bear Other Expenses of the Fund until April 30, 2027 to the extent that the Fund’s Total Annual Fund Operating Expenses (excluding taxes, sub-accounting expenses and extraordinary expenses) exceed 0.87% for Class K and Institutional Class shares. This contractual agreement may only be terminated by the Board of Trustees of the Trust. Expenses after waiver/reimbursement are expected to exceed 0.87% for Institutional Class in the future due to sub-accounting expenses. Other Expenses for Institutional Class are expected to be higher than those of Class K in the future since Institutional Class is expected to bear sub-accounting expenses. The Management Fee consists of an Advisory Fee and an Administration and Supervisory Fee paid by the Fund to Baillie Gifford Overseas Limited. The source of the index data is MSCI Inc. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This Prospectus is not approved, endorsed, reviewed or produced by MSCI. None of the MSCI data 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. Total Annual Fund Operating Expenses for the year ended December 31, 2025 do not match the Financial Statements due to rounding. Other Expenses for Institutional Class differ due to sub-accounting expenses. The Management Fee consists of an Advisory Fee and an Administration and Supervisory Fee paid by the Fund to Baillie Gifford Overseas Limited. The source of the index data is MSCI Inc. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This Prospectus is not approved, endorsed, reviewed or produced by MSCI. None of the MSCI data 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. Performance for Class K and Institutional Class shares prior to their date of inception (April 28, 2017) is derived from the historical performance of Class 3 shares and, for both Class K and Institutional Class, has been adjusted for the higher total annual operating expenses incurred by Class K and Institutional Class. The Management Fee consists of an Advisory Fee and an Administration and Supervisory Fee paid by the Fund to Baillie Gifford Overseas Limited. Other Expenses for Institutional Class differ due to sub-accounting expenses. Performance for Class K and Institutional Class shares prior to their date of inception (April 28, 2017) is derived from the historical performance of Class 2 shares and, for Institutional Class, has been adjusted for the higher total annual operating expenses incurred by Institutional Class. The source of the index data is MSCI Inc. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This Prospectus is not approved, endorsed, reviewed or produced by MSCI. None of the MSCI data 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. Baillie Gifford Overseas Limited has contractually agreed to waive its fees and/or bear Other Expenses of the Fund until April 30, 2027 to the extent that such Fund’s Total Annual Operating Expenses (excluding taxes, sub-accounting expenses and extraordinary expenses) exceed 0.72% for Class K and Institutional Class shares. This contractual agreement may only be terminated by the Board of Trustees of the Trust. Expenses after waiver/reimbursement exceed 0.72% for Institutional Class due to sub-accounting expenses of 0.11%. The Management Fee consists of an Advisory Fee and an Administration and Supervisory Fee paid by the Fund to Baillie Gifford Overseas Limited. The source of the index data is MSCI Inc. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This Prospectus is not approved, endorsed, reviewed or produced by MSCI. None of the MSCI data 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. Other Expenses for Institutional Class differ due to sub-accounting expenses. The Management Fee consists of an Advisory Fee and an Administration and Supervisory Fee paid by the Fund to Baillie Gifford Overseas Limited. Performance for Class K and Institutional Class shares prior to their date of inception (April 28, 2017) is derived from the historical performance of Class 2 shares and, for Institutional Class, has been adjusted for the higher total annual operating expenses incurred by Institutional Class. The source of the index data is MSCI Inc. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This Prospectus is not approved, endorsed, reviewed or produced by MSCI. None of the MSCI data 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. Baillie Gifford Overseas Limited has contractually agreed to waive its fees and/or bear Other Expenses of the Fund until April 30, 2027 to the extent that such Fund’s Total Annual Operating Expenses (excluding taxes, sub-accounting expenses and extraordinary expenses) exceed 0.70% for Class K and Institutional Class shares. This contractual agreement may only be terminated by the Board of Trustees of the Trust. No fee waiver was in effect during the Fund’s fiscal year ended December 31, 2025, and even if the fee waiver described in this footnote had been in effect during such period, it would not have reduced the Total Annual Fund Operating Expenses set forth in the table above for either share class. The Management Fee consists of an Advisory Fee and an Administration and Supervisory Fee paid by the Fund to Baillie Gifford Overseas Limited. Other Expenses for Institutional Class differ due to sub-accounting expenses. The source of the index data is MSCI Inc. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This Prospectus is not approved, endorsed, reviewed or produced by MSCI. None of the MSCI data 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. Performance for Class K and Institutional Class shares prior to their date of inception (April 28, 2017) is derived from the historical performance of Class 2 shares and, for Institutional Class, has been adjusted for the higher total annual operating expenses incurred by Institutional Class. The Management Fee consists of an Advisory Fee and an Administration and Supervisory Fee paid by the Fund to Baillie Gifford Overseas Limited. Baillie Gifford Overseas Limited has contractually agreed to waive its fees and/or bear Other Expenses of the Fund until April 30, 2027 to the extent that such Fund’s Total Annual Operating Expenses (excluding taxes, sub-accounting expenses and extraordinary expenses) exceed 0.65% for Class K and Institutional Class shares. This contractual agreement may only be terminated by the Board of Trustees of the Trust. Expenses after waiver/reimbursement exceed 0.65% for Institutional Class due to sub-accounting expenses of 0.10%. If reimbursement received from the Manager in 2019 were excluded, the total return would be lower. The S&P 500 Index is a product of S&P Dow Jones Indices LLC, a division of S&P Global, or its affiliates. Standard & Poor’s® and S&P® are registered trademarks of Standard & Poor’s Financial Services LLC, a division of S&P Global; Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein. The inception date for Baillie Gifford U.S. Equity Growth Fund is December 5, 2016, when Baillie Gifford International, LLC purchased Class 1 shares. Classes 1‑5 of the Fund were terminated effective May 1, 2017, and Class 1 shares were converted to Class K shares. For periods prior to May 1, 2017, the performance shown is based on the performance for Class 1 shares. The source of the index data is London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”).© LSE Group 2020. FTSE Russell is a trading name of certain of the LSE Group companies. “Russell&#174;” is a trademark(s) of the relevant LSE Group companies and is used by any other LSE Group company under license. “TMX&#174;” is a trademark of TSX, Inc. and used by the LSE Group under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this Prospectus. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this Prospectus. Performance for Institutional Class shares prior to their date of inception (April 28, 2017) is derived from the historical performance of Class 1 shares and has been adjusted for the higher total annual operating expenses incurred by Institutional Class. Service Fees differ between the classes of the Fund to reflect varying levels of shareholder servicing fees payable to Baillie Gifford Overseas Limited, as described in detail under “Fund Management—Shareholder Services” below. Performance for Class 3 shares prior to their date of inception (March 31, 2016) is derived from the historical performance of Class 5 shares, and has been adjusted for the higher shareholder servicing fees applied to Class 3 shares. The source of the index data is MSCI Inc. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This Prospectus is not approved, endorsed, reviewed or produced by MSCI. None of the MSCI data 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. Performance for Class 4 shares for periods prior to it being funded on July 13, 2023 is derived from the historical performance of Class 5 shares and has been adjusted for the period during which higher shareholder servicing fees applied to Class 4 shares. Classes 4 and 5 were unfunded as of December 31, 2025. Therefore, Other Expenses have been estimated for these Classes based on the Other Expenses of Class 2 shares. Service Fees differ between the classes of the Fund to reflect varying levels of shareholder servicing fees payable to Baillie Gifford Overseas Limited, as described in detail under “Fund Management—Shareholder Services” below Performance for Class 5 shares, which were unfunded as of December 31, 2025, is derived from the historical performance of Class 2 shares, and has not been adjusted for the lower shareholder servicing fees applicable to Class 5 shares; had it, returns would have been higher. Performance for Class 4 shares, which were unfunded as of December 31, 2025, is derived from the historical performance of Class 2 shares, and has not been adjusted for the lower shareholder servicing fees applicable to Class 4 shares; had it, returns would have been higher. Class 3 shares were unfunded from April 15, 2024, to October 21, 2025. During this period, performance for Class 3 shares is derived from the historical performance of Class 2 shares, and has not been adjusted for the lower shareholder servicing fees applicable to Class 3 shares; had it, returns would have been higher. Service Fees differ between the classes of the Fund to reflect varying levels of shareholder servicing fees payable to Baillie Gifford Overseas Limited, as described in detail under “Fund Management—Shareholder Services” below. The source of the index data is MSCI Inc. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This Prospectus is not approved, endorsed, reviewed or produced by MSCI. None of the MSCI data 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. Performance for Class 4 shares prior to their date of inception (July 10, 2017) is derived from the historical performance of Class 2 shares, and has not been adjusted for the lower shareholder servicing fees applicable to Class 4 shares; had it, returns would have been higher. Service Fees differ between the classes of the Fund to reflect varying levels of shareholder servicing fees payable to Baillie Gifford Overseas Limited, as described in detail under “Fund Management—Shareholder Services” below. Performance for Class 4 shares prior to their date of inception (October 10, 2016) is derived from the historical performance of Class 2 shares, and has not been adjusted for the lower shareholder servicing fees applicable to Class 4 shares; had it, returns would have been higher. The source of the index data is MSCI Inc. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This Prospectus is not approved, endorsed, reviewed or produced by MSCI. None of the MSCI data 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. Classes 4 and 5 were unfunded as of December 31, 2025. Therefore, Other Expenses have been estimated for these Classes based on the Other Expenses of Class 2 shares. Total Annual Fund Operating Expenses for the year ended December 31, 2025 do not match the Financial Statements due to rounding. Baillie Gifford Overseas Limited has contractually agreed to waive its fees and/or bear Other Expenses of the Fund until April 30, 2027, to the extent that the Fund’s Total Annual Fund Operating Expenses (excluding taxes, sub-accounting expenses and extraordinary expenses) exceed 0.70% for Class 2 shares, 0.63% for Class 3 shares, 0.60% for Class 4 shares, and 0.55% for Class 5 shares. This contractual agreement may only be terminated by the Board of Trustees of the Trust. No fee waiver was in effect during the Fund’s fiscal year ended December 31, 2025, and even if the fee waiver described in this footnote had been in effect during such period, it would not have reduced the Total Annual Fund Operating Expenses set forth in the table above for either share class. Service Fees differ between the classes of the Fund to reflect varying levels of shareholder servicing fees payable to Baillie Gifford Overseas Limited, as described in detail under “Fund Management—Shareholder Services” below. Performance for Class 3 shares prior to their commencement of investment operations (October 14, 2025) is derived from the historical performance of Class 2 shares, and has not been adjusted for the lower shareholder servicing fees applicable to Class 3 shares; had it, returns would have been higher. Performance for Class 5 shares, which were unfunded as of December 31, 2025, is derived from the historical performance of Class 2 shares, and has not been adjusted for the lower shareholder servicing fees applicable to Class 5 shares; had it, returns would have been higher. The source of the index data is MSCI Inc. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This Prospectus is not approved, endorsed, reviewed or produced by MSCI. None of the MSCI data 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. Performance for Class 4 shares, which were unfunded as of December 31, 2025, is derived from the historical performance of Class 2 shares, and has not been adjusted for the lower shareholder servicing fees applicable to Class 4 shares; had it, returns would have been higher.