TABLE OF CONTENTS

Baillie Gifford China Equities Fund Class K - BGCDX

Baillie Gifford China Equities Fund Institutional Class - BGCBX

Baillie Gifford Developed EAFE All Cap Fund Class K - BGPKX

Baillie Gifford Developed EAFE All Cap Fund Institutional Class - BSGPX

Baillie Gifford EAFE Plus All Cap Fund Class 2 - BGCWX

Baillie Gifford EAFE Plus All Cap Fund Class K - BKGCX

Baillie Gifford EAFE Plus All Cap Fund Institutional Class - BGCSX

Baillie Gifford Emerging Markets Equities Fund Class 2 - BGEHX

Baillie Gifford Emerging Markets Equities Fund Class 3 - BGELX

Baillie Gifford Emerging Markets Equities Fund Class 4 - BGEPX

Baillie Gifford Emerging Markets Equities Fund Class 5 - BGEDX

Baillie Gifford Emerging Markets Equities Fund Class K - BGKEX

Baillie Gifford Emerging Markets Equities Fund Institutional Class - BGEGX

Baillie Gifford Emerging Markets ex China Fund Class K - BGEZX

Baillie Gifford Emerging Markets ex China Fund Institutional Class - BGEWX

Baillie Gifford Global Alpha Equities Fund Class 2 - BGATX

Baillie Gifford Global Alpha Equities Fund Class 3 - BGAEX

Baillie Gifford Global Alpha Equities Fund Class K - BGAKX

Baillie Gifford Global Alpha Equities Fund Institutional Class - BGASX

Baillie Gifford International Alpha Fund Class 2 - BGITX

Baillie Gifford International Alpha Fund Class 3 - BGIFX

Baillie Gifford International Alpha Fund Class 4 - BGIUX

Baillie Gifford International Alpha Fund Class 5 - BGIVX

Baillie Gifford International Alpha Fund Class K - BGIKX

Baillie Gifford International Alpha Fund Institutional Class - BINSX

Baillie Gifford International Concentrated Growth Equities Fund Class K - BTLKX

Baillie Gifford International Concentrated Growth Equities Fund Institutional Class - BTLSX

Baillie Gifford International Growth Fund Class 2 - BGETX

Baillie Gifford International Growth Fund Class 3 - BGEUX

Baillie Gifford International Growth Fund Class 4 - BGEFX

Baillie Gifford International Growth Fund Class 5 - BGEVX

Baillie Gifford International Growth Fund Class K - BGEKX

Baillie Gifford International Growth Fund Institutional Class - BGESX

Baillie Gifford Long Term Global Growth Fund Class 2 - BGLTX

Baillie Gifford Long Term Global Growth Fund Class 3 - BGLOX

Baillie Gifford Long Term Global Growth Fund Class K - BGLKX

Baillie Gifford Long Term Global Growth Fund Institutional Class - BSGLX

Baillie Gifford U.S. Equity Growth Fund Class K - BGGKX

Baillie Gifford U.S. Equity Growth Fund Institutional Class - BGGSX

Baillie Gifford International All Cap Fund Class 2 - BGICF2

Baillie Gifford International All Cap Fund Class 3 - BGICF3

Baillie Gifford China Equities Fund

Class K | BGCDX

ANNUAL SHAREHOLDER REPORT | December 31, 2025

The annual shareholder report contains important information about Baillie Gifford China Equities Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.bailliegifford.com/china-equities-fund/TSR. You can also request this information by contacting us at +1-844-394-6127 or via email at [email protected].

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class K	$103	0.87%

Management's Discussion of Fund Performance

SUMMARY OF RESULTS

The Baillie Gifford China Equities Fund outperformed the MSCI China All Shares Index over the period. China equities rallied in 2025 on a combination of policy support and innovation momentum. Targeted measures to bolster consumption and easier liquidity improved sentiment, while progress in advanced manufacturing lifted earnings expectations in new growth areas. Valuations started the year depressed, so even modest fundamental improvement translated into meaningful multiple expansion.

We remain committed to our philosophy of focusing on individual companies and long-term trends that drive future growth opportunities. It is encouraging to see in the recent year share prices of some of our key holdings start to reflect their fundamental strength and progress. We remain committed to our philosophy of focusing on individual companies and long-term trends that drive future growth opportunities. It is encouraging to see in recent year share prices of some of our key holdings have started to reflect their fundamental strength and progress. Chinese companies are becoming crucial to many developing global trends, and we remain excited about their long-term growth prospects.

TOP PERFORMANCE CONTRIBUTORS

Zijin Mining, one of China’s leading copper and gold miners, has reported strong growth driven by both higher metal prices and increased volumes. Its rising profile in global mining rankings and an initial public offering (IPO) of its subsidiary, Zijin Gold, have also boosted sentiment.

Pop Mart, a character-based intellectual property toy company, has seen strong revenue growth both domestically and overseas. The company’s efforts to expand its global footprint through new stores and innovative product launches bolstered market confidence. Share prices roughly doubled during the period.

TOP PERFORMANCE DETRACTORS

Meituan, China’s leading food delivery operator, delivered softer earnings results in the second half of the year due to intensifying domestic competition from JD.com and Alibaba and increased investment outlays overseas. While these strategies incur losses in the short term, they position Meituan for sustained, diversified growth in the coming years.

Analogue chip designer Silergy’s share prices have weakened materially over the period. The company’s product concentration on power-management integrated circuits for consumer, industrial and computing applications means that it is exposed to more cyclical demand patterns, and softer consumer electronics demand and margin pressure have weighed on its share price.

Fund Performance

The following graph and table compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). It assumes a

$10,000,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $10,000,000

	Class K 7,285,433	MSCI China All Shares Index 8,972,946
7/7/21	10,000,000	10,000,000
12/31/21	8,270,000	8,772,765
12/31/22	5,921,543	6,713,797
12/31/23	4,850,860	5,951,781
12/31/24	5,326,630	6,943,943
12/31/25	7,285,433	8,972,946

AVERAGE ANNUAL TOTAL RETURN	1 Year	Since Inception 7/7/21
Class K	36.77%	-6.82%
MSCI China All Shares Index	29.22%	-2.39%

Past performance does not predict future performance. The graph and the table above do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or redemption of Fund shares.

For updated Fund performance information, please visit: https://www.bailliegifford.com/pages/funds/baillie-gifford-china-equities-fund/?tab=performance.

Key Fund Statistics as of December 31, 2025

The following table outlines key Fund statistics that you should pay attention to:

Fund net assets$3,148,312
Total number of portfolio holdings60
Total advisory fees paid, net of waiver$0
Portfolio turnover rate13%

Tabular Representation of Holdings as of December 31, 2025

The following table shows the industry sector allocation of the Fund.

Sectors	% of Net Assets
Internet	30.1%
Auto Parts & Equipment	7.4%
Retail	5.0%
Home Furnishings	4.3%
Insurance	4.1%
Electronics	4.1%
Mining	4.1%
Software	3.7%
Banks	3.6%
Beverages	3.6%
Semiconductors	3.4%
Metal Fabricate/Hardware	2.7%
Chemicals	2.6%
Other sectors	20.5%
Other assets less liabilities	0.8%
Total	100.0%

Availability of Additional Information

If you wish to find additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please refer to the website address and contact information included at the beginning of this shareholder report.

Baillie Gifford China Equities Fund

Institutional Class | BGCBX

ANNUAL SHAREHOLDER REPORT | December 31, 2025

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Class	$113	0.96%

Management's Discussion of Fund Performance

SUMMARY OF RESULTS

TOP PERFORMANCE CONTRIBUTORS

TOP PERFORMANCE DETRACTORS

Fund Performance

$10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $10,000

	Institutional Class 7,259	MSCI China All Shares Index 8,973
7/7/21	10,000	10,000
12/31/21	8,270	8,773
12/31/22	5,909	6,714
12/31/23	4,844	5,952
12/31/24	5,317	6,944
12/31/25	7,259	8,973

AVERAGE ANNUAL TOTAL RETURN	1 Year	Since Inception 7/7/21
Institutional Class	36.53%	-6.89%
MSCI China All Shares Index	29.22%	-2.39%

For updated Fund performance information, please visit: https://www.bailliegifford.com/pages/funds/baillie-gifford-china-equities-fund/?tab=performance.

Key Fund Statistics as of December 31, 2025

The following table outlines key Fund statistics that you should pay attention to:

Fund net assets$3,148,312
Total number of portfolio holdings60
Total advisory fees paid, net of waiver$0
Portfolio turnover rate13%

Tabular Representation of Holdings as of December 31, 2025

The following table shows the industry sector allocation of the Fund.

Sectors	% of Net Assets
Internet	30.1%
Auto Parts & Equipment	7.4%
Retail	5.0%
Home Furnishings	4.3%
Insurance	4.1%
Electronics	4.1%
Mining	4.1%
Software	3.7%
Banks	3.6%
Beverages	3.6%
Semiconductors	3.4%
Metal Fabricate/Hardware	2.7%
Chemicals	2.6%
Other sectors	20.5%
Other assets less liabilities	0.8%
Total	100.0%

Availability of Additional Information

Baillie Gifford Developed EAFE All Cap Fund

Class K | BGPKX

ANNUAL SHAREHOLDER REPORT | December 31, 2025

The annual shareholder report contains important information about Baillie Gifford Developed EAFE All Cap Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. Additional information about the Fund is available upon request by contacting us at +1-844-394-6127 or via email at [email protected].

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class K	$73	0.68%

Management's Discussion of Fund Performance

SUMMARY OF RESULTS

2025 was a very strong year for international equities, with returns driven by narrow artificial intelligence leadership and value sectors, such as banks, telecommunications services, and utilities. This proved a challenging backdrop for international growth investors.

More generally, markets were influenced by a combination of easing inflationary pressures, divergent central bank policies and ongoing geopolitical uncertainty.

Monetary conditions became more supportive for equities as several central banks signaled the end of their tightening cycles, with selective rate cuts providing a tailwind for growth-oriented companies. However, economic momentum remained uneven, particularly in parts of Europe and Asia, while concerns around global trade and fiscal sustainability persisted.

Against this backdrop, the Baillie Gifford Developed EAFE All Cap Fund underperformed the MSCI EAFE Index over the year.

TOP PERFORMANCE CONTRIBUTORS

ASML, the sole supplier of EUV (extreme ultraviolet) lithography systems, which play a crucial role within the semiconductor stack, delivered strong performance as demand for leading-edge lithography tools remained robust. The company continued to benefit from its near-monopoly position in EUV technology, with long-term growth prospects supported by ongoing investment in semiconductor manufacturing capacity globally.

Europe’s lowest-cost short-haul carrier, Ryanair, also contributed positively, supported by strong passenger demand and disciplined capacity management. The airline continued to benefit from its low-cost operating model, enabling it to protect margins despite cost pressures, while strong cash generation and market share gains contributed to share price performance.

TOP PERFORMANCE DETRACTORS

Bunzl, a distributor of essential non-food consumables, detracted from performance over the year as growth slowed and margins came under pressure. Weaker demand in some end markets (especially North America), combined with cost inflation and inventory normalization, weighed on earnings expectations in the first half of the year, although performance improved during the second half of the year.

Online platform Auto Trader, which provides a marketplace for cars, motorcycles, vans and most other types of transportation, detracted modestly as activity in the UK automotive market softened. While the business continued to demonstrate strong cash generation and a resilient operating model, concerns around volumes and affordability pressures led to weaker share price performance over the period.

Fund Performance

$10,000,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $10,000,000

	Class K 16,394,301	MSCI EAFE Index 23,069,948
12/31/15	10,000,000	10,000,000
12/31/16	9,980,187	10,151,000
12/31/17	12,841,866	12,751,686
12/31/18	10,781,236	11,048,061
12/31/19	14,256,759	13,551,552
12/31/20	18,245,662	14,673,620
12/31/21	19,607,516	16,402,172
12/31/22	13,269,139	14,104,228
12/31/23	14,623,413	16,763,246
12/31/24	14,452,091	17,492,065
12/31/25	16,394,301	23,069,948

AVERAGE ANNUAL TOTAL RETURN	1 Year	5 years	10 Years
Class K	13.44%	-2.12%	5.07%
MSCI EAFE Index	31.89%	9.46%	8.71%

Returns for Class K shares are based on actual performance from April 28, 2017. Prior to that date, returns are calculated based on the oldest share class of the Fund.

For updated Fund performance information, please visit: https://www.bailliegifford.com/pages/funds/baillie-gifford-developed-eafe-all-cap-fund/?tab=performance.

Key Fund Statistics as of December 31, 2025

The following table outlines key Fund statistics that you should pay attention to:

Fund net assets$39,993,106
Total number of portfolio holdings62
Total advisory fees paid, net of waiver$598,883
Portfolio turnover rate20%

Tabular Representation of Holdings as of December 31, 2025

The following table shows the industry sector allocation of the Fund.

Sectors	% of Net Assets
Banks	11.1%
Semiconductors	7.5%
Commercial Services	6.9%
Machinery - Diversified	6.9%
Internet	6.7%
Pharmaceuticals	6.0%
Cosmetics/Personal Care	5.3%
Investment Companies	5.3%
Chemicals	4.1%
Beverages	3.8%
Healthcare - Products	3.7%
Building Materials	3.4%
Retail	3.4%
Other sectors	41.5%
Other assets less liabilities	(15.6%)
Total	100.0%

Material Fund Changes

This is a summary of certain changes to the Fund since January 1, 2025.

Additional information about the Fund is available upon request by contacting us at +1-844-394-6127 or via email at [email protected].

On September 15, 2025 the Board of Trustees approved and adopted an Agreement and Plan of Reorganization for Baillie Gifford Developed EAFE All Cap Fund (the 'target fund') to merge with and into Baillie Gifford International Alpha Fund (the surviving fund'), an existing series of the Trust.

On February 2, 2026, pursuant to the Agreement and Plan of Reorganization, each target fund transferred all of it's assets and liabilities to the surviving fund. Shareholders in the target funds received shares in the surviving fund in exchange for their target fund shares.

Ahead of the Plan of Reorganization, Baillie Gifford Overseas Limited has contractually agreed to waive its fees and/or bear Other Expenses of the Fund to the extent that the Fund’s Total Annual Fund Operating Expenses (excluding taxes, sub-accounting expenses and extraordinary expenses) exceed 0.67% for Class 2 shares, 0.60% for Class 3 shares, 0.57% for class 4 shares, 0.52% for class 5 shares and 0.67% for Class K and 0.67% for Institutional Class shares.

An additional disclosure of significant exposure to UK companies in recent periods was added to the Fund's prospectus on April 30 2025. As of December 31, 2025, the Fund's exposure to UK companies was 15% of its net asset value.

Availability of Additional Information

If you wish to request additional information about the Fund, including but not limited to the Fund's financial information, holdings, and proxy voting please refer to the contact information included at the beginning of this shareholder report.

Baillie Gifford Developed EAFE All Cap Fund

Institutional Class | BSGPX

ANNUAL SHAREHOLDER REPORT | December 31, 2025

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Class	$82	0.77%

Management's Discussion of Fund Performance

SUMMARY OF RESULTS

More generally, markets were influenced by a combination of easing inflationary pressures, divergent central bank policies and ongoing geopolitical uncertainty.

Against this backdrop, the Baillie Gifford Developed EAFE All Cap Fund underperformed the MSCI EAFE Index over the year.

TOP PERFORMANCE CONTRIBUTORS

TOP PERFORMANCE DETRACTORS

Fund Performance

$10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $10,000

	Institutional Class 16,255	MSCI EAFE Index 23,070
12/31/15	10,000	10,000
12/31/16	9,965	10,151
12/31/17	12,817	12,752
12/31/18	10,749	11,048
12/31/19	14,219	13,552
12/31/20	18,167	14,674
12/31/21	19,505	16,402
12/31/22	13,197	14,104
12/31/23	14,532	16,763
12/31/24	14,351	17,492
12/31/25	16,255	23,070

AVERAGE ANNUAL TOTAL RETURN	1 Year	5 years	10 Years
Institutional Class	13.75%	-2.20%	4.98%
MSCI EAFE Index	31.89%	9.46%	8.71%

Returns for the Institutional Class shares are based on actual performance from April 28, 2017. Prior to that date, returns are calculated based on the oldest share class of the Fund and were adjusted to reflect the differences in class expense due to the fees being higher.

For updated Fund performance information, please visit: https://www.bailliegifford.com/pages/funds/baillie-gifford-developed-eafe-all-cap-fund/?tab=performance.

Key Fund Statistics as of December 31, 2025

The following table outlines key Fund statistics that you should pay attention to:

Fund net assets$39,993,106
Total number of portfolio holdings62
Total advisory fees paid, net of waiver$598,883
Portfolio turnover rate20%

Tabular Representation of Holdings as of December 31, 2025

The following table shows the industry sector allocation of the Fund.

Sectors	% of Net Assets
Banks	11.1%
Semiconductors	7.5%
Commercial Services	6.9%
Machinery - Diversified	6.9%
Internet	6.7%
Pharmaceuticals	6.0%
Cosmetics/Personal Care	5.3%
Investment Companies	5.3%
Chemicals	4.1%
Beverages	3.8%
Healthcare - Products	3.7%
Building Materials	3.4%
Retail	3.4%
Other sectors	41.5%
Other assets less liabilities	(15.6%)
Total	100.0%

Material Fund Changes

This is a summary of certain changes to the Fund since January 1, 2025.

Additional information about the Fund is available upon request by contacting us at +1-844-394-6127 or via email at [email protected].

Availability of Additional Information

Baillie Gifford EAFE Plus All Cap Fund

Class 2 | BGCWX

ANNUAL SHAREHOLDER REPORT | December 31, 2025

The annual shareholder report contains important information about Baillie Gifford EAFE Plus All Cap Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. Additional information about the Fund is available upon request by contacting us at +1-844-394-6127 or via email at [email protected].

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 2	$74	0.68%

Management's Discussion of Fund Performance

SUMMARY OF RESULTS

More generally, markets were influenced by a combination of easing inflationary pressures, divergent central bank policies and ongoing geopolitical uncertainty.

Against this backdrop, the Baillie Gifford EAFE Plus All Cap Fund underperformed the MSCI EAFE Index over the year.

TOP PERFORMANCE CONTRIBUTORS

Korean technology conglomerate, Samsung Electronics was a strong contributor to performance over the period as the semiconductor cycle continued to recover. Improved pricing conditions in memory markets, alongside growing demand linked to artificial intelligence and advanced computing, contributed to a meaningful improvement in profitability and investor confidence. The company’s scale, technological leadership and balance sheet strength were key factors supporting the share price performance.

SEB Bank, a North European financial banking group, contributed positively as higher net interest income and resilient credit quality supported earnings. The bank benefited from disciplined cost control and a conservative lending profile, which proved attractive in an environment of economic uncertainty. Capital returns to shareholders further underpinned investor sentiment.

TOP PERFORMANCE DETRACTORS

Sysmex, a global supplier of diagnostic reagents and equipment, experienced a challenging period as slower capital spending by healthcare providers, particularly in China, impacted sales growth. Ongoing uncertainty around near-term demand led to a de-rating of the shares despite the company’s strong long-term competitive position.

Fund Performance

$25,000,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $25,000,000

	Class 2 42,999,077	MSCI EAFE Index 57,674,870
12/31/15	25,000,000	25,000,000
12/31/16	25,147,948	25,377,500
12/31/17	33,014,715	31,879,215
12/31/18	27,604,401	27,620,152
12/31/19	36,364,564	33,878,879
12/31/20	46,826,073	36,684,050
12/31/21	48,375,594	41,005,431
12/31/22	33,296,389	35,260,570
12/31/23	36,657,548	41,908,114
12/31/24	36,939,386	43,730,162
12/31/25	42,999,077	57,674,870

AVERAGE ANNUAL TOTAL RETURN	1 Year	5 years	10 Years
Class 2	16.40%	-1.69%	5.57%
MSCI EAFE Index	31.89%	9.46%	8.71%

Key Fund Statistics as of December 31, 2025

The following table outlines key Fund statistics that you should pay attention to:

Fund net assets$108,913,239
Total number of portfolio holdings71
Total advisory fees paid$882,991
Portfolio turnover rate22%

Tabular Representation of Holdings as of December 31, 2025

The following table shows the industry sector allocation of the Fund.

Sectors	% of Net Assets
Semiconductors	10.2%
Banks	9.8%
Internet	8.3%
Machinery - Diversified	5.5%
Commercial Services	5.0%
Investment Companies	4.7%
Retail	4.1%
Pharmaceuticals	4.1%
Cosmetics/Personal Care	3.8%
Beverages	3.7%
Building Materials	2.5%
Insurance	2.5%
Food	2.4%
Other sectors	31.6%
Other assets less liabilities	1.8%
Total	100.0%

Material Fund Changes

This is a summary of certain changes to the Fund since January 1, 2025.

Additional information about the Fund is available upon request by contacting us at +1-844-394-6127 or via email at [email protected].

On September 15, 2025 the Board of Trustees approved and adopted an Agreement and Plan of Reorganization for Baillie Gifford EAFE Plus All Cap Fund (the 'target fund') to merge with and into Baillie Gifford International Alpha Fund (the surviving fund'), an existing series of the Trust.

On February 2, 2026, pursuant to the Agreement and Plan of Reorganization, each target fund transferred all of it's assets and liabilities to the surviving fund. At this time there were no Class 2 Shareholders remaining within the Baillie Gifford EAFE Plus All Cap Fund.

Availability of Additional Information

Baillie Gifford EAFE Plus All Cap Fund

Class K | BKGCX

ANNUAL SHAREHOLDER REPORT | December 31, 2025

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class K	$74	0.68%

Management's Discussion of Fund Performance

SUMMARY OF RESULTS

More generally, markets were influenced by a combination of easing inflationary pressures, divergent central bank policies and ongoing geopolitical uncertainty.

Against this backdrop, the Baillie Gifford EAFE Plus All Cap Fund underperformed the MSCI EAFE Index over the year.

TOP PERFORMANCE CONTRIBUTORS

TOP PERFORMANCE DETRACTORS

Fund Performance

$10,000,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $10,000,000

	Class K 17,214,361	MSCI EAFE Index 23,069,948
12/31/15	10,000,000	10,000,000
12/31/16	10,059,179	10,151,000
12/31/17	13,205,982	12,751,686
12/31/18	11,045,467	11,048,061
12/31/19	14,549,376	13,551,552
12/31/20	18,736,292	14,673,620
12/31/21	19,359,658	16,402,172
12/31/22	13,321,203	14,104,228
12/31/23	14,671,325	16,763,246
12/31/24	14,781,682	17,492,065
12/31/25	17,214,361	23,069,948

AVERAGE ANNUAL TOTAL RETURN	1 Year	5 years	10 Years
Class K	16.46%	-1.68%	5.58%
MSCI EAFE Index	31.89%	9.46%	8.71%

Returns for Class K shares are based on actual performance from April 28, 2017. Prior to that date, returns are calculated based on the oldest share class of the Fund.

For updated Fund performance information, please visit: https://www.bailliegifford.com/pages/funds/baillie-gifford-eafe-plus-all-cap-fund/?tab=performance.

Key Fund Statistics as of December 31, 2025

The following table outlines key Fund statistics that you should pay attention to:

Fund net assets$108,913,239
Total number of portfolio holdings71
Total advisory fees paid$882,991
Portfolio turnover rate22%

Tabular Representation of Holdings as of December 31, 2025

The following table shows the industry sector allocation of the Fund.

Sectors	% of Net Assets
Semiconductors	10.2%
Banks	9.8%
Internet	8.3%
Machinery - Diversified	5.5%
Commercial Services	5.0%
Investment Companies	4.7%
Retail	4.1%
Pharmaceuticals	4.1%
Cosmetics/Personal Care	3.8%
Beverages	3.7%
Building Materials	2.5%
Insurance	2.5%
Food	2.4%
Other sectors	31.6%
Other assets less liabilities	1.8%
Total	100.0%

Material Fund Changes

This is a summary of certain changes to the Fund since January 1, 2025.

Additional information about the Fund is available upon request by contacting us at +1-844-394-6127 or via email at [email protected].

Availability of Additional Information

Baillie Gifford EAFE Plus All Cap Fund

Institutional Class | BGCSX

ANNUAL SHAREHOLDER REPORT | December 31, 2025

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Class	$75	0.69%

Management's Discussion of Fund Performance

SUMMARY OF RESULTS

More generally, markets were influenced by a combination of easing inflationary pressures, divergent central bank policies and ongoing geopolitical uncertainty.

Against this backdrop, the Baillie Gifford EAFE Plus All Cap Fund underperformed the MSCI EAFE Index over the year.

TOP PERFORMANCE CONTRIBUTORS

TOP PERFORMANCE DETRACTORS

Fund Performance

$10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $10,000

	Institutional Class 17,074	MSCI EAFE Index 23,070
12/31/15	10,000	10,000
12/31/16	10,044	10,151
12/31/17	13,185	12,752
12/31/18	11,010	11,048
12/31/19	14,490	13,552
12/31/20	18,646	14,674
12/31/21	19,243	16,402
12/31/22	13,236	14,104
12/31/23	14,551	16,763
12/31/24	14,656	17,492
12/31/25	17,074	23,070

AVERAGE ANNUAL TOTAL RETURN	1 Year	5 years	10 Years
Institutional Class	16.50%	-1.75%	5.50%
MSCI EAFE Index	31.89%	9.46%	8.71%

For updated Fund performance information, please visit: https://www.bailliegifford.com/pages/funds/baillie-gifford-eafe-plus-all-cap-fund/?tab=performance.

Key Fund Statistics as of December 31, 2025

The following table outlines key Fund statistics that you should pay attention to:

Fund net assets$108,913,239
Total number of portfolio holdings71
Total advisory fees paid$882,991
Portfolio turnover rate22%

Tabular Representation of Holdings as of December 31, 2025

The following table shows the industry sector allocation of the Fund.

Sectors	% of Net Assets
Semiconductors	10.2%
Banks	9.8%
Internet	8.3%
Machinery - Diversified	5.5%
Commercial Services	5.0%
Investment Companies	4.7%
Retail	4.1%
Pharmaceuticals	4.1%
Cosmetics/Personal Care	3.8%
Beverages	3.7%
Building Materials	2.5%
Insurance	2.5%
Food	2.4%
Other sectors	31.6%
Other assets less liabilities	1.8%
Total	100.0%

Material Fund Changes

This is a summary of certain changes to the Fund since January 1, 2025.

Additional information about the Fund is available upon request by contacting us at +1-844-394-6127 or via email at [email protected].

Availability of Additional Information

Baillie Gifford Emerging Markets Equities Fund

Class 2 | BGEHX

ANNUAL SHAREHOLDER REPORT | December 31, 2025

The annual shareholder report contains important information about Baillie Gifford Emerging Markets Equities Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.bailliegifford.com/emerging-markets-equities-fund/TSR-2-5. You can also request this information by contacting us at +1-844-394-6127 or via email at [email protected].

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 2	$93	0.77%

Management's Discussion of Fund Performance

SUMMARY OF RESULTS

The Fund delivered strong absolute returns over the year and outperformed the MSCI Emerging Markets Index, supported by improving emerging market fundamentals and a broadening of growth drivers beyond a narrow set of index heavyweights. Performance was led by strength across selective exposure to companies benefiting from the continued evolution of the artificial intelligence (“AI”) investment cycle and a recovery in commodities. China remained volatile, though sentiment was supported by a clearer policy focus on consumption, capital market reform and strategic technologies outlined in the 15th Five-Year Plan, the government’s medium-term economic roadmap. The Fund’s underweight exposure to India was beneficial amid weaker index performance following several years of strong returns.

TOP PERFORMANCE CONTRIBUTORS

Samsung Electronics, a leading global technology company specializing in consumer electronics and semiconductors, was a top contributor to performance. This time last year, we were writing about this company in a more apologetic light. The company is now forecasted to grow its operating profits by over 150% in 2025. Samsung is seeing strong demand across the board, has the capacity to negotiate with customers and is prioritizing its customer and application mix to maximize profits. It is projected to regain the number one position in global DRAM (dynamic random access memory) market driven by soaring demand for high-performance AI memory and a sharp rise in conventional DRAM prices. Given disciplined capital expenditure throughout the industry, Samsung anticipates that memory shortages will persist well into 2027.

Alongside Samsung, SK Hynix, a major player in the semiconductor industry known for its memory chips, continued its strong performance as the clear winner to-date in high bandwidth memory, reporting a 62% year-on-year growth in profits in the third quarter and announcing that all of its DRAM, NAND and high bandwidth memory capacity, which is critical for AI computing workloads, is fully booked for 2026.

TOP PERFORMANCE DETRACTORS

Globant, a software development and AI services company, detracted as management cut near-term growth guidance and earnings disappointed, reflecting softer discretionary spending among a few large US clients. However, performance in Europe and newer markets remains strong, and we continue to view Globant as a differentiated, long-term way to access the AI services opportunity, supported by healthy pipeline growth and the rollout of its higher-visibility AI Pods model.

MercadoLibre, a leading e-commerce and financial technology platform in Latin America, also detracted from performance as continued investment in logistics, fintech expansion and customer acquisition weighed on near-term margins. While the market reacted negatively to short-term profitability pressures, we continue to view these investments as strategically important for long-term growth. The company delivered another year of strong revenue growth and retains a leading competitive position across Latin America.

Fund Performance

$25,000,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $25,000,000

	Class 2 63,417,827	MSCI Emerging Markets Index 58,419,306
12/31/15	25,000,000	25,000,000
12/31/16	25,774,475	27,900,000
12/31/17	39,440,100	38,432,250
12/31/18	33,554,665	32,955,654
12/31/19	42,951,295	39,177,682
12/31/20	55,643,809	46,499,991
12/31/21	50,582,352	45,467,691
12/31/22	37,206,544	36,492,369
12/31/23	42,532,905	40,240,135
12/31/24	45,070,255	43,479,686
12/31/25	63,417,827	58,419,306

AVERAGE ANNUAL TOTAL RETURN	1 Year	5 years	10 Years
Class 2	40.71%	2.65%	9.76%
MSCI Emerging Markets Index	34.36%	4.67%	8.85%

Returns for Class 2 shares are based on actual performance from March 2, 2015. Prior to that date, returns are calculated based on Class 5 shares from January 1, 2015, adjusted to reflect the differences in share class fees. Prior to January 1, 2015, returns are calculated based on the shares previously designated as Class 3 shares, prior to conversion to Class 5 shares.

Key Fund Statistics as of December 31, 2025

The following table outlines key Fund statistics that you should pay attention to:

Fund net assets$7,156,113,823
Total number of portfolio holdings86
Total advisory fees paid$31,285,262
Portfolio turnover rate28%

Tabular Representation of Holdings as of December 31, 2025

The following table shows the industry sector allocation of the Fund.

Sectors	% of Net Assets
Semiconductors	26.9%
Internet	21.0%
Banks	9.7%
Mining	7.0%
Oil & Gas	4.6%
Diversified Financial Services	2.6%
Retail	2.6%
Auto Parts & Equipment	2.2%
Home Furnishings	2.1%
Insurance	2.0%
Auto Manufacturers	2.0%
Airlines	1.7%
Electric	1.7%
Other sectors	13.7%
Other assets less liabilities	0.2%
Total	100.0%

Availability of Additional Information

Baillie Gifford Emerging Markets Equities Fund

Class 3 | BGELX

ANNUAL SHAREHOLDER REPORT | December 31, 2025

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 3	$84	0.70%

Management's Discussion of Fund Performance

SUMMARY OF RESULTS

TOP PERFORMANCE CONTRIBUTORS

TOP PERFORMANCE DETRACTORS

Fund Performance

$100,000,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $100,000,000

	Class 3 255,342,472	MSCI Emerging Markets Index 233,677,222
12/31/15	100,000,000	100,000,000
12/31/16	103,121,540	111,600,000
12/31/17	157,907,720	153,729,000
12/31/18	134,437,912	131,822,618
12/31/19	172,207,559	156,710,728
12/31/20	223,252,628	185,999,963
12/31/21	203,092,600	181,870,764
12/31/22	149,492,160	145,969,475
12/31/23	171,013,490	160,960,540
12/31/24	181,287,535	173,918,742
12/31/25	255,342,472	233,677,222

AVERAGE ANNUAL TOTAL RETURN	1 Year	5 years	10 Years
Class 3	40.81%	2.72%	9.83%
MSCI Emerging Markets Index	34.36%	4.67%	8.85%

Returns for Class 3 shares are based on actual performance from March 31, 2016. Prior to that date, returns are calculated based on Class 5 shares from January 1, 2015, adjusted to reflect the differences in share class fees. Prior to January 1, 2015, returns are calculated based on the shares previously designated as Class 3 shares, prior to conversion to Class 5 shares.

Key Fund Statistics as of December 31, 2025

The following table outlines key Fund statistics that you should pay attention to:

Fund net assets$7,156,113,823
Total number of portfolio holdings86
Total advisory fees paid$31,285,262
Portfolio turnover rate28%

Tabular Representation of Holdings as of December 31, 2025

The following table shows the industry sector allocation of the Fund.

Sectors	% of Net Assets
Semiconductors	26.9%
Internet	21.0%
Banks	9.7%
Mining	7.0%
Oil & Gas	4.6%
Diversified Financial Services	2.6%
Retail	2.6%
Auto Parts & Equipment	2.2%
Home Furnishings	2.1%
Insurance	2.0%
Auto Manufacturers	2.0%
Airlines	1.7%
Electric	1.7%
Other sectors	13.7%
Other assets less liabilities	0.2%
Total	100.0%

Availability of Additional Information

Baillie Gifford Emerging Markets Equities Fund

Class 4 | BGEPX

ANNUAL SHAREHOLDER REPORT | December 31, 2025

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 4	$81	0.67%

Management's Discussion of Fund Performance

SUMMARY OF RESULTS

TOP PERFORMANCE CONTRIBUTORS

TOP PERFORMANCE DETRACTORS

Fund Performance

$200,000,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $200,000,000

	Class 4 512,396,720	MSCI Emerging Markets Index 467,354,444
12/31/15	200,000,000	200,000,000
12/31/16	206,378,205	223,200,000
12/31/17	316,118,049	307,458,000
12/31/18	269,213,892	263,645,235
12/31/19	344,952,542	313,421,455
12/31/20	447,337,217	371,999,925
12/31/21	407,060,339	363,741,527
12/31/22	299,717,257	291,938,950
12/31/23	342,967,455	321,921,080
12/31/24	363,789,774	347,837,485
12/31/25	512,396,720	467,354,444

AVERAGE ANNUAL TOTAL RETURN	1 Year	5 years	10 Years
Class 4	40.85%	2.75%	9.87%
MSCI Emerging Markets Index	34.36%	4.67%	8.85%

Returns for Class 4 shares are based on actual performance from July 14, 2023. Prior to that date, returns are calculated based on Class 5 shares from January 1, 2015, adjusted to reflect the differences in share class fees. Prior to January 1, 2015, returns are calculated based on the shares previously designated as Class 3 shares, prior to conversion to Class 5 shares.

Key Fund Statistics as of December 31, 2025

The following table outlines key Fund statistics that you should pay attention to:

Fund net assets$7,156,113,823
Total number of portfolio holdings86
Total advisory fees paid$31,285,262
Portfolio turnover rate28%

Tabular Representation of Holdings as of December 31, 2025

The following table shows the industry sector allocation of the Fund.

Sectors	% of Net Assets
Semiconductors	26.9%
Internet	21.0%
Banks	9.7%
Mining	7.0%
Oil & Gas	4.6%
Diversified Financial Services	2.6%
Retail	2.6%
Auto Parts & Equipment	2.2%
Home Furnishings	2.1%
Insurance	2.0%
Auto Manufacturers	2.0%
Airlines	1.7%
Electric	1.7%
Other sectors	13.7%
Other assets less liabilities	0.2%
Total	100.0%

Availability of Additional Information

Baillie Gifford Emerging Markets Equities Fund

Class 5 | BGEDX

ANNUAL SHAREHOLDER REPORT | December 31, 2025

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 5	$75	0.62%

Management's Discussion of Fund Performance

SUMMARY OF RESULTS

TOP PERFORMANCE CONTRIBUTORS

TOP PERFORMANCE DETRACTORS

Fund Performance

$500,000,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $500,000,000

	Class 5 1,287,402,302	MSCI Emerging Markets Index 1,168,386,111
12/31/15	500,000,000	500,000,000
12/31/16	516,203,407	558,000,000
12/31/17	791,081,422	768,645,000
12/31/18	674,042,082	659,113,088
12/31/19	864,100,392	783,553,638
12/31/20	1,121,133,875	929,999,813
12/31/21	1,020,708,991	909,353,818
12/31/22	751,924,965	729,847,374
12/31/23	860,846,476	804,802,699
12/31/24	913,569,471	869,593,712
12/31/25	1,287,402,302	1,168,386,111

AVERAGE ANNUAL TOTAL RETURN	1 Year	5 years	10 Years
Class 5	40.92%	2.80%	9.92%
MSCI Emerging Markets Index	34.36%	4.67%	8.85%

Effective January 1, 2015, the share class structure of the Fund was changed, and shares previously designated as Class 3 shares were converted to Class 5 shares. The performance information provided for Class 5 reflects the performance for Class 3 for periods prior to January 1, 2015. Class 3 shares were subject to a higher shareholder service fee than Class 5 shares, and no adjustment has been made to the performance information shown for Class 5 to reflect its different expense structure.

Key Fund Statistics as of December 31, 2025

The following table outlines key Fund statistics that you should pay attention to:

Fund net assets$7,156,113,823
Total number of portfolio holdings86
Total advisory fees paid$31,285,262
Portfolio turnover rate28%

Tabular Representation of Holdings as of December 31, 2025

The following table shows the industry sector allocation of the Fund.

Sectors	% of Net Assets
Semiconductors	26.9%
Internet	21.0%
Banks	9.7%
Mining	7.0%
Oil & Gas	4.6%
Diversified Financial Services	2.6%
Retail	2.6%
Auto Parts & Equipment	2.2%
Home Furnishings	2.1%
Insurance	2.0%
Auto Manufacturers	2.0%
Airlines	1.7%
Electric	1.7%
Other sectors	13.7%
Other assets less liabilities	0.2%
Total	100.0%

Availability of Additional Information

Baillie Gifford Emerging Markets Equities Fund

Class K | BGKEX

ANNUAL SHAREHOLDER REPORT | December 31, 2025

The annual shareholder report contains important information about Baillie Gifford Emerging Markets Equities Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.bailliegifford.com/emerging-markets-equities-fund/TSR-I-K. You can also request this information by contacting us at +1-844-394-6127 or via email at [email protected].

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class K	$93	0.77%

Management's Discussion of Fund Performance

SUMMARY OF RESULTS

TOP PERFORMANCE CONTRIBUTORS

TOP PERFORMANCE DETRACTORS

Fund Performance

$10,000,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $10,000,000

	Class K 25,358,091	MSCI Emerging Markets Index 23,367,722
12/31/15	10,000,000	10,000,000
12/31/16	10,308,602	11,160,000
12/31/17	15,770,421	15,372,900
12/31/18	13,419,279	13,182,262
12/31/19	17,176,414	15,671,073
12/31/20	22,252,874	18,599,996
12/31/21	20,231,686	18,187,076
12/31/22	14,876,437	14,596,947
12/31/23	17,004,077	16,096,054
12/31/24	18,024,599	17,391,874
12/31/25	25,358,091	23,367,722

AVERAGE ANNUAL TOTAL RETURN	1 Year	5 years	10 Years
Class K	40.69%	2.65%	9.75%
MSCI Emerging Markets Index	34.36%	4.67%	8.85%

Returns for Class K shares are based on actual performance from April 28, 2017. Prior to that date, returns are calculated based on the oldest share class of the Fund and were adjusted to reflect the differences in class expense due to the fees being higher.

For updated Fund performance information, please visit: https://www.bailliegifford.com/pages/funds/baillie-gifford-emerging-markets-equities-fund/?tab=performance.

Key Fund Statistics as of December 31, 2025

The following table outlines key Fund statistics that you should pay attention to:

Fund net assets$7,156,113,823
Total number of portfolio holdings86
Total advisory fees paid$31,285,262
Portfolio turnover rate28%

Tabular Representation of Holdings as of December 31, 2025

The following table shows the industry sector allocation of the Fund.

Sectors	% of Net Assets
Semiconductors	26.9%
Internet	21.0%
Banks	9.7%
Mining	7.0%
Oil & Gas	4.6%
Diversified Financial Services	2.6%
Retail	2.6%
Auto Parts & Equipment	2.2%
Home Furnishings	2.1%
Insurance	2.0%
Auto Manufacturers	2.0%
Airlines	1.7%
Electric	1.7%
Other sectors	13.7%
Other assets less liabilities	0.2%
Total	100.0%

Availability of Additional Information

Baillie Gifford Emerging Markets Equities Fund

Institutional Class | BGEGX

ANNUAL SHAREHOLDER REPORT | December 31, 2025

The annual shareholder report contains important information about Baillie Gifford Emerging Markets Equities Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.bailliegifford.com/emerging-markets-equities-fund/TSR-I-K. You can also request this information by contacting us at +1-844-394-6127 or via email at [email protected].

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Class	$103	0.86%

Management's Discussion of Fund Performance

SUMMARY OF RESULTS

TOP PERFORMANCE CONTRIBUTORS

TOP PERFORMANCE DETRACTORS

Fund Performance

$10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $10,000

	Institutional Class 25,146	MSCI Emerging Markets Index 23,368
12/31/15	10,000	10,000
12/31/16	10,293	11,160
12/31/17	15,743	15,373
12/31/18	13,385	13,182
12/31/19	17,124	15,671
12/31/20	22,162	18,600
12/31/21	20,126	18,187
12/31/22	14,789	14,597
12/31/23	16,890	16,096
12/31/24	17,884	17,392
12/31/25	25,146	23,368

AVERAGE ANNUAL TOTAL RETURN	1 Year	5 years	10 Years
Institutional Class	40.60%	2.56%	9.66%
MSCI Emerging Markets Index	34.36%	4.67%	8.85%

For updated Fund performance information, please visit: https://www.bailliegifford.com/pages/funds/baillie-gifford-emerging-markets-equities-fund/?tab=performance.

Key Fund Statistics as of December 31, 2025

The following table outlines key Fund statistics that you should pay attention to:

Fund net assets$7,156,113,823
Total number of portfolio holdings86
Total advisory fees paid$31,285,262
Portfolio turnover rate28%

Tabular Representation of Holdings as of December 31, 2025

The following table shows the industry sector allocation of the Fund.

Sectors	% of Net Assets
Semiconductors	26.9%
Internet	21.0%
Banks	9.7%
Mining	7.0%
Oil & Gas	4.6%
Diversified Financial Services	2.6%
Retail	2.6%
Auto Parts & Equipment	2.2%
Home Furnishings	2.1%
Insurance	2.0%
Auto Manufacturers	2.0%
Airlines	1.7%
Electric	1.7%
Other sectors	13.7%
Other assets less liabilities	0.2%
Total	100.0%

Availability of Additional Information

Baillie Gifford Emerging Markets ex China Fund

Class K | BGEZX

ANNUAL SHAREHOLDER REPORT | December 31, 2025

The annual shareholder report contains important information about Baillie Gifford Emerging Markets ex China Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.bailliegifford.com/emerging-markets-ex-china-fund/TSR. You can also request this information by contacting us at +1-844-394-6127 or via email at [email protected].

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class K	$106	0.87%

Management's Discussion of Fund Performance

The Fund delivered strong absolute returns over the year and outperformed the MSCI Emerging Markets ex China Index, supported by improving emerging market fundamentals and a broadening of growth drivers beyond a narrow set of index heavyweights. Performance was led by strength across selective exposure to companies benefiting from the continued evolution of the artificial intelligence (“AI”) investment cycle and a recovery in commodities. The Fund’s underweight exposure to India was beneficial amid weaker index performance following several years of strong returns.

TOP PERFORMANCE CONTRIBUTORS

Samsung Electronics, a leading global technology company specializing in consumer electronics and semiconductors, was a top contributor to performance. The company is now forecasted to grow its operating profits by over 150% in 2025. Samsung is seeing strong demand across the board, has the capacity to negotiate with customers and is prioritizing its customer and application mix to maximize profits. It is projected to regain the number one position in global DRAM (dynamic random access memory) market driven by soaring demand for high-performance AI memory and a sharp rise in conventional DRAM prices. Given disciplined capital expenditure throughout the industry, Samsung anticipates that memory shortages will persist well into 2027.

TOP PERFORMANCE DETRACTORS

In a similar vein, Tata Consultancy Services (TCS), a leading global IT services and consulting company also detracted amid a cautious spending environment, with clients delaying or scaling back discretionary IT. This uncertainty has weighed on sentiment across the IT services sector, despite TCS’s resilient execution, deep client relationships and capacity to adapt as AI increasingly reshapes enterprise technology spending.

Fund Performance

$10,000,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $10,000,000

	Class K 14,132,040	MSCI Emerging Markets ex China Index 13,855,639
12/28/21	10,000,000	10,000,000
12/31/21	10,020,000	10,008,000
12/31/22	7,508,092	8,127,497
12/31/23	9,299,948	9,803,387
12/31/24	9,864,750	10,215,009
12/31/25	14,132,040	13,855,639

AVERAGE ANNUAL TOTAL RETURN	1 Year	Since Inception 12/28/21
Class K	43.26%	9.01%
MSCI Emerging Markets ex China Index	35.64%	8.47%

For updated Fund performance information, please visit: https://www.bailliegifford.com/pages/funds/baillie-gifford-emerging-markets-ex-china-fund/?tab=performance.

Key Fund Statistics as of December 31, 2025

The following table outlines key Fund statistics that you should pay attention to:

Fund net assets$1,413,579
Total number of portfolio holdings73
Total advisory fees paid, net of waiver$0
Portfolio turnover rate20%

Tabular Representation of Holdings as of December 31, 2025

The following table shows the industry sector allocation of the Fund.

Sectors	% of Net Assets
Semiconductors	34.3%
Internet	11.8%
Banks	11.5%
Mining	6.5%
Oil & Gas	5.2%
Diversified Financial Services	3.2%
Telecommunications	2.7%
Retail	2.7%
Electric	2.0%
Auto Manufacturers	1.8%
Miscellaneous Manufacturing	1.7%
Computers	1.7%
Airlines	1.7%
Other sectors	11.6%
Other assets less liabilities	1.6%
Total	100.0%

Availability of Additional Information

Baillie Gifford Emerging Markets ex China Fund

Institutional Class | BGEWX

ANNUAL SHAREHOLDER REPORT | December 31, 2025

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Class	$106	0.87%

Management's Discussion of Fund Performance

TOP PERFORMANCE CONTRIBUTORS

TOP PERFORMANCE DETRACTORS

Fund Performance

$10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $10,000

	Institutional Class 14,132	MSCI Emerging Markets ex China Index 13,856
12/28/21	10,000	10,000
12/31/21	10,020	10,008
12/31/22	7,508	8,128
12/31/23	9,300	9,803
12/31/24	9,865	10,215
12/31/25	14,132	13,856

AVERAGE ANNUAL TOTAL RETURN	1 Year	Since Inception 12/28/21
Institutional Class	43.26%	9.01%
MSCI Emerging Markets ex China Index	35.64%	8.47%

For updated Fund performance information, please visit: https://www.bailliegifford.com/pages/funds/baillie-gifford-emerging-markets-ex-china-fund/?tab=performance.

Key Fund Statistics as of December 31, 2025

The following table outlines key Fund statistics that you should pay attention to:

Fund net assets$1,413,579
Total number of portfolio holdings73
Total advisory fees paid, net of waiver$0
Portfolio turnover rate20%

Tabular Representation of Holdings as of December 31, 2025

The following table shows the industry sector allocation of the Fund.

Sectors	% of Net Assets
Semiconductors	34.3%
Internet	11.8%
Banks	11.5%
Mining	6.5%
Oil & Gas	5.2%
Diversified Financial Services	3.2%
Telecommunications	2.7%
Retail	2.7%
Electric	2.0%
Auto Manufacturers	1.8%
Miscellaneous Manufacturing	1.7%
Computers	1.7%
Airlines	1.7%
Other sectors	11.6%
Other assets less liabilities	1.6%
Total	100.0%

Availability of Additional Information

Baillie Gifford Global Alpha Equities Fund

Class 2 | BGATX

ANNUAL SHAREHOLDER REPORT | December 31, 2025

The annual shareholder report contains important information about Baillie Gifford Global Alpha Equities Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.bailliegifford.com/global-alpha-equities-fund/TSR-2-5. You can also request this information by contacting us at +1-844-394-6127 or via email at [email protected].

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 2	$72	0.66%

Management's Discussion of Fund Performance

SUMMARY OF RESULTS

In 2025, the Baillie Gifford Global Alpha Equities Fund delivered strong absolute performance but trailed its benchmark, the MSCI ACWI Index. The Fund’s returns were driven by its underlying holdings delivering on their potential, resulting in strong profit growth that exceeded that of the benchmark. However, the index benefited from rising valuations that drove its relative outperformance.

TOP PERFORMANCE CONTRIBUTORS

AppLovin, the in-game advertising company, saw its stock price double in 2025 due to outstanding revenue and profit growth that exceeded market expectations. With its expansion into e-commerce products still in its nascent stage and its targeting algorithm improving, it has demonstrated significant potential.

The European technology holding company Prosus saw its stock price rise 57% in 2025, due to strong results from Tencent, its largest holding. We believe these strong results can continue as Tencent leverages its artificial intelligence (AI) expertise more effectively to boost revenues and efficiency across its social media, finance, and gaming platforms.

TOP PERFORMANCE DETRACTORS

Advertising platform The Trade Desk was the largest detractor to performance in 2025, due to increasing competition from Amazon and its international customers cutting their advertising spend. However, The Trade Desk’s new AI-led Kokai platform is showing successful uptake, and its core connected TV business is growing well. We have remained patient as the company works to reaccelerate growth.

Novo Nordisk, the Danish pharmaceutical giant, was another detractor in 2025 as its stock price fell almost 40%. Novo Nordisk has experienced trial disappointments and ceded market share to both Eli Lilly and the compounders who manufacture generic versions of its obesity drug. Execution has been challenging, but we believe the current market valuation appears to reflect a high degree of scepticism relative to the long-term opportunity.

Fund Performance

$25,000,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $25,000,000

	Class 2 68,736,304	MSCI ACWI Index 79,602,159
12/31/15	25,000,000	25,000,000
12/31/16	26,238,052	27,120,000
12/31/17	35,306,134	33,796,944
12/31/18	31,974,913	30,778,877
12/31/19	42,385,609	39,181,510
12/31/20	57,790,971	45,771,840
12/31/21	62,194,096	54,486,799
12/31/22	44,110,280	44,700,970
12/31/23	52,758,433	54,896,041
12/31/24	58,520,374	64,785,675
12/31/25	68,736,304	79,602,159

AVERAGE ANNUAL TOTAL RETURN	1 Year	5 years	10 Years
Class 2	17.46%	3.53%	10.64%
MSCI ACWI Index	22.87%	11.70%	12.27%

Returns for Class 2 shares are based on actual performance from January 6, 2013. Prior to that date, returns are calculated based on the oldest share class of the Fund and were adjusted to reflect the differences in class expense due to the fees being higher.

Key Fund Statistics as of December 31, 2025

The following table outlines key Fund statistics that you should pay attention to:

Fund net assets$464,465,144
Total number of portfolio holdings89
Total advisory fees paid$2,460,249
Portfolio turnover rate30%

Tabular Representation of Holdings as of December 31, 2025

The following table shows the industry sector allocation of the Fund.

Sectors	% of Net Assets
Internet	25.7%
Semiconductors	14.4%
Software	8.3%
Commercial Services	6.9%
Retail	5.0%
Building Materials	4.6%
Healthcare - Services	4.0%
Diversified Financial Services	3.3%
Biotechnology	2.4%
Real Estate	2.2%
Aerospace/Defense	2.0%
Airlines	1.9%
Healthcare - Products	1.8%
Other sectors	16.0%
Other assets less liabilities	1.5%
Total	100.0%

Availability of Additional Information

Baillie Gifford Global Alpha Equities Fund

Class 3 | BGAEX

ANNUAL SHAREHOLDER REPORT | December 31, 2025

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 3	$12^{Footnote Reference*}	0.59%

Footnote	Description
Footnote^*	The period from commencement to the date of this report is less than a full reporting period. Expenses paid for a full reporting period would be higher.

Management's Discussion of Fund Performance

SUMMARY OF RESULTS

TOP PERFORMANCE CONTRIBUTORS

TOP PERFORMANCE DETRACTORS

Fund Performance

$100,000,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $100,000,000

	Class 3 274,986,357	MSCI ACWI Index 318,408,638
12/31/15	100,000,000	100,000,000
12/31/16	104,952,206	108,480,000
12/31/17	141,224,535	135,187,776
12/31/18	127,899,653	123,115,508
12/31/19	169,542,434	156,726,041
12/31/20	231,163,884	183,087,361
12/31/21	248,776,385	217,947,195
12/31/22	176,441,120	178,803,879
12/31/23	211,033,734	219,584,166
12/31/24	234,081,497	259,142,702
12/31/25	274,986,357	318,408,638

AVERAGE ANNUAL TOTAL RETURN	1 Year	5 years	10 Years
Class 3	17.47%	3.53%	10.65%
MSCI ACWI Index	22.87%	11.70%	12.27%

Returns for Class 3 shares are based on actual performance from October 21, 2025. Prior to that date, returns are calculated based on the oldest share class of the Fund and were adjusted to reflect the differences in class expense due to the fees being higher.

Key Fund Statistics as of December 31, 2025

The following table outlines key Fund statistics that you should pay attention to:

Fund net assets$464,465,144
Total number of portfolio holdings89
Total advisory fees paid$2,460,249
Portfolio turnover rate30%

Tabular Representation of Holdings as of December 31, 2025

The following table shows the industry sector allocation of the Fund.

Sectors	% of Net Assets
Internet	25.7%
Semiconductors	14.4%
Software	8.3%
Commercial Services	6.9%
Retail	5.0%
Building Materials	4.6%
Healthcare - Services	4.0%
Diversified Financial Services	3.3%
Biotechnology	2.4%
Real Estate	2.2%
Aerospace/Defense	2.0%
Airlines	1.9%
Healthcare - Products	1.8%
Other sectors	16.0%
Other assets less liabilities	1.5%
Total	100.0%

Availability of Additional Information

Baillie Gifford Global Alpha Equities Fund

Class K | BGAKX

ANNUAL SHAREHOLDER REPORT | December 31, 2025

The annual shareholder report contains important information about Baillie Gifford Global Alpha Equities Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.bailliegifford.com/global-alpha-equities-fund/TSR-I-K. You can also request this information by contacting us at +1-844-394-6127 or via email at [email protected].

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class K	$71	0.65%

Management's Discussion of Fund Performance

SUMMARY OF RESULTS

TOP PERFORMANCE CONTRIBUTORS

TOP PERFORMANCE DETRACTORS

Fund Performance

$10,000,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $10,000,000

	Class K 27,498,258	MSCI ACWI Index 31,840,864
12/31/15	10,000,000	10,000,000
12/31/16	10,494,866	10,848,000
12/31/17	14,118,192	13,518,778
12/31/18	12,794,035	12,311,551
12/31/19	16,949,847	15,672,604
12/31/20	23,121,924	18,308,736
12/31/21	24,875,853	21,794,719
12/31/22	17,642,158	17,880,388
12/31/23	21,108,420	21,958,417
12/31/24	23,402,883	25,914,270
12/31/25	27,498,258	31,840,864

AVERAGE ANNUAL TOTAL RETURN	1 Year	5 years	10 Years
Class K	17.50%	3.53%	10.64%
MSCI ACWI Index	22.87%	11.70%	12.27%

For updated Fund performance information, please visit: https://www.bailliegifford.com/pages/funds/baillie-gifford-global-alpha-equities-fund/?tab=performance.

Key Fund Statistics as of December 31, 2025

The following table outlines key Fund statistics that you should pay attention to:

Fund net assets$464,465,144
Total number of portfolio holdings89
Total advisory fees paid$2,460,249
Portfolio turnover rate30%

Tabular Representation of Holdings as of December 31, 2025

The following table shows the industry sector allocation of the Fund.

Sectors	% of Net Assets
Internet	25.7%
Semiconductors	14.4%
Software	8.3%
Commercial Services	6.9%
Retail	5.0%
Building Materials	4.6%
Healthcare - Services	4.0%
Diversified Financial Services	3.3%
Biotechnology	2.4%
Real Estate	2.2%
Aerospace/Defense	2.0%
Airlines	1.9%
Healthcare - Products	1.8%
Other sectors	16.0%
Other assets less liabilities	1.5%
Total	100.0%

Availability of Additional Information

Baillie Gifford Global Alpha Equities Fund

Institutional Class | BGASX

ANNUAL SHAREHOLDER REPORT | December 31, 2025

The annual shareholder report contains important information about Baillie Gifford Global Alpha Equities Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.bailliegifford.com/global-alpha-equities-fund/TSR-I-K. You can also request this information by contacting us at +1-844-394-6127 or via email at [email protected].

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Class	$80	0.74%

Management's Discussion of Fund Performance

SUMMARY OF RESULTS

TOP PERFORMANCE CONTRIBUTORS

TOP PERFORMANCE DETRACTORS

Fund Performance

$10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $10,000

	Institutional Class 27,291	MSCI ACWI Index 31,841
12/31/15	10,000	10,000
12/31/16	10,479	10,848
12/31/17	14,098	13,519
12/31/18	12,770	12,312
12/31/19	16,928	15,673
12/31/20	23,070	18,309
12/31/21	24,796	21,795
12/31/22	17,571	17,880
12/31/23	20,997	21,958
12/31/24	23,271	25,914
12/31/25	27,291	31,841

AVERAGE ANNUAL TOTAL RETURN	1 Year	5 years	10 Years
Institutional Class	17.27%	3.42%	10.56%
MSCI ACWI Index	22.87%	11.70%	12.27%

For updated Fund performance information, please visit: https://www.bailliegifford.com/pages/funds/baillie-gifford-global-alpha-equities-fund/?tab=performance.

Key Fund Statistics as of December 31, 2025

The following table outlines key Fund statistics that you should pay attention to:

Fund net assets$464,465,144
Total number of portfolio holdings89
Total advisory fees paid$2,460,249
Portfolio turnover rate30%

Tabular Representation of Holdings as of December 31, 2025

The following table shows the industry sector allocation of the Fund.

Sectors	% of Net Assets
Internet	25.7%
Semiconductors	14.4%
Software	8.3%
Commercial Services	6.9%
Retail	5.0%
Building Materials	4.6%
Healthcare - Services	4.0%
Diversified Financial Services	3.3%
Biotechnology	2.4%
Real Estate	2.2%
Aerospace/Defense	2.0%
Airlines	1.9%
Healthcare - Products	1.8%
Other sectors	16.0%
Other assets less liabilities	1.5%
Total	100.0%

Availability of Additional Information

Baillie Gifford International Alpha Fund

Class 2 | BGITX

ANNUAL SHAREHOLDER REPORT | December 31, 2025

The annual shareholder report contains important information about Baillie Gifford International Alpha Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.bailliegifford.com/international-alpha-fund/TSR-2-5. You can also request this information by contacting us at +1-844-394-6127 or via email at [email protected].

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 2	$65	0.59%

Management's Discussion of Fund Performance

SUMMARY OF RESULTS

In 2025, international equities delivered very strong returns and outperformed U.S. markets, supported by relatively more accommodative macroeconomic conditions and a weaker U.S. dollar.

During the year, a small number of themes drove investment sentiment, with excitement surrounding artificial intelligence (AI) boosting a number of technology-focused companies. There was also a strong value tilt to the names that were rewarded during the year, whilst growth and quality companies were less in favour.

Against this backdrop, the Baillie Gifford International Alpha Fund achieved positive returns, however, it lagged the MSCI ACWI ex USA Index.

TOP PERFORMANCE CONTRIBUTORS

Samsung Electronics, a leading global technology company, passed qualification with Nvidia for its high bandwidth memory chips and benefited from a broader memory upcycle, with DRAM (dynamic random access memory) and NAND prices rising strongly. With a strong balance sheet and exposure across the semiconductor value chain, Samsung demonstrated during the period that it is well-positioned to benefit from structurally rising AI-driven demand.

Ryanair, Europe's top low-cost airline, performed well after reporting strong profits during the year, helped by a recovery in ticket pricing, and the announcement of a €750 million share buyback also boosted sentiment, reminding investors of its shareholder-focused capital allocation and the strength of its balance sheet.

TOP PERFORMANCE DETRACTORS

IMCD, a global distributor of specialty chemicals, was negatively impacted in 2025 by macroeconomic uncertainty affecting demand, especially in industrial markets. Increased competition from Chinese suppliers, currency headwinds, and higher financing costs pressured margins and earnings.

Similarly, Edenred, a leading provider of employment benefits, underperformed during the year as regulatory changes in Brazil's meal and food voucher system created uncertainty in a key market segment. Management lowered its 2026 profit forecast to compensate for a reduction in its take rate (the proportion of transaction value retained by the company) and a rise in competitive pressures as a result of a new requirement for restaurants to offer interoperability between providers. Competitive pressures in the broader voucher and benefits market, along with ongoing macro volatility, contributed to a cautious investor outlook.

Fund Performance

$25,000,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $25,000,000

	Class 2 52,328,146	MSCI ACWI ex USA Index 58,896,676
12/31/15	25,000,000	25,000,000
12/31/16	26,309,370	26,252,500
12/31/17	35,506,926	33,542,819
12/31/18	29,624,005	28,920,619
12/31/19	39,145,302	35,320,752
12/31/20	49,529,969	39,251,951
12/31/21	49,174,133	42,505,938
12/31/22	35,090,262	35,887,764
12/31/23	41,657,278	41,705,170
12/31/24	43,759,109	44,246,247
12/31/25	52,328,146	58,896,676

AVERAGE ANNUAL TOTAL RETURN	1 Year	5 years	10 Years
Class 2	19.58%	1.11%	7.67%
MSCI ACWI ex USA Index	33.11%	8.45%	8.94%

Key Fund Statistics as of December 31, 2025

The following table outlines key Fund statistics that you should pay attention to:

Fund net assets$2,007,293,889
Total number of portfolio holdings82
Total advisory fees paid$7,491,982
Portfolio turnover rate19%

Tabular Representation of Holdings as of December 31, 2025

The following table shows the industry sector allocation of the Fund.

Sectors	% of Net Assets
Internet	16.5%
Semiconductors	14.5%
Commercial Services	6.2%
Insurance	5.9%
Banks	5.4%
Software	4.9%
Home Furnishings	4.3%
Pharmaceuticals	4.3%
Building Materials	4.3%
Machinery - Diversified	4.0%
Airlines	3.4%
Food	3.4%
Diversified Financial Services	3.1%
Other sectors	18.9%
Other assets less liabilities	0.9%
Total	100.0%

Material Fund Changes

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 30, 2026 at www.bailliegifford.com/international-alpha-fund/TSR-2-5 or upon request by contacting us at +1-844-394-6127 or via email at [email protected].

A disclosure that the Fund expects to have considerable exposure to Chinese companies was added to the prospectus. As of December 31, 2025, the Fund's exposure to Chinese companies was 10% of its net asset value.

Availability of Additional Information

Baillie Gifford International Alpha Fund

Class 3 | BGIFX

ANNUAL SHAREHOLDER REPORT | December 31, 2025

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 3	$57	0.52%

Management's Discussion of Fund Performance

SUMMARY OF RESULTS

In 2025, international equities delivered very strong returns and outperformed U.S. markets, supported by relatively more accommodative macroeconomic conditions and a weaker U.S. dollar.

Against this backdrop, the Baillie Gifford International Alpha Fund achieved positive returns, however, it lagged the MSCI ACWI ex USA Index.

TOP PERFORMANCE CONTRIBUTORS

TOP PERFORMANCE DETRACTORS

Fund Performance

$100,000,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $100,000,000

	Class 3 210,781,510	MSCI ACWI ex USA Index 235,586,704
12/31/15	100,000,000	100,000,000
12/31/16	105,310,716	105,010,000
12/31/17	142,226,488	134,171,277
12/31/18	118,744,241	115,682,475
12/31/19	157,019,072	141,283,007
12/31/20	198,813,489	157,007,805
12/31/21	197,524,028	170,023,752
12/31/22	141,050,609	143,551,054
12/31/23	167,564,506	166,820,680
12/31/24	176,141,401	176,984,989
12/31/25	210,781,510	235,586,704

AVERAGE ANNUAL TOTAL RETURN	1 Year	5 years	10 Years
Class 3	19.67%	1.18%	7.74%
MSCI ACWI ex USA Index	33.11%	8.45%	8.94%

Returns for Class 3 shares are based on actual performance from September 1, 2010. Prior to that date, returns are calculated based on the oldest share class of the Fund and were not adjusted to reflect the differences in class expense due to the fees being lower.

Key Fund Statistics as of December 31, 2025

The following table outlines key Fund statistics that you should pay attention to:

Fund net assets$2,007,293,889
Total number of portfolio holdings82
Total advisory fees paid$7,491,982
Portfolio turnover rate19%

Tabular Representation of Holdings as of December 31, 2025

The following table shows the industry sector allocation of the Fund.

Sectors	% of Net Assets
Internet	16.5%
Semiconductors	14.5%
Commercial Services	6.2%
Insurance	5.9%
Banks	5.4%
Software	4.9%
Home Furnishings	4.3%
Pharmaceuticals	4.3%
Building Materials	4.3%
Machinery - Diversified	4.0%
Airlines	3.4%
Food	3.4%
Diversified Financial Services	3.1%
Other sectors	18.9%
Other assets less liabilities	0.9%
Total	100.0%

Material Fund Changes

Availability of Additional Information

Baillie Gifford International Alpha Fund

Class 4 | BGIUX

ANNUAL SHAREHOLDER REPORT | December 31, 2025

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 4	$54	0.49%

Management's Discussion of Fund Performance

SUMMARY OF RESULTS

In 2025, international equities delivered very strong returns and outperformed U.S. markets, supported by relatively more accommodative macroeconomic conditions and a weaker U.S. dollar.

Against this backdrop, the Baillie Gifford International Alpha Fund achieved positive returns, however, it lagged the MSCI ACWI ex USA Index.

TOP PERFORMANCE CONTRIBUTORS

TOP PERFORMANCE DETRACTORS

Fund Performance

$200,000,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $200,000,000

	Class 4 422,194,584	MSCI ACWI ex USA Index 471,173,407
12/31/15	200,000,000	200,000,000
12/31/16	210,474,958	210,020,000
12/31/17	284,193,207	268,342,554
12/31/18	237,344,831	231,364,950
12/31/19	313,940,659	282,566,014
12/31/20	397,626,541	314,015,611
12/31/21	395,165,389	340,047,505
12/31/22	282,269,414	287,102,108
12/31/23	335,428,633	333,641,360
12/31/24	352,707,702	353,969,977
12/31/25	422,194,584	471,173,407

AVERAGE ANNUAL TOTAL RETURN	1 Year	5 years	10 Years
Class 4	19.70%	1.21%	7.76%
MSCI ACWI ex USA Index	33.11%	8.45%	8.94%

Returns for Class 4 shares are based on actual performance from July 10, 2017. Prior to that date, returns are calculated based on the oldest share class of the Fund and were not adjusted to reflect the differences in class expense due to the fees being lower.

Key Fund Statistics as of December 31, 2025

The following table outlines key Fund statistics that you should pay attention to:

Fund net assets$2,007,293,889
Total number of portfolio holdings82
Total advisory fees paid$7,491,982
Portfolio turnover rate19%

Tabular Representation of Holdings as of December 31, 2025

The following table shows the industry sector allocation of the Fund.

Sectors	% of Net Assets
Internet	16.5%
Semiconductors	14.5%
Commercial Services	6.2%
Insurance	5.9%
Banks	5.4%
Software	4.9%
Home Furnishings	4.3%
Pharmaceuticals	4.3%
Building Materials	4.3%
Machinery - Diversified	4.0%
Airlines	3.4%
Food	3.4%
Diversified Financial Services	3.1%
Other sectors	18.9%
Other assets less liabilities	0.9%
Total	100.0%

Material Fund Changes

Availability of Additional Information

Baillie Gifford International Alpha Fund

Class 5 | BGIVX

ANNUAL SHAREHOLDER REPORT | December 31, 2025

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 5	$48	0.44%

Management's Discussion of Fund Performance

SUMMARY OF RESULTS

In 2025, international equities delivered very strong returns and outperformed U.S. markets, supported by relatively more accommodative macroeconomic conditions and a weaker U.S. dollar.

Against this backdrop, the Baillie Gifford International Alpha Fund achieved positive returns, however, it lagged the MSCI ACWI ex USA Index.

TOP PERFORMANCE CONTRIBUTORS

TOP PERFORMANCE DETRACTORS

Fund Performance

$500,000,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $500,000,000

	Class 5 1,062,385,144	MSCI ACWI ex USA Index 1,177,933,518
12/31/15	500,000,000	500,000,000
12/31/16	526,978,610	525,050,000
12/31/17	712,273,841	670,856,385
12/31/18	595,155,379	578,412,375
12/31/19	787,617,052	706,415,034
12/31/20	998,065,314	785,039,027
12/31/21	992,384,768	850,118,762
12/31/22	709,223,013	717,755,271
12/31/23	843,213,691	834,103,401
12/31/24	887,089,063	884,924,943
12/31/25	1,062,385,144	1,177,933,518

AVERAGE ANNUAL TOTAL RETURN	1 Year	5 years	10 Years
Class 5	19.76%	1.26%	7.83%
MSCI ACWI ex USA Index	33.11%	8.45%	8.94%

Returns for Class 5 shares are based on actual performance from April 7, 2014. Prior to that date, returns are calculated based on the oldest share class of the Fund and were not adjusted to reflect the differences in class expense due to the fees being lower.

Key Fund Statistics as of December 31, 2025

The following table outlines key Fund statistics that you should pay attention to:

Fund net assets$2,007,293,889
Total number of portfolio holdings82
Total advisory fees paid$7,491,982
Portfolio turnover rate19%

Tabular Representation of Holdings as of December 31, 2025

The following table shows the industry sector allocation of the Fund.

Sectors	% of Net Assets
Internet	16.5%
Semiconductors	14.5%
Commercial Services	6.2%
Insurance	5.9%
Banks	5.4%
Software	4.9%
Home Furnishings	4.3%
Pharmaceuticals	4.3%
Building Materials	4.3%
Machinery - Diversified	4.0%
Airlines	3.4%
Food	3.4%
Diversified Financial Services	3.1%
Other sectors	18.9%
Other assets less liabilities	0.9%
Total	100.0%

Material Fund Changes

Availability of Additional Information

Baillie Gifford International Alpha Fund

Class K | BGIKX

ANNUAL SHAREHOLDER REPORT | December 31, 2025

The annual shareholder report contains important information about Baillie Gifford International Alpha Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.bailliegifford.com/international-alpha-fund/TSR-I-K. You can also request this information by contacting us at +1-844-394-6127 or via email at [email protected].

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class K	$65	0.59%

Management's Discussion of Fund Performance

SUMMARY OF RESULTS

In 2025, international equities delivered very strong returns and outperformed U.S. markets, supported by relatively more accommodative macroeconomic conditions and a weaker U.S. dollar.

Against this backdrop, the Baillie Gifford International Alpha Fund achieved positive returns, however, it lagged the MSCI ACWI ex USA Index.

TOP PERFORMANCE CONTRIBUTORS

TOP PERFORMANCE DETRACTORS

Fund Performance

$10,000,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $10,000,000

	Class K 20,936,166	MSCI ACWI ex USA Index 23,558,670
12/31/15	10,000,000	10,000,000
12/31/16	10,523,748	10,501,000
12/31/17	14,198,369	13,417,128
12/31/18	11,850,079	11,568,248
12/31/19	15,661,604	14,128,301
12/31/20	19,819,771	15,700,781
12/31/21	19,673,101	17,002,375
12/31/22	14,036,695	14,355,105
12/31/23	16,670,044	16,682,068
12/31/24	17,505,973	17,698,499
12/31/25	20,936,166	23,558,670

AVERAGE ANNUAL TOTAL RETURN	1 Year	5 years	10 Years
Class K	19.59%	1.10%	7.67%
MSCI ACWI ex USA Index	33.11%	8.45%	8.94%

Returns for Class K shares are based on actual performance from April 28, 2017. Prior to that date, returns are calculated based on the oldest share class of the Fund.

For updated Fund performance information, please visit: https://www.bailliegifford.com/pages/funds/baillie-gifford-international-alpha-fund/?tab=performance.

Key Fund Statistics as of December 31, 2025

The following table outlines key Fund statistics that you should pay attention to:

Fund net assets$2,007,293,889
Total number of portfolio holdings82
Total advisory fees paid$7,491,982
Portfolio turnover rate19%

Tabular Representation of Holdings as of December 31, 2025

The following table shows the industry sector allocation of the Fund.

Sectors	% of Net Assets
Internet	16.5%
Semiconductors	14.5%
Commercial Services	6.2%
Insurance	5.9%
Banks	5.4%
Software	4.9%
Home Furnishings	4.3%
Pharmaceuticals	4.3%
Building Materials	4.3%
Machinery - Diversified	4.0%
Airlines	3.4%
Food	3.4%
Diversified Financial Services	3.1%
Other sectors	18.9%
Other assets less liabilities	0.9%
Total	100.0%

Material Fund Changes

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 30, 2026 at www.bailliegifford.com/international-alpha-fund/TSR-I-K or upon request by contacting us at +1-844-394-6127 or via email at [email protected].

Availability of Additional Information

Baillie Gifford International Alpha Fund

Institutional Class | BINSX

ANNUAL SHAREHOLDER REPORT | December 31, 2025

The annual shareholder report contains important information about Baillie Gifford International Alpha Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.bailliegifford.com/international-alpha-fund/TSR-I-K. You can also request this information by contacting us at +1-844-394-6127 or via email at [email protected].

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Class	$76	0.69%

Management's Discussion of Fund Performance

SUMMARY OF RESULTS

In 2025, international equities delivered very strong returns and outperformed U.S. markets, supported by relatively more accommodative macroeconomic conditions and a weaker U.S. dollar.

Against this backdrop, the Baillie Gifford International Alpha Fund achieved positive returns, however, it lagged the MSCI ACWI ex USA Index.

TOP PERFORMANCE CONTRIBUTORS

TOP PERFORMANCE DETRACTORS

Fund Performance

$10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $10,000

	Institutional Class 20,786	MSCI ACWI ex USA Index 23,559
12/31/15	10,000	10,000
12/31/16	10,524	10,501
12/31/17	14,205	13,417
12/31/18	11,836	11,568
12/31/19	15,638	14,128
12/31/20	19,760	15,701
12/31/21	19,602	17,002
12/31/22	13,983	14,355
12/31/23	16,584	16,682
12/31/24	17,401	17,698
12/31/25	20,786	23,559

AVERAGE ANNUAL TOTAL RETURN	1 Year	5 years	10 Years
Institutional Class	19.45%	1.02%	7.59%
MSCI ACWI ex USA Index	33.11%	8.45%	8.94%

For updated Fund performance information, please visit: https://www.bailliegifford.com/pages/funds/baillie-gifford-international-alpha-fund/?tab=performance.

Key Fund Statistics as of December 31, 2025

The following table outlines key Fund statistics that you should pay attention to:

Fund net assets$2,007,293,889
Total number of portfolio holdings82
Total advisory fees paid$7,491,982
Portfolio turnover rate19%

Tabular Representation of Holdings as of December 31, 2025

The following table shows the industry sector allocation of the Fund.

Sectors	% of Net Assets
Internet	16.5%
Semiconductors	14.5%
Commercial Services	6.2%
Insurance	5.9%
Banks	5.4%
Software	4.9%
Home Furnishings	4.3%
Pharmaceuticals	4.3%
Building Materials	4.3%
Machinery - Diversified	4.0%
Airlines	3.4%
Food	3.4%
Diversified Financial Services	3.1%
Other sectors	18.9%
Other assets less liabilities	0.9%
Total	100.0%

Material Fund Changes

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 30, 2026 at www.bailliegifford.com/international-alpha-fund/TSR-I-K or upon request by contacting us at +1-844-394-6127 or via email at [email protected].

Availability of Additional Information

Baillie Gifford International Concentrated Growth Equities Fund

Class K | BTLKX

ANNUAL SHAREHOLDER REPORT | December 31, 2025

The annual shareholder report contains important information about Baillie Gifford International Concentrated Growth Equities Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.bailliegifford.com/international-concentrated-growth-equities-fund/TSR. You can also request this information by contacting us at +1-844-394-6127 or via email at [email protected].

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class K	$78	0.72%

Management's Discussion of Fund Performance

SUMMARY OF RESULTS

For the year ended 31 December 2025, the Baillie Gifford International Concentrated Growth Equities Fund underperformed its benchmark, the MSCI ACWI ex USA Index. International equity markets advanced despite ongoing geopolitical uncertainty, but returns were driven by narrow artificial intelligence (AI) leadership and value sectors such as banks, telecommunication services, and utilities, creating a challenging environment for high-conviction international growth investors. While we believe periods of short-term underperformance are inevitable, we have remained focused on identifying companies with the culture, innovation capacity, and financial strength to deliver exceptional long-term returns.

TOP PERFORMANCE CONTRIBUTORS

The world's largest semiconductor foundry, TSMC, was a strong contributor over the year as AI-led demand drove rapid operational progress. Revenue growth and profitability remained robust, supported by increasing mix from advanced nodes. As compute intensity has risen, we have remained confident in TSMC’s long-term prospects, underpinned by its unmatched scale and deep customer entrenchment.

ASML also made a strong contribution, reflecting its unique position as the sole supplier of EUV (extreme ultraviolet) lithography tools used in leading-edge chip manufacturing. Continued growth in both system shipments and services allowed ASML to generate additional revenue from the growing number of tools already in use by customers, reinforcing its role as an essential long-term enabler of next-generation computing.

TOP PERFORMANCE DETRACTORS

China's leading multi-category service e-commerce platform, Meituan, detracted over the year as market caution grew around intensifying food delivery competition, including from Alibaba and new entrant to the market JD.com. We have continued to see Meituan’s scale, network effects and logistics expertise as formidable advantages in a highly complex market, supporting a compelling runway for long-term compounding.

The shares of Ferrari, Italian luxury car manufacturer, were weak following its Capital Markets Day as 2030 targets and electrification messaging disappointed investors. Despite this, we have remained confident in Ferrari’s long-term compounding potential, supported by exceptional brand equity, pricing power and disciplined control of supply.

Fund Performance

$10,000,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $10,000,000

	Class K 24,297,327	MSCI ACWI ex USA Index 17,971,131
12/14/17	10,000,000	10,000,000
12/31/17	10,050,000	10,235,000
12/31/18	8,760,000	8,824,617
12/31/19	12,724,361	10,777,505
12/31/20	25,076,753	11,977,041
12/31/21	25,282,259	12,969,938
12/31/22	15,284,241	10,950,518
12/31/23	17,564,660	12,725,597
12/31/24	20,822,402	13,500,962
12/31/25	24,297,327	17,971,131

AVERAGE ANNUAL TOTAL RETURN	1 Year	5 years	Since Inception 12/14/17
Class K	16.69%	-0.63%	11.66%
MSCI ACWI ex USA Index	33.11%	8.45%	7.55%

For updated Fund performance information, please visit: https://www.bailliegifford.com/pages/funds/baillie-gifford-international-concentrated-growth-equities-fund/?tab=performance.

Key Fund Statistics as of December 31, 2025

The following table outlines key Fund statistics that you should pay attention to:

Fund net assets$98,433,719
Total number of portfolio holdings27
Total advisory fees paid, net of waiver$281,105
Portfolio turnover rate15%

Tabular Representation of Holdings as of December 31, 2025

The following table shows the industry sector allocation of the Fund.

Sectors	% of Net Assets
Internet	44.9%
Semiconductors	19.9%
Commercial Services	8.6%
Apparel	6.4%
Auto Manufacturers	5.9%
Banks	4.0%
Biotechnology	2.1%
Cosmetics/Personal Care	2.0%
Machinery - Diversified	1.9%
Transportation	1.2%
Investment Companies	1.0%
Pharmaceuticals	0.6%
Other assets less liabilities	1.5%
Total	100.0%

Material Fund Changes

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 30, 2026 at www.bailliegifford.com/international-concentrated-growth-equities-fund/TSR or upon request by contacting us at +1-844-394-6127 or via email at [email protected].

On December 8 and 9, 2025, the Board of Trustees of the Fund approved and adopted a Plan of Reorganization for the Fund, an Agreement and Plan of Reorganization (each, a “Plan”), pursuant to which each of Baillie Gifford International Concentrated Growth Equities Fund, Baillie Gifford Long Term Global Growth Fund and Baillie Gifford U.S. Equity Growth Fund will merge into Baillie Gifford International Concentrated Growth ETF, Baillie Gifford Long Term Global Growth ETF, and Baillie Gifford U.S. Equity Growth ETF, each a series of Baillie Gifford ETF Trust, respectively, subject to shareholder approval.

Availability of Additional Information

Baillie Gifford International Concentrated Growth Equities Fund

Institutional Class | BTLSX

ANNUAL SHAREHOLDER REPORT | December 31, 2025

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Class	$89	0.82%

Management's Discussion of Fund Performance

SUMMARY OF RESULTS

TOP PERFORMANCE CONTRIBUTORS

TOP PERFORMANCE DETRACTORS

Fund Performance

$10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $10,000

	Institutional Class 24,048	MSCI ACWI ex USA Index 17,971
12/14/17	10,000	10,000
12/31/17	10,050	10,235
12/31/18	8,720	8,825
12/31/19	12,672	10,778
12/31/20	24,954	11,977
12/31/21	25,148	12,970
12/31/22	15,194	10,951
12/31/23	17,435	12,726
12/31/24	20,632	13,501
12/31/25	24,048	17,971

AVERAGE ANNUAL TOTAL RETURN	1 Year	5 years	Since Inception 12/14/17
Institutional Class	16.56%	-0.74%	11.52%
MSCI ACWI ex USA Index	33.11%	8.45%	7.55%

For updated Fund performance information, please visit: https://www.bailliegifford.com/pages/funds/baillie-gifford-international-concentrated-growth-equities-fund/?tab=performance.

Key Fund Statistics as of December 31, 2025

The following table outlines key Fund statistics that you should pay attention to:

Fund net assets$98,433,719
Total number of portfolio holdings27
Total advisory fees paid, net of waiver$281,105
Portfolio turnover rate15%

Tabular Representation of Holdings as of December 31, 2025

The following table shows the industry sector allocation of the Fund.

Sectors	% of Net Assets
Internet	44.9%
Semiconductors	19.9%
Commercial Services	8.6%
Apparel	6.4%
Auto Manufacturers	5.9%
Banks	4.0%
Biotechnology	2.1%
Cosmetics/Personal Care	2.0%
Machinery - Diversified	1.9%
Transportation	1.2%
Investment Companies	1.0%
Pharmaceuticals	0.6%
Other assets less liabilities	1.5%
Total	100.0%

Material Fund Changes

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 30, 2026 at www.bailliegifford.com/international-concentrated-growth-equities-fund/TSR or upon request by contacting us at +1-844-394-6127 or via email at [email protected].

Availability of Additional Information

Baillie Gifford International Growth Fund

Class 2 | BGETX

ANNUAL SHAREHOLDER REPORT | December 31, 2025

The annual shareholder report contains important information about Baillie Gifford International Growth Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.bailliegifford.com/international-growth-fund/TSR-2-5. You can also request this information by contacting us at +1-844-394-6127 or via email at [email protected].

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 2	$62	0.57%

Management's Discussion of Fund Performance

SUMMARY OF RESULTS

For the year ended December 31, 2025, the Baillie Gifford International Growth Fund underperformed its benchmark, the MSCI ACWI ex USA Index. International equity markets advanced despite ongoing geopolitical uncertainty, but returns were driven by narrow artificial intelligence (AI) leadership and value sectors, such as banks, telecommunications services, and utilities. This proved a challenging backdrop for international growth investors. We have remained focused on the operational progress of the companies the Fund owns, where innovation, disciplined reinvestment and long-term earnings power can compound.

TOP PERFORMANCE CONTRIBUTORS

Advantest, a leading supplier of semiconductor test equipment, contributed strongly during the year, benefiting from its critical role in semiconductor testing. Results exceeded market expectations, with management raising guidance on the back of sustained AI data-center investment and improved visibility. Advantest’s deep technical expertise and leadership in advanced logic and memory testing provide a compelling growth story as semiconductor complexity continues to rise.

ASML also made a strong contribution, reflecting its unique position as the sole supplier of EUV (extreme ultraviolet) lithography tools used in in leading-edge chip manufacturing. Continued growth in both system shipments and services allowed ASML to generate additional revenue from the growing number of tools already in use by customers, reinforcing its role as an essential long-term enabler of next-generation computing.

TOP PERFORMANCE DETRACTORS

WiseTech Global's shares were pressured due to increased scrutiny on the wider software business industry as a result of AI enthusiasm, as well as governance concerns regarding the founder’s continued role in the business. Operationally, revenue growth remained healthy and margins robust. We have maintained our view on WiseTech’s long-term opportunity, as a provider of mission-critical logistics software powering global trade.

Wix.com, a web development platform for small businesses, was weaker as the market grappled with what AI means for software businesses. Wix has an aggressive AI roadmap, and revenue growth from the agentic AI website builder platform it acquired in June has been impressive. We believe Wix is well-positioned to successfully adopt AI in its product offering, ultimately strengthening its position as a result.

Fund Performance

$25,000,000 initial investment at the beginning of the first fiscal year in an appropriate, 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 for the same period.

GROWTH OF $25,000,000

	Class 2 58,827,155	MSCI EAFE Index 57,673,596	MSCI ACWI ex USA Index 58,896,676
12/31/15	25,000,000	25,000,000	25,000,000
12/31/16	25,334,571	25,377,500	26,252,500
12/31/17	37,012,092	31,879,215	33,542,819
12/31/18	30,599,537	27,620,152	28,920,619
12/31/19	42,025,630	33,878,879	35,320,752
12/31/20	68,485,723	36,684,050	39,251,951
12/31/21	62,042,050	41,005,431	42,505,938
12/31/22	40,683,930	35,260,570	35,887,764
12/31/23	46,505,331	41,907,188	41,705,170
12/31/24	50,161,861	43,729,195	44,246,247
12/31/25	58,827,155	57,673,596	58,896,676

AVERAGE ANNUAL TOTAL RETURN	1 Year	5 years	10 Years
Class 2	17.28%	-3.00%	8.93%
MSCI EAFE Index	31.89%	9.46%	8.71%
MSCI ACWI ex USA Index	33.11%	8.45%	8.94%

Key Fund Statistics as of December 31, 2025

The following table outlines key Fund statistics that you should pay attention to:

Fund net assets$3,358,454,937
Total number of portfolio holdings59
Total advisory fees paid$10,976,100
Portfolio turnover rate21%

Tabular Representation of Holdings as of December 31, 2025

The following table shows the industry sector allocation of the Fund.

Sectors	% of Net Assets
Internet	22.6%
Semiconductors	20.6%
Commercial Services	7.4%
Machinery - Diversified	5.6%
Software	5.3%
Auto Manufacturers	4.3%
Biotechnology	3.9%
Transportation	3.6%
Pharmaceuticals	3.4%
Insurance	3.2%
Apparel	2.7%
Cosmetics/Personal Care	2.6%
Banks	2.5%
Other sectors	11.7%
Other assets less liabilities	0.6%
Total	100.0%

Availability of Additional Information

Baillie Gifford International Growth Fund

Class 3 | BGEUX

ANNUAL SHAREHOLDER REPORT | December 31, 2025

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 3	$54	0.50%

Management's Discussion of Fund Performance

SUMMARY OF RESULTS

TOP PERFORMANCE CONTRIBUTORS

TOP PERFORMANCE DETRACTORS

Fund Performance

$100,000,000 initial investment at the beginning of the first fiscal year in an appropriate, 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 for the same period.

GROWTH OF $100,000,000

	Class 3 234,444,621	MSCI EAFE Index 230,694,382	MSCI ACWI ex USA Index 235,586,704
12/31/15	100,000,000	100,000,000	100,000,000
12/31/16	101,338,284	101,510,000	105,010,000
12/31/17	148,048,370	127,516,862	134,171,277
12/31/18	122,398,148	110,480,609	115,682,475
12/31/19	168,102,522	135,515,515	141,283,007
12/31/20	273,942,892	146,736,200	157,007,805
12/31/21	248,168,200	164,021,724	170,023,752
12/31/22	162,735,720	141,042,281	143,551,054
12/31/23	186,021,324	167,628,751	166,820,680
12/31/24	200,647,444	174,916,781	176,984,989
12/31/25	234,444,621	230,694,382	235,586,704

AVERAGE ANNUAL TOTAL RETURN	1 Year	5 years	10 Years
Class 3	16.53%	-3.07%	8.89%
MSCI EAFE Index	31.89%	9.46%	8.71%
MSCI ACWI ex USA Index	33.11%	8.45%	8.94%

Returns for Class 3 shares are based on actual performance from April 19, 2010. Prior to that date, returns are calculated based on the oldest share class of the Fund and were not adjusted to reflect the differences in class expense due to the fees being lower.

Key Fund Statistics as of December 31, 2025

The following table outlines key Fund statistics that you should pay attention to:

Fund net assets$3,358,454,937
Total number of portfolio holdings59
Total advisory fees paid$10,976,100
Portfolio turnover rate21%

Tabular Representation of Holdings as of December 31, 2025

The following table shows the industry sector allocation of the Fund.

Sectors	% of Net Assets
Internet	22.6%
Semiconductors	20.6%
Commercial Services	7.4%
Machinery - Diversified	5.6%
Software	5.3%
Auto Manufacturers	4.3%
Biotechnology	3.9%
Transportation	3.6%
Pharmaceuticals	3.4%
Insurance	3.2%
Apparel	2.7%
Cosmetics/Personal Care	2.6%
Banks	2.5%
Other sectors	11.7%
Other assets less liabilities	0.6%
Total	100.0%

Availability of Additional Information

Baillie Gifford International Growth Fund

Class 4 | BGEFX

ANNUAL SHAREHOLDER REPORT | December 31, 2025

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 4	$51	0.47%

Management's Discussion of Fund Performance

SUMMARY OF RESULTS

TOP PERFORMANCE CONTRIBUTORS

TOP PERFORMANCE DETRACTORS

Fund Performance

$200,000,000 initial investment at the beginning of the first fiscal year in an appropriate, 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 for the same period.

GROWTH OF $200,000,000

	Class 4 474,982,668	MSCI EAFE Index 461,388,765	MSCI ACWI ex USA Index 471,173,407
12/31/15	200,000,000	200,000,000	200,000,000
12/31/16	202,721,811	203,020,000	210,020,000
12/31/17	296,457,827	255,033,724	268,342,554
12/31/18	245,342,424	220,961,218	231,364,950
12/31/19	337,287,214	271,031,031	282,566,014
12/31/20	550,210,257	293,472,400	314,015,611
12/31/21	498,940,200	328,043,449	340,047,505
12/31/22	327,507,890	282,084,561	287,102,108
12/31/23	374,742,956	335,257,501	333,641,360
12/31/24	404,614,295	349,833,563	353,969,977
12/31/25	474,982,668	461,388,765	471,173,407

AVERAGE ANNUAL TOTAL RETURN	1 Year	5 years	10 Years
Class 4	17.39%	-2.90%	9.04%
MSCI EAFE Index	31.89%	9.46%	8.71%
MSCI ACWI ex USA Index	33.11%	8.45%	8.94%

Returns for Class 4 shares are based on actual performance from October 10, 2016. Prior to that date, returns are calculated based on the oldest share class of the Fund and were not adjusted to reflect the differences in class expense due to the fees being lower.

Key Fund Statistics as of December 31, 2025

The following table outlines key Fund statistics that you should pay attention to:

Fund net assets$3,358,454,937
Total number of portfolio holdings59
Total advisory fees paid$10,976,100
Portfolio turnover rate21%

Tabular Representation of Holdings as of December 31, 2025

The following table shows the industry sector allocation of the Fund.

Sectors	% of Net Assets
Internet	22.6%
Semiconductors	20.6%
Commercial Services	7.4%
Machinery - Diversified	5.6%
Software	5.3%
Auto Manufacturers	4.3%
Biotechnology	3.9%
Transportation	3.6%
Pharmaceuticals	3.4%
Insurance	3.2%
Apparel	2.7%
Cosmetics/Personal Care	2.6%
Banks	2.5%
Other sectors	11.7%
Other assets less liabilities	0.6%
Total	100.0%

Availability of Additional Information

Baillie Gifford International Growth Fund

Class 5 | BGEVX

ANNUAL SHAREHOLDER REPORT | December 31, 2025

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 5	$46	0.42%

Management's Discussion of Fund Performance

SUMMARY OF RESULTS

TOP PERFORMANCE CONTRIBUTORS

TOP PERFORMANCE DETRACTORS

Fund Performance

$500,000,000 initial investment at the beginning of the first fiscal year in an appropriate, 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 for the same period.

GROWTH OF $500,000,000

	Class 5 1,194,336,861	MSCI EAFE Index 1,153,471,912	MSCI ACWI ex USA Index 1,177,933,518
12/31/15	500,000,000	500,000,000	500,000,000
12/31/16	507,451,540	507,550,000	525,050,000
12/31/17	742,460,461	637,584,310	670,856,385
12/31/18	614,754,757	552,403,046	578,412,375
12/31/19	845,567,860	677,577,576	706,415,034
12/31/20	1,380,032,039	733,681,000	785,039,027
12/31/21	1,252,068,845	820,108,622	850,118,762
12/31/22	822,271,572	705,211,404	717,755,271
12/31/23	941,341,895	838,143,753	834,103,401
12/31/24	1,016,884,668	874,583,906	884,924,943
12/31/25	1,194,336,861	1,153,471,912	1,177,933,518

AVERAGE ANNUAL TOTAL RETURN	1 Year	5 years	10 Years
Class 5	17.45%	-2.85%	9.10%
MSCI EAFE Index	31.89%	9.46%	8.71%
MSCI ACWI ex USA Index	33.11%	8.45%	8.94%

Returns for Class 5 shares are based on actual performance from July 19, 2012. Prior to that date, returns are calculated based on the oldest share class of the Fund and were not adjusted to reflect the differences in class expense due to the fees being lower.

Key Fund Statistics as of December 31, 2025

The following table outlines key Fund statistics that you should pay attention to:

Fund net assets$3,358,454,937
Total number of portfolio holdings59
Total advisory fees paid$10,976,100
Portfolio turnover rate21%

Tabular Representation of Holdings as of December 31, 2025

The following table shows the industry sector allocation of the Fund.

Sectors	% of Net Assets
Internet	22.6%
Semiconductors	20.6%
Commercial Services	7.4%
Machinery - Diversified	5.6%
Software	5.3%
Auto Manufacturers	4.3%
Biotechnology	3.9%
Transportation	3.6%
Pharmaceuticals	3.4%
Insurance	3.2%
Apparel	2.7%
Cosmetics/Personal Care	2.6%
Banks	2.5%
Other sectors	11.7%
Other assets less liabilities	0.6%
Total	100.0%

Availability of Additional Information

Baillie Gifford International Growth Fund

Class K | BGEKX

ANNUAL SHAREHOLDER REPORT | December 31, 2025

The annual shareholder report contains important information about Baillie Gifford International Growth Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.bailliegifford.com/international-growth-fund/TSR-I-K. You can also request this information by contacting us at +1-844-394-6127 or via email at [email protected].

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class K	$62	0.57%

Management's Discussion of Fund Performance

SUMMARY OF RESULTS

TOP PERFORMANCE CONTRIBUTORS

TOP PERFORMANCE DETRACTORS

Fund Performance

$10,000,000 initial investment at the beginning of the first fiscal year in an appropriate, 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 for the same period.

GROWTH OF $10,000,000

	Class K 23,527,437	MSCI EAFE Index 23,069,438	MSCI ACWI ex USA Index 23,558,670
12/31/15	10,000,000	10,000,000	10,000,000
12/31/16	10,133,828	10,151,000	10,501,000
12/31/17	14,802,775	12,751,686	13,417,128
12/31/18	12,238,509	11,048,061	11,568,248
12/31/19	16,815,399	13,551,552	14,128,301
12/31/20	27,400,261	14,673,620	15,700,781
12/31/21	24,817,723	16,402,172	17,002,375
12/31/22	16,272,408	14,104,228	14,355,105
12/31/23	18,608,847	16,762,875	16,682,068
12/31/24	20,068,373	17,491,678	17,698,499
12/31/25	23,527,437	23,069,438	23,558,670

AVERAGE ANNUAL TOTAL RETURN	1 Year	5 years	10 Years
Class K	17.24%	-3.00%	8.93%
MSCI EAFE Index	31.89%	9.46%	8.71%
MSCI ACWI ex USA Index	33.11%	8.45%	8.94%

Returns for Class K shares are based on actual performance from April 28, 2017. Prior to that date, returns are calculated based on the oldest share class of the Fund.

For updated Fund performance information, please visit: https://www.bailliegifford.com/pages/funds/baillie-gifford-international-growth-fund/?tab=performance.

Key Fund Statistics as of December 31, 2025

The following table outlines key Fund statistics that you should pay attention to:

Fund net assets$3,358,454,937
Total number of portfolio holdings59
Total advisory fees paid$10,976,100
Portfolio turnover rate21%

Tabular Representation of Holdings as of December 31, 2025

The following table shows the industry sector allocation of the Fund.

Sectors	% of Net Assets
Internet	22.6%
Semiconductors	20.6%
Commercial Services	7.4%
Machinery - Diversified	5.6%
Software	5.3%
Auto Manufacturers	4.3%
Biotechnology	3.9%
Transportation	3.6%
Pharmaceuticals	3.4%
Insurance	3.2%
Apparel	2.7%
Cosmetics/Personal Care	2.6%
Banks	2.5%
Other sectors	11.7%
Other assets less liabilities	0.6%
Total	100.0%

Availability of Additional Information

Baillie Gifford International Growth Fund

Institutional Class | BGESX

ANNUAL SHAREHOLDER REPORT | December 31, 2025

The annual shareholder report contains important information about Baillie Gifford International Growth Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.bailliegifford.com/international-growth-fund/TSR-I-K. You can also request this information by contacting us at +1-844-394-6127 or via email at [email protected].

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Class	$71	0.65%

Management's Discussion of Fund Performance

SUMMARY OF RESULTS

TOP PERFORMANCE CONTRIBUTORS

TOP PERFORMANCE DETRACTORS

Fund Performance

$10,000 initial investment at the beginning of the first fiscal year in an appropriate, 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 for the same period.

GROWTH OF $10,000

	Institutional Class 23,344	MSCI EAFE Index 23,069	MSCI ACWI ex USA Index 23,559
12/31/15	10,000	10,000	10,000
12/31/16	10,119	10,151	10,501
12/31/17	14,774	12,752	13,417
12/31/18	12,212	11,048	11,568
12/31/19	16,761	13,552	14,128
12/31/20	27,293	14,674	15,701
12/31/21	24,705	16,402	17,002
12/31/22	16,185	14,104	14,355
12/31/23	18,484	16,763	16,682
12/31/24	19,926	17,492	17,698
12/31/25	23,344	23,069	23,559

AVERAGE ANNUAL TOTAL RETURN	1 Year	5 years	10 Years
Institutional Class	17.15%	-3.08%	8.85%
MSCI EAFE Index	31.89%	9.46%	8.71%
MSCI ACWI ex USA Index	33.11%	8.45%	8.94%

For updated Fund performance information, please visit: https://www.bailliegifford.com/pages/funds/baillie-gifford-international-growth-fund/?tab=performance.

Key Fund Statistics as of December 31, 2025

The following table outlines key Fund statistics that you should pay attention to:

Fund net assets$3,358,454,937
Total number of portfolio holdings59
Total advisory fees paid$10,976,100
Portfolio turnover rate21%

Tabular Representation of Holdings as of December 31, 2025

The following table shows the industry sector allocation of the Fund.

Sectors	% of Net Assets
Internet	22.6%
Semiconductors	20.6%
Commercial Services	7.4%
Machinery - Diversified	5.6%
Software	5.3%
Auto Manufacturers	4.3%
Biotechnology	3.9%
Transportation	3.6%
Pharmaceuticals	3.4%
Insurance	3.2%
Apparel	2.7%
Cosmetics/Personal Care	2.6%
Banks	2.5%
Other sectors	11.7%
Other assets less liabilities	0.6%
Total	100.0%

Availability of Additional Information

Baillie Gifford Long Term Global Growth Fund

Class 2 | BGLTX

ANNUAL SHAREHOLDER REPORT | December 31, 2025

The annual shareholder report contains important information about Baillie Gifford Long Term Global Growth Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.bailliegifford.com/long-term-global-growth-fund/TSR-2-5. You can also request this information by contacting us at +1-844-394-6127 or via email at [email protected].

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 2	$75	0.69%

Management's Discussion of Fund Performance

SUMMARY OF RESULTS

Over the past 12 months, global equity markets delivered strong absolute returns, rebounding from tariff-related uncertainty earlier in the year. Performance moderated toward the end of the period as investor focus shifted toward valuations, the economic cycle, and the near-term return potential from artificial intelligence (AI)-related investment. Against this backdrop and following a small number of stock-specific developments, the Baillie Gifford Long Term Global Growth Fund underperformed the MSCI ACWI Index.

TOP PERFORMANCE CONTRIBUTORS

AppLovin, a mobile advertising and software platform, was a leading contributor, supported by very strong operational performance. Revenues grew nearly 70% year-on-year alongside further margin expansion, reflecting the strength and scalability of its advertising platform. Early traction from the launch of its self-service advertising offering, alongside continued platform enhancements, AI-enabled creative tools, and international expansion, supported the long-term opportunity.

The internet infrastructure and cybersecurity company, Cloudflare, also contributed positively as it made clear progress in its transition to a scaled enterprise platform. Record contract wins, an expanding global network, and growing adoption of Cloudflare’s serverless developer platform offerings reinforced its role as critical internet infrastructure.

TOP PERFORMANCE DETRACTORS

Digital advertising technology company, The Trade Desk detracted after a sharp share price reaction to earnings, despite revenue growth exceeding expectations. Investor concerns centered on near-term growth and intensifying competition, although adoption of its AI-driven Kokai advertising platform continued to support the long-term opportunity.

Meituan, a local services and on-demand platform, was impacted by subsidy-driven competition in China’s food delivery and quick commerce markets, which pressured near-term profitability as the company defended market share. Even so, Meituan’s order density, scaled logistics, and merchant relationships helped it maintain a market-leading position.

Fund Performance

$25,000,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $25,000,000

	Class 2 108,143,102	MSCI ACWI Index 79,602,278
12/31/15	25,000,000	25,000,000
12/31/16	24,049,595	27,120,000
12/31/17	37,053,195	33,796,944
12/31/18	36,525,861	30,778,877
12/31/19	48,757,897	39,181,510
12/31/20	98,378,811	45,771,840
12/31/21	100,839,135	54,486,799
12/31/22	54,416,870	44,700,970
12/31/23	74,334,309	54,896,041
12/31/24	92,922,781	64,785,675
12/31/25	108,143,102	79,602,278

AVERAGE ANNUAL TOTAL RETURN	1 Year	5 years	10 Years
Class 2	16.38%	1.91%	15.77%
MSCI ACWI Index	22.87%	11.70%	12.27%

Key Fund Statistics as of December 31, 2025

The following table outlines key Fund statistics that you should pay attention to:

Fund net assets$1,028,798,720
Total number of portfolio holdings38
Total advisory fees paid$4,432,958
Portfolio turnover rate22%

Tabular Representation of Holdings as of December 31, 2025

The following table shows the industry sector allocation of the Fund.

Sectors	% of Net Assets
Internet	41.3%
Semiconductors	13.6%
Software	10.9%
Banks	3.3%
Aerospace/Defense	3.2%
Retail	3.0%
Commercial Services	2.8%
Healthcare - Products	2.7%
Apparel	2.5%
Auto Parts & Equipment	1.9%
Biotechnology	1.8%
Pharmaceuticals	1.7%
Miscellaneous Manufacturing	1.6%
Other sectors	7.6%
Other assets less liabilities	2.1%
Total	100.0%

Material Fund Changes

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 30, 2026 at www.bailliegifford.com/long-term-global-growth-fund/TSR-2-5 or upon request by contacting us at +1-844-394-6127 or via email at [email protected].

On October 2, 2025, a plan to launch Baillie Gifford Institutional Trust (BGIT) was approved and adopted. Subsequent to this on February 5, 2026, Baillie Gifford Long Term Global Growth Institutional Fund ("LTGG Institutional Fund") was launched. As part of this launch around $160 million of existing shareholders within the Baillie Gifford Long Term Global Growth Fund transitioned to the LTGG Institutional Fund.

Effective January 30, 2026, Baillie Gifford Overseas Limited has contractually agreed to waive its fees and/or bear Other Expenses of the Fund 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, 0.55% for class 5 shares and 0.70% for Class K and 0.70% for Institutional Class shares. This contractual waiver will expire on June 1, 2026.

Availability of Additional Information

Baillie Gifford Long Term Global Growth Fund

Class 3 | BGLOX

ANNUAL SHAREHOLDER REPORT | December 31, 2025

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 3	$14^{Footnote Reference*}	0.65%

Footnote	Description
Footnote^*	The period from commencement to the date of this report is less than a full reporting period. Expenses paid for a full reporting period would be higher.

Management's Discussion of Fund Performance

SUMMARY OF RESULTS

TOP PERFORMANCE CONTRIBUTORS

TOP PERFORMANCE DETRACTORS

Fund Performance

$100,000,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $100,000,000

	Class 3 432,644,923	MSCI ACWI Index 318,409,113
12/31/15	100,000,000	100,000,000
12/31/16	96,198,380	108,480,000
12/31/17	148,212,780	135,187,776
12/31/18	146,103,445	123,115,508
12/31/19	195,031,589	156,726,041
12/31/20	393,515,246	183,087,361
12/31/21	403,356,542	217,947,195
12/31/22	217,667,479	178,803,879
12/31/23	297,337,236	219,584,166
12/31/24	371,691,125	259,142,702
12/31/25	432,644,923	318,409,113

AVERAGE ANNUAL TOTAL RETURN	1 Year	5 years	10 Years
Class 3	16.40%	1.91%	15.77%
MSCI ACWI Index	22.87%	11.70%	12.27%

Returns for the Class 3 shares are based on actual performance from October 14, 2025. Prior to that date, returns are calculated based on the oldest share class of the Fund and were adjusted to reflect the differences in class expense due to the fees being higher.

Key Fund Statistics as of December 31, 2025

The following table outlines key Fund statistics that you should pay attention to:

Fund net assets$1,028,798,720
Total number of portfolio holdings38
Total advisory fees paid$4,432,958
Portfolio turnover rate22%

Tabular Representation of Holdings as of December 31, 2025

The following table shows the industry sector allocation of the Fund.

Sectors	% of Net Assets
Internet	41.3%
Semiconductors	13.6%
Software	10.9%
Banks	3.3%
Aerospace/Defense	3.2%
Retail	3.0%
Commercial Services	2.8%
Healthcare - Products	2.7%
Apparel	2.5%
Auto Parts & Equipment	1.9%
Biotechnology	1.8%
Pharmaceuticals	1.7%
Miscellaneous Manufacturing	1.6%
Other sectors	7.6%
Other assets less liabilities	2.1%
Total	100.0%

Material Fund Changes

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 30, 2026 at www.bailliegifford.com/long-term-global-growth-fund/TSR-2-5 or upon request by contacting us at +1-844-394-6127 or via email at [email protected].

Availability of Additional Information

Baillie Gifford Long Term Global Growth Fund

Class K | BGLKX

ANNUAL SHAREHOLDER REPORT | December 31, 2025

The annual shareholder report contains important information about Baillie Gifford Long Term Global Growth Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.bailliegifford.com/long-term-global-growth-fund/TSR-I-K. You can also request this information by contacting us at +1-844-394-6127 or via email at [email protected].

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class K	$76	0.70%

Management's Discussion of Fund Performance

SUMMARY OF RESULTS

TOP PERFORMANCE CONTRIBUTORS

TOP PERFORMANCE DETRACTORS

Fund Performance

$10,000,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $10,000,000

	Class K 43,263,374	MSCI ACWI Index 31,840,911
12/31/15	10,000,000	10,000,000
12/31/16	9,619,838	10,848,000
12/31/17	14,822,499	13,518,778
12/31/18	14,613,517	12,311,551
12/31/19	19,509,147	15,672,604
12/31/20	39,360,641	18,308,736
12/31/21	40,335,940	21,794,719
12/31/22	21,765,906	17,880,388
12/31/23	29,740,773	21,958,417
12/31/24	37,178,763	25,914,270
12/31/25	43,263,374	31,840,911

AVERAGE ANNUAL TOTAL RETURN	1 Year	5 years	10 Years
Class K	16.40%	1.91%	15.77%
MSCI ACWI Index	22.87%	11.70%	12.27%

Returns for Class K shares are based on actual performance from April 28, 2017. Prior to that date, returns are calculated based on the oldest share class of the Fund.

For updated Fund performance information, please visit: https://www.bailliegifford.com/pages/funds/baillie-gifford-long-term-global-growth-fund/?tab=performance.

Key Fund Statistics as of December 31, 2025

The following table outlines key Fund statistics that you should pay attention to:

Fund net assets$1,028,798,720
Total number of portfolio holdings38
Total advisory fees paid$4,432,958
Portfolio turnover rate22%

Tabular Representation of Holdings as of December 31, 2025

The following table shows the industry sector allocation of the Fund.

Sectors	% of Net Assets
Internet	41.3%
Semiconductors	13.6%
Software	10.9%
Banks	3.3%
Aerospace/Defense	3.2%
Retail	3.0%
Commercial Services	2.8%
Healthcare - Products	2.7%
Apparel	2.5%
Auto Parts & Equipment	1.9%
Biotechnology	1.8%
Pharmaceuticals	1.7%
Miscellaneous Manufacturing	1.6%
Other sectors	7.6%
Other assets less liabilities	2.1%
Total	100.0%

Material Fund Changes

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 30, 2026 at www.bailliegifford.com/long-term-global-growth-fund/TSR-I-K or upon request by contacting us at +1-844-394-6127 or via email at [email protected].

Availability of Additional Information

Baillie Gifford Long Term Global Growth Fund

Institutional Class | BSGLX

ANNUAL SHAREHOLDER REPORT | December 31, 2025

The annual shareholder report contains important information about Baillie Gifford Long Term Global Growth Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.bailliegifford.com/long-term-global-growth-fund/TSR-I-K. You can also request this information by contacting us at +1-844-394-6127 or via email at [email protected].

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Class	$85	0.79%

Management's Discussion of Fund Performance

SUMMARY OF RESULTS

TOP PERFORMANCE CONTRIBUTORS

TOP PERFORMANCE DETRACTORS

Fund Performance

$10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $10,000

	Institutional Class 42,889	MSCI ACWI Index 31,841
12/31/15	10,000	10,000
12/31/16	9,605	10,848
12/31/17	14,793	13,519
12/31/18	14,576	12,312
12/31/19	19,444	15,673
12/31/20	39,200	18,309
12/31/21	40,143	21,795
12/31/22	21,645	17,880
12/31/23	29,531	21,958
12/31/24	36,891	25,914
12/31/25	42,889	31,841

AVERAGE ANNUAL TOTAL RETURN	1 Year	5 years	10 Years
Institutional Class	16.26%	1.82%	15.67%
MSCI ACWI Index	22.87%	11.70%	12.27%

For updated Fund performance information, please visit: https://www.bailliegifford.com/pages/funds/baillie-gifford-long-term-global-growth-fund/?tab=performance.

Key Fund Statistics as of December 31, 2025

The following table outlines key Fund statistics that you should pay attention to:

Fund net assets$1,028,798,720
Total number of portfolio holdings38
Total advisory fees paid$4,432,958
Portfolio turnover rate22%

Tabular Representation of Holdings as of December 31, 2025

The following table shows the industry sector allocation of the Fund.

Sectors	% of Net Assets
Internet	41.3%
Semiconductors	13.6%
Software	10.9%
Banks	3.3%
Aerospace/Defense	3.2%
Retail	3.0%
Commercial Services	2.8%
Healthcare - Products	2.7%
Apparel	2.5%
Auto Parts & Equipment	1.9%
Biotechnology	1.8%
Pharmaceuticals	1.7%
Miscellaneous Manufacturing	1.6%
Other sectors	7.6%
Other assets less liabilities	2.1%
Total	100.0%

Material Fund Changes

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 30, 2026 at www.bailliegifford.com/long-term-global-growth-fund/TSR-I-K or upon request by contacting us at +1-844-394-6127 or via email at [email protected].

Availability of Additional Information

Baillie Gifford U.S. Equity Growth Fund

Class K | BGGKX

ANNUAL SHAREHOLDER REPORT | December 31, 2025

The annual shareholder report contains important information about Baillie Gifford U.S. Equity Growth Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.bailliegifford.com/u-s-equity-growth-fund/TSR. You can also request this information by contacting us at +1-844-394-6127 or via email at [email protected].

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class K	$68	0.65%

Management's Discussion of Fund Performance

SUMMARY OF RESULTS

For the 12 months ended December 31, 2025, the Fund delivered a positive absolute return but trailed its primary benchmark, the S&P 500 Index. US equities performed well despite intermittent volatility, with US trade policy dominating the first half of the year and rising scepticism over the payoffs from artificial intelligence (AI) investment in the second half. Despite these concerns, the broader economy proved resilient. Inflation continued to ease, and while the labor market softened, this provided room for the Federal Reserve to begin cutting interest rates over the year, helping to support equity market valuations.

TOP PERFORMANCE CONTRIBUTORS

Cloudflare, the internet infrastructure company, was a leading contributor as investors gained confidence in its ability to sustain strong growth while improving operating leverage. Cloudflare benefited from structural demand for internet security, performance and reliability, and remained well-positioned to support artificial intelligence workloads at the network edge.

Shopify, the global commerce platform, also contributed strongly as consistent execution reinforced confidence in its combination of growth and cash generation. The company continued to deepen merchant relationships across payments and adjacent services while investing with discipline. An 18% free cash flow margin underscores a sustained track record of strong cash generation alongside robust growth.

TOP PERFORMANCE DETRACTORS

The Trade Desk, the programmatic advertising platform, detracted as shares fell despite continued revenue growth, reflecting a valuation reset and investor caution around near-term execution and competition. The business remained well-positioned in programmatic advertising, particularly connected television. However, concerns around the durability of its competitive advantage led us to exit the position.

Sweetgreen, the fast-casual healthy food restaurant chain, detracted as weaker consumer demand pressured traffic and profitability, especially in coastal markets and at dinner. Average unit volumes were broadly stable, but margins fell and losses increased. Management slowed new openings and refocused on execution. The $186.4 million sale of Spyce improved liquidity and simplified the operating model.

Fund Performance

GROWTH OF $10,000,000

	Class K 33,326,356	S&P 500 Index 36,178,682	Russell 1000 Growth Index 50,085,804
12/5/16	10,000,000	10,000,000	10,000,000
12/31/16	10,150,000	10,169,000	10,137,000
12/31/17	11,701,293	12,388,893	13,199,388
12/31/18	12,707,461	11,846,259	13,000,077
12/31/19	16,492,012	15,576,646	17,730,805
12/31/20	37,200,711	18,442,593	24,555,392
12/31/21	35,650,305	23,737,462	31,332,680
12/31/22	15,834,559	19,438,608	22,202,337
12/31/23	23,121,862	24,549,017	31,678,294
12/31/24	30,193,497	30,691,113	42,244,980
12/31/25	33,326,356	36,178,682	50,085,804

AVERAGE ANNUAL TOTAL RETURN	1 Year	5 years	Since Inception 12/5/16
Class K	10.38%	-2.18%	15.95%
S&P 500 Index	17.88%	14.42%	15.22%
Russell 1000 Growth Index	18.56%	15.31%	19.42%

The Fund has changed its broad-based securities market index from the Russell 1000 Growth Index to the S&P 500 Index in light of revisions to the regulatory definition of a broad-based securities market index included in mutual fund prospectuses and shareholder reports. The Fund has retained the S&P 500 Index as an additional benchmark.

For updated Fund performance information, please visit: https://www.bailliegifford.com/pages/funds/baillie-gifford-us-equity-growth-fund/?tab=performance.

Key Fund Statistics as of December 31, 2025

The following table outlines key Fund statistics that you should pay attention to:

Fund net assets$18,327,346
Total number of portfolio holdings47
Total advisory fees paid, net of waiver$0
Portfolio turnover rate18%

Tabular Representation of Holdings as of December 31, 2025

The following table shows the industry sector allocation of the Fund.

Sectors	% of Net Assets
Internet	36.6%
Software	18.0%
Healthcare - Products	8.6%
Semiconductors	6.8%
Biotechnology	4.9%
Auto Manufacturers	3.6%
Real Estate	3.0%
Commercial Services	3.0%
Healthcare - Services	2.1%
Entertainment	1.6%
Home Furnishings	1.4%
Distribution/Wholesale	1.4%
Insurance	1.3%
Other sectors	5.3%
Other assets less liabilities	2.4%
Total	100.0%

Material Fund Changes

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 30, 2026 at www.bailliegifford.com/u-s-equity-growth-fund/TSR or upon request by contacting us at +1-844-394-6127 or via email at [email protected].

Availability of Additional Information

Baillie Gifford U.S. Equity Growth Fund

Institutional Class | BGGSX

ANNUAL SHAREHOLDER REPORT | December 31, 2025

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Class	$79	0.75%

Management's Discussion of Fund Performance

SUMMARY OF RESULTS

TOP PERFORMANCE CONTRIBUTORS

TOP PERFORMANCE DETRACTORS

Fund Performance

GROWTH OF $10,000

	Institutional Class 33,114	S&P 500 Index 36,179	Russell 1000 Growth Index 50,086
12/5/16	10,000	10,000	10,000
12/31/16	10,150	10,169	10,137
12/31/17	11,701	12,389	13,199
12/31/18	12,672	11,846	13,000
12/31/19	16,475	15,577	17,731
12/31/20	37,139	18,443	24,555
12/31/21	35,561	23,737	31,333
12/31/22	15,779	19,439	22,202
12/31/23	23,027	24,549	31,678
12/31/24	30,036	30,691	42,245
12/31/25	33,114	36,179	50,086

AVERAGE ANNUAL TOTAL RETURN	1 Year	5 years	Since Inception 12/5/16
Institutional Class	10.25%	-2.27%	15.86%
S&P 500 Index	17.88%	14.42%	15.22%
Russell 1000 Growth Index	18.56%	15.31%	19.42%

The inception date for the 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. 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.

For updated Fund performance information, please visit: https://www.bailliegifford.com/pages/funds/baillie-gifford-us-equity-growth-fund/?tab=performance.

Key Fund Statistics as of December 31, 2025

The following table outlines key Fund statistics that you should pay attention to:

Fund net assets$18,327,346
Total number of portfolio holdings47
Total advisory fees paid, net of waiver$0
Portfolio turnover rate18%

Tabular Representation of Holdings as of December 31, 2025

The following table shows the industry sector allocation of the Fund.

Sectors	% of Net Assets
Internet	36.6%
Software	18.0%
Healthcare - Products	8.6%
Semiconductors	6.8%
Biotechnology	4.9%
Auto Manufacturers	3.6%
Real Estate	3.0%
Commercial Services	3.0%
Healthcare - Services	2.1%
Entertainment	1.6%
Home Furnishings	1.4%
Distribution/Wholesale	1.4%
Insurance	1.3%
Other sectors	5.3%
Other assets less liabilities	2.4%
Total	100.0%

Material Fund Changes

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 30, 2026 at www.bailliegifford.com/u-s-equity-growth-fund/TSR or upon request by contacting us at +1-844-394-6127 or via email at [email protected].

Availability of Additional Information

Baillie Gifford International All Cap Fund

Class 2 | BGICF2

ANNUAL SHAREHOLDER REPORT | December 31, 2025

The annual shareholder report contains important information about Baillie Gifford International All Cap Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. Additional information about the Fund is available upon request by contacting us at +1-844-394-6127 or via email at [email protected].

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 2	$68	0.63%

Management's Discussion of Fund Performance

SUMMARY OF RESULTS

More generally, markets were influenced by a combination of easing inflationary pressures, divergent central bank policies and ongoing geopolitical uncertainty.

Monetary conditions became more supportive for equities as several central banks signalled the end of their tightening cycles, with selective rate cuts providing a tailwind for growth-oriented companies. However, economic momentum remained uneven, particularly in parts of Europe and Asia, while concerns around global trade and fiscal sustainability persisted.

Against this backdrop, the Baillie Gifford International All Cap Fund underperformed the MSCI ACWI ex USA Index. over the year.

TOP PERFORMANCE CONTRIBUTORS

Chroma ATE, a manufacturer of electronic and automation testing instruments, benefited from sustained demand for testing equipment across semiconductor and electronics end markets. The company continued to gain share through its strong product offering and close customer relationships, particularly in areas linked to electric vehicles and advanced chip testing. Solid execution and favorable industry dynamics contributed to strong share price performance during the year.

TOP PERFORMANCE DETRACTORS

Fund Performance

$25,000,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $25,000,000

	Class 2 46,108,999	MSCI ACWI ex USA Index 58,896,676
12/31/15	25,000,000	25,000,000
12/31/16	25,135,572	26,252,500
12/31/17	33,039,936	33,542,819
12/31/18	27,546,274	28,920,619
12/31/19	36,539,526	35,320,752
12/31/20	48,792,734	39,251,951
12/31/21	50,336,519	42,505,938
12/31/22	34,397,785	35,887,764
12/31/23	37,916,239	41,705,170
12/31/24	39,009,383	44,246,247
12/31/25	46,108,999	58,896,676

AVERAGE ANNUAL TOTAL RETURN	1 Year	5 years	10 Years
Class 2	18.20%	-1.13%	6.31%
MSCI ACWI ex USA Index	33.11%	8.45%	8.94%

Returns for Class 2 shares are based on actual performance from April 9, 2013. Prior to that date, returns are calculated based on the oldest share class of the Fund and were not adjusted to reflect the differences in class expense due to the fees being lower.

Key Fund Statistics as of December 31, 2025

The following table outlines key Fund statistics that you should pay attention to:

Fund net assets$279,720,206
Total number of portfolio holdings83
Total advisory fees paid$1,026,597
Portfolio turnover rate20%

Tabular Representation of Holdings as of December 31, 2025

The following table shows the industry sector allocation of the Fund.

Sectors	% of Net Assets
Semiconductors	13.5%
Internet	11.8%
Banks	10.0%
Commercial Services	4.7%
Retail	4.6%
Machinery - Diversified	3.7%
Beverages	3.6%
Investment Companies	3.3%
Electronics	3.2%
Pharmaceuticals	3.2%
Cosmetics/Personal Care	2.5%
Building Materials	2.5%
Software	2.3%
Other sectors	30.0%
Other assets less liabilities	1.1%
Total	100.0%

Material Fund Changes

This is a summary of certain changes to the Fund since January 1, 2025.

Additional information about the Fund is available upon request by contacting us at +1-844-394-6127 or via email at [email protected].

On September 15, 2025, the Board of Trustees approved and adopted an Agreement and Plan of Reorganization for Baillie Gifford International All Cap Fund (the 'target fund') to merge with and into Baillie Gifford International Alpha Fund (the surviving fund'), an existing series of the Trust."

Availability of Additional Information

Baillie Gifford International All Cap Fund

Class 3 | BGICF3

ANNUAL SHAREHOLDER REPORT | December 31, 2025

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 3	$61	0.56%

Management's Discussion of Fund Performance

SUMMARY OF RESULTS

More generally, markets were influenced by a combination of easing inflationary pressures, divergent central bank policies and ongoing geopolitical uncertainty.

Against this backdrop, the Baillie Gifford International All Cap Fund underperformed the MSCI ACWI ex USA Index. over the year.

TOP PERFORMANCE CONTRIBUTORS

TOP PERFORMANCE DETRACTORS

Fund Performance

$100,000,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $100,000,000

	Class 3 185,731,092	MSCI ACWI ex USA Index 235,586,704
12/31/15	100,000,000	100,000,000
12/31/16	100,610,290	105,010,000
12/31/17	132,341,601	134,171,277
12/31/18	110,414,468	115,682,475
12/31/19	146,564,915	141,283,007
12/31/20	195,852,779	157,007,805
12/31/21	202,192,897	170,023,752
12/31/22	138,267,619	143,551,054
12/31/23	152,516,191	166,820,680
12/31/24	157,023,181	176,984,989
12/31/25	185,731,092	235,586,704

AVERAGE ANNUAL TOTAL RETURN	1 Year	5 years	10 Years
Class 3	18.28%	-1.06%	6.39%
MSCI ACWI ex USA Index	33.11%	8.45%	8.94%

Returns for Class 3 shares are based on actual performance from May 1, 2013. Prior to that date, returns are calculated based on the oldest share class of the Fund and were not adjusted to reflect the differences in class expense due to the fees being lower.

Key Fund Statistics as of December 31, 2025

The following table outlines key Fund statistics that you should pay attention to:

Fund net assets$279,720,206
Total number of portfolio holdings83
Total advisory fees paid$1,026,597
Portfolio turnover rate20%

Tabular Representation of Holdings as of December 31, 2025

The following table shows the industry sector allocation of the Fund.

Sectors	% of Net Assets
Semiconductors	13.5%
Internet	11.8%
Banks	10.0%
Commercial Services	4.7%
Retail	4.6%
Machinery - Diversified	3.7%
Beverages	3.6%
Investment Companies	3.3%
Electronics	3.2%
Pharmaceuticals	3.2%
Cosmetics/Personal Care	2.5%
Building Materials	2.5%
Software	2.3%
Other sectors	30.0%
Other assets less liabilities	1.1%
Total	100.0%

Material Fund Changes

This is a summary of certain changes to the Fund since January 1, 2025.

Additional information about the Fund is available upon request by contacting us at +1-844-394-6127 or via email at [email protected].

Page Number
		Baillie Gifford China Equities Fund
	01	Industry Diversification Table
	02	Portfolio of Investments
	05	Financial Statements
	08	Financial Highlights
		Baillie Gifford Developed EAFE All Cap Fund
	10	Industry Diversification Table
	11	Portfolio of Investments
	15	Financial Statements
	19	Financial Highlights
		Baillie Gifford EAFE Plus All Cap Fund
	21	Industry Diversification Table
	22	Portfolio of Investments
	26	Financial Statements
	29	Financial Highlights
		Baillie Gifford Emerging Markets Equities Fund
	32	Industry Diversification Table
	33	Portfolio of Investments
	38	Financial Statements
	41	Financial Highlights
		Baillie Gifford Emerging Markets ex China Fund
	47	Industry Diversification Table
	48	Portfolio of Investments
	53	Financial Statements
	56	Financial Highlights
		Baillie Gifford Global Alpha Equities Fund
	58	Industry Diversification Table
	59	Portfolio of Investments
	64	Financial Statements
	67	Financial Highlights
		Baillie Gifford International Alpha Fund
	71	Industry Diversification Table
	72	Portfolio of Investments
	77	Financial Statements
	80	Financial Highlights
		Baillie Gifford International Concentrated Growth Equities Fund
	86	Industry Diversification Table
	87	Portfolio of Investments
	90	Financial Statements
	93	Financial Highlights
		Baillie Gifford International Growth Fund
	95	Industry Diversification Table
	96	Portfolio of Investments
	100	Financial Statements
	103	Financial Highlights
		Baillie Gifford Long Term Global Growth Fund
	109	Industry Diversification Table
	110	Portfolio of Investments
	113	Financial Statements
	116	Financial Highlights

Page Number
		Baillie Gifford U.S. Equity Growth Fund
	120	Industry Diversification Table
	121	Portfolio of Investments
	123	Financial Statements
	126	Financial Highlights
	128	Notes to Financial Statements
	151	Report of Independent Registered Public Accounting Firm
		Supplemental Information
	153	Federal Income Tax Information

	Value		% of Total Net Assets
Apparel	$	35,459		1.1	%
Auto Manufacturers		54,993		1.7
Auto Parts & Equipment		233,017		7.4
Banks		112,248		3.6
Beverages		113,352		3.6
Biotechnology		62,807		2.0
Chemicals		81,825		2.6
Commercial Services		35,451		1.1
Computers		33,484		1.1
Cosmetics/Personal Care		20,556		0.7
Distribution/Wholesale		57,904		1.8
Electric		37,352		1.2
Electronics		127,857		4.1
Energy — Alternate Sources		47,973		1.5
Gas		31,132		1.0
Home Furnishings		136,792		4.3
Insurance		130,195		4.1
Internet		947,620		30.1
Lodging		81,901		2.6
Machinery — Diversified		24,918		0.8
Metal Fabricate/Hardware		85,662		2.7
Mining		129,716		4.1
Miscellaneous Manufacturing		32,090		1.0
Oil & Gas Services		14,378		0.5
Real Estate		30,501		1.0
Retail		156,372		5.0
Semiconductors		108,650		3.4
Software		115,557		3.7
Telecommunications		43,443		1.4
Total Value of Investments		3,123,205		99.2
Other assets less liabilities		25,107		0.8
Net Assets	$	3,148,312		100.0	%

	Shares		Value
COMMON STOCKS — 99.2%
CHINA — 97.7%
Advanced Micro-Fabrication Equipment, Inc. China, Class A		991	$	39,084
Alibaba Group Holding Ltd.		12,700		233,184
Anker Innovations Technology Co., Ltd., Class A		1,810		29,633
ANTA Sports Products Ltd.		3,400		35,308
Atour Lifestyle Holdings Ltd. ADR		915		36,051
BYD Co., Ltd., Class H		4,500		54,993
Centre Testing International Group Co., Ltd., Class A		18,300		35,451
China Merchants Bank Co., Ltd., Class H		16,500		112,248
China Oilfield Services Ltd., Class H		16,000		14,378
China Yangtze Power Co., Ltd., Class A		9,600		37,352
Contemporary Amperex Technology Co., Ltd., Class A		2,500		131,456
DiDi Global, Inc. ADR *		5,600		29,568
Dongguan Yiheda Automation Co., Ltd., Class A		2,360		8,948
DPC Dash Ltd. *		2,000		18,454
ENN Energy Holdings Ltd.		3,500		31,132
Estun Automation Co., Ltd., Class A *		4,700		15,970
Fuyao Glass Industry Group Co., Ltd., Class H		4,800		41,490
H World Group Ltd.		9,700		45,850
Haidilao International Holding Ltd.		17,000		31,244
Haier Smart Home Co., Ltd., Class H		11,400		35,599
Horizon Robotics *		30,000		33,484
Innovent Biologics, Inc. *		1,500		14,680
Jiangsu Azure Corp., Class A		16,800		42,867
KE Holdings, Inc., Class A		5,767		30,501
Kingdee International Software Group Co., Ltd. *		11,000		18,858
Kingsoft Corp., Ltd.		4,600		16,876
Kuaishou Technology		4,100		33,892
Kweichow Moutai Co., Ltd., Class A		500		98,592
Li Ning Co., Ltd.		9,500		22,827
Luckin Coffee, Inc. ADR *		894		29,949
Luxshare Precision Industry Co., Ltd., Class A		4,800		39,041
Medlive Technology Co., Ltd.		11,000		13,702
Meituan, Class B *		4,090		54,201
Midea Group Co., Ltd., Class A		6,400		71,559
Minth Group Ltd.		4,000		16,388
NAURA Technology Group Co., Ltd., Class A		675		44,338
NetEase, Inc.		2,900		79,823

	Shares		Value
PDD Holdings, Inc. ADR *		819	$	92,867
Ping An Insurance Group Co. of China Ltd., Class H		15,500		130,195
Pop Mart International Group Ltd.		2,400		57,904
Proya Cosmetics Co., Ltd., Class A		2,096		20,556
SG Micro Corp., Class A		2,570		25,228
Shandong Sinocera Functional Material Co., Ltd., Class A		13,500		52,943
Shanxi Xinghuacun Fen Wine Factory Co., Ltd., Class A		600		14,760
Shenzhen Inovance Technology Co., Ltd., Class A		4,700		50,654
Shenzhen Megmeet Electrical Co., Ltd., Class A		2,025		26,034
Shenzhou International Group Holdings Ltd.		4,500		35,459
Silergy Corp.		2,000		12,129
Sungrow Power Supply Co., Ltd., Class A		1,960		47,973
Sunny Optical Technology Group Co., Ltd.		3,800		32,090
Tencent Holdings Ltd.		5,500		422,089
Tianqi Lithium Corp., Class H *		4,400		28,882
Trip.com Group Ltd.		950		68,116
Weichai Power Co., Ltd., Class H		18,000		43,683
Yifeng Pharmacy Chain Co., Ltd., Class A		5,980		18,591
Zhejiang Sanhua Intelligent Controls Co., Ltd., Class A		5,400		42,795
Zhongji Innolight Co., Ltd., Class A		500		43,443
Zijin Mining Group Co., Ltd., Class H		28,000		128,196
				3,073,558
HONG KONG — 0.0% ^(a)
Zijin Gold International Co., Ltd. *		81		1,520
UNITED STATES — 1.5%
BeOne Medicines Ltd., Class H *		2,091		48,127
TOTAL INVESTMENTS — 99.2%
(cost $2,568,248)			$	3,123,205
Other assets less liabilities — 0.8%				25,107
NET ASSETS — 100.0%			$	3,148,312

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks **	$	227,307	$	2,895,898	$	—	$	3,123,205
Total	$	227,307	$	2,895,898	$	—	$	3,123,205

ASSETS
Investments, at value (cost $2,568,248)	$	3,123,205
Cash		35,626
Foreign cash, at value (cost $5)		5
Due from Manager		79,128
Prepaid assets		12,238
Total Assets		3,250,202
LIABILITIES
Advisory fee payable		4,433
Administration & Supervisory fee payable		1,370
Trustee fee payable		45
Commitment fee payable		10
Accrued expenses		96,032
Total Liabilities		101,890
NET ASSETS	$	3,148,312
COMPOSITION OF NET ASSETS
Paid-in capital	$	3,709,221
Total accumulated (loss)		(560,909	)
	$	3,148,312
NET ASSET VALUE, PER SHARE
Class K ($364,473 / 52,640 shares outstanding), unlimited authorized, no par value	$	6.92
Institutional Class ($2,783,839 / 403,278 shares outstanding), unlimited authorized, no par value	$	6.90

INVESTMENT INCOME
Dividends (net of foreign withholding taxes of $3,916)	$	52,106
Interest		395
Total Investment Income		52,501
EXPENSES
Advisory fee (Note B)		16,121
Administration & Supervisory fee — Class K shares (Note B)		553
Administration & Supervisory fee — Institutional Class shares (Note B)		4,430
Transfer agency		26,864
Sub-transfer agency — Institutional Class shares		2,297
Fund accounting		103,364
Professional fees		44,609
Registration fees		37,499
Custody		8,527
Legal		543
Line of Credit Interest		173
Trustees' fees		158
Commitment fees		40
Miscellaneous		5,413
Total Expenses		250,591
Fees waived/expenses reimbursed		(222,794	)
Total Expenses after Waiver		27,797
Net Investment Income		24,704
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized (loss) from:
Investments		(186,479	)
Foreign currency transactions		(275	)
		(186,754	)
Net change in unrealized appreciation on:
Investments		1,049,261
		1,049,261
Net realized and unrealized gain		862,507
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	887,211

	For the Year Ended December 31, 2025			For the Year Ended December 31, 2024
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	24,704		$	48,323
Net realized (loss)		(186,754	)		(320,159	)
Net change in unrealized appreciation		1,049,261			527,794
Net Increase in Net Assets from Operations		887,211			255,958
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings
Class K		(3,603	)		(5,449	)
Institutional Class		(25,190	)		(46,349	)
Total Distributions to Shareholders		(28,793	)		(51,798	)
TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
Net proceeds from shares subscribed:
Institutional Class		10,000			447,600
Dividends reinvested:
Class K		3,603			5,449
Institutional Class		25,190			46,349
Cost of shares redeemed:
Institutional Class		(345,405	)		(152,779	)
Increase (Decrease) in Net Assets from Transactions in Shares of Beneficial Interest		(306,612	)		346,619
Total Increase in Net Assets		551,806			550,779
NET ASSETS
Beginning of Year		2,596,506			2,045,727
End of Year	$	3,148,312		$	2,596,506

	For the Year Ended December 31, 2025			For the Year Ended December 31, 2024			For the Year Ended December 31, 2023			For the Year Ended December 31, 2022			For the Period July 7, 2021^(a)through December 31, 2021
Net asset value, beginning of period	$	5.11		$	4.75		$	5.89		$	8.27		$	10.00
From Investment Operations
Net investment income (loss)^(b)		0.06			0.11			0.08			0.05			(0.02	)
Net realized and unrealized gain (loss) on investments and foreign currency		1.82			0.36			(1.15	)		(2.40	)		(1.71	)
Net increase (decrease) in net asset value from investment operations		1.88			0.47			(1.07	)		(2.35	)		(1.73	)
Dividends and Distributions to Shareholders
From net investment income		(0.07	)		(0.11	)		(0.07	)		(0.03	)		—
Total dividends and distributions		(0.07	)		(0.11	)		(0.07	)		(0.03	)		—
Net asset value, end of period	$	6.92		$	5.11		$	4.75		$	5.89		$	8.27
Total Return
Total return based on net asset value^(c)		36.77	%		9.81	%		(18.08	)%		(28.40	)%		(17.30	)%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	364		$	267		$	243		$	296		$	872
Ratio of net expenses to average net assets, before waiver		8.47	%		10.75	%		11.17	%		9.21	%		11.32	%*
Ratio of net expenses to average net assets, after waiver		0.87	%		0.87	%		0.87	%		0.87	%		0.87	%*
Ratio of net investment income (loss) to average net assets		0.95	%		2.26	%		1.48	%		0.73	%		(0.56	)%*
Portfolio turnover rate^(d)		13	%		25	%		14	%		31	%		6	%

	Shares		Value
COMMON STOCKS — 115.6%
AUSTRALIA — 1.6%
BHP Group Ltd.		21,856	$	659,595
BELGIUM — 2.7%
Anheuser-Busch InBev SA/NV		16,579		1,064,058
CHINA — 2.1%
Prosus NV *		13,290		822,903
DENMARK — 1.8%
DSV A/S		2,902		730,888
FRANCE — 8.3%
Air Liquide SA		3,389		636,976
BioMerieux		2,544		329,180
LVMH Moet Hennessy Louis Vuitton SE		1,660		1,251,201
SOITEC *		2,509		67,793
TotalEnergies SE		15,873		1,034,888
				3,320,038
GERMANY — 2.9%
Nemetschek SE		10,649		1,152,118
HONG KONG — 6.3%
AIA Group Ltd.		113,800		1,171,354
Hong Kong Exchanges & Clearing Ltd.		11,600		606,928
Techtronic Industries Co., Ltd.		63,500		730,449
				2,508,731
IRELAND — 1.5%
Kingspan Group PLC		7,132		614,557
ITALY — 1.7%
Ryanair Holdings PLC ADR		9,580		691,580
JAPAN — 24.5%
Chugai Pharmaceutical Co., Ltd.		16,500		865,616
Cosmos Pharmaceutical Corp.		15,900		805,127

	Shares		Value
Hoshizaki Corp.		11,700	$	389,716
Keyence Corp.		1,900		687,278
Nippon Paint Holdings Co., Ltd.		148,100		991,638
Olympus Corp.		68,000		862,189
Recruit Holdings Co., Ltd.		14,200		797,920
Shimano, Inc.		7,700		805,197
Shiseido Co., Ltd.		34,400		500,620
SMC Corp.		2,100		726,602
Sysmex Corp.		61,300		601,978
Tokyo Electron Ltd.		5,600		1,247,273
Unicharm Corp.		92,300		527,378
				9,808,532
NETHERLANDS — 9.4%
Adyen NV *		480		774,036
ASML Holding NV		1,579		1,701,404
EXOR NV		10,621		902,192
IMCD NV		3,479		315,763
Magnum Ice Cream Co. NV (The) *		3,801		60,330
				3,753,725
PORTUGAL — 1.7%
Jeronimo Martins SGPS SA		29,042		691,094
SINGAPORE — 5.0%
United Overseas Bank Ltd.		73,389		1,998,788
SPAIN — 1.3%
CaixaBank SA		40,957		500,745
SWEDEN — 12.2%
Assa Abloy AB, B Shares		25,650		990,882
Atlas Copco AB, A Shares		49,027		872,807
Avanza Bank Holding AB		8,563		325,194
Epiroc AB, B Shares		24,132		485,502
Investor AB, B Shares		33,721		1,201,668
Skandinaviska Enskilda Banken AB, A Shares		48,240		1,017,077
				4,893,130

	Shares		Value
SWITZERLAND — 8.9%
Cie Financiere Richemont SA		2,564	$	552,929
Lonza Group AG		1,130		761,869
Partners Group Holding AG		440		539,872
Sika AG		3,765		764,391
UBS Group AG		20,303		937,483
				3,556,544
UNITED KINGDOM — 16.5%
Auto Trader Group PLC		82,639		651,969
Bunzl PLC		23,477		655,571
Diageo PLC		20,269		436,755
Games Workshop Group PLC		3,254		827,834
Greggs PLC		17,705		399,089
Rightmove PLC		82,736		578,052
Softcat PLC		23,480		446,944
Spirax Group PLC		5,284		482,942
Trainline PLC *		51,579		152,922
Unilever PLC		16,443		1,074,339
Weir Group PLC (The)		14,580		557,291
Wise PLC, Class A *		27,912		334,387
				6,598,095
UNITED STATES — 7.2%
Experian PLC		19,241		867,511
Roche Holding AG		3,676		1,518,079
Spotify Technology SA *		835		484,893
				2,870,483
TOTAL INVESTMENTS — 115.6% **
(cost $32,859,053)			$	46,235,604
Other assets less liabilities — (15.6)%				(6,242,498	)
NET ASSETS — 100.0%			$	39,993,106

ASSETS
Investments, at value (cost $32,859,053)	$	46,235,604
Cash		3,158
Foreign cash, at value (cost $2,408)		2,407
Receivable for investments sold		5,641,295
Tax reclaims receivable		322,048
Dividends receivable		98,938
Due from Manager		24,220
Prepaid assets		1,518
Total Assets		52,329,188
LIABILITIES
Advisory fee payable		110,333
Line of credit payable		9,950,000
Capital shares purchased payable		2,151,561
Administration & Supervisory fee payable		29,302
Shareholder Servicing fee payable		11,348
Trustee fee payable		2,049
Commitment fee payable		454
Accrued expenses		81,035
Total Liabilities		12,336,082
NET ASSETS	$	39,993,106
COMPOSITION OF NET ASSETS
Paid-in capital	$	27,640,090
Total distributable earnings		12,353,016
	$	39,993,106
NET ASSET VALUE, PER SHARE
Class K ($34,496,812 / 13,615,361 shares outstanding), unlimited authorized, no par value	$	2.53
Institutional Class ($5,496,294 / 2,303,939 shares outstanding), unlimited authorized, no par value	$	2.39

INVESTMENT INCOME
Dividends (net of foreign withholding taxes of $335,936)	$	3,842,698
Windfall tax recovery (Note A)		602,258
Interest		45,879
Total Investment Income		4,490,835
EXPENSES
Advisory fee (Note B)		652,623
Shareholder Servicing fees — Class 2 shares (Note B)		35,921
Shareholder Servicing fees — Class 3 shares (Note B)		73,933
Shareholder Servicing fees — Class 4 shares (Note B)		6,858
Administration & Supervisory fee — Class K shares (Note B)		62,868
Administration & Supervisory fee — Institutional Class shares (Note B)		75,858
Transfer agency		49,167
Sub-transfer agency — Institutional Class shares		39,219
Fund accounting		100,282
Registration fees		57,325
Legal		39,497
Professional fees		34,717
Custody		31,322
Trustees' fees		8,390
Commitment fees		2,244
Line of Credit Interest		1,844
Miscellaneous		25,548
Total Expenses		1,297,616
Fees waived/expenses reimbursed		(53,741	)
Total Expenses after Waiver		1,243,875
Net Investment Income		3,246,960
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain from:
Investments		68,397,266
Foreign currency transactions		35,846
		68,433,112

Net change in unrealized appreciation (depreciation) on:
Investments	$	(51,779,577	)
Translation of net assets and liabilities denominated in foreign currencies		61,253
		(51,718,324	)
Net realized and unrealized gain		16,714,788
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	19,961,748

	Shares		Value
COMMON STOCKS — 98.2%
AUSTRALIA — 1.2%
BHP Group Ltd.		44,628	$	1,346,834
BELGIUM — 2.0%
Anheuser-Busch InBev SA/NV		34,073		2,186,841
BRAZIL — 2.6%
B3 SA — Brasil Bolsa Balcao		326,400		830,984
MercadoLibre, Inc. *		669		1,347,540
Raia Drogasil SA		158,851		677,497
				2,856,021
CHINA — 4.9%
Contemporary Amperex Technology Co., Ltd., Class A		17,704		932,569
Midea Group Co., Ltd., Class A		54,100		605,970
Prosus NV *		28,023		1,735,156
Tencent Holdings Ltd.		26,200		2,010,681
				5,284,376
DENMARK — 1.3%
DSV A/S		5,550		1,397,804
FRANCE — 6.4%
Air Liquide SA		5,800		1,090,133
BioMerieux		5,561		719,564
LVMH Moet Hennessy Louis Vuitton SE		3,280		2,472,253
SOITEC *		9,624		260,039
TotalEnergies SE		36,996		2,412,066
				6,954,055
GERMANY — 1.4%
Nemetschek SE		14,355		1,553,071
HONG KONG — 5.2%
AIA Group Ltd.		269,000		2,768,842
Hong Kong Exchanges & Clearing Ltd.		25,600		1,339,427
Techtronic Industries Co., Ltd.		131,000		1,506,910
				5,615,179

	Shares		Value
INDIA — 1.1%
HDFC Bank Ltd.		109,719	$	1,212,054
IRELAND — 1.2%
Kingspan Group PLC		15,243		1,313,473
ITALY — 1.3%
Ryanair Holdings PLC ADR		19,605		1,415,285
JAPAN — 13.3%
Chugai Pharmaceutical Co., Ltd.		24,500		1,285,308
Cosmos Pharmaceutical Corp.		28,300		1,433,024
Keyence Corp.		3,400		1,229,865
Nippon Paint Holdings Co., Ltd.		185,100		1,239,381
Olympus Corp.		85,000		1,077,737
Recruit Holdings Co., Ltd.		24,300		1,365,455
Shimano, Inc.		9,800		1,024,796
Shiseido Co., Ltd.		54,900		798,955
SMC Corp.		3,500		1,211,003
Sysmex Corp.		102,500		1,006,570
Tokyo Electron Ltd.		7,700		1,715,001
Unicharm Corp.		183,500		1,048,471
				14,435,566
MEXICO — 1.5%
Fomento Economico Mexicano SAB de CV ADR		7,685		776,723
Wal-Mart de Mexico SAB de CV		276,349		859,548
				1,636,271
NETHERLANDS — 6.8%
Adyen NV *		1,099		1,772,220
ASML Holding NV		2,788		3,004,126
EXOR NV		20,448		1,736,939
IMCD NV		8,385		761,043
Magnum Ice Cream Co. NV (The) *		7,662		121,612
				7,395,940
PORTUGAL — 1.6%
Jeronimo Martins SGPS SA		71,123		1,692,468

	Shares		Value
SINGAPORE — 3.4%
United Overseas Bank Ltd.		136,273	$	3,711,468
SOUTH KOREA — 2.1%
Samsung Electronics Co., Ltd.		27,877		2,336,508
SPAIN — 1.0%
CaixaBank SA		87,436		1,069,003
SWEDEN — 10.8%
Assa Abloy AB, B Shares		58,926		2,276,362
Atlas Copco AB, A Shares		128,505		2,287,720
Epiroc AB, B Shares		66,751		1,342,936
Investor AB, B Shares		94,315		3,360,972
Skandinaviska Enskilda Banken AB, A Shares		118,508		2,498,586
				11,766,576
SWITZERLAND — 7.4%
Cie Financiere Richemont SA		6,899		1,487,777
Lonza Group AG		2,652		1,788,031
Partners Group Holding AG		997		1,223,301
Sika AG		7,184		1,458,535
UBS Group AG		46,644		2,153,768
				8,111,412
TAIWAN — 3.5%
Taiwan Semiconductor Manufacturing Co., Ltd.		78,000		3,834,268
UNITED KINGDOM — 12.6%
Auto Trader Group PLC		159,272		1,256,554
Bunzl PLC		48,982		1,367,773
Diageo PLC		47,477		1,023,030
Games Workshop Group PLC		5,727		1,456,977
Greggs PLC		34,006		766,531
Rightmove PLC		163,216		1,140,342
Softcat PLC		50,222		955,981
Spirax Group PLC		14,107		1,289,338
Trainline PLC *		82,849		245,632
Unilever PLC		35,705		2,332,864

ASSETS
Investments, at value (cost $75,305,077)	$	106,959,238
Cash		1,881,935
Foreign cash, at value (cost $10,707)		10,757
Tax reclaims receivable		531,141
Dividends receivable		200,147
Receivable for investments sold		15,332
Prepaid assets		1,568
Total Assets		109,600,118
LIABILITIES
Advisory fee payable		209,234
Deferred India capital gains tax liability (Note A)		290,968
Shareholder Servicing fee payable		63,058
Administration & Supervisory fee payable		13,768
Payable for investment purchased		11,020
Trustee fee payable		3,612
Commitment fee payable		801
Accrued expenses		94,418
Total Liabilities		686,879
NET ASSETS	$	108,913,239
COMPOSITION OF NET ASSETS
Paid-in capital	$	83,139,336
Total distributable earnings		25,773,903
	$	108,913,239
NET ASSET VALUE, PER SHARE
Class 2 ($77,686,387 / 14,017,444 shares outstanding), unlimited authorized, no par value	$	5.54
Class K ($30,716,978 / 5,618,321 shares outstanding), unlimited authorized, no par value	$	5.47
Institutional Class ($509,874 / 90,613 shares outstanding), unlimited authorized, no par value	$	5.63

INVESTMENT INCOME
Dividends (net of foreign withholding taxes of $452,271)	$	5,029,291
Windfall tax recovery (Note A)		163,887
Interest		55,368
Total Investment Income		5,248,546
EXPENSES
Advisory fee (Note B)		882,991
Shareholder Servicing fees — Class 2 shares (Note B)		130,495
Shareholder Servicing fees — Class 3 shares (Note B)		135,309
Administration & Supervisory fee — Class K shares (Note B)		63,791
Administration & Supervisory fee — Institutional Class shares (Note B)		4,569
Transfer agency		44,584
Sub-transfer agency — Institutional Class shares		487
Fund accounting		105,566
Professional fees		57,863
Registration fees		55,505
Legal		50,585
Custody		38,791
Trustees' fees		13,203
Line of Credit Interest		8,755
Commitment fees		3,413
Miscellaneous		15,050
Total Expenses		1,610,957
Net Investment Income		3,637,589
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain from:
Investments (net of India capital gains tax expense of $12,341)		61,708,604
Foreign currency transactions		104,008
		61,812,612
Net change in unrealized appreciation (depreciation) on:
Investments (net of change in deferred India capital gains tax liability of $285,707) (Note A)		(26,115,510	)
Translation of net assets and liabilities denominated in foreign currencies		63,172
		(26,052,338	)
Net realized and unrealized gain		35,760,274
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	39,397,863

	Shares		Value
COMMON STOCKS — 97.2%
BRAZIL — 9.1%
Axia Energia		10,567,600	$	97,509,478
B3 SA — Brasil Bolsa Balcao		49,068,200		124,923,110
Banco Bradesco SA ADR		17,218,828		57,338,697
MercadoLibre, Inc. *		122,625		246,998,632
Natura Cosmeticos SA *		12,123,000		16,439,361
NU Holdings Ltd., Class A *		3,076,244		51,496,325
Petroleo Brasileiro SA — Petrobras ADR		5,164,719		61,201,920
				655,907,523
CHILE — 2.2%
Lundin Mining Corp.		2,966,544		63,759,461
Sociedad Quimica y Minera de Chile SA ADR *		1,312,674		90,311,971
				154,071,432
CHINA — 25.2%
Alibaba Group Holding Ltd.		13,560,520		248,984,196
Anker Innovations Technology Co., Ltd., Class A		2,969,500		48,702,810
Baidu, Inc., Class A *		2,681,800		44,102,791
Brilliance China Automotive Holdings Ltd.		43,528,000		22,660,685
China Merchants Bank Co., Ltd., Class H		11,987,500		81,549,733
Contemporary Amperex Technology Co., Ltd., Class A		2,417,300		127,332,809
DiDi Global, Inc. ADR *		10,737,115		56,691,967
Goneo Group Co., Ltd., Class A		5,472,050		32,030,264
Haidilao International Holding Ltd.		21,928,000		40,301,329
JD.com, Inc., Class A		2,408,635		34,634,337
Kanzhun Ltd. ADR		3,519,777		71,733,055
Kuaishou Technology		3,700,400		30,589,028
Kweichow Moutai Co., Ltd., Class A		296,217		58,512,661
Luckin Coffee, Inc. ADR *		1,768,436		59,242,606
Meituan, Class B *		5,080,300		67,325,148
Midea Group Co., Ltd., Class A		9,027,170		101,112,660
Montage Technology Co., Ltd., Class A		3,226,541		54,491,145
Ping An Insurance Group Co. of China Ltd., Class H		11,120,000		93,404,718
Pony AI, Inc. ADR *		2,043,460		29,630,170
Silergy Corp.		3,768,000		22,851,895
Tencent Holdings Ltd.		4,053,900		311,110,635
Tencent Music Entertainment Group ADR		768,880		13,478,467

	Shares		Value
Tencent Music Entertainment Group, Class A, Entitlement		3,279,382	$	29,040,540
Zhejiang Sanhua Intelligent Controls Co., Ltd., Class H		11,752,400		58,046,791
Zijin Mining Group Co., Ltd., Class H		14,514,000		66,451,435
				1,804,011,875
HONG KONG — 1.0%
Zijin Gold International Co., Ltd. *		3,681,055		69,054,959
INDIA — 10.6%
Axis Bank Ltd.		9,169,653		129,663,362
Delhivery Ltd. *		11,847,883		53,290,231
HDFC Life Insurance Co., Ltd.		6,089,889		50,877,410
Hyundai Motor India Ltd.		625,796		16,000,098
InterGlobe Aviation Ltd.		1,309,428		73,858,865
Kotak Mahindra Bank Ltd.		3,843,701		94,287,747
PB Fintech Ltd. *		1,707,033		34,718,466
Reliance Industries Ltd.		11,031,502		193,036,026
Tata Consultancy Services Ltd.		1,878,798		67,127,922
UltraTech Cement Ltd.		376,613		49,417,604
				762,277,731
INDONESIA — 0.9%
Bank Rakyat Indonesia Persero Tbk PT		280,448,263		61,420,109
KAZAKHSTAN — 0.4%
Kaspi.KZ JSC ADR *		353,748		27,638,331
MEXICO — 2.3%
Fomento Economico Mexicano SAB de CV ADR		520,339		52,590,663
Grupo Financiero Banorte SAB de CV, Class O		8,348,136		77,345,717
Wal-Mart de Mexico SAB de CV		10,943,187		34,037,368
				163,973,748
PANAMA — 0.7%
Copa Holdings SA, Class A		382,387		46,119,696
PERU — 1.0%
Credicorp Ltd.		241,924		69,432,188

	Shares		Value
POLAND — 1.4%
Allegro.eu SA *		5,254,592	$	45,089,478
KGHM Polska Miedz SA *		713,683		55,451,810
				100,541,288
RUSSIA — 0.0% ^(a)
GMK Norilskiy Nickel PAO *^(b)		54,812,700		0
GMK Norilskiy Nickel PAO ADR *^(b)		2		0
Moscow Exchange MICEX-RTS PJSC *^(b)		14,557,370		0
Sberbank of Russia PJSC *^(b)		31,444,360		0
				0
SAUDI ARABIA — 0.3%
Saudi Tadawul Group Holding Co.		631,840		23,634,199
SINGAPORE — 1.2%
Sea Ltd. ADR *		687,599		87,717,004
SOUTH AFRICA — 4.8%
Capitec Bank Holdings Ltd.		160,492		40,286,856
FirstRand Ltd.		7,456,055		40,859,133
Impala Platinum Holdings Ltd.		6,669,127		104,806,379
Naspers Ltd., N Shares		2,358,230		157,273,914
				343,226,282
SOUTH KOREA — 12.1%
Coupang, Inc. *		2,554,450		60,259,476
Hyundai Glovis Co., Ltd.		485,208		60,903,577
Hyundai Motor Co.		501,574		103,579,031
Samsung Electronics Co., Ltd.		4,075,868		341,618,462
SK hynix, Inc.		661,322		299,498,303
				865,858,849
TAIWAN — 17.0%
Accton Technology Corp.		2,482,000		93,663,232
E Ink Holdings, Inc.		4,129,000		25,942,255

	Shares		Value
MediaTek, Inc.		2,235,000	$	101,480,602
Taiwan Semiconductor Manufacturing Co., Ltd.		20,210,310		993,483,973
				1,214,570,062
THAILAND — 2.1%
Fabrinet *		141,736		64,529,566
SCB X PCL		7,083,900		31,220,699
Valeura Energy, Inc. *		9,007,961		53,684,836
				149,435,101
UNITED ARAB EMIRATES — 1.2%
Emaar Properties PJSC		22,654,355		86,461,343
UNITED STATES — 0.6%
BeOne Medicines Ltd., Class H *		1,414,295		32,551,804
Globant SA *		244,510		15,983,619
				48,535,423
VIETNAM — 1.1%
FPT Corp.		7,505,700		27,308,781
Mobile World Investment Corp.		15,165,600		50,887,926
				78,196,707
ZAMBIA — 2.0%
First Quantum Minerals Ltd. *		5,341,851		143,222,554
Total Common Stocks
(cost $4,557,722,969)				6,955,306,404
PREFERRED STOCKS — 2.6%
BRAZIL — 0.8%
Axia Energia 0.00% *		2,777,566		24,897,856
Petroleo Brasileiro SA — Petrobras ADR 9.46%		1,938,129		21,842,714
Raizen SA 0.98%		46,070,210		6,808,092
				53,548,662

	Shares		Value
SOUTH KOREA — 1.8%
Samsung Electronics Co., Ltd. 1.64%		2,129,180	$	132,159,940
Total Preferred Stocks
(cost $150,511,037)				185,708,602
TOTAL INVESTMENTS — 99.8%
(cost $4,708,234,007)			$	7,141,015,006
Other assets less liabilities — 0.2%				15,098,817
NET ASSETS — 100.0%			$	7,156,113,823

ASSETS
Investments, at value (cost $4,708,234,007)	$	7,141,015,006
Cash		24,051,854
Foreign cash, at value (cost $3,505,667)		3,504,777
Receivable for investments sold		12,791,576
Dividends receivable		10,240,448
Capital shares sold receivable		6,891,502
Tax reclaims receivable		107,881
Receivable for India capital gains tax refunds (Note A)		229,635
Prepaid assets		28,674
Total Assets		7,198,861,353
LIABILITIES
Advisory fee payable		9,120,968
Deferred India capital gains tax liability (Note A)		23,529,954
Capital shares purchased payable		6,139,965
Administration & Supervisory fee payable		2,125,186
Shareholder Servicing fee payable		242,044
Trustee fee payable		99,705
Commitment fee payable		22,095
Accrued expenses		1,467,613
Total Liabilities		42,747,530
NET ASSETS	$	7,156,113,823
COMPOSITION OF NET ASSETS
Paid-in capital	$	5,193,158,136
Total distributable earnings		1,962,955,687
	$	7,156,113,823
NET ASSET VALUE, PER SHARE
Class 2 ($169,955,069 / 6,374,706 shares outstanding), unlimited authorized, no par value	$	26.66
Class 3 ($193,411,640 / 7,175,666 shares outstanding), unlimited authorized, no par value	$	26.95
Class 4 ($318,239,614 / 11,815,305 shares outstanding), unlimited authorized, no par value	$	26.93
Class 5 ($1,438,215,693 / 51,663,702 shares outstanding), unlimited authorized, no par value	$	27.84
Class K ($2,959,764,605 / 111,555,840 shares outstanding), unlimited authorized, no par value	$	26.53
Institutional Class ($2,076,527,202 / 78,333,830 shares outstanding), unlimited authorized, no par value	$	26.51

INVESTMENT INCOME
Dividends (net of foreign withholding taxes of $14,496,160)	$	121,133,930
Non-cash income		24,305,667
Interest		856,098
Total Investment Income		146,295,695
EXPENSES
Advisory fee (Note B)		31,285,262
Shareholder Servicing fees — Class 2 shares (Note B)		231,188
Shareholder Servicing fees — Class 3 shares (Note B)		176,870
Shareholder Servicing fees — Class 4 shares (Note B)		186,195
Shareholder Servicing fees — Class 5 shares (Note B)		245,939
Administration & Supervisory fee — Class K shares (Note B)		4,513,583
Administration & Supervisory fee — Institutional Class shares (Note B)		2,641,457
Transfer agency		159,303
Sub-transfer agency — Institutional Class shares		1,371,446
Custody		1,843,615
Legal		1,100,517
Fund accounting		920,890
Trustees' fees		323,824
Commitment fees		82,865
Registration fees		69,905
Professional fees		47,404
Line of Credit Interest		4,311
Miscellaneous		232,197
Total Expenses		45,436,771
Net Investment Income		100,858,924
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) from:
Investments (net of India capital gains tax expense of $4,206,297)		175,328,277
Foreign currency transactions		(1,299,461	)
		174,028,816
Net change in unrealized appreciation on:
Investments (net of change in deferred India capital gains tax benefit of $4,905,883) (Note A)		1,807,235,794
Translation of net assets and liabilities denominated in foreign currencies		36,980
		1,807,272,774
Net realized and unrealized gain		1,981,301,590
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	2,082,160,514

	For the Year Ended December 31, 2025			For the Year Ended December 31, 2024			For the Period July 14, 2023^(a)through December 31, 2023			For the Period January 1, 2023 through April 13, 2023^(a)			For the Year Ended December 31, 2022			For the Year Ended December 31, 2021
Net asset value, beginning of period	$	19.45		$	18.99		$	19.96		$	17.54		$	25.11		$	28.30
From Investment Operations
Net investment income^(b)		0.41			0.55			0.19			0.07			0.80			0.47
Net realized and unrealized gain (loss) on investments and foreign currency		7.53			0.60			(0.38	)		1.42			(7.42	)		(2.93	)
Net increase (decrease) in net asset value from investment operations		7.94			1.15			(0.19	)		1.49			(6.62	)		(2.46	)
Dividends and Distributions to Shareholders
From net investment income		(0.46	)		(0.69	)		(0.78	)		—			(0.95	)		(0.37	)
From net realized gain on investments		—			—			—			—			—			(0.36	)
Total dividends and distributions		(0.46	)		(0.69	)		(0.78	)		—			(0.95	)		(0.73	)
Net asset value, end of period	$	26.93		$	19.45		$	18.99		$	19.03		$	17.54		$	25.11
Total Return
Total return based on net asset value^(c)		40.85	%		6.07	%		(0.94	)%		8.48	%		(26.37	)%		(8.66	)%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	318,240		$	225,922		$	212,997		$	201,945		$	186,171		$	252,837
Ratio of net expenses to average net assets		0.67	%		0.69	%		0.71	%*		0.71	%*		0.73	%		0.68	%
Ratio of net investment income to average net assets		1.77	%		2.69	%		2.10	%*		1.36	%*		4.00	%		1.64	%
Portfolio turnover rate^(d)		28	%		21	%		23	%		23	%		15	%		19	%

	Shares		Value
COMMON STOCKS — 95.1%
BRAZIL — 10.6%
Axia Energia		2,400	$	22,145
B3 SA — Brasil Bolsa Balcao		8,800		22,404
Banco Bradesco SA ADR		3,857		12,844
Lojas Renner SA		2,500		6,123
MercadoLibre, Inc. *		22		44,313
Natura Cosmeticos SA *		2,800		3,797
NU Holdings Ltd., Class A *		1,027		17,192
Petroleo Brasileiro SA — Petrobras ADR		1,035		12,265
Raia Drogasil SA		816		3,480
WEG SA		700		6,184
				150,747
CHILE — 2.5%
Lundin Mining Corp.		715		15,367
Sociedad Quimica y Minera de Chile SA ADR *		288		19,815
				35,182
CONGO (DEMOCRATIC REPUBLIC) — 0.7%
Ivanhoe Mines Ltd., Class A *		928		10,554
INDIA — 15.2%
Axis Bank Ltd.		1,975		27,927
Cholamandalam Investment and Finance Co., Ltd.		392		7,435
Delhivery Ltd. *		2,269		10,206
Eicher Motors Ltd.		96		7,815
Escorts Kubota Ltd.		178		7,376
HDFC Life Insurance Co., Ltd.		2,130		17,795
Hyundai Motor India Ltd.		104		2,659
ICICI Bank Ltd.		963		14,413
InterGlobe Aviation Ltd.		252		14,214
Kotak Mahindra Bank Ltd.		598		14,669
PB Fintech Ltd. *		348		7,078
Reliance Industries Ltd.		2,522		44,132
Samvardhana Motherson International Ltd.		8,837		11,805
Tata Consultancy Services Ltd.		423		15,113
UltraTech Cement Ltd.		87		11,416
				214,053