BAILLIE GIFFORD MULTI ASSET FUND INSTITUTIONAL CLASS (BGBIX) Exchange: NMFQS

The Fund seeks to meet its objective by investing in a portfolio diversified across a broad range of asset classes, markets and instruments. The portfolio managers select asset classes without regard to a benchmark, focusing instead on absolute return and risk metrics. The portfolio managers take an active, flexible approach to asset allocation, adjusting the mix of asset classes in response to long- and short-term opportunities in an effort to reduce overall volatility and/or increase returns. The portfolio managers make allocation decisions across asset classes primarily based on an analysis of the long-term expected returns, correlations and risk factors associated with each asset class. The portfolio managers continuously monitor and may adjust the Fund’s portfolio in light of the risk characteristics of the Fund’s investments as may be observed at the level of the portfolio, asset class and/or instrument. The asset classes from which the Fund will select vary over time and, under normal circumstances, can be expected to include the following (grouped into broad categories for ease of reference): Equity Asset Classes -                 Listed Equities – The Fund expects to invest in common stocks, preferred stocks, convertible securities and warrants. The Fund expects to invest in issuers of any market capitalization and may participate in initial public offerings (“IPOs”). The Fund may invest in issuers located in emerging markets and frontier markets. Credit Asset Classes -                 Investment Grade Credit – The Fund expects to invest in debt securities issued by companies with investment-grade credit ratings. -                 High Yield Credit – The Fund expects to invest in high yield debt securities issued by companies rated below investment-grade and unrated securities of comparable credit quality (commonly known as “high-yield bonds” or “junk bonds”). -                 Structured Finance – The Fund expects to invest in various securitized debt instruments to gain exposure to various asset classes such as, but not limited to, commercial or residential mortgages or corporate loans. Such instruments will be regularly traded, rated tranches of collateralized loan obligations, mortgage-backed securities and asset-backed securities. -                 Emerging Market Government Bonds – The Fund expects to invest in bonds issued by governments of emerging market economies. These may be denominated in the currency of the issuing country, or some other currency such as U.S. dollars. Real Asset Classes -                 Real Estate – The Fund expects to seek exposure to commercial and residential property. -                 Infrastructure – Under normal circumstances, the Fund expects to gain exposure to infrastructure assets mainly through investments in equity or debt instruments issued by companies, including those in regulated industries, or government-backed projects involved in the provision of a broad range of essential public services such as schools, transport projects or energy generation. -                 Commodities – The Fund expects to seek exposure to a variety of commodities, including industrial or precious metals and other energy or agricultural commodities. Additional Alternative Asset Classes -                 Absolute Return – The Fund expects to make absolute-return-related investments, which include a wide range of instruments with low or negative correlation to broad economic or market risk, including volatility futures and other pooled investment vehicles employing managed futures or merger arbitrage strategies. -                 Developed Market Government Bonds – The Fund expects to invest in bonds issued by governments of developed market economies, including index-linked bonds. -                 Currencies – The Fund expects to engage in active currency investing aimed at generating positive returns, as well as in currency hedging. -                 Cash – The Fund expects to invest a portion of its assets in cash or cash equivalents, including money market funds or short-term commercial paper. The Fund typically maintains investments in most or all of the asset classes listed above but maintains the flexibility to invest in only a sub-set depending on market conditions. In order to gain exposure to these asset classes, the Fund may hold or otherwise invest in U.S. or non-U.S. equity securities, bonds and other transferable securities, other U.S. or non-U.S. investment companies, exchange-traded funds (“ETFs”), real estate investment trusts (“REITs”), forwards, options (puts and calls), swaps, exchange-traded notes, certificates or other exchange-traded or over-the-counter financial or commodities-linked derivatives, asset-backed securities and other structured finance instruments and depositary receipts. The Fund may seek short exposure to specific securities, industry sectors, currencies, commodities, or other investments through the use of forwards, futures contracts or other derivative positions. When investing in debt, the Fund may invest in instruments of any maturity, duration or credit quality. The Fund intends to gain exposure to certain asset classes by investing a substantial portion of its assets in other U.S. or non-U.S. pooled investment vehicles, including, without limitation, ETFs, REITs, non-U.S. open-end funds regulated in Luxembourg (SICAVs) and Ireland (UCITS and QIFs), and closed-end funds organized and regulated in such domiciles as Singapore, Jersey, Guernsey and the U.K. (“Underlying Funds”). The Underlying Funds will include investment vehicles sponsored or managed by, or otherwise affiliated with, Baillie Gifford Overseas Limited (the “Manager”), including without limitation other U.S. mutual funds or ETFs. There may be circumstances in which the Fund is not able to gain direct exposure to specific asset classes due to restrictions resulting from regulations, market practices or market structures. For instance, the Investment Company Act of 1940, as amended (the “1940 Act”) restrictions on mutual funds limit the Fund’s ability to invest directly in commodities. In these instances, the Fund may seek to gain indirect exposure to the desired asset classes such as by investing in operating companies that in turn have relevant business exposures and in other investments whose value is tied to specific asset classes. Such indirect investments can give the Fund exposures that only imperfectly track the economic characteristics of the intended asset class. The portfolio managers may use proprietary or third-party quantitative risk models to help evaluate and manage the overall volatility of the portfolio and to identify the volatility contributions of specific instruments or asset classes. The portfolio managers seek to achieve strong absolute returns and low volatility over the long term. There is no fixed asset allocation target for the Fund’s portfolio, and the allocation among asset classes is expected to vary significantly over time. The portfolio managers continually review and adjust the Fund’s investment allocation in light of changing valuations, market conditions, liquidity considerations and other events that may affect the risk or expected return of the portfolio. Under normal circumstances the Fund will invest in at least five asset classes, not including cash. The Fund may invest without limitation in securities quoted or denominated in currencies other than the U.S. dollar and may hold such currencies. Further to the discussion above, the Fund makes regular use of derivatives, which may include structured notes, currency forwards, bond futures, volatility futures, equity indexed futures, interest rate swaps, and total return swaps.