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Baillie Gifford UK & Balanced Funds ICVC

Interim Report & Financial Statements (Unaudited)

for the six months ended 31 July 2026

Page 2

About the Company* 1 Statement of Authorised Corporate Director’s Responsibilities 4 Baillie Gifford Global Alpha Growth Fund* 5 Baillie Gifford Global Alpha Paris-Aligned Fund* 23 Baillie Gifford Global Income Growth Fund* 43 Baillie Gifford International Fund* 61 Baillie Gifford Managed Fund* 77 Baillie Gifford Responsible Global Equity Income Fund* 105 Baillie Gifford UK and Worldwide Equity Fund* 123 Baillie Gifford UK Equity Alpha Fund* 143 General Information 157 The Group’s Funds 166

Baillie Gifford UK & Balanced Funds ICVC July 2026

Contents

*Collectively these comprise the Authorised Corporate Director’s Report as required by the Financial Conduct Authority’s Collective Investment Schemes Sourcebook (“COLL”).

Page 3

About the Company

Baillie Gifford UK & Balanced Funds ICVC (Investment Company with Variable Capital) (the ‘Company’) is an umbrella UK Open-Ended Investment Company (‘OEIC’) under regulation 14 (Authorisation) of the Open-Ended Investment Companies Regulations 2001. An OEIC is a collective investment vehicle in which your funds are pooled with those of other investors and spread across a portfolio of companies, thus reducing risk.

At 31 July 2026 the Company offered eight sub-funds, and the range may be varied in the future. Each sub-fund is valued on a daily basis and is subject to different charging structures and subscription limits. All shares are single priced. Details of the sub-funds and the share classes are contained in the Prospectus, along with details of the switching facility available between sub-funds. The Prospectus was last revised on 11 June 2026 and the Instrument of Incorporation was last revised on 2 February 2026. Copies of the Prospectus or Instrument of Incorporation can be obtained from Baillie Gifford & Co Limited, the Authorised Corporate Director ('ACD') by contacting Client Relations.

The Company is registered in Scotland, registered number SI 000008, and the address of its Head Office is 3 Haymarket Square, Edinburgh EH3 8RY. The operation of the Company is governed by the Financial Conduct Authority’s Collective Investment Schemes Sourcebook ('COLL') ('the Regulations'), its Instrument of Incorporation and its Prospectus.

The Company’s shareholders are not liable for its debts beyond the amount subscribed. Each sub-fund is classed as a UK UCITS retail scheme under COLL.

Any comments expressed in this report should not be taken as a recommendation or advice.

Changes to Share Classes

Class Y Accumulation Shares, Class Z Accumulation Shares and Class Z Income Shares were launched in Baillie Gifford Global Alpha Paris-Aligned Fund on 22 May 2026.

The Class Y Shares are only available to former shareholders of Class Y Shares of Baillie Gifford Sustainable Growth Fund or such other persons as the ACD may permit at its sole discretion. The Y Share

Class has a tiered fee scale. From 22 May 2026 - 21 May 2028: The following fee scale will be applied to the whole of the net asset value of the relevant Class Y Shares:

• 0.285% on the first £60 million;

• 0.175% on the next £540 million; and

• 0.165% thereafter.

From 22 May 2028 onward: The following fee scale will be applied to the whole of the net asset value of the relevant Class Y Shares:

• 0.57% on the first £60 million;

• 0.35% on the next £540 million; and

• 0.33% thereafter.

The Class Z Shares can only be held by former shareholders of Class B Shares or Class J Shares of Baillie Gifford Sustainable Growth Fund and is not available for further subscription. The following fee scale will be applied to the whole of the net asset value of the relevant Class Z Shares:

• from 22 May 2026 - 21 May 2028: 0.285%; and

• from 22 May 2028 onward: 0.57%.

Amendments to Investment Objectives of the Baillie Gifford Global Alpha Growth Fund, Baillie Gifford Global Alpha Paris-Aligned Fund, Baillie Gifford International Fund, Baillie Gifford UK Equity Alpha Fund and Baillie Gifford UK and Worldwide Equity Fund

Following a review of each Fund, Baillie Gifford & Co Limited, the ACD, has taken the decision to remove the Target Returns from the investment objectives of the Funds with effect from 2 February 2026.

Amendment to Investment Policy of Baillie Gifford UK Equity Alpha Fund

With effect from 2 February 2026 the investment policy of Baillie Gifford UK Equity Alpha Fund was updated to give more information on the type of companies the Fund will primarily invest in. While maintaining the current

Baillie Gifford UK & Balanced Funds ICVC July 2026

Page 4

requirement to invest at least 80% in UK companies, the updated policy allows additional flexibility to invest in non-UK companies, up to a maximum of 20%.

Amendment to Investment Policy of Baillie Gifford Managed Fund and Baillie Gifford UK and Worldwide Equity Fund

With effect from 30 September 2026 the investment policy of Baillie Gifford Managed Fund and Baillie Gifford UK and Worldwide Equity Fund were updated to reflect the Funds will no longer seek to align holdings with the goal of net zero greenhouse gas emissions.

Baillie Gifford Global Alpha Paris-Aligned Fund

On 22 May 2026 Baillie Gifford Sustainable Growth Fund merged into Baillie Gifford Global Alpha Paris-Aligned Fund and the ACD is no longer actively seeking subscriptions for the former.

Assessment of Value for the Sub-Funds

Under COLL 6.6.20R (1), Baillie Gifford & Co Limited, the ACD of the Company, must conduct an assessment at least annually for each UK authorised sub-fund it manages, of whether the payments out of the sub-funds set out in the prospectus are justified in the context of the overall value delivered to shareholders. This assessment of value must, as a minimum, consider seven criteria, namely: quality of service, performance, authorised fund manager costs, economies of scale, comparable market rates, comparable services and classes of shares. The ACD will issue the statement of value in a separate composite report, performing the assessment across their full range of UK authorised sub-funds. The ACD has chosen a reference date of 31 March and will publish the conclusion of the assessment of value, noting remedial action taken (if any), for its range of UK authorised sub-funds by 31 July each year. The latest report as at 31 March 2026 is available on the website at www.bailliegifford.com.

Sub-fund Cross-holdings

At 31 July 2026 none of the shares in the sub-funds were held by any other sub-funds of the Company.

Baillie Gifford UK & Balanced Funds ICVC July 2026

Page 5

About the Company cont.

Authorised Corporate Director Baillie Gifford & Co Limited (Authorised & regulated by the Financial Conduct Authority, Financial Services Register No. 119179) 3 Haymarket Square Edinburgh EH3 8RY Telephone: 0800 917 2113 Fax: 0131 275 3955

Directors of the ACD Executive M J C Wylie (Chairman) E Delaney LBSH addow D S McGowan C M Murphy Independent Non-Executive K B M Bolsover D R Buckley C R S Turpin

Investment Adviser Baillie Gifford & Co (Authorised & regulated by the Financial Conduct Authority, Financial Services Register No. 142597) 3 Haymarket Square Edinburgh EH3 8RY

Depositary NatWest Trustee and Depositary Services Limited (Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority, Financial Services Register No. 794152) Trustee & Depositary Services House A, Floor 0 175 Glasgow Road Gogarburn Edinburgh EH12 1HQ

Registrar Baillie Gifford & Co Limited (Authorised and regulated by the Financial Conduct Authority, Financial Services Register No. 119179) 3 Haymarket Square Edinburgh EH3 8RY

Auditor PricewaterhouseCoopers LLP Atria One 144 Morrison Street Edinburgh EH3 8EX

Baillie Gifford & Co Limited, the Authorised Corporate Director of the OEIC, is wholly owned by Baillie Gifford & Co. We only provide information about our products and do not provide investment advice.

Baillie Gifford UK & Balanced Funds ICVC July 2026

Page 6

Statement of Authorised

Corporate Director’s

Responsibilities

The Financial Conduct Authority’s Collective Investment Schemes Sourcebook (‘COLL’) requires the Authorised Corporate Director to prepare financial statements for each interim and annual accounting period which give a true and fair view of the financial position of the Company and of its revenue and expenditure and of its net gains and losses on the property of the Company for the period. In preparing the financial statements the Authorised Corporate Director is required to:

— select suitable accounting policies and then apply them consistently; — make judgements and estimates that are reasonable and prudent; — comply with the disclosure requirements of the Statement of Recommended Practice relating to the Financial Statements of UK Authorised Funds issued in 2025; — follow generally accepted accounting principles and applicable accounting standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and the Republic of Ireland”; — keep proper accounting records which enable it to demonstrate that the financial statements as prepared comply with the above requirements;

— prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in operation; and — take reasonable steps for the prevention and detection of fraud and irregularities.

The Authorised Corporate Director is responsible for the management of the Company in accordance with the Instrument of Incorporation, the Prospectus and the Regulations.

The Interim Report and Financial Statements were approved by the Authorised Corporate Director and signed on its behalf by:

D S McGowan, Director Baillie Gifford & Co Limited 30 September 2026

Baillie Gifford UK & Balanced Funds ICVC July 2026

Page 7

Baillie Gifford Global Alpha Growth Fund

a sub-fund of Baillie Gifford UK & Balanced Funds ICVC

Interim Report & Financial Statements (Unaudited)

for the six months ended 31 July 2026

Page 8

Investment Objective

The Fund aims to outperform (after deduction of costs) the MSCI ACWI Index, as stated in sterling, over rolling five-year periods.

Investment Policy

The Fund will invest at least 90% in shares of companies anywhere in the world and in any sector. The Fund will be actively managed.

Risk and Reward Profile

The Risk and Reward Indicator table demonstrates where the Fund ranks in terms of its potential risk and reward. The higher the rank the greater the potential reward but the greater the risk of losing money. It is based on past data, may change over time and may not be a reliable indication of the future risk profile of the Fund. The shaded area in the table below shows the Fund’s ranking on the Risk and Reward Indicator.

1 2 3 4 5 6 7

Typically lower rewards, lower risk Typically higher rewards, higher risk

Market conditions can change rapidly and a fund in any rank can lose you your investment. The Fund is classified as above as it invests in company shares.

The indicator does not take into account the following relevant material risks:

The Fund is actively managed meaning the Investment Manager selects investments of their own choosing with the aim of achieving the Fund’s objectives. This is done without seeking to replicate any index in either of performance or portfolio composition. This investment style, selecting companies with perceived greater long-term growth potential ahead of any short-term returns, in combination with the relative concentration of the Fund, may lead to prolonged periods of underperformance in certain market conditions, both in relation to the Fund’s benchmark and in absolute terms.

Over shorter time periods the Fund’s share price can be volatile and returns can be much higher or lower than our five-year average target. There is no guarantee this objective will be achieved over any time period.

In adverse market conditions it may be difficult to sell investments held by the Fund in a timely manner and their value may fall significantly. This could affect how much money you receive and even delay the selling of your shares if dealing in the Fund is suspended.

Custody of assets involves a risk of loss if a custodian becomes insolvent or breaches duties of care.

You could lose your investment due to global factors like natural disasters, pandemics, or through developments such as military conflict, or changes in government policies.

Where possible, charges are taken from income. If insufficient, the rest will be taken from capital, reducing the capital value of the Fund.

For a more detailed explanation of the risks, please see the “Risk Warnings” section of the prospectus.

Baillie Gifford Global Alpha Growth Fund July 2026

Baillie Gifford Global Alpha

Growth Fund

Page 9

Past Performance

-18.3

7.2 8.9

15.0

2.7 3.7 7.3

17.8 13.0

20.6

-30

-20

-10

31/07/2021 to 31/07/2022 31/07/2022 to 31/07/2023 31/07/2023 to 31/07/2024 31/07/2024 to 31/07/2025 31/07/2025 to 31/07/2026

Baillie Gifford Global Alpha Growth Fund B Accumulation Shares¹ MSCI ACWI Index²

Six Months (%)

Five Year (p.a.) (%)

Baillie Gifford Global Alpha Growth Fund B Accumulation Shares 1

2.0 2.6

MSCI ACWI Index 2 10.5 12.1

The performance figures shown in this graph are for Class B Accumulation Shares. Performance figures reflect the annual management charge of 0.57%. Performance figures for the other share classes in issue can be obtained by contacting Client Relations. You should be aware that past performance is not a guide to future performance.

Market Environment

Global equity markets delivered strong returns during the six-month period to end July, led by a relatively narrow group of AI-related hardware, memory chip and other semiconductor companies. This provided a supportive backdrop for the Fund’s holdings of Korean and Taiwanese semiconductor businesses. However, the concentrated nature of market leadership also created a challenging environment for performance relative to the Index, as several of the benchmark’s strongest-performing stocks were either underweight positions or not held in the portfolio. This was exacerbated by a selloff in many of our software, digital services, ecommerce and financial services holdings. These companies were hit following the release of Claude Cowork and continued rapid progress in AI, as investors have reassessed the durability of their

competitive advantages. Together, these factors more than offset the positive contribution from the Fund’s semiconductor exposure. Over the five-year period, the Fund’s relative performance has been held back primarily by the sharp pullback in growth equities during 2021-22, when rising inflation and interest rates disproportionately affected many of the portfolio’s long-term growth holdings. Since then, portfolio fundamentals have improved, but relative returns have continued to face a difficult backdrop due to narrow, highly concentrated markets.

Performance

Tencent was the largest detractor from performance over the period. Investors remained focused on the near-term cost of its increased AI investment, with capex set to rise

1 Source: FE, 10am dealing prices, income accumulated. 2 Source: Revolution and MSCI, total return in sterling terms. Please see Disclaimer on page 160. You should be aware that past performance is not a guide to future performance.

Baillie Gifford Global Alpha Growth Fund July 2026

Investment Report

Page 10

materially. They also question whether this spending can translate into faster revenue growth. We disagree. Despite market concerns, the company delivered solid operational progress. Advertising revenue is growing strongly, gaming is stable, and the company continues to build optionality in AI across its WeChat super app, cloud and enterprise tools. We continue to see Tencent as a high-quality digital infrastructure business in China but recognise that the market is waiting for clearer evidence of AI monetisation.

Martin Marietta Materials detracted over the six months as shares weakened despite continued strong execution. Recent results were supportive of our thesis, with resilient demand, continued pricing power and benefits from infrastructure spending showing through in results. However, the market is wary about the impact of higher interest rates and higher input costs on further growth in the construction sector. The market is also sceptical about the company’s recent acquisition of Lhoist North America. We continue to have conviction in Martin Marietta as a high-quality aggregates business with strong local market positions and attractive long-term exposure to infrastructure-led demand.

Samsung Electronics was the largest individual contributor to performance. The company is benefiting from rising demand for advanced DRAM and high-bandwidth memory (HBM) chips as the AI infrastructure buildout continues. These products are critical to the high-end processors used in AI data centres, and Samsung’s progress in HBM4 (the latest ultra-fast generation of 3D-stacked memory chips) could strengthen its competitive position. The scale of demand is creating industry-wide capacity constraints, supporting stronger pricing and encouraging customers to secure supply through longer-term agreements. This should support significant revenue growth for Samsung looking forward.

accelerating demand from high-performance computing customers. Its most advanced manufacturing capacity remains tight, supporting strong demand and pricing power. The portfolio’s recent performance has not met our expectations in relative terms, but we believe the gap between operational progress and share price returns has created a compelling opportunity for long-term investors. The companies we own have continued to grow faster than the wider market, yet this has not been reflected in relative returns, with market performance increasingly supported by rising valuations in a narrow group of index leaders. As a result, the portfolio’s valuation now looks unusually attractive relative to the broader market and, in our view, does not reflect the quality, resilience or future growth potential of the underlying businesses.

We have continued to broaden the portfolio across a wider range of growth drivers, adding companies where we believe valuations are out of step with long-term prospects, while maintaining meaningful exposure to the structural opportunities shaping the next decades and beyond. If our holdings continue to deliver the growth we expect, we believe today’s combination of stronger fundamentals, greater breadth and attractive valuations should provide the foundations for improved long-term returns.

Notable Transactions

Within AI, strong performance by some semiconductor holdings has allowed us to take profits and recycle them into companies that should benefit from the next phase of investment, including SK Hynix, MediaTek, Lasertec and BESI. Beyond AI, we have added resilient compounders and capital allocators such as Linde, RBC Bearings, and Cullen/Frost Bankers, alongside differentiated growth opportunities including Axon Enterprise and SpaceX.

Baillie Gifford & Co, 18 August 2026

Baillie Gifford Global Alpha Growth Fund July 2026

Investment Report cont.

Page 11

Investment Percentage of total Fund

TSMC 5.63 NVIDIA 5.08 Alphabet Inc Class C 3.75 Amazon.com 3.65 Microsoft 2.29 Tencent 2.24 Mastercard 2.09 Martin Marietta Materials 1.74 Royalty Pharma 1.65 Meta Platforms Inc 1.63

Baillie Gifford Global Alpha Growth Fund July 2026

Principal Holdings as at 31 July 2026

Page 12

Largest Purchases Cost £’000

Chugai Pharmaceutical 23,095 SK Hynix Inc 20,422 Space Exploration Technologies Corp 20,362 Philip Morris 18,507 SEB Bank 16,318 Apple 15,577 EQT Corp 14,743 Tencent 14,031 United Overseas Bank 13,209 Bending Spoons Spa 12,458

Largest Sales Proceeds £’000

TSMC 44,457 Samsung Electronics 43,007 NVIDIA 42,305 Microsoft 40,405 Meta Platforms Inc 28,300 FTAI Aviation 26,509 Amazon.com 25,354 Royalty Pharma 22,619 Alphabet Inc Class C 20,175 Service Corp.Intl. 19,572

Baillie Gifford Global Alpha Growth Fund July 2026

Material Portfolio Changes

for the six months ended 31 July 2026

Page 13

Stock description Holding Market value £’000

% of total net assets

Brazil - 4.07% (3.87%) B3 S.A. 7,412,200 17,053 1.15 MercadoLibre 9,182 12,813 0.87 Nu Holdings Ltd. 1,019,237 10,853 0.73 Petrobras Common ADR 1,348,828 19,444 1.32

Canada - 2.31% (2.43%) Brookfield Corp 331,168 10,466 0.71 Shopify ’A’ 171,548 14,934 1.01 Stella-Jones Inc. 213,305 8,738 0.59

China - 4.61% (5.04%) CATL ’A’ 513,600 22,359 1.51 Midea Group ’A’ 1,307,900 12,617 0.86 Tencent 735,500 33,120 2.24

Denmark - 0.67% (0.83%) Novo Nordisk 280,998 9,851 0.67

Finland - 0.59% (0.00%) Wartsilä Abp 344,268 8,636 0.59

France - 0.54% (1.03%) Nexans 71,250 8,028 0.54

Germany - 0.38% (0.48%) Auto1 Group SE 292,357 5,644 0.38

India - 0.00% (0.85%)

Ireland - 2.90% (3.58%) CRH Plc 227,663 16,073 1.09 Linde Plc 28,948 10,290 0.70 Ryanair 400,692 8,311 0.56

Baillie Gifford Global Alpha Growth Fund July 2026

Portfolio Statement as at 31 July 2026

Page 14

Stock description Holding Market value £’000

% of total net assets

Ryanair ADR 187,491 8,152 0.55

Italy - 1.84% (0.77%) Bending Spoons Spa 522,107 13,656 0.93 Poste Italiane SPA 600,988 13,467 0.91

Japan - 4.61% (4.13%) Chugai Pharmaceutical 355,900 11,514 0.78 Cosmos Pharmaceutical 276,600 8,239 0.56 Disco 26,700 7,287 0.49 Keyence 56,600 21,435 1.45 Kokusai Electric 314,800 10,904 0.74 Lasertec Corp. 49,500 8,758 0.59

Netherlands - 1.47% (2.20%) Adyen N.V. 19,561 14,665 1.00 BESI 41,121 6,970 0.47

Peru - 0.98% (0.37%) Credicorp 48,474 14,429 0.98

Poland - 0.52% (0.00%) Dino Polska 1,220,125 7,748 0.52

Russia - 0.00% (0.00%) Sberbank Of Russia 1 5,384,096 - 0.00

Singapore - 1.64% (0.70%) Sea Ltd ADR 132,439 10,505 0.71 United Overseas Bank 547,300 13,748 0.93

South Korea - 2.46% (2.59%) Samsung Electronics 154,511 21,139 1.43 SK Hynix Inc 16,976 15,201 1.03

Baillie Gifford Global Alpha Growth Fund July 2026

Portfolio Statement as at 31 July 2026 cont.

Page 15

Stock description Holding Market value £’000

% of total net assets

Sweden - 2.13% (1.25%) Epiroc B 627,754 10,200 0.69 SEB Bank 794,017 13,810 0.93 Spotify Technology SA 20,167 7,492 0.51

Switzerland - 1.08% (0.94%) Richemont 90,992 15,954 1.08

Taiwan - 6.35% (5.00%) Mediatek 130,000 10,626 0.72 TSMC 1,490,000 83,076 5.63

UK - 1.65% (1.51%) Auto Trader 1,943,596 10,181 0.69 Games Workshop Group 73,799 14,110 0.96

United States - 58.07% (62.19%) Advanced Drainage Systems 106,767 10,987 0.74 AeroVironment 53,506 5,939 0.40 Alnylam Pharmaceuticals 37,601 5,742 0.39 Alphabet Inc Class C 208,906 55,364 3.75 Amazon.com 267,096 53,901 3.65 Apple 64,101 14,714 1.00 AppLovin 52,605 15,476 1.05 AutoZone 5,772 12,937 0.88 Axon Enterprise Inc 30,194 11,841 0.80 Brunswick Corp 163,163 9,578 0.65 Cbre Group Inc 135,278 14,758 1.00 Cloudflare Inc 48,642 10,084 0.68 Coinbase Global Inc 52,883 5,747 0.39 Comfort Systems USA 12,349 15,872 1.07 CoStar Group 270,311 5,777 0.39 Cullen/Frost Bankers 103,767 12,826 0.87 Datadog 81,542 16,237 1.10 Dollar General Corp 159,878 15,094 1.02

Baillie Gifford Global Alpha Growth Fund July 2026

Portfolio Statement as at 31 July 2026 cont.

Page 16

Stock description Holding Market value £’000

% of total net assets

Doordash Inc 150,740 21,972 1.49 Dutch Bros Inc. Cl A 170,261 8,329 0.56 Eaton 34,590 10,672 0.72 Elevance Health Inc 65,197 18,208 1.23 EOG Resources 181,162 20,016 1.36 EQT Corp 259,209 10,264 0.70 Freeport-Mcmoran Copper 231,340 10,766 0.73 Markel 9,045 12,652 0.86 Martin Marietta Materials 65,978 25,746 1.74 Mastercard 72,549 30,896 2.09 Medline Inc 359,061 10,480 0.71 Medpace Holdings 28,246 12,113 0.82 Meta Platforms Inc 58,245 24,095 1.63 Microsoft 97,844 33,788 2.29 Moody’s 42,445 15,088 1.02 MSCI 44,385 18,873 1.28 Netflix Inc 245,301 13,071 0.89 NVIDIA 503,294 75,078 5.08 On Semiconductor Corp 206,319 12,512 0.85 Philip Morris 130,484 18,502 1.25 QXO 712,696 7,044 0.48 RBC Bearings Inc 24,065 9,859 0.67 Royalty Pharma 560,045 24,316 1.65 Samsara 571,083 15,816 1.07 Service Corp.Intl. 313,270 20,064 1.36 Space Exploration Technologies Corp 129,748 10,448 0.71 Texas Instruments 71,421 14,634 0.99 The Ensign Group 153,755 20,355 1.38 Thermo Fisher Scientific 36,087 15,400 1.04 Tidewater 140,942 7,861 0.53

Baillie Gifford Global Alpha Growth Fund July 2026

Portfolio Statement as at 31 July 2026 cont.

Page 17

Stock description Holding Market value £’000

% of total net assets

Uber Technologies 207,685 10,858 0.74 WillScot Holdings 264,030 4,764 0.32

Portfolio of investments 1,459,910 98.87

Net other assets - 1.13% (0.24%) 16,628 1.13

Net assets 1,476,538 100.00 1 This stock was valued at nil at the period end amid the ongoing conflict in Ukraine. It has been valued at the Investment Adviser’s valuation and therefore is categorised as level 3 in note 2.

All investments are listed on recognised stock exchanges and are approved securities or regulated collective investment schemes within the meaning of the FCA rules unless otherwise stated. Figures in brackets refer to 31 January 2026.

Baillie Gifford Global Alpha Growth Fund July 2026

Portfolio Statement as at 31 July 2026 cont.

Page 18

Fund and Share Information

31.07.26 31.01.26 31.01.25 31.01.24

Total net asset value of scheme property (£’000)

1,476,538 2,011,437 2,350,039 2,699,361

Synthetic Risk and Reward Indicator 1 6666

Net asset value per share (pence) A Accumulation 473.57 462.02 455.77 377.88 B Accumulation 546.42 530.84 519.35 426.95 B Income 494.96 480.94 471.34 388.35 C Accumulation 603.04 584.18 568.29 464.54 C Income 557.46 541.17 530.23 436.71 L Accumulation 2 517.10 3 531.79 519.94 427.15 L Income 2 466.80 3 480.08 470.47 387.61 P Accumulation 4 546.22 530.47 n/a n/a

Number of shares in issue A Accumulation 11,795 12,131 457,617 475,695 B Accumulation 49,818,670 54,417,396 98,779,650 247,753,637 B Income 37,783,655 49,847,659 44,296,915 48,803,600 C Accumulation 165,173,486 250,297,096 282,139,250 306,317,459 C Income 3,801,722 3,801,722 4,294,345 6,251,206 L Accumulation 2 n/a 200 200 200 L Income 2 n/a 250 250 250 P Accumulation 4 200 200 n/a n/a

Annual Income Record

Period to 31.07.26 (pence)

Year to 31.01.26 (pence)

Year to 31.01.25 (pence)

Year to 31.01.24 (pence) Income per share (financial period) A Accumulation 0.00 0.00 0.00 0.00 B Accumulation 0.11 0.91 1.15 2.09 B Income 0.10 0.83 1.04 1.91 C Accumulation 1.30 4.17 4.18 4.78 C Income 1.20 3.89 3.93 4.53 L Accumulation 2 n/a 1.24 1.47 2.35 L Income 2 n/a 1.12 1.33 2.14 P Accumulation 4 0.11 0.95 n/a n/a

Baillie Gifford Global Alpha Growth Fund July 2026

Fund Information

Page 19

Yearly Highest and Lowest Prices

Period to 31.07.26 (pence)

Year to 31.01.26 (pence)

Year to 31.01.25 (pence)

Year to 31.01.24 (pence) Highest (financial period) A Accumulation 488.0 496.6 457.6 385.5 B Accumulation 562.3 569.4 521.4 435.6 B Income 509.5 516.6 473.9 397.9 C Accumulation 620.0 625.7 570.5 473.9 C Income 574.4 582.5 535.0 449.5 L Accumulation 2 534.7 570.3 522.0 435.8 L Income 2 482.7 515.9 473.3 397.3 P Accumulation 4 562.0 568.9 n/a n/a

Lowest (financial period) A Accumulation 422.4 348.7 379.4 332.5 B Accumulation 486.0 398.0 428.7 374.8 B Income 440.3 361.2 390.0 342.4 C Accumulation 535.3 435.9 466.4 407.2 C Income 495.9 406.8 438.6 386.2 L Accumulation 2 486.9 398.5 428.9 375.0 L Income 2 439.6 360.6 389.2 341.8 P Accumulation 4 485.7 471.3 n/a n/a

Ongoing Charges Figures 31.07.26 (%)

31.01.26 (%)

31.01.25 (%)

31.01.24 (%) Ongoing Charges Figures 5 A Accumulation 1.45 1.54 6 1.44 1.44 B Accumulation 0.60 0.59 0.59 0.59 B Income 0.60 0.59 0.59 0.59 C Accumulation 0.03 0.02 0.02 0.02 C Income 0.03 0.02 0.02 0.02 L Accumulation 2 n/a 0.52 0.52 0.53 L Income 2 n/a 0.52 0.52 0.53 P Accumulation 4 0.53 0.52 n/a n/a

Baillie Gifford Global Alpha Growth Fund July 2026

Fund Information cont.

Page 20

5 The Ongoing Charges Figure is based on the expenses for the financial period and may vary from year to year. It excludes the cost of buying and selling assets for the Fund although custodian transaction costs are included. For further details on the costs associated with investing in the Fund please see the Enhanced Disclosure of Fund Costs and Charges document which is available on the website www.bailliegifford.com. 6 As at 31 January 2026 the ACD considered 1.44% to be a more indicative rate for the ongoing charges figure for Class A Accumulation Shares. You should be aware that past performance is not a guide to future performance.

Baillie Gifford Global Alpha Growth Fund July 2026

Fund Information cont.

Page 21

Statement of Total Return for the six months ended 31 July 2026

31 July 2026 31 July 2025 £’000 £’000 £’000 £’000 Income

Net capital gains/(losses) 23,084 (4,836) Revenue 10,332 9,410 Expenses (1,562) (1,883) Net revenue before taxation 8,770 7,527 Taxation (743) (793) Net revenue after taxation 8,027 6,734 Total return before distributions 31,111 1,898 Distributions (2,676) (3,950) Change in net assets attributable to shareholders from investment activities 28,435 (2,052)

Statement of Change in Net Assets Attributable to Shareholders for the six months ended 31 July 2026

31 July 2026 31 July 2025 £’000 £’000 £’000 £’000 Opening net assets attributable to shareholders 2,011,437 2,350,039 Amounts receivable on issue of shares 9,096 15,531 Amounts payable on cancellation of shares (574,978) (254,182) (565,882) (238,651) Dilution adjustment 346 282 Change in net assets attributable to shareholders from investment activities 28,435 (2,052) Retained distributions on accumulation shares 2,202 3,517 Closing net assets attributable to shareholders 1,476,538 2,113,135

Baillie Gifford Global Alpha Growth Fund July 2026

Interim Financial Statements (Unaudited)

Page 22

Balance Sheet as at 31 July 2026

31 July 2026 31 January 2026 £’000 £’000 Assets: Fixed assets: Investments 1,459,910 2,006,537 Current assets: Debtors 8,468 50,157 Cash and bank balances 13,685 26,648 Total assets 1,482,063 2,083,342 Liabilities: Creditors: Bank overdrafts (4,777) (1,243) Distributions payable (84) (466) Other creditors (664) (70,196) Total liabilities (5,525) (71,905) Net assets attributable to shareholders 1,476,538 2,011,437

Baillie Gifford Global Alpha Growth Fund July 2026

Interim Financial Statements (Unaudited) cont.

Page 23

1 Basis for Preparation The Company has elected to prepare condensed interim financial statements in accordance with FRS 104 Interim Financial Reporting and the Statement of Recommended Practice for Authorised Funds issued by the Investment Association in October 2025 (the “2025 SORP”). The condensed interim financial statements for this sub-fund have been prepared on a going concern basis. In assessing the appropriateness of this basis, the Directors have considered all available information about the future for a period of at least 12 months from the date of approval of these financial statements and are satisfied that the sub-fund has adequate resources to continue in operational existence for the foreseeable future. The Company has applied the 2025 SORP and the relevant amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland arising from the Periodic Review 2024 for the first time in the current accounting period. As a result of applying the 2025 SORP and the amendments to FRS 102, the valuation convention used in determining the fair value of investments has changed. From 1 February 2026, investments are valued using mid-market prices. Under the previous requirements of FRS 102 and the previous SORP, investments were valued using bid-market prices. In accordance with the transitional provisions of FRS 102, the requirements of Section 2A Fair Value Measurement have been applied prospectively from 1 February 2026. Accordingly, comparative amounts have not been restated and the valuation of investments included in the comparative information remains based on bid-market prices. Except for the changes arising from the adoption of the 2025 SORP and amendments to FRS 102 described above, the accounting policies applied in these condensed interim financial statements are consistent with those applied in the Company’s most recent annual financial statements.

2 Fair Value Hierarchy 31 July 2026 31 January 2026 Level 1 £’000

Level 2 £’000

Level 3 £’000

Total £’000

Level 1 £’000

Level 2 £’000

Level 3 £’000

Total £’000 Assets: Equities 1 1,459,910 - - 1,459,910 2,006,537 - - 2,006,537 Assets Total 1,459,910 - - 1,459,910 2,006,537 - - 2,006,537 1 For further information on the assets included in Level 3, as at 31 July 2026, please refer to the Portfolio Statement.

3 Related party transactions Baillie Gifford & Co Limited, as ACD, is regarded as a related party by virtue of the services provided to the Company. Baillie Gifford & Co Limited acts as principal in respect of all transactions of shares in the Company, except where stocks are transferred on the issue or cancellation of shares. The aggregate monies received through issue and paid on cancellation are disclosed in the Statement of Change in Net Assets Attributable to Shareholders. Amounts receivable on the issue of shares at the Balance Sheet date were £146,000 (31 January 2026: £65,000). Amounts payable on the cancellation of shares at the Balance Sheet date were £340,000 (31 January 2026: £599,000). Amounts paid to Baillie Gifford & Co Limited in respect of annual management charge for the interim period were £1,382,000 (interim period to 31 July 2025: £1,695,000). Amounts due at the interim period end were £224,000 (31 January 2026: £256,000).

Baillie Gifford Global Alpha Growth Fund July 2026

Notes to the Financial Statements (Unaudited)

Page 24

3 Related party transactions (continued)

Shares held by the ACD and associates of the ACD The shares held by the ACD and associates of the ACD as a percentage of the Fund’s NAV were: 31 July 2026 %

31 January 2026 % ACD and associates of the ACD 0.00 0.00

Baillie Gifford Global Alpha Growth Fund July 2026

Notes to the Financial Statements (Unaudited) cont.

Page 25

Baillie Gifford Global Alpha Paris-Aligned Fund

a sub-fund of Baillie Gifford UK & Balanced Funds ICVC

Interim Report & Financial Statements (Unaudited)

for the six months ended 31 July 2026

Page 26

Investment Objective

The Fund aims to outperform (after deduction of costs) the MSCI ACWI Index, as stated in sterling, over rolling five-year periods, and aims to have a carbon footprint that is lower than that of the MSCI ACWI EU Paris Aligned Requirements Index.

Investment Policy

The Fund will invest at least 90% in shares of companies anywhere in the world and in any sector, subject to the application of a quantitative and qualitative screening process. The purpose of the screening process is to ensure that the Fund invests in a way which is, in the Investment Adviser’s opinion, in alignment with the Paris Climate Agreement by excluding carbon intensive companies that do not, or will not, play a role in the transition to a low-carbon future. More information regarding the screening process is included in the prospectus. The Fund will be managed to align the Fund’s holdings with the goal of net zero emissions by 2050 or sooner, in line with global efforts to limit warming to 1.5C (“net zero”). As part of this process, all portfolio companies are actively assessed and prioritised for engagement for their alignment with net zero on an ongoing basis. The Fund will be actively managed.

Risk and Reward Profile

1 2 3 4 5 6 7

Typically lower rewards, lower risk Typically higher rewards, higher risk

Market conditions can change rapidly and a fund in any rank can lose you your investment. The Fund is classified as above as it invests in company shares.

The indicator does not take into account the following relevant material risks:

The Fund’s investment policy limits the type of companies it can hold. The Fund may have different returns from funds with no such restrictions.

The Fund’s measure of weighted average greenhouse gas intensity is at portfolio level. As such, the Fund may invest in single companies that are high emitters. Only those investments that have available data will be included in the calculation. Carbon data uses the methodology of only one provider and some data may be estimated.

The limitations of third party data, which may be backward looking or estimated, may impact on the Fund’s ability to achieve any non-financial considerations.

Custody of assets involves a risk of loss if a custodian becomes insolvent or breaches duties of care.

Baillie Gifford Global Alpha Paris-Aligned Fund July 2026

Baillie Gifford Global Alpha

Paris-Aligned Fund

Page 27

You could lose your investment due to global factors like natural disasters, pandemics, or through developments such as military conflict, or changes in government policies.

Where possible, charges are taken from income. If insufficient, the rest will be taken from capital, reducing the capital value of the Fund.

For a more detailed explanation of the risks, please see the “Risk Warnings” section of the prospectus.

Baillie Gifford Global Alpha Paris-Aligned Fund July 2026

Baillie Gifford Global Alpha

Paris-Aligned Fund cont.

Page 28

Past Performance

-19.8

5.8 8.8

15.5

2.7 2.7 7.3

17.8 13.0

20.6

-30

-20

-10

31/07/2021 to 31/07/2022 31/07/2022 to 31/07/2023 31/07/2023 to 31/07/2024 31/07/2024 to 31/07/2025 31/07/2025 to 31/07/2026

Baillie Gifford Global Alpha Paris-Aligned Fund B Accumulation Shares¹ MSCI ACWI Index²

Total Return Six Months (%)

Five Year (p.a.) (%)

Baillie Gifford Global Alpha Paris-Aligned Fund B Accumulation Shares 1

1.4 1.8

MSCI ACWI Index 2 10.5 12.1 Carbon Footprint as at 31/07/2026

tCO2e/£m EVIC

Baillie Gifford Global Alpha Paris-Aligned Fund B Accumulation Shares 3 159

MSCI ACWI EU Paris Aligned Requirements Index 3 150

The performance figures shown in this graph are for Class B Accumulation Shares. Performance figures reflect the annual management charge of 0.57%. Performance figures for other share classes in issue can be obtained by contacting Client Relations. You should be aware that past performance is not a guide to future performance.

Market Environment

challenging environment for performance relative to the Index, as several of the benchmark’s strongest-performing stocks were either underweight positions or not held in the portfolio. This was exacerbated by a selloff in many of our software, digital services, ecommerce and financial services holdings. These companies were hit following the release of Claude Cowork and continued rapid progress in AI, as investors have reassessed the durability of their

1 Source: FE, 10am dealing prices, income accumulated. 2 Source: Revolution and MSCI, total return in sterling terms. Please see Dis claimer on page 160. 3 Source: MSCI Barra. Tonnes of Carbon Dioxide equivalent per £ million of Enterprise Value including cash. You should be aware that past performance is not a guide to future performance.

Baillie Gifford Global Alpha Paris-Aligned Fund July 2026

Investment Report

Page 29

At 31 July 2026, the Fund’s emissions intensity was 159 tCO 2 e 3 per £m, compared with 150 tCO 2 e 3 per £m for the index. The Fund’s carbon objective is formally assessed annually at the end of December. We look forward to reporting the outcome of this assessment in future reports.

Performance

Tencent was the largest detractor from performance over the period. Investors remained focused on the near-term cost of its increased AI investment, with capex set to rise materially. They also question whether this spending can translate into faster revenue growth. We disagree. Despite market concerns, the company delivered solid operational progress. Advertising revenue is growing strongly, gaming is stable, and the company continues to build optionality in AI across its WeChat super app, cloud and enterprise tools. We continue to see Tencent as a high-quality digital infrastructure business in China but recognise that the market is waiting for clearer evidence of AI monetisation.

As a leading provider of commercial real estate information, analytics, and online marketplaces, CoStar was swept up in the broader $1 trillion in market capitalisation erased by the selloff in software stocks noted above. This “AI Fear Trade” specifically focused on single industry software and data analytics firms, particularly those with user-based pricing models, like CoStar. In addition, the company faced challenges such as activist investor criticism regarding its capital

allocation. With the shares down >50% over the year, sentiment towards the stock is very low and we think there are lots of ways the company could surprise on the upside.

TSMC was another significant contributor. The company is central to advanced semiconductor manufacturing and benefited from continued demand for leading-edge chips used in AI, cloud and high-performance computing. The company’s recent results show strong sequential growth, high margins and accelerating demand from high-performance computing customers. Its most advanced manufacturing capacity remains tight, supporting strong demand and pricing power. The portfolio’s recent performance has not met our expectations in relative terms, but we believe the gap between operational progress and share price returns has created a compelling opportunity for long-term investors. The companies we own have continued to grow faster than the wider market, yet this has not been reflected in relative returns, with market performance increasingly supported by rising valuations in a narrow group of index leaders. As a result, the portfolio’s valuation now looks unusually attractive relative to the broader market and, in our view, does not reflect the quality, resilience or future growth potential of the underlying businesses.

Baillie Gifford Global Alpha Paris-Aligned Fund July 2026

Investment Report cont.

Page 30

structural opportunities shaping the next decades and beyond. If our holdings continue to deliver the growth we expect, we believe today’s combination of stronger fundamentals, greater breadth and attractive valuations should provide the foundations for improved long-term returns.

Notable Transactions

Within AI, strong performance by some of the semiconductor holdings has allowed us to take profits and recycle them into companies that should benefit from the next phase of investment, including SK Hynix, MediaTek, Lasertec and BESI. Beyond AI, we have added resilient compounders and capital allocators such as Linde, RBC Bearings, and Cullen/Frost Bankers, alongside differentiated growth opportunities including Axon Enterprise and SpaceX.

Baillie Gifford & Co, 19 August 2026

Baillie Gifford Global Alpha Paris-Aligned Fund July 2026

Investment Report cont.

Page 31

Investment Percentage of total Fund

TSMC 5.58 NVIDIA 5.30 Amazon.com 4.08 Alphabet Inc Class C 3.84 Microsoft 2.79 Tencent 2.24 Mastercard 2.13 CATL ’A’ 2.01 Meta Platforms Inc 1.76 Samsung Electronics 1.66

Baillie Gifford Global Alpha Paris-Aligned Fund July 2026

Principal Holdings as at 31 July 2026

Page 32

Largest Purchases Cost £’000

NVIDIA 11,488 TSMC 9,950 Amazon.com 8,108 Alphabet Inc Class C 7,983 Microsoft 6,660 Tencent 5,661 SK Hynix Inc 5,522 Space Exploration Technologies Corp 5,504 Samsung Electronics 5,476 Meta Platforms Inc 5,316

Largest Sales Proceeds £’000

Samsung Electronics 7,036 Microsoft 6,685 NVIDIA 4,857 Royalty Pharma 4,738 Meta Platforms Inc 4,604 TSMC 4,090 FTAI Aviation 3,558 Service Corp.Intl. 3,405 Space Exploration Technologies Corp 3,061 Amazon.com 2,664

Baillie Gifford Global Alpha Paris-Aligned Fund July 2026

Material Portfolio Changes

for the six months ended 31 July 2026

Page 33

Stock description Holding Market value £’000

% of total net assets

Brazil - 3.24% (3.07%) B3 S.A. 2,623,500 6,036 1.52 MercadoLibre 2,602 3,631 0.92 Nu Holdings Ltd. 296,022 3,152 0.80

Canada - 2.18% (2.44%) Brookfield Corp 79,014 2,497 0.63 Shopify ’A’ 46,805 4,075 1.03 Stella-Jones Inc. 49,849 2,042 0.52

China - 5.32% (5.70%) CATL ’A’ 182,700 7,953 2.01 Midea Group ’A’ 439,008 4,235 1.07 Tencent 196,500 8,849 2.24

Denmark - 0.71% (0.90%) Novo Nordisk 80,181 2,811 0.71

Finland - 0.54% (0.00%) Wartsilä Abp 85,683 2,149 0.54

France - 0.61% (1.19%) Nexans 21,257 2,395 0.61

Germany - 0.36% (0.54%) Auto1 Group SE 74,554 1,439 0.36

Ireland - 2.22% (2.24%) CRH Plc 49,421 3,489 0.88 Linde Plc 7,532 2,678 0.68 Ryanair 83,901 1,740 0.44 Ryanair ADR 20,490 891 0.22

Italy - 1.81% (0.80%) Bending Spoons Spa 141,075 3,690 0.93

Baillie Gifford Global Alpha Paris-Aligned Fund July 2026

Portfolio Statement as at 31 July 2026

Page 34

Stock description Holding Market value £’000

% of total net assets

Poste Italiane SPA 154,425 3,460 0.88

Japan - 4.96% (4.11%) Chugai Pharmaceutical 113,500 3,672 0.93 Cosmos Pharmaceutical 88,000 2,621 0.66 Disco 8,200 2,238 0.57 Keyence 15,000 5,681 1.43 Kokusai Electric 88,500 3,065 0.77 Lasertec Corp. 13,400 2,371 0.60

Netherlands - 1.45% (2.22%) Adyen N.V. 5,134 3,849 0.97 BESI 11,150 1,890 0.48

Peru - 1.46% (0.45%) Credicorp 19,356 5,762 1.46

Poland - 0.55% (0.00%) Dino Polska 343,984 2,184 0.55

Russia - 0.00% (0.00%) Sberbank Of Russia 1 491,340 - 0.00

Singapore - 1.72% (0.78%) Sea Ltd ADR 41,479 3,290 0.83 United Overseas Bank 140,300 3,524 0.89

South Korea - 2.67% (2.77%) Samsung Electronics 48,187 6,593 1.66 SK Hynix Inc 4,447 3,982 1.01

Sweden - 2.11% (1.26%) Epiroc B 162,632 2,642 0.66 SEB Bank 206,559 3,593 0.91

Baillie Gifford Global Alpha Paris-Aligned Fund July 2026

Portfolio Statement as at 31 July 2026 cont.

Page 35

Stock description Holding Market value £’000

% of total net assets

Spotify Technology SA 5,738 2,132 0.54

Switzerland - 1.04% (0.87%) Richemont 23,556 4,130 1.04

Taiwan - 6.26% (4.85%) Mediatek 33,000 2,698 0.68 TSMC 396,000 22,079 5.58

UK - 1.57% (1.55%) Auto Trader 477,907 2,503 0.63 Games Workshop Group 19,376 3,705 0.94

United States - 58.06% (63.66%) Advanced Drainage Systems 28,841 2,968 0.75 AeroVironment 17,805 1,976 0.50 Alnylam Pharmaceuticals 11,107 1,696 0.43 Alphabet Inc Class C 57,425 15,219 3.84 Amazon.com 80,106 16,166 4.08 Apple 17,479 4,012 1.01 AppLovin 16,628 4,892 1.24 AutoZone 1,740 3,900 0.98 Axon Enterprise Inc 7,593 2,978 0.75 Brunswick Corp 48,417 2,842 0.72 Cbre Group Inc 35,876 3,914 0.99 Cloudflare Inc 12,575 2,607 0.66 Coinbase Global Inc 12,581 1,367 0.34 Comfort Systems USA 4,307 5,536 1.40 CoStar Group 84,550 1,807 0.46 Cullen/Frost Bankers 28,032 3,465 0.87 Datadog 23,495 4,678 1.18 Dollar General Corp 45,993 4,342 1.10 Doordash Inc 45,013 6,561 1.66 Dutch Bros Inc. Cl A 47,102 2,304 0.58 Eaton 9,359 2,887 0.73

Baillie Gifford Global Alpha Paris-Aligned Fund July 2026

Portfolio Statement as at 31 July 2026 cont.

Page 36

Stock description Holding Market value £’000

% of total net assets

Elevance Health Inc 18,513 5,170 1.31 Freeport-Mcmoran Copper 60,738 2,827 0.71 Markel 2,564 3,586 0.91 Martin Marietta Materials 9,889 3,859 0.97 Mastercard 19,768 8,418 2.13 Medline Inc 91,946 2,684 0.68 Medpace Holdings 7,604 3,261 0.82 Meta Platforms Inc 16,889 6,987 1.76 Microsoft 31,953 11,034 2.79 Moody’s 12,566 4,467 1.13 MSCI 12,637 5,373 1.36 Netflix Inc 70,704 3,768 0.95 NVIDIA 140,503 20,959 5.30 On Semiconductor Corp 56,804 3,445 0.87 Philip Morris 35,123 4,980 1.26 QXO 205,415 2,030 0.51 RBC Bearings Inc 6,637 2,719 0.69 Royalty Pharma 146,050 6,341 1.60 Samsara 145,318 4,025 1.02 Service Corp.Intl. 90,258 5,781 1.46 Space Exploration Technologies Corp 34,900 2,810 0.71 Texas Instruments 22,132 4,535 1.15 The Ensign Group 44,185 5,850 1.48 Thermo Fisher Scientific 10,368 4,425 1.12 Uber Technologies 59,586 3,115 0.79 WillScot Holdings 67,311 1,214 0.31

Portfolio of investments 391,196 98.84

Net other assets - 1.16% (0.60%) 4,591 1.16

Net assets 395,787 100.00 1 This stock was valued at nil at the period end amid the ongoing conflict in Ukraine. It has been valued at the Investment Adviser’s valuation and therefore is categorised as level 3 in note 2.

Baillie Gifford Global Alpha Paris-Aligned Fund July 2026

Portfolio Statement as at 31 July 2026 cont.

Page 37

Fund and Share Information

31.07.26 31.01.26 31.01.25 31.01.24

Total net asset value of scheme property (£’000)

395,787 246,549 338,168 291,065

Synthetic Risk and Reward Indicator 1 6666

Net asset value per share (pence) B Accumulation 111.60 108.65 106.51 86.06 B Income 110.75 107.83 105.83 85.61 C Accumulation 115.01 111.66 108.85 87.45 C Income 110.89 107.90 105.87 85.62 Y Accumulation 2 111.65 n/a n/a n/a Z Accumulation 2 111.65 n/a n/a n/a Z Income 2 110.81 n/a n/a n/a

Number of shares in issue B Accumulation 16,006,459 16,982,190 3,336,379 2,168,967 B Income 17,473 12,329 18,977,547 5,499,689 C Accumulation 229,106,871 204,275,077 241,261,091 277,155,799 C Income 1,000 1,000 49,042,270 49,191,229 Y Accumulation 2 70,581,747 n/a n/a n/a Z Accumulation 2 30,558,566 n/a n/a n/a Z Income 2 1,351,121 n/a n/a n/a

Annual Income Record

Period to 31.07.26 (pence)

Year to 31.01.26 (pence)

Year to 31.01.25 (pence)

Year to 31.01.24 (pence) Income per share (financial period) B Accumulation 0.00 0.12 0.12 0.24 B Income 0.00 0.12 0.12 0.24 C Accumulation 0.25 0.74 0.69 0.71 C Income 0.25 0.71 0.67 0.70 Y Accumulation 2 0.00 n/a n/a n/a Z Accumulation 2 0.00 n/a n/a n/a Z Income 2 0.00 n/a n/a n/a

Baillie Gifford Global Alpha Paris-Aligned Fund July 2026

Fund Information

Page 38

Yearly Highest and Lowest Prices

Period to 31.07.26 (pence)

Year to 31.01.26 (pence)

Year to 31.01.25 (pence)

Year to 31.01.24 (pence) Highest (financial period) B Accumulation 114.8 117.4 107.2 88.02 B Income 114.0 116.6 106.6 87.79 C Accumulation 118.3 120.4 109.5 89.44 C Income 114.3 116.9 107.0 88.16 Y Accumulation 2 114.9 n/a n/a n/a Z Accumulation 2 114.9 n/a n/a n/a Z Income 2 114.0 n/a n/a n/a

Lowest (financial period) B Accumulation 98.31 81.65 86.42 76.10 B Income 97.57 81.13 85.97 75.90 C Accumulation 101.1 83.53 87.82 77.21 C Income 97.72 81.25 85.98 76.11 Y Accumulation 2 108.5 n/a n/a n/a Z Accumulation 2 108.5 n/a n/a n/a Z Income 2 107.6 n/a n/a n/a

Ongoing Charges Figures

31.07.26 (%)

31.01.26 (%)

31.01.25 (%)

31.01.24 (%) Ongoing Charges Figures 3 B Accumulation 0.60 0.59 0.59 0.59 B Income 0.60 0.61 4 0.59 0.59 C Accumulation 0.03 0.02 0.02 0.02 C Income 0.03 0.03 5 0.02 0.02 Y Accumulation 2 0.29 6,7 n/a n/a n/a Z Accumulation 2 0.32 6,8 n/a n/a n/a Z Income 2 0.32 6,8 n/a n/a n/a

1 The Synthetic Risk and Reward Indicator demonstrates where the Fund ranks in terms of its potential risk and reward on a scale from 1 (lowest) to 7 (highest). The higher the rank the greater the potential reward but the greater the risk of losing money. It is based on past data, may change over time and may not be a reliable indication of the future risk profile of the Fund. Further information is included in the Risk and Reward Profile section of the Fund’s interim report. 2 Class Y Accumulation Shares, Class Z Accumulation Shares and Class Z Income Shares were launched on 22 May 2026. 3 The Ongoing Charges Figure is based on the expenses for the financial period and may vary from year to year. It excludes the cost of buying and selling assets for the Fund although custodian transaction costs are included. For further details on the costs associated with investing in the Fund please see the Enhanced Disclosure of Fund Costs and Charges document which is available on the website www.bailliegifford.com. 4 As at 31 January 2026 the ACD considered 0.59% to be a more indicative rate for the ongoing charges figure for Class B Shares.

Baillie Gifford Global Alpha Paris-Aligned Fund July 2026

Fund Information cont.

Page 39

5 As at 31 January 2026 the ACD considered 0.02% to be a more indicative rate for the ongoing charges figure for Class C Shares. 6 As described in the About the Company section, from 22 May 2026 a discount was applied to the annual management charge effective for a period of 24 months to 21 May 2028. The indicative OCF is shown excluding the impact of this discount. 7 As at 31 July 2026 the ACD considered 0.55% to be a more indicative rate for the ongoing charges figure for Y Accumulation shares. 8 As at 31 July 2026 the ACD considered 0.60% to be a more indicative rate for the ongoing charges figure for Z Income and Z Accumulation shares. You should be aware that past performance is not a guide to future performance.

Baillie Gifford Global Alpha Paris-Aligned Fund July 2026

Fund Information cont.

Page 40

Statement of Total Return for the six months ended 31 July 2026

31 July 2026 31 July 2025 £’000 £’000 £’000 £’000 Income

Net capital gains/(losses) 5,603 (1,029) Revenue 1,900 1,256 Expenses (132) (74) Net revenue before taxation 1,768 1,182 Taxation (26) (140) Net revenue after taxation 1,742 1,042 Total return before distributions 7,345 13 Distributions (208) (704) Change in net assets attributable to shareholders from investment activities 7,137 (691)

Statement of Change in Net Assets Attributable to Shareholders for the six months ended 31 July 2026

31 July 2026 31 July 2025 £’000 £’000 £’000 £’000 Opening net assets attributable to shareholders 246,549 338,168 Amounts receivable on issue of shares 188,160 3,693 Amounts payable on cancellation of shares (46,760) (36,693) 141,400 (33,000) Dilution adjustment 128 43 Change in net assets attributable to shareholders from investment activities 7,137 (691) Retained distributions on accumulation shares 573 554 Closing net assets attributable to shareholders 395,787 305,074

Baillie Gifford Global Alpha Paris-Aligned Fund July 2026

Interim Financial Statements (Unaudited)

Page 41

Balance Sheet as at 31 July 2026

31 July 2026 31 January 2026 £’000 £’000 Assets: Fixed assets: Investments 391,196 245,062 Current assets: Debtors 2,382 8,825 Cash and bank balances 4,752 4,991 Total assets 398,330 258,878 Liabilities: Creditors: Bank overdrafts (1,508) (761) Other creditors (1,035) (11,568) Total liabilities (2,543) (12,329) Net assets attributable to shareholders 395,787 246,549

Baillie Gifford Global Alpha Paris-Aligned Fund July 2026

Interim Financial Statements (Unaudited) cont.

Page 42

2 Fair Value Hierarchy 31 July 2026 31 January 2026 Level 1 £’000

Level 2 £’000

Level 3 £’000

Total £’000

Level 1 £’000

Level 2 £’000

Level 3 £’000

Total £’000 Assets: Equities 1 391,196 - - 391,196 245,062 - - 245,062 Assets Total 391,196 - - 391,196 245,062 - - 245,062 1 For further information on the assets included in Level 3, as at 31 July 2026, please refer to the Portfolio Statement.

3 Related party transactions Baillie Gifford & Co Limited, as ACD, is regarded as a related party by virtue of the services provided to the Company. Baillie Gifford & Co Limited acts as principal in respect of all transactions of shares in the Company, except where stocks are transferred on the issue or cancellation of shares. The aggregate monies received through issue and paid on cancellation are disclosed in the Statement of Change in Net Assets Attributable to Shareholders. Amounts receivable on the issue of shares at the Balance Sheet date were £19,000 (31 January 2026: nil). Amounts payable on the cancellation of shares at the Balance Sheet date were £653,000 (31 January 2026: £286,000). Amounts paid to Baillie Gifford & Co Limited in respect of annual management charge for the interim period were £106,000 (interim period to 31 July 2025: £57,000). Amounts due at the interim period end were £35,000 (31 January 2026: £9,000). During the period Baillie Gifford & Co Limited deemed it appropriate to reimburse expenses to the Fund. The amount of expenses reimbursed for the interim period end was £34,000 (31 July 2025: £19,000). Amounts receivable at the Balance Sheet date were £61,000 (31 January 2026: £26,000).

Baillie Gifford Global Alpha Paris-Aligned Fund July 2026

Notes to the Financial Statements (Unaudited)

Page 43

3 Related party transactions (continued)

Shares held by the ACD and associates of the ACD The shares held by the ACD and associates of the ACD as a percentage of the Fund’s NAV were: 31 July 2026 %

31 January 2026 % ACD and associates of the ACD 0.00 0.00

Baillie Gifford Global Alpha Paris-Aligned Fund July 2026

Notes to the Financial Statements (Unaudited) cont.

Page 44

Baillie Gifford Global Alpha Paris-Aligned Fund July 2026

Page 45

Baillie Gifford Global Income Growth Fund

a sub-fund of Baillie Gifford UK & Balanced Funds ICVC

Interim Report & Financial Statements (Unaudited)

for the six months ended 31 July 2026

Page 46

Investment Objective

The Fund aims to achieve (after deduction of costs) growth in both income and capital over rolling five-year periods, whilst delivering a yield higher than that of the MSCI ACWI Index over rolling five-year periods.

Investment Policy

The Fund will invest at least 90% in shares of companies anywhere in the world. The Fund will be actively managed and invest in companies of any size and in any sector.

Risk and Reward Profile

1 2 3 4 5 6 7

Typically lower rewards, lower risk Typically higher rewards, higher risk

Market conditions can change rapidly and a fund in any rank can lose you your investment. The Fund is classified as above as it invests in company shares.

The indicator does not take into account the following relevant material risks:

the Fund, may lead to prolonged periods of underperformance in certain market conditions, both in relation to the Fund’s benchmark and in absolute terms.

Investing in China may harm your investment due to difficulties with market volatility, political and economic instability including the risk of market shutdown, trading, liquidity, settlement, corporate governance, regulation, legislation and taxation.

Custody of assets involves a risk of loss if a custodian becomes insolvent or breaches duties of care.

You could lose your investment due to global factors like natural disasters, pandemics, or through developments such as military conflict, or changes in government policies.

The manager can charge some, or all, expenses to the Fund’s capital, reducing its value. This amount can vary from year to year.

For a more detailed explanation of the risks, please see the “Risk Warnings” section of the prospectus.

Fees Allocated to Capital

For distribution purposes the ACD has the facility to allocate some or all expenses to capital. For the year to 31 January 2026 100% of expenses were allocated to capital. This will reduce the capital value of the Fund. This number will vary from year to year. The figure for the current financial period has not yet been determined.

Baillie Gifford Global Income Growth Fund July 2026

Baillie Gifford Global

Income Growth Fund

Page 47

Past Performance

1.6

8.4 8.0 3.8 5.6 2.7

7.3

17.8 13.0

20.6

-5

31/07/2021 to 31/07/2022 31/07/2022 to 31/07/2023 31/07/2023 to 31/07/2024 31/07/2024 to 31/07/2025 31/07/2025 to 31/07/2026

Baillie Gifford Global Income Growth Fund B Income Shares¹ MSCI ACWI Index²

Total Return Six Months (%)

Five Year (p.a.) (%)

Baillie Gifford Global Income Growth Fund B Income Shares 1 5.7 5.4

MSCI ACWI Index 2 10.5 12.1 Capital Return Five Year (p.a.) (%) Baillie Gifford Global Income Growth Fund B Income Shares 3 3.0

Total Income Stream Six Months (Pence per Share) Baillie Gifford Global Income Growth Fund B Income Shares 12.18

Five Year Income Growth (Annualised) (%) Baillie Gifford Global Income Growth Fund B Income Shares 4 5.4

Annualised Five-Year Yield (%) Baillie Gifford Global Income Growth Fund B Income Shares 4,5 2.3

MSCI ACWI Index 5,6 1.9

The performance figures shown in this graph are for Class B Income Shares. Performance figures reflect the annual management charge of 0.50%. Performance figures for the other share classes in issue can be obtained by contacting Client Relations. You should be aware that past performance is not a guide to future performance.

1 Source: FE, 10am dealing prices, income reinvested. 2 Source: Revolution and MSCI, total return in sterling terms. Please see Disclaimer on page 160. 3 Source: Baillie Gifford & Co Limited, 10am capital return. 4 Source: Baillie Gifford & Co Limited. 5 The annualised yield is calculated as the average of historic yields at each period end. 6 Source: Factset and MSCI. You should be aware that past performance is not a guide to future performance.

Baillie Gifford Global Income Growth Fund July 2026

Investment Report

Page 48

Past Performance

Over longer periods, the Fund’s relative performance has been held back by an unusually narrow market in which a small number of large technology companies and businesses exposed to artificial-intelligence infrastructure have accounted for a disproportionate share of index returns. This presents a particular challenge for an income growth fund. Many of the strongest-performing companies either do not pay a dividend or offer a dividend profile that does not meet the Fund’s requirements, limiting our ability to participate without compromising its objective. At the same time, the quality characteristics we favour - resilient business models, strong balance sheets, recurring cash flows and the ability to grow earnings and dividends through cycles have been less rewarded. Portfolio companies have often continued to deliver sound earnings and dividend growth while their valuations have fallen. This divergence between portfolio company fundamentals and share-price performance has been an important source of longer-term underperformance.

Market Environment

Global equity markets were generally strong over the period, but leadership was narrow. Companies linked to semiconductor and data-centre investment benefited from continued spending on artificial-intelligence infrastructure, while concerns about potential disruption weighed on software and professional-services businesses. Towards the end of the period, market leadership broadened somewhat as investors gave greater attention to the prospective returns on heavy artificial-intelligence investment and to resilient, cash-generative businesses.

Performance

Over the six months, these longer-term trends remained influential and the Fund underperformed. Equity market returns were again led for much of the period by companies associated with AI infrastructure, particularly semiconductors, while the Fund’s more diversified

growth drivers received less recognition. The period also highlighted the distinction between operating performance and market sentiment. Several holdings continued to grow earnings, cash flows or dividends, but their share prices underperformed as investors questioned established business models in a world of rapidly advancing artificial intelligence. This was particularly evident in software and professional services. We believe AI will be transformational, but adoption across the economy will require process redesign, data governance and external expertise. The Fund therefore retains exposure to selected infrastructure beneficiaries and established companies that we believe can use the technology to strengthen their competitive positions, reflecting our preference for multiple growth drivers rather than dependence on a single market theme.

Edenred, an employee benefits services provider, was a leading contributor to performance. Regulatory concerns in Italy and Brazil had previously weighed heavily on sentiment, despite continued operational progress. Its half-year results exceeded market expectations, helping investors refocus on the underlying business and the potential for its depressed valuation to recover. TSMC, the world’s leading semiconductor manufacturer, also contributed strongly as demand for advanced semiconductors used in AI infrastructure remained robust. Its technological leadership and critical position in advanced manufacturing continue to support the investment case.

Accenture, a technology consulting firm, detracted as investors questioned whether AI could reduce demand for traditional consulting services. We continue to believe large organisations will need substantial external expertise to integrate new technology into complex processes. Intuit also detracted amid concerns that artificial intelligence could disrupt tax and accounting software. While its lower-income self-file tax segment has been weaker, the broader business has continued to make progress, including in assisted tax and small-business services.

Baillie Gifford Global Income Growth Fund July 2026

Investment Report cont.

Page 49

Notable Transactions

The Fund purchased Cullen/Frost Bankers, a conservatively managed Texas bank, and EOG Resources, a US-focused energy company.

The Fund sold CME Group, a financial exchange, after a deterioration in the regulatory backdrop weakened our assessment of its competitive position. We also completed the sales of T. Rowe Price, an asset manager, Kuehne + Nagel, a freight forwarder, and Eurofins, a laboratory testing business, due to falling conviction in their growth prospects.

Baillie Gifford & Co, 14 August 2026

Baillie Gifford Global Income Growth Fund July 2026

Investment Report cont.

Page 50

Investment Percentage of total Fund

TSMC 5.03 Apple 4.07 Microsoft 3.33 Atlas Copco A 3.23 Coca Cola 3.17 Alphabet Inc Class A 3.03 Roche Holding AG 2.77 Procter & Gamble 2.77 Schneider Electric SE 2.53 Analog Devices 2.51

Baillie Gifford Global Income Growth Fund July 2026

Principal Holdings as at 31 July 2026

Page 51

Largest Purchases Cost £’000

Alphabet Inc Class A 5,808 EOG Resources 4,887 Cullen/Frost Bankers 4,600 Sumitomo Mitsui Trust 3,009 American Tower Corp REIT 2,949 Paychex 1,844 Intuit 1,690 Watsco Inc 1,527 NetEase HK Line 1,269 Edenred 1,123

Largest Sales Proceeds £’000

CME Group Inc 9,319 TSMC 6,916 B3 S.A. 4,532 Analog Devices 4,193 T. Rowe Price 4,186 Deutsche Boerse 3,186 Diageo 3,155 Medtronic 3,134 Apple 3,026 Microsoft 2,647

Baillie Gifford Global Income Growth Fund July 2026

Material Portfolio Changes

for the six months ended 31 July 2026

Page 52

Stock description Holding Market value £’000

% of total net assets

Australia - 1.45% (1.38%) Carsales.com 318,293 4,317 1.45

Brazil - 1.39% (2.31%) B3 S.A. 1,791,650 4,122 1.39

China - 4.34% (3.65%) Midea Group ’A’ 729,800 7,041 2.37 NetEase HK Line 297,100 5,850 1.97

Denmark - 2.54% (2.82%) Coloplast AS 41,436 2,035 0.68 Novo Nordisk 157,277 5,514 1.86

Finland - 1.12% (1.34%) Valmet Oyj 148,427 3,314 1.12

France - 7.09% (5.80%) Edenred 259,542 6,329 2.13 L’Oreal 18,162 6,008 2.02 Pernod Ricard SA 20,978 1,216 0.41 Schneider Electric SE 30,310 7,505 2.53

Germany - 2.54% (2.77%) Deutsche Boerse 27,173 6,093 2.05 SAP 10,620 1,432 0.49

Hong Kong - 3.18% (3.21%) ANTA Sports Products 743,527 5,563 1.88 Hong Kong Exchanges & Clearing 99,900 3,868 1.30

Ireland - 1.28% (2.03%) Accenture ’A’ 30,877 3,807 1.28

Baillie Gifford Global Income Growth Fund July 2026

Portfolio Statement as at 31 July 2026

Page 53

Stock description Holding Market value £’000

% of total net assets

Japan - 3.18% (1.89%) Sumitomo Mitsui Trust 404,800 3,125 1.05 USS Co 671,400 6,321 2.13

Luxembourg - 0.00% (0.83%)

Netherlands - 0.80% (0.91%) Wolters Kluwer N.V. 40,832 2,370 0.80

Singapore - 2.01% (1.82%) United Overseas Bank 237,900 5,976 2.01

South Africa - 0.99% (1.19%) AVI 729,161 2,946 0.99

Spain - 1.85% (1.82%) Amadeus IT Group SA 120,714 5,505 1.85

Sweden - 5.00% (5.66%) Atlas Copco A 612,408 9,593 3.23 Epiroc B 322,465 5,239 1.77

Switzerland - 6.00% (7.40%) Nestle 66,084 4,917 1.66 Partners Group 7,543 4,655 1.57 Roche Holding AG 25,375 8,241 2.77

Taiwan - 6.38% (5.46%) Mediatek 49,000 4,005 1.35 TSMC 268,000 14,943 5.03

UK - 5.07% (5.20%) Admiral Group 169,818 6,406 2.16 Experian 128,724 3,591 1.21

Baillie Gifford Global Income Growth Fund July 2026

Portfolio Statement as at 31 July 2026 cont.

Page 54

Stock description Holding Market value £’000

% of total net assets

Fevertree Drinks 174,297 1,503 0.50 Greencoat UK Wind 3,187,854 3,567 1.20

United States - 43.44% (42.32%) AJ Gallagher & Co 12,815 2,375 0.80 Albemarle 29,949 2,618 0.88 Alphabet Inc Class A 34,015 9,002 3.03 American Tower Corp REIT 22,825 2,940 0.99 Analog Devices 27,285 7,449 2.51 Apple 52,715 12,100 4.07 Cisco Systems 81,261 7,004 2.36 Coca Cola 144,558 9,409 3.17 Cullen/Frost Bankers 39,556 4,889 1.64 EOG Resources 44,346 4,900 1.65 Fastenal 170,711 6,052 2.04 Home Depot 13,851 3,417 1.15 Intuit 11,004 2,585 0.87 Jack Henry & Associates 43,266 4,952 1.67 McDonald’s 24,756 4,979 1.68 Microsoft 28,615 9,881 3.33 MSCI 6,371 2,709 0.91 Paychex 51,561 4,477 1.51 PepsiCo 54,128 5,613 1.89 Procter & Gamble 76,578 8,222 2.77 Starbucks Corp 36,829 2,880 0.97 Texas Instruments 24,558 5,032 1.69 Watsco Inc 24,021 5,521 1.86

Portfolio of investments 295,923 99.65

Net other assets - 0.35% (0.19%) 1,040 0.35

Net assets 296,963 100.00

Baillie Gifford Global Income Growth Fund July 2026

Portfolio Statement as at 31 July 2026 cont.

Page 55

Fund and Share Information

31.07.26 31.01.26 31.01.25 31.01.24

Total net asset value of scheme property (£’000)

296,963 352,068 555,501 632,969

Synthetic Risk and Reward Indicator 1 5555

Net asset value per share (pence) A Accumulation 2,325.91 2,217.34 2,266.20 2,061.62 A Income 917.55 884.46 926.62 862.45 B Accumulation 2,662.43 2,527.41 2,561.29 2,310.36 B Income 1,120.52 1,075.53 1,117.23 1,031.02 C Accumulation 2,917.21 2,762.54 2,785.63 2,500.20 C Income 1,282.14 1,227.60 1,268.79 1,165.02 J Accumulation 2,685.25 2,547.19 2,577.46 2,321.47 J Income 1,129.20 1,083.05 1,123.34 1,035.09 P Accumulation 2,674.90 2,538.68 2,571.44 2,318.24 P Income 1,123.46 1,078.09 1,119.31 1,032.51

Number of shares in issue A Accumulation 48,373 64,044 119,933 136,657 A Income 135,640 152,068 163,023 205,363 B Accumulation 4,505,860 5,546,412 8,569,429 10,662,286 B Income 15,112,230 17,685,734 24,022,414 30,433,233 C Accumulation 100 471,402 2,007,149 2,327,705 C Income 76,381 76,381 86,556 90,681 J Accumulation 65,565 80,006 100,673 139,686 J Income 225,536 268,388 337,649 557,667 P Accumulation 50 50 50 50 P Income 120 120 120 120

Baillie Gifford Global Income Growth Fund July 2026

Fund Information

Page 56

Annual Income Record

Period to 31.07.26 (pence)

Year to 31.01.26 (pence)

Year to 31.01.25 (pence)

Year to 31.01.24 (pence) Income per share (financial period) A Accumulation 25.12 54.03 49.93 46.87 A Income 9.99 21.94 20.75 19.94 B Accumulation 28.70 61.29 56.16 52.26 B Income 12.18 26.55 24.90 23.70 C Accumulation 47.17 66.82 60.90 56.39 C Income 13.92 30.21 28.20 26.71 J Accumulation 28.94 61.72 56.47 52.46 J Income 12.27 26.71 25.01 23.78 P Accumulation 28.83 61.54 56.34 52.40 P Income 12.22 26.61 24.93 23.74

Yearly Highest and Lowest Prices

Period to 31.07.26 (pence)

Year to 31.01.26 (pence)

Year to 31.01.25 (pence)

Year to 31.01.24 (pence) Highest (financial period) A Accumulation 2,335 2,264 2,272 2,088 A Income 926.1 925.9 935.6 879.4 B Accumulation 2,672 2,569 2,567 2,338 B Income 1,131 1,117 1,128 1,050 C Accumulation 2,928 2,807 2,792 2,530 C Income 1,294 1,268 1,281 1,187 J Accumulation 2,695 2,589 2,583 2,349 J Income 1,140 1,123 1,134 1,055 P Accumulation 2,685 2,580 2,577 2,346 P Income 1,134 1,119 1,130 1,052

Lowest (financial period) A Accumulation 2,087 1,933 2,067 1,889 A Income 832.5 790.5 858.4 806.8 B Accumulation 2,382 2,188 2,316 2,101 B Income 1,014 954.6 1,031 960.0 C Accumulation 2,606 2,382 2,507 2,264 C Income 1,158 1,085 1,168 1,080 J Accumulation 2,402 2,203 2,327 2,109 J Income 1,021 960.1 1,035 962.6 P Accumulation 2,393 2,197 2,324 2,108 P Income 1,016 956.5 1,032 961.0

Baillie Gifford Global Income Growth Fund July 2026

Fund Information cont.

Page 57

Ongoing Charges Figures

31.07.26 (%)

31.01.26 (%)

31.01.25 (%)

31.01.24 (%) Ongoing Charges Figures 2 A Accumulation 1.41 1.38 1.38 1.38 A Income 1.41 1.39 1.38 1.38 B Accumulation 0.55 0.54 0.53 0.53 B Income 0.55 0.54 0.53 0.53 C Accumulation 0.01 4 0.03 0.03 0.03 C Income 0.05 0.04 0.03 0.03 J Accumulation 0.40 0.39 0.38 0.38 J Income 0.40 0.39 0.38 0.38 P Accumulation 0.51 0.50 3 0.48 0.48 P Income 0.51 0.50 3 0.48 0.48

1 The Synthetic Risk and Reward Indicator demonstrates where the Fund ranks in terms of its potential risk and reward on a scale from 1 (lowest) to 7 (highest). The higher the rank the greater the potential reward but the greater the risk of losing money. It is based on past data, may change over time and may not be a reliable indication of the future risk profile of the Fund. Further information is included in the Risk and Reward Profile section of the Fund’s interim report. 2 The Ongoing Charges Figure is based on the expenses for the financial period and may vary from year to year. It excludes the cost of buying and selling assets for the Fund although custodian transaction costs are included. For further details on the costs associated with investing in the Fund please see the Enhanced Disclosure of Fund Costs and Charges document, which is available on the website www.bailliegifford.com. 3 As at 31 January 2026 the ACD considered 0.48% to be a more indicative rate for the ongoing charges figures for the Class P Shares. 4 As at 31 July 2026 the ACD considered 0.05% to be a more indicative rate for the ongoing charges figures for the Class C Accumulation Shares. You should be aware that past performance is not a guide to future performance.

Baillie Gifford Global Income Growth Fund July 2026

Fund Information cont.

Page 58

Statement of Total Return for the six months ended 31 July 2026

31 July 2026 31 July 2025 £’000 £’000 £’000 £’000 Income

Net capital gains/(losses) 11,325 (21,733) Revenue 5,453 7,848 Expenses (837) (1,186) Net revenue before taxation 4,616 6,662 Taxation (460) (727) Net revenue after taxation 4,156 5,935 Total return before distributions 15,481 (15,798) Distributions (3,586) (5,366) Change in net assets attributable to shareholders from investment activities 11,895 (21,164)

Statement of Change in Net Assets Attributable to Shareholders for the six months ended 31 July 2026

31 July 2026 31 July 2025 £’000 £’000 £’000 £’000 Opening net assets attributable to shareholders 352,068 555,501 Amounts receivable on issue of shares 654 1,188 Amounts payable on cancellation of shares (69,107) (113,501) (68,453) (112,313) Dilution adjustment 61 110 Change in net assets attributable to shareholders from investment activities 11,895 (21,164) Retained distributions on accumulation shares 1,392 2,259 Closing net assets attributable to shareholders 296,963 424,393

Baillie Gifford Global Income Growth Fund July 2026

Interim Financial Statements (Unaudited)

Page 59

Balance Sheet as at 31 July 2026

31 July 2026 31 January 2026 £’000 £’000 Assets: Fixed assets: Investments 295,923 351,382 Current assets: Debtors 1,663 3,531 Cash and bank balances 1,950 2,019 Total assets 299,536 356,932 Liabilities: Creditors: Bank overdrafts (799) (668) Distributions payable (963) (1,635) Other creditors (811) (2,561) Total liabilities (2,573) (4,864) Net assets attributable to shareholders 296,963 352,068

Baillie Gifford Global Income Growth Fund July 2026

Interim Financial Statements (Unaudited) cont.

Page 60

2 Fair Value Hierarchy 31 July 2026 31 January 2026 Level 1 £’000

Level 2 £’000

Level 3 £’000

Total £’000

Level 1 £’000

Level 2 £’000

Level 3 £’000

Total £’000 Assets: Equities 295,923 - - 295,923 351,382 - - 351,382 Assets Total 295,923 - - 295,923 351,382 - - 351,382

3 Related party transactions Baillie Gifford & Co Limited, as ACD, is regarded as a related party by virtue of the services provided to the Company. Baillie Gifford & Co Limited acts as principal in respect of all transactions of shares in the Company, except where stocks are transferred on the issue or cancellation of shares. The aggregate monies received through issue and paid on cancellation are disclosed in the Statement of Change in Net Assets Attributable to Shareholders. Amounts receivable on the issue of shares at the Balance Sheet date were nil (31 January 2026: £4,000). Amounts payable on the cancellation of shares at the Balance Sheet date were £675,000 (31 January 2026: £1,646,000). Amounts paid to Baillie Gifford & Co Limited in respect of annual management charge for the interim period were £775,000 (interim period to 31 July 2025: £1,112,000). Amounts due at the interim period end were £126,000 (31 January 2026: £144,000).

Baillie Gifford Global Income Growth Fund July 2026

Notes to the Financial Statements (Unaudited)

Page 61

3 Related party transactions (continued)

Shares held by the ACD and associates of the ACD The shares held by the ACD and associates of the ACD as a percentage of the Fund’s NAV were: 31 July 2026 %

31 January 2026 % ACD and associates of the ACD 0.00 3.70

Baillie Gifford Global Income Growth Fund July 2026

Notes to the Financial Statements (Unaudited) cont.

Page 62

Baillie Gifford Global Income Growth Fund July 2026

Page 63

Baillie Gifford International Fund

a sub-fund of Baillie Gifford UK & Balanced Funds ICVC

Interim Report & Financial Statements (Unaudited)

for the six months ended 31 July 2026

Page 64

Investment Objective

The Fund aims to outperform (after deduction of costs) the MSCI ACWI ex UK Index, as stated in sterling, over rolling five-year periods.

Investment Policy

The Fund will invest at least 90% in shares of companies anywhere in the world (excluding the UK) and in any sector. The Fund will be actively managed.

Risk and Reward Profile

1 2 3 4 5 6 7

Typically lower rewards, lower risk Typically higher rewards, higher risk

Market conditions can change rapidly and a fund in any rank can lose you your investment. The Fund is classified as above as it invests in company shares.

The indicator does not take into account the following relevant material risks:

Custody of assets involves a risk of loss if a custodian becomes insolvent or breaches duties of care.

You could lose your investment due to global factors like natural disasters, pandemics, or through developments such as military conflict, or changes in government policies.

Where possible, charges are taken from income. If insufficient, the rest will be taken from capital, reducing the capital value of the Fund.

For a more detailed explanation of the risks, please see the “Risk Warnings” section of the prospectus.

Baillie Gifford International Fund July 2026

Baillie Gifford International Fund

Page 65

Past Performance

-18.5

7.4 8.9

15.4

2.4 3.1 7.4

17.9 13.0

20.5

-30

-20

-10

31/07/2021 to 31/07/2022 31/07/2022 to 31/07/2023 31/07/2023 to 31/07/2024 31/07/2024 to 31/07/2025 31/07/2025 to 31/07/2026

Baillie Gifford International Fund B Accumulation Shares¹ MSCI ACWI ex UK Index²

Six Months (%)

Five Year (p.a.) (%)

Baillie Gifford International Fund B Accumulation Shares 1 1.3 2.6

MSCI ACWI ex UK Index 2 10.6 12.0

Market Environment

Global equity markets delivered strong returns during the six-month period to end July, led by a relatively narrow group of AI-related hardware, memory chip and other semiconductor companies. This provided a supportive backdrop for the Fund’s holdings of Korean and Taiwanese semiconductor businesses. However, the concentrated nature of market leadership also created a challenging environment for performance relative to the benchmark, as several of the benchmark’s strongest-performing stocks were either underweight positions or not held in the portfolio. This was exacerbated by a selloff in many of our software, digital services, ecommerce and financial services holdings. These companies were hit following the release of Claude Cowork and continued rapid progress in AI, as investors have reassessed the durability of their competitive advantages. Together, these factors more than offset the positive contribution from the Fund’s semiconductor exposure. Over the five-year period, the

Fund’s relative performance has been held back primarily by the sharp pullback in growth equities during 2021-22, when rising inflation and interest rates disproportionately affected many of the portfolio’s long-term growth holdings. Since then, portfolio fundamentals have improved, but relative returns have continued to face a difficult backdrop from narrow, highly concentrated markets.

Performance

1 Source: FE, 10am dealing prices, income accumulated. 2 Source: Revolution and MSCI, total return in sterling terms. Please see Dis claimer on page 160.You should be aware that past performance is not a guide to future performance.

Baillie Gifford International Fund July 2026

Investment Report

Page 66

build optionality in AI across its WeChat super app, cloud and enterprise tools. We continue to see Tencent as a high-quality digital infrastructure business in China but recognise that the market is waiting for clearer evidence of AI monetisation.

TSMC was the largest individual contributor to performance. The company is central to advanced semiconductor manufacturing and benefited from continued demand for leading-edge chips used in AI, cloud and high-performance computing. The company’s recent results show strong sequential growth, high margins and accelerating demand from high-performance computing customers. Its most advanced manufacturing capacity remains tight, supporting strong demand and pricing power.

Samsung Electronics was another significant contributor. The company is benefiting from rising demand for advanced DRAM and high-bandwidth memory (HBM) chips as the AI infrastructure buildout continues. These products are critical to the high-end processors used in AI data centres, and Samsung’s progress in HBM4 (the latest ultra-fast generation of 3D-stacked memory chips) could strengthen its competitive position. The scale of demand is creating industry-wide capacity constraints, supporting stronger pricing and encouraging customers to secure supply through longer-term agreements. This should support significant revenue growth for Samsung looking forward.

The portfolio’s recent performance has not met our expectations in relative terms, but we believe the gap between operational progress and share price returns has

created a compelling opportunity for long-term investors. The companies we own have continued to grow faster than the wider market, yet this has not been reflected in relative returns, with market performance increasingly supported by rising valuations in a narrow group of index leaders. As a result, the portfolio’s valuation now looks unusually attractive relative to the broader market and, in our view, does not reflect the quality, resilience or future growth potential of the underlying businesses.

Notable Transactions

Baillie Gifford & Co, 18 August 2026

Baillie Gifford International Fund July 2026

Investment Report cont.

Page 67

Investment Percentage of total Fund

TSMC 5.62 NVIDIA 5.34 Alphabet Inc Class C 3.80 Amazon.com 3.69 Microsoft 2.30 Tencent 2.26 Mastercard 2.14 Martin Marietta Materials 1.78 Meta Platforms Inc 1.66 Royalty Pharma 1.63

Baillie Gifford International Fund July 2026

Principal Holdings as at 31 July 2026

Page 68

Largest Purchases Cost £’000

Chugai Pharmaceutical 12,316 Philip Morris 12,085 Space Exploration Technologies Corp 11,858 SK Hynix Inc 11,024 Apple 9,596 SEB Bank 8,598 EQT Corp 8,050 United Overseas Bank 7,775 Freeport-Mcmoran Copper 7,514 Tencent 7,494

Largest Sales Proceeds £’000

TSMC 33,979 NVIDIA 30,910 Samsung Electronics 26,679 Microsoft 24,556 Amazon.com 18,754 Meta Platforms Inc 17,434 Alphabet Inc Class C 15,765 Royalty Pharma 15,477 FTAI Aviation 14,763 Elevance Health Inc 12,384

Baillie Gifford International Fund July 2026

Material Portfolio Changes

for the six months ended 31 July 2026

Page 69

Stock description Holding Market value £’000

% of total net assets

Brazil - 4.20% (3.92%) B3 S.A. 3,540,100 8,144 1.19 MercadoLibre 4,251 5,932 0.87 Nu Holdings Ltd. 500,835 5,333 0.78 Petrobras Common ADR 643,704 9,280 1.36

Canada - 2.34% (2.46%) Brookfield Corp 155,691 4,920 0.72 Shopify ’A’ 82,305 7,165 1.05 Stella-Jones Inc. 96,038 3,935 0.57

China - 4.67% (5.10%) CATL ’A’ 240,300 10,461 1.53 Midea Group ’A’ 624,400 6,024 0.88 Tencent 343,300 15,459 2.26

Denmark - 0.64% (0.85%) Novo Nordisk 125,663 4,405 0.64

Finland - 0.57% (0.00%) Wartsilä Abp 154,612 3,878 0.57

France - 0.53% (1.11%) Nexans 32,438 3,655 0.53

Germany - 0.39% (0.52%) Auto1 Group SE 138,047 2,665 0.39

India - 0.00% (0.89%)

Ireland - 2.92% (3.63%) CRH Plc 106,732 7,535 1.10 Linde Plc 13,338 4,741 0.69 Ryanair 371,271 7,701 1.13

Baillie Gifford International Fund July 2026

Portfolio Statement as at 31 July 2026

Page 70

Stock description Holding Market value £’000

% of total net assets

Italy - 1.91% (0.78%) Bending Spoons Spa 253,021 6,618 0.97 Poste Italiane SPA 288,688 6,469 0.94

Japan - 4.72% (4.14%) Chugai Pharmaceutical 169,000 5,467 0.80 Cosmos Pharmaceutical 131,200 3,908 0.57 Disco 13,500 3,685 0.54 Keyence 26,600 10,074 1.47 Kokusai Electric 146,900 5,088 0.74 Lasertec Corp. 23,100 4,087 0.60

Netherlands - 1.53% (2.25%) Adyen N.V. 9,364 7,020 1.03 BESI 20,349 3,449 0.50

Peru - 1.01% (0.38%) Credicorp 23,174 6,898 1.01

Poland - 0.54% (0.00%) Dino Polska 580,525 3,686 0.54

Russia - 0.00% (0.00%) Sberbank Of Russia 1 2,287,284 - 0.00

Singapore - 1.68% (0.70%) Sea Ltd ADR 62,259 4,938 0.72 United Overseas Bank 259,600 6,522 0.96

South Korea - 2.53% (2.63%) Samsung Electronics 75,362 10,311 1.51 SK Hynix Inc 7,785 6,971 1.02

Sweden - 2.15% (1.27%) Epiroc B 290,125 4,714 0.69

Baillie Gifford International Fund July 2026

Portfolio Statement as at 31 July 2026 cont.

Page 71

Stock description Holding Market value £’000

% of total net assets

SEB Bank 369,659 6,430 0.94 Spotify Technology SA 9,643 3,582 0.52

Switzerland - 1.15% (0.97%) Richemont 44,668 7,832 1.15

Taiwan - 6.31% (5.11%) Mediatek 58,000 4,741 0.69 TSMC 689,000 38,415 5.62

United States - 59.33% (63.30%) Advanced Drainage Systems 50,833 5,231 0.76 AeroVironment 26,834 2,978 0.44 Alnylam Pharmaceuticals 17,854 2,727 0.40 Alphabet Inc Class C 98,163 26,015 3.80 Amazon.com 124,877 25,201 3.69 Apple 30,239 6,941 1.02 AppLovin 24,046 7,074 1.03 AutoZone 2,812 6,303 0.92 Axon Enterprise Inc 13,700 5,373 0.79 Brunswick Corp 72,963 4,283 0.63 Cbre Group Inc 66,288 7,231 1.06 Cloudflare Inc 22,233 4,609 0.67 Coinbase Global Inc 24,121 2,622 0.38 Comfort Systems USA 5,722 7,354 1.08 CoStar Group 137,582 2,940 0.43 Cullen/Frost Bankers 50,220 6,207 0.91 Datadog 38,999 7,766 1.14 Dollar General Corp 77,727 7,338 1.07 Doordash Inc 70,026 10,207 1.49 Dutch Bros Inc. Cl A 76,197 3,727 0.55 Eaton 15,643 4,826 0.71 Elevance Health Inc 30,409 8,493 1.24 EOG Resources 86,231 9,528 1.39 EQT Corp 118,229 4,682 0.68

Baillie Gifford International Fund July 2026

Portfolio Statement as at 31 July 2026 cont.

Page 72

Stock description Holding Market value £’000

% of total net assets

Freeport-Mcmoran Copper 107,363 4,997 0.73 Markel 4,393 6,145 0.90 Martin Marietta Materials 31,229 12,186 1.78 Mastercard 34,422 14,659 2.14 Medline Inc 165,221 4,822 0.71 Medpace Holdings 13,169 5,647 0.83 Meta Platforms Inc 27,478 11,367 1.66 Microsoft 45,595 15,745 2.30 Moody’s 20,454 7,271 1.06 MSCI 20,456 8,698 1.27 Netflix Inc 116,852 6,227 0.91 NVIDIA 244,921 36,536 5.34 On Semiconductor Corp 97,068 5,886 0.86 Philip Morris 62,468 8,858 1.30 QXO 360,561 3,563 0.52 RBC Bearings Inc 11,514 4,717 0.69 Royalty Pharma 257,217 11,168 1.63 Samsara 264,718 7,331 1.07 Service Corp.Intl. 152,005 9,735 1.42 Space Exploration Technologies Corp 61,737 4,972 0.73 Texas Instruments 33,319 6,827 1.00 The Ensign Group 74,491 9,862 1.44 Thermo Fisher Scientific 17,557 7,492 1.10 Tidewater 69,394 3,870 0.57 Uber Technologies 99,431 5,199 0.76 WillScot Holdings 125,630 2,267 0.33

Portfolio of investments 677,841 99.12

Net other assets - 0.88% (-0.01%) 6,026 0.88

Net assets 683,867 100.00 1 This stock was valued at nil at the period end amid the ongoing conflict in Ukraine. It has been valued at the Investment Adviser’s valuation and therefore is categorised as level 3 in note 2.

Baillie Gifford International Fund July 2026

Portfolio Statement as at 31 July 2026 cont.

Page 73

Fund and Share Information

31.07.26 31.01.26 31.01.25 31.01.24

Total net asset value of scheme property (£’000)

683,867 1,092,069 1,290,660 1,253,758

Synthetic Risk and Reward Indicator 1 6666

Net asset value per share (pence) A Accumulation 10,015.33 9,808.87 9,639.51 7,977.58 B Accumulation 12,368.96 12,062.76 11,754.41 9,645.56 B Income 10,096.01 9,847.79 9,610.99 7,903.37 C Accumulation 14,260.77 13,868.27 13,437.13 10,963.76 C Income 10,145.04 9,884.77 9,644.62 7,928.24 G Accumulation 13,666.52 13,323.55 12,973.85 10,638.80

Number of shares in issue A Accumulation 28,188 33,212 48,050 66,343 B Accumulation 3,758,019 5,748,336 6,918,323 8,431,891 B Income 399,275 448,535 567,734 805,445 C Accumulation 874,263 2,146,640 2,505,871 2,753,534 C Income 50 50 50 50 G Accumulation 374,808 401,740 628,443 654,301

Annual Income Record

Period to 31.07.26 (pence)

Year to 31.01.26 (pence)

Year to 31.01.25 (pence)

Year to 31.01.24 (pence) Income per share (financial period) A Accumulation 0.00 0.00 0.00 0.00 B Accumulation 2.30 18.79 24.59 43.39 B Income 1.90 15.36 20.16 35.71 C Accumulation 28.00 96.62 97.34 108.27 C Income 20.00 69.12 70.18 78.85 G Accumulation 3.80 29.65 35.37 54.91

Baillie Gifford International Fund July 2026

Fund Information

Page 74

Yearly Highest and Lowest Prices

Period to 31.07.26 (pence)

Year to 31.01.26 (pence)

Year to 31.01.25 (pence)

Year to 31.01.24 (pence) Highest (financial period) A Accumulation 10,330 10,510 9,676 8,143 B Accumulation 12,740 12,890 11,800 9,845 B Income 10,400 10,540 9,662 8,097 C Accumulation 14,670 14,800 13,490 11,190 C Income 10,460 10,600 9,728 8,160 G Accumulation 14,070 14,240 13,020 10,860

Lowest (financial period) A Accumulation 8,944 7,377 8,010 7,035 B Accumulation 11,010 9,010 9,684 8,488 B Income 8,992 7,367 7,936 6,981 C Accumulation 12,670 10,310 11,010 9,634 C Income 9,034 7,400 7,961 7,025 G Accumulation 12,170 9,945 10,680 9,360

Ongoing Charges Figures

31.07.26 (%)

31.01.26 (%)

31.01.25 (%)

31.01.24 (%) Ongoing Charges Figures 2 A Accumulation 1.46 1.45 1.44 1.45 B Accumulation 0.61 0.59 0.59 0.59 B Income 0.61 0.59 0.59 0.59 C Accumulation 0.03 0.03 0.02 0.02 C Income 0.03 0.03 0.02 0.02 G Accumulation 0.54 0.52 0.52 0.52

1 The Synthetic Risk and Reward Indicator demonstrates where the Fund ranks in terms of its potential risk and reward on a scale from 1 (lowest) to 7 (highest). The higher the rank the greater the potential reward but the greater the risk of losing money. It is based on past data, may change over time and may not be a reliable indication of the future risk profile of the Fund. Further information is included in the Risk and Reward Profile section of the Fund’s interim report. 2 The Ongoing Charges Figure is based on the expenses for the financial period and may vary from year to year. It excludes the cost of buying and selling assets for the Fund although custodian transaction costs are included. For further details on the costs associated with investing in the Fund please see the Enhanced Disclosure of Fund Costs and Charges document which is available on the website www.bailliegifford.com. You should be aware that past performance is not a guide to future performance.

Baillie Gifford International Fund July 2026

Fund Information cont.

Page 75

Statement of Total Return for the six months ended 31 July 2026

31 July 2026 31 July 2025 £’000 £’000 £’000 £’000 Income

Net capital gains/(losses) 18,684 2,719 Revenue 5,791 5,268 Expenses (2,120) (2,508) Net revenue before taxation 3,671 2,760 Taxation (470) (448) Net revenue after taxation 3,201 2,312 Total return before distributions 21,885 5,031 Distributions (1,125) (938) Change in net assets attributable to shareholders from investment activities 20,760 4,093

Statement of Change in Net Assets Attributable to Shareholders for the six months ended 31 July 2026

31 July 2026 31 July 2025 £’000 £’000 £’000 £’000 Opening net assets attributable to shareholders 1,092,069 1,290,660 Amounts receivable on issue of shares 1,849 17,855 Amounts payable on cancellation of shares (431,672) (91,397) (429,823) (73,542) Dilution adjustment 516 109 Change in net assets attributable to shareholders from investment activities 20,760 4,093 Retained distributions on accumulation shares 345 865 Closing net assets attributable to shareholders 683,867 1,222,185

Baillie Gifford International Fund July 2026

Interim Financial Statements (Unaudited)

Page 76

Balance Sheet as at 31 July 2026

31 July 2026 31 January 2026 £’000 £’000 Assets: Fixed assets: Investments 677,841 1,092,157 Current assets: Debtors 1,105 25,947 Cash and bank balances 7,624 16,233 Total assets 686,570 1,134,337 Liabilities: Creditors: Bank overdrafts (1,700) (1,780) Distributions payable (8) (60) Other creditors (995) (40,428) Total liabilities (2,703) (42,268) Net assets attributable to shareholders 683,867 1,092,069

Baillie Gifford International Fund July 2026

Interim Financial Statements (Unaudited) cont.

Page 77

2 Fair Value Hierarchy 31 July 2026 31 January 2026 Level 1 £’000

Level 2 £’000

Level 3 £’000

Total £’000

Level 1 £’000

Level 2 £’000

Level 3 £’000

Total £’000 Assets: Equities 1 677,841 - - 677,841 1,092,157 - - 1,092,157 Assets Total 677,841 - - 677,841 1,092,157 - - 1,092,157 1 For further information on the assets included in Level 3, as at 31 July 2026, please refer to the Portfolio Statement.

3 Related party transactions Baillie Gifford & Co Limited, as ACD, is regarded as a related party by virtue of the services provided to the Company. Baillie Gifford & Co Limited acts as principal in respect of all transactions of shares in the Company, except where stocks are transferred on the issue or cancellation of shares. The aggregate monies received through issue and paid on cancellation are disclosed in the Statement of Change in Net Assets Attributable to Shareholders. Amounts receivable on the issue of shares at the Balance Sheet date were nil (31 January 2026: nil). Amounts payable on the cancellation of shares at the Balance Sheet date were £599,000 (31 January 2026: £3,937,000). Amounts paid to Baillie Gifford & Co Limited in respect of annual management charge for the interim period were £2,010,000 (interim period to 31 July 2025: £2,390,000). Amounts due at the interim period end were £273,000 (31 January 2026: £387,000).

Baillie Gifford International Fund July 2026

Notes to the Financial Statements (Unaudited)

Page 78

3 Related party transactions (continued)

Shares held by the ACD and associates of the ACD The shares held by the ACD and associates of the ACD as a percentage of the Fund’s NAV were: 31 July 2026 %

31 January 2026 % ACD and associates of the ACD 0.00 0.00

Baillie Gifford International Fund July 2026

Notes to the Financial Statements (Unaudited) cont.

Page 79

Baillie Gifford Managed Fund

a sub-fund of Baillie Gifford UK & Balanced Funds ICVC

Interim Report & Financial Statements (Unaudited)

for the six months ended 31 July 2026

Page 80

Investment Objective

The Fund aims to achieve capital growth over rolling five-year periods.

Investment Policy

The Fund will be actively managed and will invest in a combination of shares of companies of any size, bonds and cash; with a minimum of 60% in shares and 10% in bonds and cash. This exposure may be achieved directly or indirectly via collective investment schemes up to 10%. The Fund will invest in bonds which may be issued by government, supranational, public sector or corporate issuers and may be investment grade or sub-investment grade bonds. Currency forwards and derivatives, which are types of financial contracts, are used for both investment purposes and in the management of risk. Companies the Fund invests in (directly via shares or via corporate bonds) will be selected following a norms-based evaluation. The Fund will comply with the Investment Adviser’s policy on assessing breaches of the United Nations Global Compact as outlined in its Stewardship Principles and Guidelines document. The Fund will be managed to align the Fund’s holdings with the goal of net zero greenhouse gas emissions by 2050 or sooner, in line with global efforts to limit warming to 1.5C (“net zero”). As part of this process, all portfolio companies are actively assessed and prioritised for engagement for their alignment with net zero on an ongoing basis.

Risk and Reward Profile

shaded area in the table below shows the Fund’s ranking on the Risk and Reward Indicator.

1 2 3 4 5 6 7

Typically lower rewards, lower risk Typically higher rewards, higher risk

Market conditions can change rapidly and a fund in any rank can lose you your investment. The Fund is classified as above as it invests in company shares and bonds.

The indicator does not take into account the following relevant material risks:

The Fund is actively managed meaning the Investment Manager selects investments of their own choosing with the aim of achieving the Fund’s objectives. This is done without seeking to replicate any index in either of performance or portfolio composition. This investment style, selecting companies or bonds with perceived greater long-term growth potential ahead of any short-term returns, may lead to prolonged periods of underperformance in certain market conditions, both in relation to the Fund’s benchmark and in absolute terms.

Bonds are affected by interest rates and inflation trends which may affect the value of the Fund. They could lose value if the issuer’s financial health deteriorates.

Derivatives can magnify losses if the underlying asset does not perform as the manager expects.

Custody of assets involves a risk of loss if a custodian becomes insolvent or breaches duties of care.

Baillie Gifford Managed Fund July 2026

Baillie Gifford Managed Fund

Page 81

You could lose your investment due to global factors like natural disasters, pandemics, or through developments such as military conflict, or changes in government policies.

Where possible, charges are taken from income. If insufficient, the rest will be taken from capital, reducing the capital value of the Fund.

For a more detailed explanation of the risks, please see the “Risk Warnings” section of the prospectus.

Baillie Gifford Managed Fund July 2026

Baillie Gifford Managed Fund cont.

Page 82

Past Performance

-23.4

5.6 5.8

12.2 5.1

-3.7

1.4

10.6 8.5 13.2

-30

-20

-10

31/07/2021 to 31/07/2022 31/07/2022 to 31/07/2023 31/07/2023 to 31/07/2024 31/07/2024 to 31/07/2025 31/07/2025 to 31/07/2026

Baillie Gifford Managed Fund B Accumulation Shares¹ Investment Association Mixed Investment 40-85% Shares sector me dian²

Six Months (%)

Five Year (p.a.) (%)

Baillie Gifford Managed Fund B Accumulation Shares 1 3.5 0.2

Investment Association Mixed Investment 40 – 85% Shares Sector Median 2

5.5 5.8

The performance figures shown in this graph are for Class B Accumulation Shares. Performance figures reflect the annual management charge of 0.40%. Performance figures for the other share classes in issue can be obtained by contacting Client Relations. You should be aware that past performance is not a guide to future performance.

Past Performance

Over the past five years, performance has been below the benchmark. We recognise that this has been a challenging period for shareholders. 2022 was a particularly significant contributor to that outcome, as equities and bonds fell together and several stock-specific disappointments compounded the weakness. While the market environment provides context, it does not change the result. In response, we have continued to strengthen our portfolio construction approach, broaden the sources of return represented in the Fund and apply greater valuation discipline, while retaining our conviction in long-term active growth investing.

Market Environment

Over the six months to the end of July, artificial intelligence remained an important driver of investment markets, while geopolitical uncertainty and higher energy prices periodically added to volatility. Inflation has moderated from the peaks seen earlier in the cycle but remains above central bank targets across several major economies, leaving the outlook for interest rates finely balanced.

Performance

During the period under review, the Fund delivered a positive absolute return, although it underperformed the benchmark.

1 Source: FE, 10am dealing prices, income accumulated. 2 Source: Revolution and The Investment Association. Please see Disclaimer on page 160. You should be aware that past performance is not a guide to future performance.

Baillie Gifford Managed Fund July 2026

Investment Report

Page 83

Among the underlying holdings that performed well over the past six months, the strongest contributors were several companies exposed to the continued build-out of computing and artificial-intelligence infrastructure. Samsung Electronics, the South Korean technology group with major memory-chip and consumer-electronics businesses, was the largest contributor. TSMC, the Taiwanese manufacturer of advanced semiconductors, also performed strongly, as did Murata and Taiyo Yuden, Japanese manufacturers of electronic components used across smartphones, vehicles and other connected devices.

Cloudflare, which provides internet infrastructure, cybersecurity and developer tools, was another notable contributor. Investors became increasingly confident in the company’s ability to benefit from rising demand for secure and programmable internet infrastructure, including the growth in traffic generated by artificial intelligence. We remain encouraged by its pace of innovation and long-term opportunity, although the strength of the share price led us to reduce the holding twice during the period.

Among holdings that detracted, CoStar, the US provider of property data, analytics and online real-estate marketplaces, experienced a particularly difficult six months. Investors focused on weaker forecast bookings, increased promotional spending and pressure from an activist shareholder, despite continued operational progress. We believe the market is underestimating the strength of CoStar’s underlying data assets and the potential of its broader product suite. With a significant period of investment now largely behind it, we continue to see attractive long-term potential.

Prosus and Adyen were also weak. Prosus, the European technology investment group whose largest asset is a significant holding in Chinese internet company Tencent, and Adyen, the Dutch payments platform, were caught up in a broader reassessment of technology and software-related valuations. In our view, the weakness was driven more by changing market expectations than by a deterioration in the underlying businesses. Royal Unibrew, the Danish drinks producer, was another detractor over the period and has been sold from the portfolio.

Relative performance was also affected by companies that are not held in the Fund. Apple, the US consumer-technology company behind the iPhone, Mac and other devices and services, performed strongly, thereby detracting from relative returns. The hurdle for including a company of Apple’s scale and valuation remains high, and we continue to see more attractive long-term opportunities elsewhere in the portfolio.

The Fund’s bond allocation outperformed its benchmark over the six months. Credit selection contributed positively, led by investment-grade holdings. Currency positioning was also particularly helpful, while duration management added value, including through holdings in Hungary and Colombia. Ukrainian ‘hard currency’ government bonds were another notable contributor, with prices rallying over the period.

Notable Transactions

Breadth has long been a defining feature of the Fund. Long-term holdings such as Bunzl and Amazon are complemented by more recent purchases, including Mastercard, SSE and UBS, each adding differentiated growth opportunities and helping to diversify sources of return. On the sale side, IDP Education and Novo Nordisk did not develop as we had hoped: the former faced a deteriorating operating environment, while for the latter, the prospect of renewed upside appeared less compelling in the near term. Overall, the portfolio is broader and more deliberate, capturing a wider range of growth opportunities rather than simply following recent winners or the index.

Baillie Gifford & Co, 14 August 2026

Baillie Gifford Managed Fund July 2026

Investment Report cont.

Page 84

Investment Percentage of total Fund

UK T Bill 09/11/2026 2.53 UK Treasury 4.125% 29/01/2027 2.45 TSMC 1.89 Amazon.com 1.56 ASML 1.55 Roche Holding AG 1.53 NVIDIA 1.45 Samsung Electronics 1.42 AstraZeneca 1.12 HSBC 1.05

Baillie Gifford Managed Fund July 2026

Principal Holdings as at 31 July 2026

Page 85

Largest Purchases Cost £’000

UK Treasury 4.125% 29/01/2027 125,204 TotalEnergies 29,687 UK Treasury 4.75% 07/12/2038 27,035 CaixaBank 23,799 Broadcom Inc 22,758 AIB Group Plc 17,636 Ackermans & Van Haaren NV 17,342 Airbus Group NV 17,312 Investor 15,613 Deutsche Telekom AG 15,567

Largest Sales Proceeds £’000

Sandoz Group AG Shs 36,605 UK Treasury 4.125% 29/01/2027 36,504 Spain 1.85% 30/07/2035 25,956 US Treasury 3.125% 15/11/2028 25,033 ASML 24,045 Netflix Inc 24,039 Samsung Electronics 23,383 TSMC 23,102 EQT 21,737 Colombia 7.75% 18/09/2030 20,504

The largest purchases and sales have been shown, with the exception of UK Treasury Bills, which are used for cash management purposes, and derivatives.

Baillie Gifford Managed Fund July 2026

Material Portfolio Changes

for the six months ended 31 July 2026

Page 86

Stock description Holding Market value £’000

% of total net assets Equities - 76.33% (77.49%)

Developed Asia Pacific - 11.43% (11.79%) AIA Group 1,063,400 7,986 0.21 Asahi Group Holdings 1,082,900 8,422 0.22 Baillie Gifford Japanese Smaller Companies Fund C Acc 1 514,484 26,378 0.70 BHP Group Ltd (Aus. listing) 759,263 23,899 0.63 Carsales.com 435,114 5,902 0.16 Chugai Pharmaceutical 220,100 7,120 0.19 Cochlear 45,879 2,872 0.08 Cosmos Pharmaceutical 287,800 8,573 0.23 Daikin Industries 95,400 10,371 0.27 Fast Retailing 31,500 11,494 0.30 Hong Kong Exchanges & Clearing 267,808 10,369 0.27 Hoshizaki Corp 384,400 10,233 0.27 Itochu Corp 774,100 7,276 0.19 JEOL 258,500 9,920 0.26 Kawasaki Heavy Industries 690,900 8,909 0.24 Keyence 40,400 15,300 0.41 Kyoto Financial Group Inc 227,900 4,719 0.13 Money Forward 190,100 4,840 0.13 Murata 189,700 6,565 0.17 Nakanishi 592,700 8,395 0.22 National Australia Bank 335,119 7,229 0.19 Nintendo 196,300 7,035 0.19 Nippon Paint 1,522,900 8,600 0.23 Olympus 816,500 6,935 0.18 Recruit Holdings 300,900 17,623 0.47 Reece Ltd 824,274 6,922 0.18 SBI Holdings 437,700 6,206 0.16 Shimano 64,100 6,020 0.16 Shin-Etsu Chemical 260,100 7,040 0.19 SMC 30,400 9,999 0.26 SoftBank Group 575,100 14,117 0.37 Sony 1,066,700 18,852 0.50 Sugi Holdings 215,100 2,833 0.08

Baillie Gifford Managed Fund July 2026

Portfolio Statement as at 31 July 2026

Page 87

Stock description Holding Market value £’000

% of total net assets Sumitomo Mitsui Trust 1,686,400 13,017 0.34 Taiyo Yuden 57,700 2,753 0.07 Techtronic Industries 1,150,500 14,391 0.38 The Chiba Bank Ltd 966,300 11,847 0.31 Tokio Marine Holdings Inc 215,900 8,175 0.22 Tokyo Electron 61,000 15,800 0.42 Unicharm 2,078,600 9,764 0.26 United Overseas Bank 999,968 25,120 0.66 Worley Group 1,455,849 8,031 0.21 Xero Ltd 128,666 4,701 0.12

Emerging Markets - 8.86% (9.28%) Axia Energia 1,263,700 9,762 0.26 B3 S.A. 6,137,200 14,119 0.37 Bank Rakyat Indonesia 33,711,791 4,232 0.11 CATL ’A’ 387,800 16,882 0.45 FEMSA ADR 148,526 14,126 0.37 First Quantum Minerals 696,796 14,343 0.38 ICICI Bank 1,259,458 14,079 0.37 Kweichow Moutai ’A’ 57,300 8,523 0.23 Meituan 732,170 6,418 0.17 MercadoLibre 8,896 12,414 0.33 Mmc Norilsk Nickel 2 17,399,300 0 0.00 Norilsk Nickel ADR 2 5 0 0.00 Nu Holdings Ltd. 1,267,845 13,500 0.36 PDD Holdings Inc 153,296 10,088 0.27 Ping An Insurance 2,779,000 15,445 0.41 Reliance Industries Ltd 688,011 7,007 0.18 Samsung Electronics 393,775 53,875 1.42 Sberbank Of Russia 2 8,390,848 0 0.00 Sea Ltd ADR 121,423 9,631 0.25 SQM ADR 214,065 10,667 0.28 Tencent 636,900 28,680 0.76 TSMC 1,283,000 71,535 1.89

Baillie Gifford Managed Fund July 2026

Portfolio Statement as at 31 July 2026 cont.

Page 88

Stock description Holding Market value £’000

% of total net assets

Europe (ex UK) - 19.38% (19.85%) Ackermans & Van Haaren NV 67,170 15,459 0.41 Adyen N.V. 21,350 16,006 0.42 AIB Group Plc 2,007,408 17,600 0.47 Airbus SE 96,187 16,628 0.44 Allegro.eu 2,703,834 24,145 0.64 ASM International N.V. 41,550 28,461 0.75 ASML 47,806 58,618 1.55 Atlas Copco B 1,493,752 20,460 0.54 Avanza Bank Holding 601,076 18,325 0.49 CaixaBank 2,373,423 25,496 0.67 Deutsche Telekom AG 932,296 21,330 0.56 Dino Polska 2,696,211 17,121 0.45 DSV 131,363 21,118 0.56 EQT 315,538 7,956 0.21 EXOR 238,634 14,139 0.37 Iberdrola SA 819,247 14,464 0.38 IMCD Group N.V. 262,418 21,264 0.56 Instalco 2,704,325 7,899 0.21 Investor AB-B 505,926 16,196 0.43 KBC Group N.V. 184,737 19,687 0.52 Kingspan Group 507,349 34,809 0.92 Lonza Group 57,146 29,508 0.78 Moncler 319,910 13,429 0.36 Nexans 190,104 21,421 0.57 Piraeus Financial Holdings SA 1,458,457 12,469 0.33 Prosus N.V. 924,694 31,595 0.84 Richemont 97,047 17,016 0.45 Roche Holding AG 178,335 57,917 1.53 Ryanair 1,283,875 26,629 0.70 SalMar 310,758 12,551 0.33 Sartorius Stedim Biotech 125,557 17,895 0.47 Spotify Technology SA 39,604 14,713 0.39 TotalEnergies 435,499 28,454 0.75

Baillie Gifford Managed Fund July 2026

Portfolio Statement as at 31 July 2026 cont.

Page 89

Stock description Holding Market value £’000

% of total net assets UBS 321,979 12,583 0.33

North America - 17.76% (16.45%) Affirm Holdings Inc Class A 261,506 13,896 0.37 Alnylam Pharmaceuticals 60,164 9,188 0.24 Alphabet Inc Class A 107,434 28,431 0.75 Amazon.com 292,232 58,974 1.56 AppLovin 30,024 8,833 0.23 Aurora Innovation Class A Common 2,136,640 10,241 0.27 Axon Enterprise Inc 26,379 10,345 0.27 Block Inc 212,743 12,843 0.34 Broadcom Inc 68,058 19,687 0.52 Circle Internet Group 37,699 1,754 0.05 Cloudflare Inc 141,376 29,308 0.77 Coinbase Global Inc 16,724 1,818 0.05 CoStar Group 449,003 9,596 0.25 Denali Therapeutics 326,062 5,577 0.15 Doordash Inc 267,784 39,033 1.03 DraftKings Inc 470,241 8,204 0.22 Duolingo Inc 93,108 9,327 0.25 Figma Inc 277,049 5,007 0.13 Guardant Health Inc 137,931 16,603 0.44 IDEXX Laboratories 23,517 9,770 0.26 Insulet 52,272 6,422 0.17 KLA Corp 64,318 8,738 0.23 Knife River Corporation Com 150,461 8,181 0.22 Lemonade Inc 163,564 5,872 0.16 Lineage Inc 148,667 4,681 0.12 Mastercard 27,365 11,654 0.31 Medline Inc 363,518 10,610 0.28 Meta Platforms Inc 73,895 30,569 0.81 Moderna Inc 283,519 11,549 0.31 Netflix Inc 214,530 11,431 0.30 NVIDIA 366,973 54,742 1.45 Oddity 205,448 2,165 0.06 RBC Bearings Inc 22,593 9,256 0.24

Baillie Gifford Managed Fund July 2026

Portfolio Statement as at 31 July 2026 cont.

Page 90

Stock description Holding Market value £’000

% of total net assets Rivian Automotive Inc 296,819 3,357 0.09 Roblox 259,762 6,872 0.18 Samsara 546,670 15,140 0.40 SharkNinja 124,374 14,951 0.39 Shopify ’A’ 289,059 25,163 0.66 Snowflake Inc 90,773 19,782 0.52 Space Exploration Technologies Corp 95,546 7,694 0.20 Sweetgreen 683,680 3,277 0.09 Tempus Ai Inc 234,648 7,649 0.20 Tesla Inc 51,399 11,886 0.31 The Ensign Group 145,643 19,281 0.51 United Therapeutics 28,137 10,824 0.29 Watsco Inc 40,390 9,283 0.25 Wayfair Inc 205,771 12,981 0.34 Workday Inc 91,630 10,917 0.29 YETI Holdings 240,319 8,739 0.23

UK - 18.90% (20.12%) 4imprint 167,381 6,893 0.18 Applied Nutrition 1,436,620 4,648 0.12 Arm Hdgs ADR 52,126 9,284 0.25 AstraZeneca 335,334 42,359 1.12 Auto Trader 2,376,717 12,449 0.33 Babcock International 1,890,999 21,198 0.56 Baltic Classifieds Group Plc 3,337,521 6,642 0.18 Bellway 465,613 9,256 0.24 Big Yellow Group 366,482 3,253 0.09 Bodycote 917,558 6,629 0.17 Breedon Group 3,032,720 10,038 0.27 Bunzl 687,439 19,262 0.51 Burberry 670,142 7,958 0.21 Close Brothers 511,577 2,177 0.06 Compass 557,718 13,142 0.35 Cranswick plc 136,717 7,314 0.19 Diageo 881,577 14,409 0.38 Diploma 156,619 11,465 0.30

Baillie Gifford Managed Fund July 2026

Portfolio Statement as at 31 July 2026 cont.

Page 91

Stock description Holding Market value £’000

% of total net assets Experian 505,729 14,110 0.37 Games Workshop Group 68,685 13,133 0.35 Genus 282,193 6,191 0.16 Greggs 221,063 4,156 0.11 Halma 188,398 6,650 0.18 Helical 2,319,918 4,617 0.12 Helios Towers Plc 1,482,714 2,903 0.08 Hikma Pharmaceuticals 985,335 15,618 0.41 Hiscox 671,416 12,146 0.32 Howden Joinery Group 2,014,853 15,887 0.42 HSBC 2,527,289 39,830 1.05 ICG Plc 288,072 5,439 0.14 Inchcape 1,134,108 9,510 0.25 Informa 1,033,265 9,153 0.24 IntegraFin 1,133,659 4,178 0.11 Kainos Group 737,244 6,491 0.17 Keller 391,265 11,832 0.31 Lancashire Holdings 1,783,105 10,743 0.28 Legal & General 6,631,781 19,922 0.53 Marks & Spencer 5,810,579 23,539 0.62 Molten Ventures 856,585 5,200 0.14 Moonpig Group Plc 3,270,391 9,013 0.24 PageGroup 2,249,969 4,088 0.11 Persimmon 401,423 4,444 0.12 Prudential 2,493,328 27,826 0.74 RELX 683,023 17,806 0.47 Renishaw 134,401 6,650 0.18 Rightmove 2,106,788 9,788 0.26 Rio Tinto 483,929 34,717 0.92 Sabre Insurance Gp 1,349,013 2,463 0.06 Shaftesbury Capital REIT 7,920,273 11,389 0.30 Softcat 495,759 9,568 0.25 Spirax Group 194,819 13,530 0.36 SSE 442,680 10,385 0.27 St. James’s Place 1,080,124 11,379 0.30 Standard Chartered 1,661,280 36,349 0.96

Baillie Gifford Managed Fund July 2026

Portfolio Statement as at 31 July 2026 cont.

Page 92

Stock description Holding Market value £’000

% of total net assets Unilever 611,315 28,995 0.77 Volution Group 1,743,325 10,791 0.28 Weir 338,180 8,914 0.24 Wise Group Plc 838,568 7,426 0.20 Fixed Income - 22.72% (21.08%)

Overseas Bonds - 12.04% (14.34%)

Credit Bonds - 5.63% (5.74%) Alcoa 4.125% 2029 (144A) 3,247,000 2,332 0.06 AT&T 5.5% 2027 2,800,000 2,812 0.07 Axon Enterprise 6.125% 2030 (144A) 2,300,000 1,732 0.05 Axon Enterprise 6.25% 2033 (144A) 2,300,000 1,735 0.05 Banco Santander 5.625% 2031 5,200,000 5,242 0.14 BestSecret E+3.75% FRN 2029 2,396,000 2,077 0.05 Blackstone Private Credit 5.95% 2029 2,700,000 2,004 0.05 Blue Owl Credit Income 4.25% 2031 5,000,000 4,095 0.11 Brisbane Airport 3.856% 2035 2,700,000 2,231 0.06 Burford Capital 6.25% 2028 (144A) 3,665,000 2,685 0.07 Burford Capital 9.25% 2031 (144A) 4,200,000 3,045 0.08 Caixabank 6.875% 2028/33 T2 4,600,000 4,728 0.12 CK Hutchison Telecom 2.625% 2034 6,250,000 4,837 0.13 Constantia Flexibles 6.25% 2032 3,280,000 2,818 0.07 CPI Property 1.5% 2031 1,560,000 1,075 0.03 CPI Property 6.875% 2033 2,500,000 2,291 0.06 DNB Bank 4% 2026/27 5,180,000 5,180 0.14 Domestic & General 8.125% 2029 4,900,000 5,074 0.13 doValue 5.375% 2031 4,100,000 3,541 0.09 EDF 6% 2114 6,700,000 5,489 0.15 EDF 7.375% 2035 Perp 5,700,000 5,906 0.16 EIB 4.875% 2036 10,542,000 7,917 0.21 Fertiberia E+5% FRN 2031 2,300,000 2,032 0.05 Ford Motor Credit 3.815% 2027 4,400,000 3,220 0.09 Gartner Inc 3.625% 2029 (144A) 3,029,000 2,121 0.06 GoDaddy 3.5% 2029 (144A) 5,900,000 4,105 0.11 Heathrow Airport 6.45% 2031/33 3,400,000 3,545 0.09

Baillie Gifford Managed Fund July 2026

Portfolio Statement as at 31 July 2026 cont.

Page 93

Stock description Holding Market value £’000

% of total net assets IBRD 4.75% 2035 2,341,000 1,750 0.05 Intesa Sanpaolo 6.625% 2033 5,320,000 5,631 0.15 Intrum 7% 2031 5,200,000 4,464 0.12 J.P. Morgan 3.782% 2028 4,335,000 3,208 0.08 J.P. Morgan 6.4% 2038 8,840,000 7,019 0.19 James Hardie 6.125% 2032 (144A) 3,500,000 2,610 0.07 Jefferies Finance 6.625% 2031 (144A) 1,700,000 1,241 0.03 Jefferies Finance Group 5% 2028 (144A) 3,395,000 2,441 0.06 Liberty Costa Rica 10.875% 2031 (Reg S) 3,380,000 2,626 0.07 MSCI Inc 4% 2029 (144A) 10,173,000 7,287 0.19 NextEra Energy 3.996% 2031/2056 5,200,000 4,323 0.11 Olin 6.625% 2033 (144A) 6,033,000 4,393 0.12 Open Text 3.875% 2028 (144A) 1,136,000 823 0.02 Pershing Square 3.25% 2031 (RegS) 3,870,000 2,559 0.07 Pershing Square Holdings 3.25% 2030 7,388,000 5,015 0.13 Public Property Invest 4.625% 2030 2,044,000 1,781 0.05 Rabobank Groep 3.649% 2027/28 (RegS) 4,460,000 3,293 0.09 Rabobank Groep 3.957% 2028 5,900,000 4,336 0.11 Rabobank Groep 4.655% 2027/28 (RegS) 2,650,000 1,971 0.05 Realty Income 5.125% 2034 8,600,000 7,811 0.21 Santander 4.175% 2027/28 2,400,000 1,777 0.05 Santander 9.625% 2029 Perp AT1 2,000,000 1,614 0.04 SoftBank Corp 3.936% 2032 5,000,000 4,252 0.11 Stagwell 5.625% 2029 (144A) 2,500,000 1,808 0.05 Stellantis NV 8.25% 2032 Perp 2,800,000 2,714 0.07 TAG Immobilien 4.25% 2030 1,700,000 1,473 0.04 Temasek 3.5% 2033 7,700,000 6,576 0.17 Temasek 5.375% 2039 (RegS) 5,901,000 4,526 0.12 Ubisoft Entertainment 0.878% 2027 5,600,000 4,311 0.11 Wagamama 8.5% 2030 2,630,000 2,184 0.06 Warehouses De Pauw 3.125% 2031 7,600,000 6,313 0.17 Whirlpool Corp 7.5% 2031 (144A) 5,000,000 3,693 0.10 Worldline SA 5.5% 2030 4,600,000 3,468 0.09

Government Bonds - 6.41% (8.60%) Argentina 0% IL 30/06/2028 5,700,000,000 9,846 0.26

Baillie Gifford Managed Fund July 2026

Portfolio Statement as at 31 July 2026 cont.

Page 94

Stock description Holding Market value £’000

% of total net assets Argentina 5% 09/01/2038 (USD) 7,952,369 4,884 0.13 Australia 3% 21/03/2047 8,457,000 3,118 0.08 Bahamas 8.25% 24/06/2036 (USD) 8,400,000 6,921 0.18 Barbados 8% 26/06/2035 (USD) 5,500,000 4,337 0.11 Brazil 10% 01/01/2035 133,000 15,270 0.40 Canada 3.5% 01/12/2045 6,924,000 3,467 0.09 Colombia 7% 26/03/2031 142,000,000,000 27,440 0.73 Egypt T Bill 25/08/2026 539,350,000 7,724 0.20 Hungary 6.25% 23/09/2037 5,360,000,000 13,286 0.35 Iceland 6.625% 2033 3,300,000 2,828 0.07 Italy 3.85% 01/07/2034 20,164,000 17,358 0.46 Japan (Govt) 0.5% 20/03/2049 #62 2,682,300,000 6,235 0.17 Japan (Govt) 2.2% 20/06/2054 1,055,750,000 3,426 0.09 Mexico 7.75% 13/11/2042 3,000,000 10,848 0.29 Nigeria Omo Bill 08/12/2026 24,400,000,000 12,434 0.33 Paraguay 8.5% 04/03/2035 78,500,000,000 9,478 0.25 Paraguay 8.5% 04/04/2038 62,000,000,000 7,404 0.20 Peru 5.4% 12/08/2034 59,332 12,660 0.33 South Africa 7% 28/02/2031 340,000,000 14,643 0.39 Spain 1.85% 30/07/2035 24,291,000 18,172 0.48 Tajikistan 7.125% 14/09/2027 (USD) 8,310,000 3,110 0.08 Turkiye 7.125% 12/02/2032 (USD) 8,316,000 6,213 0.16 Uganda 14.25% 22/06/2034 1,054,300,000 204 0.01 Uganda 16.25% 08/11/2035 19,400,000,000 4,059 0.11 Ukraine 1.75% 01/02/2034 (USD) 7,000,000 3,635 0.10 Ukraine 4% 01/02/2032 (USD) 3,700,000 2,282 0.06 US Treasury 2% 15/08/2051 16,391,000 6,546 0.17 US Treasury 2.125% IL 15/01/2035 3,369,600 2,609 0.07 US Treasury 3% 15/11/2045 4,063,300 2,174 0.06

UK Bonds - 10.68% (6.74%)

Cash Equivalents - 3.46% (2.16%) UK T Bill 09/11/2026 97,600,000 95,676 2.53 UK T Bill 16/11/2026 35,800,000 35,405 0.93

Baillie Gifford Managed Fund July 2026

Portfolio Statement as at 31 July 2026 cont.

Page 95

Stock description Holding Market value £’000

% of total net assets Credit Bonds - 4.38% (4.49%) Admiral Group 8.5% 2034 T2 3,160,000 3,549 0.09 Anglian Water 5.75% 2043 3,400,000 2,948 0.08 Anglian Water 6.25% 2044 3,600,000 3,270 0.09 Assura Financing 1.625% 2033 6,100,000 4,663 0.12 Barclays 8.375% 2031 Perp AT1 4,200,000 4,475 0.12 Barclays 9.25% 2029 Perp AT1 2,400,000 2,549 0.07 Berkeley Group 2.5% 2031 589,000 501 0.01 Close Brothers 7.75% 2028 3,650,000 3,776 0.10 Investec 10.5% 2029 Perp AT1 2,400,000 2,636 0.07 Investec 2.625% 2026/32 T2 100,000 99 0.00 Investec 5.625% 2031/36 T2 3,200,000 3,133 0.08 Just Group 6.5% 2032/2037 T2 6,000,000 5,955 0.16 Longstone 4.896% 2031 2,885,000 2,824 0.07 Marston’s FRN 2035 (B) 5,872,000 5,443 0.14 Mitchells & Butlers 6.469% 2030 (C1) 2,200,000 2,202 0.06 Mitchells & Butlers FRN (AB) 2033 14,153,000 9,644 0.25 Motability 6.25% 2045 3,000,000 2,849 0.08 National Grid ED E Midlands 5.75% 2040 6,600,000 6,472 0.17 Nationwide 7.875% Perp AT1 5,600,000 5,822 0.15 Nationwide Building Society 6.125% 2028 2,255,000 2,306 0.06 NatWest Group 3.619% 2028/2029 2,980,000 2,911 0.08 Northern Powergrid 5.375% 2037 5,900,000 5,609 0.15 Pension Insurance Corp 8% 2033 T2 2,071,000 2,244 0.06 Pinewood 6.375% 2032 3,700,000 3,708 0.10 Pinewood Gp 3.625% 2027 2,300,000 2,280 0.06 Rothesay Life 7.019% 2034 7,480,000 7,765 0.21 Schroders 6.346% 2029/34 T2 5,300,000 5,417 0.14 Southern Water 6.125% 2033 6,800,000 6,455 0.17 Supermarket Income REIT 5.125% 2031 6,100,000 5,983 0.16 Telereal 3.5625% 2031 (A3) 2,800,000 2,567 0.07 Telereal 6.1645% 2031 (B4) 450,000 292 0.01 Telereal FRN 2031 (B6) 5,000,000 3,396 0.09 Telereal FRN 2031 (B7) 8,264,000 5,877 0.16 TP ICAP Gp 2.625% 2028 906,000 851 0.02 TP ICAP Gp 7.875% 2030 3,519,000 3,741 0.10

Baillie Gifford Managed Fund July 2026

Portfolio Statement as at 31 July 2026 cont.

Page 96

Stock description Holding Market value £’000

% of total net assets University of Oxford 2.544% 2117 10,200,000 4,251 0.11 Weir Group 5.35% 2030 (144A) 2,240,000 1,667 0.04 Weir Group 6.875% 2028 1,201,000 1,227 0.03 Welsh Water 2.375% 2034 5,342,000 4,010 0.11 Westfield Stratford City 5.124% 2031 7,800,000 7,773 0.21 Wise Financing 5.1% 2030 6,800,000 6,602 0.17 Yorkshire Water 6.375% 2034 6,000,000 6,001 0.16

Government Bonds - 2.84% (0.09%) UK Treasury 4.125% 29/01/2027 92,559,863 92,585 2.45 UK Treasury 4.75% 07/12/2038 15,571,322 14,821 0.39

Derivatives - -0.19% (0.02%) Forward currency contracts (see Table 1) (4,782) (0.13) Futures contracts (see Table 2) - 0.00 Interest rate swap contracts (see Table 3) (2,485) (0.06)

Portfolio of investments 3,741,220 98.86

Net other assets - 1.14% (1.41%) 43,100 1.14

Net assets 3,784,320 100.00 1 Baillie Gifford UK & Balanced Funds ICVC related party (please refer to note 3). 2 This stock was valued at nil at the period end amid the ongoing conflict in Ukraine. It has been valued at the Investment Adviser’s valuation and therefore is categorised as level 3 in note 2.

Please note: figures are based on market values rather than economic exposure. All investments are listed on recognised stock exchanges or are fixed interest securities and are approved securities or regulated collective investment schemes within the meaning of the FCA rules unless otherwise stated. Figures in brackets in the investment category headings refer to 31 January 2026.

Baillie Gifford Managed Fund July 2026

Portfolio Statement as at 31 July 2026 cont.

Page 97

Table 1: Unrealised gains/(losses) on open forward currency contracts

Counterparty Settlement Buy Buy Amount Sell Sell Amount

Unrealised gains/(losses) £’000

% of total net assets Barclays 13/05/27 TRY 660,000,000 GBP 7,844,922 193 0.00 Citigroup 10/09/26 GBP 11,181,063 EUR 12,900,000 134 0.00 Citigroup 08/10/26 GBP 26,555,193 EUR 31,000,000 (19) 0.00 Deutsche Bank 10/09/26 JPY 450,000,000 GBP 2,115,210 (8) 0.00 Goldman Sachs 08/10/26 AUD 5,000,000 GBP 2,609,862 (3) 0.00 Goldman Sachs 08/10/26 USD 38,500,000 GBP 28,794,895 (187) (0.01) Goldman Sachs 22/10/26 GBP 288,592 BRL 2,000,000 1 0.00 HSBC 13/08/26 GBP 23,215,322 COP 120,000,000,000 (5,039) (0.13) HSBC 10/09/26 GBP 10,807,130 MXN 250,000,000 137 0.00 JP Morgan Chase 10/09/26 JPY 7,625,300,000 GBP 35,842,471 (138) 0.00 JP Morgan Chase 17/09/26 GBP 14,624,025 ZAR 320,000,000 312 0.01 JP Morgan Chase 08/10/26 JPY 700,000,000 GBP 3,252,560 32 0.00 Merrill Lynch 15/10/26 GBP 12,813,493 PEN 58,500,000 57 0.00 Royal Bank of Canada 08/10/26 GBP 16,047,933 CAD 30,400,000 (103) 0.00 UBS 08/10/26 GBP 2,569,857 EUR 3,000,000 (2) 0.00 UBS 08/10/26 GBP 13,909,791 HUF 5,930,000,000 41 0.00 UBS 08/10/26 USD 31,300,000 GBP 23,409,876 (152) 0.00 UBS 22/10/26 GBP 15,200,409 SGD 26,000,000 65 0.00 UBS 22/10/26 TWD 650,000,000 GBP 15,065,928 (103) 0.00 Unrealised gains/(losses) on open forward currency contracts (4,782) (0.13)

Table 2: Unrealised gains/(losses) on futures contracts

Futures Maturity Notional

Unrealised gains/(losses) £’000

% of total net assets Euro-Bund Future September 2026 10/09/26 11 - 0.00 Euro-Buxl 30 Year Future September 2026 10/09/26 24 - 0.00 Euro-Oat Future September 2026 10/09/26 (146) - 0.00 Italy 10 Year Bond Future September 2026 10/09/26 105 - 0.00 Japan 10 Year Bond (OSE) Future September 2026 24/09/26 32 - 0.00 Long Gilt Future 10 Year September 2026 30/09/26 (157) - 0.00 US 5 Year Note September 2026 05/10/26 204 - 0.00 US Ultra 10 year Note Future September 2026 30/09/26 (104) - 0.00 US Ultra Long (CBT) September 2026 20/09/26 (50) - 0.00 Unrealised gains/(losses) on futures contracts - 0.00

Baillie Gifford Managed Fund July 2026

Portfolio Statement as at 31 July 2026 cont.

Page 98

Table 3: Unrealised gains/(losses) on open interest rate swap contracts

Counterparty Ccy Termination Notional Fund pays Fund receives

Unrealised gains/(losses) £’000

% of total net assets Barclays USD 25/06/28 104,000,000 SOFR Secured Overnight Financing Rate

4.0603% (116) 0.00

Barclays USD 08/04/31 67,200,000 SOFR Secured Overnight Financing Rate

3.2467% (1,928) (0.05)

Citigroup EUR 12/01/27 110,100,000 ESTR Volume Weighted Trimmed Mean Rate

2.4938% 24 0.00

Goldman Sachs USD 08/04/31 52,061,034 3.2467% SOFR Secured Overnight Financing Rate

1,494 0.04

Goldman Sachs USD 12/02/44 16,749,434 3.8058% SOFR Secured Overnight Financing Rate

1,105 0.03

Goldman Sachs USD 04/02/48 19,000,000 4.1930% SOFR Secured Overnight Financing Rate

722 0.02

HSBC EUR 19/07/29 22,400,000 2.7418% Euribor 6 Month 166 0.00 HSBC EUR 19/07/29 71,600,000 Euribor 6 Month 2.7418% (530) (0.01) HSBC EUR 21/11/29 24,800,000 2.0657% ESTR Volume Weighted Trimmed Mean Rate

479 0.01

HSBC EUR 11/09/55 5,000,000 2.7747% ESTR Volume Weighted Trimmed Mean Rate

391 0.01

Lloyds Bank GBP 02/02/28 114,000,000 SONIA Interest Rate Benchmark

3.5292% (1,201) (0.03)

Lloyds Bank GBP 11/04/28 31,200,000 SONIA Interest Rate Benchmark

3.6964% (293) (0.01)

Lloyds Bank GBP 02/02/31 6,800,000 3.7427% SONIA Interest Rate Benchmark

171 0.01

Lloyds Bank GBP 02/02/31 48,000,000 SONIA Interest Rate Benchmark

3.7427% (1,211) (0.03)

Merrill Lynch USD 04/02/48 9,700,000 SOFR Secured Overnight Financing Rate

4.1930% (369) (0.01)

Morgan Stanley USD 12/02/44 16,500,000 3.8058% SOFR Secured Overnight Financing Rate

1,088 0.03

Royal Bank of Canada USD 12/02/44 38,000,000 SOFR Secured Overnight Financing Rate

3.8058% (2,506) (0.07)

Baillie Gifford Managed Fund July 2026

Portfolio Statement as at 31 July 2026 cont.

Page 99

Counterparty Ccy Termination Notional Fund pays Fund receives

Unrealised gains/(losses) £’000

% of total net assets UBS NZD 19/05/29 65,500,000 3.8347% New Zealand Bank Bill 3 Month FRA

(36) 0.00

UBS NZD 19/05/29 117,000,000 New Zealand Bank Bill 3 Month FRA

3.8347% 65 0.00

Unrealised gains/(losses) on open interest rate swap contracts (2,485) (0.06)

Baillie Gifford Managed Fund July 2026

Portfolio Statement as at 31 July 2026 cont.

Page 100

Fund and Share Information

31.07.26 31.01.26 31.01.25 31.01.24

Total net asset value of scheme property (£’000)

3,784,320 4,245,450 5,032,584 5,664,243

Synthetic Risk and Reward Indicator 1 5566

Net asset value per share (pence) A Accumulation 1,324.81 1,285.82 1,257.07 1,084.55 A Income 998.78 972.19 958.90 833.16 B Accumulation 1,700.29 1,642.83 1,591.46 1,360.00 B Income 1,005.34 977.30 963.71 837.53 C Accumulation 1,761.33 1,699.13 1,640.75 1,397.66 C Income 1,008.19 979.27 965.58 839.00 K Income 1,283.44 1,239.53 1,222.23 1,061.63

Number of shares in issue A Accumulation 216,612 247,809 311,800 455,948 A Income 34,471 48,078 97,587 152,694 B Accumulation 137,358,712 163,143,051 204,910,036 256,970,262 B Income 30,109,321 31,013,882 32,923,828 38,140,641 C Accumulation 60,229,688 68,940,081 82,186,068 124,787,671 C Income 500 500 500 500 K Income 6,393,473 7,029,964 8,256,649 9,390,134

Annual Income Record

Period to 31.07.26 (pence)

Year to 31.01.26 (pence)

Year to 31.01.25 (pence)

Year to 31.01.24 (pence) Income per share (financial period) A Accumulation 3.83 11.34 9.52 7.32 A Income 2.92 8.64 7.31 5.67 B Accumulation 10.25 28.97 25.96 22.30 B Income 6.20 17.49 15.95 13.96 C Accumulation 11.85 35.15 31.53 27.23 C Income 7.00 20.61 18.87 16.67 K Income 0.00 23.05 21.02 18.38

Baillie Gifford Managed Fund July 2026

Fund Information

Page 101

Yearly Highest and Lowest Prices

Period to 31.07.26 (pence)

Year to 31.01.26 (pence)

Year to 31.01.25 (pence)

Year to 31.01.24 (pence) Highest (financial period) A Accumulation 1,342 1,334 1,260 1,130 A Income 1,014 1,014 965.0 875.1 B Accumulation 1,721 1,700 1,595 1,405 B Income 1,024 1,023 976.3 878.9 C Accumulation 1,782 1,757 1,644 1,438 C Income 1,027 1,027 980.4 880.3 K Income 1,299 1,306 1,246 1,114

Lowest (financial period) A Accumulation 1,182 1,062 1,086 971.1 A Income 893.9 810.3 834.9 751.7 B Accumulation 1,512 1,347 1,362 1,215 B Income 899.8 815.7 838.7 758.3 C Accumulation 1,565 1,390 1,399 1,247 C Income 902.0 817.8 840.2 760.9 K Income 1,141 1,035 1,063 964.4

Ongoing Charges Figures

31.07.26 (%)

31.01.26 (%)

31.01.25 (%)

31.01.24 (%) Ongoing Charges Figures 2 A Accumulation 1.54 1.53 1.53 1.53 A Income 1.54 1.53 1.53 1.53 B Accumulation 0.43 0.43 0.42 0.42 B Income 0.43 0.43 0.42 0.42 C Accumulation 0.03 0.03 0.02 0.02 C Income 0.03 0.03 0.03 0.02 K Income 0.35 0.35 0.34 0.34

1 The Synthetic Risk and Reward Indicator demonstrates where the Fund ranks in terms of its potential risk and reward on a scale from 1 (lowest) to 7 (highest). The higher the rank the greater the potential reward but the greater the risk of losing money. It is based on past data, may change over time and may not be a reliable indication of the future risk profile of the Fund. Further information is included in the Risk and Reward Profile section of the Fund’s interim report. 2 The Ongoing Charges Figure is based on the expenses for the financial period and may vary from year to year. It excludes the cost of buying and selling assets for the Fund although custodian transaction costs are included. For further details on the costs associated with investing in the Fund please see the Enhanced Disclosure of Fund Costs and Charges document, which is available on the website www.bailliegifford.com. You should be aware that past performance is not a guide to future performance.

Baillie Gifford Managed Fund July 2026

Fund Information cont.

Page 102

Statement of Total Return for the six months ended 31 July 2026

31 July 2026 31 July 2025 £’000 £’000 £’000 £’000 Income

Net capital gains/(losses) 79,769 19,792 Revenue 62,356 62,717 Expenses (6,237) (7,222) Net revenue before taxation 56,119 55,495 Taxation (5,963) (6,004) Net revenue after taxation 50,156 49,491 Total return before distributions 129,925 69,283 Distributions (26,785) (32,300) Change in net assets attributable to shareholders from investment activities 103,140 36,983

Statement of Change in Net Assets Attributable to Shareholders for the six months ended 31 July 2026

31 July 2026 31 July 2025 £’000 £’000 £’000 £’000 Opening net assets attributable to shareholders 4,245,450 5,032,584 Amounts receivable on issue of shares 14,984 7,705 Amounts payable on cancellation of shares (601,167) (435,795) (586,183) (428,090) Dilution adjustment 688 454 Change in net assets attributable to shareholders from investment activities 103,140 36,983 Retained distributions on accumulation shares 21,225 27,962 Closing net assets attributable to shareholders 3,784,320 4,669,893

Baillie Gifford Managed Fund July 2026

Interim Financial Statements (Unaudited)

100

Page 103

Balance Sheet as at 31 July 2026

31 July 2026 31 January 2026 £’000 £’000 Assets: Fixed assets: Investments 3,755,164 4,190,406 Current assets: Debtors 95,126 52,250 Cash and bank balances 44,471 67,741 Total assets 3,894,761 4,310,397 Liabilities: Investment liabilities (13,944) (4,863) Creditors: Bank overdrafts (34,357) (466) Distributions payable (1,868) (5,124) Other creditors (60,272) (54,494) Total liabilities (110,441) (64,947) Net assets attributable to shareholders 3,784,320 4,245,450

Baillie Gifford Managed Fund July 2026

Interim Financial Statements (Unaudited) cont.

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2 Fair Value Hierarchy 31 July 2026 31 January 2026 Level 1 £’000

Level 2 £’000

Level 3 £’000

Total £’000

Level 1 £’000

Level 2 £’000

Level 3 £’000

Total £’000 Assets: Equities 1 2,862,108 - - 2,862,108 3,260,094 - - 3,260,094 Debt instruments 280,303 579,698 - 860,001 191,764 703,121 - 894,885 Collective investment schemes - 26,378 - 26,378 - 29,737 - 29,737 Derivatives - 6,677 - 6,677 - 5,690 - 5,690 Assets Total 3,142,411 612,753 - 3,755,164 3,451,857 738,548 - 4,190,406 Liabilities: Derivatives - (13,944) - (13,944) - (4,863) - (4,863) Liabilities Total - (13,944) - (13,944) - (4,863) - (4,863) 1 For further information on the assets included in Level 3, as at 31 July 2026, please refer to the Portfolio Statement.

Baillie Gifford Managed Fund July 2026

Notes to the Financial Statements (Unaudited)

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3 Related party transactions (continued)

Amounts paid to Baillie Gifford & Co Limited in respect of annual management charge for the interim period were £5,673,000 (interim period to 31 July 2025: £6,698,000). Amounts due at the interim period end were £939,000 (31 January 2026: £1,036,000). During the period Baillie Gifford & Co Limited deemed it appropriate to reimburse expenses to the Fund. The amount of expenses reimbursed for the interim period end was £2,000 (31 July 2025: nil). Amounts receivable at the Balance Sheet date were £3,000 (31 January 2026: £2,000). The Fund invests in other funds for whom Baillie Gifford & Co, the ultimate parent company of the ACD, act as Investment Adviser and these funds are therefore considered to be related parties. Transactions with these related party funds are noted in the table below.

31 July 2026 31 January 2026 Purchases £’000

Sales £’000

Income £’000

Purchases £’000

Sales £’000

Income £’000 Baillie Gifford Japanese Smaller Companies Fund C Acc - 8,857 356 - 3,374 456

Shares held by the ACD and associates of the ACD The shares held by the ACD and associates of the ACD as a percentage of the Fund’s NAV were: 31 July 2026 %

31 January 2026 % ACD and associates of the ACD 0.00 0.00

Baillie Gifford Managed Fund July 2026

Notes to the Financial Statements (Unaudited) cont.

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Baillie Gifford Managed Fund July 2026

104

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Baillie Gifford Responsible Global Equity Income Fund

a sub-fund of Baillie Gifford UK & Balanced Funds ICVC

Interim Report & Financial Statements (Unaudited)

for the six months ended 31 July 2026

105

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Investment Objective

Investment Policy

The Fund will invest at least 90% in shares of companies anywhere in the world which are managed and behave responsibly. The Fund will apply an environmental, social and governance overlay. To determine if a company is managed and behaves responsibly, the Investment Adviser applies a proprietary framework focusing on material ESG factor(s) that could have a significant impact on a company’s long-term financial performance and risks, by assessing: (i) the impact of a company’s (a) products and (b) operations on the environment and society; (ii) the company’s ambition to either further or address that impact; and (iii) the level of trust that the Investment Adviser considers investors should have in the management team and the board of the company. The Fund applies a revenue-based screen that excludes companies with a defined level of activity in certain sectors, details of which are disclosed in the Prospectus. Companies the Fund directly invests in will be selected following a norms-based evaluation. The Fund will comply with the Investment Adviser’s policy on assessing breaches of the United Nations Global Compact as outlined in its Stewardship Principles and Guidelines document. The Fund will be managed to align the Fund’s holdings with the goal of net zero greenhouse gas emissions by 2050 or sooner, in line with global efforts to limit warming to 1.5C (“net zero”). As part of this process, all portfolio companies are actively assessed and prioritised for engagement for their alignment with net zero on an ongoing basis. The Fund will be actively managed and invest in companies of any size and in any sector.

Risk and Reward Profile

1 2 3 4 5 6 7

Typically lower rewards, lower risk Typically higher rewards, higher risk

Market conditions can change rapidly and a fund in any rank can lose you your investment. The Fund is classified as above as it invests in company shares.

The indicator does not take into account the following relevant material risks:

The Fund’s investment policy limits the type of companies it can hold. The Fund may have different returns from funds with no such restrictions.

Baillie Gifford Responsible Global Equity Income Fund July 2026

Baillie Gifford Responsible

Global Equity Income

Fund

106

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The limitations of third party data, which may be backward looking or estimated, may impact on the Fund’s ability to achieve any non-financial considerations.

Custody of assets involves a risk of loss if a custodian becomes insolvent or breaches duties of care.

You could lose your investment due to global factors like natural disasters, pandemics, or through developments such as military conflict, or changes in government policies.

The manager can charge some, or all, expenses to the Fund’s capital, reducing its value. This amount can vary from year to year.

For a more detailed explanation of the risks, please see the “Risk Warnings” section of the prospectus.

Fees Allocated to Capital

Baillie Gifford Responsible Global Equity Income Fund July 2026

Baillie Gifford Responsible

Global Equity Income

Fund cont.

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Past Performance

2.8

8.6 10.0

3.2

6.2 2.7

7.3

17.8 13.0

20.6

-5

31/07/2021 to 31/07/2022 31/07/2022 to 31/07/2023 31/07/2023 to 31/07/2024 31/07/2024 to 31/07/2025 31/07/2025 to 31/07/2026

Baillie Gifford Responsible Global Equity Income Fund B Income Shares¹ MSCI ACWI Index²

Total Return Six Months (%)

Five Year (p.a.) (%)

Baillie Gifford Responsible Global Equity Income Fund B Income Shares 1

5.8 6.1

MSCI ACWI Index 2 10.5 12.1 Capital Return Five Year (p.a.) (%)

Baillie Gifford Responsible Global Equity Income Fund B Income Shares 3

3.7

Total Income Stream Six Months (Pence per Share) Baillie Gifford Responsible Global Equity Income Fund B Income Shares

1.80

Five Year Income Growth (Annualised) (%)

Baillie Gifford Responsible Global Equity Income Fund B Income Shares 4 6.1

Annualised Five-Year Yield (%)

Baillie Gifford Responsible Global Equity Income Fund B Income Shares 4,5 2.2

MSCI ACWI Index 5,6 1.9

Baillie Gifford Responsible Global Equity Income Fund July 2026

Investment Report

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Past Performance

Market Environment

Performance

Baillie Gifford Responsible Global Equity Income Fund July 2026

Investment Report cont.

109

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Notable Transactions

The Fund purchased Cullen/Frost Bankers, a conservatively managed Texas bank with a strong deposit franchise and a long runway for organic branch growth. The investment adds a differentiated financial growth driver to the Fund.

The Fund sold CME Group, a financial exchange, after a deterioration in the regulatory backdrop weakened our assessment of its competitive position. We also completed the sale of T. Rowe Price, an asset manager. Persistent outflows, competition from passive products and continuing fee pressure reduced our confidence in the company’s long-term growth prospects.

Baillie Gifford & Co, 14 August 2026

Baillie Gifford Responsible Global Equity Income Fund July 2026

Investment Report cont.

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Investment Percentage of total Fund

TSMC 5.02 Apple 4.60 Alphabet Inc Class A 3.99 Microsoft 3.54 Atlas Copco A 3.17 Analog Devices 3.10 Procter & Gamble 3.06 Schneider Electric SE 2.66 Cisco Systems 2.55 USS Co 2.40

Baillie Gifford Responsible Global Equity Income Fund July 2026

Principal Holdings as at 31 July 2026

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Largest Purchases Cost £’000

Alphabet Inc Class A 29,371 Cullen/Frost Bankers 18,447 American Tower Corp REIT 8,800 Intuit 7,066 Sumitomo Mitsui Trust 7,064 Paychex 6,106 NetEase HK Line 5,718 AJ Gallagher & Co 5,083 Edenred 4,244 Novo Nordisk 3,314

Largest Sales Proceeds £’000

TSMC 35,127 CME Group Inc 30,237 Analog Devices 22,547 B3 S.A. 13,088 Medtronic 13,078 T. Rowe Price 11,966 Apple 11,459 Microsoft 10,013 Roche Holding AG 9,041 Valmet Oyj 8,937

Baillie Gifford Responsible Global Equity Income Fund July 2026

Material Portfolio Changes

for the six months ended 31 July 2026

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Stock description Holding Market value £’000

% of total net assets

Australia - 1.56% (1.48%) Carsales.com 1,043,761 14,158 1.56

Brazil - 1.54% (2.37%) B3 S.A. 6,101,850 14,038 1.54

China - 4.50% (3.41%) Midea Group ’A’ 2,204,855 21,270 2.34 NetEase HK Line 1,000,400 19,699 2.16

Denmark - 2.91% (3.19%) Coloplast AS 166,388 8,172 0.90 Novo Nordisk 520,500 18,247 2.01

Finland - 0.00% (1.08%)

France - 7.08% (5.67%) Edenred 820,474 20,006 2.20 L’Oreal 61,043 20,194 2.22 Schneider Electric SE 97,841 24,225 2.66

Germany - 2.83% (2.82%) Deutsche Boerse 93,876 21,052 2.32 SAP 34,433 4,642 0.51

Hong Kong - 2.53% (2.50%) ANTA Sports Products 1,488,085 11,133 1.22 Hong Kong Exchanges & Clearing 306,540 11,869 1.31

Ireland - 1.42% (2.19%) Accenture ’A’ 104,469 12,880 1.42

Japan - 3.19% (2.07%) Sumitomo Mitsui Trust 935,200 7,219 0.79

Baillie Gifford Responsible Global Equity Income Fund July 2026

Portfolio Statement as at 31 July 2026

113

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Stock description Holding Market value £’000

% of total net assets

USS Co 2,319,200 21,836 2.40

Luxembourg - 0.57% (0.84%) Eurofins 89,273 5,202 0.57

Netherlands - 0.81% (0.94%) Wolters Kluwer N.V. 126,627 7,349 0.81

Singapore - 2.11% (1.87%) United Overseas Bank 762,900 19,164 2.11

South Africa - 1.09% (1.25%) AVI 2,443,096 9,872 1.09

Spain - 2.11% (2.02%) Amadeus IT Group SA 421,243 19,210 2.11

Sweden - 5.33% (5.65%) Atlas Copco A 1,843,219 28,872 3.17 Epiroc B 1,206,854 19,609 2.16

Switzerland - 5.65% (7.52%) Nestle 207,609 15,447 1.70 Partners Group 23,745 14,656 1.61 Roche Holding AG 65,490 21,269 2.34

Taiwan - 6.75% (6.62%) Mediatek 193,000 15,775 1.73 TSMC 818,000 45,608 5.02

UK - 5.06% (4.02%) Admiral Group 554,950 20,933 2.30 Experian 500,715 13,970 1.54 Greencoat UK Wind 9,949,661 11,133 1.22

Baillie Gifford Responsible Global Equity Income Fund July 2026

Portfolio Statement as at 31 July 2026 cont.

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Stock description Holding Market value £’000

% of total net assets

United States - 42.74% (42.64%) AJ Gallagher & Co 71,958 13,337 1.47 Albemarle 107,305 9,380 1.03 Alphabet Inc Class A 137,046 36,267 3.99 American Tower Corp REIT 71,450 9,204 1.01 Analog Devices 103,310 28,205 3.10 Apple 182,216 41,827 4.60 Cisco Systems 269,373 23,217 2.55 Cullen/Frost Bankers 163,238 20,177 2.22 Fastenal 568,493 20,154 2.22 Home Depot 46,906 11,570 1.27 Intuit 45,459 10,677 1.17 Jack Henry & Associates 147,472 16,880 1.86 Microsoft 93,139 32,163 3.54 MSCI 23,392 9,947 1.09 Paychex 168,817 14,657 1.61 PepsiCo 199,882 20,729 2.28 Procter & Gamble 259,488 27,861 3.06 Starbucks Corp 112,689 8,813 0.97 Texas Instruments 68,893 14,116 1.55 Watsco Inc 84,960 19,527 2.15

Portfolio of investments 907,417 99.78

Net other assets - 0.22% (-0.15%) 1,968 0.22

Net assets 909,385 100.00

Baillie Gifford Responsible Global Equity Income Fund July 2026

Portfolio Statement as at 31 July 2026 cont.

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Fund and Share Information

31.07.26 31.01.26 31.01.25 31.01.24

Total net asset value of scheme property (£’000)

909,385 1,075,700 1,220,639 1,085,164

Synthetic Risk and Reward Indicator 1 5555

Net asset value per share (pence) B Accumulation 210.22 199.52 201.80 181.50 B Income 176.62 169.37 175.47 161.33 C Accumulation 218.70 207.06 208.38 186.48 C Income 183.59 175.61 181.02 165.61 J Accumulation 212.66 201.68 203.69 182.93 J Income 177.46 170.05 175.91 161.50 P Accumulation 210.90 200.11 202.30 181.87 P Income 177.42 170.10 176.13 161.87 W6 Accumulation 211.01 200.10 202.05 181.43 W6 Income 177.26 169.85 175.66 161.25

Number of shares in issue B Accumulation 42,900,241 75,339,769 97,114,246 105,036,398 B Income 61,826,088 68,344,306 102,747,106 103,053,928 C Accumulation 6,562,816 9,551,520 14,274,576 15,599,003 C Income 46,486,502 66,487,741 68,683,553 70,053,416 J Accumulation 7,279,470 11,659,052 11,879,891 11,766,545 J Income 6,151,606 6,814,501 3,305,078 2,843,998 P Accumulation 750 750 750 750 P Income 750 750 750 750 W6 Accumulation 59,917,139 66,962,591 68,154,020 45,369,394 W6 Income 258,075,647 296,733,125 297,486,434 294,398,075

Baillie Gifford Responsible Global Equity Income Fund July 2026

Fund Information

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Annual Income Record

Period to 31.07.26 (pence)

Year to 31.01.26 (pence)

Year to 31.01.25 (pence)

Year to 31.01.24 (pence) Income per share (financial period) B Accumulation 2.13 4.67 4.29 3.86 B Income 1.80 4.04 3.78 3.49 C Accumulation 2.21 4.84 4.41 3.96 C Income 1.87 4.17 3.90 3.57 J Accumulation 2.15 4.71 4.33 3.89 J Income 1.81 4.05 3.79 3.49 P Accumulation 2.13 4.69 4.29 3.87 P Income 1.81 4.05 3.80 3.50 W6 Accumulation 2.13 4.68 4.29 3.86 W6 Income 1.81 4.04 3.79 3.48

Yearly Highest and Lowest Prices

Period to 31.07.26 (pence)

Year to 31.01.26 (pence)

Year to 31.01.25 (pence)

Year to 31.01.24 (pence) Highest (financial period) B Accumulation 211.2 203.1 203.1 184.2 B Income 178.4 175.6 177.8 164.8 C Accumulation 219.7 210.8 209.7 189.2 C Income 185.4 181.2 183.5 169.1 J Accumulation 213.7 205.3 204.9 185.6 J Income 179.2 176.0 178.3 164.9 P Accumulation 211.9 203.7 203.6 184.6 P Income 179.2 176.3 178.5 165.3 W6 Accumulation 212.0 203.7 203.3 184.1 W6 Income 179.0 175.8 178.0 164.7

Lowest (financial period) B Accumulation 187.7 171.0 182.3 162.6 B Income 159.4 148.7 161.9 147.8 C Accumulation 195.0 176.8 187.3 166.3 C Income 165.4 153.6 166.3 151.0 J Accumulation 189.8 172.7 183.7 163.7 J Income 160.0 149.1 162.2 147.7 P Accumulation 188.3 171.5 182.7 162.9 P Income 160.1 149.3 162.5 148.2 W6 Accumulation 188.3 171.3 182.2 162.3 W6 Income 159.9 148.9 161.9 147.5

Baillie Gifford Responsible Global Equity Income Fund July 2026

Fund Information cont.

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Ongoing Charges Figures

31.07.26 (%)

31.01.26 (%)

31.01.25 (%)

31.01.24 (%) Ongoing Charges Figures 2 B Accumulation 0.54 0.53 0.52 0.52 B Income 0.54 0.53 0.52 0.52 C Accumulation 0.03 0.03 0.02 0.02 C Income 0.03 0.03 0.02 0.02 J Accumulation 0.38 0.38 0.37 0.37 J Income 0.38 0.38 0.37 0.37 P Accumulation 0.49 0.48 0.47 0.47 P Income 0.48 0.48 0.47 0.47 W6 Accumulation 0.37 0.36 0.36 0.37 W6 Income 0.37 0.36 0.36 0.37

1 The Synthetic Risk and Reward Indicator demonstrates where the Fund ranks in terms of its potential risk and reward on a scale from 1 (lowest) to 7 (highest). The higher the rank the greater the potential reward but the greater the risk of losing money. It is based on past data, may change over time and may not be a reliable indication of the future risk profile of the Fund. Further information is included in the Risk and Reward Profile section of the Fund’s interim report. 2 The Ongoing Charges Figure is based on the expenses for the financial period and may vary from year to year. It excludes the cost of buying and selling assets for the Fund although custodian transaction costs are included. For further details on the costs associated with investing in the Fund please see the Enhanced Disclosure of Fund Costs and Charges document, which is available on the website www.bailliegifford.com. You should be aware that past performance is not a guide to future performance.

Baillie Gifford Responsible Global Equity Income Fund July 2026

Fund Information cont.

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Statement of Total Return for the six months ended 31 July 2026

31 July 2026 31 July 2025 £’000 £’000 £’000 £’000 Income

Net capital gains/(losses) 35,879 (45,728) Revenue 17,153 18,606 Expenses (1,772) (2,099) Net revenue before taxation 15,381 16,507 Taxation (1,639) (1,758) Net revenue after taxation 13,742 14,749 Total return before distributions 49,621 (30,979) Distributions (10,891) (11,941) Change in net assets attributable to shareholders from investment activities 38,730 (42,920)

Statement of Change in Net Assets Attributable to Shareholders for the six months ended 31 July 2026

31 July 2026 31 July 2025 £’000 £’000 £’000 £’000 Opening net assets attributable to shareholders 1,075,700 1,220,639 Amounts receivable on issue of shares 7,978 44,575 Amounts payable on cancellation of shares (216,043) (66,220) (208,065) (21,645) Dilution adjustment 186 86 Change in net assets attributable to shareholders from investment activities 38,730 (42,920) Retained distributions on accumulation shares 2,834 3,783 Closing net assets attributable to shareholders 909,385 1,159,943

Baillie Gifford Responsible Global Equity Income Fund July 2026

Interim Financial Statements (Unaudited)

119

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Balance Sheet as at 31 July 2026

31 July 2026 31 January 2026 £’000 £’000 Assets: Fixed assets: Investments 907,417 1,077,339 Current assets: Debtors 7,059 5,375 Cash and bank balances 7,513 6,292 Total assets 921,989 1,089,006 Liabilities: Creditors: Bank overdrafts (4,253) (2,873) Distributions payable (3,472) (6,427) Other creditors (4,879) (4,006) Total liabilities (12,604) (13,306) Net assets attributable to shareholders 909,385 1,075,700

Baillie Gifford Responsible Global Equity Income Fund July 2026

Interim Financial Statements (Unaudited) cont.

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2 Fair Value Hierarchy 31 July 2026 31 January 2026 Level 1 £’000

Level 2 £’000

Level 3 £’000

Total £’000

Level 1 £’000

Level 2 £’000

Level 3 £’000

Total £’000 Assets: Equities 907,417 - - 907,417 1,077,339 - - 1,077,339 Assets Total 907,417 - - 907,417 1,077,339 - - 1,077,339

3 Related party transactions Baillie Gifford & Co Limited, as ACD, is regarded as a related party by virtue of the services provided to the Company. Baillie Gifford & Co Limited acts as principal in respect of all transactions of shares in the Company, except where stocks are transferred on the issue or cancellation of shares. The aggregate monies received through issue and paid on cancellation are disclosed in the Statement of Change in Net Assets Attributable to Shareholders. Amounts receivable on the issue of shares at the Balance Sheet date were £241,000 (31 January 2026: £132,000). Amounts payable on the cancellation of shares at the Balance Sheet date were £2,254,000 (31 January 2026: £3,606,000). Amounts paid to Baillie Gifford & Co Limited in respect of annual management charge for the interim period were £1,652,000 (interim period to 31 July 2025: £1,962,000). Amounts due at the interim period end were £259,000 (31 January 2026: £300,000).

Baillie Gifford Responsible Global Equity Income Fund July 2026

Notes to the Financial Statements (Unaudited)

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3 Related party transactions (continued)

Shares held by the ACD and associates of the ACD The shares held by the ACD and associates of the ACD as a percentage of the Fund’s NAV were: 31 July 2026 %

31 January 2026 % ACD and associates of the ACD 0.00 0.49

Baillie Gifford Responsible Global Equity Income Fund July 2026

Notes to the Financial Statements (Unaudited) cont.

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Baillie Gifford UK and Worldwide Equity Fund

a sub-fund of Baillie Gifford UK & Balanced Funds ICVC

Interim Report & Financial Statements (Unaudited)

for the six months ended 31 July 2026

123

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Investment Objective

The Fund aims to outperform (after deduction of costs) a composite index comprising 60% UK and 40% overseas equities, as stated in sterling, over rolling five-year periods. The composite index is calculated by Baillie Gifford and comprises: 60% FTSE All-Share Index and 40% Overseas indices. The overseas element is currently made up of 28% FTSE North America Index; 28% FTSE Europe ex UK Index; 28% MSCI Pacific Index and 16% MSCI Emerging Markets Index.

Investment Policy

The Fund will invest at least 90% directly or indirectly in shares of UK and overseas companies of any size and in any sector. The indirect investment will be through collective investment schemes. The Fund will invest a minimum of 45% in shares of UK companies and 25% in shares of non-UK companies. Companies the Fund directly invests in will be selected following a norms-based evaluation. The Fund will comply with the Investment Adviser’s policy on assessing breaches of the United Nations Global Compact as outlined in its Stewardship Principles and Guidelines document. The Fund will be managed to align the Fund’s holdings with the goal of net zero greenhouse gas emissions by 2050 or sooner, in line with global efforts to limit warming to 1.5C (“net zero”). As part of this process, all portfolio companies are actively assessed and prioritised for engagement for their alignment with net zero on an ongoing basis. The Fund will be actively managed.

Risk and Reward Profile

shaded area in the table below shows the Fund’s ranking on the Risk and Reward Indicator.

1 2 3 4 5 6 7

Typically lower rewards, lower risk Typically higher rewards, higher risk

Market conditions can change rapidly and a fund in any rank can lose you your investment. The Fund is classified as above as it invests in company shares.

The indicator does not take into account the following relevant material risks:

Custody of assets involves a risk of loss if a custodian becomes insolvent or breaches duties of care.

You could lose your investment due to global factors like natural disasters, pandemics, or through developments such as military conflict, or changes in government policies.

Where possible, charges are taken from income. If insufficient, the rest will be taken from capital, reducing the capital value of the Fund.

Baillie Gifford UK and Worldwide Equity Fund July 2026

Baillie Gifford UK and Worldwide

Equity Fund

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For a more detailed explanation of the risks, please see the “Risk Warnings” section of the prospectus.

Baillie Gifford UK and Worldwide Equity Fund July 2026

Baillie Gifford UK and Worldwide

Equity Fund cont.

125

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Past Performance

-19.7

5.8 8.7 11.8 10.5 2.7 7.2

13.7 11.9

22.6

-30

-20

-10

31/07/2021 to 31/07/2022 31/07/2022 to 31/07/2023 31/07/2023 to 31/07/2024 31/07/2024 to 31/07/2025 31/07/2025 to 31/07/2026

Baillie Gifford UK and Worldwide Equity Fund B Accumulation Sha res¹ 60% FTSE All-Share Index and 40% Overseas indices²

Six Months (%)

Five Year (p.a.) (%)

Baillie Gifford UK and Worldwide Equity Fund B Accumulation Shares 1

6.5 2.7

60% FTSE All-Share Index and 40% Overseas 2 8.9 11.4

The performance figures shown in this graph are for Class B Accumulation Shares. Performance figures reflect the annual management charge of 0.45%. Performance figures for the other share classes in issue can be obtained by contacting Client Relations. You should be aware that past performance is not a guide to future performance.

Past Performance

Over the past five years, performance has been below the benchmark. We recognise that this has been a challenging period for shareholders. 2022 was a particularly significant contributor to that outcome, with an exceptionally difficult market environment compounded by several stock-specific detractors. While the backdrop provides important context, it does not change the result. In response, we have continued to strengthen our portfolio construction approach, broaden the sources of return represented in the Fund and apply greater valuation discipline, while retaining our conviction in long-term active growth investing.

Market Environment

Over the six months to the end of July, artificial intelligence remained an important driver of equity markets, with investors continuing to assess whether the significant investment in computing infrastructure will ultimately generate attractive returns. Geopolitical uncertainty and higher energy prices periodically added to market volatility. Inflation has moderated from earlier peaks but remains above central bank targets in several major economies, leaving the outlook for interest rates uncertain.

1 Source: FE, 10am dealing prices, income accumulated. 2 Source: Revolution, FTSE and MSCI, total return in sterling terms. Please see Disclaimer on page 160. The overseas index is comprised of 60% FTSE All-Share Index and 40% Overseas indices. The overseas ele ment is currently made up of 28% FTSE North America Index; 28% FTSE Europe (ex UK) Index; 28% MSCI Pacific Index and 16% MSCI Emerging Markets Index. You should be aware that past performance is not a guide to future performance.

Baillie Gifford UK and Worldwide Equity Fund July 2026

Investment Report

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Performance

The Fund delivered a positive return over the period, although it trailed the benchmark.

Among the underlying holdings that performed well over the last six months, several of the strongest contributors were companies exposed to the continued growth in computing and artificial-intelligence infrastructure. SK Hynix 1 , the South Korean memory-chip manufacturer, was the largest contributor, while Samsung Electronics 1 , which combines a major memory-chip business with consumer electronics, also performed strongly. Murata and Taiyo Yuden, the Japanese manufacturers of electronic components used in smartphones, vehicles and other connected devices, were other notable contributors.

Strong performance was not confined to technology. Keller, the specialist geotechnical contractor, was among the Fund’s largest contributors after reporting strong trading, particularly in its North American foundations business. A multi-year contract on a major US highway reconstruction project increased revenue visibility and helped lift its order book to a record level, while the announcement of a share buyback provided further evidence of management’s confidence in the company’s cash generation and balance sheet. Bunzl, the UK-listed distributor of essential business supplies, was another significant positive contributor.

Among holdings that detracted, Babcock International, the UK defence and engineering services group, experienced a difficult period. UK defence shares came under pressure following strong previous performance, while Babcock also announced a charge relating to additional costs on one of its major naval programmes. The charge, associated with late-stage design changes and additional work, was disappointing and highlights the execution risks involved in complex defence contracts. However, the company’s broader operational progress remained encouraging, and we continue to

believe its strategically important positions in defence and nuclear, alongside rising defence expenditure, support the long-term investment case.

St. James’s Place, the UK wealth-management business, was another significant detractor as its shares fell sharply over the period. Bellway, the UK housebuilder, also declined as management adopted a more cautious outlook amid concerns about cost inflation and uncertainty in the mortgage market. Despite this, customer demand has been improving, and we continue to believe the company is well positioned for a housing market recovery. The shares remain at a substantial discount to book value, which we believe offers attractive long-term potential if margins and returns improve as expected.

Relative performance was also affected by the Fund’s positioning in some large benchmark companies. Shell, the UK-listed energy major, is not held and therefore detracted from relative returns as its shares rose strongly over the period. The Fund also holds less HSBC than the benchmark, so the bank’s strong share-price performance was a further headwind to performance compared to the benchmark.

Notable Transactions

Breadth has long been a defining feature of the Fund. Long-term holdings such as Bunzl, Amazon and Samsung are complemented by more recent purchases including Mastercard, SSE and UBS, each adding differentiated growth opportunities and helping to diversify sources of return. On the sale side, IDP Education and Novo Nordisk did not develop as we had hoped: the former faced a deteriorating operating environment, while for the latter, the prospect of renewed upside appeared less compelling in the near term. Overall, the portfolio is broader and more deliberate, capturing a wider range of growth opportunities rather than simply following recent winners or the index.

Baillie Gifford & Co, 14 August 2026

1 This holding is held by Baillie Gifford Emerging Markets Growth Fund and Baillie Gifford Emerging Markets Leading Companies Fund, which are themselves holdings within this fund. As such, the holding is reflected in the stock-level attribution.

Baillie Gifford UK and Worldwide Equity Fund July 2026

Investment Report cont.

127

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Investment Percentage of total Fund

Baillie Gifford Emerging Markets Leading Companies Fund C Acc 1 3.76 AstraZeneca 3.51 HSBC 3.30 Baillie Gifford Emerging Markets Growth Fund C Acc 1 3.26 Standard Chartered 3.01 Rio Tinto 2.88 Unilever 2.40 Prudential 2.30 Marks & Spencer 1.96 Babcock International 1.76 1 Baillie Gifford UK & Balanced Funds ICVC related party (please refer to note 3).

Baillie Gifford UK and Worldwide Equity Fund July 2026

Principal Holdings as at 31 July 2026

128

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Largest Purchases Cost £’000

Compass 3,015 Scottish & Southern Energy 2,591 HSBC 2,416 Unilever 2,119 AstraZeneca 1,354 Softcat 1,188 TotalEnergies 1,144 CaixaBank 904 Broadcom Inc 856 The Chiba Bank, Ltd 828

Largest Sales Proceeds £’000

Baillie Gifford Emerging Markets Leading Companies Fund C Acc 1

5,010

Baillie Gifford Emerging Markets Growth Fund C Acc 1

4,477

Ashtead 2,261 Inchcape 2,160 Informa 1,608 Sandoz Group AG Shs 1,517 Bodycote 1,458 St. James’s Place 1,352 Legal & General 1,149 Murata 1,103 1 Baillie Gifford UK & Balanced Funds ICVC related party (please refer to note 3).

Baillie Gifford UK and Worldwide Equity Fund July 2026

Material Portfolio Changes

for the six months ended 31 July 2026

129

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Stock description Holding Market value £’000

% of total net assets

Equities - 99.05% (99.61%)

Developed Asia Pacific - 11.86% (12.00%) AIA Group 73,800 554 0.21 Asahi Group Holdings 71,200 554 0.21 Baillie Gifford Japanese Smaller Companies Fund C Acc 1 35,550 1,823 0.69 BHP Group Ltd (Aus. listing) 57,843 1,821 0.69 Carsales.com 31,291 424 0.16 Chugai Pharmaceutical 16,800 543 0.20 Cochlear 3,164 198 0.07 Cosmos Pharmaceutical 20,400 608 0.23 Daikin Industries 6,600 718 0.27 Fast Retailing 2,400 876 0.33 Hong Kong Exchanges & Clearing 19,748 765 0.29 Hoshizaki Corp 27,300 727 0.27 Itochu Corp 56,000 526 0.20 JEOL 18,000 691 0.26 Kawasaki Heavy Industries 58,000 748 0.28 Keyence 2,800 1,060 0.40 Kyoto Financial Group Inc 23,600 489 0.18 Money Forward 12,100 308 0.12 Murata 13,400 464 0.17 Nakanishi 41,900 593 0.22 National Australia Bank 24,373 526 0.20 Nintendo 13,800 495 0.19 Nippon Paint 106,500 601 0.23 Olympus 55,200 469 0.18 Recruit Holdings 21,100 1,236 0.46 Reece Ltd 61,507 517 0.19 SBI Holdings 34,100 483 0.18 Sea Ltd ADR 6,107 484 0.18 Shimano 3,600 338 0.13 Shin-Etsu Chemical 19,800 536 0.20 SMC 2,100 691 0.26 SoftBank Group 39,200 962 0.36

Baillie Gifford UK and Worldwide Equity Fund July 2026

Portfolio Statement as at 31 July 2026

130

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Stock description Holding Market value £’000

% of total net assets

Sony 74,800 1,322 0.50 Sugi Holdings 17,400 229 0.09 Sumitomo Mitsui Trust 126,800 979 0.37 Taiyo Yuden 4,400 210 0.08 Techtronic Industries 79,500 994 0.37 The Chiba Bank Ltd 70,100 859 0.32 Tokio Marine Holdings Inc 14,600 553 0.21 Tokyo Electron 4,500 1,166 0.44 Unicharm 134,700 633 0.24 United Overseas Bank 69,400 1,743 0.66 Worley Group 114,983 634 0.24 Xero Ltd 9,319 340 0.13

Emerging Markets - 7.02% (8.51%) Baillie Gifford Emerging Markets Growth Fund C Acc 1 440,080 8,674 3.26 Baillie Gifford Emerging Markets Leading Companies Fund C Acc 1 898,016 9,977 3.76

Europe (ex UK) - 11.13% (12.26%) Ackermans & Van Haaren NV 2,735 629 0.24 Adyen N.V. 861 646 0.24 AIB Group Plc 80,978 710 0.27 Airbus SE 3,917 677 0.26 Allegro.eu 108,760 971 0.37 ASM International N.V. 1,673 1,146 0.43 ASML 1,922 2,357 0.89 Atlas Copco B 60,193 824 0.31 Avanza Bank Holding 24,206 738 0.28 CaixaBank 95,912 1,030 0.39 Deutsche Telekom AG 37,567 859 0.32 Dino Polska 109,790 697 0.26 DSV 5,282 849 0.32 EQT 12,827 323 0.12 EXOR 9,624 570 0.21 Iberdrola SA 32,896 581 0.22

Baillie Gifford UK and Worldwide Equity Fund July 2026

Portfolio Statement as at 31 July 2026 cont.

131

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Stock description Holding Market value £’000

% of total net assets

IMCD Group N.V. 10,565 856 0.32 Instalco 109,599 320 0.12 Investor AB-B 20,315 650 0.24 KBC Group N.V. 7,448 794 0.30 Kingspan Group 20,403 1,400 0.53 Lonza Group 2,300 1,188 0.45 Moncler 12,852 540 0.20 Nexans 7,641 861 0.32 Piraeus Financial Holdings SA 58,691 502 0.19 Prosus N.V. 37,233 1,272 0.48 Richemont 3,911 686 0.26 Roche Holding AG 7,178 2,331 0.88 Ryanair 51,813 1,075 0.41 SalMar 12,496 505 0.19 Sartorius Stedim Biotech 5,071 723 0.27 Spotify Technology SA 1,593 592 0.22 TotalEnergies 17,592 1,149 0.43 UBS 13,004 508 0.19

North America - 10.34% (9.57%) Affirm Holdings Inc Class A 10,459 556 0.21 Alnylam Pharmaceuticals 2,407 368 0.14 Alphabet Inc Class A 4,460 1,180 0.44 Amazon.com 12,044 2,431 0.92 AppLovin 1,181 347 0.13 Aurora Innovation Class A Common 78,561 377 0.14 Axon Enterprise Inc 1,096 430 0.16 Block Inc 9,133 551 0.21 Broadcom Inc 2,839 821 0.31 Circle Internet Group 1,545 72 0.03 Cloudflare Inc 5,827 1,208 0.46 Coinbase Global Inc 614 67 0.03 CoStar Group 17,818 381 0.14 Denali Therapeutics 11,741 201 0.08 Doordash Inc 11,509 1,678 0.63

Baillie Gifford UK and Worldwide Equity Fund July 2026

Portfolio Statement as at 31 July 2026 cont.

132

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Stock description Holding Market value £’000

% of total net assets

DraftKings Inc 18,704 326 0.12 Duolingo Inc 3,715 372 0.14 Figma Inc 10,444 189 0.07 Guardant Health Inc 6,057 729 0.27 IDEXX Laboratories 1,025 426 0.16 Insulet 2,070 254 0.10 KLA Corp 2,651 360 0.14 Knife River Corporation Com 6,242 339 0.13 Lemonade Inc 6,507 234 0.09 Lineage Inc 5,526 174 0.07 Mastercard 1,187 506 0.19 Medline Inc 15,661 457 0.17 Meta Platforms Inc 3,045 1,260 0.47 Moderna Inc 10,385 423 0.16 Netflix Inc 9,261 493 0.19 NVIDIA 14,623 2,181 0.82 Oddity 7,274 77 0.03 RBC Bearings Inc 931 381 0.14 Rivian Automotive Inc 10,600 120 0.05 Roblox 10,180 269 0.10 Samsara 21,674 600 0.23 SharkNinja 4,962 596 0.22 Shopify ’A’ 11,354 988 0.37 Snowflake Inc 3,586 782 0.29 Space Exploration Technologies Corp 4,120 332 0.13 Sweetgreen 24,374 117 0.04 Tempus Ai Inc 9,320 304 0.11 Tesla Inc 2,197 508 0.19 The Ensign Group 6,300 834 0.31 United Therapeutics 1,167 449 0.17 Watsco Inc 1,618 372 0.14 Wayfair Inc 8,769 553 0.21 Workday Inc 3,596 428 0.16 YETI Holdings 9,427 343 0.13

Baillie Gifford UK and Worldwide Equity Fund July 2026

Portfolio Statement as at 31 July 2026 cont.

133

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Stock description Holding Market value £’000

% of total net assets

UK - 58.70% (57.27%) 4imprint 36,348 1,497 0.56 Applied Nutrition 309,328 1,001 0.38 Arm Hdgs ADR 2,148 383 0.14 AstraZeneca 73,779 9,320 3.51 Auto Trader 524,547 2,748 1.04 Babcock International 415,932 4,663 1.76 Baltic Classifieds Group Plc 729,300 1,451 0.55 Bellway 102,387 2,035 0.77 Big Yellow Group 75,421 669 0.25 Bodycote 201,671 1,457 0.55 Breedon Group 669,253 2,215 0.83 Bunzl 151,605 4,248 1.60 Burberry 147,344 1,750 0.66 Close Brothers 113,336 482 0.18 Compass 123,034 2,899 1.09 Cranswick plc 30,366 1,625 0.61 Diageo 194,685 3,182 1.20 Diploma 34,608 2,533 0.95 Experian 111,202 3,103 1.17 Games Workshop Group 15,039 2,875 1.08 Genus 63,878 1,401 0.53 Greggs 47,834 899 0.34 Halma 41,688 1,472 0.55 Helical 510,314 1,016 0.38 Helios Towers Plc 331,887 650 0.25 Hikma Pharmaceuticals 216,322 3,429 1.29 Hiscox 148,007 2,677 1.01 Howden Joinery Group 447,339 3,527 1.33 HSBC 556,267 8,767 3.30 ICG Plc 65,133 1,230 0.46 Inchcape 251,743 2,111 0.80 Informa 227,970 2,019 0.76 IntegraFin 245,457 905 0.34 Kainos Group 162,819 1,434 0.54

Baillie Gifford UK and Worldwide Equity Fund July 2026

Portfolio Statement as at 31 July 2026 cont.

134

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Stock description Holding Market value £’000

% of total net assets

Keller 86,172 2,606 0.98 Lancashire Holdings 393,925 2,373 0.89 Legal & General 1,462,518 4,393 1.65 Marks & Spencer 1,282,150 5,194 1.96 Molten Ventures 189,210 1,148 0.43 Moonpig Group Plc 719,970 1,984 0.75 PageGroup 480,940 874 0.33 Persimmon 87,410 968 0.36 Prudential 548,306 6,119 2.30 RELX 150,715 3,929 1.48 Renishaw 29,946 1,482 0.56 Rightmove 463,536 2,154 0.81 Rio Tinto 106,417 7,634 2.88 Sabre Insurance Gp 296,584 542 0.20 Shaftesbury Capital REIT 1,741,405 2,504 0.94 Softcat 109,351 2,110 0.79 Spirax Group 43,146 2,996 1.13 SSE 97,410 2,285 0.86 St. James’s Place 238,452 2,512 0.95 Standard Chartered 364,947 7,985 3.01 Unilever 134,445 6,377 2.40 Volution Group 386,617 2,393 0.90 Weir 76,193 2,008 0.76 Wise Group Plc 184,706 1,636 0.62

Portfolio of investments 263,023 99.05

Net other assets - 0.95% (0.39%) 2,523 0.95

Net assets 265,546 100.00 1 Baillie Gifford UK & Balanced Funds ICVC related party (please refer to note 3).

Baillie Gifford UK and Worldwide Equity Fund July 2026

Portfolio Statement as at 31 July 2026 cont.

135

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Fund and Share Information

31.07.26 31.01.26 31.01.25 31.01.24

Total net asset value of scheme property (£’000)

265,546 279,865 356,510 386,648

Synthetic Risk and Reward Indicator 1 6666

Net asset value per share (pence) B Accumulation 185.89 175.62 162.70 138.16 B Income 164.91 156.68 147.52 127.44 C Accumulation 193.52 182.41 168.23 142.23

Number of shares in issue B Accumulation 23,843,377 28,884,887 49,180,793 73,097,630 B Income 774,670 857,630 11,213,911 15,316,685 C Accumulation 113,658,082 124,878,940 154,518,540 187,121,659

Annual Income Record

Period to 31.07.26 (pence)

Year to 31.01.26 (pence)

Year to 31.01.25 (pence)

Year to 31.01.24 (pence) Income per share (financial period) B Accumulation 1.10 2.80 2.69 2.68 B Income 0.95 2.52 2.47 2.52 C Accumulation 1.40 3.66 3.47 3.37

Yearly Highest and Lowest Prices

Period to 31.07.26 (pence)

Year to 31.01.26 (pence)

Year to 31.01.25 (pence)

Year to 31.01.24 (pence) Highest (financial period) B Accumulation 187.4 179.1 162.7 142.8 B Income 167.2 161.4 148.8 134.3 C Accumulation 195.0 186.0 168.2 146.4

Lowest (financial period) B Accumulation 158.0 134.1 138.2 122.5 B Income 140.9 121.6 127.5 114.7 C Accumulation 164.2 138.7 142.3 126.0

Baillie Gifford UK and Worldwide Equity Fund July 2026

Fund Information

136

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Ongoing Charges Figures

31.07.26 (%)

31.01.26 (%)

31.01.25 (%)

31.01.24 (%) Ongoing Charges Figures 2 B Accumulation 0.49 0.49 0.48 0.48 B Income 0.49 0.49 0.48 0.48 C Accumulation 0.04 0.04 0.03 0.02

1 The Synthetic Risk and Reward Indicator demonstrates where the Fund ranks in terms of its potential risk and reward on a scale from 1 (lowest) to 7 (highest). The higher the rank the greater the potential reward but the greater the risk of losing money. It is based on past data, may change over time and may not be a reliable indication of the future risk profile of the Fund. Further information is included in the Risk and Reward Profile section of the Fund’s interim report. 2 The Ongoing Charges Figure is based on the expenses for the financial period and may vary from year to year. It excludes the cost of buying and selling assets for the Fund although custodian transaction costs are included. For further details on the costs associated with investing in the Fund please see the Enhanced Disclosure of Fund Costs and Charges document, which is available on the website www.bailliegifford.com. You should be aware that past performance is not a guide to future performance.

Baillie Gifford UK and Worldwide Equity Fund July 2026

Fund Information cont.

137

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Statement of Total Return for the six months ended 31 July 2026

31 July 2026 31 July 2025 £’000 £’000 £’000 £’000 Income

Net capital gains/(losses) 10,444 7,729 Revenue 5,049 3,975 Expenses (131) (178) Net revenue before taxation 4,918 3,797 Taxation (62) (44) Net revenue after taxation 4,856 3,753 Total return before distributions 15,300 11,482 Distributions (2,080) (2,460) Change in net assets attributable to shareholders from investment activities 13,220 9,022

Statement of Change in Net Assets Attributable to Shareholders for the six months ended 31 July 2026

31 July 2026 31 July 2025 £’000 £’000 £’000 £’000 Opening net assets attributable to shareholders 279,865 356,510 Amounts receivable on issue of shares 2,538 5,944 Amounts payable on cancellation of shares (31,960) (87,173) (29,422) (81,229) Dilution adjustment 30 89 Change in net assets attributable to shareholders from investment activities 13,220 9,022 Retained distributions on accumulation shares 1,853 2,193 Closing net assets attributable to shareholders 265,546 286,585

Baillie Gifford UK and Worldwide Equity Fund July 2026

Interim Financial Statements (Unaudited)

138

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Balance Sheet as at 31 July 2026

31 July 2026 31 January 2026 £’000 £’000 Assets: Fixed assets: Investments 263,023 278,774 Current assets: Debtors 1,083 1,519 Cash and bank balances 4,436 3,222 Total assets 268,542 283,515 Liabilities: Creditors: Bank overdrafts (2,101) (1,973) Distributions payable (7) (13) Other creditors (888) (1,664) Total liabilities (2,996) (3,650) Net assets attributable to shareholders 265,546 279,865

Baillie Gifford UK and Worldwide Equity Fund July 2026

Interim Financial Statements (Unaudited) cont.

139

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2 Fair Value Hierarchy 31 July 2026 31 January 2026 Level 1 £’000

Level 2 £’000

Level 3 £’000

Total £’000

Level 1 £’000

Level 2 £’000

Level 3 £’000

Total £’000 Assets: Equities 242,550 - - 242,550 253,059 - - 253,059 Collective investment schemes - 20,474 - 20,474 - 25,715 - 25,715 Assets Total 242,550 20,474 - 263,023 253,059 25,715 - 278,774

3 Related party transactions Baillie Gifford & Co Limited, as ACD, is regarded as a related party by virtue of the services provided to the Company. Baillie Gifford & Co Limited acts as principal in respect of all transactions of shares in the Company, except where stocks are transferred on the issue or cancellation of shares. The aggregate monies received through issue and paid on cancellation are disclosed in the Statement of Change in Net Assets Attributable to Shareholders. Amounts receivable on the issue of shares at the Balance Sheet date were £7,000 (31 January 2026: £26,000). Amounts payable on the cancellation of shares at the Balance Sheet date were £214,000 (31 January 2026: £492,000). Amounts paid to Baillie Gifford & Co Limited in respect of annual management charge for the interim period were £102,000 (interim period to 31 July 2025: £146,000). Amounts due at the interim period end were £17,000 (31 January 2026: £20,000). The Fund invests in other funds for whom Baillie Gifford & Co, the ultimate parent company of the ACD, act as Investment Adviser and these funds are therefore considered to be related parties. Transactions with these related party funds are noted in the table below.

Baillie Gifford UK and Worldwide Equity Fund July 2026

Notes to the Financial Statements (Unaudited)

140

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3 Related party transactions (continued)

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        },
        "id": "5bab36c0-51f0-41af-bd31-efaa9e68db61",
        "page_number": 2,
        "text": "*Collectively these comprise the Authorised Corporate Director\u2019s Report as required by the"
      },
      {
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        },
        "id": "ac1522e1-01f7-4073-955d-9fc8790e4f44",
        "page_number": 2,
        "text": "Financial Conduct Authority\u2019s Collective Investment Schemes Sourcebook (\u201cCOLL\u201d)."
      },
      {
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          "y": 177
        },
        "id": "eadb8fe2-62d9-44d6-a208-41241649d8d2",
        "page_number": 3,
        "text": "About the Company"
      },
      {
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        },
        "id": "20af7979-0ca2-4057-8e4a-8a37a5635f97",
        "page_number": 3,
        "text": "Baillie Gifford UK \u0026 Balanced Funds ICVC (Investment"
      },
      {
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        "box": {
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          "y": 251
        },
        "id": "86ad2c9c-c92a-484b-b6e5-98d64b052950",
        "page_number": 3,
        "text": "Company with Variable Capital) (the \u2018Company\u2019) is an"
      },
      {
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          "x": 75,
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        },
        "id": "bbe48696-c55a-42ae-88cb-7d4ced97631c",
        "page_number": 3,
        "text": "umbrella UK Open-Ended Investment Company"
      },
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        "box": {
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          "width": 380,
          "x": 76,
          "y": 280
        },
        "id": "f83adb13-ae4f-47dc-9b50-04054083993f",
        "page_number": 3,
        "text": "(\u2018OEIC\u2019) under regulation 14 (Authorisation) of the"
      },
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          "y": 294
        },
        "id": "02586009-9a99-4a0d-b7d6-923faea41e53",
        "page_number": 3,
        "text": "Open-Ended Investment Companies Regulations 2001."
      },
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        "box": {
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          "y": 308
        },
        "id": "71f6730f-564c-41a5-bbe7-26c4e6a48f6f",
        "page_number": 3,
        "text": "An OEIC is a collective investment vehicle in which"
      },
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        },
        "id": "f7a73cb7-9f31-47d3-a1fc-c241fa57727e",
        "page_number": 3,
        "text": "your funds are pooled with those of other investors and"
      },
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        },
        "id": "455e0c3b-fb48-472f-ac01-e026f1ed7787",
        "page_number": 3,
        "text": "spread across a portfolio of companies, thus reducing"
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          "y": 351
        },
        "id": "6a16002f-da13-412e-a030-4a128b40e305",
        "page_number": 3,
        "text": "risk."
      },
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        },
        "id": "d634c960-d12a-4ea4-9627-eb0b89278b34",
        "page_number": 3,
        "text": "At 31 July 2026 the Company offered eight sub-funds,"
      },
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        "id": "df0779ce-986a-4737-be4c-221ea125b0f5",
        "page_number": 3,
        "text": "and the range may be varied in the future. Each sub-fund"
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        "id": "fe34e327-26b7-4f5e-8cf1-e2d712400d4d",
        "page_number": 3,
        "text": "is valued on a daily basis and is subject to different"
      },
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        },
        "id": "f7472b9f-9ff9-409b-963f-474254d70df6",
        "page_number": 3,
        "text": "charging structures and subscription limits. All shares are"
      },
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          "x": 76,
          "y": 429
        },
        "id": "22f2ed38-a691-4a68-946f-c28566edac0f",
        "page_number": 3,
        "text": "single priced. Details of the sub-funds and the share"
      },
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        },
        "id": "ddcb7158-2866-4230-b805-36fa76dd192b",
        "page_number": 3,
        "text": "classes are contained in the Prospectus, along with details"
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        "id": "fc8d0617-2638-41c9-a074-1512b17d793b",
        "page_number": 3,
        "text": "of the switching facility available between sub-funds."
      },
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        "id": "d723e457-e512-4fe2-9633-370e60448a67",
        "page_number": 3,
        "text": "The Prospectus was last revised on 11 June 2026 and the"
      },
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        "id": "96ab52c5-103a-4064-a70d-b20abea31bdf",
        "page_number": 3,
        "text": "Instrument of Incorporation was last revised on"
      },
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          "x": 75,
          "y": 500
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        "id": "eb19ae02-2902-4e29-8059-5d7ff9cd3989",
        "page_number": 3,
        "text": "2 February 2026. Copies of the Prospectus or Instrument"
      },
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        "box": {
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          "x": 76,
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        },
        "id": "2a753768-7461-4065-8b25-d91cb7a76e12",
        "page_number": 3,
        "text": "of Incorporation can be obtained from Baillie Gifford \u0026"
      },
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        "id": "00e8de99-b3e9-477c-a6f2-4b0be3b0af20",
        "page_number": 3,
        "text": "Co Limited, the Authorised Corporate Director (\u0027ACD\u0027)"
      },
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        "id": "f22fc05b-ed1d-47ab-b386-ed52ee3fc8b6",
        "page_number": 3,
        "text": "by contacting Client Relations."
      },
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        },
        "id": "fe97160e-8c94-48e5-8e85-97a37e7085d0",
        "page_number": 3,
        "text": "The Company is registered in Scotland, registered"
      },
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        },
        "id": "cedf92f7-fec3-4639-9c2a-b296b4c7c65b",
        "page_number": 3,
        "text": "number SI 000008, and the address of its Head Office is"
      },
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        "box": {
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        "id": "80bb2d4e-2171-42e7-9585-c5cf6b29bfb9",
        "page_number": 3,
        "text": "3 Haymarket Square, Edinburgh EH3 8RY. The"
      },
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        "id": "20ae7f32-e664-4673-a144-ee0c984b6808",
        "page_number": 3,
        "text": "operation of the Company is governed by the Financial"
      },
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        "id": "a826b916-67f3-45a0-a694-9725e2ebac3a",
        "page_number": 3,
        "text": "Conduct Authority\u2019s Collective Investment"
      },
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        "id": "5375d98f-c948-4d45-b1c2-75b6e0ea69ed",
        "page_number": 3,
        "text": "Schemes Sourcebook (\u0027COLL\u0027) (\u0027the Regulations\u0027), its"
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        "id": "67a126bd-073b-4471-aad9-a22ef20434de",
        "page_number": 3,
        "text": "Instrument of Incorporation and its Prospectus."
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        "id": "d36cd741-c167-4bfd-b0a2-1b3a989fd601",
        "page_number": 3,
        "text": "The Company\u2019s shareholders are not liable for its"
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        "id": "efb47663-e88f-4d57-b98f-cd178cb7e9ee",
        "page_number": 3,
        "text": "debts beyond the amount subscribed. Each sub-fund is"
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        "id": "2517ae6d-4dab-4b60-b5af-96baf4b4dc66",
        "page_number": 3,
        "text": "classed as a UK UCITS retail scheme under COLL."
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        "id": "420f3541-d954-4675-8675-e842981aa067",
        "page_number": 3,
        "text": "Any comments expressed in this report should not be"
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        "id": "18986c30-93dc-4c28-a657-d61a854dbe7c",
        "page_number": 3,
        "text": "taken as a recommendation or advice."
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        "page_number": 3,
        "text": "Changes to Share Classes"
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        "page_number": 3,
        "text": "Class Y Accumulation Shares, Class Z Accumulation"
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        "id": "36707b5f-dec3-4afd-a6cc-4d2f4565141a",
        "page_number": 3,
        "text": "Shares and Class Z Income Shares were launched in"
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        "id": "e5ffac87-bf71-401d-ada2-01c8cd570113",
        "page_number": 3,
        "text": "Baillie Gifford Global Alpha Paris-Aligned Fund on"
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        "id": "439ad60e-9993-450e-b6f8-9dbb5bfebb70",
        "page_number": 3,
        "text": "22 May 2026."
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        },
        "id": "385b3aba-8d1b-41ce-922a-4dfbbe0ef4bb",
        "page_number": 3,
        "text": "The Class Y Shares are only available to former"
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        "id": "647bc34c-5387-464d-a243-afab761f8ef9",
        "page_number": 3,
        "text": "shareholders of Class Y Shares of Baillie Gifford"
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        "box": {
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          "x": 76,
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        "id": "6a7ceb90-fb5b-4430-bf69-4e5bb857b46b",
        "page_number": 3,
        "text": "Sustainable Growth Fund or such other persons as the"
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        "box": {
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          "y": 910
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        "id": "28bfcea6-e77f-4063-84d7-ab77437e3fb2",
        "page_number": 3,
        "text": "ACD may permit at its sole discretion. The Y Share"
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        "id": "3edf85fc-232e-4431-8bc9-8fcd0ff7dce1",
        "page_number": 3,
        "text": "Class has a tiered fee scale. From 22 May 2026 - 21 May"
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        "id": "ea529067-5f7f-4350-b0be-8fcd8b670211",
        "page_number": 3,
        "text": "2028: The following fee scale will be applied to the"
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        "id": "79c64e48-ab7d-4f83-884c-8e963e74bb6b",
        "page_number": 3,
        "text": "whole of the net asset value of the relevant Class Y"
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          "width": 51,
          "x": 522,
          "y": 280
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        "page_number": 3,
        "text": "Shares:"
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          "y": 301
        },
        "id": "57f150db-12c5-4799-995f-2a42728d95c5",
        "page_number": 3,
        "text": "\u2022 0.285% on the first \u00a360 million;"
      },
      {
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        "box": {
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          "width": 289,
          "x": 542,
          "y": 322
        },
        "id": "6d5e9884-8aa5-403b-856a-d49d51795d09",
        "page_number": 3,
        "text": "\u2022 0.175% on the next \u00a3540 million; and"
      },
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          "x": 542,
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        },
        "id": "00692afb-b587-4806-8903-c887f6667b4a",
        "page_number": 3,
        "text": "\u2022 0.165% thereafter."
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          "x": 541,
          "y": 365
        },
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        "text": "From 22 May 2028 onward: The following fee scale"
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        "id": "b6aaf2bf-1376-4a89-b18e-24e8194c7485",
        "page_number": 3,
        "text": "will be applied to the whole of the net asset value of the"
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          "x": 521,
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        },
        "id": "a6a99491-cd63-42b9-9bd0-37dc43331b57",
        "page_number": 3,
        "text": "relevant Class Y Shares:"
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          "y": 415
        },
        "id": "d10f8cf9-7a6e-4103-9554-32ea84e26ff0",
        "page_number": 3,
        "text": "\u2022 0.57% on the first \u00a360 million;"
      },
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          "x": 542,
          "y": 436
        },
        "id": "ff34e5a2-40ef-41ad-8943-308a9987f27e",
        "page_number": 3,
        "text": "\u2022 0.35% on the next \u00a3540 million; and"
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        },
        "id": "ff899829-70e4-4011-b15e-db9dd8db232f",
        "page_number": 3,
        "text": "\u2022 0.33% thereafter."
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          "x": 541,
          "y": 479
        },
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        "page_number": 3,
        "text": "The Class Z Shares can only be held by former"
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        "id": "ccc871aa-4966-473b-abcd-8a320c40788d",
        "page_number": 3,
        "text": "shareholders of Class B Shares or Class J Shares of"
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        "id": "14682fa5-9bec-41b0-a5b0-6207496173f4",
        "page_number": 3,
        "text": "Baillie Gifford Sustainable Growth Fund and is not"
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        "id": "b4c11716-cb54-487b-b117-ea5edba9ea35",
        "page_number": 3,
        "text": "available for further subscription. The following fee scale"
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          "y": 536
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        "id": "87995353-737e-4132-ac7c-6293efc369ce",
        "page_number": 3,
        "text": "will be applied to the whole of the net asset value of the"
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        "id": "c26a16ad-53fe-45d5-b8fb-f62a5c0a367c",
        "page_number": 3,
        "text": "relevant Class Z Shares:"
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        "id": "c5c368d8-022a-422c-a785-2387ec61b74f",
        "page_number": 3,
        "text": "\u2022 from 22 May 2026 - 21 May 2028: 0.285%; and"
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        "text": "least annually for each UK authorised sub-fund it"
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        "text": "sub-funds by 31 July each year. The latest report as at"
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        "text": "At 31 July 2026 none of the shares in the sub-funds were"
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        "text": "held by any other sub-funds of the Company."
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        "text": "About the Company cont."
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        "text": "Authorised Corporate Director"
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        "text": "Baillie Gifford \u0026 Co Limited"
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        "text": "Authority, Financial Services Register No. 119179)"
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