BAILLIE GIFFORD US GROWTH TRUST PLC

Annual Report • Aug 12, 2025

Annual Report and Financial Statements Baillie Gifford US Growth Trust plc 31 May 2025 Notes None of the views expressed in this document should be construed as advice to buy or sell a particular investment. Investment trusts are UK public listed companies and as such comply with the requirements of the Financial Conduct Authority. They are not authorised or regulated by the Financial Conduct Authority. Baillie Gifford US Growth Trust plc (the ‘Company’) currently conducts its affairs, and intends to continue to conduct its affairs, so that the Company’s ordinary shares can qualify to be considered as a mainstream investment product and can be recommended by Independent Financial Advisers to ordinary retail investors in accordance with the rules of the Financial Conduct Authority in relation  This document is important and requires your immediate attention. Investor disclosure document The UK Alternative Investment Fund Managers Regulations requires certain information to be made available to investors prior to their making an investment in the Company. The Company’s Investor Disclosure Document is available for viewing at bgusgrowthtrust.com. If you are in any doubt as to the action you should take you should consult your stockbroker, bank manager, solicitor, accountant or other Independent Financial Adviser authorised under the Financial Services and Markets Act 2000 if you are in the United Kingdom or, if not, from another appropriately fi If you have sold or otherwise transferred all of your ordinary shares in Baillie Gifford US Growth Trust plc, please forward this document, together with any accompanying documents, but not your personalised Form of Proxy, as soon as possible to the purchaser or transferee, or to the stockbroker, bank or other agent through whom the sale or transfer was or is being effected for delivery to the purchaser or transferee. 01 Baillie Gifford US Growth Trust plc Contents Financial highlights 02 Purpose and investment principles 04 Strategic report Chair's statement 07 Managers' review 10 Baillie Gifford's stewardship principles 16 Baillie Gifford proxy voting 17 Baillie Gifford environmental, social and governance engagement 18 One year summary 22 Five year summary 24 Summary of results since inception 26 Review of investments 28 Portfolio executive summary 33 Baillie Gifford – valuing private companies 36 Private companies summary 37 List of investments 43 Business review 47 Governance report Directors and management 62 Directors’ report 65 Corporate governance report 70 Audit Committee report 77 Directors’ remuneration report 80 Statement of Directors’ responsibilities 84 Financial report Independent Auditor’s report 87 Income statement 94 Balance sheet 95 Statement of changes in equity 96 fl 97 Notes to the Financial Statements 98 Shareholder information Notice of Annual General Meeting 118 Further shareholder information 123 Third party data provider disclaimer 125 Sustainable Finance Disclosure Regulation 126 Communicating with shareholders 127 Glossary of terms and alternative performance measures 129 Company information 133 Introduction Annual Report and Financial Statements 2025 02 Financial highlights 5 * Alternative performance measure – see Glossary of terms and alternative performance measures on pages 129 to 132. † The comparative index is the S&P 500 Index total return (in sterling terms). #  5 the NAV with borrowings at fair value was the same as the NAV with fi129 to 132. Source: LSEG/Baillie Gifford and relevant underlying index providers. See disclaimer on page 125. Past performance is not a guide to future performance. Share price 24.5% NAV # 22.1% Comparative index † 7.2% Share price, NAV and comparative index total return fi4) Premium/(discount) to net asset value fi Total returns * NAV # Share price Comparative index † 2024 2025 90 100 110 120 130 140 150 MAMFJDNOSAJJM Premium/(discount) to net asset value 2024 2025 (15%) (12%) (9%) (6%) (3%) 0% 3% MAMFJDNOSAJJM Baillie Gifford US Growth: The American Dream made real Baillie Gifford US Growth Trust plc 03 Introduction Annual Report and Financial Statements 2025 04 Purpose and investment principles Baillie Gifford US Growth aims to deliver above average long‑term returns for shareholders by keeping fees and costs low and harnessing the long‑term growth potential of companies. Our purpose fi support the most exceptional public and private growth companies in America. We believe that our investment approach of long termism, embracing asymmetry, and global perspective gives us an advantage in uncovering exceptional growth companies. Our opportunity set is wide given the Company’s structure means we can invest in exceptional growth companies regardless of their listed status. Exceptional growth companies address huge market opportunities at an early stage, possess a sustainable competitive edge and enjoy powerful and effective  potential. We believe such companies contribute to productive innovation in society and, over the full course of time, these companies will develop deep fi and unusually high shareholder returns. We endeavour to generate returns for our shareholders by helping in the creation and improvement of such useful enterprises. If we are successful in identifying these companies, we believe that we can multiply our shareholders’ wealth over the long term. Baillie Gifford US Growth Trust plc 05 Our investment principles Managing shareholders’ money is a huge privilege and not one we take lightly. It is a relationship, not a transaction. Relationships can only be built on a foundation of trust and understanding. With this in mind, we seek to lay out the fundamental principles by which we will manage your money and the framework for how we make decisions so that you, our shareholders, can decide whether it aligns with your investment philosophy.   success will be the value we create for our shareholders over the long term. It is only fi characteristics we look for in businesses become apparent. Our turnover has been low, consistent with our time horizon. We ask that our shareholders measure our performance over similar periods.   the market, and we will not manage the portfolio   loss more than they value gain. Therefore, they accept smaller, more predictable risks rather than the larger and less predictable ones.  returns, and we will not shy away from making investments that are perceived to be risky if we believe that the potential payoffs are worthwhile. This means that our performance may be lumpy over the short term.    small handful of exceptional growth companies that deliver outsized returns. Most stocks do  investors will be poorly served by owning them. In our search for exceptional growth companies, we will make mistakes. But the asymmetry inherent in equity markets, where we can make far more in a company if we are right than lose if we are wrong, tells us that the costliest of mistakes is excessive risk aversion.   starting point for portfolio construction. The index allocates capital based on size. We believe that capital should be allocated based on marginal return and the ability to grow at those rates of return. Big companies are not immune to disruption. We do not manage the portfolio to an active share target, but we expect the active share of the Company to be high.   private or public status. We will conduct diligent analysis and allocate capital to where the highest returns are likely to be.   wealth of our shareholders, and that placing  shareholders poorly.   fi That means keeping our ongoing costs including management fees low. We recognise that even modest amounts, when allowed to compound over long periods of time, add up to staggering sums, and we do not wish to dilute the compounding of returns with the compounding of costs. With this foundation, we aim to build Baillie Gifford  We are grateful that you have joined us on this journey, and we look forward to a long and hopefully prosperous relationship with you. The Strategic report, which includes pages 7 to 60 and incorporates the Chair’s statement, has been prepared in accordance with the Companies Act 2006. Strategic report 07 Baillie Gifford US Growth Trust plc Chair’s statement Tom Burnet Chair Appointed Director and Chair  Performance I am pleased to report a strong period of performance fi Company has delivered excellent returns, with the share price and net asset value total returns reaching fi outperforming the S&P 500 Index’s 7.2% total return in sterling terms * . fi and net asset value returned 26.7% and 45.4%  (total return and in sterling terms) over the same period. fl fi it would be. Following a thorough and methodical review the Manager’s implemented a number of portfolio construction enhancements and guide rails to  highgrowth portfolio. Since we launched on 23 March 2018, we have delivered share price and net asset value total returns of 138.3% and 170.0% respectively, noting our net  Index’s 170.1% total return (in sterling terms) * . This fl Robinson and Kirsty Gibson bring to managing your portfolio, and I encourage you to read their detailed insights in the Managers’ review. * Source: LSEG and relevant underlying index providers. See disclaimer on page 125. fi129 to 132. Past performance is not a guide to future performance. Strategic report Annual Report and Financial Statements 2025 08 Share issuance and buy-backs I am encouraged by the gradual shift in sentiment we have witnessed this year. While we began the period trading at an 11.2% discount, this narrowed to 9.4% by . We have remained active stewards of your capital, buying back 16 million shares during the year for £35.5 – representing 5.4% of our issued share capital. The Board discusses the Company’s liquidity policy and other discount management options regularly, as we understand how important this is to you as shareholders. fl 29.5 million new shares or buy back 33.7 million shares under authorities granted at last year’s Annual General Meeting. We will be seeking to renew both authorities at our upcoming October Annual General Meeting. Gearing The Company has two loan facilities in place: (i) a  from ING Bank N.V., London Branch that expires on 31 July 2026; and (ii) a US$25 million threeyear revolving credit facility from The Royal Bank of Scotland International Limited that expires on 18October 2026. The facilities are available to be used to fund purchases of securities as and when   US$50million). Gearing fell from 5% to 4% over the course of the year. Earnings and dividend The Company’s priority is to generate capital growth over the long term by identifying exceptional American growth businesses and owning them for long enough that the advantages of their business models and cultural strengths become the dominant drivers of their valuations. The Company therefore has no dividend target and does not seek to provide shareholders with any level of dividend. The net revenue return per share for the year to 31 May 2025 was a negative 2.54p (period to 31 May 2024, a negative 2.07p). fi the Board has decidedfi Should the level of underlying income increase in future years, the Board will seek to distribute the minimum permissible to maintain investment trust fi. Private company (unlisted) investments As at the Company’s year end, the portfolio weighting in private company (unlisted) investments stood at   companies). There were three new purchases in the year, Cosm, Rippling and Runway AI. There is commentary on the new and existing holdings in the Managers’ review and Review of investments on pages 10 to 14 and 28 to 32. Your portfolio managers remain alert to further special and high potential opportunities not widely accessible through public markets. Requisitioned general meeting As shareholders will be aware, the Company was requisitioned on 18 December 2024. In response to the requisition, the Company published a circular on 6 January 2025 and held a general meeting on February 2025. The Board would like to thank shareholders for their support during this period, in particular, for their participation in the shareholder vote at the general meeting. 09 Baillie Gifford US Growth Trust plc Following the general meeting, the Board engaged fi understand their views on the Company including those of our largest shareholder Saba Capital Management L.P. (‘Saba’). This proved to be a most helpful exercise. The Board was pleased to hear the overwhelming shareholder support for the Company’s  exceptional growth companies America has to offer. Feedback from shareholders continues to inform decisions the Board makes on a number of topics including strategy, marketing, capital allocation and liquidity. Shareholders continue to back the Manager in its aim to build Baillie Gifford US Growth Trust   Board composition During the period, Ms Palmer resigned from the Board to pursue other opportunities. The Board and I would fi Company. The Board continues to carefully consider succession planning and we are actively reviewing ourcomposition. Environmental, Social and Governance (ESG) The Company’s Managers believe that sustainability  and their thoughts on this topic are set out in more detail on page 16 growth opportunities typically involves investment   with a low carbon footprint. Annual General Meeting I would welcome the chance to meet you in person at our Annual General Meeting on Thursday, 2 October 2025, at 12.00pm in Edinburghfi Baillie Gifford & Co. After the formal business of the meeting the Managers will be presenting their latest insights and there will be the chance to meet with and question the Board. If you cannot attend, please do send us your questions – we will read and answer every one. Questions can be submitted in advance by email to enquiries@bailliegifford.com or by calling 0800 917 2113 (Baillie Gifford may record your call). Irrespective of whether you are attending, we would encourage you to submit your proxy votes in advance – we value the views of all shareholders, regardless of the size of their shareholding, and every vote counts. Details on how to cast your votes, depending on whether you hold your shares directly or indirectly  out on page 118. Outlook The year ahead fi for our investment strategy. Technology continues to reshape entire industries, creating opportunities for the visionary companies in our portfolio. Our shareholders’ patient capital enables us to participate in this transformation, and I am optimistic about what we can achieve together and the resulting returns forshareholders. Thank you for your continued trust and support. Tom Burnet Chairman 115 Strategic report Annual Report and Financial Statements 2025 10 Managers’ review Gary Robinson Portfolio manager Kirsty Gibson Portfolio manager During the period from 23 March 2018, launch fi Company’s share price and net asset value (after deducting borrowings at fair value) returned 138.3% and 170.0%, respectively. This compares with a total return of 170.1% for the S&P 500 Index * (in  The C  value (after deducting borrowings at fair value) total returns were 24.5% and 22.1%, respectively. This compares with a total return of 7.2% for the  * (in sterling terms). fi remains weak, due to the base effect created by the extreme outperformance during the COVID period. fi to have matched a period of strong growth from the index since inception. Successful high growth investing requires tolerance for volatility. However the volatility that we delivered during and after the pandemic exceeded our expectations. We have taken steps to reduce the probability of such extreme outcomes occurring again. For example, we now automatically retest the upside of our listed stocks once they cross our 2.5x return threshold, regardless of the time frame over which this return was generated. We’re also more closely monitoring the overall shape of the portfolio to ensure an appropriate balance of growth styles, maturities, and structural growth drivers across our listed holdings. Due to the illiquid nature fi apply the same guide rails, but, when making new investments in private companies, the team has regard to the overall balance in the portfolio. * Source: LSEG and relevant underlying index providers. See disclaimer on page 125. fi129 to 132. Past performance is not a guide to future performance. 11 Baillie Gifford US Growth Trust plc Cultural architects and master builders “It is not the beauty of a building you should look at; it’s the construction of the foundation that will stand the test of time.”   Since Baillie Gifford US Growth Trust launched in March 2018, we have endured a global pandemic,    tempt investors to cling to yesterday’s certainties, the recognisable structures. However, if the past few years have taught us anything, what matters is not the structure you can see but the foundation beneath. When the ground keeps shifting, the best architects focus on the foundations before    and relentless focus on growth. While identifying tomorrow’s exceptional companies is challenging, we know that holding onto them through inevitable fi even the greatest investments – NVIDIA, Amazon, fl multiple drawdowns exceeding 30%. Success rarely  The same lesson governs our handling of today’s  volleys and tariff threats move markets week by week, yet predicting his next tweet is not our edge. Instead, we must double down on the things we believe matter, the things we believe we have an edge in analysing, and the forces whose trajectories  drivers of lasting growth – declining battery costs underpinning electric vehicles, falling inference costs fi‘AI’), and unprecedented biological insights reshaping healthcare, to name a few. Or the resilience and adaptability of the companies we invest in. Resilience to navigate the short term – the macroeconomic environment, the fl of geopolitics. Adaptability to navigate the long run  traversing changing cultural trends. fi The true differentiator underpinning adaptability and  Ask any structural engineer: steel reinforcement makes concrete resilient and permits daring shapes. Inside companies, culture plays the same role, supporting companies in building into their opportunities. We can categorise culture into two complementary forms:  Foundational culture – The deeply embedded vision set out by a company’s CEO or founder, fi purpose.  Created culture – How the foundational principles manifest daily – guiding team behaviour, employee incentives and operational responsiveness. Dee Hock, founder of Visa, elegantly captures this concept: fl the future requires mastering four ways of looking at things: as they were, as they are, as they might become, and as they ought to be.” Foundational culture embodies how things ought to be, while created culture bridges today’s reality to that aspirational state. While foundational culture is slow to change, created culture adapts and evolves to help a business unlock  recognise that a management team cannot directly control how its foundational culture manifests. What it can do is put in place the right scaffolding to ensure the core tenants of what they believe to be important are able to permeate throughout the organisation. Consequently, CEOs and founders are builders. Builders, with a clear vision of what they are creating and a strong cultural foundation that provides the scaffolding for everything they build above. They are willing to build breadth and height and are not afraid to build out the occasional extension, even when it is deeply unpopular. And they will, when necessary, dismantle parts of what they have built, either to unlock something new or to improve the health of the overall design. fi builder mindset has enabled them to overcome volatility and uncertainty and focus on the opportunity for fresh storeys of growth. Strategic report Annual Report and Financial Statements 2025 12 Andy Florance founded CoStar in 1987 around a  wasted enormous value. CoStar positioned itself as a facilitator within a very fragmented industry. Over decades, CoStar has steadily transformed an isolated property data asset into a vibrant, interconnected real estate marketplace. The pivotal acquisition of Apartments.com in 2014 fi with just $85 million of annual revenues, CoStar has transformed the rental apartment marketplace into a >$1 billion revenue business, surpassing even CoStar’s original data unit. Subsequent investments in complementary verticals like LoopNet (commercial properties), STR (hospitality analytics), and recently Homes.com (residential property listings) illustrate  comprehensive industry landscape. Florance’s disciplined vision – a commitment to foundational strengths while seizing new vertical fl architecture. CoStar is reinvesting aggressively as competitors struggle, laying deeper foundations to seize future growth opportunities. It is repeating its successful playbook: integrate data, add liquidity, and monetise the network effects. Under founder Tobi Lütke, Shopify has always prioritised merchant success – putting the fi Starting in 2006 as a basic online store creation  centric capabilities: Shopify Payments (2013), fi  Yet foundational culture also means strategic adaptability. In 2023, Shopify boldly exited its logistics ambitions. The rationale was cultural and strategic: logistics limited Shopify’s ultimate fi intelligence, seeing it as broadly transformative.  fi However, the ultimate ambition –  software allowing merchants to command complex tasks via simple instructions – could make Shopify indispensable, dramatically expanding its  Building a business takes time; like any secure structure strong foundations are necessary. With the right foundations – if a company’s culture is effective – companies can exhibit resilience and adaptability,  build. A clear culture creates alignment, enabling companies to embrace those moments of transition  This feels like a transition moment. We have had companies steadying the ship post COVID, the  Donald Trump. But with fundamentals on a more even keel, we are seeing many companies reorient to focus on growth. This is the sort of environment where builders really come into their own. DoorDash is stepping beyond its traditional restaurant delivery model and looking to rewire local     multiplies. Stripe’s acquisition of Bridge in February 2025 folds stablecoin rails into its payments stack, slashing transfers – especially from the global north to the global south. The move    Duolingo’s cultural north star is language access for all. With Duolingo Max, subscribers practise  personalised feedback – an experience edging ever closer to a human tutor at dramatically lower cost. The addressable learner pool – and lifetime value – expands with each improvement. SpaceX’s reusable Falcon boosters disrupted launch economics; the Starship programme aims to fl helped to validate rapid iteration within the company and moves SpaceX close to commercialising heavier payloads at lower marginal costs. Starship’s scale unlocks bulk satellite deployment (Starlink) and, eventually, human interplanetary travel. All these companies are building different structures – some are like cityscapes, others skyscrapers. But what unites them is that they are all builders, harnessing their strong cultural foundations and es. 13 Baillie Gifford US Growth Trust plc Portfolio changes In the year to the end of May, turnover was 9.1%. fl have witnessed since the emergence of generative AI, and high competition for capital in the portfolio. fi private) and four complete sales in the period. Over the last twelve months, we made three additional private investments: Rippling, Runway AI, and Cosm. Rippling offers a workforce management system in the US and has ambitions to become the system of record for all employee data. Its deep  companies streamline operations across functions. Runway is a generative AI video platform built to support creators throughout the entire production    from individuals to studios like Lionsgate. Runway  of media. Cosm is an immersive entertainment  through massive LED domes in cities like LA and Dallas. Drawing on deep expertise in planetarium tech, it partners with the NBA, UFC, and others to reimagine live events. Cosm is pioneering the future  The net result was that, at the end of May, we held positions in 27 unlisted securities, which collectively comprised 34.9% of total assets. There have been some changes to the top ten flDash, and Duolingo all moving into its ranks. Duolingo and DoorDash have become large holdings on account of strong share price performance. While we have fi growth opportunities has cemented their position. For fl, we have been actively adding to our fl fi inference workloads, has increased, so we added to fl fiNVIDIA, Tesla, and The Trade Desk have also impacted the constituents of the top ten. Our conviction in the disruptive potential of AI has not changed. If anything, it has gotten stronger. But we believe that NVIDIA’s share price is discounting more of this large opportunity and felt a smaller holding was appropriate given the election of Donald Trump and  saw some dramatic share price movements. Tesla’s market value rose more than $500 billion in the month following Trump’s election. After revisiting the upside case, we concluded that the holding size fl  storage, and Optimus robots is exciting, these opportunities remain early and the 2.5x case from a $1.5 trillion market cap requires greater emphasis on them. We have much admiration for The Trade Desk as a business but, after a review and two separate meetings with CEO and founder Jeff Green, we decided to reduce the holding on valuation grounds. Moderna and Brex both dropped out of the top ten  interim report, Moderna’s business suffered in the fi COVID vaccine market in the US and weaker than expected uptake of its second drug, a vaccine for another respiratory illness called RSV. The  of the period as these issues were compounded by fears over the incoming administration’s attitude towards vaccines. Brex, like many of our holdings,   a period of slower growth at the company. However we are pleased to report that growth has begun to  In terms of the listed holdings, our new purchases are across industries. DraftKings is a leading online sports betting company in the US, poised fi state. With regulatory barriers easing, it is one of two dominant players in a market just beginning to unlock its potential. Lineage is the global leader in  a fragmented industry through scale and technology. It delivers strong returns by running acquired assets fi critical business and a proven management team driving growth. SharkNinja is gaining share in a  quality appliances at accessible prices. With strong execution and global potential, it still holds only a fi Globant is an IT services provider. The company has established a strong reputation for its expertise in software integration and IT resource optimisation. Introduction Annual Report and Financial Statements 2025 14 While the headlines focus on AI native companies fi pool of businesses don’t know where to start with AI. Our working hypothesis is that Globant can provide that helping hand by harnessing its design and engineering skillsets. The Ensign Group operates skilled nursing facilities across the US, leading consolidation in a highly fragmented market. Despite being the leader, it holds just a 2% share.  fi by a strong culture and a decentralised model that drives operational excellence at scale. Various complete sales funded these purchases. There was no notable pattern to them. We decide to move on from our holding in Sprout Social. The company recently suggested there will be no reacceleration of growth in 2025. Perhaps management is being conservative, but this is well below our expectations given the potential for this business, and with the competition for capital within the portfolio we decided to move on. The sales of 10X Genomics and Coursera were driven by investment cases that did not play out as expected. The purchase of HashiCorp by IBM forced our hand on its sale. Outlook Periods of volatility and disruption – such as those fi daunting, even disorientating. Yet, it’s precisely during such transitions that truly foundational companies demonstrate their value. Structural upheavals act as a test, revealing the resilience and adaptability inherent in strong foundational cultures. While volatility shakes out weaker enterprises, it simultaneously creates a fertile ground for robust companies prepared to adapt and thrive. AI is reshaping industries and driving tangible changes across the economy, with growing evidence underscoring the materiality of this transformation. Companies across various sectors are increasingly fi attributable to AI. Notably, industries with already fl – such as software, fi – are emerging as early and rapid adopters of AI tools. These sectors fi adoption has the potential to meaningfully reduce payroll expenses and streamline operations. We recognise there is not a single optimal way to capture AI’s potential in the Company’s portfolio. Instead, we see opportunities across different layers of the AI stack. Amazon is strategically positioned through AWS’s vast cloud infrastructure and its growing chip capabilities. fl offers an intriguing edge inference play, bringing AI  fi Databricks and fl are pivotal, providing essential data management and preparation solutions that underpin effective AI implementation across enterprises. Additionally, we’re enthusiastic Runway AI, which leverages existing AI infrastructure to  fl Sceptics will ask, why not simply own an S&P 500 tracker and get exposure to the US broadly and some of its biggest names. While passive investing can play an important role in many people’s portfolios, indexing gives cheap exposure to incumbents; it rarely grants meaningful stakes in the transformational growth companies  US Growth Trust looks to invest in. Itcannot provide access to the most exciting private businesses like SpaceX, Databricks, and Stripe. The Company’s  companies across listing boundaries, compounding value that a passive vehicle must wait to access – often at a far higher price. Generative AI’s emergence and President Trump’s tariff whiplash can make people feel uncomfortable and foster fear, but it is in these moments that builders thrive. Strong foundational cultures provide the scaffolding; adaptable created cultures scramble the workers to pour fresh concrete when cracks appear. Because, in the end, America’s greatness is not gifted by any administration; it is built – brick by stubborn brick – by founders and teams who see the city not as it is, but as it ought to be. Our job is to support the crane arm so that it can keep moving, regardless of who is in power. That is the American dream made real. US Equity Growth Team Baillie Gifford & Co 115 Baillie Gifford US Growth Trust plc 15 Strategic report Annual Report and Financial Statements 2025 16 Baillie Gifford’s stewardship principles Baillie Gifford’s overarching ethos is that we are ‘Actual’ investors. That means we seek to invest for the long term. Our role as an engaged owner is core to our mission to be effective stewards for our clients. As an active manager, we invest in companies at different stages of their evolution across many industries and geographies, and focus on their unique circumstances and opportunities. Our approach favours a small number of simple principles rather than overly prescriptive policies. This helps shape our interactions with holdings and ensures our investment teams have the freedom and retain the responsibility to act in clients’ best interests. Long-term value creation We believe that companies that are run for the long term are more likely to be better investments over our clients’ time horizons. We encourage our  value creation and capital deployment for growth. We know events will not always run according to plan. In these instances we expect management to act deliberately and to provide appropriate transparency. We think helping management to  protects returns. We regard it as our responsibility to fi engineering towards activities that create genuine value over the long run. Our value will often be in supporting management when others do not. Alignment in vision and practice Alignment is at the heart of our stewardship approach. We seek the fair and equitable treatment of all shareholders alongside the interests of management. While assessing alignment with management often comes down to intangible factors and an understanding built over time, we look for clear evidence of alignment in everything from capital allocation decisions in moments of stress to the details of executive remuneration plans and committed share ownership. We expect companies to deepen alignment with us, rather than weaken it, where the opportunity presents itself. fi Corporate governance is a combination of structures and behaviours; a careful balance between systems, processes and people. Good governance is the  fi  outcomes. We therefore strive to push back against  favour of a deep understanding of each company we invest in. We look, very simply, for structures, people and processes which we think can maximise  trust the boards and management teams of the companies we select, but demand accountability if that trust is broken. Sustainable business practices A company’s ability to grow and generate value for our clients relies on a network of interdependencies between the company and the economy, society and environment in which it operates. We expect holdings to consider how their actions impact and rely on these  on maintaining a social licence to operate and look for holdings to work within the spirit and not just the letter of the laws and regulations that govern them. Material factors should be addressed at the board level as appropriate. 17 Baillie Gifford US Growth Trust plc Baillie Gifford proxy voting We believe that ‘active ownership’ of our clients’ holdings is as important as selecting the right fi are aligned with our stewardship principles and describe our approach to proxy voting and company engagement, the key levers of active ownership, often described as ‘stewardship’. While these guidelines are intended to provide an insight into how we approach voting on our clients’ behalf, it is important to note that we assess every company individually. In voting, we  basis, based on what we believe to be in the best   A broad cross section of our investment staff are involved in our ongoing work on stewardship. In the same way that our investment approach is based around empowered and independent teams, our voting and engagement is led by the individual investment teams. In keeping with our decentralised and autonomous culture, our investment teams will, on occasion, elect to vote differently on the same general meeting resolutions. Where this happens, we report accordingly in the proxy voting disclosure on our website. We also have clear processes in place to identify, prevent and manage potential fl fi fifl interest disclosure is available on our website at bailliegifford.com Prior to taking any voting action, we usually address fi company, using voting as an escalation mechanism if fi and the reasons for any resolutions voted against in the period is disclosed on the Company website and can be viewed at bgusgrowthtrust.com Company meeting record Voting distribution Number of meetings voted with management 82 Number of meetings with at least one vote against, abstained or withheld 12 Meetings not voted 3 Votes for 92.0% Votes against 6.0% Votes abstained or withheld 0.9% No vote 1.1% Strategic report Annual Report and Financial Statements 2025 18 Baillie Gifford environmental, social and governance engagement By engaging with companies, we seek to build constructive relationships with them, to better inform our investment activities and, where necessary, effect change within our holdings, ultimately with the goal of achieving better returns for our clients. The Managers’ approach to stewardship and examples of portfolio company engagement are set out on  2025 Environmental Social Governance fi Airbnb Amazon Aurora Chewy Ginkgo Bioworks Guardant Health Insulet Meta Platforms Moderna fl NVIDIA Oddity Pinterest Recursion Pharmaceuticals Rivian Automotive Roblox Roku Samsara SharkNinja Shopify fl Tesla The Trade Desk Watsco YETI 19 Baillie Gifford US Growth Trust plc Aurora Objectives fi fi launch of Commercial Driverless Trucking to discuss Aurora’s progress toward becoming a leading autonomous trucking platform and to understand immediate challenges. Discussions Aurora reached a key milestone in April: commercial launch. Now, its primary challenge is scalability.    Momentum is building with customers and   Outcomes fi that it is entering a new execution phase. With commercial proof of concept and partnerships deepening, Aurora is forging a path to widespread  fl Objectives fl their plans to balance growth through users who receive advertising with those who don’t. The fl fi Discussions flemphasisedfi developing its own advertising technology stack  executives highlighted that past reliance on fragmented technology was an obstacle, particularly for effectively targeting audiences. Building its fl advertisements, introduce interactive ad formats, fl property with advertiser content. It believes these fl advertising business, attracting premium advertiser spending over time. fl supported revenue will take time to scale effectively. Management anticipates revenue per user parity  fl expects ad revenue to double this year, it expects revenue growth to initially lag behind user growth, especially internationally, due to complexities around monetising a diverse, global audience. Outcomes fl approach and timing expectations for its advertising fl efforts to scale its advertising business globally. fl as it scales driven by greater user reach and a diverse and deepening content library. Strategic report Annual Report and Financial Statements 2025 20 SharkNinja Objectives We recently met the home appliances company fi fi  ‘DTC’) business. Discussions SharkNinja’s management team has adapted to increased tariff uncertainty by building more manufacturing facilities in different countries around the world. This has given it greater geographical fi with a majority of SharkNinja production now offshore. SharkNinja is also working to expand beyond the US (its biggest market), and has shifted some product launches to Europe – now with circa 40% of its business from outside the US market. SharkNinja’s aptitude to engineer, manufacture and market dozens of innovative new products annually remains a key competitive edge versus more staid home appliance players globally. Outcomes Our meeting with SharkNinja’s management team reinforced our conviction in its adaptability and distinct culture. The management has taken thoughtful action to secure and diversify its global sources of demand while rapidly executing compelling marketing and new product releases. fi opportunity to disrupt the global home appliance fi categories. Moderna Objectives A call was held with the CEO, CFO and newly fl after the disappointing launch of the RSV vaccine and market share loss in COVID  us understand how the management team plans to commercialise the powerful technology platform. Discussions Newly appointed commercial lead Stephen Hoge is not new to Moderna. He joined Moderna in 2012 and has been responsible for leading R&D and clinical development efforts. He has recently expanded his role to oversee the commercial strategy, so it was fl the commercial challenges and opportunities the company is facing. Unfortunately, the company has ceded market share to competitors in COVID  vaccines and its RSV launch has disappointed due to timing and competitors being ahead of the game with a broader vaccine offering which provided them with greater negotiating power than Moderna with pharmacy customers. Moderna’s expansion of its vaccine offering will be key to it improving its negotiating power – Hoge thinks a portfolio of four will put the company on an even footing. Approval  fi sustainability. Hoge was humble in sharing where fi is required to overcome these challenges. The CFO outlined levers that can be pulled to work towards  Outcomes Following some mild concern in our previous engagement with the company, it is pleasing to see a change in commercial leadership and to hear a clear strategy for success. The next key milestones will be the advancement of the respiratory vaccine franchise as this will be key to commercial success. 21 Baillie Gifford US Growth Trust plc Strategic report Annual Report and Financial Statements 2025 22 5 4 % change Shareholders’ funds # £743.8m £643.9m 15.5 Gearing 4% 5% Net asset value per ordinary share ‡ 264.48p 216.65p 22.1 Share price 239.5p 192.40p 24.5 Comparative index (in sterling terms) † 7. 2 Ongoing charges 0.72% 0.70% Discount 9.4% 11.2% Active share (relative to S&P 500 Index) 88% 86% Number of shares in issue 281,228,700 297,228,700 Market capitalisation £673.5m £571.9m One year summary  2025 2024 Total returns (%) Net asset value 22.1% 16.2% Share price 24.5% 32.9% Comparative index (in sterling terms) † 7. 2 % 24.8% * Alternative performance measure – see Glossary of terms and alternative performance measures on pages 129 to 132. † S&P 500 Index total return (in sterling terms). See disclaimer on page 125. #  fi129 to 132. ‡ 2025 the NAV with borrowings at fair value was the same as the NAV with fi129 to 132. Source: LSEG/Baillie Gifford and relevant underlying index providers. See disclaimer on page 125. Past performance is not a guide to future performance. 23 Baillie Gifford US Growth Trust plc  2025 2025 2024 2024 Year’s high and low High Low High Low Net asset value per ordinary share ‡ 303.54p 207.31p 228.97p 176.10p Share price 292.50p 180.80p 204.00p 135.6p Premium/(discount) 4.5% (19.8%) (9.6%) (24.5%) 2025 2024 Net return per ordinary share Revenue (2.54p) (2.07p) Capital 49.51p 31.73p Total 46.97p 29.66p * Alternative performance measure – see Glossary of terms and alternative performance measures on pages 129 to 132. ‡ 2025 the NAV with borrowings at fair value was the same as the NAV with fi129 to 132. Source: LSEG/Baillie Gifford and relevant underlying index providers. See disclaimer on page 125. Past performance is not a guide to future performance. Strategic report Annual Report and Financial Statements 2025 24 Five year summary Total return * performance fi2020) The following charts indicate how  US Growth has performed relative to its comparative index and its underlying net fi 5. Premium/(discount) * to net asset value fi * Alternative performance measure – see Glossary of terms and alternative performance measures on pages 129 to 132. † S&P 500 Index total return (in sterling terms). See disclaimer on page 125. Source: LSEG/Baillie Gifford and relevant underlying index providers. See disclaimer on page 125. Past performance is not a guide to future performance. 2025 2020 2021 2022 2023 2024 Cumulative to 31 May ● NAV per share (after deducting borrowings at fair value) ● Share price ● Comparative index † 50 250 100 200 150 2025 2020 2021 2022 2023 2024 Years to 31 May ● Premium/(discount) (after deducting borrowings at fair value) (25%) 15% (15%) 5% (5%) 25 Baillie Gifford US Growth Trust plc Annual net asset value and share price total return * (after deducting borrowings at fair value) Relative annual net asset value and share price total return * (relative to the comparative index † total return) Active share * (compared to the comparative index † ) Portfolio turnover * (plotted on a quarterly basis) * Alternative performance measure – see Glossary of terms and alternative performance measures on pages 129 to 132. † S&P 500 Index total return (in sterling terms). See disclaimer on page 125. Source: LSEG/Baillie Gifford and relevant underlying index providers. See disclaimer on page 125. Past performance is not a guide to future performance. 2025 2021 2022 2023 2024 Years to 31 May ● NAV per share return ● Share price return (50%) 100% 50% 0% 2025 2021 2022 2023 2024 Years to 31 May ● NAV per share return ● Share price return (75%) (50%) 50% 25% (25%) 0% 2025 2020 2021 2022 2023 2024 Years to 31 May ● Active share 0% 100% 40% 60% 80% 20% 2025 2020 2021 2022 2023 2024 Years to 31 May ● Turnover 0% 30% 20% 10% Strategic report Annual Report and Financial Statements 2025 26 Summary of results since inception * Capital  Total assets £’000 Borrowings £’000 Shareholders’ funds £’000 Shareholders’ funds/net asset value (book) per share p Net asset value (fair) per share † p Share price p Premium/ (discount) (book) † % Premium/ (discount) (fair) † %  # 169,466 – 169,466 97.96 97.96 100.50 2.6 2.6 2019 301,830 11,901 289,929 126.17 126.17 129.00 2.2 2.2 2020 490,762 14,560 476,202 181.92 181.92 189.00 3.9 3.9 2021 935,222 26,339 908,883 296.21 296.12 308.00 4.0 4.0 2022 623,860 39,674 584,186 191.44 191.63 168.00 (12.2) (12.3) 2023 608,941 40,342 568,599 186.33 186.48 144.80 (22.3) (22.4) 2024 683,204 39,271 643,933 216.65 216.65 192.40 (11.2) (11.2) 2025  3 7, 0 7 743,790   239.50 (9.4) (9.4) Revenue Gearing ratios Period/year  Income £’000 Net return after tax £’000 Revenue earnings per ordinary share p ‡ Ongoing charges † % Gearing † % Gross gearing † % 2019 ¶ 699 (2,054) (1.09) 0.77 2 4 2020 595 (2,555) (1.05) 0.75 (1) 3 2021 648 (5,066) (1.78) 0.68 1 3 2022 568 (5,781) (1.88) 0.62 6 7 2023 850 (4,718) (1.55) 0.69 6 7 2024 603 (6,282) (2.07) 0.70 5 6 2025 716 ( 7, 312) (2.54) 0.72 4 5 *  fi129 to 132. † Alternative performance measure. See Glossary of terms and alternative performance measures on pages 129 to 132.  fi ‡ The calculation of revenue earnings per share is based on the revenue from ordinary activities after taxation and the weighted average number of ordinary shares in issue (see note 7 to the Financial Statements on page 103).  Past performance is not a guide to future performance. 27 Baillie Gifford US Growth Trust plc   Net asset value (fair) total return † Share price total return † Comparative index total return §  # 100 100 100 2019 129 128 122 2020 186 188 141 2021 302 306 172 2022 196 167 193 2023 190 144 202 2024 221 191 252 2025 270  270 † Alternative performance measure. See Glossary of terms and alternative performance measures on pages 129 to 132.  fi § S&P 500 Index total return (in sterling terms). Source: Baillie Gifford/LSEG and relevant underlying index providers. See disclaimer on page 125. Absolute performance 1 year % 3 years % 5 years % Since inception # % Share price 24.5 42.6 26.7 138.3 NAV ‡ 22.1 38.0 45.4 170.0 Comparative index 7. 2 40.0 92.1 170.1 fi † 2025. * Comparative index: S&P 500 Index (total return and in sterling terms). † Alternative performance measure – see Glossary of terms and alternative performance measures on pages 129 to 132.  fi ‡ 2025 the NAV with borrowings at fair value was the same as the NAV with fi129 to 132. Source: Baillie Gifford/LSEG and relevant underlying index providers. See disclaimer on page 125. Past performance is not a guide to future performance. Strategic report Annual Report and Financial Statements 2025 28 Review of investments A review of the Company’s ten largest investments and additions to the private company 5. Space Exploration Technologies An aerospace and space transportation company that manufactures advanced rockets, like the Falcon 9, and satellites, like Starlink, which provides global broadband services. We are excited by its pursuit of reduced launch costs, thus opening avenues for growth, such as tourism and transportation. A clear segment leader, it looks positioned to capture an attractive share of the growing space industry, while fi globally relevant utility. Stripe Stripe is a payments technology company. Founded in 2010 by Irish brothers Patrick and John Collison, the company is in the process of developing a platform for sending money seamlessly and compliantly between any two internet connected nodes in the world. The company processes massive volumes of payments from a broad customer base, ranging from US   entrepreneurship easier and thus fi business conducted online. Valuation at 5 £41,228,000 % of total assets 5.3 Valuation at 4 £32,007,000 % of total assets 4.6% Net purchases/(sales) in the year – Valuation at 5 £86,601,000 % of total assets 11.2 Valuation at 4 £51,864,000 % of total assets 7.6% Net purchases/(sales) in the year – © Shutterstock / mundissima© Anadolu/Getty Images Denotes private company investment. * Total assets less current liabilities, before deduction of borrowings. See Glossary of terms and alternative performance measures on pages 129 to 132. Top ten holdings 29 Baillie Gifford US Growth Trust plc Amazon In retail, Amazon competes on price, selection and convenience and is improving all three as it gets bigger. Amazon’s AWS (Amazon Web Services) division is in a clear position of leadership in what could turn out to be one of the largest and most important market shifts of our time. Both opportunities are outputs of what is perhaps most distinctive of all about Amazon – its culture. The company is  perspective. It is willing to be bold and scale its experiments (and confront failures) as it grows. These cultural distinctions allow Amazon to possess the rare and attractive combination of scale and immaturity. fl fl fi content and distribution media brand. Its base of more than 230 million subscribers allows it to invest in building a strong customer proposition through its library of exclusive and desirable content. This in turn attracts more subscribers, creating a powerful fl from other likely competitors. The shift from linear TV to on demand streaming is still in the fl fi fl fl that provides security, performance, and reliability services to millions of websites and internet applications. Founded in 2009, the company began as a web security provider and has since evolved into a broad edge computing platform. fl 300 cities worldwide, putting 95% of the global internet population within 50 milliseconds of its fl positioned to play a foundational role in the AI infrastructure stack.  fi edge, while its developer platform,  applications with minimal overhead. fl   use cases proliferate. Valuation at 5 £36,087,000 % of total assets 4.6 Valuation at 4 £13,357,000 % of total assets 1.9% Net purchases/(sales) in the year £4,043,000 Valuation at 5 £35,674,000 % of total assets 4.6 Valuation at 4 £35,710,000 % of total assets 5.2% Net purchases/(sales) in the year (£3,307,000) Valuation at 5 £36,574,000 % of total assets 4.7 Valuation at 4 £23,441,000 % of total assets 3.4% Net purchases/(sales) in the year (£3,633,000) © ADRIAN DENNIS/AFP/Getty Images * Total assets less current liabilities, before deduction of borrowings. See Glossary of terms and alternative performance measures on pages 129 to 132. © Francis Vachon / Alamy Stock Photo © monticellllo – stock.adobe.com Strategic report Annual Report and Financial Statements 2025 30 © NetPhotos/Alamy Stock Photo© Shutterstock / Melnikov Dmitriy Meta Platforms Meta Platforms is the owner of Facebook, WhatsApp and Instagram. We think that AI could fi the nearer term, it should facilitate revenue growth as AI systems allow adverts to be targeted more effectively despite Apple’s privacy restrictions. Facebook may be unique in having the engineering resources to take advantage of this opportunity. The company addressed its cost base  to take on this challenge. In the longer term, AI should facilitate the monetisation of WhatsApp, a platform that enjoys widespread fi revenue model. Shopify Shopify provides software tools which allow merchants to easily set up and manage their businesses across an increasingly complex and fragmented retail landscape. Shopify’s software helps to fi by automating large swathes of their operations (e.g. marketing, inventory management, payments, order processing, shipping) thus allowing them to focus on product fi a rapid pace of innovation and is run by an impressive founder who has built a distinctive merchant focused culture. DoorDash  demand delivery platform in the US, connecting consumers with local restaurants, grocery stores, and retailers across more than 25 countries. It holds a dominant market share in US restaurant delivery and is rapidly expanding into categories like convenience, grocery, and retail.  sided marketplace of consumers, merchants, and Dashers (its delivery drivers), and been effective at balancing the needs fi improving its unit economics. As consumers increasingly expect convenience, DoorDash is positioning itself as the infrastructure for local commerce – not just food delivery – with fi the US and internationally. Valuation at 5 £26,506,000 % of total assets 3.4 Valuation at 4 £17,845,000 % of total assets 2.6% Net purchases/(sales) in the year (£4,612,000) Valuation at 5 £27,948,000 % of total assets 3.6 Valuation at 4 £21,747,000 % of total assets 3.1% Net purchases/(sales) in the year (£8,608,000) Valuation at 5 £35,580,000 % of total assets 4.6 Valuation at 4 £25,369,000 % of total assets 3.7% Net purchases/(sales) in the year £3,265,000 * Total assets less current liabilities, before deduction of borrowings. See Glossary of terms and alternative performance measures on pages 129 to 132. © Erman Gunes – stock.adobe.com 31 Baillie Gifford US Growth Trust plc Duolingo Duolingo is the world’s most popular language learning fi  make education accessible and engaging. Its freemium model — offering free access with optional premium subscriptions — has proven highly effective, driving both massive reach and recurring revenue. In recent years, Duolingo has expanded beyond language learning with products like Maths, Music and Chess. At the core of Duolingo’s success is a relentless focus on product quality and user engagement. Duolingo’s ability to blend rigorous learning science with addictive product design positions it uniquely at the intersection of education and entertainment — a category it is fi NVIDIA NVIDIA designs and manufactures graphics processing units for the gaming and professional markets. They are highly specialised semiconductor chips that can be used for a range of applications, from gaming to fi of investment into both hardware and software, NVIDIA is well fi of generative AI, as its chips form the infrastructure layer to power large language models. NVIDIA is using its scale to further reinvest in its opportunity; designing new hardware to make data centres more powerful and energy fi to help companies adopt AI more quickly. Valuation at 5 £19,318,000 % of total assets 2.5 Valuation at 4 £44,715,000 % of total assets 6.5% Net purchases/(sales) in the year (£31,292,000) Valuation at 5 £25,104,000 % of total assets 3.2 Valuation at 4 £10,743,000 % of total assets 1.6% Net purchases/(sales) in the year (£1,291,000) © Duolingo * Total assets less current liabilities, before deduction of borrowings. See Glossary of terms and alternative performance measures on pages 129 to 132. © Shutterstock / Nor Gal Strategic report Annual Report and Financial Statements 2025 32 Rippling (People Center)  management platform that sits at the fi Founded by Parker Conrad, Rippling aims to solve a critical pain point for businesses: the fragmentation of employee systems across departments and geographies. From a single platform, companies fi device management, app access, time tracking, and more — all tied to a central employee record. The company operates in a massive addressable market, historically served by a mix of legacy providers and narrowly focused software as a service (‘SaaS’) tools. It has grown   retention and expansion within its customer base. Its combination of product depth, operational fi makes it a standout in the next generation of enterprise software platforms. Valuation at 5 £4,944,000 % of total assets 0.6 Valuation at 4 – % of total assets – Net purchases/(sales) in the year £4,986,000 Private company new buys Runway AI Runway is a generative AI video platform pioneering the use of machine learning in creative fl company aims to become the  professionals, supporting the entire production process — from ideation and storyboarding to editing  combines intuitive design with  users to generate, edit, and enhance video content with unprecedented fl has grown rapidly with limited marketing spend, driven by the viral appeal of its technology and its tight fl Unlike many AI companies building horizontal tools, Runway is pursuing fi  stack solution for the next generation of content production. As demand for  industries and platforms, Runway’s ability to automate and enhance the fi artistic control — positions it strongly in a new wave of media creation. Valuation at  £3,708,000 % of total assets 0.5 Valuation at  – % of total assets – Net purchases/(sales) in the year £3,949,000 Cosm Experience Cosm is a pioneering immersive entertainment and technology fi experience live events through its  Founded in 2020, Cosm has rapidly fl venues in Los Angeles and Dallas.  foot diameter, 12K+ resolution LED domes that envelop audiences in  unparalleled sense of presence for live sports, concerts, and cinematic  edge technology and strategic partnerships, Cosm is poised to become a leader in the evolving landscape of immersive media experiences. Valuation at  £3,708,000 % of total assets 0.5 Valuation at  – % of total assets – Net purchases/(sales) in the year £3,944,000 Denotes private company investment. * Total assets less current liabilities, before deduction of borrowings. See Glossary of terms and alternative performance measures on pages 129 to 132. © Mojahid Mottakin – stock.adobe.com© Timon – stock.adobe.com © Los Angeles Times/Getty Images 33 Baillie Gifford US Growth Trust plc Portfolio executive summary Contributors Contribution to absolute performance % Absolute performance % † Space Exploration Technologies 4.4 6 7. 0 Duolingo 2.6 156.3 fl 2.6 77.6 fl 2.5 131.9 Shopify 2.5 70.9 Detractors Contribution to absolute performance % Absolute performance % † Moderna (3.2) (82.4) Brex (1.4) (55.1) Pinterest (0.7) (29.2) Lyra Health (0.6) (51.4) Sweetgreen (0.6) (58.8) 2025 * Contribution to absolute performance (in sterling terms) has been calculated to illustrate how an individual stock has contributed to the overall return. fl † Absolute performance (in sterling terms) has been calculated on a total return basis over the period 145. fi129 to 132. Table ordered by contribution to performance. Denotes private company investment. Source: Revolution. Distribution of total assets * by sector 2025 3 4 5 2 6 1 Industry 2025 % 2024 % 1 Information technology 29.1 29.9 2 Consumer discretionary 20.1 19.0 3 Industrials 15.5 12.5 4 Communication services 15.3 15.6 5 Healthcare 10.1 12.1 6 Financials 4.6 6.2 7 Real estate 1.9 1.6 8 Consumer staples 1.6 1.0 9 Materials 0.8 1.4 10 Net liquid assets 1.0 0.7 Source: Baillie Gifford/LSEG and relevant underlying index providers. See disclaimer on page 125.  fi129 to 132. Strategic report Annual Report and Financial Statements 2025 34 New buys Cosm Experience DraftKings Globant Lineage Rippling (People Center) Runway AI SharkNinja The Ensign Group Aurora Block fl CoStar Group Meta Platforms Penumbra Recursion Pharmaceuticals Rivian Automotive Samsara fl Sweetgreen Wayfair Additions fi Alnylam Pharmaceuticals Amazon Chewy Datadogs Denali Therapeutics DoorDash Doximity Duolingo Ginkgo Bioworks Guardant Health Inspire Medical Systems Insulet Lemonade Moderna fl NVIDIA Oddity Pinterest Roblox Roku Sana Biotechnology Shopify Tesla The Trade Desk Watsco Workday YETI ReductionsComplete sales 10X Genomics Coursera HashiCorp Sprout Social Assets highlighted in bold indicate an investment decision. Niantic’s game business was acquired by Scopely during the period. The takeover resulted in the Company receiving a combination of cash and series A preference shares in a new company called Niantic Spatial. See list of investments on pages 43 to 46. Denotes private company investment. Denotes listed investment previously held in the portfolio as a private company investment. 35 Baillie Gifford US Growth Trust plc fl risk. Figures represent percentage of total investments excluding cash. Source: Baillie Gifford. Growth drivers 2025 fi research. This is a subjective process, but we believe it is more consistent with our view that the real fi rather than how index providers choose to classify companies. MONETISING ATTENTION THROUGH DIGITAL ADVERTISING 8.1% OTHER HEALTHCARE 2.5% HEALTHCARE 10.1% THERAPIES 2.1% DEVICES 2.7% TESTING/DIAGNOSTICS 2.8% DIGITAL INFRASTRUCTURE 9.5% COMMUNICATION 11.2% CONTENT CONSUMERS WILL PAY FOR 12.8% ENTERPRISE – DIGITAL TRANSFORMATION 9.6% CHEMICALS 0.8% QUANTUM COMPUTING 0.7% TRANSPORT 5.5% FINANCE 9.5% AGRICULTURE <0.1% REAL ESTATE 1.2% INDUSTRY-SPECIFIC DISRUPTION CAPITAL ALLOCATORS 2.3% CONSUMER – EMERGING BRANDS 1.7% DIGITAL TRANSFORMATION OF COMMERCE 17.0% Cloudflare NVIDIA Space Exploration Technologies Alnylam Moderna Denali Sana Recursion Doximity Capsule Honor Lyra Health The Ensign Group Gingko Bioworks Guardant Health BillionToOne Insulet Inspire Medical Systems Penumbra Pinterest Meta Roku The Trade Desk Oddity Chewy DoorDash Lemonade Faire Wholesale Away (JRSK) DraftKings Shopify Thumbtack Amazon Wayfair YETI Sweetgreen SharkNinja Cosm Experience Discord Duolingo Netflix Niantic Epic Games Roblox Solugen PsiQuantum Nuro Zipline Aurora Rivian Automotive Tesla Affirm Block Blockstream Human Interest Brex Stripe Indigo Agriculture CoStar Group Airbnb Lineage Watsco Samsara Datadog Rippling (People Center) Databricks Workday Runway AI Snowflake Tanium Snyk Workrise Globant Strategic report Annual Report and Financial Statements 2025 36 We hold our private company investments at ‘fair value’  transaction. Valuations are adjusted both during regular valuation cycles and on an ad hoc basis in response to ‘trigger events’.  valuation process ensures that private companies are valued in both a fair and timely manner. The valuation process is overseen by a valuations group at Baillie Gifford, which takes advice from an independent third party (S&P Global). The valuations group is independent from the investment team with all voting members being from different operational areas fi fifi Baillie Gifford revalues the private holdings on a  holdings reassessed each month. During stable market conditions, and assuming all else is equal, each investment would be valued four times in The valuations are also reviewed twice per year by the Board, which receives copies of Baillie Gifford’s proposed valuations as well as the latest valuation reports from its external valuer. The valuations are subject to the scrutiny of the Company’s  Beyond the regular cycle, the valuations team also monitors the portfolio for certain ‘trigger events’. These may include: changes in fundamentals; a takeover approach; an intention to carry out an Initial Public Offering (‘IPO’); company news which fi managers; or meaningful changes to the valuation of comparable public companies. Any ad hoc change to the fair valuation of any holding is implemented fl  The valuations group also monitors relevant market indices on a weekly basis and updates valuations in a manner consistent with  external valuer’s (S&P Global) most recent valuation report where appropriate. Periods of market volatility during the period have meant that valuations continue to be reviewed much more frequently, in some instances resulting in further valuation movements. Despite periods of volatility, market sentiment more broadly has  resulted in a number of the portfolio companies undertake capital raises. fi out during the twelve months to 31 May 2025, but fl private investment portfolio that has not resulted in . Baillie Gifford US Growth Trust Instruments held 58 Number of revaluations 371 Percentage of portfolio valued up to 4 times 14.3% Percentage of portfolio valued 4+ times 85.7% *  fl20242025 to align with the Company’s reporting period end. The simple average movement in company valuations and share prices across the portfolio in the twelve months to 31 May 2025 are shown below. The valuations of our private company holdings have increased in the period on average. Where there has been a contraction in the valuation of a portfolio company, share prices have decreased less than headline valuations because Baillie Gifford typically holds preference stock, which provides downside fl  valuation, which would be realised in an IPO, and the downside protected valuation, which would normally be triggered in the event of a corporate sale or liquidation. Average movement in company valuation Average movement in share price Baillie Gifford US Growth Trust 4.8% 10.7% *  fl20242025 to align with the Company’s reporting period end. Baillie Gifford – valuing private companies 37 Baillie Gifford US Growth Trust plc Private companies summary Historical snapshot fi255.4m of capital in this area. Transaction value 5 (£’000). (Graph plotted in calendar years) 5 £12.9m of new capital was deployed in private companies during the year. New buys Cosm Experience Rippling (People Center) Runway AI Niantic’s game business was acquired by Scopely during the period. Baillie Gifford US Growth  company Niantic Spatial (see pages 43 to 46 for a complete list of the Company’s investments). Follow on funding rounds None Concentration 5 we held 27 private companies which equated to 34.9% of total assets.  fi companies accounted for 62.5% of the private company exposure.  The ten largest private companies accounted for 79.4% of the private company exposure. fi5. 34.9% Total private company exposure Top 10 – 2 7.7 % Top 5 –% 3 Listed – SPAC 8 Listed 27 Held 1 Liquidated 1 Takeover 0 120,000 100,000 80,000 60,000 40,000 20,000 ● Buy ● Follow on ● Listed ● Takeover● Listed-SPAC (special purpose acquisition company) 2018 2019 2020 2021 2022 2023 20252024 * Total assets less current liabilities, before deduction of borrowings. See Glossary of terms and alternative performance measures on pages 129 to 132. Strategic report Annual Report and Financial Statements 2025 38 5 previously held as private company investments from date of 5 (absolute performance in sterling terms %) 500(100) 0 200100 400300 ● Absolute performance from initial public offering to 31 May 2025 % ● Absolute performance from initial investment to initial public offering % ● Total absolute performance from initial investment to 31 May 2025 % Affirm Airbnb Ginkgo Bioworks Aurora Oddity Snowflake 3 4 5 2 6 1 Private exposure  2025 %  2024 % 1 Space Exploration Technologies 11.2 7. 6 2 Stripe 5.3 4.6 3 BillionToOne 2.0 1.4 4 Faire Wholesale 1.7 1.9 5 Databricks 1.6 1.8 6 Other 13.1 16.8 Source: Revolution/Baillie Gifford. Note: Absolute performance returns cannot be added together as they are geometric. 39 Baillie Gifford US Growth Trust plc Size Our private company exposure tends to be weighted to the upper end of the maturity curve, focused on late stage private companies which fi Cap Total equity value (USD)  assets * Number of holdings Micro <300m 0.3 4 Small 300m–2bn 3.4 7 Medium 2bn–10bn 11.5 11 Large >10bn 19.7 5 34.9 27 Source: Baillie Gifford. Private company investments and listed investments previously held as private company investments as a percentage of total assets * (plotted quarterly from March 2018) £m 2025 2019 2021 202420232018 2020 2022 % ● Private company investments as a % of total assets (right hand axis) ● Total assets in sterling (left hand axis) ● Private company investments and listed investments previously held in the portfolio as private company investments as a % of total assets (right hand axis) ● Private company investments as a % of total assets (right hand axis) ● Total assets in sterling (left hand axis) ● Private company investments and listed investments previously held in the portfolio as private company investments as a % of total assets (right hand axis) 0 1,200 1,000 600 800 200 400 0 50 40 20 30 10 * Total assets less current liabilities, before deduction of borrowings. See Glossary of terms and alternative performance measures on pages 129 to 132. Strategic report Annual Report and Financial Statements 2025 40 Operational highlights Financial highlights  SpaceX surpassed 250 dedicated Starlink launches, bringing the constellation to over   Starlink, the satellite internet service operated by SpaceX, has surpassed 6 million active subscribers across 140 countries.  SpaceX logged its 100th consecutive successful Falcon 9 landing as it launched 84 per cent of global satellite mass into orbit in 2024, fi   Elon Musk stated via X that SpaceX expects to generate $15.5 billion in revenue this year, and that commercial space revenues will exceed NASA’s entire budget.  In December 2024, a share tender offer to employees from SpaceX and some of its investors valued the company at $350bn, making it the most highly valued private company in the world.  Stripe processed $1.4 trillion in total payment  and equating to 1.3% of gross domestic   Patrick Collison recently described payment volume trends as being boosted by AI’s fl  In February 2025, John Collison said the fi for the foreseeable future.  A tender offer in February valued the business at $91.5 billion, 31% higher than its $70 billion   BillionToOne reached the milestone of 500,000 total patient tests by June 2024.  The company expanded its Northstar oncology product line with two key tests: Northstar Select (therapy selection) and Northstar Response (treatment monitoring).  As at January 2025, its Northstar Select fi variants than comparable tests.  In November 2024, it broke ground on a new laboratory in Austin, TX, with a capacity for   BillionToOne reached revenue of $153 million in 2024, more than doubling from $72 million in 2023.  It is projecting revenue to reach $220 million in 2025, continuing its strong growth momentum.  It has now captured approximately 15 per cent market share in the US prenatal testing market.  The company secured a $130 million Series D round at a $1 valuation in June 2024 and a $140 millionfi   Zipline’s drones have now logged 100 million miles, making more than 1.4 million deliveries, doubling its mileage in under a year.  It continues to expand its reach and partnerships, especially in the US. A key part of this is working with regulators to approve fi fi 2024. This allows Zipline to collaborate with fl operations, critical for coordination as drone deliveries expand.    fi advancing autonomous delivery for urban areas with 8lbs/3.6kg payloads, massively increasing its market opportunity.  In June 2024, Zipline raised an estimated $350 valuation of $4.8. To date, Zipline has raised $1.2. 5 41 Baillie Gifford US Growth Trust plc Operational highlights Financial highlights  It has expanded its Insider Partnership programme across the US, Canada and Australia, helping brands offer free shipping to top buyers.  Faire launched promoted listings for US brands in September 2024 which has increased product views by nearly 80 per cent and new customers by 25 per cent on average for participating  The company appointed Thuan Pham as chief fi  Marcelo Cortes transitioning to chief architect.    have been established to date, with brands selling more than $7 billion worth of inventory via the platform.  Faire’s last funding round came from the  2023. Faire is now the recommended wholesale marketplace for Shopify merchants, bringing a huge customer network to the brands selling viaFaire.  In February 2025, Databricks and SAP fi applications and data platforms work together combining SAP’s applications with Databricks   In October 2024, Databricks announced a strategic collaboration agreement with Amazon Web Services (AWS), whereby Databricks will leverage AWS’s Trainium chips as the preferred   In December 2024, the company announced it had raised $10 billion in its Series J fundraising round which valued the company at $62bn.  In January 2025, Databricks closed an additional $5.2fi that Meta had joined as a new strategic investor.  The company announced it is growing 60 per  the $3 revenue run rate and be free cash positive by the end of January 2025.  It now has over 10,000 customers and more than 500 customers consuming at an over $1 annual revenue run rate.  In June 2024, Brex announced a partnership with Stripe Atlas to deliver faster banking access for startups. Stripe Atlas is Stripe’s service that enables entrepreneurs to set up a business in the US from anywhere in the world quickly and at low cost.  Brex now serves over 150 public companies and fi  ServiceTitan, Sonos, Wiz and more selected Brex as their modern spend platform. In total, Brex’s enterprise customers have an estimated market cap of more than $2.9.  Internally, Brex has streamlined its sales structure by removing two management layers. At the same time, its net promoter score improved during 2024.  Revenue growth accelerated nearly threefold in 2024, with net revenue retention increasing by over 15%. Its enterprise business (its largest customers) grew revenue by 80 per cent.   fi paybacks improved by 40 per cent, while its cash burn rate was reduced by almost 70 per cent. fi of cash burn. 5 (continued) Strategic report Annual Report and Financial Statements 2025 42 Operational highlights Financial highlights  As of May 2025 Discord had 200+ million monthly active users (from 152 million in January 2023), rolling out several speed and feature improvements.  Over 90% of users play games on the platform, spending a total of 1.5 billion hours gaming each month.  October 2023 saw the company launch an  digital items for their avatar and accounts. Discord plans to open this new revenue stream to   It will also begin inviting eligible developers in the UK and Europe to share in company revenue by building apps on top of the platform and letting users subscribe to them (this is already available in the US).  Fortnite continues to innovate to attract new  boosted user numbers to a record 110 million monthly Fortnite users at peak.  Epic’s new partnership with Disney enables game creation with Disney IPs such as Star Wars and Marvel, which could further increase engagement.  In August 2024, Epic made a notable move back to mobile gaming as it launched its Epic Games Store on Android devices globally and iOS devices in the EU. CEO Tim Sweeney hailed the  fi  Epic Games Store is Epic’s video game digital distribution service and storefront.  In October 2024, Sweeney declared the fi period involving strategic layoffs, rebuilding and strong execution.    revenue in 2024, reaching $1.09 billion.  In February 2024, The Walt Disney Company fi Epic Games, aiming to create an expansive new games and entertainment universe connected to Fortnite, powered by Unreal Engine.  In November 2024, Nuro launched its based Nuro Driver™ L4 system, enabling  California and Texas. It has recorded 1 million   Nuro has expanded beyond delivery bots to license its autonomy stack (Nuro Driver™ and  mobility platforms, branching into robotaxis and advanced driver assistance systems markets.  In April 2025, Nuro secured $106 million in a Series E funding round, which valued the company at $6 billion. 5 (continued) 43 Baillie Gifford US Growth Trust plc List of investments 5 Name Business 2025 Value £’000  total assets * 2024 Value £’000 Space Exploration Technologies Series J Preferred Rocket and spacecraft company 44,253 5.7 26,502 Space Exploration Technologies Series N Preferred Rocket and spacecraft company 25,404 3.3 15,214 Space Exploration Technologies Series K Preferred Rocket and spacecraft company 10,085 1.3 6,040 Space Exploration Technologies Class A Common Rocket and spacecraft company 5,242 0.7 3,139 Space Exploration Technologies Class C Common Rocket and spacecraft company 1,617 0.2 969 86,601 11.2 51,864 Stripe Series G Preferred Online payment platform 18,157 2.3 13,984 Stripe Series I Preferred Online payment platform 17,693 2.3 13,625 Stripe Class B Common Online payment platform 3,729 0.5 2,871 Stripe Series H Preferred Online payment platform 1,649 0.2 1,527 41,228 5.3 32,007 fl Subscription service for TV shows and movies 36,574 4.7 23,441 fl  36,087 4.6 13,357 Amazon Online retailer and cloud computing provider 35,674 4.6 35,710 Meta Platforms Social networking website 35,580 4.6 25,369 Shopify Class A  27,948 3.6 21,747 DoorDash Online local delivery 26,506 3.4 17,845 Duolingo Mobile learning platform 25,104 3.2 10,743 NVIDIA Graphics chips 19,318 2.5 44,715 BillionToOne Series C Preferred Molecular diagnostics technology platform 6,699 0.9 3,984 BillionToOne Series D Preferred Molecular diagnostics technology platform 4,622 0.6 2,749  Molecular diagnostics technology platform 4,259 0.5 2,533 15,580 2.0 9,266 Roblox User generated content game company 15,338 2.0 6,900 The Trade Desk Advertising technology company 14,653 1.9 34,288 Faire Wholesale Series F Preferred Online wholesale marketplace 4,934 0.6 4,972 Faire Wholesale Online wholesale marketplace 4,661 0.6 4,429 Faire Wholesale Series G Preferred Online wholesale marketplace 3,608 0.5 3,684 13,203 1.7 13,085 * Total assets less current liabilities, before deduction of borrowings. See Glossary of terms and alternative performance measures on pages 129 to 132. Denotes private company investment. Past performance is not a guide to future performance. Strategic report Annual Report and Financial Statements 2025 44 * Total assets less current liabilities, before deduction of borrowings. See Glossary of terms and alternative performance measures on pages 129 to 132. Denotes private company investment. Denotes listed investment previously held in the portfolio as a private company investment. Past performance is not a guide to future performance. Name Business 2025 Value £’000  total assets * 2024 Value £’000 Tesla Electric cars, autonomous driving and solar energy 13,002 1.7 17,239 Databricks Series H Preferred Data and AI platform 12,508 1.6 11,647 Databricks Series I Preferred Data and AI platform 467 <0.1 435 12,975 1.6 12,082 Oddity Online cosmetics and skincare company 12,674 1.6 7,072 Zipline International Series C Preferred  7,607 1.0 8,910 Zipline International Series E Preferred  4,311 0.6 5,049 Zipline International Series F Preferred  723 0.1 820 12,641 1.7 14,779 fi fi 7,606 1.0 4,543 fi fi 4,714 0.6 3,477 12,320 1.6 8,020 CoStar Group Commercial property information provider 11,961 1.5 10,776 fl  platform 10,556 1.4 5,771 Samsara Connected operations cloud software company 10,297 1.3 5,430 Alnylam Pharmaceuticals Therapeutic gene silencing 9,306 1.2 5,248 Brex Class B Common  3,983 0.5 10,648 Brex Series D Preferred  5,294 0.7 10,018 9,277 1.2 20,666 DraftKings Online sports betting platform 9,147 1.2 – Insulet Medical device company 9,086 1.2 5,736 Discord Series I Preferred Communication software 8,734 1.1 9,448 Watsco Air conditioning, heating and refrigeration equipment distributor 8,528 1.1 10,611 Datadog IT monitoring and analytics platform 8,106 1.0 8,768 Pinterest Image sharing and social media company 7,948 1.0 12,273 Epic Games Video game platform and software developer 7,704 1.0 6,741 Chewy Online pet supplies retailer 7,520 1.0 4,084 Penumbra Medical tools to treat vascular diseases 7,482 1.0 3,178 Aurora  4,218 0.5 1,668 Aurora Innovation Class B Common  3,157 0.4 1,317 7,375 0.9 2,985 Workday Enterprise information technology 7,305 0.9 12,450 The Ensign Group Operator of skilled nursing facilities 6,683 0.9 – Nuro Series C Preferred  3,672 0.5 2,509 Nuro Series D Preferred  3,006 0.4 1,939 6,678 0.9 4,448 SharkNinja Home appliance company 6,409 0.8 –  Combines enzymes and metal catalysts to make chemicals 4,237 0.5 5,821 Solugen Series D Preferred Combines enzymes and metal catalysts to make chemicals 2,072 0.3 2,827 6,309 0.8 8,648 45 Baillie Gifford US Growth Trust plc Name Business 2025 Value £’000  total assets * 2024 Value £’000 Guardant Health Biotechnology Company 6,015 0.8 4,645 Block Financial Services merchant and mobile payment company 5,986 0.7 6,127 PsiQuantum Series D Preferred Silicon photonic quantum computing 5,815 0.7 3,872 Snyk Series F Preferred Developer security software 3,522 0.5 5,055 Snyk Ordinary Shares Developer security software 1,968 0.2 3,016 5,490 0.7 8,071 Wayfair Online furniture and homeware retailer 5,203 0.7 6,552 Doximity fl professionals 5,080 0.7 3,136 Rippling (People Center) Series G Preferred Workforce management platform 4,944 0.6 – Roku Online media player 4,846 0.6 4,451 Workrise Technologies Series E Preferred Jobs marketplace for the energy sector 2,202 0.3 1,975 Workrise Technologies Series D Preferred Jobs marketplace for the energy sector 2,111 0.3 1,895 Workrise Technologies  Jobs marketplace for the energy sector 469 <0.1 421 4,782 0.6 4,291 Human Interest Series E Preferred Retirement bfiplatform 4,734 0.6 4,713 Thumbtack Class A Common Online directory service for local businesses 2,975 0.4 2,437 Thumbtack Series I Preferred Online directory service for local businesses 1,309 0.2 1,293 Thumbtack Series A Preferred Online directory service for local businesses 212 <0.1 174 Thumbtack Series C Preferred Online directory service for local businesses 62 <0.1 51 Thumbtack Series B Preferred Online directory service for local businesses 14 <0.1 12 4,572 0.6 3,967 Inspire Medical Systems Medical technology company 4,553 0.6 6,054 Sweetgreen Salad fast food chain 4,500 0.6 9,370 Lyra Health Series E Preferred Digital mental health platform for enterprises 3,215 0.4 7,136 Lyra Health Series F Preferred Digital mental health platform for enterprises 1,059 0.1 1,664 4,274 0.5 8,800 Tanium Class B Common Online security management 3,917 0.5 4,548 Moderna Therapeutic messenger RNA 3,786 0.5 23,506 Runway AI Series D Preferred Generative AI research and technologies platform 3,708 0.5 – Cosm Experience Immersive entertainment venues 3,708 0.5 – Lemonade Insurance company 3,623 0.5 2,068 Lineage  logistics 3,465 0.4 – Away (JRSK) Convertible Promissory Note Travel and lifestyle brand 1,027 0.1 1,039 Away (JRSK) Convertible Promissory Note 2021 Travel and lifestyle brand 1,027 0.1 1,039 Away (JRSK) Series D Preferred Travel and lifestyle brand 971 0.1 1,072 Away (JRSK) Series Seed Preferred Travel and lifestyle brand 156 <0.1 234 3,181 0.3 3,384 * Total assets less current liabilities, before deduction of borrowings. See Glossary of terms and alternative performance measures on pages 129 to 132. Denotes private company investment. Past performance is not a guide to future performance. Strategic report Annual Report and Financial Statements 2025 46 Name Business 2025 Value £’000  total assets * 2024 Value £’000 Honor Technology Series D Preferred Home care provider 2,032 0.2 1,158 Honor Technology Series E Preferred Home care provider 882 0.1 502 Honor Technology Inc Subordinated Convertible Promissory Note Home care provider 196 <0.1 198 3,110 0.3 1,858 Airbnb Class B Common Online market place for travel accommodation 2,940 0.3 3,501 Globant Technology services company specialising in software development, IT services and consulting 2,451 0.3 – Rivian Automotive Developer security platform 2,435 0.3 1,078 YETI Consumer products for the outdoor and recreation markets 2,398 0.3 3,726 Denali Therapeutics Clinical stage neurodegeneration company 2,032 0.3 3,321 Recursion Pharmaceuticals Drug discovery platform 936 0.1 1,891 Sana Biotechnology Gene editing technology 313 <0.1 1,239 Ginkgo Bioworks Bioengineering company developing micro organisms that produce various proteins 288 <0.1 930 Niantic Spatial Series A Preferred Geospatial AI and spatial computing solutions 242 <0.1 – Indigo Agriculture Class A Common Agricultural technology company 3 <0.1 130  Bitcoin and digital asset infrastructure – 0.0 163  Digital pharmacy – 0.0 824 Capsule Series E Preferred Digital pharmacy – 0.0 509 – 0.0 1,333 Abiomed CVR Manufacturer of heart pumps – 0.0 – Total investments 772,747 99.0 Net liquid assets† 8,121 1.0 Total assets  100.0 * Total assets less current liabilities, before deduction of borrowings. See Glossary of terms and alternative performance measures on pages 129 to 132. † See Glossary of terms and alternative performance measures on pages 129 to 132. # Includes holdings in ordinary shares, preference shares and convertible promissory notes. Denotes private company investment. Denotes listed investment previously held in the portfolio as a private company investment. Past performance is not a guide to future performance. Listed equities % Private company investments # %  assets † % Total assets * % 5 64.1 34.9 1.0 100.0 4 65.2 34.1 0.7 100.0 47 Baillie Gifford US Growth Trust plc Business review Business model Business and status Baillie Gifford US Growth Trust plc is a public company limited by shares and is incorporated in England and Wales. The Company is an investment company within the meaning of section 833 of the Companies Act 2006 and carries on business as an investment trust. Investment trusts are UK public listed companies and their shares are traded on the London Stock Exchange. They invest in a portfolio of assets in order to spread fi although, subject to shareholder approval, it may purchase its own shares or issue shares. The price of the Company’s shares is determined, like other listed shares, by supply and demand. The Company has been approved as an investment trust by HM Revenue & Customs subject to the Company continuing to meet the eligibility conditions. The Directors are of the opinion that the Company has continued to conduct its affairs so as to enable it to comply with the ongoing requirements of section 1158 of the Corporation Tax Act 2010 and the Investment Trust (Approved Company) (Tax) Regulations 2011. The Company is an Alternative Investment Fund for the purposes of the UK Alternative Investment Fund Managers Regulations. Purpose Baillie Gifford US Growth aims to deliver above  keeping fees and costs low and harnessing the  Objective and policy The Company’s investment objective is to produce  The Company invests predominantly in equities of companies which are incorporated or domiciled, or fi in the United States and which the Company believes have the potential to grow substantially faster than the average company over the long term. Such investment is typically direct, but may be indirect, including through investment in funds. The maximum direct investment in any one company or fund is limited to 10% of the Company’s total assets measured at the time of investment. The portfolio consists of direct holdings in listed securities and unlisted securities in up to a combined maximum of 90 companies or funds, typically with 30 or more listed security holdings. The maximum amount which may be invested directly in unlisted securities shall not exceed 50% of the total assets of the Company, measured at the time of investment. The Company will at all times be invested in several fi on exposure to any one sector, the Company will at all times invest and manage the portfolio in a manner consistent with spreading investment risk. With prior approval of the Board, the Company fi portfolio management (in order to reduce, transfer or eliminate investment risk in the Company’s portfolio). Derivative instruments in which the Company may invest may include   on futures, swaps and similar instruments. The Board, however, currently does not expect to enter into derivative or hedging transactions to mitigate against currency or interest rate risk. Strategic report Annual Report and Financial Statements 2025 48 The Board intends to employ gearing in the normal course of events. The Company may in aggregate borrow amounts equalling up to 30% of the net asset value of the listed securities held by the Company, calculated at the time of drawdown, although the Board expects that borrowings will typically represent an amount in the range of 10% to 20% of the net asset value of the listed securities held by the Company. While it is intended that the Company will be fully invested in normal market conditions, the Company may hold cash on deposit or invest on a temporary basis in a range of cash equivalent instruments. The Board does not expect that the Company will hold cash or cash equivalent instruments, but there is no restriction on the amount of cash or cash equivalent instruments that the Company may hold. Culture and values In the context of a company with no employees, culture and values are expressed by the Company’s Directors and the service providers with whom shareholders and other stakeholders interact, and through the relationships between the Board and those service providers, including the Managers. As noted in more detail in the section 172 statement on pages 56 to 59, the Board seeks to engage with its Managers and other service providers in a collaborative and collegiate manner, and to maintain the highest standards of business conduct. Dividend policy The Company’s priority is to produce capital growth over the long term. The Company therefore has no dividend target and will not seek to provide shareholders with a particular level of distribution. However, the Company intends to comply with the requirements for maintaining investment trust status for the purposes of section 1158 of the UK Corporation Tax Act 2010 regarding distributable income. The Company will therefore distribute as a fi in respect of an accounting period, an amount greater than 15% of its income (as calculated for UK tax purposes) for that period. As the revenue fi has decidedfi Liquidity policy The Board recognises the need to address any fi sellers which might otherwise lead to shares trading at a material discount or premium to net asset value per share. While it has not adopted any formal discount or premium targets which would dictate the point at which the Company would seek to purchase shares or issue further shares, the Board is committed to utilising its share purchase and share issuance authorities where appropriate in such a way as to mitigate the effects of any such imbalance. In  appropriate in any particular set of circumstances, the Board will take into account, inter alia: shareholder feedback; the prevailing market conditions; whether the discount is substantial relative to the Company’s peers; the degree of net asset value accretion that  resources readily available to the Company; the immediate pipeline of investment opportunities open to the Company; the level of the Company’s existing borrowings; and the working capital requirements of the Company. The Board will continue to monitor the discount and the application of the liquidity policy and will amend the approach to discount management in response to the prevailing market conditions and other factors noted above. The Board will keep shareholders appraised, on a regular and ongoing basis, of the approach which it has adopted in implementing this liquidity policy, principally through commentary in its Annual and Interim Reports. Share buy‑backs – at the Annual General Meeting held on 272024 the Company was granted a general authority to make purchases of up to 43,647,687 shares, being approximately 14.99% of the issued ordinary share capital as at the date of the passing of the resolution. This authority expires at the forthcoming Annual General Meeting. In exercising the Company’s power to buy back shares, the Board has complete discretion as to the timing, price and volume of shares so purchased. If the Company does purchase its own shares it may hold them in treasury rather than purchase them for cancellation. Shares may only be sold from treasury at a price which, after costs, is not less than the net asset value per share at the relevant time. All share repurchases are conducted in accordance with the Companies Act 2006 and the UK Listing  from time to time and are announced to the market 49 Baillie Gifford US Growth Trust plc via a Regulatory Information System on the same or the following business day. 16,000,000 were bought back during the year 2025 26,131,300 shares were held in treasury. Between 1 2025 and 62025 800,000 shares were bought back and held in treasury. The Directors are seeking shareholders’ approval at the Annual General Meeting to renew the authority to purchase up to 14.99% of the ordinary shares in issue (excluding treasury shares) as at 6 2025 (being the latest practicable date prior to the publication of this document) or, if less, up to 14.99% of the ordinary shares in issue (excluding treasury shares) on the date on which the authority is granted, such authority to expire at the date of the Annual General Meeting in 2026. Such purchases will only be made at a discount to the prevailing net asset value. Any such shares which are bought back may be held in treasury and may subsequently then either be sold for cash or cancelled. Share issuance – the Directors will again be seeking authorities at the forthcoming Annual General Meeting for issuance and disapplication of  and allot new shares at a premium to the net asset value per share with debt valued at fair value. These authorities will expire at the conclusion of the 2026 Annual General Meeting or on the expiry of 15 months from the passing of the resolutions, whichever is earlier. Should shareholder approval be granted it will allow the Directors to issue new ordinary shares at a premium to net asset value or C shares convertible into ordinary shares, in order to satisfy investor demand over the year should the Company be in a position to do so. No new ordinary shares will be issued at a price which (after costs and expenses) is less than the net asset value per existing ordinary share at the time of the issue of the new shares, unless the new fi  a price of £1 per C share. As mentioned above, the Company has the authority to raise further funds through the issue of C shares rather than ordinary shares. C shares are designed to overcome the potential disadvantages that may arise out fi These disadvantages relate primarily to the effect that an injection of substantial uninvested cash may have on the net asset value per ordinary share performance of an otherwise fully invested portfolio (commonly referred to as ‘cash drag’). 2025 the Company issued no shares. Between 12025 and 62025 no shares were issued. Borrowings Borrowings are typically invested in securities when it is considered that investment grounds merit the Company taking a geared position to securities. Gearing levels, and the extent of equity gearing, are discussed by the Board and Managers at every Board meeting. The Managers are tasked with ensuring fi parameters set by the Board and any loan covenants. Facility amount Facility type Lender Maturing Drawings $25 million Revolving credit ING Bank N.V.  Fully drawn $25 million Revolving credit The Royal Bank of Scotland International Limited  2026 Fully drawn Performance At each Board meeting, the Directors consider a number of performance measures to assess the Company’s success in achieving its objectives. Key performance indicators The key performance indicators (‘KPIs’) used to measure the progress and performance of the Company over time are established industry measures and are as follows:        index;   net asset value per share; and   An explanation of these measures can be found in the Glossary of terms and alternative performance measures on pages 129 to 132. The KPIs for the year to 31 May 2025 and since inception, 28 March 2018, are shown on pages 22 to 27. In addition to the above, the Board considers peer group comparative performance. Strategic report Annual Report and Financial Statements 2025 50 Value assessment Baillie Gifford & Co Limited undertakes regular value assessments of its products. Following the assessment in 2025, it was concluded that the Company was expected to provide fair value for a reasonably foreseeable period. Principal and emerging risks As explained on pages 74 and 75 there is an ongoing process for identifying, evaluating and managing the risks faced by the Company on a regular basis. The Directors have carried out a robust assessment of the principal and emerging risks facing the Company, including those that would threaten its business model, future performance, regulatory compliance, solvency or liquidity. During the year the Audit Committee, in conjunction with the Board and the Manager, undertook a full review of the Company’s risk map including the mitigating factors and controls to reduce the impact of the risks. The Committee continues to closely monitor these risks along with any other emerging risks as they develop and implements mitigating actions as necessary. There have been no material changes to the principal risks during the year. A description of these risks and how they are being managed or mitigated is set out below. The Board considers the heightened macroeconomic and geopolitical concerns to be factors which exacerbate existing risks, rather than discrete risks, within the context of an investment trust. Their impact is considered within the relevant risks. Financial risk What is the risk? The Company’s assets consist of securities and its principal fi market related and include market risk (comprising currency risk, interest rate risk and other price risk), liquidity risk and credit risk. An explanation of those risks and how they are managed is contained in note 17 to the Financial Statements on pages 109 to 116. How is it managed? The Board has, in particular, considered the impact of heightened market volatility during recent months due to macroeconomic factors such as fl rates and geopolitical concerns. To mitigate this risk the Board considers at each meeting various portfolio metrics including individual stock performance and weightings, the top and bottom contributors to performance, purchases and sales of investments and relative sector weightings against the comparative index. The portfolio managers provide their rationale for stock selection decisions. A comprehensive strategy meeting is held annually to facilitate challenge of the Company’s strategy. The value of the Company’s investment portfolio would be affected by any impact, positively or negatively, on sterling but such impact would be partially offset by the effect of exchange rate movements on the Company’s dollar denominated borrowings. Rating and change Current assessment of risk Risk level: High This risk is unchanged and remains high due to the heightened macroeconomic and geopolitical concerns and the threat to trade from increased protectionism which continue to create a challenging environment for businesses. Decreasing RiskIncreasing Risk Stable Risk Moderate RiskHigh Risk Low Risk 51 Baillie Gifford US Growth Trust plc Private company investment risk What is the risk? The Company’s liquidity risk could be increased by its investment in private company securities. These assets may fi sell, so changes in their prices may be greater than for listed investments and their valuations may be perceived to be more volatile or out of date. How is it managed? To mitigate this risk, the Board considers the private company securities in the context of the overall investment strategy and provides guidance to the Managers on the maximum exposure to private company securities. The investment policy limits the amount which may be invested in private company securities to 50% of the total assets of the Company in aggregate, measured at the time of investment. The Managers have a robust valuation methodology, which is applied consistently. In periods of market volatility, the Managers’ Private Company Valuations Group will perform trigger analyses and, if appropriate, revalue the relevant investments. The valuations are subject to review and challenge by the Board every six months and are subject to scrutiny annually by the external Auditor. Rating and change Current assessment of risk Risk level: Moderate Three new private companies were purchased during the period. This risk is seen as stable. 2025, private company investments comprised 34.9% of  Investment strategy risk What is the risk? Pursuit of an investment fi objective which the market perceives to be unattractive or inappropriate, or the ineffective implementation of an attractive or appropriate strategy, may lead to reduced returns for shareholders and, as a result, a decreased demand for the Company’s shares. This may lead to the Company’s shares trading at a wide discount to their net asset value. How is it managed? To mitigate this risk, the Board regularly reviews and monitors the Company’s objective and investment policy and strategy, the investment portfolio and its performance, the level of discount/premium to net asset value at which the shares trade, feedback from regular shareholder engagement and movements in the share register and raises any matters of concern with the Managers. Rating and change Current assessment of risk Risk level: High This risk is considered to be stable as there are signs that the market’s appetite for growth stocks, typically held by the Company, is recovering following the recent period of heightened macroeconomic and geopolitical concerns. Shareholder feedback continues to indicate strong support for the strategy. Decreasing RiskIncreasing Risk Stable Risk Moderate RiskHigh Risk Low Risk Strategic report Annual Report and Financial Statements 2025 52 Environmental social and governance risk What is the risk? Perceived problems on environmental, social and governance (‘ESG’) matters in an investee company could lead to that company’s shares being less attractive to investors, adversely affecting its share price, in addition to potential valuation issues arising from any direct impact of the failure to address the ESG weakness on the operations or management of the investee company (for example a failure to identify a pathway to Net Zero or poor employment practices). Repeated failure by the Managers to identify ESG weaknesses in investee companies could lead to the Company’s own shares being less attractive to investors, adversely affecting its own share price. How is it managed? This is mitigated by the Managers’ strong ESG stewardship and engagement policies which are available to view on the Managers’ website, bailliegifford.com, and which have been reviewed and endorsed by the Company, and which have been fully integrated into the investment process as  and ongoing due diligence which the Managers undertake on each investee company. Due diligence includes assessment of the risks inherent in climate change as well as ongoing positive engagement  18 to 20). Rating and change Current assessment of risk Risk level: Moderate The Managers continue to embed analysis of ESG factors within the investment process and employ strong ESG stewardship and engagement policies. Discount risk What is the risk? The discount/premium at which the Company’s shares trade relative to their net asset value can change. The risk of a wide discount is that it may undermine investor fi shareholders selling their shares will get less than the net asset value of those shares. How is it managed? To manage this risk, the Board monitors the level of discount/premium at which the shares trade and the Company has authority to buy back its existing shares, when deemed by the Board to be in the best interests of the Company and its shareholders. The liquidity policy is set out on page 48. Rating and change Current assessment of risk Risk level: High The Company’s discount narrowed during the year. 2025 the Company bought back 16,000,000 shares to be held in treasury. The Board continues to monitor closely the discount and the impact of the current liquidity policy being applied. Decreasing RiskIncreasing Risk Stable Risk Moderate RiskHigh Risk Low Risk 53 Baillie Gifford US Growth Trust plc Regulatory risk What is the risk? Failure to comply with applicable legal and regulatory requirements such as the tax rules for investment trust companies, the UK Listing Rules and the Companies Act could lead to suspension of the Company’s Stock Exchange fi fi Company being subject to tax on capital gains. How is it managed? To mitigate this risk, Baillie Gifford’s Business Risk, Internal Audit and Compliance departments provide regular reports to the Audit Committee on Baillie Gifford’s monitoring programmes. Major regulatory change could impose disproportionate compliance burdens on the Company. In such circumstances representation is made to ensure that the special circumstances of investment trusts are recognised. Shareholder documents and announcements, including the Company’s published Interim and Annual Reports and Financial Statements, are subject to stringent review processes and procedures are in place to ensure adherence to the Transparency Directive and the Market Abuse Directive with reference to inside information. Rating and change Current assessment of risk Risk level: Low All control procedures are working effectively. There have been no material regulatory changes that impacted the Company during the year. Custody and Depositary risk What is the risk? Safe custody of the Company’s assets may be compromised through control failures by the Depositary, including breaches of cyber security. How is it managed? To mitigate this risk, the Audit  reports from the Depositary fi Company’s assets held by the Custodian. Cash and portfolio holdings are independently reconciled to the Custodian’s records by the Managers who fi fi from investee companies. The Custodian’s assured internal controls reports are reviewed by Baillie Gifford’s Business Risk department and a summary of the key points is reported to the Audit Committee and any concerns investigated. In addition, the existence of assets is subject to annual external audit. Rating and change Current assessment of risk Risk level: Low All control procedures are working effectively. Decreasing RiskIncreasing Risk Stable Risk Moderate RiskHigh Risk Low Risk Strategic report Annual Report and Financial Statements 2025 54 Operational risk What is the risk? Failure of Baillie Gifford’s systems or those of other third party service providers could lead to an inability to provide accurate reporting and monitoring or a misappropriation of assets. How is it managed? To mitigate this risk, Baillie Gifford has a comprehensive business continuity plan which facilitates continued operation of the business in the event of a service disruption. The Audit Committee reviews Baillie Gifford’s Report on Internal Controls and reports by other key third party providers are reviewed by Baillie Gifford on behalf of the Board and a summary of the key points is reported to the Audit Committee and any concerns investigated. Rating and change Current assessment of risk Risk level: Low All control procedures are working effectively. The other key third party service providers have not fi fi affecting their respective services to the Company. Cyber security risk What is the risk? A cyber attack on Baillie Gifford’s network or that of a third party service provider could impact fi availability of data and systems. How is it managed? To mitigate this risk, the Audit Committee reviews reports on Internal Controls published by Baillie Gifford and other third party service providers. Baillie Gifford’s Business Risk department reports to the Audit Committee on the effectiveness of information security controls in place at Baillie Gifford and its business continuity framework. Cyber security due diligence is performed by Baillie Gifford on third party service providers which includes a review of crisis management and business continuity frameworks. Rating and change Current assessment of risk Risk level: Moderate This risk is seen as moderate but stable due to the continuation of geopolitical tensions. Emerging technologies, including AI, could potentially increase information security risks.  operate a hybrid approach fi working, thereby increasing the potential of a cyber  Leverage risk What is the risk? The Company may borrow money for investment purposes. If the investments fall in value, any borrowings will magnify the impact of this loss. If borrowing facilities are not renewed, the Company may have to sell investments to repay borrowings. The Company can also make use of derivative contracts. The use of such contracts may have a gearing effect so as to enhance, or worsen, returns relative to the amount invested in this way. How is it managed? To mitigate this risk, all borrowings require the prior approval of the Board and leverage levels are discussed by the Board and Managers at every meeting. Covenant levels are monitored regularly. The majority of the Company’s investments are in quoted securities that are readily realisable. Further information on leverage can be found on page 124 and the Glossary of terms and alternative performance measures on pages 129 to 132. Rating and change Current assessment of risk Risk level: Low This risk is considered to be stable. During the year  decreased from 5% to 4%. Current borrowings are well below levels where loan covenants may be breached. The current revolving credit facilities expire in July  . Decreasing RiskIncreasing Risk Stable Risk Moderate RiskHigh Risk Low Risk 55 Baillie Gifford US Growth Trust plc Political and associated economic risk What is the risk? The Board is of the view that political change in areas in which the Company invests or fi consequences for the Company. How is it managed? Political developments are closely monitored and considered by the Board. The Board has particular regard to macroeconomic and geopolitical tensions, and fi Rating and change Current assessment of risk Risk level: High This risk is seen as increasing as deteriorating geopolitical stability increases the prospect of further trade fl Emerging risk As explained on pages 74 and 75 the Board has regular discussions on principal risks and uncertainties, including any risks which are not an immediate threat but could arise in the longer term. The Board considers that the key emerging risks arise from the interconnectedness of global economies and the related exposure fi escalating geopolitical tensions, cyber security risks including developing AI and quantum computing capabilities and new infectious diseases or similar public health threats. This is mitigated by the Managers’ close links to the investee companies and their ability to ask questions on contingency plans. The Managers believe the impact of such events may be to slow growth rather than to invalidate the investment rationale over the long term. Decreasing RiskIncreasing Risk Stable Risk Moderate RiskHigh Risk Low Risk Strategic report Annual Report and Financial Statements 2025 56 Viability statement Having regard to provision 31 of the UK Corporate Governance Code, the Directors have assessed fi period. The Directors continue to consider fl  Company, and to be a period during which, in the absence of any adverse change to the regulatory environment and to the favourable tax treatment afforded to UK investment trusts, they do not fi current principal risks facing the Company nor to the adequacy of the mitigating controls in place. Furthermore, the Directors do not reasonably envisage any change in strategy or objectives or any events that would prevent the Company from continuing to operate over that period. In considering the viability of the Company, the Directors have conducted a robust assessment of each of the Company’s principal and emerging risks and uncertainties as detailed on pages 50 to 55 in particular the impact of market risk where a fi adversely impact the value of the Company’s investment portfolio. The Directors have also considered the Company’s leverage and liquidity fl facilities which expire in July and October 2026, the income and expenditure projections and the fact that the Company’s investments comprise mainly readily realisable quoted equity securities which can be sold fi leverage and liquidity stress testing was conducted during the year, including consideration of the risk of further market deterioration. The leverage fi scenarios where gross assets fall by 25% and 50%, fl adversely impact the portfolio. The liquidity stress fi that can be liquidated within one month that would result in the value of those assets falling below the value of the borrowings. The stress testing did not indicate any matters of concern. In addition, as substantially all of the essential services required by the Company are outsourced to third party service providers, this allows key service providers to be replaced at relatively short notice where necessary. Based on the Company’s processes for monitoring operating costs, share price discount/premium, the Managers’ compliance with the investment objective, asset allocation, the portfolio risk fi fi concluded that there is a reasonable expectation that the Company will be able to continue in operation and meet its liabilities as they fall fi Promoting the success of the Company (section 172 statement) Under section 172 of the Companies Act 2006, the directors of a company must act in the way they consider, in good faith, would be most likely to promote the success of the company for the fi so have regard (amongst other matters and to the extent applicable) to: a) the likely consequences of any decision in the long term, b) the interests of the company’s employees, c) the need to foster the company’s business relationships with suppliers, customers and others, d) the impact of the company’s operations on the community and the environment, e) the desirability of the company maintaining a reputation for high standards of business conduct and f) the need to act fairly as between members of the company. In this context and having regard to Baillie Gifford  company with no employees, the Board considers that the Company’s key stakeholders are its existing and potential new shareholders, its  and other professional service providers (corporate broker, registrar, Auditor, Custodian and Depositary), lenders, portfolio companies, AIC/industry peers, investment platforms, wider society and the environment. The Board considers that the interests of the Company’s key stakeholders are aligned, in terms of wishing to see the Company deliver sustainable  stated objective and strategy, and meet the highest standards of legal, regulatory, and commercial conduct, with the differences between stakeholders being merely a matter of emphasis on those elements. The Board’s methods for assessing the Company’s progress in the context of its stakeholders’ interests are set out on the following pages. 57 Baillie Gifford US Growth Trust plc Stakeholder Why we engage How we engage and what we do Shareholders Shareholders are, collectively, the Company’s owners: providing them with a return for their investment in accordance with the Company’s investment policy and objective is the reason for its existence. The Board places great importance on communication with shareholders. The Annual General Meeting provides an opportunity for the Board and Managers to present to shareholders on the Company’s performance, future plans and prospects. It also allows shareholders the opportunity to meet with the Board and Managers and raise questions and concerns. The Chair is available to meet with shareholders as appropriate. The Managers meet regularly with shareholders and their representatives, reporting their views back to the Board. Directors also attend certain shareholder fi hand. Shareholders may also communicate with members of the Board at any time by writing to them at the Company’s fi communication opportunities help inform the Board when considering how best to promote the success of the Company fi Baillie Gifford – Managers and Secretaries The Company’s Board has delegated the management of the Company’s portfolio, and the administration of the Company’s fi and taxation reporting requirements, to Baillie Gifford. Baillie Gifford is therefore responsible for the substantial activities of the Company and has the most immediate fl stakeholders, subject to the oversight and strategic direction provided by the Board. The Board seeks to engage with its Managers in a collaborative and collegiate manner, encouraging open and constructive discussion and debate, while also ensuring that appropriate and regular challenge is brought and evaluation conducted. This approach aims to enhance service levels and strengthen relationships with the Managers, with a view to ensuring the interests of the Company’s shareholders are best served, by keeping cost levels proportionate and competitive, and by maintaining the highest standards of business conduct. Portfolio companies As all of the Company’s operations are conducted by third party service providers, it is the companies held in its investment  impact in terms of social and environmental change, both positively and negatively, as well as generating, through their commercial success, the investment growth sought by the Company’s shareholders. The investee companies have an interest in understanding their shareholders’ investment rationale in  business strategies will be supported. The Board is cognisant of the need to consider the impact of the Company’s investment strategy and policy on wider society and the environment. The Board considers that its oversight of environmental, social and governance (‘ESG’) matters is an important part of its responsibility to all stakeholders. The Board’s review of the Managers includes an assessment of their ESG approach and its application in making investment decisions. The Managers’ approach to stewardship and examples of portfolio company engagement are set out on pages 18 to 20. Broker The Company’s broker provides an interface between the Company’s Board and its institutional shareholders. The Company’s broker regularly attends Board meetings, and provides reports to those meetings, in order to keep the Board apprised of shareholder and wider market sentiment regarding the Company. They also arrange forums for shareholders to meet the Chair, or other Directors, outwith the normal general meeting cycle. Registrar The Company’s registrar provides an interface with those shareholders who hold the Company’s shares directly. The Company Secretaries liaise with the registrar to ensure the frequency and accuracy of communications to shareholders is appropriate, and monitor shareholder correspondence to ensure that the level of service provided by the registrar is acceptable. The Managers’ risk function reviews the registrar’s internal controls report and reports on the outcome of this review to the Board. Strategic report Annual Report and Financial Statements 2025 58 Stakeholder Why we engage How we engage and what we do Auditor The Company’s Auditor has a responsibility to provide an opinion on the Financial Statements as set out in the Auditor’s report to the members on pages 87 to 93. The Company’s Auditor meets with the Audit Committee Chair and the Audit Committee, in the absence of the Managers where deemed necessary, and the Managers undertake to provide all information requested by the Auditor in connection with the Company’s annual audit promptly and to ensure that it is complete and accurate in all respects. Depositary and Custodian The Depositary is responsible for the fi instruments, as set out in more detail on page 66. The Depositary provides the Audit Committee with a report on its monitoring activities. The Board and Managers seek to engage with the Depositary and Custodian in a collaborative and collegiate manner, encouraging open and constructive discussion and debate, while also ensuring that appropriate and regular challenge is brought and evaluation conducted. This approach aims to enhance service levels and strengthen relationships with the Depositary and Custodian, with a view to ensuring the interests of the Company’s shareholders are best served by keeping cost levels proportionate and competitive, and by maintaining the highest standards of business conduct. Lenders fi or revolving credit facilities provide the Company’s gearing as described on page 49 and have an interest in the Company’s ongoing fi The Company’s legal advisers review all legal agreements in connection with the Company’s debt arrangements and advise the Board on the appropriateness of the terms and covenants therein. The Managers and Secretaries ensure that the frequency and accuracy of reporting on, fi that correspondence from the lenders receives a prompt response. AIC/industry peers The Association of Investment Companies (‘AIC’) and the Company’s investment trust industry peers have an interest in the Company’s conduct and performance, as adverse market sentiment towards one investment trust can affect attitudes towards the wider industry. The Company is a member of the AIC, and the Directors and/or the Managers and Secretaries (as appropriate) participate in technical reviews, requests for feedback on proposed legislation or regulatory developments, corporate governance discussions and/or training. Investment platforms Investment platforms provide an interface with shareholders who invest in the Company indirectly. The Managers liaise with the various investment platforms on strategies for improving communications with the Company’s shareholders who hold their shares via these platforms. An annual timetable of key dates is published on the Company’s website, for the ease of reference of such shareholders. Wider society and the environment No entity, corporate or otherwise, can exist fl in which it operates or utilising the planet’s  as noted above, the Company seeks to be fl where that is not possible, to mitigate its negative impacts insofar as is possible. The Board’s and Managers’ interactions with the various stakeholders as noted above form the principal forms of direct engagement with wider society and in respect of the fi health and resources). 59 Baillie Gifford US Growth Trust plc The Board approaches all key decision making with the interests of the Company and all its shareholders as the priority. Key decisions In addition to ensuring that the Company’s stated investment objective was being pursued, key decisions and actions during the year to 31 May 2025 which required the Directors to have regard to applicable section 172 factors included:  Share buybacks The Company bought back 16,000,000 of its own shares into treasury at a discount to net asset value, for subsequent reissue. The Company’s  of factors, carefully considering and balancing the positives (in particular, providing shareholders with additional liquidity for their shares on terms that enhance net asset value for remaining  fi as well as having regard to shareholder feedback regarding discount management.  Shareholder engagement and marketing The Board conducted regular meetings with shareholders during the year to seek their feedback and understand their views. During the year the Company hosted an Annual General Meeting providing shareholders with the opportunity to engage directly with the Board and the Managers. AQ&A session was held allowing shareholders to raise questions and receive detailed responses. The Board encourages shareholders to attend the 2025 Annual General Meeting (see the Notice of AGM on pages 118 to 120). The Board continues to utilise digital platforms, including the Company website, todisseminate timely information and updates. Through these initiatives, the Board has strengthened its relationship with shareholders, ensuring their voices are heard and considered in the Company The Board remains committed to maintaining regular, open and transparent communication with all shareholders. The Company is part of a marketing programme which includes all the investment trusts managed by Baillie Gifford & Co Limited. The marketing strategy has an ongoing objective to stimulate demand for the Company’s shares. The Board took the decision to increase the total annual marketing budget from £200,000 to £400,000 (see note 4 to the Financial Statements on page 102). The cost of this marketing strategy is borne in partnership by the Company and the Managers with the Managers matching the Company’s contribution. It is hoped the results fi outweigh the additional cost. The Board is keen to enhance its relationship with existing shareholders by keeping them informed, and engaged with the Company’s activities and performance, whilst also attracting new investors. The Board continues to assess the best way to interact with shareholders and is considering implementing a new feedback mechanism in order The Board understands how challenging it can be to reach retail shareholders.  Board performance In a commitment to uphold the highest standards of corporate governance and enhance board performance, the Board undertook an externally facilitated Board evaluation during the year. This was aimed at providing an objective assessment of the Board’s effectiveness and identifying areas for fi improvement, the Board aims to further enhance its governance practices and better serve the interests of shareholders. The Board is committed to maintaining transparency, accountability, and excellence in governance. More information on the evaluation process can be found on pages 73 .  Requisitioned general meeting During the year, the Board convened a requisitioned general meeting in response to a requisition from a major shareholder. This meeting was an important opportunity for the Board to engage directly with shareholders and fi meeting involves a variety of costs, which can vary depending on the size and nature of the meeting. Costs were a key consideration for the Board, given the limited notice the Company received along with the timing of the requisition over public holidays. In order to keep costs to a minimum and limit the impact on shareholder returns the Board elected to review and, where considered appropriate, change fi amount of work themselves that would ordinarily be provided by external parties. The total costs incurred in connection with the general meeting £319,000. Financial report Annual Report and Financial Statements 2025 60 Employees, human rights and  The Board recognises the requirement to provide information about employees, human rights and community issues. The Company has no employees.  are outsourced. There are, therefore, no disclosures to be made in respect of employees, human rights and community issues. Board representation 2025 the Board comprises four Directors, three male and one female. The Company has no employees. The Board’s policy and disclosures on diversity are set out on page 73. Environmental, social and governance policy Details of the Company’s policy on socially responsible investment can be found under ‘Corporate governance and stewardship’ on page 76 and the Managers’ approach to stewardship and examples of portfolio company engagement are set out on pages 18 to 20. The Company considers that it does not fall within the scope of the Modern Slavery Act 2015 and it is not, therefore, obliged to make a slavery and fi Company considers its supply chains to be of low risk as its suppliers are typically professional advisers. A statement by the Managers under the Act has been published on the Managers’ website at bailliegifford.com. Future developments of the Company The outlook for the Company for the next year is set out in the Chair’s statement on pages 7 to 9 and in the Managers’ review on pages 10 to 14. The Strategic report which includes pages 7 to 60 was approved by the Board on 112025. Tom Burnet Chair This Governance report, which includes pages 62 to  outlines the Board’s approach to the governance of your Company. We believe that good governance builds better outcomes and we are committed to high standards of corporate governance and transparency. Governance report Governance report Annual Report and Financial Statements 2025 62 Directors and management Tom Burnet Chair Appointed 2018   of CT Private Equity Trust PLC. Tom is also chair  Director of a managing director of Serco’s Defence Services division. He started his fi  Sue Inglis Director Appointed 2018  Independent Director. She has a wealth of experience from more fi  executive roles included managing director – Corporate Finance in the Investment Companies teams at Cantor Fitzgerald Europe (2012–2018) fi fi fi fi focusing on the asset management and investment company sectors, which was acquired by Canaccord Genuity in 2009. Sue is currently , Seraphim Space Investment Trust PLC and ProMarine AG. She is also chair of Invesco Global Equity Income Trust PLC. Graham Paterson Director Appointed 2018  fi professional with over 20 years’ experience in the private equity industry. A chartered accountant, Graham was one of the founding partners of SL Capital Partners LLP (formerly Standard Life Investments (Private Equity) Ltd), where he was a partner and board member until 2010. During his  Equity Trust plc and was a member of the advisory boards to a number of  Software Ltd, a technology company which develops software for the private equity industry. TopQ Software was acquired by eVestment Inc (now part of NASDAQ Inc) in 2015, where Graham was a director of the private markets data and analytics business until early 2018. Graham is currently Senior Independent Director of The Income & Growth VCT plc and a Artemis UK Future Leaders plc, Diaceutics PLC and HgCapital Trust plc. 63 Baillie Gifford US Growth Trust plc Chris van der Kuyl Director Appointed 2021  Scotland’s leading entrepreneurs working across the technology, media,   known for developing Minecraft for Microsoft, Sony and Nintendo games  Ventures, the investment arm of 4J Studios, in 2021. Chris is also chair of Broker Insights, Stormcloud Games and Ace Aquatec and sits on the boards of Blippar, Ant Workshop, Parsley Box Plc and Chroma Developments. Alongside his commercial roles, he was the founding chair of Entrepreneurial Scotland and is currently a member of multiple advisory and local charity boards. All the Directors above and on the prior page served on the Board throughout the year. Ms RL Palmer resigned from the Board on 23 April 2025.  are independent of the Managers. All Directors are members of the Nomination and Audit Committees. Governance report Annual Report and Financial Statements 2025 64 Managers and secretaries The Company has appointed Baillie Gifford & Co Limited, a wholly owned subsidiary of Baillie Gifford & Co, as its Alternative Investment Fund Manager and Company Secretaries. Baillie Gifford & Co Limited has delegated portfolio management services to Baillie Gifford & Co. Dealing activity and transaction reporting have been  Gifford Asia (Hong Kong) Limited. Baillie Gifford & Co is an investment fifi WS, which had been involved in investment management since 1908. Baillie Gifford is one of the largest investment trust managers in the UK and currently manages twelve  together with investment portfolios on behalf of pension funds, charities and other institutional clients, both in the UK and overseas. Funds under the management or advice of Baillie Gifford totalled around £210.2 billion as at 6 August 2025. Based in Edinburgh, it is fi the UK, with partners and a staff of around 1,800. Baillie Gifford & Co Limited and Baillie Gifford & Co are both authorised and regulated by the Financial Conduct Authority. Gary Robinson Portfolio manager Appointed 2018 Gary is a partner and US Equity Growth investment manager. Gary joined Baillie Gifford in 2003 and spent time working in the Japanese, UK and European Equity teams before moving to the US Equity Team in 2008. Gary is a generalist investor but retains a special interest in the healthcare sector, dating back to his undergraduate degree. He graduated MBiochem in Biochemistry from Oxford University in 2003. Kirsty Gibson Portfolio manager Appointed 2021 Kirsty is a partner and investment manager in the US Equity Growth team. Kirsty joined Baillie Gifford in 2012 and began her career on the US Equity team, moving on to spend several years in the small and large cap global equities departments, before returning to the US Equity team. She graduated MA (Hons) in Economics in 2011 and MSc in Carbon Management in 2012, both from the University of Edinburgh. Portfolio managers 65 Baillie Gifford US Growth Trust plc Directors’ report The Directors present their report together with the Financial Statements of the Company for 2025. Corporate governance The Corporate governance report is set out on pages 70 to 76 and forms part of this report. Managers and Company Secretaries Baillie Gifford & Co Limited, a wholly owned subsidiary of Baillie Gifford & Co, has been appointed as the Company’s Alternative Investment Fund Manager (‘AIFM’) and Company Secretaries. Baillie Gifford & Co Limited has delegated portfolio management services to Baillie Gifford & Co. Dealing activity and transaction reporting have been further  Baillie Gifford Asia (Hong Kong) Limited. The Investment Management Agreement between the AIFM and the Company sets out the matters over which the Managers have authority in accordance with the policies and directions of, and subject to restrictions imposed by, the Board. The Investment Management Agreement is terminable on not less than six months’ notice. Compensation fees would only be payable in respect of the notice period if termination by the Company were to occur within a shorter notice period. fi £100 million of net assets, 0.55% on the next £900 million of net assets and 0.50% on the remaining net assets. Management fees are calculated and payable quarterly. The Board is of the view that calculating the fee with reference to performance fl performance. fi Management Engagement Committee. The Board considers the Company’s investment management and secretarial arrangements on a continuing basis and a formal review is conducted at least annually. Governance report Annual Report and Financial Statements 2025 66 The Board considers, amongst others, the following topics in its review:   Company’s affairs;   date;   Secretaries;  ; and  comparative peer group charges and fees. Following the most recent review, it is the opinion of the Directors that the continuing appointment of Baillie Gifford & Co Limited as AIFM and Company Secretaries and the delegation of the investment management services to Baillie Gifford & Co, and  transaction reporting to Baillie Gifford Overseas Limited and Baillie Gifford Asia (Hong Kong) Limited, on the terms agreed, is in the interests of the Company and the shareholders as a whole due to the strength of the investment management team, the Managers’ commitment to the investment trust sector, the quality of the secretarial and administrative functions and the marketing efforts undertaken by the Managers. Depositary In accordance with the Alternative Investment Fund Managers Directive, the AIFM must appoint a Depositary to the Company. The Bank of New York Mellon (International) Limited has been appointed as the Company’s Depository. The Depositary’s responsibilities include cash fi instruments, verifying ownership and maintaining a record of other assets and monitoring the Company’s compliance with investment limits and leverage requirements. The custody function is also undertaken by The Bank of New York Mellon (International) Limited (the ‘Custodian’). Directors The names and biographical details of the Board members who served on the Board as at the year end and up to the date the Financial Statements were signed can be found on pages 62 and 63. fi General Meeting and, if appropriate, offer  Following formal external performance evaluation, the Board concluded that the performance of the Directors continues to be effective and each remains committed to the Company. Their contribution to the Board is greatly valued and the Board recommends  Directors’ indemnity and insurance The Company has entered into qualifying third party deeds of indemnity in favour of each of its Directors. The deeds, which were in force during the year to 2025 and up to the date of approval of this report, cover any liabilities that may arise to a third party, other than the Company, for negligence, default or breach of trust or duty. The Directors fi fi incurred in connection with criminal proceedings in which the Director is convicted or civil proceedings brought by the Company in which judgement is given against him or her. In addition, the indemnity does not apply to any liability to the extent that it is recovered from another person. fi liability insurance. fl fl interest to the Nomination Committee on an annual basis. The Committee considers these carefully, taking into account the circumstances surrounding them, and makes a recommendation to the Board fl authorised. Board authorisation is for a period of one year. fl there were no situations which gave rise to a direct fl with the interests of the Company. 67 Baillie Gifford US Growth Trust plc Share capital Capital structure The Company’s capital structure (excluding treasury 2025 consisted of 281,228,700 ordinary shares of 1p each (see note 12 to the Financial Statements on page 107). At 315, 26,131,300 shares were held in treasury. There are no restrictions concerning the holding or transfer of the Company’s ordinary shares and there are no special rights attached to any of the shares. Dividends The ordinary shares carry a right to receive dividends. Interim dividends are determined by the fi subject to shareholder approval. The Company’s objective is to produce capital growth and the policy fi minimum permissible to maintain investment trust status. No dividends were declared during, or in respect of, the period. Capital entitlement On a winding up, after meeting the liabilities of the Company, the surplus assets will be paid to ordinary shareholders in proportion to their shareholdings. Voting Each ordinary shareholder present in person or by proxy is entitled to one vote on a show of hands and, on a poll, to one vote for every share held. Information on the deadlines for proxy appointments for the forthcoming AGM can be found on pages 121 and 122. Major interests disclosed in the Company’s shares Name Ordinary 1p shares held at 5 % of issue at 5 Saba Capital Management, L.P. (indirect) 83,996,884 29.9 Brewin Dolphin Limited (indirect) 27,039,346 9.6 J.P. Morgan Securities plc (indirect) 21,138,375 7. 5 RBC Europe Limited (indirect) 14,305,727 5.0 fi interests in the Company’s shares intimated up to 2025.  2025 Number of shares held 2025 % 2024 Number of shares held 2024 % Institutions 103,539,816 36.8 36,077,259 12.1 Intermediaries 164,210,562 58.4 218,868,169 73.6 Individuals 407,605 0.1 432,785 0.2 Marketmakers 13,070,717 4.7 41,850,487 14.1  100.0  100.0 Annual General Meeting Issuance of shares At the last Annual General Meeting, the Directors were granted shareholders’ approval for a general authority to allot shares and also an authority to issue shares or sell shares held in treasury on a non fi to existing shareholders pro rata to their existing holdings). No shares were issued during the year (2024 – no shares were issued). Both authorities expire at the forthcoming Annual General Meeting and the Directors are seeking shareholders’ approval to renew them for a further year, as detailed below. Resolution 10 in the Notice of Annual General Meeting seeks a general authority in substitution to the Company’s existing authorities for the Directors to issue ordinary shares or C shares up to an aggregate nominal amount of £934,762.33. This  ordinary share capital in issue (excluding treasury 2025 and meets institutional guidelines. This authority would be in substitution for the existing authority and will continue until the conclusion of the Annual General Meeting to be held in 2026 or on the expiry of 15 months from the passing of the resolution, if earlier. Governance report Annual Report and Financial Statements 2025 68 Resolution 11, which is proposed as a special resolution, seeks authority for the Directors to allot equity securities or sell treasury shares on a non  nominal amount of £280,428.70 (representing 10% of the issued ordinary share capital of the Company 5). This authority would be in substitution for the existing authority and will continue until the conclusion of the Annual General Meeting to be held in 2026 or on the expiry of 15 months from the passing of the resolution, if earlier. The Directors consider that the authorities proposed to be granted by Resolutions 10 and 11 continue to be advantageous when the Company’s shares trade at a premium to net asset value and the level of natural liquidity in the market is unable to meet demand. Such authorities will only be used to issue ordinary shares or sell ordinary shares from treasury at a premium to net asset value and only when the Directors believe that it would be in the best interests of the Company to do so. The Directors believe that the ability to buyback shares at a  shares at a premium are useful tools in smoothing supply and demand. 26,931,300 shares were held in treasury as 2025. Market purchases of shares by the Company At the last Annual General Meeting the Company was granted authority to purchase up to 43,647,687 ordinary shares (equivalent to approximately 14.99% of the ordinary shares in issue (excluding treasury shares) as at 27 September 2024). This authority expires at the forthcoming Annual General Meeting. 16,000,000 shares were bought back during the year under review and 26,131,300 shares were held 20252025 2025 a further 800,000 shares were  and held in treasury.  i. to enhance net asset value for continuing shareholders by purchasing shares at a discount to the prevailing net asset value; and ii. to address any imbalance between the supply of and the demand for the Company’s shares that results in a discount of the quoted market price to the published net asset value per share. The Company may hold bought back shares in treasury and then: i. sell such shares (or any of them) for cash (or its equivalent under the Companies Act 2006); or ii. cancel the shares (or any of them).  premium to net asset value per ordinary share. Treasury shares do not receive distributions and the Company is not entitled to exercise voting rights attaching to them. The Directors are seeking shareholders’ approval at the Annual General Meeting to renew the authority to purchase up to 42,036,262 ordinary shares in  2025, being the latest practicable date prior to the publication of this document (or, if less, the number representing approximately 14.99% of the Company’s ordinary shares in issue (excluding treasury shares) at the date of passing of the resolution), such authority to expire at the Annual General Meeting of the Company to be held in 2026. In accordance with the UK Listing Rules, the maximum price (excluding expenses) that may be paid on the exercise of the authority must not exceed the higher of: i. 5% above the average closing price on the London Stock Exchange of an ordinary share over fi date of purchase; and ii. an amount equal to the higher of the price of the last independent trade of an ordinary share and the highest current independent bid for an ordinary share on the trading venue where the purchase is carried out. The minimum price (exclusive of expenses) that may be paid will be the nominal value of an ordinary share. Purchases of shares will be made within guidelines established, from time to time, by the Board. Your attention is drawn to Resolution 12 in the Notice of Annual General Meeting. Recommendation The Directors consider each resolution being proposed at the Annual General Meeting to be in the best interests of the Company and its shareholders as a whole and they unanimously recommend that all shareholders vote in favour of them, as they intend to do where possible in respect of their own fi 69 Baillie Gifford US Growth Trust plc Financial instruments fi its investment portfolio, cash balances, bank borrowings and debtors and creditors that arise directly from its operations such as sales and purchases awaiting settlement and accrued income. fi fi exposure of the Company to risk are disclosed in note 17 to the Financial Statements on pages  Articles of Association The Company’s Articles of Association may only be amended by special resolution at a general meeting of shareholders. Disclosure of information to Auditor fi the Directors is aware there is no relevant audit information of which the Company’s Auditor is unaware and the Directors have taken all the steps that they ought to have taken as Directors in order to make themselves aware of any relevant audit information and to establish that the Company’s Auditor is aware of that information. Independent Auditor The Auditor, Ernst & Young LLP, is willing to fi 489 and section 491(1) of the Companies Act 2006, resolutions concerning Ernst & Young LLP’s reappointment and remuneration will be submitted to the Annual General Meeting. Post balance sheet events fi Balance Sheet events which require adjustment of the Financial Statements or notes thereto up to 115. Greenhouse Gas Emissions and Streamlined Energy and Carbon Report (‘SECR’) All of the Company’s activities are outsourced to third parties. The Company therefore has no greenhouse gas emissions to report from its operations, nor does it have responsibility for any other emissions producing sources under the Companies Act 2006 (Strategic Report and Directors’ Report) Regulations 2013. For the reasons set out above, the Company considers itself to be a low energy user and, therefore, is not required to disclose energy and carbon information under the SECR regulations. Bribery Act The Company has a zero tolerance policy towards bribery and is committed to carrying out business fairly, honestly and openly. The Managers also adopt a zero tolerance approach and have policies and procedures in place to prevent bribery. Criminal Finances Act 2017 The Company has a commitment to zero tolerance towards the criminal facilitation of tax evasion. On behalf of the Board Tom Burnet Chair 115 Governance report Annual Report and Financial Statements 2025 70 Corporate  Compliance fi year under review with the relevant provisions of the Code (with the exception of the membership of the Audit Committee noted below) and the recommendations of the AIC Code. The Code includes provisions relating to the role of the chief executive, executive directors’ remuneration and the need for an internal audit function. Given that the Company is an externally managed investment trust, the Board considers these provisions are not relevant to the Company. The fi addressed on page 77. Although the AIC Code permits the Chair of the Board to be a member of the Audit Committee, the Code does not. The Board believes it is appropriate for Mr TJW Burnet to be a member of the Audit Committee due to the small size of the Board and his fi fi considered independent. The Board The Board has overall responsibility for the Company’s affairs. It has a number of matters formally reserved for its approval including strategy, investment policy, currency hedging, gearing, treasury matters, dividend and corporate governance policy. A separate strategy session is held annually. The Board also reviews the Financial Statements, investment transactions, revenue budgets and performance of the Company. Full and timely information is provided to the Board to enable the Board to function effectively and to allow Directors to discharge their responsibilities. 2025 the Board comprised four Directors all of whom are  The Chair, Mr TJW Burnet, is responsible for organising the business of the Board, ensuring its effectiveness and setting its agenda. The executive responsibilities for investment management have been delegated to the Company’s Alternative Investment Fund Manager (‘AIFM’), Baillie Gifford & Co Limited, and, in the context of a Board  fi The Directors believe that the Board has a balance of skills and experience which enable it to provide effective strategic leadership and proper governance of the Company. Information about the Directors, including their relevant experience, can be found on pages 62 and 63. The Board is committed to achieving and demonstrating high standards of corporate governance. The Association of Investment Companies (‘AIC’) Code of Corporate Governance (‘AIC Code’) provides a framework of best practice for investment companies and can be found at theaic.co.uk. The Financial Reporting Council (‘FRC’) has fi report against the AIC Code, as is the case with the Company, will be meeting their obligations in  Governance Code (the UK ‘Code’), which can be found at frc.org.uk. 71 Baillie Gifford US Growth Trust plc Board of Directors Comprises independent non-executive directors Chair: Tom Burnet Senior Independent Director: Sue Inglis Audit Committee Chair: Graham Paterson Purpose: The primary purpose of the Company’s Audit Committee is to provide fi the audit process, the Company’s system of internal controls and compliance with laws and regulations. Nomination Committee Chair: Tom Burnet Purpose: The main purpose of the Nomination Committee is to oversee Board recruitment and succession planning as well as Board appraisals including identifying training needs.  appointed by the Board Ernst & Young LLP Auditor The Bank of New York Mellon (International) Limited Depositary and Custodian Computershare Investor Services PLC Registrar Baillie Gifford & Co Alternative Investment Fund Managers and Company Secretaries: Baillie Gifford & Co Limited (wholly owned subsidiary of Baillie Gifford & Co) Dealing activity and transaction reporting: Baillie Gifford Overseas Limited and Baillie Gifford Asia (Hong Kong) Limited Portfolio management: Baillie Gifford & Co Panmure Liberum Limited Company broker Dashed arrows indicate reporting lines * Directors are made up of Tom Burnet, Sue Inglis, Chris van der Kuyl and Graham Paterson. Further details on their experience and contribution to the Board can be found on pages 62 and 63. Governance report Annual Report and Financial Statements 2025 72 There is an agreed procedure for Directors to seek independent professional advice if necessary at the Company’s expense. No such advice was sought in 20252024. Appointments to the Board The terms and conditions of Directors’ appointments are set out in formal letters of appointment which are available for inspection on request. Under the provisions of the Company’s Articles of Association, a Director appointed during the period is required to retire and seek election by shareholders at the next Annual General Meeting. In accordance with the Code, all Directors fi Meeting and, if appropriate, offer themselves for  The reasons why the Board supports the Directors 66. Directors are not entitled to any termination payments in relation to their appointment. Chair and Directors’ tenure The Nomination Committee has considered the question of tenure for Directors and has concluded that there should not be a set maximum time limit for a Director or Chair to serve on the Board. The Nomination Committee keeps under review the balance of skills, knowledge, experience, performance and length of service of the Directors ensuring the Board has the right combination of skills and preservation of knowledge and experience balanced with the appointment of new Directors bringing in fresh ideas and perspective. The Board has begun the recruitment process for an Audit Chair Designate, and the current intention is that the Directors who joined the Board at the Company’s inception will retire by the Annual General Meeting to be held in 2027. Independence of Directors All of the Directors are considered by the Board to be independent of the Managers and free of any business or other relationship which could interfere with the exercise of their independent judgement. The Directors recognise the importance of succession planning for company boards and reviews the Board composition annually. The Board is of the view that length of service will not necessarily compromise the independence or contribution of Directors of an investment trust company, where continuity and experience can be a fi Following formal performance evaluation the Board considers that each Director continues to be independent in character and judgement and their fifi  Meetings There is an annual cycle of Board meetings which is designed to address, in a systematic way, overall strategy, review of investment policy, investment performance, marketing, revenue budgets, liquidity policy, dividend policy and communication with shareholders. The Board considers that fi duties effectively. The following table shows the attendance record for the Board and Committee meetings held during the year, excluding ancillary  Meeting was attended by all the Directors. Directors’ attendance at meetings Board Audit Committee Nomination Committee Number of meetings 4 4 1 TJW Burnet 4 4 1 SP Inglis 4 4 1 GD Paterson 4 4 1 CRD van der Kuyl 4 4 1 RL Palmer 3 4  * Ms RL Palmer resigned from the Board on 23 April 2025, prior to the April Nomination Committee and Board Meeting being held. Nomination Committee The Nomination Committee consists of the whole Board due to its relatively modest size. The Chair of the Board is Chair of the Committee. The Committee meets on an annual basis and at such other times as may be required. The Committee has written terms of reference which include reviewing the composition of the Board, identifying and nominating new candidates for appointment to the Board, Board appraisal, Board independence, succession planning and training. The Committee also considers whether Directors should be  Committee is responsible for considering Directors’ fl recommendations to the Board on whether or not fl The Committee’s terms of reference are available on request from the Company and on the Company website: bgusgrowthtrust.com. 73 Baillie Gifford US Growth Trust plc Board diversity Diversity policy Appointments to the Board are made on merit with fi gender, social and ethnic backgrounds and cognitive and personal strengths. The priority in appointing new Directors is to identify the candidate with the best range of skills and experience to complement existing Directors, with a view to ensuring that the Board remains well placed to help the Company achieve its investment and governance objectives. The following disclosures are provided in respect of the UK Listing Rules targets that: i) 40% of a board should be women; ii) at least one senior role should be held by a woman; and iii) at least one  fifi Statistics (ONS) criteria. The breakdown of gender diversity and ethnic background on the Board is shown below. Gender Number % of the Board Senior roles Men 3 75% 1 Women 1 25% 1 4 100% * The Board Chair and SID, being senior positions in accordance with the UK Listing Rules. The Board also considers the Nomination Committee and Audit Committee Chairs to be senior positions. The Nomination Committee Chair is also the Board Chair. The Audit Committee Chair is a man. Ethnic background Number % of the Board Senior roles White British or Other White (including minority white groups) 4 100% 2 4 100% * The Board Chair and SID, being senior positions in accordance with the UK Listing Rules. The Board also considers the Nomination Committee and Audit Committee Chairs to be senior positions. The Nomination Committee Chair is also the Board Chair. The Audit Committee Chair’s ethnic background is White. 2025, the Board did not comply with the UK Listing Rule target with respect to ethnic background and the 40% target for women. Prior to the resignation of Ms Palmer from the Board in April 2025 the Board complied with both the UK Listing Rule targets with respect to ethnic background and the 40% target for women. The Board supports all the UK Listing Rule diversity targets and will continue to take these targets into consideration during ongoing succession planning. The Board meets the UK Listing Rules target for a woman holding a   fi fifi considers the Chairs of the Audit Committee and Nomination Committee to be senior roles in addition to the roles of Senior Independent Director and Board fi Board composition fi the importance of having a range of skilled and fi length of service and knowledge of the Company with the desirability of ensuring regular refreshment of the Board. The Board reviewed the composition of the Board during the year in consideration of succession planning and developing a diverse pipeline. In line with the AIC Corporate Governance Code principle that ‘a successful company is led by an effective Board, whose role is to promote the  generating value for shareholders and contributing to wider society’ the Board continue to keep Board succession under review. The intention of the Board is that Director retirements will be staggered, ensuring the experience and diversity of the Board is maintained and effective succession planning occurs. The Board have begun the recruitment process for an Audit Chair Designate, and the current intention is that the Directors who joined the Board at the Company’s inception will retire by the Annual General Meeting to be held in 2027. Performance evaluation During the year the Board appointed Lintstock, fi and execution of board evaluations, to facilitate the performance evaluation of the Chair, each Director, the Board as a whole and its Committees. Lintstock has no other connection with the Company or the Directors. Lintstockfi fi of the Company. The surveys addressed, amongst   the competence and performance of the Board;  overall strategic and corporate issues;  shareholder value and engagement;  governance;  process and style of meetings;  contribution made to Board Committees; and  appraisal of the Chair and the Chairs of Board Committees. Governance report Annual Report and Financial Statements 2025 74 Each Director and the Chair completed the surveys and were interviewed by Lintstock at follow up meetings. Lintstock also held meetings with representatives from the Company’s Corporate Broker, Panmure Liberum. Lintstock reviewed the output from the evaluation process and judged the Company’s Board, Committees and Directors to be operating effectively. The results of the evaluation were considered by the Nomination Committee. Following this process it was concluded that the performance of each Director, the Chair, the Board and its Committees continues to be effective and each Director and the Chair remains committed to theCompany. A review of the Chair’s and other Directors’ commitments was carried out on 24 April 2025 and fi fi fi other commitments during the year. In December 2024, when the Company was requisitioned at short notice, the Board effectively demonstrated its commitment and capacity to allocate substantial time to the Company. The elevated level of shareholder engagement during and subsequent to the requisition fi and effort to ensure shareholders’ interests were protected. The Board intends that should the Company remain a constituent of the FTSE 350 Index an independent external agency will be engaged to carry out the evaluation in 2028. Induction and training New Directors are provided with an induction programme which is tailored to the particular fi were provided during the year on industry and regulatory matters. Directors receive other relevant training as necessary. Remuneration  no requirement for a separate Remuneration Committee. Directors’ fees are considered by the Board as a whole within the limits approved by shareholders. The Company’s policy on remuneration is set out in the Directors’ Remuneration report on page 81. Audit Committee The report of the Audit Committee is set out on pages 77 to 79. Internal controls and risk management The Directors acknowledge their responsibility for the Company’s risk management and internal controls systems and for reviewing their effectiveness. The systems are designed to manage rather than eliminate the risk of failure to achieve business objectives and can only provide reasonable but not absolute assurance against material misstatement or loss. fi process for identifying, evaluating and managing fi accordance with the FRC ‘Guidance on Risk Management, Internal Control and Related Financial fi fi the date of this report. The practical measures in relation to the design, implementation and maintenance of control policies and procedures to safeguard the Company’s assets and to manage its affairs properly, including the maintenance of effective operational and compliance controls, have been delegated to the Managers and Secretaries. The Board oversees the functions delegated to the Managers and Secretaries and the controls managed by the AIFM in accordance with the UK Alternative Investment Fund Managers Regulations (as detailed below). Baillie Gifford & Co’s Internal Audit and Compliance Departments and the AIFM’s permanent risk function provide the Audit Committee with regular reports on their monitoring programmes. The reporting procedures for these departments fi agreement. Baillie Gifford & Co conducts an annual review of its system of internal controls which is documented within an internal controls report which complies with ISAE 3402 – Assurance Reports on Internal Controls of Service Organisations made available to Third Parties. This report is independently reviewed by Baillie Gifford & Co’s auditor and a copy is submitted to the Audit Committee. A report identifying the material risks faced by the Company and the key controls employed to manage these risks is reviewed by the Audit Committee on a six monthly basis. These procedures ensure that consideration is given regularly to the nature and extent of risks facing the Company and that they are being actively monitored. fi the year they also provide a mechanism to assess whether further action is required to manage  75 Baillie Gifford US Growth Trust plc fi fi year and continue to be in place up to the date of approval of this report. To comply with the UK Alternative Investment Fund Managers Regulations, The Bank of New York Mellon (International) Limited acts as the Company’s Depositary and Baillie Gifford & Co Limited as  The Depositary’s responsibilities include cash fi instruments, verifying ownership and maintaining a record of other assets and monitoring the Company’s compliance with investment limits and leverage requirements. The Depositary is liable for the loss of fi will ensure that any delegate segregates the assets of the Company. The Company’s Depositary also acts as the Company’s Custodian. The Custodian prepares reports on its key controls and safeguards which are independently reviewed by its appointed auditor. The reports are reviewed by Baillie Gifford’s Business Risk department and a summary of the key points is reported to the Audit Committee and any concerns are investigated. The Depositary provides the Audit Committee with a report on its monitoring activities every six months. The AIFM has established a permanent risk management function to ensure that effective risk management policies and procedures are in place and to monitor compliance with risk limits. The AIFM has a risk management policy which covers the risks associated with the management of the portfolio, and the adequacy and effectiveness of this policy is reviewed and approved at least annually. This review includes the risk management processes and systems and limits for each risk area. The risk limits, which are set by the AIFM and approved by the Board, take into account the fi These limits, including leverage (see page 124), are monitored and the sensitivity of the portfolio to key risks is undertaken periodically as appropriate to ascertain the impact of changes in key variables in the portfolio. Exceptions from limits monitoring and stress testing undertaken by Baillie Gifford’s Business Risk department are escalated to the AIFM and reported to the Board along with any remedial measures being taken. No exceptions occurred during the year. Going concern In accordance with the Financial Reporting Council’s guidance on going concern and liquidity risk, the Directors have undertaken a rigorous review of the Company’s ability to continue as a going concern. The Company’s principal risks are market related and include market risk, liquidity risk and credit risk. An explanation of these risks and how they are managed is set out on pages 50 to 55 and contained in note 17 to the Financial Statements on pages 109 to 116. The Board has considered, in particular, the impact of heightened market volatility due to macroeconomic and geopolitical concerns, but does not believe the Company’s going concern status is affected. The Company’s assets, the majority of which are investments in quoted securities which are readily fi borrowings require the prior approval of the Board. Gearing levels and compliance with borrowing covenants are reviewed by the Board on a regular 2025, the Company had a net current liability of £29.0 million primarily as a result of the two US$25 million revolving credit facilities. These facilities expire on 26 July 2026 (US$25 million) and 18 October 2026 (US$25 million) respectively. The majority (64.1%) of total assets are held in quoted securities which are readily realisable and could be sold to repay borrowings; however, the fifl to meet obligations could be achieved by the sale of liquid assets (monitoring of liquidity within the equity portfolio suggests approximately 63.4% of the equity portfolio could be realised within seven days as at 31 May 2025). The total assets exceeded the fi The Company has continued to comply with the investment trust status requirements of section 1158 of the Corporation Tax Act 2010 and the Investment Trust (Approved Company) (Tax) Regulations 2011. Accordingly, the Financial Statements have been prepared on the going concern basis as it is the Directors’ opinion, having assessed the principal and emerging risks and other matters set out in the viability statement on page 56, which assesses fi years, that the Company will continue in operational existence for a period of at least twelve months from the date of approval of the Financial Statements. Governance report Annual Report and Financial Statements 2025 76 Relations with shareholders The Board places great importance on communication with shareholders. The Company’s Managers meet regularly with shareholders and their representatives and report shareholders’ views to the Board. The Chair is available to meet with shareholders as appropriate. Shareholders wishing to communicate with any member of the Board may do so by writing to them at the Company’s registered fi Liberum Limited (see contact details on page 133). The Company’s Annual General Meeting provides a forum for communication with all shareholders. The level of proxies lodged for each resolution will be announced at the Meeting and is published on the Company website bgusgrowthtrust.com subsequent to the meeting. The notice period for the Annual General Meeting is at least twenty working days. Shareholders and potential investors may obtain  bgusgrowthtrust.com. Corporate governance and stewardship The Company has given discretionary voting powers to Baillie Gifford & Co. The Managers vote against resolutions they consider may damage shareholders’ rights or economic interests and report their actions to the Board. The Company believes that it is in the shareholders’ interests to consider environmental, social and governance (‘ESG’) factors, including climate change, when selecting and retaining investments and has asked the Managers to take these issues into account as long as the investment objectives are not compromised. The Managers do not exclude companies from their investment universe purely on the grounds of ESG factors but adopt a positive engagement approach whereby matters are discussed with management with the aim of improving the relevant policies and management systems and enabling the Managers to consider how ESG factors could impact  investment returns. The Managers’ statement of compliance with the UK Stewardship Code can be found on the Managers’ website at bailliegifford.com. The Managers’ policy has been reviewed and endorsed by the Board. Baillie Gifford & Co has considered the Sustainable Finance Disclosure Regulation (‘SFDR’) and further details can be found on page 126. Climate change The Board recognises that climate change poses a serious threat to our environment, our society and economies and companies around the globe. Addressing the underlying causes is likely to result in companies that are high emitters of carbon facing greater societal and regulatory scrutiny and higher costs to account for the true environmental impact  growth opportunities typically involves investment   with a low carbon footprint. The Managers’ utilise data sourced from a third party provider to map the carbon footprint of the equity portfolio, using the information to prioritise engagement and understand what higher emitting companies are doing to manage climate risk better. Best practice in this area is evolving rapidly, and it is therefore challenging to establish   2025 the carbon intensity of Baillie Gifford US Growth Trust’s portfolio was 81.2% lower than the Company’s benchmark (S&P 500 Index). This analysis estimate is based on the 62% of the value of the Company’s portfolio which reports on carbon  and Scope 1&2 Weighted Average Carbon Intensity (WACI) by Revenue. Carbon intensity measures fi output and assesses the portfolio’s exposure to   Financial Disclosures (‘TCFD’) Climate report is available on the Managers’ website at bailliegifford.com. A TCFD Climate report for Baillie Gifford US Growth is available on the Company website at bgusgrowthtrust.com. The Managers, Baillie Gifford & Co, are signatories to the Principles for Responsible Investment and the Carbon Disclosure Project and are also members of the Asian Corporate Governance Association and the International Corporate Governance Network. On behalf of the Board Tom Burnet Chair 115 77 Baillie Gifford US Growth Trust plc The Audit Committee consists of all the independent Directors. The 2019 AIC Code of Corporate Governance permits the Chair of the Board to be a member of the Audit Committee. The Board believes that Mr TJW Burnet’s knowledge, experience and fifi the Committee. The members of the Committee fi fi of the Committee. Mr GD Paterson, Chair of the Committee, is a Chartered Accountant. The Committee’s authority and duties are clearly fi which are available on request from the Company Secretaries and at bgusgrowthtrust.com. The terms of reference are reviewed annually. The Committee’s effectiveness is reviewed on an annual basis as part of the Board’s performance evaluation process. At least once a year, where deemed necessary, the Committee meets with the external Auditor without any representative of the Managers being present. Main activities of the Committee The Committee met twice during the year, and the external Auditor, Ernst & Young LLP, attended both meetings. Baillie Gifford & Co’s Internal Audit and Compliance departments and the AIFM’s permanent risk function provided reports on their monitoring programmes for these meetings. In addition, the external Auditor met with the Audit Committee Chair on an ad hoc basis to discuss matters pertinent to the Committee as they arose. The matters considered, monitored and reviewed by the Committee during the course of the year included the following:   Annual and Interim Reports; Audit Committee report   practices and the implementation of the Managers’ valuation policy for investments in unlisted (private) companies;     the Annual Report and Financial Statements and whether it provided the information necessary for shareholders to assess the Company’s performance, business model and strategy;   internal control environment;   engagement of the external Auditor;      Auditor and the effectiveness of the audit process;   its own internal audit function;  and bridging letters where appropriate received from the Managers and other service providers including the Custodian and the Registrar; and   fi raise concerns about possible improprieties in fi Internal audit The Committee continues to believe that the compliance and internal controls systems and the internal audit function in place within the Managers fi of internal control, which safeguards shareholders’ investment and the Company’s assets, is maintained. fi is therefore considered unnecessary. Governance report Annual Report and Financial Statements 2025 78 Financial reporting fi area of risk likely to impact the Financial Statements is the existence, ownership and valuation of investments as they represent 99.0% of total assets. Private company (unlisted) investments The Committee reviewed the Managers’ valuation approach for investments in unquoted companies (as described on pages 36, 99 and 100) and approved the valuations of the unlisted investments as at 30 November 2024 and 31 May 2025 following a detailed review of the valuation of each investment and relevant challenge where appropriate. fi fi fi fi Listed investments The majority of the investments are in quoted securities and market prices are readily available from independent external pricing sources. The Committee reviewed Baillie Gifford’s report on Internal Controls which details the controls in place regarding the recording and pricing of investments. The Managers agreed the prices of all the 2025 to external price sources and the holdings were agreed to fi Transfer Agent. Other matters The Committee reviewed the Managers’ report on Internal Controls which details the controls in place regarding completeness and accurate recording of investment income. The accounting treatment of any special dividends received or receivable during the year is reviewed by the Managers as they arise. The Committee considered the factors that might fi years and its ability to continue as a going concern for at least twelve months from the date of signing of the Financial Statements, together with reports from the Managers on the cash position and cash fl its investment portfolio, compliance with debt covenants, availability of borrowing facilities and the Company’s ability to meet its obligations as they fall due. The Committee also reviewed the viability statement on page 56 and statement on going concern on page 75. Following this assessment, the Committee recommended to the Board the appropriateness of the going concern basis in fi the accuracy of the viability statement and statement on going concern. fi Committee that they were not aware of any material misstatements in the context of the Financial Statements as a whole and that the Financial Statements are in accordance with applicable law and accounting standards. Internal controls and risk management The Committee reviewed the effectiveness of the Company’s risk management and internal controls systems as described on pages 74 and 75. No fifi under review. External Auditor fi of the external Auditor, the Committee reviewed:   2025 which included a report from the Auditor describing their arrangements to manage Auditor independence and received fi    fees paid to the external Auditor in the year 20252024. To assess the effectiveness of the external Auditor, the Committee reviewed and considered:  fi   Ernst & Young LLP issued by the FRC’s Audit Quality Review team; and   challenge audit processes and deliverables.  by case basis. fi the external audit process the Committee considered and reviewed:         conclusion of the audit. 79 Baillie Gifford US Growth Trust plc Ernst & Young LLP was appointed as the Company’s Auditor, by the Directors, in October 2023. The audit partner responsible for the audit is to be fi professional and regulatory standards in order to protect independence and objectivity and to provide fresh challenge to the business. Mr Ahmer Huda, the current audit partner, will continue as audit partner until the conclusion of the 2028 audit. Ernst fi independent within the meaning of regulatory and professional requirements and that the objectivity of the audit partner and staff is not impaired. Having carried out the review described above, fi has remained independent and effective for the purposes of this year’s audit. There are no contractual obligations restricting the Committee’s choice of external Auditor. Audit tender The Committee acknowledges its responsibility to monitor and, at suitable junctures, to test the external audit market in order to ensure that the provision of external audit services to the Company remains of a high quality as well as cost proportionate, by reference to developing industry practice and expectations. The Committee is aware that the scope, complexity and associated cost of external audit engagements continues to increase across the market, driven by a number of factors including growing regulatory expectations, fi  and a challenging audit labour market. Following the audit tender process conducted  unanimously decided to appoint Ernst & Young LLP as Auditor with effect from the audit of the  In recognition of underlying audit rotation requirements, the Committee intends to undertake a further tender process no later than the year to 31 May 2033. Regulatory compliance fi compliance with the requirements of the Statutory Audit Services for Large Companies Market Investigation (Mandatory Use of Competitive Tender Processes and Audit Committee Responsibilities) Order 2014, which relates to the frequency and governance of tenders for the appointment of the external Auditor and the setting of policy  Accountability and audit The respective responsibilities of the Directors and the Auditor in connection with the Financial Statements are set out on pages 84 and 85. On behalf of the Board Graham Paterson Audit Committee Chair 115 Governance report Annual Report and Financial Statements 2025 80 Directors’ remuneration report Statement by the Chair The Directors’ remuneration policy is subject to shareholder approval every three years or sooner if an alteration to the policy is proposed. The Remuneration Policy which is set out below was approved at the Annual General Meeting in September 2022. No changes are proposed to the policy and an ordinary resolution for the approval of the Remuneration Policy will be put to the members at the forthcoming Annual General Meeting on 2. 2025 the Directors’ remuneration was set at £31,739 per annum for each Director other than the Chair, who received an additional £12,038 per annum, Chair of the Audit Committee, who received an additional £ 7, 224 per annum, and the Senior Independent Director who received an additional £1,641 per annum.  was paid to the Senior Independent Director in the period for herfi relation to the requisitioned general meeting held in February 2025, which assisted in keeping external professional fees to a minimum was agreed by the rest of the Board. The Senior  fee by acquiring additional shares in theCompany. The Board reviewed the level of fees during the 2025, the fee for the Chair would increasefl to £44,915, the Directors’ fees would increase to £32,564, the additional fee for the Chair of the Audit Committee would increase to £7,412 and the additional fee for the Senior Independent Director would increase to £1,684. The fees were last 2024. This report has been prepared in accordance with the requirements of the Companies Act 2006. 81 Baillie Gifford US Growth Trust plc Directors’ remuneration policy  Directors, none of whom has a service contract with the Company. There is no separate remuneration committee and the Board as a whole considers changes to Directors’ fees from time to time. The Board’s policy is that the remuneration of Directors should be set at a reasonable level that is commensurate with the duties and responsibilities of the role and consistent with the requirement to attract and retain Directors of the appropriate quality and experience. The Board believes that fl experience of the Board as a whole, be fair and should take account of the level of fees paid by comparable investment trusts. Any views expressed by shareholders on the fees being paid to Directors will be taken into consideration by the Board when reviewing the Board’s policy on remuneration. Baillie Gifford & Co Limited, the Company Secretaries, provides comparative information when the Board considers the level of Directors’ fees. Directors are not eligible for any other remuneration fi allowable expenses. There are no performance conditions relating to Directors’ fees and there  schemes. There is no notice period and no fi Limits on Directors’ remuneration  payable monthly in arrears and are determined within the limit set out in the Company’s Articles of Association which is currently £300,000 per annum in aggregate. Any change to this limit requires shareholder approval. The basic and additional fees payable to Directors 2025 and the  2026 are set out in the table below. The fees payable fi will be determined following an annual review of the Directors’ fees. Expected fees for the year ending  2026 £ Fees for the year ended  2025 £ Chair’s fee 44,915 43,777  32,564 31,739 Additional fee for Audit Committee Chair 7,412 7,224 Additional fee for the Senior Independent Director 1,684 1,641 Total aggregate annual fees that can be paid to the Directors in any year under the Directors’ remuneration policy, as set out in the Company’s Articles of Association 300,000 300,000 Governance report Annual Report and Financial Statements 2025 82 Annual report on remuneration An ordinary resolution for the approval of this report will be put to the members at the forthcoming Annual General Meeting. The law requires the Company’s Auditor to audit certain of the disclosures provided in this report. Where disclosures have been audited, they are indicated as such. The Auditor’s opinion is included in Ernst & Young LLP’s report on pages 87 to 93. Directors’ remuneration for the year (audited) The Directors who served during the year received the following remuneration in the form of fees and fi 5 4 Name Fees £ Taxable fi £ Total £ Fees £ Taxable fi £ Total £ TJW Burnet (Chair) 43,777 89 43,866 42,420 – 42,420 GD Paterson (Audit Committee Chair) 38,963 89 39,052 3 7, 75 5 – 37,7 5 5 SP Inglis (Senior Independent Director) 48,380 † 89 48,469 32,345 – 32,345 CRD van der Kuyl 31,739  31,739 30,755 – 30,755 RL Palmer (resigned 23 April 2025) 31,138 5,323 36,461 30,755 4,782 35,537 193,997 5,590  174,030   *  fi Limited, the Company’s Secretaries. These amounts have been grossed up for income tax. †  herfi general meeting held in February 2025 which assisted in keeping external professional fees to a minimum. The Senior Independent Director reinvested  Annual percentage change in remuneration This represents the annual percentage change in the total remuneration paid to the Directors. Name % change from 2024 to 2025 % change from 2023 to 2024 % change from 2022 to 2023 % change from 2021 to 2022 % change from 2020 to 2021 TJW Burnet 3.4 5.0 1.0 15.9 – SP Inglis 49.9 † 4.7 1.3 24.5 # – GD Paterson 3.4 9.9 1.0 1 7. 2 – CRD van der Kuyl 3.2 4.4 1.5 – * n/a RL Palmer (resigned 23 April 2025) 2.6 (0.1) 11.7 – * n/a *  fl #   fi  herfi general meeting held in February 2025 which assisted in keeping external professional fees to a minimum. The Senior Independent Director reinvested  Directors’ interests (audited) fi interests in the Company, were as shown below. There have been no changes intimated in the 2025. Name Nature of interest Ordinary 1p shares held at 5 Ordinary 1p shares held at 4 TJW Burnet fi 126,040 126,040 SP Inglis fi 56,750 50,000 GD Paterson fi 80,000 80,000 CRD van der Kuyl fi 285,314 285,314 RL Palmer n/a n/a – 83 Baillie Gifford US Growth Trust plc Company performance The following graph compares, for the period from fi 2025, the share price total return (assuming all dividends are reinvested) to the Company’s ordinary shareholders compared to the total  up of shares in the component parts of the  comparison purposes as it is a widely used measure of performance for UK listed companies. Comparative index provided for information purposes only. Performance graph  and comparative index * fi BG US Growth share price Comparative index * FTSE All-Share Index 50 100 150 200 250 300 350 400 20252024202320222021202020192018 Source: LSEG/Baillie Gifford and relevant underlying index providers. See disclaimer on page 125. fi performance measures on pages 129 to 132). S&P 500 Index total return (in sterling terms). See disclaimer on page 125. Past performance is not a guide to future performance. Approval The Directors’ remuneration report on pages 80 to 83 was approved by the Board of Directors and signed on its behalf on 115. Tom Burnet Chair Statement of voting at Annual General Meeting At the Annual General Meeting held on  in respect of the Directors’ remuneration policy, 99.77% were in favour, 0.20% were against and votes withheld were 0.03%. At the Annual General Meeting held on 272024, of the proxy votes received in respect of the Directors’ remuneration report, 99.64% were in favour, 0.30% were against and votes withheld were 0.06%. Relative importance of spend on pay As the Company has no employees, the Directors do not consider it appropriate to present a table comparing remuneration paid to employees with distributions to shareholders. The Directors’ remuneration for the year and the expected fees 2026 are set out on page 81. The table below shows the actual expenditure during the year in relation to Directors’ remuneration and distributions to shareholders. 2025 £’000 2024 £’000 Change % Directors’ remuneration 200 179 11.7  35,504 14,550 144.0 Directors’ service details Name Date of appointment Due date for re-election TJW Burnet  AGM in 2025 SP Inglis  AGM in 2025 CRD van der Kuyl  AGM in 2025 GD Paterson  AGM in 2025 Governance report Annual Report and Financial Statements 2025 84 Statement of Directors’ responsibilities The Directors are responsible for preparing the Annual Report and the Financial Statements in accordance with applicable law and regulations. Company law requires the Directors to prepare fifi that law they have elected to prepare the Financial Statements in accordance with applicable law and United Kingdom Accounting Standards including FRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’. Under company law the Directors must not approve fi that they give a true and fair view of the state of fi of the Company for that period. In preparing the Financial Statements, the Directors are required to:   apply them consistently;   are reasonable and prudent;   Accounting Standards have been followed, subject to any material departures disclosed and explained in the Financial Statements;   going concern, disclosing, as applicable, matters related to going concern; and   unless they either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. The Directors are responsible for keeping adequate fi explain the Company’s transactions and disclose fi position of the Company and enable them to fi Companies Act 2006. They are responsible for such internal controls as they determine are necessary to fi are free from material misstatement, whether due to fraud or error, and have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Company and to prevent and detect fraud and other irregularities. Under applicable laws and regulations, the Directors are also responsible for preparing a Strategic report, a Directors’ report, a Directors’ remuneration report and a Corporate governance statement that complies with that law and those regulations. The Directors have delegated responsibility to the Managers for the maintenance and integrity of the fi Company website. Legislation in the United Kingdom governing the preparation and dissemination of fi other jurisdictions. 85 Baillie Gifford US Growth Trust plc Responsibility statement of the Directors in respect of the Annual Financial Report fi   prepared in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including FRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’, give a true and fair view of fi return of the Company;   taken as a whole is fair, balanced and understandable and provide the information necessary for shareholders to assess the Company’s performance, business model and strategy; and   include a fair review of the development and performance of the business and the position of the Company, together with a description of the principal risks and uncertainties that it faces. On behalf of the Board Tom Burnet 115 Financial report The Financial Statements for the 2025 are set out on pages 94 to 116 and have been prepared in accordance with FRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’. 87 Baillie Gifford US Growth Trust plc Independent Auditor’s report to the members of Baillie Gifford US Growth Trust plc Opinion fi Gifford US Growth Trust plc for the year ended  Balance Sheet, Statement of Changes in Equity, Cash Flow Statement, and the related notes 1 to fi fi been applied in their preparation is applicable law and United Kingdom Accounting Standards including   Kingdom Generally Accepted Accounting Practice). fi:  give a true and fair view of the Company’s affairs fi then ended;  have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and  have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with  and applicable law. Our responsibilities under those standards are further described in the Auditor’s fi statements section of our report. We believe that the fi appropriate to provide a basis for our opinion. Independence We are independent of the Company in accordance with the ethical requirements that are relevant to our fi the FRC’s Ethical Standard as applied to public fi ethical responsibilities in accordance with these requirements.  Ethical Standard were not provided to the Company and we remain independent of Company in conducting the audit. Conclusions relating to going concern fi concluded that the directors’ use of the going concern basis of accounting in the preparation of the fi of the directors’ assessment of the Company’s ability to continue to adopt the going concern basis of accounting included:  fi going concern assessment process by engaging with the Directors and the Company Secretary to determine if all key factors were considered in their assessment. We considered whether the factors taken account of in the Directors’ assessment addressed those matters which we considered important.  Inspecting the Directors’ assessment of going concern, including forecasts, for the period to  fi issue. The Company has concluded that it is able to continue to meet its ongoing costs as they fall due.  Assessing the risk of breaching the debt covenants as a result of a reduction in the value of the Company’s portfolio. We calculated and reviewed the Company’s compliance with debt covenants throughout the year, validated the inputs used to the underlying information and we performed reverse stress testing in order to identify what factors would lead to the Company fi  Considering the mitigating factors that are within the control of the Company. We reviewed the Company’s assessment of the liquidity of investments held and evaluated the Company’s ability to sell those investments in order to cover working capital requirements. Financial report Annual Report and Financial Statements 2025 88  Reviewing the Company’s going concern disclosures included in the annual report to assess whether the disclosures were appropriate and in conformity with the reporting standards. Based on the work we have performed, we have fi events or conditions that, individually or collectively, fi to continue as a going concern for a period to  In relation to the Company’s ’s reporting on how they have applied the UK Corporate Governance Code, we have nothing material to add or draw attention to fi statements about whether the directors considered it appropriate to adopt the going concern basis  Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the Company’s ability to continue as a going concern. Overview of our audit approach Key audit matters  Risk of incorrect valuation or ownership of the investment portfolio  Risk of incomplete or inaccurate revenue fi of special dividends as revenue or capital in the Income Statement Materiality  Overall materiality of £7.43m which represents 1% of shareholder’s funds An overview of the scope of our audit Tailoring the scope Our assessment of audit risk, our evaluation of materiality and our allocation of performance materiality determine our audit scope for the Company. This enables us to form an opinion on fi fi and effectiveness of controls, the potential impact of climate change and changes in the business environment when assessing the level of work to be performed. All audit work was performed directly by the audit engagement team which included  Climate change Stakeholders are increasingly interested in how climate change will impact the Company.  fi on its operations will be from how climate change could affect the Company’s investments and overall investment process. in the principal and emerging risks. Our procedures on these unaudited disclosures therefore consisted solely of considering whether they are materially fi knowledge obtained in the course of the audit or otherwise appear to be materially misstated, in line  Our audit effort in considering climate change was focused on the adequacy of the Company’s fi Note 1(a) and conclusion that there was no further impact of climate change to be taken into account. The quoted investments are valued based on market pricing as required by FRS 102 and the unquoted investments are valued using a variety of techniques consistent with the recommendations set out in the International Private Equity and Venture Capital (IPEV) guidelines. We also challenged the Directors’ considerations of climate change in their assessment of viability and associated disclosures. 89 Baillie Gifford US Growth Trust plc Key audit matters fi fifi fi had the greatest effect on: the overall audit strategy, the allocation of resources in the audit; and directing the efforts of the engagement team. These matters were addressed in the context of our audit of the fi these matters. Risk Our response to the risk Key observations communicated to the Audit Committee Incorrect valuation or ownership of the investment portfolio (as described on page 78 in the Report of the Audit Committee and as per the accounting policy set out on ). The valuation of the investment portfolio at 31 May 2025 was £772.75m (2024: £678.23m) consisting of quoted investments with an aggregate value of £499.34m (2024: £447.04m) and unquoted investments with an aggregate value of £273.41m  The valuation of the assets held in the investment portfolio is the key driver of the Company’s net asset value and total return. Incorrect investment pricing or a failure to maintain proper legal title to the investments held by the Company fi the portfolio valuation and the return generated for shareholders. The fair value of quoted investments is determined by reference to bid value or the last traded price depending on the convention of the exchange on  Unquoted investments are valued at fair value by the Directors following a detailed review and appropriate challenge of the valuations proposed by the Baillie Gifford private company valuations group (‘the valuation group’). The unquoted investment policy applies methodologies consistent with the International Private Equity and Venture Capital Valuation guidelines  The valuation of unquoted investments, and the resultant impact on the unrealised gains/ (losses), is the area requiring the fi estimation in the preparation of the fi fi highlighted below on page 100. We performed the following procedures: We obtained an understanding of Baillie Gifford’s processes and controls surrounding legal title and pricing of quoted and unquoted investments by performing walkthrough procedures in which we evaluated the design of controls. For all quoted investments in the portfolio, we compared the market prices and exchange rates applied to an independent pricing vendor and recalculated the investment valuations as at the  We reviewed the prices for all quoted investments in the portfolio near the year end of the Company to identify any stale prices.  which there was no active market. For the unquoted investments held as at 31 May 2025 the audit team, with the assistance of our valuation specialists reviewed and challenged a sample of the valuations. This included:  Reviewing the valuation papers prepared by the Private Companies Valuation Team and Private Companies Valuation Group to gain an understanding of, and comment on, the valuation methodologies and assumptions.  We have assessed the competence, capability and objectivity of the Baillie Gifford Private Companies Valuation Group.  Assessing whether the valuations have been performed in line with the valuation approaches as set out in the International Private Equity and Venture capital (‘IPEV’) guidelines and FRS102.  Assessing the appropriateness of the data inputs and challenging the assumptions used to support the valuations.  Assessing other facts and circumstances, such as market movement and comparative company information, that have an impact on the fair market value of the investments; and assessing whether managements valuation is reasonable.   fi outside the expected range, we held further discussions with Baillie Gifford and the Audit Committee. In those discussions,  assumptions where appropriate. We recalculated the unrealised gains/losses on investments as at  We compared the Company’s investment holdings at 31 May 2025 fi Custodian or from the investee company. The results of our procedures fi misstatement in relation to the risk of incorrect valuation or ownership of the investment portfolio. Financial report Annual Report and Financial Statements 2025 90 Risk Our response to the risk Key observations communicated to the Audit Committee Incomplete or inaccurate revenue recognition, including the fi as revenue or capital items in the Income Statement (per the Audit Committee report set out on page 77 and the accounting policy set out on page 100). The total revenue for the year to 31 May 2025 was £0.72m  There is a risk of incomplete or inaccurate recognition of revenue through the failure to recognise proper income entitlements or to apply an appropriate accounting treatment. When received, the Directors may be required to exercise judgment in determining whether income receivable in the form of special fi as ‘revenue’ or ‘capital’ in the Income Statement and has been fi highlighted below on page 92. We have performed the following procedures: We obtained an understanding of Baillie Gifford’s processes and controls surrounding revenue recognition by performing walkthrough procedures. For all dividends, we recalculated the income by multiplying the  accounting records, by the dividend per share, which was agreed to an independent data vendor. We agreed a sample to bank statements and, where applicable, we also agreed the exchange rates to an external source. For all dividends accrued at the year end, we reviewed the investee company announcements to assess whether the dividend obligation arose prior to 31 May 2025. We agreed the dividend rate to corresponding announcements made by the investee company, fi was consistent with cash received as shown on post year end  fi expected dividends for each investee company held during the year have been recorded as income with reference to investee company announcements obtained from an independent data vendor. For all investments held during the year, we compared the type of dividends paid with reference to an external data source to identify fi dividends in the accounting period. The results of our procedures fi misstatement in relation to the risk of incomplete or inaccurate revenue recognition. There have been no changes to the areas of audit focus raised in the above risk table from the prior year. Our application of materiality We apply the concept of materiality in planning and performing the audit, in evaluating the effect of fi our audit opinion. Materiality The magnitude of an omission or misstatement that, individually or in the aggregate, could reasonably fl fi provides a basis for determining the nature and extent of our audit procedures. We determined materiality for the Company to be £7.43 million (2024: £6.44 million), which is 1% (2024: 1%) of shareholders’ funds. We believe that shareholders’ funds provides us with a materiality aligned to the key measure of the Company’s performance. Performance materiality The application of materiality at the individual account or balance level. It is set at an amount to reduce to an appropriately low level the probability that the aggregate of uncorrected and undetected misstatements exceeds materiality. On the basis of our risk assessments, together with our assessment of the Company’s overall control environment, our judgement was that performance materiality was 75% (2024: 75%) of our planning materiality, namely £5.57m (2024:  this percentage due to our prior years’ experience working with the key service providers that indicates a lower risk of misstatements, both corrected  Given the importance of the distinction between revenue and capital for investment trusts, we have applied a separate testing threshold for the revenue column of the Income Statement of £0.37m  91 Baillie Gifford US Growth Trust plc Reporting threshold fi are considered as being clearly trivial. We agreed with the Audit Committee that we would report to them all uncorrected audit differences in excess of £0.37m (2024: £0.32m), which is set at 5% of planning materiality, as well as differences below that threshold that, in our view, warranted reporting on qualitative grounds We evaluate any uncorrected misstatements against both the quantitative measures of materiality discussed above and in light of other relevant qualitative considerations in forming our opinion. Other information The other information comprises the information fi statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. fi cover the other information and, except to the extent otherwise explicitly stated in this report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the fi the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives fi statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of the other information, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion the part of the directors’ remuneration report to be audited has been properly prepared in accordance with the Companies Act 2006. In our opinion, based on the work undertaken in the course of the audit:  the information given in the strategic report and fi fi fi  the strategic report and directors’ reports have been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the Company and its environment obtained in fi material misstatements in the strategic report or  We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:  adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or   fi Directors’ Remuneration Report to be audited are not in agreement with the accounting records and returns; or  certain disclosures of directors’ remuneration fi  we have not received all the information and explanations we require for our audit. Corporate governance statement We have reviewed the directors’ statement in relation  of the Corporate Governance Statement relating to the Company’s compliance with the provisions of the fi review by the UK Listing Rules. Financial report Annual Report and Financial Statements 2025 92 Based on the work undertaken as part of our audit, we have concluded that each of the following elements of the Corporate Governance Statement is fi our knowledge obtained during the audit:  Directors’ statement with regards to the appropriateness of adopting the going concern basis of accounting and any material uncertainties fi75;  Directors’ explanation as to its assessment of the Company’s prospects, the period this assessment covers and why the period is appropriate set out on page 56;  Director’s statement on whether it has a reasonable expectation that the group will be able to continue in operation and meets its liabilities set out on page 75;  Directors’ statement on fair, balanced and understandable set out on ;   fi robust assessment of the emerging and principal risks set out on ;  The section of the annual report that describes the review of effectiveness of risk management and internal control systems set out on  75; and  The section describing the work of the audit committee set out on page 77. Responsibilities of Directors As explained more fully in the directors’ responsibilities statement set out on pages 84 and 85, the directors are responsible for the preparation fifi that they give a true and fair view, and for such internal control as the directors determine is fi statements that are free from material misstatement, whether due to fraud or error. fi are responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so. Auditor’s responsibilities for the audit of the fi Our objectives are to obtain reasonable assurance fi are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to fl fi Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud  compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect irregularities, including fraud.  due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. The extent to which our procedures are capable of detecting irregularities, including fraud is  However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the Company and management.  We obtained an understanding of the legal and regulatory frameworks that are applicable to the fi are United Kingdom Generally Accepted Accounting Practice, the Companies Act 2006, the UK Listing Rules, UK Corporate Governance Code, the Association of Investment Companies’ Code and Statement of Recommended Practice, Section 1158 of the Corporation Tax Act 2010 and The Companies (Miscellaneous Reporting) Regulations 2018.  We understood how the Company is complying with those frameworks through discussions with the Audit Committee and Company Secretary and review of Board minutes. 93 Baillie Gifford US Growth Trust plc  We assessed the susceptibility of the Company’s fi including how fraud might occur by considering fi fi incorrect valuation of the unquoted investments and the resulting impact on unrealised gains/ fi respect to the incomplete or inaccurate revenue fi special dividends as revenue or capital items in the Income Statement. Further discussion of our approach is set out in the section on key audit matters above which include our response to the fraud risks and other areas of audit focus. Based on this understanding we designed our  with such laws and regulations. Our procedures involved review of the reporting to the Directors with respect to the application of the documented fi statements to ensure compliance with the reporting requirements of the Company. A further description of our responsibilities for the fi Financial Reporting Council’s website at frc.org.uk/ auditorsresponsibilities. This description forms part of our auditor’s report. Other matters we are required to address Following the recommendation from the audit committee, we were appointed by the Company on fi for the year ending 31 May 2024 and subsequent fi The period of total uninterrupted engagement including previous renewals and reappointments is  31 May 2025. The audit opinion is consistent with the additional report to the Audit Committee. Use of our report This report is made solely to the Company’s  of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s members as a body, for our audit work, for this report, or for the opinions we have formed. Ahmer Huda (Senior statutory auditor) for and on behalf of Ernst & Young LLP, Statutory Auditor London  Financial report Annual Report and Financial Statements 2025 94 Income statement fi are prepared under guidance published by the Association of Investment Companies. All revenue and capital items in this statement derive from continuing operations. fl The accompanying notes on pages 98 to 116 are an integral part of the Financial Statements.  Notes 2025 Revenue £’000 2025 Capital £’000 2025 Total £’000 2024 Revenue £’000 2024 Capital £’000 2024 Total £’000 Gains on investments 9 – 140,942 140,942 – 95,288  Currency gains 15 – 1,731 1,731 – 878  Income 2 716 – 716 603 – 603 Investment management fee 3 (4,264) – (4,264) (3,581) –  Other administrative expenses 4 (1,239) – (1,239) (726) – (726) fi and taxation (4,7) 142,673 6 (3,704) 96,166 92,462 Finance costs of borrowings 5 (2,458) –  (2,528) –  Net return before taxation (7,245) 142,673 135,42 (6,232) 96,166  Tax on ordinary activities 6 (67) – (67) (50) – (50) Net return after taxation ( 7, 312) 142,673 135,361  96,166  Net return per ordinary share 7 (2.54p) 49.51p 46.97p (2.07p) 31.73p 29.66p 95 Baillie Gifford US Growth Trust plc * Net asset value per ordinary share after deducting borrowings at book value. See Glossary of terms and alternative performance measures on pages 129 to 132. The accompanying notes on pages 98 to 116 are an integral part of the Financial Statements. Balance sheet  Notes 2025 £’000 2025 £’000 2024 £’000 2024 £’000 Fixed assets fi 9 772,747 678,234 Current assets Debtors 10 754 605 Cash at bank 17 8,929 6,620 9,683 7,225 Creditors Amounts falling due within one year 11 (38,640) (41,526) Net current liabilities (28,957) (34,301) Net assets 743,790 643,933 Capital and reserves Share capital 12 3,073 3,073 Share premium account 13 250,827 250,827 Special distributable reserve 13 168,942 168,942 Capital reserve 13 354,716 247,547 Revenue reserve 13 (33,768) (26,456) Total shareholders’ funds 743,790 643,933 Net asset value per ordinary share * 14  216.65p The Financial Statements of Baillie Gifford US Growth Trust plc (Company Registration number 11194060) were approved and authorised for issue by the Board and were signed on 12025. Tom Burnet Chair Financial report Annual Report and Financial Statements 2025 96 Statement of changes in equity The accompanying notes on pages 98 to 116 are an integral part of the Financial Statements. 5 Notes Share capital £’000 Share premium account £’000 Special distributable reserve £’000 Capital reserve £’000 Revenue reserve £’000 Shareholders’ funds £’000 Shareholders' funds at 1 June 2024 3,073 250,827 168,942 247,547 (26,456) 643,933 Ordinary shares bought back into treasury 13 – – – (35,504) – (35,504) Net return after taxation – – – 142,673 ( 7, 312) 135,361 Shareholders' funds at 31 May 2025 3,073   354,716 (33,7) 743,790 4 Notes Share capital £’000 Share premium account £’000 Special distributable reserve £’000 Capital reserve £’000 Revenue reserve £’000 Shareholders’ funds £’000 2023 3,073 250,827 168,942 165,931 (20,174)  Ordinary shares bought back into treasury 13 – – – (14,550) – (14,550) Net return after taxation – – – 96,166 (6,282)  2024 3,073   247,547 (26,456) 643,933 97 Baillie Gifford US Growth Trust plc The accompanying notes on pages 98 to 116 are an integral part of the Financial Statements. fl statement  Notes 2025 £’000 2025 £’000 2024 £’000 2024 £’000 fl Net return before taxation 135,428 89,934 fi fl Net gains on investments (140,942) (95,288) Currency gains (1,731) (878) Finance costs of borrowings 2,458 2,528 Other capital movements Overseas withholding tax incurred (67) (50) Changes in debtors (149) 51 Changes in creditors 140 191 Cash from operations (4,863) (3,512) Finance costs paid (2,510) (2,308) fl (7,373)  fl Acquisitions of investments (83,014) (95,852) Disposals of investments 129,443 118,814 fl 46,429 22,962 flfi Ordinary shares bought back into treasury and stamp duty thereon 13 (36,285) (13,769) Bank loans drawn down – 20,577 Bank loans repaid – (20,577) flfi  (13,769) Increase in cash and cash equivalents 2,771 3,373 Exchange movements (462) (193) Cash and cash equivalents at start of period 15 6,620 3,440  15  6,620 * Cash from operations includes dividends received of £449,000 (2024 – £536,000) and interest received of £159,000 (2024 – £35,000). Financial report Annual Report and Financial Statements 2025 98 Notes to the Financial Statements Baillie Gifford US Growth Trust plc was incorporated under the Companies Act 2006 in England and Wales as a public limited company with registered number 1194060. The Company is an investment company within the meaning of section 833 of the Companies Act 2006 and carries on business as an investment trust. 01 Principal accounting policies 2025 have been prepared in accordance with FRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ and on the basis of the accounting policies set out below which are unchanged from the prior year and have been applied consistently. a. Basis of accounting All of the Company’s operations are of a continuing nature and the Financial Statements are prepared on a going concern basis under the historical cost fivaluationfi fi and on the assumption that approval as an investment trust under section 1158 of the Corporation Tax Act 2010 and the Investment Trust (Approved Company) (Tax) Regulations 2011 will be retained. The Board has, in particular, considered the impact of heightened market volatility due to macroeconomic and geopolitical concerns but does not believe the Company’s going concern status is affected. The Company’s assets, the majority of which are investments in quoted securities which are readily fi require the prior approval of the Board. Gearing levels and compliance with borrowing covenants are reviewed by the 2025 the Company had a net current liability of £29.0 million primarily as a result of the two US$25 million revolving credit facilities. These facilities expire on 26 July 2026 (US$25 million) and 18 October 2026 (US$25 million) respectively. The majority (64.1% as at 31 May 2025) of total assets are held in quoted securities which are readily realisable and could be sold to repay borrowings; however, the fi fl obligations could be achieved by the sale of liquid assets (monitoring of liquidity within the equity portfolio suggests approximately 63.4% of the equity portfolio could be realised within sevendays as at 31 May 2025). The total  as at 31 May 2025 fiThe Company has continued to comply with the investment trust status requirements of section 1158 of the Corporation Tax Act 2010 and the Investment Trust (Approved Company) (Tax) Regulations 2011. Accordingly, the Financial Statements have been prepared on the going concern basis as it is the Directors’ opinion, having assessed the principal and emerging risks and other matters set out in the viability statement on page56 which assesses the fi that the Company will continue in operational existence for the period to 11 August 2026, which is a period of at least twelve months from the date of approval of these Financial Statements. The Financial Statements have been prepared in accordance with the Companies Act 2006, applicable UK Accounting Standards, the Association of Investment Companies (‘AIC’) Statement of Recommended Practice ‘Financial Statements of Investment Trust Companies and Venture Capital Trusts’ issued in November 2014 and updated in July 2022 with consequential amendments, fi paragraph 82 regarding unquoted holdings with a value greater than 5% of the portfolio or included in the top 10, where information is not publicly available (see note 9 on page 106fl Company and in accordance with guidance issued by the fi and loss account between items of a revenue and capital nature has been presented in the Income Statement. In preparing the Financial Statements the Directors have considered the impact of environmental, social and governance risk as a principal risk as set out on page 52. In line with FRS 102 investments are valued at fair value. Quoted prices for investments in active markets fl view of environmental, social and governance risk. Unlisted investments, valued by reference to fl market participants’ view of environmental social and  Although the Company invests in US dollar investments, the Directors have determined the Company’s functional currency to be sterling, as the Company’s share capital is denominated in sterling, the entity is listed on a sterling stock exchange in the UK, the Company’s shareholders are predominantly based in the UK and the Company and its Managers, who are subject to the UK’s regulatory environment, are also UK based. 99 Baillie Gifford US Growth Trust plc fi the Company’s Balance Sheet when it becomes a party to the contractual provisions of the instrument. fi The preparation of the Financial Statements requires the use of estimates, assumptions and judgements. These estimates, assumptions and judgements affect the reported amounts of assets and liabilities at the reporting date. While estimates are based on best judgement fi outcome may differ from these estimates. The key sources of estimation and uncertainty relate to the fair valuation of the unlisted investments. Judgements The Directors consider that the preparation of the Financial Statements involves the following key judgements: (i) the determination of the functional currency of the Company as sterling (see rationale in 1a above); and (ii) the fair valuation of the unlisted investments. The key judgements in the fair valuation process are: (i) the Managers’ determination of the appropriate application of the International Private Equity and Venture Capital Valuation (‘IPEV’) Guidelines 2022 to each unlisted investment; (ii) the Directors’ consideration of whether each fair value is appropriate following detailed review and challenge. The judgement applied in the selection of the methodology used (see 1c below) for determining the fair value of each unlisted investment can have a fi (iii) the selection of appropriate comparable companies in order to derive revenue multiples and meaningful relationships between enterprise value, revenue and earnings growth. Comparable companies are chosen on the basis of their business characteristics and growth patterns; and (iv) the selection of a revenue metric (either historical or forecast). Estimates The key estimate in the Financial Statements is the determination of the fair value of the unlisted investments by the Managers for consideration by the Directors. This fi the unlisted investments at the Balance Sheet date. The fair valuation process involves estimation using subjective inputs that are unobservable (i.e. for which market data is unavailable). The main estimates involved in the selection of the valuation process inputs are: (i) the application of an appropriate discount factor to fl versus their listed peers; (ii) the estimation of the probability assigned to an exit being through an initial public offering (‘IPO’) or a company sale; (iii) the selection of an appropriate industry benchmark index to assist with the valuation validation or the application of valuation adjustments, particularly in the absence of established earnings or closely comparable peers; and (iv) the calculation of valuation adjustments derived from milestone analysis (i.e. incorporating operational success against the plan/forecasts of the business into the valuation).  estimation methods where possible to improve the robustness of the estimates. As the valuation outcomes may differ from the fair value estimates a price sensitivity analysis is provided in Other Price Risk Sensitivity in note 17 on pages 111 to 114 to illustrate the effect on the Financial Statements of an over or under estimation of fair values. The risk of an over or under estimation of fair values is greater when methodologies are applied using more subjective inputs. Assumptions The determination of fair value by the Managers involves key assumptions dependent upon the valuation technique used. As explained in 1c below, the primary technique applied under the IPEV Guidelines is the multiples approach. Where the multiples approach is used the valuation process recognises also, as stated in the IPEV Guidelines, that the price of a recent investment may be an appropriate starting point for estimating fair value. The multiples approach involves subjective inputs and therefore presents a greater risk of over or under estimation and particularly in the absence of a recent transaction. The key assumptions for the multiples approach are that the selection of comparable companies provides a reasonable basis for identifying relationships between enterprise value, revenue and growth to apply in the determination of fair value. Other assumptions include the discount applied for reduced liquidity versus listed peers.   movements as appropriate. c. Investments fi fi accordance with sections 11 and 12 of FRS 102. Changes in fair value of investments and gains and losses on disposal are recognised as capital items in the Income Statement. Financial report Annual Report and Financial Statements 2025 100 Recognition and initial investment Purchases and sales of investments are accounted for on a trade date basis. Upon initial recognition investments in securities are recognised at transaction value. Expenses incidental to purchase and sale are written off to capital at the time of acquisition or disposal. All investments are fifi upon initial recognition and are measured at subsequent reporting dates at fair value. Measurement and valuation Listed investments The fair value of listed security investments is the last traded price on recognised overseas exchanges. Unlisted investments Unlisted investments are valued at fair value by the Directors following a detailed review and appropriate challenge of the valuations proposed by the Managers. The Managers’ unlisted investment valuation policy applies techniques consistent with the IPEV Guidelines.   under the IPEV guidelines are set out below and are followed by an explanation of how they are applied to the Company’s unlisted portfolio:  multiples;  industry valuation benchmarks; and  available market prices. fl the valuation technique applied. The valuation approach recognises that, as stated in the IPEV Guidelines, the price of a recent investment, if resulting from an orderly transaction, generally represents fair value as at the transaction date and may be an appropriate starting point for estimating fair value at subsequent measurement dates. However, consideration is given to the facts and circumstances as at the subsequent measurement date, including changes in the market or performance of the investee company. Milestone analysis is used where appropriate to incorporate the operational progress of the investee company into the valuation. Additionally,   employed to assess the valuations particularly in those companies with established revenues. Discounted fl relevant industry peers may preclude the application of the industry valuation benchmarks technique and an absence of observable prices may preclude the available market prices approach. All valuations are   The unlisted investments are valued according to a three monthly cycle of measurement dates. The fair value of the unlisted investments will be reviewed before the next scheduled three monthly measurement date on the following occasions: (i) at the year end and half year end of the Company; and (ii) where there is an indication of a change in fair value fi to as ‘trigger’ events). Gains and losses Gains and losses on investments, including those arising from foreign currency exchange differences, are recognised in the Income Statement as capital items. The average cost methodology is used to determine the cost of investments sold when calculating the gain or loss disposal. The Managers monitor the investment portfolio on a fair value basis and use the fair value basis for investments fi performance. d. Cash and cash equivalents Cash and cash equivalents include cash in hand and deposits repayable on demand. Deposits are repayable on demand if they can be withdrawn at any time without notice and without penalty or if they have a maturity or period of notice of not more than one working day. e. Financial liabilities fi amortised cost. They are initially recorded at the proceeds received net of direct costs. f. Income (i) Income from equity investments is brought into account on the date on which the investments are  is quoted, when the Company’s right to receive payment is established. (ii) If scrip dividends are taken in lieu of dividends in cash, the net amount of the cash dividend declared is credited to the revenue account. Any excess or shortfall in the value of the shares received over the amount of the cash dividend foregone is recognised as capital. (iii) Special dividends are treated as repayments of capital or income depending on the facts of each particular case. (iv) Overseas dividends include the taxes deducted at source. (v) Interest receivable on bank deposits and underwriting commission are recognised on an accruals basis. 101 Baillie Gifford US Growth Trust plc g. Expenses All expenses are accounted for on an accruals basis. Expenses are charged through the revenue column of the Income Statement except where: (i) they relate directly to the acquisition or disposal of an investment (transaction costs), in which case they are recognised as capital within losses/gains on investments; and (ii)   cost or deducted from the share issuance proceeds. h. Finance costs Finance costs are accounted for on an accruals basis and on an effective interest rate basis and are charged through the revenue account. i. Taxation Current tax assets and liabilities are measured at the amount expected to be recovered from or paid to taxation authorities. The tax rates and tax laws used to compute the amount are those enacted or substantively enacted at the reporting date. Deferred taxation is provided on an undiscounted basis on all timing differences which have originated but not reversed by the Balance Sheet date, calculated at the tax rates expected to apply when the timing differences reverse, based on what has been enacted or substantially fi assets are recognised only to the extent that it is more fi underlying timing differences can be deducted. j. Foreign currencies Transactions involving foreign currencies are converted at the rate ruling at the time of the transaction. Assets and liabilities in foreign currencies are translated at the closing rates of exchange at the Balance Sheet date. Any gain or loss arising from a change in exchange rate subsequent to the date of the transaction is included as an exchange gain or loss in the capital reserve or revenue reserve as appropriate. Foreign exchange movements on investments are included in the Income Statement within gains or losses on investments. k. Special distributable reserve The special distributable reserve can be used for the repurchase of shares and may be distributed by way of dividend. l. Capital reserve Gains and losses on disposal of investments, changes in the fair value of investments held and realised and unrealised foreign exchange differences of a capital nature are dealt with in this reserve after being recognised in the Income Statement. Purchases of the Company’s own shares may be funded from this reserve m. Revenue reserve fi this reserve. The revenue reserve, when in surplus, may be distributed by way of a dividend. n. Single segment reporting The Company is engaged in a single segment of business, being investment business, consequently no business segmental analysis is provided. Financial report Annual Report and Financial Statements 2025 102 02 Income 2025 £’000 2024 £’000 Income from investments Overseas dividends 449 536 Overseas interest 108 32 557  Other income Deposit interest 159 35 Total income 716 603 03 Investment management fee 2025 £’000 2024 £’000 Investment management fee 4,264  65fi     2025 £’000 2024 £’000 Directors’ fees (see Directors’ remuneration report page 82) 194 174 Auditor’s remuneration for audit services † 172 158 General administrative expenses 563 198 Marketing * 200 110 Custody fees 12 12 Depositary fees 68 58 Registrar fees 30 16 1,239 726 *     † 2025 or 2024.         2025 £’000 2024 £’000 Interest on bank loans (see note 11)    103 Baillie Gifford US Growth Trust plc 06 Tax 2025 £’000 2024 £’000 Analysis of charge in year Overseas withholding tax 67 50 Factors affecting the tax charge for the year The tax charge for the year is higher than the standard rate of corporation tax in the UK of 25% (2024 – 25%). The differences are explained below: Net return before taxation   Net return before taxation multiplied by the standard rate of corporation tax in the UK of 25% (2024 – 25%) 33,857 22,484 Capital returns not taxable (35,668) (24,042) Overseas dividends not taxable (112) (134) fi 1,923 1,692 Overseas withholding tax incurred 67 50 Tax charge for the year 67 50  Factors that may affect future tax charges  No deferred tax asset has been      2025 Revenue 2025 Capital 2025 Total 2024 Revenue 2024 Capital 2024 Total Net return after taxation (2.54p) 49.51p 46.97p (2.07p) 31.73p 29.66p    fifi fi  fififi      fi 2025 due to the revenue loss of £2024 – revenue loss of £ Financial report Annual Report and Financial Statements 2025 104   5 Level 1 £’000 Level 2 £’000 Level 3 £’000 Total £’000 Listed equities 499,337 – – 499,337 Unlisted ordinary shares – – 39,507 39,507 Unlisted preference shares – – 231,653 231,653 Unlisted convertible promissory notes – – 2,250 2,250 Unlisted CVR † – – – – fi 499,337 – 273,410 772,747 4 Level 1 £’000 Level 2 £’000 Level 3 £’000 Total £’000 Listed equities 447,044 – – 447,044 Unlisted ordinary shares – – 38,928  Unlisted preference shares – – 189,986  Unlisted convertible promissory notes – – 2,276 2,276 Unlisted CVR † – – – – fi 447,044 – 231,190  *  fi  † 13220252024 2024 – ) were transferred fifi  flfi  fi fi  Level 1  Level 2  Level 3   99 and 100  111 to 114 105 Baillie Gifford US Growth Trust plc   Listed securities £’000 Unlisted securities £’000 2025 Total £’000 2024 Total £’000 Cost of investments at start of year 335,779 197,510  579,350 Investment holding gains at start of year 111,265 33,680 144,945  Value of investments at start of year 447,044 231,190   Movements in year: Purchases at cost 70,135 12,879   Sales – proceeds received (127,460) (1,983) (129,443)  – realised gains/(losses) on sales 51,930 (179) 51,751 (23,099) Gains on investments 57,688 31,503   Value of investments at end of year 499,337 273,410 772,747  Cost of investments at end of year 330,384 208,227   Investment holding gains at end of year 168,953 65,183 234,136 144,945 Value of investments at end of year 499,337 273,410 772,747  *      18) and £18) were suffered on purchases and sales  2025 £’000 2024 £’000 Net gains/(losses) on investments Gains/(losses) on sales 51,751 (23,099) Changes in investment holding gains 89,191 118,387 140,942  For more information on the performance of the portfolio please see the Managers’ review on pages 10 to 14. Financial report Annual Report and Financial Statements 2025 106   fi fi  ten pages 43 to 46fi fi 5 Latest fi statements Book cost £’000 Market value £’000 Income recognised from holding in the period £’000 Turnover £’000 Pre-tax fi (loss) £’000 Net assets attributable to shareholders £’000Name Business Space Exploration Technologies Rocket and spacecraft company n/a 11,225 86,601 Nil Information not publicly available Stripe Online payment platform n/a 25,463 41,228 Nil Information not publicly available 4 Latest fi statements Book cost £’000 Market value £’000 Income recognised from holding in the period £’000 Turnover £’000 Pre-tax fi (loss) £’000 Net assets attributable to shareholders £’000Name Business Space Exploration Technologies Rocket and spacecraft company n/a 11,225 51,864 Nil Information not publicly available Stripe Online payment platform n/a 25,463 32,007 Nil Information not publicly available Brex Corporate credit  n/a 14,536 20,666 Nil Information not publicly available * fi 10 Debtors 2025 £’000 2024 £’000 Amounts falling due within one year: Income accrued (net of withholding taxes) 535 427 Other debtors and prepayments 219 178 754 605 fifi 20252024 107 Baillie Gifford US Growth Trust plc   2025 £’000 2024 £’000 Bank loans 37,078 39,271 Investment management fee 1,060 923 Other creditors and accruals 502 560 Buyback payable – 772  41,526  fi fi 2025% (2024 rate of fi fi 2025% (2024    20252024   2025 Number 2025 £’000 2024 Number 2024 £’000 Allotted, called up and fully paid ordinary shares of 1p each 281,228,700 2,812 297,228,700 2,972 Treasury shares of 1p each 26,131,300 261 10,131,300 101 307,360,000 3,073 307,360,000 3,073 20252024 20252025  2720242025 value of £ were bought back at a total cost of £2024 –  )2025  20252025 the Company bought back  shares and held them  Financial report Annual Report and Financial Statements 2025 108   Share capital £’000 Share premium account £’000 Special distributable reserve £’000 Capital reserve £’000 Revenue reserve £’000 Shareholders’ funds £’000 At 1 June 2024 3,073 250,827 168,942 247,547 (26,456) 643,933 Net gains on sales of investments – – – 51,751 – 51,751 Changes in investment holding gains – – – 89,191 –  Exchange differences on bank loans – – – 2,193 – 2,193 Other exchange differences – – – (462) – (462) Ordinary shares bought back into treasury – – – (35,504) – (35,504) Revenue return after taxation – – – – (7,312) (7,312) 5 3,073   354,716  743,790 Share capital £’000 Share premium account £’000 Special distributable reserve £’000 Capital reserve £’000 Revenue reserve £’000 Shareholders’ funds £’000 At 1 June 2023 3,073 250,827 168,942 165,931 (20,174)  Net loss on sales of investments – – – (23,099) – (23,099) Changes in investment holding gains – – – 118,387 –  Exchange differences on bank loans – – – 1,071 – 1,071 Other exchange differences – – – (193) – (193) Ordinary shares bought back into treasury – – – (14,550) – (14,550) Revenue return after taxation – – – – (6,282)  4 3,073   247,547 (26,456) 643,933 fi2024  fi       2025 2024 2025 £’000 2024 £’000 Shareholders’ funds p 216.65p 743,790 643,933   20252024 109 Baillie Gifford US Growth Trust plc 15 Analysis of change in net debt  2024 £’000 fl £’000 Exchange movement £’000  2025 £’00 Cash at bank 6,620 2,771 (462)  Loans due within one year (39,271) – 2,193 (37,07) (32,651) 2,771 1,731 9)    80 to 83  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 Financial report Annual Report and Financial Statements 2025 110      5 Investments £’000 Cash and deposits £’000 Bank loans £’000   £’000 Net exposure £’000 US dollar 772,747 8,605 (37,078) 331 744,605 Total exposure to currency risk 772,747  (37,07) 331 744,605 Sterling – 324 – (1,139) 5) 772,747  (37,07) ) 743,790 * 1 4 Investments £’000 Cash and deposits £’000 Bank loans £’000   £’000 Net exposure £’000 US dollar 678,234 6,237 (39,271) 171 645,371 Total exposure to currency risk  6,237 (39,271) 171 645,371 Sterling – 383 – (1,821)   6,620 (39,271) (1,650) 643,933 *   2025 and total return would have decreased by   2024      fi fl   fi  fifi20252024  2025 Fair value £’000 2025 Weighted average interest rate 2025 Weighted average period until maturity 2024 Fair value £’000 2024 Weighted average interest rate 2024 Weighted average period until maturity Cash US dollar 8,605 1.9% n/a 6,237 2.2% n/a Sterling 324 1.5% n/a 383 1.0% n/a  6,620 fl  fi 111 Baillie Gifford US Growth Trust plc    2025 Book value £’000 2025 Weighted average interest rate 2025 Weighted   2024 Book value £’000 2024 Weighted average interest rate 2024 Weighted   Bank loans Floating rate – US$ denominated 37,078 5.8% 462 days 39,271 6.8% 826 days 3 7, 0 7  39,271 *  fl    2025 by £304 fl           43 to 46  33 were 2025  were fl page 99 Financial report Annual Report and Financial Statements 2025 112      fi fifl  As at 5 Valuation technique fi Fair value of investments £’000 Key unobservable inputs Other unobservable inputs † Range Weighted average range# Sensitivity % Sensitivity to changes fi unobservable inputs Recent transaction price 165,898 n/a ^ a,b n/a n/a 10  10% in the company valuations for those based on a recent transaction would change the fair value by £16,408,583 and (£15,506,910). Benchmark performance 54,416 Selection of comparable companies and relevant indices ‡ a,b,c,f (29.3%) – 14.7% (2.8%) 10 If input comparable company performance  the fair value would change by £4,084,704 and (£3,765,232). Market approach using comparable trading multiples 53,096 EV/LTM revenue multiple ¶ a,b,c,d 1.4x – 12.9x 6.1x 10 If EV/LTM multiples  the fair value would change by £4,001,570 and (£3,745,043). EV/NTM revenue multiple § a,b,c,d 1.6x – 15.8x 6.9x 10 If EV/NTM multiples  the fair value would change by £228,764 and (£228,796). Illiquidity discount e (10.0%) (10.0%) 10 If the illiquidity discount  the fair value would change by £605,260 and (£449,303). Transaction implied premiums and discounts g 130.0% 130.0% 10  adjustment is applied to the calculated premiums and discounts, the fair value would change by £881,022 and (£880,459). † fi 114 (sections ‘a’ to ‘g’ as relevant). # Weighted average is calculated by reference to the fair value of holdings as at the year end. This therefore gives a clearer indication of the typical multiple or adjustment being applied across the portfolio. ‡ See explanation for the selection of comparable companies on page 114fl company value for the basket of comparable companies relevant to each holding since the most recent transaction or since the last assessed. ¶ Enterprise value (EV) divided by the last twelve months (LTM) revenue. § Enterprise value (EV) divided by the next twelve months (NTM) forecast revenue. ^ Whilst a recent transaction price may be the most appropriate basis for a valuation, it will be corroborated by other techniques which factor in the unobservable inputs noted in the above table. However, the transaction price itself is observable. * fi The unobservable inputs applicable to each broad category of valuation basis will vary dependent on the particular circumstances of each unlisted company valuation. An explanation of each of the key unobservable inputs is provided below and includes an indication of the range in value for each input, where relevant. The assumptions made in the production of the inputs are described in note 1b on page 99. 113 Baillie Gifford US Growth Trust plc   As at  Valuation technique fi Fair value of investments £’000 Key unobservable inputs Other unobservable inputs † Range Weighted average range# Sensitivity % Sensitivity to changes fi unobservable inputs Recent transaction price 119,699 n/a ^ a,b n/a n/a 10.0% If the recent transaction price  10%, the fair value would change by £11,896,255 and (£11,593,406). Benchmark performance 86,637 Selection of comparable companies and relevant indices ‡ a,b,c,f (26.0%) – 15.8% (0.7%) 10.0% If input comparable company performance  the fair value would change by £7,117,989 and (£6,908,997). Market approach using comparable trading multiples 24,854 EV/LTM revenue multiple ¶ a,b,c,d 1.6x – 8.1x 5.6x 10.0% If EV/LTM multiples  the fair value would change by £1,878,772 and (£1,838,372). EV/NTM revenue multiple § a,b,c,d 6.9x 6.9x 10.0% If EV/NTM multiples  the fair value would change by £221,252 and (£221,232). Illiquidity discount e (10.0%) (10.0%) 10.0% If the illiquidity discount is changed  value would change by £219,574 and (£191,262). Transaction implied premiums and discounts g (49.7%) (49.7%) 10.0%  adjustment is applied to the calculated premiums and discounts, the fair value would change by £133,781 and (£120,733). † fi 114 (sections ‘a’ to ‘g’ as relevant). # Weighted average is calculated by reference to the fair value of holdings as at the year end. This therefore gives a clearer indication of the typical multiple or adjustment being applied across the portfolio. ‡ See explanation for the selection of comparable companies on page 114fl company value for the basket of comparable companies relevant to each holding since the most recent transaction or since the last assessed. ¶ Enterprise value (EV) divided by the last twelve months (LTM) revenue. § Enterprise value (EV) divided by the next twelve months (NTM) forecast revenue. ^ Whilst a recent transaction price may be the most appropriate basis for a valuation, it will be corroborated by other techniques which factor in the unobservable inputs noted in the above table. However, the transaction price itself is observable. * fi The unobservable inputs applicable to each broad category of valuation basis will vary dependent on the particular circumstances of each unlisted company valuation. An explanation of each of the key unobservable inputs is provided below and includes an indication of the range in value for each input, where relevant. The assumptions made in the production of the inputs are described in note 1b on page 99. Financial report Annual Report and Financial Statements 2025 114        fi fl   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 fi    2025 £’000 2024 £’000 Fixed interest investments 2,250 2,276 Cash and short term deposits 8,929 6,620 Debtors and prepayments 754 605 11,933 9,501 2025 was  was fi Financial report Annual Report and Financial Statements 2025 116   fifi fi  2025 Book value £’000 2025 Fair value £’000 2024 Book value £’000 2024 Fair value £’000  37,078 37,078 39,271 39,271 3 7, 0 7  3 7, 0 7  39,271 39,271 *  fl  18 Capital management    47 and 48  are managed are set out on pages 50 to 55   Shareholder information Shareholder information Annual Report and Financial Statements 2025 118 Notice of  The Annual General Meeting of the Company fiBaillie Gifford & Co in Edinburgh (Calton Square, 1 Greenside Row, Edinburgh EH1 3AN) on October at 12.00pm.fi  The Board encourages all shareholders to vote on the resolutions to be proposed at the Annual General Meeting and, if their shares are not held directly, to arrange for their nominee to vote on their behalf. Shareholders are requested to lodge their proxy votes in advance of the Annual General Meeting by one of the following means:  For shareholders on the main register, either eproxyappointment.com and following the instructions or (ii) by completing and signing the enclosed proxy form for use in relation to the Annual General Meeting in accordance with the instructions printed on it and returning it by post, courier or hand.  by the Company’s registrar, Computershare Investor Services PLC, as soon as possible and, in any event, no later than 12.00pm on Tuesday, 30 September 2025.  For individual shareholders holding their shares through investor platforms, by contacting their platform in order to register their votes. If their platform is one of those which does not offer the facility to vote via its website, they will need to contact the platform directly by phone or its messaging system giving their instructions to vote. Shareholders should be aware that the deadlines for voting through platforms may be   For CREST members, by utilising the CREST electronic proxy appointment service in accordance with the procedures set out in the notes to the notice of Annual General Meeting CREST Proxy Instructions must be received by the Company’s registrar as soon as possible and, in any event, no later than 12.00pm on Tuesday, 30 September 2025.  For institutional shareholders, via Proxymity (proxy appointments must be received by Proxymity as soon as possible and, in any event, no later than 12.00pm on Tuesday,  Should shareholders have questions for the Board or the Managers or any queries as to how to vote, they are welcome as always to submit them by email to enquiries@bailliegifford.com  To accurately fl Board intends to hold the AGM voting on a poll, rather than on a show of hands as has been customary. John Lewis A8 Princes Street Ge orge Street Calton Square Bus Station Omni Centre Balmoral Hotel L e i t h S t r e e t Queen Street W a t e r l o o P l a c e C a l t o n H i l l C a l t o n R o a d St Andrew Square Edinburgh Waverley Station Leith Walk A7 North Bridge York Place G r e e n sid e R o w Tram Stop St Andrew Square St Andrew Square Tram Stop 119 Baillie Gifford US Growth Trust plc Notice is hereby given that the seventh Annual General Meeting of Baillie Gifford US Growth fi of Baillie Gifford & Co in Edinburgh (Calton  Thursday, 212.00pm for the purposes of fi resolutions, of which resolutions 1 to 10 will be  and 12 will be proposed as special resolutions. Ordinary business 1. To receive and adopt the Annual Report and Financial Statements of the Company for the fi2025 together with the Reports of the Directors and of the Independent Auditor thereon. 2. To approve the Directors’ Remuneration Policy 3. To approve the Directors’ Annual Report fi 2025. 4.  Company. 5.  Company. 6.  Company. 7.  the Company. 8.  fi conclusion of the next Annual General Meeting at which the Financial Statements are laid before the Company. 9. To authorise the Directors to determine the remuneration of the Independent Auditor  10. That, in substitution to any existing authority but without prejudice to the exercise of any such authority prior to the date hereof, the Directors of the Company be and they are hereby generally and unconditionally authorised in accordance with section 551 of the Companies Act 2006 (the ‘Act’) to exercise all the powers of the Company to allot ordinary shares in the capital of the Company, or C shares convertible into ordinary shares, provided that such authority shall be limited to the allotment of ordinary shares and grant of rights in respect of ordinary shares with an aggregate nominal value of up to £934,762.33 (representing approximately  share capital excluding treasury shares as at 2025), such authority to expire at the conclusion of the next Annual General Meeting of the Company after the passing of this resolution or on the expiry of 15 months from the passing of this resolution, whichever is the earlier, unless previously revoked, varied or extended by the Company in a general meeting, save that the Company may at any time prior to the expiry of this authority make an offer or enter into an agreement which would or might require ordinary shares or C shares to be allotted or granted after the expiry of such authority and the Directors shall be entitled to allot or grant ordinary shares or C shares in pursuance of such an offer or agreement as if such authority had not expired. 11. That, subject to the passing of resolution 10 above, and in substitution to any existing authorities but without prejudice to the exercise of any such authority prior to the date hereof, the Directors of the Company be and they are hereby generally empowered, pursuant to sections 570 and 573 of the Companies Act 2006 (the ‘Act’)  section 560(1) of the Act, and including ordinary shares and C shares) for cash pursuant to the Shareholder information Annual Report and Financial Statements 2025 120 authority given by resolution 10 above and to sell treasury shares for cash as if section 561(1) of the Act did not apply to any such allotment or sale, provided that this power: (a) expires at the conclusion of the next Annual General Meeting of the Company after the passing of this resolution or on the expiry of 15 months from the passing of this resolution, whichever is the earlier, save that the Company may, before such expiry, make an offer or agreement which would or might require equity securities to be allotted after such expiry and the Directors may allot equity securities in pursuance of any such offer or agreement as if the power conferred hereby had not expired; and (b) shall be limited to the allotment of equity securities or the sale of treasury shares up to an aggregate nominal value of £280,428.70 (representing approximately 10% of the nominal value of the issued share capital excluding treasury shares of the Company as at 6 August 2025). 12. That, in substitution for any existing authority but without prejudice to the exercise of any such authority prior to the date hereof, the Company be generally and unconditionally authorised, in accordance with section 701 of the Companies Act 2006 (the ‘Act’) to make market purchases (within the meaning of section 693(4) of the Act) of fully paid ordinary shares of 1p each in the capital of the Company (‘ordinary shares’) (either for retention as treasury shares for future reissue, resale or transfer or for cancellation) provided that: (a) the maximum aggregate number of ordinary shares hereby authorised to be purchased is 42,036,262, or, if less, the number representing approximately 14.99% of the issued ordinary share capital (excluding treasury shares) of the Company as at the date of the passing of this resolution; (b) the minimum price (excluding expenses) which may be paid for each ordinary share shall be the nominal value of that share; (c) the maximum price (excluding expenses) which may be paid for any ordinary share purchased pursuant to this authority shall not be more than the higher of: (i) 5% above the average closing price on the London Stock Exchange of an fi days immediately preceding the day of purchase; and (ii) the higher of the price of the last independent trade and the highest current independent bid for an ordinary share in the Company on the trading venues where the market purchases by the Company pursuant to the authority conferred by this resolution 12 will be carried out; and (d) unless previously varied, revoked or renewed by the Company in a general meeting, the authority hereby conferred shall expire at the conclusion of the next Annual General Meeting, save that the Company may, prior to such expiry, enter into a contract to purchase ordinary shares under such authority which will or might be completed or executed wholly or partly after the expiration of such authority and may make a purchase of ordinary shares pursuant to any such contract or contracts. By Order of the Board Baillie Gifford & Co Limited Managers and Secretaries 125 121 Baillie Gifford US Growth Trust plc Notes 01. As a member you are entitled to appoint a proxy or proxies to exercise all or any of your rights to attend, speak and vote at the AGM. A proxy need not be a member of the Company but must attend the AGM to represent you. You may appoint more than one proxy provided each proxy is appointed to exercise rights attached to different shares. You can only appoint a proxy using the procedure set out in these notes and the notes to the proxy form. You may not use any electronic address provided either in this notice or any related documents (including the Financial Statements and proxy form) to communicate with the Company for any purpose other than those expressly stated. 02. A proxy form for use by shareholders at the meeting is enclosed with this document. Proxies must be lodged with the Company’s registrar, Computershare Investor Services PLC, The Pavilions, Bridgwater Road, Bristol BS99 6ZY or eproxyappointment.com, not less than  appointed for the meeting together with any power of attorney or other authority (if any) under which it is signed. Completion of the proxy form will not prevent a shareholder from attending the meeting and voting in person. 03. CREST members who wish to appoint a proxy or proxies through the CREST electronic proxy appointment service may do so by using the procedures described in the CREST Manual and/or by logging on to the website euroclear.com/CREST. CREST personal members or other CREST sponsored members, and those CREST members who have appointed a voting service provider(s), should refer to their CREST sponsor or voting service provider(s), who will be able to take the appropriate action on their behalf. 04. In order for a proxy appointment or instruction made using the CREST service to be valid, the appropriate CREST message (a ‘CREST Proxy Instruction’) must be properly authenticated in accordance with Euroclear fi contain the information required for such instruction, as described in the CREST Manual. The message, regardless of whether it constitutes the appointment of a proxy or is an amendment to the instruction given to a previously appointed proxy must, in order to be valid, be transmitted so as to be received by the Company’s registrar (ID 3RA50) no later than 9.00am two days  meeting or any adjournment. For this purpose, the time of receipt will be taken to be the time (as determined by the timestamp applied to the message by the CREST Application Host) from which the Company’s registrar is able to retrieve the message by enquiry to CREST in the manner prescribed by CREST. After this time any change of instructions to proxies appointed through CREST should be communicated to the appointee through other means. 05. CREST members and, where applicable, their CREST sponsors, or voting service providers should note that Euroclear UK & International Limited does not make available special procedures in CREST for any particular message. Normal system timings and limitations will, therefore, apply in relation to the input of CREST Proxy Instructions. It is the responsibility of the CREST member concerned to take (or, if the CREST member is a CREST personal member, or sponsored member, or has appointed a voting service provider(s), to procure that his or her CREST sponsor or voting service provider(s) take(s)) such action as shall be necessary to ensure that a message is transmitted by means of the CREST system by any particular time. In this connection, CREST members and, where applicable, their CREST sponsors or voting system providers are referred, in particular, to those sections of the CREST Manual concerning practical limitations of the CREST system and timings. 06. The Company may treat as invalid a CREST Proxy Instruction in the circumstances set out in fi  07. The return of a completed proxy form or other instrument of proxy will not prevent you attending the AGM and voting in person if you wish.  fi Securities Regulations 2001 and section 311 of the fi be entitled to attend and vote at the Annual General Meeting (and for the purpose of the determination by the Company of the votes they may cast), shareholders must be registered in the Register of Members of the Company no later than 9.00am two days (excluding  the AGM or any adjourned meeting. Changes to the Register of Members after the relevant deadline shall be disregarded in determining the rights of any person to attend and vote at the meeting. 09. Under section 338 of the Companies Act 2006, members fi may, subject to certain conditions, require the Company to circulate to members notice of a resolution which may properly be moved and is intended to be moved at that meeting. The conditions are that: (a) the resolution must not, if passed, be ineffective (whether by reason of inconsistency with any enactment or the Company’s constitution or otherwise); (b) the resolution must not be defamatory of any person, frivolous or vexatious; and (c) the request: (i) may be in hard copy form or in electronic form; (ii) must identify the resolution of which notice is to be given by either setting out the resolution in full or, if supporting a resolution sent by another member, clearly identifying the resolution which is being supported; (iii) must be authenticated by the person or persons making it; and (iv) must be received by the Company not later than Wednesday 20 August 2025. 10. Under section 338A of the Companies Act 2006, fi note 12 below may require the Company to include in the business to be dealt with at the Annual General Meeting a matter (other than a proposed resolution) which may properly be included in the business (a matter of business). The request must have been received by the August 2025. The conditions are that the matter of business must not be defamatory of any person, frivolous or vexatious. The request must identify the matter of business by either setting it out in full or, if supporting a statement sent by another member, clearly identify the matter of business which is being supported. The request must be Shareholder information Annual Report and Financial Statements 2025 122 accompanied by a statement setting out the grounds for the request. Members seeking to do this should write to the Company providing their full name and address. 11. Under section 527 of the Companies Act 2006, fi note 12 below may require the Company to publish, on its website, (without payment) a statement (which is also passed to the Auditor) setting out any matter relating to the audit of the Company’s Financial Statements, including the Auditor’s Report and the conduct of the audit. The request may be in hard copy or electronic form; must identify the statement to which it relates; must be authenticated by the person or persons making it; and must be received by the Company at least one week before the meeting to which it relates. 12. In order to be able to exercise the members’ rights in notes 09 to 11, the relevant request must be made by: (a) members representing at least 5% of the total voting rights of all the members who have a right to vote on the resolution to which the requests relate; or (b) at least 100 members who have a right to vote on the resolution to which the requests relate and hold shares in the Company on which there has been paid up an average sum, per member, of at least £100. Such requests should    enquiries@bailliegifford.com. 13 . Information regarding the Annual General Meeting, including information required by section 311A of the  website at bgusgrowthtrust.com. 14 . Members have the right to ask questions at the meeting in accordance with section 319A of the Companies Act 2006 15 . Any corporation which is a member can appoint one or more corporate representatives who may exercise on its behalf all of its powers as a member provided that they do not do so in relation to the same shares. 16  2025 (being the last practicable date prior to the publication of this notice) the Company’s issued share capital (excluding treasury shares) consisted of 280,428,700 ordinary shares of 1p each, carrying one vote each. Therefore, the total number of 2025 were 280,428,700 votes. 17 . Any person holding 3% or more of the total voting rights of the Company who appoints a person other than the Chair of the meeting as his or her proxy will need to ensure that both he/she and his/her proxy complies with their respective disclosure obligations under the UK Disclosure Guidance and Transparency Rules. 18   19. Takeover Code requirements (resolution 12) Under Rule 9 of the City Code on Takeovers and Mergers (the ‘Code’) when: i. a person acquires an interest in shares which (taken together with shares in which they and persons fi are interested) carry 30 per cent. or more of the voting rights of a company subject to the Code; or ii any person who, together with persons acting in concert with them, is interested in shares which in aggregate carry not less than 30 per cent. of the voting rights of a company subject to the Code, but does not hold shares carrying more than 50 per cent. of the voting rights of the company, and such person, or any persons acting in concert with them, acquires an interest in any shares which increase the percentage of shares carrying voting rights in which they are interested, that person together with the persons acting in concert with them, is normally required to extend offers in cash, at the highest price paid by them (or any persons acting in concert with them) for shares in the company within the preceding 12 months, to the holders of any class of equity share  holders of any other class of transferable securities carrying voting rights. Rule 37 of the Code states that when a company redeems or purchases its own voting shares, any resulting increase in the percentage of shares carrying voting rights in which a person or group of persons acting in concert is interested will be treated as an acquisition for the purposes of Rule 9. However, Note 1 of Rule 37.1 states that a person who comes to exceed the limits in Rule 9.1 in consequence of a company’s redemption or purchase of its own shares will not normally incur an obligation to make a mandatory offer unless that person is a director, or the relationship of the person with any one or more of the directors is such that the person is, or is presumed to be, acting in concert with any of the directors. Aperson who has appointed a representative to the board of the company, and investment managers of investment trusts, will be treated for these purposes as a director. As at 31 May 2025, Saba Capital Management, L.P. (‘Saba’) indirectly held 29.9 per cent. of the voting  authority were to be used in full, the repurchase of ordinary shares could result in Saba indirectly holding 35.2 per cent. of the Company (assuming that the relevant Saba shareholding entities did not sell any ordinary shares in connection with theexercise). The Panel on Takeovers and Mergers (the ‘Panel’) must be consulted in advance in any case where Rule 9 of the Code might be relevant. The Company has consulted with the Panel in relation to the  fiparte basis to the Company that, provided that Saba is not acting in concert with the Company or any of its directors and has not appointed a representative to the board of the Company (such that they should be treated as  their holdings of shares in the Company as a result 1 of Rule 37.1 of the Takeover Code), the Panel will not require Saba, nor any person presumed to be acting in concert with it, to make a mandatory offer under Rule 9 of the Code on the grounds that its or their interest in the ordinary share capital of the Company has increased as a result only of the purchase by the Company of its own shares pursuant to the authority conferred by resolution 12. 123 Baillie Gifford US Growth Trust plc Further shareholder information Baillie Gifford US Growth Trust plc  trust. Investment trusts offer investors   fi   professional managers; and  fi realised within their portfolios, although investors are still liable for capital gains tax on fi How to invest The Company’s shares are traded on the London Stock Exchange. They can be bought by placing an order with a stockbroker, or by asking a professional adviser to do so. If you are interested in investing directly in Baillie Gifford US Growth Trust, you can do so online. There are a number of companies offering real time online dealing services. Find out more by visiting the investment trust pages at bailliegifford.com. Sources of further information  The ordinary shares of the Company are traded on the London Stock Exchange and their price is shown in the Financial Times. The price of shares can also be found on the Company website at bgusgrowthtrust.com, Trustnet at trustnet.co.uk and fi also available on the Baillie Gifford website and are updated monthly. These are available from Baillie Gifford on request. fi ISIN GB00BDFGHW41 Sedol BDFGHW4 Ticker USA fi  Share register enquiries Computershare Investor Services PLC maintains the share register on behalf of the Company. In the event of queries regarding shares registered in your own   functionality (available 24 hours a day, 7 days a week) which allows you to:    fi   forms. You can also check your holding on the registrar’s website at investorcentre.co.uk. They also offer a free, secure share management website service which allows you to:   market price of your shares;   shareholding;       To take advantage of this service, please log in at investorcentre.co.uk and enter your Shareholder Reference Number and Company Code (this fi Electronic proxy voting If you hold stock in your own name you can choose to vote by returning proxies electronically at eproxyappointment.com. Shareholder information Annual Report and Financial Statements 2025 124 If you have any questions about this service please contact Computershare on 0370 707 1711. CREST proxy voting If you are a user of the CREST system (including    transmitted. For further information please refer  Where this has been received in a country where the provision of such a service would be contrary to local laws or regulations, this should be treated as information only. How to vote your shares As a shareholder you have a say on how the Company is run. The following link will take you through to The Association of Investment Companies (AIC) website where there is information on how to vote your shares if you hold them via one of the major platforms: theaic.co.uk/ how-to-vote-your-shares. Alternative Investment Fund Managers (AIFM) Regulations In accordance with the AIFM Regulations, information in relation to the Company’s leverage and the remuneration of the Company’s AIFM, Baillie Gifford & Co Limited, is required to be made available to investors. AIFM remuneration In accordance with the Regulations, the AIFM remuneration policy is available at bailliegifford.com or on request (see contact details in the ‘Company information’ section on page 133). The numerical remuneration disclosures in respect of the AIFM’s reporting period are available at bailliegifford.com. Leverage The Company’s maximum and actual leverage levels (see Glossary of terms and alternative performance measures on pages 129 to 1322025 are shown below: Gross method Commitment method Maximum limit 2.50:1 2.00:1 Actual 1.05:1 1.05:1 Automatic exchange of information fi legislation relating to the automatic exchange of information, Baillie Gifford US Growth Trust plc is required to collect and report certain information about certain shareholders. The legislation requires investment trust companies to provide personal information to HMRC on certain investors who purchase shares in investment trusts. As an affected company, Baillie Gifford US Growth Trust plc will have to provide information annually to the local tax authority on the tax residencies of a fi and corporate entities. Shareholders, excluding those whose shares are held in CREST, who come on to the share register fi collecting this information. For further information, please see HMRC’s Quick Guide: Automatic Exchange of Information – information for account holders gov.uk/government/publications/ exchange-of-information-accountholders. Data protection The Company is committed to ensuring the fi provided to it. Further details on how personal data is held and processed on behalf of the Company can be found in the privacy policy available on the Company’s website bgusgrowthtrust.com. 125 Baillie Gifford US Growth Trust plc No third party data provider (‘Provider’) makes any warranty, express or implied, as to the accuracy, completeness or timeliness of the data contained herewith nor as to the results to be obtained by recipients of the data. No Provider shall in any way be liable to any recipient of the data for any inaccuracies, errors or omissions in the index data included in this document, regardless of cause, or for any damages (whether  has any obligation to update, modify or amend the data or to otherwise notify a recipient thereof in the event that any matter stated herein changes or subsequently becomes inaccurate. Without limiting the foregoing, no Provider shall have any liability whatsoever to you, whether in contract (including under an indemnity), in tort (including negligence), under a warranty, under statute or otherwise, in respect of any loss or damage suffered by you as a result of or in connection with any opinions, recommendations, forecasts, judgements or any other conclusions, or any course of action determined, by you or any third party, whether or not based on the content, information or materials contained herein. S&P Index Data The S&P 500 Index (‘Index’) is a product of S&P Dow Jones Indices LLC, a division of S&P Global, or its fi, and has been licensed for use by Baillie Gifford & Co. and S&P500® is a registered trademark of S&P Globalfi (‘S&P’); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (‘Dow Jones’); and these trademarks have been licensed for use by SPDJI  Gifford & Co. Baillie Gifford & Co Product(s) are not sponsored, endorsed, sold or promoted by SPDJI, fi of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions,  FTSE Index data London Stock Exchange Group plc and its group undertakings (collectively, the ‘LSE Group’). © LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. ‘FTSE®’ ‘Russell®’, ‘FTSE Russell®’, is/are a trade mark(s) of the relevant LSE Group companies and is/ are used by any other LSE Group company under  data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication. Third party data provider disclaimer Shareholder information Annual Report and Financial Statements 2025 126 The EU Sustainable Finance Disclosure Regulation (‘SFDR’) does not have a direct impact in the UK  products marketed in the EU. As Baillie Gifford  Baillie Gifford & Co Limited, via the National Private Placement Regime (‘NPPR’) the following disclosures  requirements of SFDR. The AIFM has adopted Baillie Gifford & Co’s stewardship principles and guidelines as its policy on integration of sustainability risks in investment decisions. Baillie Gifford & Co believes that a company fi its approach to business is fundamentally out of fi ‘sustainability’ as a deliberately broad concept which encapsulates a company’s purpose, values, business model, culture and operating practices. Baillie Gifford & Co’s approach to investment is based on identifying and holding high quality growth businesses that enjoy sustainable competitive advantages in their marketplace. To do this it fi undertaking proprietary research to build up an   includes the consideration of sustainability factors (environmental, social and/or governance matters) which it believes will positively or negatively flfi The likely impact on the return of the portfolio from a potential or actual material decline in the value of investment due to the occurrence of an environmental, social or governance event or condition will vary and will depend on several factors including but not limited to the type, extent, Sustainable Finance Disclosure Regulation  complexity and duration of an event or condition, prevailing market conditions and existence of any mitigating factors. Whilst consideration is given to sustainability matters, there are no restrictions on the investment universe of the Company, unless otherwise stated within in its investment objective & policy. Baillie Gifford & Co can invest in any companies it believes fi investors. However, this might result in investments being made in companies that ultimately cause a negative outcome for the environment or society. More detail on the Managers’ approach to sustainability can be found in the stewardship principles and guidelines document, available publicly on the Baillie Gifford website bailliegifford.com and by scanning the QR  The underlying investments do not take into account the EU criteria for environmentally sustainable economic activities established under the EU Taxonomy Regulation. 127 Baillie Gifford US Growth Trust plc Communicating  Trust magazine Baillie Gifford US Growth web page at bgusgrowthtrust.com Trust magazine Trust is the Baillie Gifford investment trust magazine which is published twice a year. It provides an insight to Baillie Gifford’s investment approach by including interviews with Baillie Gifford’s fund managers, as well as containing investment trust news, investment features and articles about the trusts managed by Baillie Gifford, including Baillie Gifford US Growth. Trust plays an important role in helping to explain Baillie Gifford’s products so that readers can really understand them. You can subscribe to Trust magazine or view a digital copy at bailliegifford.com/trust. Suggestions and questions Any suggestions on how communications with shareholders can be improved are welcomed, so please contact the Baillie Gifford Client Relations Team and give them your suggestions. They will also be very happy to answer questions that you may have about Baillie Gifford US Growth. Baillie Gifford US Growth on the web   at bgusgrowthtrust.comfi Baillie Gifford US Growth, including recent portfolio fi Client Relations Team contact details You can contact the Baillie Gifford Client Relations Team by telephone, email or post: Telephone: +44 (0)800 917 2113 Your call may be recorded for training or monitoring purposes. Email: enquiries@bailliegifford.com Website: bailliegifford.com Baillie Gifford Client Relations Team Calton Square 1 Greenside Row Edinburgh EH1 3AN Please note that Baillie Gifford is not permitted fi please ask an authorised intermediary. Shareholder information Annual Report and Financial Statements 2025 128 The Next Chapter Baillie Gifford trusts showcase private market focus and AI optimism at the annual investment conference. Why ants, scaffolding and long jumps matter to growth investors by Kirsty Gibson Exploring the role of culture in successful organisations, and the common characteristics underpinning them. US perspectives: AI evolves again by Patrick Stapleton Explore how the rapid market shift in AI and computer processing is transforming industries. 129 Baillie Gifford US Growth Trust plc fifi fiflfififi fi investment trust industry and serve to improve comparability between investment trusts. Total assets fi liabilities (other than liabilities in the form of borrowings). Shareholders’ funds and net asset value Shareholders’ funds is the value of all assets held less all liabilities, with borrowings deducted at book cost. Net asset value (‘NAV’) is the value of all assets held less all liabilities, with borrowings deducted at either fair fi the number of ordinary shares in issue. Borrowings at book value Borrowings are valued at adjusted net issue proceeds. The value of the borrowings at book is set out on page 116. Borrowings at fair value (APM) Borrowings are valued at an estimate of their market worth. The value of the borrowings at fair is set out on page 116. Net asset value (reconciliation of NAV at book value to NAV at fair value) 2025 2024 Net asset value per ordinary share (borrowings at book value) 264.48p 216.65p Shareholders’ funds (borrowings at book value) £743,790,000 £643,933,000 Add: book value of borrowings £37,078,000 £39,271,000 Less: fair value of borrowings (£37,078,000) (£39,271,000) Net asset value (borrowings at fair value) £743,790,000 £643,933,000 Number of shares in issue   Net asset value per ordinary share (borrowings at fair value)  216.65p Net liquid assets Net liquid assets comprise current assets less current liabilities (excluding borrowings). Glossary of terms and alternative  Shareholder information Annual Report and Financial Statements 2025 130 Discount/premium (APM) As stock markets and share prices vary, an investment trust’s share price is rarely the same as its NAV. When the share price is lower than the NAV per share it is said to be trading at a discount. The size of the discount is calculated by subtracting the NAV per share from the share price and is usually expressed as a percentage of the NAV per share. If the share price is higher than the NAV per share, it is said to be trading at a premium. 2025 2024 Net asset value per ordinary share (after deducting borrowings at fair value) a 264.48p 216.65p Share price b 239.50p 192.40p Discount (borrowings at fair value) (b-a) ÷ a 9.4% 11.2% 2025 2024 Net asset value per ordinary share (after deducting borrowings at book value) a 264.48p 216.65p Share price b 239.50p 192.40p Discount (borrowings at book value) (b-a) ÷ a 9.4% 11.2% Total return (APM) The total return is the return to shareholders after reinvesting any dividend on the date that the share price  NAV per share are the same as the percentage movements in the share price and NAV per share as detailed on page. Ongoing charges (APM) The total recurring expenses (excluding the Company’s cost of dealing in investments and borrowing costs) incurred by the Company as a percentage of the average net asset value (with debt at fair value).  2025 £’000  2024 £’000 Investment management fee 4,264 3,581 Other administrative expenses 1,239 726 * (319) – Total recurring expenses a  4,307 Average net asset value b 719,622 616,958 Ongoing charges (a ÷ b expressed as a percentage) 0.72% 0.70% *   general meeting held on 3 February 2025. 131 Baillie Gifford US Growth Trust plc Turnover (APM) Annual turnover is a measure of portfolio change or trading activity in a portfolio. Turnover is calculated as the minimum of purchases and sales in a month, divided by the average market value of the portfolio, summed to get rolling 12 month turnover data. Gearing (APM) At its simplest, gearing is borrowing. Just like any other public company, an investment trust can borrow money to invest in additional investments for its portfolio. The effect of the borrowing on the shareholders’ assets is called ‘gearing’. If the Company’s assets grow, the shareholders’ assets grow proportionately more because the debt remains the same. But if the value of the Company’s assets falls, the situation is reversed. Gearing can therefore enhance performance in rising markets but can adversely impact performance in falling markets. Gearing is the Company’s borrowings at book value less cash and cash equivalents (including any outstanding trade settlements) expressed as a percentage of shareholders’ funds.  2025 £’000  2024 £’000 Borrowings (at book cost) 37,078 39,271 Less: cash and cash equivalents (8,929) (6,620) Adjusted borrowings (a) 28,149 32,651 Shareholders’ funds (b) 743,790 643,933 Gearing: (a) as a percentage of (b) 4% 5% Gross gearing is the Company’s borrowings expressed as a percentage of shareholders’ funds.  2025 £’000  2024 £’000 Borrowings (at book cost) (a) 37,078 39,271 Shareholders’ funds (b) 743,790 643,933 Gross gearing: (a) as a percentage of (b) 5% 6% Shareholder information Annual Report and Financial Statements 2025 132 Leverage (APM) For the purposes of the Alternative Investment Fund Managers Regulations, leverage is any method which increases the Company’s exposure, including the borrowing of cash and the use of derivatives. It is expressed as a ratio between the Company’s exposure and its net asset value and can be calculated on a gross and a commitment method. Under the gross method, exposure represents the sum of the Company’s positions after the deduction of sterling cash balances, without taking into account any hedging and netting arrangements. Under the commitment method, exposure is calculated without the deduction of sterling cash balances and after certain hedging and netting positions are offset against each other. Active share (APM) Active share, a measure of how actively a portfolio is managed, is the percentage of the portfolio that differs from its comparative index. It is calculated by deducting from 100 the percentage of the portfolio that overlaps with the comparative index. An active share of 100 indicates no overlap with the index and an active share of zero indicates a portfolio that tracks the index. Treasury shares The Company has the authority to make market purchases of its ordinary shares for retention as treasury shares for future reissue, resale, transfer or cancellation. Treasury shares do not receive distributions and the Company is not entitled to exercise the voting rights attaching to them. Private (unlisted) company An unlisted or private company means a company whose shares are not available to the general public for trading and are not listed on a stock exchange. Contingent value rights ‘CVR’ after an instrument name indicates a security, usually arising from a corporate action such as a takeover or merger, which represents a right to receive potential future value, should the continuing company achieve certain milestones. The Abiomed CVR arose on Johnson & Johnson’s takeover of Abiomed. The milestones relate to the performance of the technologies acquired through the takeover. fl  133 Baillie Gifford US Growth Trust plc Company information Depositary The Bank of New York Mellon (International) Limited 160 Victoria Street London EC4V 4LA Independent Auditor Ernst & Young LLP 25 Churchill Place Canary Wharf London EH14 5EY Company broker Panmure Liberum Limited 25 Ropemaker Street London EC2Y 9LY Directors Chair: TJW Burnet SP Inglis CRD van der Kuyl GD Paterson fi Baillie Gifford & Co Limited 3 St Helen’s Place London EC3A 6AB Company details bgusgrowthtrust.com Company Registration No. 11194060 ISIN: GB00BDFGHW41 Sedol: BDFGHW4 Ticker: USA fi 213800UM1OUWXZPKE539 Registrar Computershare Investor Services PLC The Pavilions Bridgwater Road Bristol BS99 6ZZ T: +44 (0)370 707 1711 Alternative Investment Fund Managers and Secretaries Baillie Gifford & Co Limited Calton Square 1 Greenside Row Edinburgh EH1 3AN T: +44 (0)131 275 2000 bailliegifford.com Further information Baillie Gifford Client Relations Team Calton Square 1 Greenside Row Edinburgh EH1 3AN T: +44 (0)800 917 2113 enquiries@bailliegifford.com Calton Square, 1 Greenside Row, Edinburgh EH1 3AN Telephone +44 (0)131 275 2000 bgusgrowthtrust.com