Asset Name Fund Percentage (Mid) SSPS Value (£)

Equities UK Rio Tinto 0.765614 623,863.15 St. James's Place 0.738172 601,501.94 BHP Group PLC 0.697546 568,397.71 Prudential 0.686061 559,039.12 Unilever 0.638795 520,524.26 Diageo 0.610058 497,107.82 Baillie Gifford British Smaller Cos Fund 0.587556 478,771.99 Bunzl 0.584807 476,531.96 Ashtead 0.581426 473,776.94 RELX 0.452683 368,870.27 Legal & General 0.441376 359,656.72 Rightmove 0.421063 343,104.61 0.412243 335,917.60 Howden Joinery Group 0.4117 335,475.13 Hikma Pharmaceuticals 0.409591 333,756.61 Inchcape 0.400612 326,440.04 British American Tobacco 0.386923 315,285.51 Hargreaves Lansdown 0.377009 307,207.05 Auto Trader 0.36891 300,607.56 0.329756 268,702.79 Burberry 0.316011 257,502.63 0.309732 252,386.16 Weir 0.284113 231,510.44 Just Eat Takeaway.com 0.279252 227,549.43 Informa 0.277504 226,125.07 Halma 0.274442 223,629.99 PageGroup 0.270911 220,752.74 0.26666 217,288.80 Intermediate Capital Group 0.262122 213,591.00 Compass 0.245192 199,795.53 IG Group 0.237795 193,768.06 Genus 0.231197 188,391.66 Group 0.228194 185,944.65 Plc 0.227643 185,495.67 0.222288 181,132.13 0.20796 169,456.91 Standard Chartered 0.206848 168,550.79 Melrose Industries 0.197091 160,600.27 Breedon Group 0.196219 159,889.71 Just Group 0.191138 155,749.44 FDM Group 0.189916 154,753.69 Draper Esprit 0.184538 150,371.41 IntegraFin 0.177253 144,435.20 Renishaw 0.172102 140,237.90 Abcam 0.169097 137,789.26 0.166875 135,978.66 0.145509 118,568.50 Mitchells & Butlers 0.142307 115,959.34 Schroders Nv. 0.125991 102,664.19 Euromoney Institutional Investor 0.113947 92,850.10 Experian 0.111955 91,226.91 Helical 0.09229 75,202.82 Fisher (James) & Sons 0.087179 71,038.10 Keller 0.063365 51,633.18 Enquest 0.039645 32,304.86

North America Amazon.com 1.553019 1,265,482.77 Tesla Inc 1.531122 1,247,639.92 Shopify 'A' 1.514918 1,234,436.04 The Trade Desk 1.043482 850,284.83 Wayfair Inc 0.857663 698,869.59 Roku 0.836343 681,496.91 Netflix Inc 0.722321 588,585.70 Appian Corp 0.520476 424,111.62 Chegg 0.520378 424,031.77 Alphabet Inc Class C 0.504751 411,298.05 Zoom 0.493952 402,498.45 Mastercard 0.452294 368,553.29 MarketAxess Holdings 0.4464 363,750.55 Novocure Ltd 0.445007 362,615.45 Twilio Inc 0.443844 361,667.78 Chewy 0.44052 358,959.21 Redfin 0.413851 337,227.88 Illumina 0.412624 336,228.06 First Republic Bank 0.398816 324,976.56 Carvana 0.345554 281,575.84 Denali Therapeutics 0.339486 276,631.31 Workday Inc 0.334559 272,616.53 CoStar Group 0.325356 265,117.43 Cloudflare Inc 0.324785 264,652.15 Teladoc 0.321595 262,052.77 Abiomed 0.31083 253,280.87 Moderna Inc 0.280251 228,363.47 Vroom Inc 0.268495 218,784.06 Zillow Group Inc Class A 0.261121 212,775.33 Lemonade Inc 0.25203 205,367.50 Watsco Inc 0.238163 194,067.92 NVIDIA 0.236526 192,734.01 Slack Technologies Inc 0.226002 184,158.49 Stitch Fix 0.224976 183,322.45 Glaukos Corp 0.202689 165,161.82 Datadog 0.181812 148,150.12 Alnylam Pharmaceuticals 0.178706 145,619.19 Penumbra Inc 0.14111 114,983.96 HEICO 0.119456 97,339.12 Yext Inc 0.081987 66,807.38 Snowflake Inc 0.070955 57,817.92 Lyft Inc 0.065965 53,751.80 Doordash Inc 0.058728 47,854.71 Eventbrite Inc Class A 0.053345 43,468.35 Alphabet Inc Class A 0.024747 20,165.18

Europe (ex UK) IMCD Group NV 1.095363 892,560.23 Zalando SE 1.00296 817,265.34 Prosus N.V. 0.867713 707,058.86 Avanza Bank Holding 0.862692 702,967.49 DSV 0.782059 637,263.41 Adyen Nv 0.779898 635,502.52 Spotify Technology SA 0.736586 600,209.59 Bechtle AG 0.734819 598,769.74 Sartorius Stedim Biotech 0.695038 566,354.06 Adevinta 0.690202 562,413.43 ASML 0.689536 561,870.73 Atlas Copco B 0.66662 543,197.55 Nibe Industrier AB 'B' Shares 0.62753 511,344.94 Kingspan Group 0.624864 509,172.54 Ryanair 0.616273 502,172.13 L'Oreal 0.541 440,835.67 adidas 0.536668 437,305.73 Kinnevik 0.533395 434,638.71 Investor 0.484002 394,390.66 Takeaway.com 0.472479 385,001.11 Carl Zeiss Meditec 0.433465 353,210.42 Hexpol AB 0.411458 335,277.94 Mettler-Toledo 0.387213 315,521.82 Rational 0.294281 239,795.87 Kuehne & Nagel 0.284877 232,132.98 Beijer Ref 0.266809 217,410.21 Remy Cointreau 0.265466 216,315.87 Reply Spa 0.254707 207,548.86 Kering 0.252149 205,464.46 Epiroc B 0.245104 199,723.82 Schibsted B 0.225515 183,761.66 Ubisoft Entertainment 0.189101 154,089.59 Novozymes 0.174438 142,141.39 Inditex 0.171715 139,922.55 Dassault Systemes 0.136365 111,117.48 FinecoBank Banca Fineco S.p.A. 0.066676 54,331.16

Developed Asia Pacific Baillie Gifford Japanese Smaller Cos Fund C Acc 0.822223 669,991.18 SoftBank Group 0.475264 387,270.47 Shiseido 0.389405 317,307.98 Olympus 0.383545 312,532.94 SMC 0.375093 305,645.80 Hong Kong Exchanges & Clearing 0.341336 278,138.79 Shimano 0.331931 270,475.09 SBI Holdings 0.287592 234,345.31 United Overseas Bank 0.275664 224,625.74 Murata 0.269161 219,326.75 Washington Soul Pattinson 0.266265 216,966.93 SEEK 0.259777 211,680.16 Sugi Holdings 0.253118 206,254.06 James Hardie Industries 0.249617 203,401.25 Tsingtao Brewery 'H' 0.245853 200,334.15 Nidec 0.238514 194,353.94 MS&AD 0.234855 191,372.39 Recruit Holdings 0.230021 187,433.39 Techtronic Industries 0.225888 184,065.60 Makita Corporation 0.223691 182,275.37 Fast Retailing 0.21773 177,418.02 FANUC 0.215941 175,960.25 CyberAgent Inc 0.204995 167,040.87 Pigeon 0.20279 165,244.12 BHP Group Ltd (Aus. listing) 0.202353 164,888.02 Xero Ltd 0.194435 158,436.02 Galaxy Entertainment Group 0.193678 157,819.17 AIA Group 0.190768 155,447.95 Nintendo 0.171453 139,709.06 Denso 0.16365 133,350.75 Ryman Healthcare Ltd 0.162183 132,155.36 Kakaku.com 0.16191 131,932.91 Jardine Matheson 0.159919 130,310.54 Keyence 0.154962 126,271.31 Sysmex Corp. 0.152063 123,909.05 Cochlear 0.146367 119,267.64 REA Group 0.145809 118,812.96 Misumi 0.136992 111,628.39 TPG Telecom 0.128943 105,069.64 Treasury Wine Estates 0.110527 90,063.30 Suzuki Motor Corp 0.083598 68,120.11 Asahi Group Holdings 0.067748 55,204.69 Thai Beverage PCL (Singapore) 0.060583 49,366.26 freee K.K. 0.056881 46,349.67 Hoshizaki Corp 0.056155 45,758.09 Mesoblast 0.040687 33,153.94 Tuas Ltd 0.005702 4,646.29

Emerging Markets MercadoLibre 0.801297 652,939.56 Meituan Dianping 0.612431 499,041.47 TSMC 0.585447 477,053.46 Geely Automobile Holdings 0.581078 473,493.37 Samsung SDI Co Ltd 0.554532 451,862.27 SEA Ltd ADR 0.534032 435,157.78 Li Ning 0.531268 432,905.52 Alibaba Group Holding 0.485072 395,262.55 Samsung Electronics 0.435184 354,611.15 Norilsk Nickel ADR 0.351366 286,311.77 Naspers 0.343545 279,938.80 Petrobras Common ADR 0.333645 271,871.75 ICICI Prudential Life Insurance 0.291047 237,160.63 Ping An Insurance 0.285447 232,597.45 Sberbank Spon ADR 0.272284 221,871.54 Reliance Industries Ltd. 0.27145 221,191.95 Tencent 0.234711 191,255.05 B3 S.A. 0.229589 187,081.37 Bank Rakyat Indonesia 0.22235 181,182.65 NAVER Corp 0.216869 176,716.44

Fixed Income - Coporate Time Warner Cable 6.55% 2037 0.221156 180,209.71 Phoenix Life 7.25% 2021 Perp 0.030354 24,734.06 Telereal 5.5534% 2031/33 (A3) 0.002387 1,945.05 Telereal 5.9478% 2031/33 (A4) 0.051162 41,689.53 Darling Ingredients 3.625% 2026 0.089003 72,524.39 Graham Holdings 5.75% 2026 (144A) 0.14372 117,110.73 innogy 6.25% 2030 0.043821 35,707.69 Sealed Air 6.875% 2033 (144A) 0.03166 25,798.26 Mitchells & Butlers 5.574% 15/12/2030 0.027817 22,666.78 Mitchells & Butlers 6.469% 2030 0.029085 23,700.01 Telereal 5.3887% 2031/33 (A5) 0.000997 812.41 IBRD 4.75% 2035 0.221823 180,753.22 Equinor 5.1% 2040 0.138513 112,867.79 GE 4.875% 2037 0.023658 19,277.80 EIB 4.875% 2036 0.273069 222,511.20 Co-operative Group 7.5% 2026 0.099656 81,205.03 Walt Disney 4.375% 2041 0.069877 56,939.51 Enel 8.75% 2023/2073 (144A) 0.050342 41,021.35 Vonovia 5% 2023 (144a) 0.025716 20,954.77 Legal & General 5.375% 2025/45 0.084963 69,232.39 Rothesay Life 8% 2025 0.07401 60,307.30 Hiscox 6.125% 2025/45 0.056668 46,176.11 EDF 6% 2026 Perp 0.147288 120,018.12 Fidelity 2.5% 2026 0.118102 96,235.81 Pension Insurance 8% 2026 0.128791 104,945.78 MetLife 3.45% 2026 (144A) 0.017906 14,590.76 IQVIA 3.25% 2025 0.12363 100,740.32 Want Want China 2.875% 2022 0.09059 73,817.57 Yorkshire Building Society 3.375% 2027/28 0.078419 63,899.99 MetLife 3.5% 2026 0.089129 72,627.07 Aroundtown Properties 3% 2029 0.083007 67,638.53 Match.com 5% 2027 144A 0.050396 41,065.35 Booking Holdings 3.6% 2026 0.018748 15,276.87 ING Group 6.5% 2025 Perp 0.017727 14,444.91 Rabobank 6.5% Perp 0.040322 32,856.52 James Hardie 3.625% 2026 0.032375 26,380.88 Harley-Davidson 2.85% 2021 144A 0.039229 31,965.88 E.ON 6.65% 2038 0.042388 34,540.00 Legal & General 5.125% 2028/48 0.089081 72,587.95 Swiss Re 4.625% 2022 Perp 0.102018 83,129.71 GE 2.125% 2037 0.077074 62,804.01 Cheniere Corpus Christi 5.125% 2027 0.082425 67,164.29 Netflix 4.625% 2029 0.250114 203,806.24 Temasek 3.375% 2042 RegS 0.051903 42,293.33 Temasek 4.625% 2022 0.080478 65,577.77 American Water 4.2% 2048 0.068558 55,864.72 Temasek 5.375% 2039 (RegS) 0.040693 33,158.83 SoftBank 4% 2029 0.131945 107,515.83 RBS 5.076% 2030 0.111318 90,707.85 Dell 5.3% 2029 (144A) 0.064788 52,792.72 Millicom 6.625% 2026 (144A) 0.098449 80,221.50 Apple 4.5% 2036 0.107337 87,463.92 KPN 5.75% 2029 0.016925 13,791.39 KPN 8.375% 2030 0.057555 46,898.89 AstraZeneca 6.45% 2037 0.143834 117,203.62 Barclays 7.125% 2025 Perp 0.087949 71,665.54 Match.com 5.625% 2029 144A 0.076077 61,991.60 Range Resources 4.875% 2025 0.038573 31,431.34 Co-operative Group 5.125% 2024 0.075459 61,488.02 Ds Smith 0.875% 2026 0.220268 179,486.12 Neptune 6.625% 2025 0.041469 33,791.15 OCI 5.25% 2024 (144A) 0.072617 59,172.21 IQVIA 2.25% 2028 0.021834 17,791.51 EDP 4.496% 2024/79 0.129076 105,178.01 Orsted 1.75% 3019 0.017497 14,257.49 Target Hospitality 9.5% 2024 (144A) 0.042548 34,670.38 Compass Minerals International 6.75% 2027 (144A) 0.111578 90,919.71 Laredo Petroleum 10.125% 2028 0.016807 13,695.24 Hasbro 3.9% 2029 0.042582 34,698.09 Hasbro 3.55% 2026 0.091704 74,725.31 CPI Property 4.875% 2025 Perp 0.039668 32,323.60 CPI Property 1.625% 2027 0.040981 33,393.51 Ziggo 4.875% 2030 (144A) 0.08166 66,540.93 Corning 5.45% 2079 0.084954 69,225.05 Catalent 2.375% 2028 0.091449 74,517.53 Apple 4.65% 2046 0.036708 29,911.64 American Water 4.15% 2049 0.051041 41,590.93 Virgin Media 5.5% 2029 (144A) 0.076332 62,199.39 Carnival 11.5% 2023 (144A) 0.064875 52,863.61 Alibaba 4% 2037 0.138059 112,497.84 Ashtead 4% 2028 (144A) 0.087661 71,430.86 Pension Insurance 4.625% 2031 0.07708 62,808.90 Ashtead 4.25% 2029 (144A) 0.056488 46,029.44 Liberty Latin America 2% 2024 Convertible (144A) 0.053712 43,767.40 AP Moller-Maersk A/S 4.5% 2029 0.080763 65,810.00 Fraport 2.125% 2027 0.13182 107,413.97 James Hardie 5% 2028 (144A) 0.034546 28,149.92 PaymentSense 8% 2025 0.085306 69,511.88 First Cash 4.625% 2028 (144A) 0.110239 89,828.62 European Union 0.75% 2031 0.647867 527,916.61 Sensata Technologies 3.75% 2031 (144A) 0.08004 65,220.86 Enel 2.25% 2026 Perp 0.07216 58,799.82 Ryanair 2.875% 2025 0.0855 69,669.96 ACCOR SA 4.375% PERP 0.111322 90,711.11 Cheniere Energy 4.625% 2028 (144A) 0.062416 50,859.89 AT&T 3.65% 2059 0.106525 86,802.26 Svenska Handelsbanken 4.375% 2027 Perp 0.086101 70,159.69 Berkshire Hathaway 2.85% 2050 0.121333 98,868.60 Adevinta 3% 2027 0.081021 66,020.24 Heathrow Airport 1.875% 2034 0.048125 39,214.82 3.75% 2026 0.042643 34,747.79 Heathrow Airport 1.875% 2032 0.041379 33,717.82 Marks and Spencer 4.5% 2027 0.060588 49,370.34 Citigroup 4.412% 2031 0.083845 68,321.38 KFW 0.375% 2025 0.125009 101,864.01

Fixed Income - Developed Market Government Bonds Japan (Govt) 2.3% 20/06/35 #19 0.157828 128,606.68 Peru 5.625% 18/11/2050 (USD) 0.050118 40,838.82 Canada 3.5% 01/12/2045 0.090236 73,529.11 Peru 6.95% 12/08/2031 0.210893 171,846.87 UK Treasury 3.75% 22/07/2052 0.14077 114,706.91 Mexico 7.75% 29/05/2031 0.191633 156,152.80 Brazil 10% 01/01/2023 0.34428 280,537.72 US Treasury 2% 15/08/2025 0.852771 694,883.32 US Treasury 3% 15/11/2045 0.592872 483,103.75 Romania 2.875% 26/05/2028 (EUR) 0.061387 50,021.40 Australia 3% 21/03/2047 0.203121 165,513.83 France 3.25% 25/05/2045 0.18372 149,704.86 Indonesia 8.25% 15/05/2029 0.263193 214,463.70 Greece 3.45% 02/04/2024 0.410134 334,199.07 Qatar 4% 14/03/2029 (USD) 0.052597 42,858.84 Japan (Govt) 0.5% 20/03/2049 #62 0.53552 436,370.28 Spain 1.4% 30/04/2028 0.877866 715,332.07 Italy 2.1% 15/07/2026 0.906969 739,046.75 Hungary 2.5% 24/10/2024 0.355898 290,004.69 US Treasury 1.5% 15/02/2030 1.394075 1,135,966.71 Indonesia 3.85% 15/10/2030 (USD) 0.052824 43,043.81 North Macedonia 3.675% 03/06/2026 (EUR) 0.073177 59,628.53

Fixed Income - Index-Linked Bonds Poland 2.75% IL 25/08/2023 0.372654 303,658.37 Japan (Govt) 0.1% CPI Linked 10/03/2026 0.093476 76,169.23 Thailand 1.25% IL 12/03/2028 0.35596 290,055.21 Mexico 4% IL 30/11/2028 0.147366 120,081.68

Cash & Derivatives Cash & Derivatives 9.504906 7,745,104.70

Total SSPS Assets 81,485,337

Source: Baillie Gifford & Co.