Baillie Gifford Funds December 21, 2021

Exhibit 99.(h)(8)

Xxxxxxx Xxxxxxx Funds December 21, 2021

c/o Xxxxxxx Xxxxxxx Overseas Limited
Xxxxxx Square

0 Xxxxxxxxx Xxx
Xxxxxxxxx, Xxxxxxxx
Xxxxxx Xxxxxxx XX0 0XX

Re: Expense Limitation Agreement for Certain Series of Xxxxxxx Xxxxxxx Funds (the “Trust”)

Dear Sirs

Xxxxxxx Xxxxxxx Overseas Limited, a company registered in Scotland with registered number SC084807 and registered as an investment adviser with, and regulated by, the Securities and Exchange Commission (the “Manager”) acts as the manager to Xxxxxxx Xxxxxxx Asia Ex Japan Fund, Xxxxxxx Xxxxxxx China A Shares Growth Fund, Xxxxxxx Xxxxxxx China Equities Fund, Xxxxxxx Xxxxxxx Emerging Markets ex China Fund, Xxxxxxx Xxxxxxx Global Stewardship Equities Fund, Xxxxxxx Xxxxxxx Health Innovation Equities Fund, Xxxxxxx Xxxxxxx International Concentrated Growth Equities Fund, Xxxxxxx Xxxxxxx International Smaller Companies Fund, Xxxxxxx Xxxxxxx Japan Growth Fund, Xxxxxxx Xxxxxxx Positive Change Equities Fund, Xxxxxxx Xxxxxxx U.S. Discovery Fund, and Xxxxxxx Xxxxxxx U.S. Equity Growth Fund (each a “Fund”), each a series of the Trust.

This letter is to inform you that the Manager has agreed to an expense limitation undertaking with respect to each Fund. This expense limitation undertaking is not intended to precipitate any alteration or reduction in the services provided by the Manager to each Fund.

For the period December 21, 2021 until April 30, 2023 for Xxxxxxx Xxxxxxx Emerging Markets ex China Fund and Xxxxxxx Xxxxxxx Health Innovation Equities Fund, for the period June 22, 2021 until April 30, 2023 for the Xxxxxxx Xxxxxxx China Equities Fund, April 30, 2021 until April 30, 2022 for Xxxxxxx Xxxxxxx U.S. Discovery Fund and for the period May 1, 2021 until April 30, 2022 for all other Funds (and any subsequent periods as may be designated by the Manager by written notice to the Trust), the Manager hereby agrees to waive, reduce, reimburse or otherwise bear the fees and expenses with respect to each Fund to the extent that total annual operating expenses attributable to the share classes of such Fund set out below (exclusive of taxes, sub-accounting expenses and extraordinary expenses) exceed the following annual rates (based on the average daily net assets of such share class of such Fund):

Fund		Class		Expense Limitation
Xxxxxxx Xxxxxxx Asia Ex Japan Fund		Class K			0.80	%
		Institutional Class			0.80	%
Xxxxxxx Xxxxxxx China A Shares Growth Fund		Class K			0.87	%
		Institutional Class			0.87	%
Xxxxxxx Xxxxxxx China Equities Fund		Class K			0.87	%
		Institutional Class			0.87	%
Xxxxxxx Xxxxxxx Emerging Markets ex China Fund		Class K			0.87	%
		Institutional Class			0.87	%
Xxxxxxx Xxxxxxx Global Stewardship Equities Fund		Class K			0.65	%
		Institutional Class			0.65	%
Xxxxxxx Xxxxxxx Health Innovation Equities Fund		Class K			0.65	%
		Institutional Class			0.65	%
Xxxxxxx Xxxxxxx International Concentrated Growth Equities Fund		Class K			0.72	%
		Institutional Class			0.72	%
Xxxxxxx Xxxxxxx International Smaller Companies Fund		Class K			0.90	%
		Institutional Class			0.90	%
Xxxxxxx Xxxxxxx Japan Growth Fund		Class K			0.75	%
		Institutional Class			0.75	%
Xxxxxxx Xxxxxxx Positive Change Equities Fund		Class K			0.65	%
		Institutional Class			0.65	%
Xxxxxxx Xxxxxxx U.S. Discovery Fund		Class K			0.82	%
		Institutional Class			0.82	%
Xxxxxxx Xxxxxxx U.S. Equity Growth Fund		Class K			0.65	%
		Institutional Class			0.65	%

Annualized figures will be used to calculate each Fund’s expenses and the level of waiver/reimbursement where the expense limitation undertaking either begins or expires in the middle of the Fund’s fiscal year.

This Expense Limitation Agreement may be terminated by the Trust at any time upon a vote of the Board of Trustees, including a majority of the Trustees who are not “interested persons” for the purposes of the Investment Company Act of 1940, as amended. This Expense Limitation Agreement may not be terminated by the Manager.

We understand and intend that you will rely on this undertaking in preparing and filing Registration Statements for the Trust on behalf of each Fund on Form N-1A with the Securities and Exchange Commission and in accruing each Fund’s expenses for purposes of calculating its net asset value per share and for other purposes and expressly permit you to do so.

	XXXXXXX XXXXXXX OVERSEAS LIMITED
	By:	/s/ Xxxxxxx Xxxxxxx
	Name:	Xxxxxxx Xxxxxxx
	Title:	Director

ACCEPTED AND AGREED TO:

XXXXXXX XXXXXXX FUNDS, on behalf of

its series, Xxxxxxx Xxxxxxx Asia Ex Japan Fund, Xxxxxxx Xxxxxxx China A Shares Growth Fund, Xxxxxxx Xxxxxxx China Equities Fund, Xxxxxxx Xxxxxxx Emerging Markets ex China Fund, Xxxxxxx Xxxxxxx Global Stewardship Equities Fund, Xxxxxxx Xxxxxxx Health Innovation Equities Fund, Xxxxxxx Xxxxxxx International Concentrated Growth Equities Fund, Xxxxxxx Xxxxxxx International Smaller Companies Fund, Xxxxxxx Xxxxxxx Japan Growth Fund, Xxxxxxx Xxxxxxx Positive Change Equities Fund, Xxxxxxx Xxxxxxx U.S. Discovery Fund, and Xxxxxxx Xxxxxxx U.S. Equity Growth Fund

By:	/s/ Xxxxxxx Xxxxxxxx
Name:	Xxxxxxx Xxxxxxxx
Title:	Treasurer