CONTRACTUAL FEE/EXPENSE WAIVER AGREEMENT

Exhibit (h)(20)

CONTRACTUAL FEE/EXPENSE WAIVER AGREEMENT

Agreement effective as of the 31st day of January 2013 by and among the Xxxxxx Funds, a Massachusetts business trust (the “Trust”) and Xxxxxx Investments, L.P. a Pennsylvania limited partnership (“Xxxxxx”).

1. Xxxxxx hereby agrees to limit the net total operating expenses, excluding acquired fund fees and expenses and interest expenses relating to short sales, at the levels indicated through January 31, 2014 for each of the following Funds:

Fund:		Net Total Operating Expenses
Xxxxxx Large Growth Fund
Institutional Class		0.69	%
Investor Class		0.94	%
Xxxxxx Emerging Growth Fund
Institutional Class		1.15	%
Investor Class		1.40	%
Xxxxxx Xxxxxx Growth Fund
Institutional Class		0.93	%
Investor Class		1.18	%
Retirement Class		1.43	%
Xxxxxx Small Cap Growth Fund
Investor Class		1.25	%
Xxxxxx Global Opportunities Fund
Institutional Class		1.10	%
Investor Class		1.35	%

2. Xxxxxx hereby agrees to limit the net total operating expenses at the levels indicated through January 31, 2014 for each of the following Funds:

Xxxxxx Spectrum Fund:		Net Total Operating Expenses
Institutional Class		1.95	%
Investor Class		2.20	%
Class C		2.95	%

Xxxxxx Market Neutral Fund:		Net Total Operating Expenses
Institutional Class		1.95	%
Investor Class		2.20	%
Class C		2.95	%

Xxxxxx Medical Sciences Long/Short Fund:		Net Total Operating Expenses
Institutional Class		1.95	%
Investor Class		2.20	%
Class C		2.95	%

Xxxxxx Titan Fund:		Net Total Operating Expenses
Institutional Class		1.95	%
Investor Class		2.20	%
Class C		2.95	%

3. Xxxxxx hereby agrees to limit the net total other expenses, excluding acquired fund fees and expenses and interest expenses relating to short sales, at the levels indicated through January 31, 2014 for the following Fund:

Xxxxxx All Cap Growth Fund:		Net Total Other Expenses
Investor Class		0.25	%

This Agreement shall be renewable at the end of each one year term for an additional one year term upon the written agreement of the parties hereto.

This Agreement supersedes any prior contractual waiver agreement(s) between the parties.

IN WITNESS WHEREOF, intending to be legally bound hereby, the parties hereto have caused this Agreement to be executed by their officers designated below effective as of the day and year first above written.

XXXXXX FUNDS					XXXXXX INVESTMENTS, L.P.
By:	/s/ Xxxxxx X. Xxxxx				By:	/s/ Xxxxx X. XxXxxxx
			Signature						Signature
Name:			Xxxxxx X. Xxxxx		Name:			Xxxxx X. XxXxxxx
			Printed						Printed
Title:		President and Chief Executive Officer			Title:		General Counsel and Chief Compliance Officer -
							Principal