CONTRACTUAL FEE/EXPENSE WAIVER AGREEMENT

Exhibit 99.(h)(21)

CONTRACTUAL FEE/EXPENSE WAIVER AGREEMENT

Agreement effective as of the 17th day of May, 2013 by and among the Xxxxxx Funds, a Massachusetts business trust (the “Trust”) and Xxxxxx Investments, L.P. a Pennsylvania limited partnership (“Xxxxxx”).

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, 2015 for the following Fund:

Fund:		Net Total Operating Expenses
Xxxxxx Emerging Markets Fund
Institutional Class		1.05	%
Investor Class		1.30	%

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

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, Xx.		By:	/s/ Xxxxx X. XxXxxxx
	Signature			Signature
Name:	Xxxxxx X. Xxxxx, Xx.		Name:	Xxxxx X. XxXxxxx
	Printed			Printed
Title:	President and Chief Executive Officer		Title:	General Counsel and Chief Compliance Officer – Principal