Exhibit 99.h
EXPENSE LIMITATION AGREEMENT
This EXPENSE LIMITATION AGREEMENT is made as of the 30th day of
SEPTEMBER, 1999 by and between BT INVESTMENT FUNDS, a Massachusetts Business
trust (the "Trust"), INTERMEDIATE TAX FREE PORTFOLIO, CAPITAL APPRECIATION
PORTFOLIO, and BT INVESTMENT PORTFOLIOS, each a New York trust (each a
"Portfolio Trust"), and BANKERS TRUST COMPANY, a New York corporation (the
"Adviser"), with respect to the following:
WHEREAS, the Adviser serves as Intermediate Tax Free Portfolio's,
Capital Appreciation Portfolio's, and BT Investment Portfolios' Investment
Adviser pursuant to Investment Advisory Agreements dated June 4, 1999, and the
Adviser serves as the Trust's, Intermediate Tax Free Portfolio's, Capital
Appreciation Portfolio's and BT Investment Portfolios' Administrator pursuant to
Administration and Services Agreements dated October 28, 1992, April 8, 1992,
October 28, 1992, and April 28, 1993, respectively (collectively, the
"Agreements").
NOW, in consideration of the mutual covenants herein contained and
other good and valuable consideration, the receipt whereof is hereby
acknowledged, the parties hereto agree as follows:
1. The Adviser agrees to waive its fees and reimburse expenses
for the period from September 30, 1999 to January 31, 2001 to
the extent necessary so that the total annual operating
expenses for each of the Trust's series with fiscal year ends
of September 30 (each a "Fund") do not exceed the percentage
of average daily net assets set forth on Exhibit A.
2. Upon the termination of any of the Agreements, this Agreement
shall automatically terminate.
3. Any question of interpretation of any term or provision of
this Agreement having a counterpart in or otherwise derived
from a term or provision of the Investment Company Act of
1940, as amended (the "1940 Act") shall be resolved by
reference to such term or provision of the 1940 Act and to
interpretations thereof, if any, by the United States Courts
or in the absence of any controlling decision of any such
court, by rules, regulations or orders of the Securities and
Exchange Commission ("SEC") issued pursuant to said Act. In
addition, where the effect of a requirement of the 1940 Act
reflected in any provision of this Agreement is revised by
rule, regulation or order of the SEC, such provision shall be
deemed to incorporate the effect of such rule, regulation or
order. Otherwise the provisions of this Agreement shall be
interpreted in accordance with the laws of Massachusetts.
Mfld/contracts/Investment Funds/expense caps 9-30-funds 9-30-99.doc
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed in duplicate by their respective officers as of the day and year first
above written.
BT INVESTMENT FUNDS
Attest: /s/ Xxx X. Xxxxxx By: /s/ Xxxxxx X. Xxxxxx
------------------ ---------------------
Name: Xxx X. Xxxxxx Name: Xxxxxx X. Xxxxxx
Title: Secretary
INTERMEDIATE TAX FREE PORTFOLIO
Attest: /s/ Xxx X. Xxxxxx By: /s/ Xxxxxx X. Xxxxxx
------------------ ---------------------
Name: Xxx X. Xxxxxx Name: Xxxxxx X. Xxxxxx
Title: Secretary
CAPITAL APPRECIATION PORTFOLIO
Attest: /s/ Xxx X. Xxxxxx By: /s/ Xxxxxx X. Xxxxxx
------------------ ---------------------
Name: Xxx X. Xxxxxx Name: Xxxxxx X. Xxxxxx
Title: Secretary
BT INVESTMENT PORTFOLIOS
Attest: /s/ Xxx X. Xxxxxx By: /s/ Xxxxxx X. Xxxxxx
------------------ ---------------------
Name: Xxx X. Xxxxxx Name: Xxxxxx X. Xxxxxx
Title: Secretary
BANKERS TRUST COMPANY
Attest: /s/ Xxx X. Xxxxxx By: /s/ Xxxxxx X. Xxxxxx
------------------ ---------------------
Name: Xxx X. Xxxxxx Name: Xxxx Xxxxxxxx
Title: Managing Director
Mfld/contracts/Investment Funds/expense caps 9-30-funds 9-30-99.doc
Exhibit A
Total Fund Operating Expenses
Fund (as a percentage of average daily net assets)
---- ---------------------------------------------
Intermediate Tax Free Fund 0.85%
Capital Appreciation Fund 1.25%
Small Cap Fund 1.25%
Mfld/contracts/Investment Funds/expense caps 9-30-funds 9-30-99.doc
