EXPENSE LIMITATION AGREEMENT
This EXPENSE LIMITATION AGREEMENT is made as of the 30/th/ day of
SEPTEMBER, 1999 by and between XXXXXX XXXXXXXX INVESTMENT TRUST, a Delaware
business trust (the "Trust") and DEUTSCHE ASSET MANAGEMENT, INC., a Delaware
corporation (the "Adviser"), with respect to the following:
WHEREAS, the Adviser serves as Investment Adviser to the Trust's series set
forth on Exhibit A pursuant to an Investment Management Contract dated August
23, 1996, and the Adviser serves as the Trust's Administrator pursuant to an
Administration Agreement dated August 27, 1998 (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
Delaware.
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.
XXXXXX XXXXXXXX INVESTMENT TRUST
Attest: /s/ Xxx X. Xxxxxx By: /s/ Xxxxxx X. Xxxxxx
Name: Xxx X. Xxxxxx Name: Xxxxxx X. Xxxxxx
Title: Secretary
DEUTSCHE ASSET MANAGEMENT, INC.
Attest: /s/ Xxx X. Xxxxxx By: /s/ Xxxxxxx Xxxxxxx
Name: Xxx X. Xxxxxx Name: Xxxxxxx Xxxxxxx
Title: Managing Director
Exhibit A
Total Fund Operating Expenses
Fund (as a percentage of average daily net assets)
---- ---------------------------------------------
Micro Cap - Investment Class 1.74%
Micro Cap - Institutional Class 1.49%
