Exhibit 99(h)(4)
EXPENSE LIMITATION AGREEMENT
This EXPENSE LIMITATION AGREEMENT is made as of the 30th day of April, 2001
by and between BT INVESTMENT FUNDS, a Massachusetts Business trust (the
`Trust'), CASH MANAGEMENT PORTFOLIO, TREASURY MONEY PORTFOLIO, INTERNATIONAL
EQUITY PORTFOLIO, CAPITAL APPRECIATION PORTFOLIO, ASSET MANAGEMENT PORTFOLIO and
BT INVESTMENT PORTFOLIOS, each a New York trust (each a `Portfolio Trust' and,
collectively, the `Portfolio Trusts'), DEUTSCHE ASSET MANAGEMENT, INC., a
Delaware corporation (the `Adviser'), and BANKERS TRUST COMPANY, a New York
corporation (the `Administrator'), with respect to the following:
WHEREAS, the Adviser serves as the Trust's Investment Adviser pursuant to
Investment Advisory Agreements dated December 29, 2000 and April 27, 2001, the
Adviser serves as the Portfolio Trusts' Investment Adviser pursuant to
Investment Advisory Agreements dated March 8, 2001 and April 30, 2001, the
Administrator serves as the Trust's Administrator pursuant to an Administration
and Services Agreement dated October 28, 1992, and the Administrator serves as
the Administrator to Cash Management Portfolio, Treasury Money Portfolio,
International Equity Portfolio, Capital Appreciation Portfolio, Asset Management
Portfolio and BT Investment Portfolios pursuant to Administration and Services
Agreements dated April 29, 1992, April 29, 1992, April 8, 1992, October 28,
1992, April 8, 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 and Administrator agree to waive their fees and/ or
reimburse expenses to the extent necessary so that the ordinary annual
operating expenses for each of the Trust's series or classes set forth
on Exhibit A, as may be amended from time to time, (each a `Fund') do
not exceed the percentage of average daily net assets set forth on
Exhibit A for the 16 month period from such Fund's fiscal year end.
For the purposes of this Agreement, ordinary operating expenses for a
Fund generally consist of all costs not specifically borne by the
Adviser, Administrator or a Fund's principal underwriter, including
investment advisory fees, administration and services fees, fees for
necessary professional services, amortization of organizational
expenses and costs associated with regulatory compliance and
maintaining legal existence and shareholder relations.
2. This Agreement shall be effective as to each Fund as of the date the
Fund commences operations after this Agreement shall have been
approved by the Board of Trustees of the Trust with respect to that
Fund and, unless sooner terminated as provided herein, shall continue
in effect as to such Fund for successive 16 month periods from such
Fund's fiscal year end, provided such continuance is specifically
approved at least annually by the vote of a majority of the Board of
Trustees of the Trust. Upon the termination of any of the Agreements,
this Agreement shall automatically terminate with respect to the
affected Fund.
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.
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
CASH MANAGEMENT PORTFOLIO
TREASURY MONEY PORTFOLIO
INTERNATIONAL EQUITY PORTFOLIO
CAPITAL APPRECIATION PORTFOLIO
ASSET MANAGEMENT PORTFOLIO
BT INVESTMENT PORTFOLIOS
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 X. Xxxx
______________________ ________________________
Name: Xxx X. Xxxxxx Name: Xxxxxxx X. Xxxx
Title: Vice President
BANKERS TRUST COMPANY
Attest: /s/ Xxx X. Xxxxxx By: /s/ Xxxx X. Xxxxxxxx
______________________ ________________________
Name: Xxx X. Xxxxxx Name: Xxxx X. Xxxxxxxx
Title: Managing Director
Exhibit A
Ordinary Fund Operating Expenses
(as a percentage of average daily net
Fund assets)
Cash Management Fund Investment 0.75%
Tax Free Money Fund Investment 0.75%
NY Tax Free Money Fund Investment 0.75%
Treasury Money Fund Investment 0.75%
International Equity Fund - Investment Class 1.50%
Mid Cap Fund - Investment Class 1.25%
Mid Cap Fund - Institutional Class 1.00%
Lifecycle Short Range Fund - Investment Class 1.00%
Lifecycle Mid Range Fund - Investment Class 1.00%
Lifecycle Long Range Fund - Investment Class 1.00%
Small Cap Fund - Investment Class 1.25%
PreservationPlus Income Fund 1.25%
Quantitative Equity Fund - Investment Class 0.90%
Quantitative Equity Fund - Institutional Class 0.65%
Global Equity Fund - Institutional Class 1.15%
Global Equity Fund - Class A Shares 1.40%
Global Equity Fund - Class B Shares 2.15%
Global Equity Fund - Class C Shares 2.15%
