EXHIBIT 99.h.5
EXPENSE LIMITATION AGREEMENT
This EXPENSE LIMITATION AGREEMENT is made as of the 30th day of
SEPTEMBER, 1999 by and between BT PYRAMID MUTUAL FUNDS, a Massachusetts Business
trust (the "Trust"), BT INVESTMENT PORTFOLIOS, 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 the Trust's and BT Investment
Portfolios' Investment Adviser pursuant to Investment Advisory Agreements dated
June 4, 1999, and the Adviser serves as the Trust's and BT Investment
Portfolios' Administrator pursuant to Administration and Services Agreements
dated October 28, 1992, as amended June 10, 1998, 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.
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 PYRAMID MUTUAL FUNDS
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/ Xxxx Xxxxxxxx
------------------------- -------------------------
Name: Xxx X. Xxxxxx Name: Xxxx Xxxxxxxx
Title: Managing Director
Exhibit A
Total Fund Operating Expenses
(as a percentage of average
Fund daily net assets)
---- -----------------
BT Investment Equity Appreciation Fund 1.00%
BT PreservationPlus Fund - Service Class 0.65%
BT PreservationPlus Fund - Institutional Class 0.40%
BT PreservationPlus Fund - Institutional Service Class 0.55%
