Exhibit 99(h)(2)
EXPENSE LIMITATION AGREEMENT
This EXPENSE LIMITATION AGREEMENT is made as of the 30th day of April, 2001
by and between BT ADVISOR FUNDS, a Massachusetts Business trust (the `Trust'),
BT INVESTMENT PORTFOLIOS, a New York trust (the `Portfolio Trust'), 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 Portfolio Trust's Investment Adviser
pursuant to an Investment Advisory Agreement dated April 30, 2001, and the
Administrator serves as the Trust's and Portfolio Trust's Administrator pursuant
to Administration and Services Agreements dated September 15, 1995 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 ADVISOR FUNDS
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 assets)
Fund
EAFE(R) Equity Index Fund - Premier Class 0.40%
Small Cap Index Fund - Premier Class 0.25%
U.S. Bond Index Fund - Premier Class 0.15%
