EXPENSE LIMITATION AGREEMENT
This EXPENSE LIMITATION AGREEMENT is made as of the 3rd day of
September, 2002 by and between XXXXXXX RREEF SECURITIES TRUST, a Delaware
business trust (the "Trust") on behalf of XXXXXXX RREEF REAL ESTATE SECURITIES
FUND (the "Fund") and DEUTSCHE ASSET MANAGEMENT, INC. ("XxXX, Inc."), a Delaware
corporation, with respect to the following:
WHEREAS, XxXX, Inc. serves as the Trust's Investment Advisor (the
"Advisor") pursuant to an Investment Advisory Agreement dated September 3, 2002,
(the "Agreement").
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. XxXX, Inc., in its capacity as the Trust's Advisor,
agrees to waive its fees and/or reimburse expenses to
the extent necessary so that the ordinary annual
operating expenses for each of the Fund's classes set
forth on Exhibit A, as may be amended from time to
time, do not exceed the percentage of average daily
net assets set forth on Exhibit A for the period
September 3, 2002 through August 30, 2004. For the
purposes of this Agreement, ordinary operating
expenses for the Fund generally consist of costs not
specifically borne by the Advisor or the 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, but excluding: (a)
transactions costs (such as brokerage commissions and
dealer and underwriter spreads); (b) interest charges
on fund borrowings; (c) taxes; (d) litigation and
indemnification costs; and (e) extraordinary
expenses. Extraordinary expenses are those that are
unusual or expected to recur only infrequently,
including, but not limited to (i) expenses of the
reorganization, restructuring or merger of the Fund
or class or the acquisition of all or substantially
all of the assets of another fund or class; (ii)
expenses of holding, and soliciting proxies for, a
meeting of shareholders of the Fund or class (except
to the extent relating to routine items such as the
election of trustees or the approval of independent
public accountants); and (iii) expenses of converting
to a new custodian, transfer agent or other service
provider.
2. This Agreement shall be effective as to the Fund as
of the date that each of the Fund's classes set forth
on Exhibit A commences operations after this
Agreement shall have been approved by the Board of
Trustees of the Fund and, unless sooner terminated as
provided herein, shall continue in effect as to the
Fund for the stated period and may be extended for
another period, provided such continuance is
specifically approved at least annually by the vote
of a majority of the Board of Trustees of the Fund.
Upon the termination of the Agreement, this Agreement
shall automatically terminate with respect to the
Fund.
3. Any obligation of the Trust hereunder shall be
binding only upon the assets of the Trust or the
applicable series thereof, and shall not be binding
upon any Trustee, officer, employee, agent, or
shareholder of the Trust. Neither the authorization
of any action by the Trustees or the shareholders of
the Trust nor the execution of this Agreement on
behalf of the Trust shall impose any liability upon
any Trustee or shareholder.
4. 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.
XXXXXXX RREEF SECURITIES TRUST
Attest: ____________________________________ By: /s/ Xxxxxxx Xxxxxx
Name: -----------------------
Name: Xxxxxxx Xxxxxx
Title: President
DEUTSCHE ASSET MANAGEMENT, INC.
Attest: ____________________________________ By: /s/ Xxxxxxx X. Xxxx
Name: -----------------------
Name: Xxxxxxx X. Xxxx
Title: Vice President
Exhibit A
Ordinary Fund Operating
Expenses
(as a percentage of average
daily net assets)
Fund
Xxxxxxx RREEF Real Estate Securities Fund -
Class A Shares 1.25%
Xxxxxxx RREEF Real Estate Securities Fund -
Class B Shares 2.00%
Xxxxxxx RREEF Real Estate Securities Fund -
Class C Shares 2.00%
Xxxxxxx RREEF Real Estate Securities Fund -
Institutional Class (formerly known as RREEF
RReal Estate Securities Fund Class A shares) 1.00%
