EXHIBIT 99.h.1
EXPENSE LIMITATION AGREEMENT
THIS EXPENSE LIMITATION AGREEMENT is made as of the 4/th/ day of June, 1999
by and between BT INSTITUTIONAL FUNDS, a Massachusetts Business trust (the
"Trust"), CASH MANAGEMENT PORTFOLIO, TREASURY MONEY PORTFOLIO, EQUITY 500 INDEX
PORTFOLIO and BT INVESTMENT PORTFOLIOS, each a New York trust (each a "Portfolio
Trust"), and BANKERS TRUST, a New York corporation (the "Adviser"), with respect
to the following:
WHEREAS, the Adviser serves as BT Institutional Funds' Investment Adviser
pursuant to an Investment Advisory Agreement dated June 4, 1999, the Adviser
serves as Investment Adviser to Cash Management Portfolio and Treasury Money
Portfolio pursuant to Investment Advisory Agreements dated June 4, 1999; the
Adviser serves as Investment Adviser to Equity 500 Index Portfolio pursuant to
an Investment Advisory Agreement dated June 4, 1999, the Adviser serves as BT
Investment Portfolio's Investment Adviser pursuant to an Investment Advisory
Agreement dated June 4, 1999, and each as re-approved thereafter, and the
Adviser serves as the Trust's Administrator pursuant to an Administration and
Services Agreement dated October 28, 1992, as amended, (collectively, the
"Agreements"); and
WHEREAS, the Adviser has voluntarily agreed, under the Agreements, to waive
its fees and reimburse expenses so that the total operating expenses for each of
the Trust's series (each a "Fund," collectively the "Funds") and each Portfolio
Trust's series (each a "Portfolio," collectively the "Portfolios") will not
exceed the percentage of average daily net assets as set forth on Exhibit A; and
WHEREAS, the Trust and the Adviser desire to formalize this voluntary fee
waiver and expense reimbursement arrangement for the period beginning on June 4,
1999 and ending on April 30, 2000.
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 a period
from June 4, 1999 to April 30, 2000 to the extent necessary so that each
Fund's total annual operating expenses do not exceed the percentage of
average daily net assets set forth on Exhibit A.
2. Upon the termination of the Investment Advisory Agreement or the
Administration Agreement, 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 (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 INSTITUTIONAL FUNDS
Attest: /s/ Xxx X. Xxxxxx By: /s/ Xxxxxx X. Xxxxxx
----------------- --------------------
Name: Xxx X. Xxxxxx Name: Xxxxxx X. Xxxxxx
Title: Secretary
CASH MANAGEMENT PORTFOLIO
Attest: /s/ Xxx X. Xxxxxx By: /s/ Xxxxxx X. Xxxxxx
----------------- --------------------
Name: Xxx X. Xxxxxx Name: Xxxxxx X. Xxxxxx
Title: Secretary
TREASURY MONEY PORTFOLIO
Attest: /s/ Xxx X. Xxxxxx By: /s/ Xxxxxx X. Xxxxxx
----------------- --------------------
Name: Xxx X. Xxxxxx Name: Xxxxxx X. Xxxxxx
Title: Secretary
EQUITY 500 INDEX PORTFOLIO
Attest: /s/ Xxx X. Xxxxxx By: /s/ Xxxxxx X. Xxxxxx
----------------- --------------------
Name: Xxx X. Xxxxxx Name: Xxxxxx X. Xxxxxx
Title: Secretary
BT INVESTMENT PORTFOLIO
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
Fund (as a percentage of average daily net assets)
---- ---------------------------------------------
Institutional Cash Management Fund 0.23%
Institutional Cash Reserves Fund 0.18%
Institutional Treasury Money Fund 0.75%
Institutional Liquid Assets Fund 0.16%
Institutional Treasury Assets Fund 0.25%
Institutional Equity 500 Index Fund 0.10%
