EXPENSE LIMITATION AGREEMENT
THIS EXPENSE LIMITATION AGREEMENT is made as of the 31st day of
December, 1999, by and between BT INVESTMENT FUNDS, a Massachusetts Business
trust (the "Trust"), CASH MANAGEMENT PORTFOLIO, TAX FREE MONEY PORTFOLIO, NY TAX
FREE MONEY PORTFOLIO, TREASURY MONEY PORTFOLIO AND BT INVESTMENT PORTFOLIOS,
each 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 BT Investment Funds' Investment Adviser
pursuant to an Investment Advisory Agreement dated June 4, 1999, the Adviser
serves as the Cash Management Portfolio's, Tax Free Money Portfolio's, NY Tax
Free Money Portfolio's, Treasury Money Portfolio's and BT Investment Portfolios'
Investment Adviser pursuant to Investment Advisory Agreements dated June 4,
1999, and the Adviser serves as the Trust's Administrator pursuant to an
Administration and Services Agreement dated October 28, 1992 (collectively, the
"Agreements"); and
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 December 31, 1999 to April 30, 2001 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 by their respective officers as of the day and year first above
written.
ON BEHALF OF THE TRUST AND
PORTFOLIO TRUSTS LISTED BELOW:
BT INVESTMENT FUNDS
CASH MANAGEMENT PORTFOLIO
TAX FREE MONEY PORTFOLIO
NY TAX FREE MONEY PORTFOLIO
TREASURY MONEY PORTFOLIO
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
Fund (as a percentage of average daily net assets)
---- ---------------------------------------------
Cash Management Fund 0.75%
Tax Free Money Fund 0.75%
NY Tax Free Money Fund 0.75%
Treasury Money Fund 0.75%
Quantitative Equity - Investment Class 0.90%
Quantitative Equity - Institutional Class 0.75%
