<PAGE>
Exhibit 99(h)(ix)
EXPENSE LIMITATION AGREEMENT
This EXPENSE LIMITATION AGREEMENT is made as of the 31st day of AUGUST,
2000 by and between BT INVESTMENT FUNDS, a Massachusetts Business trust (the
"Trust"), CAPITAL APPRECIATION 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 Capital Appreciation 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, Capital
Appreciation Portfolio's and BT Investment Portfolios' Administrator pursuant to
Administration and Services Agreements dated October 28, 1992, April 8, 1992,
October 28, 1992, 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.
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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.
Attest: /s/ Amy M. Olmert By: /s/ Daniel O. Hirsch
Name: Amy M. Olmert Name: Daniel O. Hirsch
Title: Secretary
CAPITAL APPRECIATION PORTFOLIO
Attest: /s/ Amy M. Olmert By: /s/ Daniel O. Hirsch
Name: Amy M. Olmert Name: Daniel O. Hirsch
Title: Secretary
BT INVESTMENT PORTFOLIOS
Attest: /s/ Amy M. Olmert By: /s/ Daniel O. Hirsch
Name: Amy M. Olmert Name: Daniel O. Hirsch
Title: Secretary
BANKERS TRUST COMPANY
Attest: /s/ Amy M. Olmert By: /s/ Ross Youngman
Name: Amy M. Olmert Name: Ross Youngman
Title: Managing Director
<PAGE>
Exhibit A
<TABLE>
<CAPTION>
Total Fund Operating Expenses
Fund (as a percentage of average daily net assets)
---- ---------------------------------------------
<S> <C>
*Mid Cap -- Investment Class 1.25%
Mid Cap -- Institutional Class 1.00%
Small Cap Fund 1.25%
</TABLE>
* formerly the Capital Appreciation Fund
