Denver Investment Advisors LLC
ALPS Mutual Funds Services, Inc.
c/o Westcore Trust
0000 Xxxxxxxx, Xxxxx 0000
Xxxxxx, Xxxxxxxx 00000
October 1, 2003
Xxxx Xxxxxxxxx
Chairman
Westcore Trust
0000 Xxxxxxxx, Xxxxx 0000
Xxxxxx, XX 00000
Re: Westcore Trust (the "Trust")
Dear Xx. Xxxxxxxxx:
By our execution of this letter agreement (this "Agreement"), the undersigned
parties agree that in order to improve the performance of certain of the Trust's
portfolios, they will voluntarily waive a portion of the investment advisory
and/or administration fees and/or reimburse additional Trust expenses for the
period commencing October 1, 2003 through September 30, 2004 so that total
annual operating expenses of each portfolio of the Trust do not exceed the
amounts set forth in column 6 of Attachment A.
The parties acknowledge that they will not be entitled to collect on or make a
claim for waived fees or reimbursed expenses at any time in the future. The
parties agree to continue such waivers for the applicable Funds at least through
September 30, 2004.
The names "Westcore Trust" and "Trustees of Westcore Trust" refer respectively
to the Trust created and the Trustees, as trustees but not individually or
personally, acting from time to time under an Amended and Restated Declaration
of Trust dated November 19, 1987 as amended July 16, 1990 and as may be further
amended from time to time which is hereby referred to and a copy of which is on
file at the office of the State Secretary of the Commonwealth of Massachusetts
and the principal office of the Trust. The obligations of "Westcore Trust"
entered into in the name or on behalf thereof by any of the Trustees,
representatives or agents are made not individually, but in such capacities, and
are not binding upon any
of the Trustees, shareholders, or representatives of the Trust personally, but
bind only the Trust Property, and all persons dealing with any class of shares
of the Trust must look solely to the Trust Property belonging to such class for
the enforcement of any claims against the Trust.
ALPS MUTUAL FUNDS SERVICES, INC. DENVER INVESTMENT ADVISORS LLC
By: By:
----------------------------------- ----------------------------
Title: Title:
Your signature below acknowledges
acceptance of this Agreement:
By:
----------------------------------
Title:
Westcore Trust
Attachment A
Westcore Trust
Fee Waivers and Expense Reimbursements for the Period Ended September 30, 2004
------------------------------- -------------------- -------------- --------------------- -----------------------
Fund Denver Investment Other Total Annual Total Fee Waiver and
Advisors LLC- Expenses Fund Operating Expense Reimbursement
Contractual before fee Expenses Before (as a % of average
Investment waivers Waivers daily net assets):
Advisory Fees (as (as a % of (as a % of average
a % of average average daily net assets):
daily net assets): daily net
assets):
------------------------------- -------------------- -------------- --------------------- -----------------------
MIDCO Growth 0.65% 0.57% 1.22% (0.07)%
------------------------------- -------------------- -------------- --------------------- -----------------------
Growth 0.65% 0.71% 1.36% (0.21)%
------------------------------- -------------------- -------------- --------------------- -----------------------
Blue Chip 0.65% 0.69% 1.34% (0.19)%
------------------------------- -------------------- -------------- --------------------- -----------------------
Mid-Cap Opportunity 0.75% 1.26% 2.01% (0.76)%
------------------------------- -------------------- -------------- --------------------- -----------------------
Small-Cap Opportunity 1.00% 0.75% 1.75% (0.45)%
------------------------------- -------------------- -------------- --------------------- -----------------------
Select 0.65% 1.25% 1.90% (0.75)%
------------------------------- -------------------- -------------- --------------------- -----------------------
Flexible Income 0.45% 1.36% 1.81% (0.96)%
------------------------------- -------------------- -------------- --------------------- -----------------------
Plus Bond 0.45% 0.58% 1.03% (0.48)%
------------------------------- -------------------- -------------- --------------------- -----------------------
Colorado Tax-Exempt 0.50% 0.53% 1.03% (0.38)%
------------------------------- -------------------- -------------- --------------------- -----------------------
International Frontier Fund 1.20% 1.79% 2.99% (1.49)%
------------------------------- -------------------- -------------- --------------------- -----------------------
International Small-Cap 1.05% 1.79% 2.84% (1.34%)
Value Fund
------------------------------- -------------------- -------------- --------------------- -----------------------
Micro-Cap Fund 1.30% 1.25% 2.55% (0.95%)
------------------------------- -------------------- -------------- --------------------- -----------------------
Attachment A
Westcore Trust
Fee Waivers and Expense Reimbursements for the Period Ended September 30, 2004
------------------------------- ------------------------------------------------
Fund Denver Investment Advisors LLC and ALPS Mutual
Fund Services agree to Waive Administration
Fees and Denver Investment Advisors LLC agrees
to waive Investment Advisory Fees and/or
Reimburse Expenses so that Net Annual Fund
Operating Expenses as set forth in the
prospectus will not exceed the following
amounts until at least September 30, 2004 (as
a % of average daily net assets):
------------------------------- ------------------------------------------------
MIDCO Growth 1.15%
------------------------------- ------------------------------------------------
Growth 1.15%
------------------------------- ------------------------------------------------
Blue Chip 1.15%
------------------------------- ------------------------------------------------
Mid-Cap Opportunity 1.25%
------------------------------- ------------------------------------------------
Small-Cap Opportunity 1.30%
------------------------------- ------------------------------------------------
Select 1.15%
------------------------------- ------------------------------------------------
Flexible Income 0.85%
------------------------------- ------------------------------------------------
Plus Bond 0.55%
------------------------------- ------------------------------------------------
Colorado Tax-Exempt 0.65%
------------------------------- ------------------------------------------------
International Frontier Fund 1.50%
------------------------------- ------------------------------------------------
International Small-Cap 1.50%
Value Fund
------------------------------- ------------------------------------------------
Micro-Cap Fund 1.60%
------------------------------- ------------------------------------------------
