Exhibit (d)(4)
Denver Investment Advisors LLC
ALPS Mutual Funds Services, Inc.
c/o Westcore Trust
0000 Xxxxxxxx, Xxxxx 0000
Xxxxxx, Xxxxxxxx 00000
October 1, 2004
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, 2004 through September 30, 2005 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, 2005.
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, 2005
------------------------------ ------------------- ------------- ------------------- ---------------------- ------------------------
Fund Denver Investment Other Total Annual Total Fee Waiver and Denver Investment
Advisors LLC- Expenses Fund Operating Expense Reimbursement Advisors LLC and ALPS
Contractual before fee Expenses Before (as a % of average Mutual Fund Services
Investment waivers Waivers daily net assets): agree to Waive
Advisory Fees (as (as a % of (as a % of average Administration Fees and
a % of average average daily net assets): Denver Investment
daily net assets): daily net Advisors LLC agrees to
assets): 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, 2005 (as
a % of average daily
net assets):
------------------------------ ------------------- ------------- ------------------- ---------------------- ------------------------
MIDCO Growth 0.65% 0.48% 1.13% - 1.15%
------------------------------ ------------------- ------------- ------------------- ---------------------- ------------------------
Growth 0.65% 0.58% 1.23% (0.08)% 1.15%
------------------------------ ------------------- ------------- ------------------- ---------------------- ------------------------
Blue Chip 0.65% 0.62% 1.27% (0.12)% 1.15%
------------------------------ ------------------- ------------- ------------------- ---------------------- ------------------------
Mid-Cap Opportunity 0.75% 0.81% 1.56% (0.31)% 1.25%
------------------------------ ------------------- ------------- ------------------- ---------------------- ------------------------
Small-Cap Opportunity 1.00% 0.65% 1.65% (0.35)% 1.30%
------------------------------ ------------------- ------------- ------------------- ---------------------- ------------------------
Select 0.65% 1.29% 1.94% (0.79)% 1.15%
------------------------------ ------------------- ------------- ------------------- ---------------------- ------------------------
Flexible Income 0.45% 0.61% 1.06% (0.21)% 0.85%
------------------------------ ------------------- ------------- ------------------- ---------------------- ------------------------
Plus Bond 0.45% 0.55% 1.00% (0.45)% 0.55%
------------------------------ ------------------- ------------- ------------------- ---------------------- ------------------------
Colorado Tax-Exempt 0.50% 0.54% 1.04% (0.39)% 0.65%
------------------------------ ------------------- ------------- ------------------- ---------------------- ------------------------
International Frontier Fund 1.20% 1.09% 2.29% (0.79)% 1.50%
------------------------------ ------------------- ------------- ------------------- ---------------------- ------------------------
"Proposed" Small-Cap 1.00% 2.80% 3.80% (2.50)% 1.30%
Value Fund
------------------------------ ------------------- ------------- ------------------- ---------------------- ------------------------
