COGNIOS CAPITAL, LLC LETTERHEAD]
Exhibit (h)(25)
[COGNIOS CAPITAL, LLC LETTERHEAD]
November 14, 2016
Xx. Xxxxxx X. Xxx
President and Chairman
0000 Xxxxxxxx, Xxxxx 0000
Denver, CO 80203
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ALPS Series Trust (the “Trust”) – Cognios Market Neutral Large Cap Fund (the “Fund”)
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Dear Mr. Xxx:
This letter confirms that Cognios Capital, LLC (the “Adviser”) agrees to reduce the fees payable to it under the Investment Advisory Agreement (but not below zero) and/or reimburse other expenses of the Fund attributable to services provided by ALPS Funds Services, Inc. and its affiliates (including, but not limited to, organizational expenses and offering costs), to the extent necessary to limit the Total Annual Fund Operating Expenses (as defined in Item 3 to Form N-1A) of each of the Investor Class and Institutional Class shares of the Fund (exclusive of brokerage costs, interest expenses, taxes, dividends, litigation expenses, indemnification amounts, borrowing expenses, brokerage expenses and dividend expenses on securities sold short, distribution/12b-1 fees and extraordinary expenses (as determined under generally accepted accounting principles) to 1.70% of the Fund’s average annual net assets. The waiver or reimbursement shall be allocated to each class of the Fund in the same manner as the underlying expenses or fees were allocated.
The Adviser agrees that the above fee waivers and reimbursements for the Fund are effective beginning February 1, 2017 through at least January 31, 2018. The Adviser will be permitted to recover, on a class-by-class basis, expenses it has borne through this letter agreement to the extent that the Fund’s expenses in later periods fall below the annual rates set forth in this letter agreement. Notwithstanding the foregoing, the Fund will not be obligated to pay any such deferred fees or expenses more than three years after the end of the fiscal year in which the fees or expenses were deferred.
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COGNIOS CAPITAL, LLC
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By:
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/s/ Xxxx XxXxxxx | |
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Name:
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Xxxx XxXxxxx
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Title:
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Chief Executive Officer
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Your signature below acknowledges acceptance of this letter agreement:
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By:
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/s/ Xxxxxx X. Xxx
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Name:
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Xxxxxx X. Xxx
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Title:
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President
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