Fees and Compensation — Form ADV Part 2A (3/30/2018)
[Brochure]
ITEM 5. FEES AND COMPENSATION
Denver Investments’ standard practice is to charge its fees quarterly, on a pro-rata basis, based on the
account's market value as of the last business day of the quarter. Fees for some accounts may be payable
in advance on a quarterly basis. Generally the invoice is sent to the custodian, with a copy to the client, and
the fees are deducted directly from the account. Clients may choose to be billed directly.
To the extent that the firm may place client assets into mutual funds or exchange-traded funds, the client will
incur the fees charged by the fund. To the extent the firm invests client assets into its proprietary fund family,
the Westcore Funds, or the International Small-Cap Equity Fund LLLP, the firm will not charge fees directly
on these assets since the firm will receive advisory and administration fees indirectly from these funds. A
complete explanation of fees and expenses charged by the funds is contained in each fund's prospectus or
offering memorandum.
In certain circumstances, Denver Investments may charge a minimum fee if the fee based on a percentage
of assets does not meet a certain negotiated level.
Generally, a client agreement may be cancelled at any time, by either party, for any reason, by the client or
Denver Investments, subject to advance notice for a stated number of days (e.g., 30 days), as set forth in
the Investment Management Agreement between the parties. Upon termination of any account, any prepaid,
unearned fees will be promptly refunded on a pro rata basis.
The firm does not provide custodial services. To the extent that such services for client assets are utilized,
additional fees may be charged by the custodian. The client must pay brokerage and other transaction costs
in connection with the advisory service. These fees are not payable to Denver Investments but are reflected
on the custodial statement. The fees associated with brokerage services are discussed in Item 12.
The following table provides the standard investment advisory fees for Denver Investments’ management
styles for a separate account. Investment advisory fees are negotiable.
Denver Investments created the Workplace Equality Index™ which is an index of companies which meet the
criteria for supporting workplace equality for LGBT employees. Denver Investments has entered into index
licensing agreements to allow the use of the Index. Denver Investments receives licensing fees.
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Investment Style Management Fee Minimum Separate Account Size
GROWTH EQUITY
Small Cap Growth 1.00% - First $20 Million $1 Million
0.75% - Balance
VALUE EQUITY
Mid Cap Value Dividend 0.75% - First $10 Million $1 Million
0.55% - Next $90 Million
0.45% - Next $100 Million
0.40% - Over $200 Million
Smid Cap Value Dividend 0.85% - First $10 Million $1 Million
0.70% - Next $40 Million
0.60% - Over $50 Million
Small Cap Value Dividend 0.90% - First $10 Million $1 Million
0.75% - Next $90 Million
0.70% - Next $100 Million
0.65% - Over $200 Million
QUANTITATIVE EQUITY
Global Large Cap 0.65% - First $10 Million $1 Million
0.55% - Next $90 Million
0.50% - Over $100 Million
Large Cap Dividend 0.50% - First $10 Million $1 Million
0.45% - Next $ 40 Million
0.40% - Over $50 Million
Micro Cap 1.25% $1 Million
INTERNATIONAL EQUITY
Fundamental International Small Cap 1.25% $1 Million
International Smid Cap 1.25% $1 Million
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Investment Style Management Fee Minimum Separate Account Size
FIXED INCOME
Intermediate 0.30% - First $10 Million $10 Million
0.28% - Next $15 Million
0.25% - Next $25 Million
0.20% - Next $50 Million
0.16% - Balance
Core 0.30% - First $10 Million $10 Million
0.28% - Next $15 Million
0.25% - Next $25 Million
0.20% - Next $50 Million
0.16% - Balance
Core Plus 0.30% - First $50 Million $10 Million
0.25% - Next $50 Million
0.20% - Balance
Quality High Yield 0.45% $25 Million
Long Term/Liability Driven Investing 0.30% - First $10 Million $10 Million
0.28% - Next $15 Million
0.25% - Next $25 Million
0.20% - Next $50 Million
...
Account Minimums and Types of Clients — Form ADV Part 2A (3/30/2018)
[Brochure]
ITEM 7. TYPES OF CLIENTS
Denver Investments provides investment supervisory services and various degrees of advice about
securities and investment management. The firm services a broad array of clients including, but not
limited to:
• Individual/high-net-worth clients
• Trusts
• Corporate and public pension plans
• Taft-Hartley plans
• Multi-employer plans
• Foundations, endowments and other charitable organizations
• Healthcare organizations and insurance companies
• Financial intermediaries and investment companies
The minimum conditions for opening or maintaining an account are as follows:
Institutional Relationships: Minimum relationship size based on investment strategy and is noted on
pages 6 and 7.
Individual Relationships: Minimum relationship size of $1,000,000.
SMA Wrap Fee Accounts: Minimum $100,000.
The minimum account size may, however, be modified by mutual agreement with a client because of
particular circumstances as determined on a case- by-case basis. The investment objective, strategy or
guidelines of the account, the expectation of future cash inflows into the account for new investment, the
present or expected business relationship with the client, and similar considerations can affect the minimum
initial account size agreed upon.
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