APPENDIX A
PEREGRINE INVESTMENT SUB-ADVISORY AGREEMENT
XXXXX FARGO MASTER TRUST
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Master Trust Funds
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Large Company Growth Portfolio
Small Company Growth Portfolio
Small Company Value Portfolio
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Most recent approval by Board of Trustees: March 30, 2007
Appendix A amended: March 31, 2006
SCHEDULE A
XXXXX FARGO MASTER TRUST
INVESTMENT SUB-ADVISORY AGREEMENT
AMENDED AND RESTATED FEE AGREEMENT
This amended and restated fee agreement is made as of the 31st day of
March, 2006 and supersedes the fee agreement dated November 27, 2001 by and
between Xxxxx Fargo Funds Management, LLC (the "Adviser") and Peregrine Capital
Management, Inc. (the "Sub-Adviser"); and
WHEREAS, the parties and Xxxxx Fargo Master Trust (the "Trust") have
entered into an Investment Sub-Advisory Agreement ("Sub-Advisory Agreement")
whereby the Sub-Adviser provides investment management advice to each series of
the Trust as listed in Appendix A to the Sub-Advisory Agreement (each a "Fund"
and collectively the "Funds").
WHEREAS, the Sub-Advisory Agreement provides that the fees to be paid
to the Sub-Adviser are to be as agreed upon in writing by the parties.
NOW THEREFORE, the parties agree that the fees to be paid to the
Sub-Adviser under the Sub-Advisory Agreement shall be calculated as follows on a
monthly basis by applying annual rate of percentage of the assets of the Funds:
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Master Trust Fund Breakpoints Sub-Advisory Rate
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Large Company Growth Portfolio(1) First 25M 0.56%
Next 25M 0.45%
Next 225M 0.375%
Over 275M 0.225%
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Small Company Growth Portfolio First 50M 0.90%
Next 130M 0.75%
Next 160M 0.65%
Next 345M 0.50%
Next 50M 0.52%
Over 735M 0.55%
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Small Company Value Portfolio First 175M 0.50%
Over 175M 0.75%
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The foregoing fee schedule is agreed to as of May 9, 2007 and shall
remain in effect until changed in writing by the parties.
XXXXX FARGO FUNDS MANAGEMENT, LLC
By: __/s/ Xxxxxx Owen_____________
Xxxxxx Xxxx
Executive Vice President
PEREGRINE CAPITAL MANAGEMENT, INC.
By: __/s/ Xxxxxx X. Mersky________
Xxxxxx X. Xxxxxx
President
(1) On May 9, 2007 the Board of Trustees approved the following
sub-advisory rate changes to the Large Company Growth Portfolio,
effective June 1, 2007: First 25M 0.55%, Next 25M 0.45%, Next 100M
0.40%, Next 125M 0.35%, Over 275M 0.225%
