Ex-99.(d)(2)(ix)
▇▇▇▇▇ Fargo Master Trust -- International Growth Portfolio
APPENDIX A
ARTISAN INVESTMENT SUB-ADVISORY AGREEMENT
▇▇▇▇▇ FARGO MASTER TRUST
Master Trust Funds
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International Growth Portfolio
Most recent annual approval by the Board of Trustees: March 26, 2010
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▇▇▇▇▇ Fargo Master Trust -- International Growth Portfolio
APPENDIX B
ARTISAN INVESTMENT SUB-ADVISORY AGREEMENT
FEE AGREEMENT
▇▇▇▇▇ FARGO MASTER TRUST
This fee agreement is made as of the 6th day of October, 2004, by and
between ▇▇▇▇▇ Fargo Master Trust (the "Trust"), ▇▇▇▇▇ Fargo Funds Management,
LLC (the "Adviser") and Artisan Partners Limited Partnership (the
"Sub-Adviser").
WHEREAS, the parties have entered into an Investment Sub-Advisory Agreement
("Sub-Advisory Agreement") whereby the Sub-Adviser provides management and
other services to each series of the Trust listed in Appendix A to the
Sub-Advisory Agreement (each a "Fund" and collectively the "Funds"); and
WHEREAS, the Sub-Advisory Agreement provides that the fees to be paid to the
Sub-Adviser are to be as indicated on this Appendix B;
NOW THEREFORE, the parties agree that the fees to be paid to the Sub-Adviser
under the Sub-Advisory Agreement shall be calculated and paid on a monthly
basis by applying the annual rates indicated below to the Fund's average daily
net assets throughout the month:
Name of Fund Sub-Advisory Rate/1/
------------ -------------------
International Growth Portfolio First 50M 0.80%
Next 200M 0.60%
Over 250M 0.50%
If the Sub-Adviser shall provide management and other services for less than
the whole of a month, the foregoing compensation shall be prorated based on the
number of days in the month that such Sub-Adviser provided management and other
services to the Funds.
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/1/ On March 26, 2010, the Board of Trustees approved sub-advisory fee changes
for the International Growth Portfolio. Effective April 1, 2010 the prior
sub-advisory rates of 0.70% for the First 50M and 0.50% Over 250M will
change to the sub-advisory rates provided in the table.
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▇▇▇▇▇ Fargo Master Trust -- International Growth Portfolio
The foregoing fee schedule is agreed to as of April 1, 2010 and shall remain
in effect until changed in writing by the parties.
▇▇▇▇▇ FARGO MASTER TRUST
on behalf of the Fund
By:
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▇. ▇▇▇▇▇ ▇▇▇▇▇▇▇
Secretary
▇▇▇▇▇ FARGO FUNDS MANAGEMENT, LLC
By:
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▇▇▇▇▇▇ ▇▇▇▇
Executive Vice President
ARTISAN PARTNERS LIMITED
PARTNERSHIP
By Artisan Investment Corporation,
its general partner
By:
-----------------------------
Name:
Title:
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