Peregrine Capital Management LLC

ITEM 5 – FEES AND COMPENSATION

Small Cap Growth Strategy
Annual Fee Rate  Assets Under Management
      0.90%             First $50 million
      0.75%             Next $50 million
      0.55%             Balance

Small Cap Value Strategy
Annual Fee Rate    Assets Under Management
      0.80%                First $100 million
      0.75%                Next $50 million
      0.65%                Balance
Small Cap Value offers a discount to eleemosynary clients.

SMID Cap Value Strategy
Annual Fee Rate   Assets Under Management
     0.75%                First $100 million
     0.70%                Next $50 million
     0.60%                Balance
SMID Cap Value offers a discount to eleemosynary clients.

Select Mid Cap Growth Strategy
Annual Fee Rate   Assets Under Management
       0.70%             First $25 million
       0.65%             Next $125 million
       0.50%             Balance
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Large Cap Growth Strategy
Annual Fee Rate   Assets Under Management
      0.60%              First $25 million
      0.50%              Next $125 million
      0.35%              Balance

Each client’s written investment advisory agreement dictates the specific manner in
which Peregrine charges fees. In general, Peregrine's accounts are billed quarterly in
arrears based on assets under management at the calendar quarter-end. Other
methodologies include the averages of month-end asset values or average daily asset
values over a specified period. Some accounts are billed monthly or pay fees in advance.
In the event of termination, Peregrine will refund any unearned portion of the advanced
fee paid based upon the number of days remaining in the billing period. Peregrine does
not deduct fees directly from client accounts.

Under special circumstances, such as sub-advisory agreements under which Peregrine
does not provide services to the end-client (e.g., mutual funds, UMA programs,
commingled investment trusts, UCITS or AIFs), accounts of significant size, or legacy
clients, Peregrine's fee may be negotiated at its sole discretion.

To facilitate large cash flows, Peregrine is permitted to invest in exchange-traded funds
(“ETFs”) if the governing documents allow. ETFs have an embedded fee that flows to
the ETF management company. In these circumstances, clients pay two levels of
management fees, one to the ETF management company and an additional fee to
Peregrine.

Peregrine’s fees are exclusive of brokerage commissions, transaction fees, and other
related costs and expenses which shall be incurred by the client. Clients will incur certain
charges imposed by custodians, brokers, third-party investment advisers, wrap fee
sponsors and other third parties, such as fees charged by managers, wrap fees, custodial
fees, deferred sales charges, transfer taxes, wire transfer and electronic fund fees, and
other fees and taxes on brokerage accounts and securities transactions. Such charges, fees
and commissions are exclusive of and in addition to Peregrine’s fee, and Peregrine does
not directly receive any portion of these commissions, fees, and costs.

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Item 12 further describes the factors that Peregrine considers in selecting broker-dealers
for client transactions and determining the reasonableness of their compensation (e.g.,
commissions).

ITEM 7 – TYPES OF CLIENTS

Peregrine provides investment advisory services to corporate and public pension plans,
profit sharing plans, savings-investment and 401(k) plans, Taft-Hartley plans,
foundations and endowments, corporate accounts, large trust accounts, registered

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investment companies, UCITSs, AIFs, collective investment trusts, UMA programs, RIAs
and high net worth individuals.

Peregrine has the discretion to impose minimum account sizes and typically requires a
minimum account size of $5 million but may accept smaller accounts depending upon
the circumstances. UMA program minimums are set by the program’s sponsor and are
less than Peregrine’s separate account minimum account size.