EXHIBIT 99.B(H)(1)
CONTRACTUAL FEE WAIVER AGREEMENT
BETWEEN WESTLAKES INSTITUTIONAL PORTFOLIOS AND
CONSTELLATION INVESTMENT MANAGEMENT COMPANY, LP
AGREEMENT made as of the 28th day of February, 2004, by and between
Westlakes Institutional Portfolios, a Delaware business trust (the "Trust"), and
Constellation Investment Management Company, LP (the "Investment Adviser")
(together, the "Parties").
The Investment Adviser hereby agrees to waive fees and/or reimburse
expenses to the extent necessary to limit the unified management fee to the
following level through February 28, 2005:
PORTFOLIO TOTAL UNIFIED MANAGEMENT FEE
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Midcap Growth Portfolio 0.80%
This Agreement may be renewable at the end of the above-referenced
period for an additional one-year period upon the written agreement of the
parties hereto.
This Agreement embodies the entire agreement of the Parties relating to
the subject matter hereof. This Agreement supersedes and replaces any prior
contractual waiver agreement between the parties with respect to the
Portfolio(s) listed above. No amendment or modification of this Agreement will
be valid or binding unless it is in writing and signed by the Parties.
IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be
executed as of the day and year first written above.
Westlakes Institutional Portfolios Constellation Investment Management
Company, LP
/s/ Xxxx X. Xxxxx /s/ Xxxx Xxxxxxxxxxxx
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