SCHEDULE A DATED APRIL 27, 2005
TO THE
INVESTMENT MANAGEMENT AGREEMENT
DATED MARCH 1, 2004
BETWEEN
CONSTELLATION INSTITUTIONAL PORTFOLIOS
AND
CONSTELLATION INVESTMENT MANAGEMENT COMPANY, LP
PORTFOLIOS
Sands Capital Institutional Growth Portfolio
JSAM Large Cap Value Portfolio
JSAM Value Portfolio
SCHEDULE B DATED APRIL 27, 2005
TO THE
INVESTMENT MANAGEMENT AGREEMENT
DATED MARCH 1, 2004
BETWEEN
CONSTELLATION INSTITUTIONAL PORTFOLIOS
AND
CONSTELLATION INVESTMENT MANAGEMENT COMPANY, LP
Pursuant to Section 3, the Trust shall pay the Investment Manager compensation
at an annual rate as follows:
PORTFOLIO FEE (IN BASIS POINTS)
---------------------------------- -------------------------------------
Sands Capital Institutional Growth 0.78% of the average daily net assets
Portfolio
JSAM Large Cap Value Portfolio 0.70% of the average daily net assets
JSAM Value Portfolio 0.80% of the average daily net assets
