FEE WAIVER AGREEMENT
AGREEMENT by and between Constellation Funds, a Delaware business trust
(the "Trust"), and Touchstone Advisors, Inc. (the "Adviser").
The Adviser hereby agrees to limit the "Other Expenses" at the following
levels through the following dates for each of following Funds:
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Fund Length/Type of Limitation Other Expense Limit
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Constellation TIP Mid Cap Fund Contractual waiver through 3/1/2008 0.10% (Other Expenses)
Class I
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Constellation TIP Mid Cap Fund Contractual waiver through 3/1/2008 0.35% (Other Expenses)
Class II
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Constellation Strategic Value and Contractual waiver through 3/1/2008 0.15% (Other Expenses)
High Income Fund Class I
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Constellation Strategic Value and Contractual waiver through 3/1/2008 0.40% (Other Expenses)
High Income Fund Class II
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Constellation Pitcairn Diversified Contractual waiver through 3/1/2008 0.40% (Other Expenses)
Value Fund Class II
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Constellation Pitcairn Select Value Contractual waiver through 3/1/2008 0.45% (Other Expenses)
Fund Class II
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Constellation Pitcairn Diversified Contractual waiver through 3/1/2008 0.40% (Other Expenses)
Growth Fund Class II
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Constellation Pitcairn Small Cap Contractual waiver through 3/1/2008 0.40% (Other Expenses)
Fund Class II
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Constellation Pitcairn Family Contractual waiver through 3/1/2008 0.40% (Other Expenses)
Heritage Fund Class II
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Constellation Pitcairn Taxable Bond Contractual waiver through 3/1/2008 0.50% (Other Expenses)
Fund Class II
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Constellation Pitcairn Tax-Exempt Contractual waiver through 3/1/2008 0.40% (Other Expenses)
Bond Fund Class II
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Constellation International Equity Contractual waiver through 3/1/2008 0.50% (Other Expenses)
Fund Class II
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Constellation Sands Capital Select Contractual waiver through 3/1/2008 0.25% (Other Expenses)
Growth Fund Class I
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Constellation Sands Capital Select Contractual waiver through 3/1/2008 0.50% (Other Expenses)
Growth Fund Class II
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Constellation HLAM Large Cap Contractual waiver through 10/1/2008 0.50% (Other Expenses)
Quality Stock Fund Class II
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IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to
become effective as of March 1, 2006.
CONSTELLATION FUNDS
By: /s/ Xxxxxxx X. Xxxx
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Name:
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Title: Vice President
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TOUCHSTONE ADVISORS, INC.
By: /s/ Xxxxx Xxxxx
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Name:
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Title: President
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