AMENDMENT NO. 4
TO
INVESTMENT ADVISORY AGREEMENT
BETWEEN
TOUCHSTONE ADVISORS, INC. AND TOUCHSTONE VARIABLE SERIES TRUST
This Amendment No. 4 to Investment Advisory Agreement is dated as of
December 31, 2002 and amends the Investment Advisory Agreement (the "Advisory
Agreement") dated as of January 1, 1999, as amended, made by and between
Touchstone Advisors, Inc., an Ohio corporation (the "Advisor"), and Touchstone
Variable Series Trust, a Massachusetts business trust created pursuant to a
Declaration of Trust dated February 7, 1994 (the "Trust").
WHEREAS, the Advisor acts as investment advisor to the Trust pursuant to
the Advisory Agreement; and
WHEREAS, the Trust's Board of Trustees has determined to add fee
breakpoints to the advisory fees of the Touchstone Balanced Fund, the Touchstone
Bond Fund, the Touchstone Value Plus Fund, the Touchstone Enhanced 30 Fund, the
Touchstone Large Cap Growth Fund, the Touchstone Growth/Value Fund, the
Touchstone High Yield Fund, the Touchstone International Equity Fund, the
Touchstone Money Market Fund, the Touchstone Small Cap Value Fund and the
Touchstone Standby Income Fund;
NOW, THEREFORE, Schedule 1 to the Advisory Agreement is hereby amended,
effective as of December 31, 2002, to read as set forth in Exhibit A to this
Amendment,
IN WITNESS WHEREOF, the parties have caused this Amendment to be executed
and delivered in their names and on their behalf as of the day and year first
above written.
TOUCHSTONE VARIABLE SERIES TRUST
By: /s/ Xxxxxxx X. Xxxxxxxx
-------------------------------
Xxxxxxx X. Xxxxxxxx, President
TOUCHSTONE ADVISORS, INC.
By: /s/ Xxxxxxxx Xxxxxx
-------------------------------
Xxxxxxxx Xxxxxx, Chief Compliance
Officer
Exhibit A to Amendment No. 4 to
Investment Advisory Agreement
SCHEDULE 1
Touchstone Emerging Growth Fund 0.80%
Touchstone International Equity Fund 0.95% on the first $100 million of
average daily net assets; 0.90% on the
next $100 million of average daily net
assets; 0.85% on the next $100 million
of average daily net assets; and 0.80%
of such assets in excess of $300
million.
Touchstone Growth & Income Fund 0.80% on the first $150 million of
average daily net assets and 0.75% on
such assets in excess of $150 million
Touchstone Balanced Fund 0.80% on the first $100 million of
Touchstone Small Cap Value Fund average daily net assets; 0.75% on the
next $100 million of average daily net
assets; 0.70% on the next $100 million
of average daily net assets; and 0.65%
of such assets in excess of $300
million.
Touchstone Bond Fund 0.55% on the first $100 million of
average daily net assets; 0.50% on the
next $100 million of average daily net
assets; 0.45% on the next $100 million
of average daily net assets; and 0.40%
of such assets in excess of $300
million.
Touchstone Value Plus Fund 0.75% on the first $100 million of
Touchstone Large Cap Growth Fund average daily net assets; 0.70% on the
next $100 million of average daily net
assets; 0.65% on the next $100 million
of average daily net assets; and 0.60%
of such assets in excess of $300
million.
Touchstone Standby Income Fund 0.25% on the first $100 million of
average daily net assets; 0.20% on the
next $100 million of average daily net
assets; 0.15% on the next $100 million
of average daily net assets; and 0.10%
of such assets in excess of $300
million.
Touchstone High Yield Fund 0.50% on the first $100 million of
Touchstone Money Market Fund average daily net assets; 0.45% on the
next $100 million of average daily net
assets; 0.40% on the next $100 million
of average daily net assets; and 0.35%
of such assets in excess of $300
million.
Touchstone Enhanced 30 Fund 0.65% on the first $100 million of
average daily net assets; 0.60% on the
next $100 million of average daily net
assets; 0.55% on the next $100 million
of average daily net assets; and 0.50%
of such assets in excess of $300
million.
Touchstone Growth/Value Fund 1.00% on the first $100 million of
average daily net assets; 0.95% on the
next $100 million of average daily net
assets; 0.90% on the next $100 million
of average daily net assets; and 0.85%
of such assets in excess of $300
million.
