AMENDMENT NO. 5
TO
INVESTMENT ADVISORY AGREEMENT
BETWEEN
TOUCHSTONE ADVISORS, INC. AND TOUCHSTONE VARIABLE SERIES TRUST
This Amendment No. 5 to Investment Advisory Agreement is dated as of April
28, 2003 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 parties have agreed to reduce the rate of the investment
advisory fee to be paid by the Money Market Fund;
WHEREAS, the Trust's Board of Trustees has approved the addition of the
Touchstone Baron Small Cap Fund;
NOW, THEREFORE, Schedule 1 to the Advisory Agreement is hereby amended,
effective as of April 28, 2003, 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:
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Xxxxxxx X. Xxxxxxxx, President
TOUCHSTONE ADVISORS, INC.
By:
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Xxxxxxxx Xxxxxx, Chief Compliance Officer
Exhibit A to Amendment No. 5 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
Cap Value Fund average Touchstone Small 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
Cap Growth Fund average Touchstone Large 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 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 Money Market Fund 0.18% of average daily net assets.
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.
Touchstone Baron Small Cap Fund 1.05% of average daily net assets.