AMENDMENT NO. 1
TO
INVESTMENT ADVISORY AGREEMENT
BETWEEN
TOUCHSTONE ADVISORS, INC. AND TOUCHSTONE VARIABLE SERIES TRUST
This Amendment No. 1 to Investment Advisory Agreement is dated as of
May 1, 1999 and amends the Investment Advisory Agreement (the "Advisory
Agreement") dated as of January 1, 1999, 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 amended and restated the
Establishment and Designation of Series appended to the Trust's Declaration of
Trust (the "Declaration") to add three additional series of Shares (as defined
in the Declaration) of the Trust, to be designated the Touchstone High Yield
Fund, Touchstone Enhanced Index Fund and Touchstone Small Cap Value Fund (the
"Funds");
NOW, THEREFORE, Schedule 1 to the Advisory Agreement is hereby amended,
effective as of May 1, 1999, to read as set forth in Exhibit A to this
Amendment, the sole change in such Schedule being the addition of the Funds.
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: ___________________________
Xxxx X. XxXxxxxx, President
TOUCHSTONE ADVISORS, INC.
By: ___________________________
Xxxxxxxx X. Xxxxxx
629787.01
Exhibit A to Amendment No. 1 to
Investment Advisory Agreement
SCHEDULE 1
Touchstone Emerging Growth Fund 0.80%
Touchstone International Equity Fund 0.95%
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%
Touchstone Income Opportunity Fund 0.65%
Touchstone Bond Fund 0.55%
Touchstone Value Plus Fund 0.75%
Touchstone Standby Income Fund 0.25%
Touchstone High Yield Fund 0.60%
Touchstone Enhanced Index Fund 0.65%
Touchstone Small Cap Value Fund 0.80%
