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AMENDMENT NO. 1
TO
INVESTMENT ADVISORY AGREEMENT
This Amendment No. 1 to Investment Advisory Agreement is dated as of May
1, 1997 and amends the Investment Advisory Agreement (the "Advisory Agreement")
dated September 9, 1994 made by and between Touchstone Advisors, Inc., an Ohio
corporation (the "Advisor"), and Select Advisors Variable Insurance 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 in such capacity the Advisor has engaged separate
portfolio advisors for each of the Trust's portfolios; and
WHEREAS, the Trust, by its Board of Trustees, has taken action to
terminate, effective as of the close of business on April 30, 1997, Portfolio
Advisory Agreements presently in effect between the Advisor and Harbor Capital
Management Company, Inc. ("Harbor Capital") and Xxxxxx Xxxxxxxx Capital
Management, Inc. ("Xxxxxx Xxxxxxxx") with respect to the Trust's Balanced
Portfolio, each such Portfolio Advisory Agreement being dated as of September 9,
1994; and
WHEREAS, such Board of Trustees also has taken action to enter into a
Portfolio Advisory Agreement with OpCap Advisors, a subsidiary of Xxxxxxxxxxx
Capital, a registered investment advisor, under which OpCap Advisors will act as
Portfolio Advisor to the Trust's Balanced Portfolio, replacing Harbor Capital
and Xxxxxx Xxxxxxxx; and
WHEREAS, the advisory fees to be paid to OpCap Advisors under such
Portfolio Advisory Agreement will be higher than the fees currently being paid
to Harbor Capital and Xxxxxx Xxxxxxxx under their Portfolio Advisor Agreements
and the Advisor has requested that its fees accordingly, also be increased; and
WHEREAS, shareholders of the Trust, at a meeting of such shareholders
held on April 23, 1997, approved the proposed increase in such fees to be paid
under the Advisory Agreement.
NOW, THEREFORE, Schedule 1 to the Advisory Agreement is hereby amended,
effective as of the close of business on April 30, 1997, to read as set forth in
Exhibit A to this Amendment, the sole change in such Schedule being an increase
in the advisory fees to be paid by the Balanced Portfolio, from 0.70% to 0.80%
of average daily net assets.
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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.
SELECT ADVISORS VARIABLE
INSURANCE TRUST
By: /s/ Xxxxxx X. Xxxxxxx, Xx.
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Xxxxxx X. Xxxxxxx, Xx., President
TOUCHSTONE ADVISORS INC.
By: /s/ Xxxxx X. Xxxxxx
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Exhibit A to Amendment No. 1 to
Advisory Agreement
SCHEDULE 1
Emerging Growth Portfolio 0.80%
International Equity Portfolio 0.95%
Balanced Portfolio 0.80%
Income Opportunity 0.65%
Standby Income 0.25%
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