FIRST AMENDMENT TO SECURITIES LENDING AGENCY AGREEMENT

      This First Amendment to Securities Lending Agency Agreement is dated as of
December 19, 2003, by and among Touchstone Investment Trust, Touchstone
Strategic Trust, and Touchstone Variable Series Trust (each a "Trust") acting on
behalf of each series thereof as set forth on Exhibit A hereto (each a "Series")
(each Trust on behalf of each of its respective Series thereof, each the
"Fund"), as such Schedule may be amended from time to time, and Brown Brothers
Harriman & Co. ("BBH").

      Whereas, pursuant to the Securities Lending Agency Agreement dated as of
March 27, 2003 by and among BBH and the Funds, as amended to date (the
"Agreement"), BBH has been appointed the lending agent for the purpose of
lending securities to approved borrowers on behalf of the Funds;

      Whereas, the Funds have requested, and BBH has agreed, to make certain
modifications to the terms of the Agreement to amend the list of approved
borrowers;

      Now, therefore, for good and valuable consideration, the receipt and
sufficiency of which is acknowledged, the parties hereby agree to amend the
Agreement as follows:

I.    Amendment to the Agreement

1. The Agreement is hereby amended by deleting Schedule 2 its entirety, and
substituting therefore Schedule 2 attached hereto.

II.   Miscellaneous

1. Other than as amended hereby, all terms and provisions of the Agreement are
hereby ratified and affirmed as of the date hereof and are hereby extended to
give effect to the terms hereof.

2. By signing below where indicated, each Fund hereby ratifies and affirms each
of the representations and warranties set forth in the Agreement and confirms
that each representation and warranty remains true and correct as of the date
hereof.

3. Upon receipt by BBH of a fully executed copy of this First Amendment, this
First Amendment shall be deemed to be executed as an instrument under seal and
governed by such laws as provided in Section 24 of the Agreement. This First
Amendment may be executed in original counterparts, each of which shall be
deemed an original, but all of which together shall constitute one and the same
First Amendment.

BROWN BROTHERS HARRIMAN & CO.,
AS AGENT


By: /s/ Bonnie L. Hammer1
    ---------------------
Name: Bonnie L. Hammerl
Title: Senior Vice President


On behalf of the FUNDS listed on Schedule 1 hereto


By: /s/ Michael S. Spangler
    -----------------------
Name:
Title: V.P.




                                    EXHIBIT A

Touchstone Investment Trust on behalf of the following Series thereof:

Touchstone Intermediate Term U.S. Government Bond Fund
Touchstone U.S. Government Money Market Fund
Touchstone Institutional U.S. Government Money Market Fund
Touchstone Money Market Fund
Touchstone High Yield Fund
Touchstone Core Bond Fund

Touchstone Strategic Trust on behalf of each of the following Series thereof:

Touchstone Enhanced 30 Fund
Touchstone Large Cap Growth Fund
Touchstone Growth Opportunities Fund
Touchstone International Equity Fund
Touchstone Value Plus Fund
Touchstone Small Cap Growth Fund
Touchstone Emerging Growth Fund

Touchstone Variable Series Trust on behalf of each of the following Series
thereof:

Touchstone Balanced Fund
Touchstone Bond Fund
Touchstone Value Plus Fund
Touchstone Enhanced 30 Fund
Touchstone Large Cap Growth Fund
Touchstone Growth & Income Fund

Touchstone High Yield Fund
Touchstone Money Market Fund
Touchstone Third Avenue Value Fund  (effective 4/28/03)
Touchstone Emerging Growth Fund
Touchstone Baron Small Cap Fund




                                   SCHEDULE 2
                                   ----------


ABN AMRO Incorporated
Barclays Capital Inc.
Bear, Stearns & Co. Inc.
Bear, Stearns Securities Corp.
Citigroup Global Markets Inc.
Deutsche Bank Securities Inc.
Goldman Sachs & Co.
ING Financial Markets LLC
Lehman Brothers Inc.
Merrill Lynch, Pierce, Fenner & Smith Incorporated
Morgan Stanley & Co. Incorporated
MS Securities Services Inc.
SG Americas Securities, LLC
UBS Financial Services Inc.
UBS Securities LLC