VARIABLE UNIVERSAL LIFE
Semi Annual Report, June 30, 2000
TOUCHSTONE VARIABLE SERIES TRUST
Touchstone Small Cap Value
Touchstone Emerging Growth
Touchstone International Equity
Touchstone Income Opportunity
Touchstone High Yield
Touchstone Value Plus
Touchstone Growth and Income
Touchstone Enhanced 30
Touchstone Balanced
Touchstone Bond
Touchstone Standby Income
THIS IS ONE PART OF A TWO PART REPORT. Columbus Life
Insurance Company
[logo]
<PAGE>
This is one part of a two-part semi-annual report. This part contains the
financial statements and performance information for the following funds of the
Touchstone Variable Series Trust: Touchstone Small Cap Value*, Touchstone
Emerging Growth, Touchstone International Equity, Touchstone Income
Opportunity**, Touchstone High Yield*, Touchstone Value Plus, Touchstone Value
Plus, Touchstone Growth and Income, Touchstone Enhanced 30*, Touchstone
Balanced, Touchstone Bond, and Touchstone Standby Income. The other part of the
report contains financial statements and performance information for the
following funds: AIM V.I. Growth*, AIM V.I. Government Securities*, Alger
American Small Capitalization*, Alger American Growth*, Deutsche VIT Equity 500
Index*, MFS VIT Emerging Growth*, MFS VIT Emerging Growth*, MFS VIT Growth with
Income*, and PIMCO Long-Term U.S. Government Bond*. Please call Columbus Life
Insurance Co. at 800.677.9595 for additional information.
Separate Account I of Columbus Life Insurance Company holds assets allocated to
its sub-accounts by the owners of the Variable Universal Life contract. The
assets of these sub-accounts are invested in the corresponding funds listed
above. The financial statements and performance returns in this annual report
are those of the corresponding funds, rather than those of the Separate Account.
The performance returns do not reflect any expenses or fees of the Variable
Universal Life contract. The returns would therefore be somewhat lower after the
deduction of these expenses and fees.
This report is not authorized for distribution to prospective investors unless
preceded or accompanied by an effective prospectus. Columbus Life Variable
Universal Life is underwritten by the Columbus Life Insurance Company,
Cincinnati, Ohio, and distributed by Touchstone Securities, Inc.*** For more
information about the Variable Universal Life contract or any investment option
including charges and expenses, call Columbus Life for a free prospectus. Read
it carefully before you invest.
* These investment options may not be available in your state at
this time.
** Touchstone Income Opportunity is closed to new investments
other than investments through an automatic investment
program or automatic asset allocation program established
before May 1, 2000.
*** A registered broker-dealer and member of the NASD and SIPC.
<PAGE>
Letter from the President
After finishing 1999 in record territory, most major U.S. Stock market indices
surrendered ground in the first half of 2000 because of concerns over inflation
pressure and higher interest rates. Internationally, stock market results were
mixed, with major indices declining overall. Fixed-income markets meanwhile
rallied on signs of economic moderation. Movements in the various financial
markets came as the Federal Reserve continued to tighten financial market
conditions by hiking the Federal Funds interest rate 100 basis points.
The Value of Professional Management
This year has been a challenging one for investors. The investment outlook has
been difficult to ascertain amid occasionally conflicting indicators of economic
growth and market conditions. That is why we strive to provide outstanding
long-term professional investment management through the investment options
offered in your Columbus Life Variable Universal Life contract. Managers are
carefully selected whose resources, skills and commitment to excellence we
believe to rank among the best in their respective investment disciplines. These
professionals bring experience and expertise to bear on your behalf every day. A
considerable advantage in uncertain times.
The Newest Option
We are proud to offer you a new investment option. The Deutsche VIT Equity 500
Index Fund became available for investment effective May 1, 2000. Managed by
Bankers Trust Company, the fund seeks to match as closely as possible (before
expenses), the performance of the S&P 500 Index. The fund invests primarily in
common stocks of companies that comprise the S&P500, which emphasizes large U.S.
companies. Bankers Trust is a premier index investment manager and this new
option offers you the opportunity to share in the growth potential of some of
America's premier companies.
Looking Ahead
The Federal Reserve continues to try to cool the U.S. economy to a sustainable
growth level where supply and demand are balanced and inflation held in check.
Advancing technology, improved productivity, higher energy prices, tight labor
markets and heightened business competition worldwide are just some of the
factors at work in the present investment climate. Regardless of what the future
holds, companies that can perform on their own merits will most likely be the
ones offering the best opportunities. As they assess the forces that drive the
financial markets, our managers will remain steadfastly focused on identifying
the opportunities and the companies capable of succeeding in any economic
environment. Their overriding goal, as well as ours, is to deliver superior
long-term performance.
Thank you for the opportunity to work on your behalf. We appreciate your
continued confidence in Columbus Life and pledge every effort to continue to
merit your trust.
Sincerely,
/s/ Larry Grypp
Larry Grypp
President and Chief Executive Officer
Columbus Life Insurance Co.
Columbus Life's Variable Universal Life is underwritten by the Columbus Life
Insurance Co., Cincinnati, Ohio and distributed by Touchstone Securities, Inc.
(Member NASD/SIPC). For a prospectus containing more informtion, including all
fees and expenses, call 800.677.9595. Please read the prospectus carefully
before sending money.
<PAGE>
Columbus Life
Insurance Company
[LOGO]
400 East Fourth Street - P.O. Box 5737 - Cincinnati, Ohio 45201-5737
(800) 677-8383 - www.ColumbusLife.com
Underwriter
Columbus Life Insurance Co.
400 East Fourth Street
Cincinnati, Ohio 45202
Distributor
Touchstone Securities, Inc.
311 Pike Street
Cincinnati, Ohio 45202
800.638.8194 Broker-Dealers
800.285.2858 Financial Institutions
Investment Advisor & Sponsor
Touchstone Advisors, Inc.
311 Pike Street
Cincinnati, Ohio 45202
Variable Service Center
Columbus Life Variable Service Center
P.O. Box 2850
Cincinnati, Ohio 4501-2850
800.677.9595
Custodian
Investors Bank & Trust Company
200 Clarendon Street
Boston, Massachusetts 02116-9130
Independent Accountants
PricewaterhouseCoopers LLP
One International Place
Boston, Massachusetts 02110
Legal Counsel
Frost & Jacobs LLP
2500 PNC Center
201 East Fifth Street
Cincinnati, Ohio 45202
<PAGE>
VARIABLE UNIVERSAL LIFE
Semi Annual Report, June 30, 2000
AIM V.I. Growth
AIM V.I. Government Securities
Alger American Small Capitalization
Alger American Growth
Deutsche VIT Equity 500 Index
MFS VIT Emerging Growth
MFS VIT Growth with Income
PIMCO Long-Term U.S. Government Bond
THIS IS ONE PART OF A TWO PART REPORT. Columbus Life
Insurance Company
[logo]
<PAGE>
This is one part of a two-part semi-annual report. This part contains the
financial statements and performance information for the following funds: AIM
V.I. Growth*, AIM V.I. Government Securities*, Alger American Small
Capitalization*, Alger American Growth*, Deutsche VIT Equity 500 Index*, MFS VIT
Emerging Growth*, MFS VIT Emerging Growth*, MFS VIT Growth with Income*, and
PIMCO Long-Term U.S. Government Bond*. The other part of the report contains
financial statements and performance information for the following funds of the
Touchstone Variable Series Trust: Touchstone Small Cap Value*, Touchstone
Emerging Growth, Touchstone International Equity, Touchstone Income
Opportunity**, Touchstone High Yield*, Touchstone Value Plus, Touchstone Value
Plus, Touchstone Growth and Income, Touchstone Enhanced 30*, Touchstone
Balanced, Touchstone Bond, and Touchstone Standby Income. Please call Columbus
Life Insurance Co. at 800.677.9595 for additional information.
Separate Account I of Columbus Life Insurance Company holds assets allocated to
its sub-accounts by the owners of the Variable Universal Life contract. The
assets of these sub-accounts are invested in the corresponding funds listed
above. The financial statements and performance returns in this annual report
are those of the corresponding funds, rather than those of the Separate Account.
The performance returns do not reflect any expenses or fees of the Variable
Universal Life contract. The returns would therefore be somewhat lower after the
deduction of these expenses and fees.
This report is not authorized for distribution to prospective investors unless
preceded or accompanied by an effective prospectus. Columbus Life Variable
Universal Life is underwritten by the Columbus Life Insurance Company,
Cincinnati, Ohio, and distributed by Touchstone Securities, Inc.*** For more
information about the Variable Universal Life contract or any investment option
including charges and expenses, call Columbus Life for a free prospectus. Read
it carefully before you invest.
* These investment options may not be available in your state at
this time.
** Touchstone Income Opportunity is closed to new investments
other than investments through an automatic investment
program or automatic asset allocation
program established before May 1, 2000.
*** A registered broker-dealer and member of the NASD and SIPC.
<PAGE>
Columbus Life
Insurance Company
[LOGO]
400 East Fourth Street - P.O. Box 5737 - Cincinnati, Ohio 45201-5737
(800) 677-8383 - www.ColumbusLife.com
Underwriter
Columbus Life Insurance Co.
400 East Fourth Street
Cincinnati, Ohio 45202
Distributor
Touchstone Securities, Inc.
311 Pike Street
Cincinnati, Ohio 45202
800.638.8194 Broker-Dealers
800.285.2858 Financial Institutions
Investment Advisor & Sponsor
Touchstone Advisors, Inc.
311 Pike Street
Cincinnati, Ohio 45202
Variable Service Center
Columbus Life Variable Service Center
P.O. Box 2850
Cincinnati, Ohio 4501-2850
800.677.9595
Custodian
Investors Bank & Trust Company
200 Clarendon Street
Boston, Massachusetts 02116-9130
Independent Accountants
PricewaterhouseCoopers LLP
One International Place
Boston, Massachusetts 02110
Legal Counsel
Frost & Jacobs LLP
2500 PNC Center
201 East Fifth Street
Cincinnati, Ohio 45202
<PAGE>
The Semi-Annual Reports of the following investment companies are made a part
hereof and incorporated herein.
Touchstone Variable Series Trust (File No. 811-8416)
Touchstone Small Cap Value Fund
Touchstone Emerging Growth Fund
Touchstone International Equity Fund
Touchstone Income Opportunity Fund
Touchstone High Yield Fund
Touchstone Value Plus Fund
Touchstone Growth & Income Fund
Touchstone Enhanced 30 Fund
Touchstone Balanced Fund
Touchstone Bond Fund
Touchstone Standby Income Fund
AIM Variable Insurance Funds, Inc. (File No. 811-7452)
AIM V.I. Growth Fund
AIM V.I. Government Securities Fund
The Alger American Fund (File No. 811-5550)
Alger American Growth Portfolio
Alger American Small Capitalization Portfolio
Deutsche VIT Funds (File No. 811-7507)
Deutsche VIT Equity 500 Index
MFS Variable Insurance Trust (File No. 811-8326)
MFS Emerging Growth Series
MFS Growth with Income Series
PIMCO Variable Insurance Trust (File No. 811-8399)
Long-Term U.S. Government Bond Portfolio
