SUPPLEMENT TO PROSPECTUS
AND STATEMENT OF ADDITIONAL INFORMATION
OF
TOUCHSTONE VARIABLE SERIES TRUST (THE "TRUST")
IN CONNECTION WITH
Touchstone Emerging Growth Fund Touchstone International Equity Fund
Touchstone Income Opportunity Fund Touchstone Value Plus Fund
Touchstone Growth & Income Fund Touchstone Balanced Fund
Touchstone Bond Fund Touchstone Standby Income Fund
(each a "Fund")
THIS SUPPLEMENT IS DATED AS OF APRIL 7, 1999.
The Prospectus and Statement of Additional Information of Touchstone
Variable Series Trust, dated January 4, 1999, are hereby supplemented as
follows:
CHANGE IN PORTFOLIO MANAGER
Peter C. Schliemann, one of the individuals at David L. Babson & Company,
Inc. (Babson) who was primarily responsible for the day-to-day investment
management of the portion of the Emerging Growth Fund's assets managed by
Babson, no longer has responsibility for such assets. The two remaining
portfolio managers, Dennis J. Scannell and Lance F. James, will continue to
manage the portion of the Emerging Growth Fund's assets managed by Babson.
Babson is one of two Fund Sub-Advisors to the Emerging Growth Fund.
Michael J. Chapman, the individual at Westfield Capital Management, Inc.
(Westfield) who was primarily responsible for the day-to-day investment
management of the portion of the Emerging Growth Fund's assets managed by
Westfield, no longer has responsibility for such assets. William A. Muggia
has replaced Mr. Chapman as portfolio manager and will manage the portion of
the Emerging Growth Fund's assets managed by Westfield. Mr. Muggia is a
Senior Vice President and Portfolio Manager and has been with Westfield
since 1994. Westfield is one of two Fund Sub-Advisors to the Emerging
Growth Fund.
CHANGE IN DISTRIBUTION SCHEDULE
Effective beginning March 1999, each Fund, other than the Standby Income
Fund, will distribute income only on an annual basis.
NEW TRUSTEE AND PRESIDENT
At a special meeting of the Board of Trustees of the Trust, the Board voted
to appoint Jill McGruder as a Trustee of the Trust and to elect Ms. McGruder
to the positions of Chairman of the Board, President and Chief Executive
Officer of the Trust. Ms. McGruder replaced Edward G. Harness, Jr., who
resigned all of his positions with the Trust. Ms. McGruder is a Director
and President and Chief Executive Officer of Touchstone Advisors, Inc., and
Touchstone Securities, Inc. Ms. McGruder has been Senior Vice President of
Western-Southern Life Assurance Company since 1996. Ms. McGruder is also a
Trustee and Chairman of the Board of Touchstone Series Trust.
