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<PAGE> PAGE 13
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<PAGE> PAGE 15
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<PAGE> PAGE 19
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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<PAGE> PAGE 37
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<PAGE> PAGE 38
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<PAGE> PAGE 40
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<PAGE> PAGE 41
062 C000900 0.0
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066 A000900 Y
066 B000900 N
066 C000900 N
066 D000900 Y
066 E000900 N
066 F000900 N
066 G000900 N
067 000900 N
068 A000900 N
068 B000900 N
069 000900 N
070 A010900 Y
070 A020900 N
070 B010900 Y
070 B020900 N
070 C010900 Y
070 C020900 N
070 D010900 Y
070 D020900 N
070 E010900 N
070 E020900 N
070 F010900 Y
070 F020900 N
070 G010900 Y
070 G020900 N
070 H010900 Y
070 H020900 N
070 I010900 N
070 I020900 N
070 J010900 Y
070 J020900 N
070 K010900 Y
070 K020900 N
<PAGE> PAGE 42
070 L010900 Y
070 L020900 Y
070 M010900 Y
070 M020900 N
070 N010900 Y
070 N020900 N
070 O010900 Y
070 O020900 N
070 P010900 Y
070 P020900 N
070 Q010900 N
070 Q020900 N
070 R010900 N
070 R020900 N
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<PAGE> PAGE 43
073 A010900 0.0000
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076 000900 0.00
008 A001001 TOUCHSTONE ADVISORS, INC.
008 B001001 A
008 C001001 801-45963
008 D011001 CINCINNATI
008 D021001 OH
008 D031001 45202
008 A001002 FORT WASHINGTON INVESTMENT ADVISORS,INC.
008 B001002 S
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008 D011002 CINCINNATI
008 D021002 OH
008 D031002 45202
015 A001001 INVESTORS BANK & TRUST COMPANY
015 B001001 C
<PAGE> PAGE 44
015 C011001 BOSTON
015 C021001 MA
015 C031001 02117
015 E011001 X
028 A011000 0
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045 001000 Y
046 001000 N
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<PAGE> PAGE 45
048 H011000 0
048 H021000 0.000
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062 P001000 95.3
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064 A001000 N
064 B001000 N
066 A001000 N
067 001000 N
068 A001000 N
068 B001000 N
069 001000 N
070 A011000 Y
070 A021000 N
070 B011000 Y
070 B021000 N
070 C011000 Y
070 C021000 N
070 D011000 Y
070 D021000 N
070 E011000 N
070 E021000 N
070 F011000 Y
070 F021000 N
070 G011000 Y
070 G021000 N
070 H011000 Y
070 H021000 N
<PAGE> PAGE 46
070 I011000 N
070 I021000 N
070 J011000 Y
070 J021000 N
070 K011000 Y
070 K021000 N
070 L011000 Y
070 L021000 Y
070 M011000 Y
070 M021000 N
070 N011000 Y
070 N021000 N
070 O011000 Y
070 O021000 N
070 P011000 Y
070 P021000 N
070 Q011000 N
070 Q021000 N
070 R011000 N
070 R021000 N
071 A001000 19718
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<PAGE> PAGE 47
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008 A001101 TOUCHSTONE ADVISORS, INC.
008 B001101 A
008 C001101 801-45963
008 D011101 CINCINNATI
008 D021101 OH
008 D031101 45202
008 A001102 TODD INVESTMENT ADVISORS
008 B001102 S
<PAGE> PAGE 48
008 C001102 801-00000
008 D011102 LOUISVILL
008 D021102 KY
008 D031102 40202
015 A001101 INVESTORS BANK & TRUST COMPANY
015 B001101 C
015 C011101 BOSTON
015 C021101 MA
015 C031101 02117
015 E011101 X
028 A011100 0
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045 001100 Y
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<PAGE> PAGE 49
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062 A001100 N
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066 B001100 N
066 C001100 N
066 D001100 N
066 E001100 N
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068 A001100 N
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070 B021100 N
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070 C021100 N
<PAGE> PAGE 50
070 D011100 Y
070 D021100 N
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070 E021100 N
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070 F021100 N
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070 H011100 Y
070 H021100 N
070 I011100 N
070 I021100 N
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070 J021100 N
070 K011100 Y
070 K021100 N
070 L011100 Y
070 L021100 N
070 M011100 Y
070 M021100 N
070 N011100 Y
070 N021100 N
070 O011100 Y
070 O021100 N
070 P011100 Y
070 P021100 N
070 Q011100 N
070 Q021100 N
070 R011100 N
070 R021100 N
071 A001100 10040
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<PAGE> PAGE 51
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<PAGE> PAGE 52
075 B001100 9731
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SIGNATURE TIMOTHY F. OSBORNE
TITLE ASST. TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from Touchstone Variable Series
financial statements at June 30, 1999
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 001
<NAME> Touchstone Emerging Growth Fund
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 27,967,784
<INVESTMENTS-AT-VALUE> 32,435,085
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<ASSETS-OTHER> 1,747
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<SENIOR-LONG-TERM-DEBT> 0
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<SENIOR-EQUITY> 0
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<SHARES-COMMON-STOCK> 1,825,867
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<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 22,587
<ACCUMULATED-NET-GAINS> 2,729,300
<OVERDISTRIBUTION-GAINS> 0
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<NET-ASSETS> 32,266,811
<DIVIDEND-INCOME> 104,454
<INTEREST-INCOME> 47,526
<OTHER-INCOME> 0
<EXPENSES-NET> 174,567
<NET-INVESTMENT-INCOME> (22,587)
<REALIZED-GAINS-CURRENT> 2,573,360
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<NET-CHANGE-FROM-OPS> 4,494,490
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 122,016
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<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 1,002,908
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 155,940
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
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<INTEREST-EXPENSE> 0
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<PER-SHARE-NAV-BEGIN> 15.33
<PER-SHARE-NII> (0.01)
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<PER-SHARE-DIVIDEND> 0.00
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from Touchstone Variable Series
financial statements at June 30, 1999
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 002
<NAME> Touchstone International Equity Fund
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 29,333,652
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<RECEIVABLES> 1,704,613
<ASSETS-OTHER> 1,747
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 33,861,754
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<SENIOR-LONG-TERM-DEBT> 0
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<TOTAL-LIABILITIES> 118,748
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 28,745,676
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<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 944
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<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,816,454
<NET-ASSETS> 33,743,006
<DIVIDEND-INCOME> 355,495
<INTEREST-INCOME> 40,988
<OTHER-INCOME> 0
<EXPENSES-NET> 210,545
<NET-INVESTMENT-INCOME> 185,938
<REALIZED-GAINS-CURRENT> 2,221,608
<APPREC-INCREASE-CURRENT> (1,980,727)
<NET-CHANGE-FROM-OPS> 426,819
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 163,878
<NUMBER-OF-SHARES-REDEEMED> 201,035
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (70,020)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 186,882
<OVERDIST-NET-GAINS-PRIOR> 39,788
<GROSS-ADVISORY-FEES> 160,014
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 318,911
<AVERAGE-NET-ASSETS> 34,008,939
<PER-SHARE-NAV-BEGIN> 13.96
<PER-SHARE-NII> 0.08
<PER-SHARE-GAIN-APPREC> 0.11
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 14.15
<EXPENSE-RATIO> 1.25
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from Touchstone Variable Series
financial statements at June 30, 1999
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 003
<NAME> Touchstone Balanced Fund
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 40,195,675
<INVESTMENTS-AT-VALUE> 40,663,188
<RECEIVABLES> 1,128,572
<ASSETS-OTHER> 1,747
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 41,793,507
<PAYABLE-FOR-SECURITIES> 161,500
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 189,238
<TOTAL-LIABILITIES> 350,738
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 38,065,750
<SHARES-COMMON-STOCK> 2,774,336
<SHARES-COMMON-PRIOR> 2,955,100
<ACCUMULATED-NII-CURRENT> 532,045
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2,401,402
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 443,572
<NET-ASSETS> 41,442,769
<DIVIDEND-INCOME> 124,929
<INTEREST-INCOME> 576,573
<OTHER-INCOME> 0
<EXPENSES-NET> 190,084
<NET-INVESTMENT-INCOME> 511,418
<REALIZED-GAINS-CURRENT> 2,007,119
<APPREC-INCREASE-CURRENT> 375,934
<NET-CHANGE-FROM-OPS> 2,894,471
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 211,326
<NUMBER-OF-SHARES-REDEEMED> 392,090
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 193,050
<ACCUMULATED-NII-PRIOR> 20,627
<ACCUMULATED-GAINS-PRIOR> 394,283
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 168,963
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 275,621
<AVERAGE-NET-ASSETS> 42,580,654
<PER-SHARE-NAV-BEGIN> 13.96
<PER-SHARE-NII> 0.18
<PER-SHARE-GAIN-APPREC> 0.80
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 14.94
<EXPENSE-RATIO> 0.90
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from Touchstone Variable Series
financial statements at June 30, 1999
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 004
<NAME> Touchstone Income Opportunity Fund
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 33,859,963
<INVESTMENTS-AT-VALUE> 30,648,072
<RECEIVABLES> 1,831,672
<ASSETS-OTHER> 1,747
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 32,481,491
<PAYABLE-FOR-SECURITIES> 1,000,000
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 547,387
<TOTAL-LIABILITIES> 1,547,387
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 40,367,382
<SHARES-COMMON-STOCK> 3,589,936
<SHARES-COMMON-PRIOR> 3,971,175
<ACCUMULATED-NII-CURRENT> 1,185,664
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 7,406,815
<ACCUM-APPREC-OR-DEPREC> (3,212,127)
<NET-ASSETS> 30,934,104
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,914,804
<OTHER-INCOME> 0
<EXPENSES-NET> 141,328
<NET-INVESTMENT-INCOME> 1,773,476
<REALIZED-GAINS-CURRENT> (2,917,814)
<APPREC-INCREASE-CURRENT> 1,436,822
<NET-CHANGE-FROM-OPS> 292,484
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 587,812
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 225,606
<NUMBER-OF-SHARES-REDEEMED> 676,037
<SHARES-REINVESTED> 69,192
<NET-CHANGE-IN-ASSETS> (3,559,909)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 4,489,001
<GROSS-ADVISORY-FEES> 108,075
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 207,900
<AVERAGE-NET-ASSETS> 33,486,045
<PER-SHARE-NAV-BEGIN> 8.69
<PER-SHARE-NII> 0.48
<PER-SHARE-GAIN-APPREC> (0.40)
<PER-SHARE-DIVIDEND> 0.15
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 8.62
<EXPENSE-RATIO> 0.85
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from Touchstone Variable Series
financial statements at June 30, 1999
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 005
<NAME> Touchstone Standby Income Fund
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 28,884,628
<INVESTMENTS-AT-VALUE> 28,785,241
<RECEIVABLES> 209,165
<ASSETS-OTHER> 1,623
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 28,996,029
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 348,474
<TOTAL-LIABILITIES> 348,474
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 28,758,015
<SHARES-COMMON-STOCK> 2,874,596
<SHARES-COMMON-PRIOR> 2,642,337
<ACCUMULATED-NII-CURRENT> 1,589
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 12,662
<ACCUM-APPREC-OR-DEPREC> (99,387)
<NET-ASSETS> 28,647,555
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 813,342
<OTHER-INCOME> 0
<EXPENSES-NET> 67,622
<NET-INVESTMENT-INCOME> 745,720
<REALIZED-GAINS-CURRENT> (12,732)
<APPREC-INCREASE-CURRENT> (105,519)
<NET-CHANGE-FROM-OPS> 627,469
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 747,840
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 521,104
<NUMBER-OF-SHARES-REDEEMED> 363,642
<SHARES-REINVESTED> 74,797
<NET-CHANGE-IN-ASSETS> 2,197,615
<ACCUMULATED-NII-PRIOR> 3,709
<ACCUMULATED-GAINS-PRIOR> 70
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 33,811
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 115,045
<AVERAGE-NET-ASSETS> 27,272,794
<PER-SHARE-NAV-BEGIN> 10.01
<PER-SHARE-NII> 0.27
<PER-SHARE-GAIN-APPREC> (0.04)
<PER-SHARE-DIVIDEND> 0.27
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 9.97
<EXPENSE-RATIO> 0.50
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from Touchstone Variable Series
financial statements at June 30, 1999
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 006
<NAME> Touchstone Value Plus Fund
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 7,436,130
<INVESTMENTS-AT-VALUE> 8,295,329
<RECEIVABLES> 282,095
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 8,577,424
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 14,730
<TOTAL-LIABILITIES> 14,730
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 7,776,837
<SHARES-COMMON-STOCK> 757,386
<SHARES-COMMON-PRIOR> 311,304
<ACCUMULATED-NII-CURRENT> 12,155
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 85,497
<ACCUM-APPREC-OR-DEPREC> 859,199
<NET-ASSETS> 8,562,694
<DIVIDEND-INCOME> 38,293
<INTEREST-INCOME> 10,013
<OTHER-INCOME> 0
<EXPENSES-NET> 36,151
<NET-INVESTMENT-INCOME> 12,155
<REALIZED-GAINS-CURRENT> 154,388
<APPREC-INCREASE-CURRENT> 603,242
<NET-CHANGE-FROM-OPS> 769,785
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 560,356
<NUMBER-OF-SHARES-REDEEMED> 114,274
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 5,395,020
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 239,885
<GROSS-ADVISORY-FEES> 23,577
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 84,018
<AVERAGE-NET-ASSETS> 6,346,611
<PER-SHARE-NAV-BEGIN> 10.18
<PER-SHARE-NII> 0.02
<PER-SHARE-GAIN-APPREC> 1.11
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 11.31
<EXPENSE-RATIO> 1.15
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from Touchstone Variable Series
financial statements at June 30, 1999
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 007
<NAME> Touchstone Growth & Income Fund
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 67,660,062
<INVESTMENTS-AT-VALUE> 78,802,683
<RECEIVABLES> 1,340,479
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 80,143,162
<PAYABLE-FOR-SECURITIES> 35,064
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 303,971
<TOTAL-LIABILITIES> 339,035
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 55,654,506
<SHARES-COMMON-STOCK> 6,827,819
<SHARES-COMMON-PRIOR> 7,268,277
<ACCUMULATED-NII-CURRENT> 2,591,130
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 10,415,870
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 11,142,621
<NET-ASSETS> 79,804,127
<DIVIDEND-INCOME> 896,252
<INTEREST-INCOME> 26,982
<OTHER-INCOME> 0
<EXPENSES-NET> 327,598
<NET-INVESTMENT-INCOME> 595,636
<REALIZED-GAINS-CURRENT> 215,506
<APPREC-INCREASE-CURRENT> 8,057,383
<NET-CHANGE-FROM-OPS> 8,868,525
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 411,030
<NUMBER-OF-SHARES-REDEEMED> 729,235
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 79,804,127
<ACCUMULATED-NII-PRIOR> 1,995,493
<ACCUMULATED-GAINS-PRIOR> 10,200,363
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 308,327
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 476,931
<AVERAGE-NET-ASSETS> 77,803,437
<PER-SHARE-NAV-BEGIN> 10.43
<PER-SHARE-NII> 0.38
<PER-SHARE-GAIN-APPREC> 0.88
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 11.69
<EXPENSE-RATIO> 0.85
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from Touchstone Variable Series
financial statements at June 30, 1999
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 008
<NAME> Touchstone Bond Fund
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 38,465,768
<INVESTMENTS-AT-VALUE> 37,567,017
<RECEIVABLES> 1,079,097
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 38,646,114
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 133,064
<TOTAL-LIABILITIES> 133,064
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 33,212,050
<SHARES-COMMON-STOCK> 3,865,546
<SHARES-COMMON-PRIOR> 3,770,359
<ACCUMULATED-NII-CURRENT> 5,530,138
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 669,613
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (898,751)
<NET-ASSETS> 38,513,050
<DIVIDEND-INCOME> 91,079
<INTEREST-INCOME> 1,217,672
<OTHER-INCOME> 0
<EXPENSES-NET> 146,897
<NET-INVESTMENT-INCOME> 1,161,854
<REALIZED-GAINS-CURRENT> (158,525)
<APPREC-INCREASE-CURRENT> (1,596,132)
<NET-CHANGE-FROM-OPS> (592,803)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 346,319
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 377,985
<NUMBER-OF-SHARES-REDEEMED> 317,078
<SHARES-REINVESTED> 34,280
<NET-CHANGE-IN-ASSETS> 38,513,050
<ACCUMULATED-NII-PRIOR> 4,714,604
<ACCUMULATED-GAINS-PRIOR> 828,137
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 107,725
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 205,538
<AVERAGE-NET-ASSETS> 39,495,881
<PER-SHARE-NAV-BEGIN> 10.19
<PER-SHARE-NII> 1.52
<PER-SHARE-GAIN-APPREC> (1.66)
<PER-SHARE-DIVIDEND> 0.09
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 9.96
<EXPENSE-RATIO> 0.75
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from Touchstone Variable Series
financial statements at June 30, 1999
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 009
<NAME> Touchstone Small Cap Value Fund
<S> <C>
<PERIOD-TYPE> 2-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 10,071,777
<INVESTMENTS-AT-VALUE> 10,770,386
<RECEIVABLES> 128,739
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 10,899,125
<PAYABLE-FOR-SECURITIES> 118,125
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 6,734
<TOTAL-LIABILITIES> 124,859
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 10,063,685
<SHARES-COMMON-STOCK> 1,006,308
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 5,026
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 6,946
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 698,609
<NET-ASSETS> 10,774,266
<DIVIDEND-INCOME> 1,411
<INTEREST-INCOME> 20,111
<OTHER-INCOME> 0
<EXPENSES-NET> 16,496
<NET-INVESTMENT-INCOME> 5,026
<REALIZED-GAINS-CURRENT> 6,946
<APPREC-INCREASE-CURRENT> 698,609
<NET-CHANGE-FROM-OPS> 710,581
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,006,313
<NUMBER-OF-SHARES-REDEEMED> 5
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 10,774,266
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 12,978
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 31,768
<AVERAGE-NET-ASSETS> 9,883,448
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.00
<PER-SHARE-GAIN-APPREC> 0.71
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.71
<EXPENSE-RATIO> 1.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from Touchstone Variable Series
financial statements at June 30, 1999
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 010
<NAME> Touchstone High Yield Fund
<S> <C>
<PERIOD-TYPE> 2-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 15,153,345
<INVESTMENTS-AT-VALUE> 14,674,808
<RECEIVABLES> 731,862
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 15,406,670
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 11,104
<TOTAL-LIABILITIES> 11,104
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 15,655,984
<SHARES-COMMON-STOCK> 1,566,531
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 204,994
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 13,125
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (478,537)
<NET-ASSETS> 15,395,566
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 224,500
<OTHER-INCOME> 0
<EXPENSES-NET> 19,506
<NET-INVESTMENT-INCOME> 204,994
<REALIZED-GAINS-CURRENT> 13,125
<APPREC-INCREASE-CURRENT> (478,537)
<NET-CHANGE-FROM-OPS> (260,418)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,566,555
<NUMBER-OF-SHARES-REDEEMED> 24
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 15,395,566
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 14,382
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 36,589
<AVERAGE-NET-ASSETS> 14,595,393
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.13
<PER-SHARE-GAIN-APPREC> (0.30)
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 9.83
<EXPENSE-RATIO> 0.80
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from Touchstone Variable Series
financial statements at June 30, 1999
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 011
<NAME> Touchstone Enhanced 30 Fund
<S> <C>
<PERIOD-TYPE> 2-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 10,040,229
<INVESTMENTS-AT-VALUE> 10,204,756
<RECEIVABLES> 547,886
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 10,752,642
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 6,382
<TOTAL-LIABILITIES> 6,382
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 10,560,105
<SHARES-COMMON-STOCK> 1,057,397
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 21,628
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 164,527
<NET-ASSETS> 10,746,260
<DIVIDEND-INCOME> 27,365
<INTEREST-INCOME> 6,445
<OTHER-INCOME> 0
<EXPENSES-NET> 12,182
<NET-INVESTMENT-INCOME> 21,628
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 164,527
<NET-CHANGE-FROM-OPS> 186,155
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,057,437
<NUMBER-OF-SHARES-REDEEMED> 40
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 10,746,260
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 10,379
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 28,435
<AVERAGE-NET-ASSETS> 9,730,842
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.02
<PER-SHARE-GAIN-APPREC> 0.14
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.16
<EXPENSE-RATIO> 0.75
</TABLE>
TOUCHSTONE FUNDS
Transactions Pursuant to Rule 10f-3 of ICA
Touchstone Variable Series Trust
Income Opportunity Fund
Name of Issuer: Consolidated Container
Name of Security: Consolidated Container
At Least 3 Years of Issuers Operations: yes
- ---------------------------------------
Date of Purchase: 06/24/99
Number of Units Purchased: 250,000
Price Per Unit: $100.00
Total Price Paid: $250,000.00
Portfolio Assets on Trade Date: $77,064,602
% Gross Underwriting Spread: 0.32%
Underwriting Type: Firm
Total Offering: 185,000,000
25% of Offering: 46,250,000
- ----------------
Affiliated Underwriter : Donaldson Lufkin Jenrette
Broker from whom Fund/Portfolio purchased: Bear Stearns
68
Item 77I Terms of new or amended securities
(b) During the period ended June 30, 1999, the registrant began to offer shares
of each of the following additional series:
Touchstone Small Cap Value Fund
Touchstone High Yield Fund
Touchstone Growth & Income Fund
Touchstone Enhanced 30 Fund
Touchstone Bond Fund
A description of the shares of each additional series offered by the
registrant is set forth in the current prospectus of the registrant, which was
filed as part of Post-Effective Amendment No. 11 to its Registration Statement
on Form N-1A (File Nos. 033-76566 and 811-08416), and is hereby incorporated by
reference.
August 27,1999
Peter Finnerty
PricewaterhouseCoopers LLP
160 Federal Street
Boston, MA 02110
RE: The Touchstone Series Trust and Touchstone Variable Series Trust
(Registrants)
Dear Peter:
In accordance with the requirements of Item 304 of Regulation S-K, please
provide us with a letter from your firm addressed to the Securities and Exchange
Commission stating your agreement with the following disclosures in the
Registrants' reports on Form N-SAR for the period ended June 30, 1999:
Item 77K Change in registrant's certifying accountant
For the fiscal year ended December 31, 1998 and for previous years,
PricewaterhouseCoopers LLP and its predecessor ("PwC") served as independent
public accountant for the registrant. On June 17,1999 the Audit Committee of the
Board of Trustees of the registrant approved a change in the independent public
accountant by selecting Ernst & Young LLP ("E&Y"); pursuant to that approval PwC
resigned as auditors effective June 17,1999. The Board's selection of E&Y did
not result from any dispute between the registrant and PwC, and PwC's reports
for the last two fiscal years did not contain any adverse opinion or disclaimer
of opinion, and were not qualified or modified as to uncertainty, audit scope or
accounting principles. During the two fiscal years ended December 31,1998 and
during the period prior to PwC's resignation, there was no disagreement between
PwC and the registrant on any matter of accounting principles or practices,
financial statement disclosure or auditing scope or procedure. During the two
fiscal years ended December 31, 1998 and during the period prior to PwC's
resignation, there were no reportable events as defined by Item 304(a) (1) (v)
or Regulation S-K and the registrant has not consulted E&Y regarding any matter
defined in Item 304 (a) (2) of Regulation S-K prior to their engagement.
A copy of your letter will be filed with the Securities and Exchange Commission
along with this letter as an exhibit to each Registrant's Form N-SAR for the
period ended June 30, 1999 (in accordance with Sub-Item 77k of Form N-SAR)
Sincererly
Jill T.McGruder
President and Chief Operating Officer
<PAGE>
August 30,1999
Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, D.C 20549
Re: The Touchstone Variable Series Trust ("Registrant')
Commissioners:
We have read the statements made by Jill T. McGruder, President and Chief
Operating Officer of the Registrant, (copy attached), which we understand will
be filed in response to Sub-Item 77K of the Registrant's Form N-SAR for the
period ended June 30,1999 and agree with the statements concerning our Firm
contained therein. We have no basis to agree or disagree with the Registrant's
statements regarding Ernst & Young LLP.
Sincerely,
/s/ PricewaterhouseCoopers LLP
