TOUCHSTONE VARIABLE SERIES TRUST
SUPPLEMENT DATED DECEMBER 23, 1999 TO PROSPECTUS DATED MAY 1, 1999
The following information supplements the information about OpCap
Advisors that is located on page 43 of the Touchstone Variable Series Trust
Prospectus.
OpCap Advisors currently manages the Touchstone Balanced Fund
of the Touchstone Variable Series Trust. OpCap Advisors is a subsidiary
of Oppenheimer Capital and an indirect subsidiary of PIMCO Advisors
L.P. PIMCO Advisors Holding L.P. is one of the general partners of
PIMCO Advisors.
On October 31, 1999, PIMCO Advisors, PIMCO Advisors Holding
L.P. and Allianz AG announced that they have reached a definitive
agreement for Allianz, a German insurance company, to acquire majority
ownership of PIMCO Advisors, including all of PIMCO Advisors' interest
held at PIMCO Advisors Holdings (the "Allianz Transaction"). The
consummation of the Allianz Transaction is subject to the approval of
the public unitholders of PIMCO Advisors Holdings, as well as to
certain regulatory and client approvals. In connection with the Allianz
Transaction, a new sub-advisory agreement between the Fund and OpCap
Advisors will be submitted the Board of Trustees of the Trust and the
shareholders of the Touchstone Balanced Fund for approval. The Allianz
Transaction is expected to be completed by March 31, 2000.
718341.01
For use with
Form 7126-9906
Form 7127-9905
Form 7501-9905
CL5.764 9908
