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<PAGE> PAGE 5
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<PAGE> PAGE 13
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 24
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<PAGE> PAGE 26
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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 36
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<PAGE> PAGE 37
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<PAGE> PAGE 38
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<PAGE> PAGE 39
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<PAGE> PAGE 40
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<PAGE> PAGE 41
048 J020900 0.000
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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
<PAGE> PAGE 42
070 I020900 N
070 J010900 Y
070 J020900 N
070 K010900 Y
070 K020900 N
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
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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
008 C001002 801-37235
<PAGE> PAGE 44
008 D011002 CINCINNATI
008 D021002 OH
008 D031002 45202
015 A001001 INVESTORS BANK & TRUST COMPANY
015 B001001 C
015 C011001 BOSTON
015 C021001 MA
015 C031001 02117
015 E011001 X
028 A011000 194
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045 001000 Y
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<PAGE> PAGE 45
048 E021000 0.000
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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
<PAGE> PAGE 46
070 F021000 N
070 G011000 Y
070 G021000 N
070 H011000 Y
070 H021000 N
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 22209
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<PAGE> PAGE 47
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008 A001101 TOUCHSTONE ADVISORS, INC.
008 B001101 A
008 C001101 801-45963
<PAGE> PAGE 48
008 D011101 CINCINNATI
008 D021101 OH
008 D031101 45202
008 A001102 TODD INVESTMENT ADVISORS
008 B001102 S
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 213
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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 D001100 N
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070 A011100 Y
<PAGE> PAGE 50
070 A021100 N
070 B011100 Y
070 B021100 N
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070 D011100 Y
070 D021100 N
070 E011100 N
070 E021100 N
070 F011100 Y
070 F021100 N
070 G011100 Y
070 G021100 N
070 H011100 Y
070 H021100 N
070 I011100 N
070 I021100 N
070 J011100 Y
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 13572
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071 C001100 11253
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<PAGE> PAGE 51
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<PAGE> PAGE 52
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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 December 31, 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> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 26,673,950
<INVESTMENTS-AT-VALUE> 35,778,466
<RECEIVABLES> 108,349
<ASSETS-OTHER> 1,274,155
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 37,160,970
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 276,319
<TOTAL-LIABILITIES> 281,509
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 26,889,174
<SHARES-COMMON-STOCK> 1,918,131
<SHARES-COMMON-PRIOR> 2,038,737
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 885,771
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 9,104,516
<NET-ASSETS> 36,879,461
<DIVIDEND-INCOME> 194,679
<INTEREST-INCOME> 62,904
<OTHER-INCOME> 0
<EXPENSES-NET> 362,929
<NET-INVESTMENT-INCOME> (105,346)
<REALIZED-GAINS-CURRENT> 6,087,461
<APPREC-INCREASE-CURRENT> 6,580,932
<NET-CHANGE-FROM-OPS> 12,563,047
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 5,252,284
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 187,027
<NUMBER-OF-SHARES-REDEEMED> 588,054
<SHARES-REINVESTED> 280,421
<NET-CHANGE-IN-ASSETS> 5,615,558
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 155,940
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 312,255
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 443,427
<AVERAGE-NET-ASSETS> 31,225,494
<PER-SHARE-NAV-BEGIN> 15.33
<PER-SHARE-NII> (0.05)
<PER-SHARE-GAIN-APPREC> 7.13
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> (3.18)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 19.23
<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 December 31, 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> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 30,986,807
<INVESTMENTS-AT-VALUE> 40,539,371
<RECEIVABLES> 472,655
<ASSETS-OTHER> 337,970
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 41,349,996
<PAYABLE-FOR-SECURITIES> 384,219
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 302,400
<TOTAL-LIABILITIES> 686,619
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 28,074,621
<SHARES-COMMON-STOCK> 2,317,813
<SHARES-COMMON-PRIOR> 2,421,891
<ACCUMULATED-NII-CURRENT> 32,324
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3,007,124
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 9,549,308
<NET-ASSETS> 40,663,377
<DIVIDEND-INCOME> 509,397
<INTEREST-INCOME> 47,478
<OTHER-INCOME> 0
<EXPENSES-NET> 429,387
<NET-INVESTMENT-INCOME> 127,488
<REALIZED-GAINS-CURRENT> 6,299,287
<APPREC-INCREASE-CURRENT> 4,752,127
<NET-CHANGE-FROM-OPS> 11,178,902
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 150,630
<DISTRIBUTIONS-OF-GAINS> 3,011,529
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 206,084
<NUMBER-OF-SHARES-REDEEMED> 494,330
<SHARES-REINVESTED> 184,168
<NET-CHANGE-IN-ASSETS> 6,850,351
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 186,882
<OVERDIST-NET-GAINS-PRIOR> 39,788
<GROSS-ADVISORY-FEES> 395,036
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 631,748
<AVERAGE-NET-ASSETS> 34,372,081
<PER-SHARE-NAV-BEGIN> 13.96
<PER-SHARE-NII> 0.06
<PER-SHARE-GAIN-APPREC> 5.00
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> (1.48)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 17.54
<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 December 31, 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> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 36,570,587
<INVESTMENTS-AT-VALUE> 36,232,735
<RECEIVABLES> 369,440
<ASSETS-OTHER> 396,200
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 36,998,375
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 282,341
<TOTAL-LIABILITIES> 282,341
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 36,113,858
<SHARES-COMMON-STOCK> 2,661,139
<SHARES-COMMON-PRIOR> 2,955,100
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 7,968
<ACCUMULATED-NET-GAINS> 953,426
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (343,282)
<NET-ASSETS> 36,716,034
<DIVIDEND-INCOME> 259,320
<INTEREST-INCOME> 1,136,909
<OTHER-INCOME> 0
<EXPENSES-NET> 364,426
<NET-INVESTMENT-INCOME> 1,031,803
<REALIZED-GAINS-CURRENT> 3,070,980
<APPREC-INCREASE-CURRENT> (410,920)
<NET-CHANGE-FROM-OPS> 3,691,863
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,026,659
<DISTRIBUTIONS-OF-GAINS> 2,545,689
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 314,596
<NUMBER-OF-SHARES-REDEEMED> 870,844
<SHARES-REINVESTED> 262,287
<NET-CHANGE-IN-ASSETS> (4,533,685)
<ACCUMULATED-NII-PRIOR> 20,627
<ACCUMULATED-GAINS-PRIOR> 394,283
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 404,919
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 545,414
<AVERAGE-NET-ASSETS> 40,486,743
<PER-SHARE-NAV-BEGIN> 13.96
<PER-SHARE-NII> 0.43
<PER-SHARE-GAIN-APPREC> 0.90
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> (1.49)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 13.80
<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 December 31, 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> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 25,362,282
<INVESTMENTS-AT-VALUE> 24,852,194
<RECEIVABLES> 763,018
<ASSETS-OTHER> 49,078
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 25,664,290
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 176,731
<TOTAL-LIABILITIES> 176,731
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 37,573,350
<SHARES-COMMON-STOCK> 3,311,401
<SHARES-COMMON-PRIOR> 3,971,175
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 290,740
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 11,284,727
<ACCUM-APPREC-OR-DEPREC> (510,324)
<NET-ASSETS> 25,487,559
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3,644,851
<OTHER-INCOME> 0
<EXPENSES-NET> 261,912
<NET-INVESTMENT-INCOME> 3,382,939
<REALIZED-GAINS-CURRENT> (6,795,726)
<APPREC-INCREASE-CURRENT> 4,138,625
<NET-CHANGE-FROM-OPS> 725,838
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3,721,950
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 371,494
<NUMBER-OF-SHARES-REDEEMED> 1,508,551
<SHARES-REINVESTED> 477,283
<NET-CHANGE-IN-ASSETS> (9,006,454)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 4,489,001
<GROSS-ADVISORY-FEES> 404,919
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 545,414
<AVERAGE-NET-ASSETS> 30,791,681
<PER-SHARE-NAV-BEGIN> 8.69
<PER-SHARE-NII> 1.11
<PER-SHARE-GAIN-APPREC> (0.88)
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> (1.22)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 7.70
<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 December 31, 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> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 27,964,607
<INVESTMENTS-AT-VALUE> 27,834,430
<RECEIVABLES> 271,322
<ASSETS-OTHER> 1,422,141
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 29,527,893
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 48,817
<TOTAL-LIABILITIES> 48,817
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 29,720,601
<SHARES-COMMON-STOCK> 2,971,667
<SHARES-COMMON-PRIOR> 2,642,337
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 111,348
<ACCUM-APPREC-OR-DEPREC> (130,177)
<NET-ASSETS> 29,479,076
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,723,174
<OTHER-INCOME> 0
<EXPENSES-NET> 140,076
<NET-INVESTMENT-INCOME> 1,583,098
<REALIZED-GAINS-CURRENT> (111,349)
<APPREC-INCREASE-CURRENT> (136,309)
<NET-CHANGE-FROM-OPS> 1,335,440
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,586,807
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,331,119
<NUMBER-OF-SHARES-REDEEMED> 1,161,048
<SHARES-REINVESTED> 159,259
<NET-CHANGE-IN-ASSETS> 3,029,136
<ACCUMULATED-NII-PRIOR> 3,709
<ACCUMULATED-GAINS-PRIOR> 70
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 126,068
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 244,461
<AVERAGE-NET-ASSETS> 28,015,056
<PER-SHARE-NAV-BEGIN> 10.01
<PER-SHARE-NII> 0.56
<PER-SHARE-GAIN-APPREC> (0.09)
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> (0.56)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 9.92
<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 December 31, 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> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 6,704,636
<INVESTMENTS-AT-VALUE> 7,042,218
<RECEIVABLES> 29,395
<ASSETS-OTHER> 115,838
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 7,187,451
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 16,658
<TOTAL-LIABILITIES> 16,658
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 6,516,138
<SHARES-COMMON-STOCK> 639,240
<SHARES-COMMON-PRIOR> 311,304
<ACCUMULATED-NII-CURRENT> 103
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 316,970
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 337,582
<NET-ASSETS> 7,170,793
<DIVIDEND-INCOME> 82,883
<INTEREST-INCOME> 17,729
<OTHER-INCOME> 0
<EXPENSES-NET> 81,961
<NET-INVESTMENT-INCOME> 18,651
<REALIZED-GAINS-CURRENT> 835,544
<APPREC-INCREASE-CURRENT> 81,625
<NET-CHANGE-FROM-OPS> 935,820
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 18,567
<DISTRIBUTIONS-OF-GAINS> 278,688
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 686,215
<NUMBER-OF-SHARES-REDEEMED> 385,059
<SHARES-REINVESTED> 26,780
<NET-CHANGE-IN-ASSETS> 4,003,119
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 239,885
<GROSS-ADVISORY-FEES> 67,707
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 169,323
<AVERAGE-NET-ASSETS> 7,130,629
<PER-SHARE-NAV-BEGIN> 10.18
<PER-SHARE-NII> 0.03
<PER-SHARE-GAIN-APPREC> 1.49
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> (0.48)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 11.22
<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 December 31, 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> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 62,496,037
<INVESTMENTS-AT-VALUE> 64,287,088
<RECEIVABLES> 119,233
<ASSETS-OTHER> 874,565
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 65,280,886
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 501,604
<TOTAL-LIABILITIES> 501,604
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 59,440,499
<SHARES-COMMON-STOCK> 6,048,210
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 1,103,774
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2,443,958
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,791,051
<NET-ASSETS> 64,779,282
<DIVIDEND-INCOME> 1,687,588
<INTEREST-INCOME> 46,869
<OTHER-INCOME> 0
<EXPENSES-NET> 630,683
<NET-INVESTMENT-INCOME> 1,103,774
<REALIZED-GAINS-CURRENT> 2,473,484
<APPREC-INCREASE-CURRENT> (1,294,188)
<NET-CHANGE-FROM-OPS> 2,283,070
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 568,148
<NUMBER-OF-SHARES-REDEEMED> 1,660,908
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 64,779,282
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 741,980
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 948,521
<AVERAGE-NET-ASSETS> 74,239,129
<PER-SHARE-NAV-BEGIN> 10.46
<PER-SHARE-NII> 0.23
<PER-SHARE-GAIN-APPREC> 0.02
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.71
<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 December 31, 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> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 35,657,748
<INVESTMENTS-AT-VALUE> 33,927,041
<RECEIVABLES> 477,896
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 512,951
<TOTAL-ASSETS> 34,917,888
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 217,634
<TOTAL-LIABILITIES> 217,634
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 34,867,068
<SHARES-COMMON-STOCK> 3,475,682
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 1,963,484
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 399,591
<ACCUM-APPREC-OR-DEPREC> (1,730,707)
<NET-ASSETS> 34,700,254
<DIVIDEND-INCOME> 158,506
<INTEREST-INCOME> 2,432,806
<OTHER-INCOME> 0
<EXPENSES-NET> 286,342
<NET-INVESTMENT-INCOME> 2,304,970
<REALIZED-GAINS-CURRENT> (378,508)
<APPREC-INCREASE-CURRENT> (2,428,089)
<NET-CHANGE-FROM-OPS> (501,627)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 346,319
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 500,745
<NUMBER-OF-SHARES-REDEEMED> 829,702
<SHARES-REINVESTED> 34,280
<NET-CHANGE-IN-ASSETS> 34,700,254
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 286,342
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 408,973
<AVERAGE-NET-ASSETS> 38,178,239
<PER-SHARE-NAV-BEGIN> 10.20
<PER-SHARE-NII> 0.76
<PER-SHARE-GAIN-APPREC> (0.89)
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> (0.09)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 9.98
<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 December 31, 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> 8-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 10,159,387
<INVESTMENTS-AT-VALUE> 11,962,503
<RECEIVABLES> 2,890
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 119,274
<TOTAL-ASSETS> 12,084,667
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 14,738
<TOTAL-LIABILITIES> 14,738
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 10,249,650
<SHARES-COMMON-STOCK> 1,023,624
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 17,163
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,803,116
<NET-ASSETS> 12,069,929
<DIVIDEND-INCOME> 13,302
<INTEREST-INCOME> 23,855
<OTHER-INCOME> 0
<EXPENSES-NET> 70,543
<NET-INVESTMENT-INCOME> (33,386)
<REALIZED-GAINS-CURRENT> 50,549
<APPREC-INCREASE-CURRENT> 1,803,116
<NET-CHANGE-FROM-OPS> 1,820,279
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,025,510
<NUMBER-OF-SHARES-REDEEMED> 1,886
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 12,069,929
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 70,269
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 142,365
<AVERAGE-NET-ASSETS> 10,511,468
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> (0.03)
<PER-SHARE-GAIN-APPREC> 1.82
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 11.79
<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 December 31, 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> 8-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 16,105,045
<INVESTMENTS-AT-VALUE> 14,257,511
<RECEIVABLES> 442,269
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 240,742
<TOTAL-ASSETS> 14,940,522
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 24,590
<TOTAL-LIABILITIES> 24,590
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 17,121,005
<SHARES-COMMON-STOCK> 1,732,234
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 357,539
<ACCUM-APPREC-OR-DEPREC> (1,847,534)
<NET-ASSETS> 14,915,932
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,011,846
<OTHER-INCOME> 0
<EXPENSES-NET> 79,595
<NET-INVESTMENT-INCOME> 932,251
<REALIZED-GAINS-CURRENT> (357,539)
<APPREC-INCREASE-CURRENT> (1,847,534)
<NET-CHANGE-FROM-OPS> (1,272,822)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 936,630
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,632,166
<NUMBER-OF-SHARES-REDEEMED> 8,716
<SHARES-REINVESTED> 108,784
<NET-CHANGE-IN-ASSETS> 14,915,932
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 79,267
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 151,681
<AVERAGE-NET-ASSETS> 14,821,920
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.58
<PER-SHARE-GAIN-APPREC> (1.39)
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> (0.58)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 8.61
<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 December 31, 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> 8-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 12,240,619
<INVESTMENTS-AT-VALUE> 13,319,120
<RECEIVABLES> 25,939
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 202,505
<TOTAL-ASSETS> 13,547,564
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 15,460
<TOTAL-LIABILITIES> 15,460
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 12,805,067
<SHARES-COMMON-STOCK> 1,282,358
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 26
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 351,490
<ACCUM-APPREC-OR-DEPREC> 1,078,501
<NET-ASSETS> 13,532,104
<DIVIDEND-INCOME> 102,944
<INTEREST-INCOME> 16,660
<OTHER-INCOME> 0
<EXPENSES-NET> 57,029
<NET-INVESTMENT-INCOME> 62,575
<REALIZED-GAINS-CURRENT> (351,490)
<APPREC-INCREASE-CURRENT> 1,078,501
<NET-CHANGE-FROM-OPS> 789,586
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 62,549
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,306,360
<NUMBER-OF-SHARES-REDEEMED> 29,920
<SHARES-REINVESTED> 5,918
<NET-CHANGE-IN-ASSETS> 13,532,104
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 64,400
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 133,848
<AVERAGE-NET-ASSETS> 11,333,628
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.05
<PER-SHARE-GAIN-APPREC> 0.55
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> (0.05)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.55
<EXPENSE-RATIO> 0.75
</TABLE>
TOUCHSTONE FUNDS
Transactions Pursuant to Rule 10f-3 of ICA
Touchstone Variable Series Trust
International Equity Fund
Name of Issuer: Equant N.V.
Name of Security: Equant N.V.
At Least 3 Years of Issuers Operations: yes
- ---------------------------------------
Date of Purchase: 02/12/99
Number of Units Purchased: 2,576
Price Per Unit: $75.50
Total Price Paid: $194,488.00
Portfolio Assets on Trade Date: $35,596,512
% Gross Underwriting Spread: 0.55%
Underwriting Type: Firm
Total Offering: 35,000,000
25% of Offering: 8,750,000
- ----------------
Affiliated Underwriter : Credit Suisse First Boston
Broker from whom Fund/Portfolio purchased: Morgan Stanley Dean Witter
TOUCHSTONE FUNDS
Transactions Pursuant to Rule 10f-3 of ICA
Touchstone Variable Series Trust
Income Opportunity Fund
Name of Issuer: Charter Communications Holdings
Name of Security: Charter Communications Holdings, 8.625%, due 04/01/2009
At Least 3 Years of Issuers Operations: yes
- ---------------------------------------
Date of Purchase: 03/12/99
Number of Units Purchased: 750,000
Price Per Unit: $99.695
Total Price Paid: $747,712.50
Portfolio Assets on Trade Date: $33,413,538
% Gross Underwriting Spread: 2.24%
Underwriting Type: Firm
Total Offering: 115,500,000
25% of Offering: 28,875,000
- ----------------
Affiliated Underwriter : Donaldson, Lufkin, Jenrette
Broker from whom Portfolio purchased: Goldman Sachs
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: $31,598,929
% Gross Underwriting Spread: 0.79%
Underwriting Type: Firm
Total Offering: 185,000,000
25% of Offering: 46,250,000
- ----------------
Affiliated Underwriter: Donaldson Lufkin Jenrette
Broker from whom Fund purchased: Bear Stearns
TOUCHSTONE FUNDS
Transactions Pursuant to Rule 10f-3 of ICA
Touchstone Variable Series Trust
Income Opportunity Fund
Name of Issuer: Dura Operating
Name of Security: Dura Operating
At Least 3 Years of Issuers Operations: yes
- ---------------------------------------
Date of Purchase: 04/15/99
Number of Units Purchased: 500,000
Price Per Unit: $100.00
Total Price Paid: $500,000.00
Portfolio Assets on Trade Date: $34,067,222
% Gross Underwriting Spread: 1.47%
Underwriting Type: Firm
Total Offering: 300,000,000
25% of Offering: 75,000,000
- ----------------
Affiliated Underwriter: Donaldson Lufkin Jenrette
Broker from whom Fund purchased: Nations Bank
TOUCHSTONE FUNDS
Transactions Pursuant to Rule 10f-3 of ICA
Touchstone Variable Series Trust
Income Opportunity Fund
Name of Issuer: Royster-Clarke
Name of Security: Royster-Clarke
At Least 3 Years of Issuers Operations: yes
- ---------------------------------------
Date of Purchase: 04/15/99
Number of Units Purchased: 450,000
Price Per Unit: $100.00
Total Price Paid: $450,000.00
Portfolio Assets on Trade Date: $34,067,222
% Gross Underwriting Spread: 1.32%
Underwriting Type: Firm
Total Offering: 200,000,000
25% of Offering: 50,000,000
- ----------------
Affiliated Underwriter: Donaldson Lufkin Jenrette
Broker from whom Fund purchased: J.P. Morgan
TOUCHSTONE FUNDS
Transactions Pursuant to Rule 10f-3 of ICA
Touchstone Variable Series Trust
Income Opportunity Fund
Name of Issuer: Lyondell Chemical
Name of Security: Lyondell Chemical
At Least 3 Years of Issuers Operations: yes
- ---------------------------------------
Date of Purchase: 05/11/99
Number of Units Purchased: 750,000
Price Per Unit: $100.00
Total Price Paid: $750,000.00
Portfolio Assets on Trade Date: $34,284,781
% Gross Underwriting Spread: 2.19%
Underwriting Type: Firm
Total Offering: 1,500,000,000
25% of Offering: 375,000,000
- ----------------
Affiliated Underwriter: Donaldson Lufkin Jenrette
Broker from whom Fund purchased: J.P. Morgan
TOUCHSTONE FUNDS
Transactions Pursuant to Rule 10f-3 of ICA
Touchstone Variable Series Trust
Income Opportunity Fund
Name of Issuer: Worldwide Fiber
Name of Security: Worldwide Fiber
At Least 3 Years of Issuers Operations: yes
- ---------------------------------------
Date of Purchase: 07/23/99
Number of Units Purchased: 750,000
Price Per Unit: $100.00
Total Price Paid: $750,000.00
Portfolio Assets on Trade Date: $30,430,076
% Gross Underwriting Spread: Reasonable per Sub-Advisor
Underwriting Type: Firm
Total Offering: 500,000,000
25% of Offering: 125,000,000
- ----------------
Affiliated Underwriter: Donaldson Lufkin Jenrette
Broker from whom Fund purchased: Morgan Stanley
TOUCHSTONE FUNDS
Transactions Pursuant to Rule 10f-3 of ICA
Touchstone Variable Series Trust
Income Opportunity Fund
Name of Issuer: PSINet
Name of Security: PSINet
At Least 3 Years of Issuers Operations: yes
- ---------------------------------------
Date of Purchase: 07/16/99
Number of Units Purchased: 750,000
Price Per Unit: $100.00
Total Price Paid: $750,000.00
Portfolio Assets on Trade Date: $30,886,490
% Gross Underwriting Spread: Reasonable per Sub-Advisor
Underwriting Type: Firm
Total Offering: 1,050,000,000
25% of Offering: 262,500,000
- ----------------
Affiliated Underwriter: Donaldson Lufkin Jenrette
Broker from whom Fund purchased: Bear Stearns
TOUCHSTONE FUNDS
Transactions Pursuant to Rule 10f-3 of ICA
Touchstone Variable Series Trust
Income Opportunity Fund
Name of Issuer: Republic Technologies
Name of Security: Republic Technologies
At Least 3 Years of Issuers Operations: yes
- ---------------------------------------
Date of Purchase: 08/06/99
Number of Units Purchased: 750,000
Price Per Unit: $98.71
Total Price Paid: $740,325.00
Portfolio Assets on Trade Date: $29,256,899
% Gross Underwriting Spread: Reasonable per Sub-Advisor
Underwriting Type: Firm
Total Offering: 425,000,000
25% of Offering: 106,250,000
- ----------------
Affiliated Underwriter: Donaldson Lufkin Jenrette
Broker from whom Fund purchased: Chase Securities
TOUCHSTONE FUNDS
Transactions Pursuant to Rule 10f-3 of ICA
Touchstone Variable Series Trust
Income Opportunity Fund
Name of Issuer: United Pan-Europe Communications
Name of Security: United Pan-Europe Communications, 144A
At Least 3 Years of Issuers Operations: yes
- ---------------------------------------
Date of Purchase: 10/22/99
Number of Units Purchased: 500,000
Price Per Unit: $99.262
Total Price Paid: $496,310.00
Portfolio Assets on Trade Date: $27,471,987
% Gross Underwriting Spread: Reasonable per Sub-Advisor
Underwriting Type: Firm
Total Offering: 200,000,000
25% of Offering: 50,000,000
- ----------------
Affiliated Underwriter: Donaldson Lufkin Jenrette
Broker from whom Fund purchased: Morgan Stanley
TOUCHSTONE FUNDS
Transactions Pursuant to Rule 10f-3 of ICA
Touchstone Variable Series Trust
Income Opportunity Fund
Name of Issuer: VoiceStream Wireless
Name of Security: VoiceStream Wireless, 144A
At Least 3 Years of Issuers Operations: yes
- ---------------------------------------
Date of Purchase: 11/04/99
Number of Units Purchased: 300,000
Price Per Unit: $100.00
Total Price Paid: $300,000.00
Portfolio Assets on Trade Date: $27,323,953
% Gross Underwriting Spread: Reasonable per Sub-Advisor
Underwriting Type: Firm
Total Offering: 1,100,000,000
25% of Offering: 275,000,000
- ----------------
Affiliated Underwriter: Donaldson Lufkin Jenrette
Broker from whom Fund purchased: Goldman Sachs
TOUCHSTONE FUNDS
Transactions Pursuant to Rule 10f-3 of ICA
Touchstone Variable Series Trust
Income Opportunity Fund
Name of Issuer: Exodus Communications
Name of Security: Exodus Communications, 144A
At Least 3 Years of Issuers Operations: yes
- ---------------------------------------
Date of Purchase: 12/02/99
Number of Units Purchased: 550,000
Price Per Unit: $100.00
Total Price Paid: $550,000.00
Portfolio Assets on Trade Date: $26,081,164
% Gross Underwriting Spread: Reasonable per Sub-Advisor
Underwriting Type: Firm
Total Offering: 375,000,000
25% of Offering: 93,750,000
- ----------------
Affiliated Underwriter: Donaldson Lufkin Jenrette
Broker from whom Fund purchased: Goldman Sachs
Item 77C Submission of matters to a vote of security holders
A special meeting of the shareholders of Touchstone Growth & Income Fund (the
"Fund") of Touchstone Variable Series Trust was held on January 28, 1999. At the
meeting, the sole shareholder of the Fund, Western-Southern Life Assurance
Company ("Western-Southern"), voted on a proposal to approve a new portfolio
advisory agreement between Touchstone Advisors, Inc., the investment advisor to
the Fund (the "Advisor"), and Scudder Kemper Investments, Inc. ("Scudder
Kemper"), pursuant to which Scudder Kemper would act as portfolio advisor with
respect to the assets of the Fund. Western-Southern agreed to the proposal.
The new agreement replaced the portfolio advisory agreement dated September 7,
1998 and is identical in all substantive respects to that portfolio advisory
agreement, except for different effective and termination dates.
68
Item 77I Terms of new or amended securities
(b) During the period ended December 31, 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
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
Report of Independent Auditors
To The Shareholders and Board of Trustees of
Touchstone Variable Series Trust
In planning and performing our audit of the financial statements of Touchstone
Variable Series Trust for the year ended December 31, 1999, we considered its
internal control, including control activities for safeguarding securities, in
order to determine our auditing procedures for the purpose of expressing our
opinion on the financial statements and to comply with the requirements of Form
N-SAR, not to provide assurance on internal control.
The management of Touchstone Variable Series Trust is responsible for
establishing and maintaining internal control. In fulfilling this
responsibility, estimates and judgments by management are required to assess the
expected benefits and related costs of controls. Generally, controls that are
relevant to an audit pertain to the entity's objective of preparing financial
statements for external purposes that are fairly presented in conformity with
generally accepted accounting principles. Those controls include the
safeguarding of assets against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, error or fraud may occur
and not be detected. Also, projection of any evaluation of internal control to
future periods is subject to the risk that it may become inadequate because of
changes in conditions or that the effectiveness of the design and operation may
deteriorate.
Our consideration of internal control would not necessarily disclose all matters
in internal control that might be material weaknesses under standards
established by the American Institute of Certified Public Accountants. A
material weakness is a condition in which the design or operation of one or more
of the internal control components does not reduce to a relatively low level the
risk that misstatements caused by error or fraud in amounts that would be
material in relation to the financial statements being audited may occur and not
be detected within a timely period by employees in the normal course of
performing their assigned functions. However, we noted no matters involving
internal control and its operation, including controls for safeguarding
securities, that we consider to be material weaknesses as defined above at
December 31, 1999.
This report is intended solely for the information and use of management, the
Board of Trustees of Touchstone Variable Series Trust, and the Securities and
Exchange Commission and is not intended to be and should not be used by anyone
other than these specified parties.
Ernst & Young LLP
Cincinnati, Ohio
February 16, 2000
