[Front Cover]
ANNUAL REPORT
DECEMBER 31, 1999
TOUCHSTONE VARIABLE SERIES TRUST
o Touchstone Small Cap Value
o Touchstone Emerging Growth
o Touchstone International Equity
o Touchstone Income Opportunity
o Touchstone High Yield
o Touchstone Value Plus
o Touchstone Growth & Income
o Touchstone Enhanced 30
o Touchstone Balanced
o Touchstone Bond
o Touchstone Standby Income
TOUCHSTONE GOLD VARIABLE ANNUITY
This is one part of a two part report.
<PAGE>
[Front Cover]
ANNUAL REPORT
DECEMBER 31, 1999
TOUCHSTONE VARIABLE SERIES TRUST
o Touchstone Small Cap Value
o Touchstone Emerging Growth
o Touchstone International Equity
o Touchstone Income Opportunity
o Touchstone High Yield
o Touchstone Value Plus
o Touchstone Growth & Income
o Touchstone Enhanced 30
o Touchstone Balanced
o Touchstone Bond
o Touchstone Standby Income
TOUCHSTONE SELECT VARIABLE ANNUITY
This is one part of a two part report.
<PAGE>
This is one part of a two-part annual report. This part 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 Growth & 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*, MFS
VIT Emerging Growth*, MFS VIT Growth with Income*, and PIMCO Long-Term U.S.
Government Bond*. Please call Touchstone at 800.669.2796 (press 2) for
additional information.
Separate Account 1 of Western-Southern Life Assurance Company holds the assets
allocated to its sub-accounts by the owners of the variable annuity contracts.
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
annuity contracts. 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. Touchstone Variable
Annuities are distributed by Touchstone Securities, Inc.,** and underwritten by
the Western-Southern Life Assurance Company, Cincinnati, Ohio. For more
information about your Touchstone annuity or investment option, including
charges and expenses, call Touchstone for a free prospectus. Read it carefully
before you invest.
* These investment options may not be available in your state at this time.
**A registered broker-dealer and member of the NASD and SIPC.
<PAGE>
[Front Cover]
ANNUAL REPORT
DECEMBER 31, 1999
o AIM V.I. Growth
o AIM V.I. Government Securities
o Alger American Small Capitalization
o Alger American Growth
o MFS VIT Emerging Growth
o MFS VIT Growth with Income
o PIMCO Long-Term U.S. Government Bond
TOUCHSTONE VARIABLE ANNUITIES
This is one part of a two part report.
<PAGE>
This is one part of a two-part annual report. This part 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*, 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 Growth & Income,
Touchstone Enhanced 30*, Touchstone Balanced, Touchstone Bond, and Touchstone
Standby Income. Please call Touchstone at 800.669.7296 (press 2) for additional
information.
Separate Accounts I and II of Western-Southern Life Assurance Company hold the
assets allocated to its sub-accounts by the owners of the variable annuity
contracts. 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 insurance contracts. 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. Touchstone Variable
Annuities are distributed by Touchstone Securities, Inc.,** and underwritten by
the Western-Southern Life Assurance Company, Cincinnati, Ohio. For more
information about any Touchstone annuity or investment option, including charges
and expenses, call Touchstone for a free prospectus. Read it carefully before
you invest.
* These investment options may not be available in your state at this time.
**A registered broker-dealer and member of the NASD and SIPC.
<PAGE>
[Back Cover]
Underwriter
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Western- Southern Life Assurance Company
400 Broadway
Cincinnati, Ohio 45202
Distributor
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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 Annuity Service Center
- -------------------------------
Touchstone Variable Annuity Service Center
P. O. Box 2850
Cincinnati, Ohio 45201- 2850
800.669.2796 (press 2)
Custodian
- ---------
Investors Bank & Trust Company
200 Clarendon Street
Boston, Massachusetts 02116- 9130
Independent Accountants
- -----------------------
Ernst & Young LLP
1300 Chiquita Center
250 East Fifth Street
Cincinnati, Ohio 45202
Legal Counsel
- -------------
Frost & Jacobs LLP
2500 PNC Center
201 East Fifth Street
Cincinnati, Ohio 45202
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TOUCHSTONE
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The Mark of Excellence in Investment Management(sm)
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VA
Retire on Your Terms
Variable Annuities
