
Touchstone Aggressive ETF Fund (Prospectus Summary) \| Touchstone Aggressive ETF Fund
Touchstone Aggressive ETF Fund
TOUCHSTONE VARIABLE SERIES TRUST Touchstone Large Cap Core Equity Fund Touchstone Aggressive ETF Fund Touchstone Conservative ETF Fund Touchstone Enhanced ETF Fund Touchstone Moderate ETF Fund Supplement to the Prospectus and Statement of Additional Information Dated April 30, 2012 Change in Sub-Advisor On February 21, 2013, the Board of Trustees ( the “Board”) of Touchstone Variable Series Trust approved the selection of Todd Asset Management LLC (“Todd”) as sub-advisor to the Touchstone Large Cap Core Equity Fund, Touchstone Aggressive ETF Fund, Touchstone Conservative ETF Fund, Touchstone Enhanced ETF Fund, and Touchstone Moderate ETF Fund (collectively “the Funds”) and the termination of Todd-Veredus Asset Management LLC (“Todd-Veredus”), the current sub-advisor to the Funds, to be effective on or about March 1, 2013. The selection of Todd was a result of an impending restructuring of Todd-Veredus in which the firm is closing its Veredus division, a division unrelated to the Funds’ management. This reorganization would have resulted in the termination of the Funds’ current sub-advisory agreement. In selecting Todd as sub-advisor, the Board considered, among other factors, the recommendation of the Funds’ advisor, Touchstone Advisors, Inc. (the “Advisor”), and the Advisor’s conclusion that the restructuring will not result in any interruption or change to the Funds’ investment strategies or personnel. The entire investment management team and staff who historically and currently manage the Funds will remain in place and continue to execute the same investment goals and strategies. Accordingly, all references to Todd-Veredus Asset Management LLC and Todd-Veredus as sub-advisor of the Funds in each Fund’s Summary Prospectus, Prospectus, and Statement of Additional Information are deleted and replaced with Todd Asset Management LLC and Todd, respectively. Please contact your financial advisor or Touchstone Investments at 800.543.0407 if you have any questions. P.O. Box 9878 · Providence, RI 02940-8078 Ph: 800.543.0407 · TouchstoneInvestments.com Touchstone Funds are distributed by Touchstone Securities, Inc.* *A registered broker-dealer and member FINRA and SIPC A Member of Western & Southern Financial Group
Please retain this Supplement for future reference.

Touchstone Aggressive ETF Fund (Prospectus Summary) | Touchstone Aggressive ETF Fund

Touchstone Aggressive ETF Fund

TOUCHSTONE VARIABLE SERIES TRUST

Touchstone Large Cap Core Equity Fund

Touchstone Aggressive ETF Fund

Touchstone Conservative ETF Fund

Touchstone Enhanced ETF Fund

Touchstone Moderate ETF Fund

Supplement to the Prospectus and Statement of Additional Information

Dated April 30, 2012

Change in Sub-Advisor

On February 21, 2013, the Board of Trustees ( the “Board”) of Touchstone Variable Series Trust approved the selection of Todd Asset Management LLC (“Todd”) as sub-advisor to the Touchstone Large Cap Core Equity Fund, Touchstone Aggressive ETF Fund, Touchstone Conservative ETF Fund, Touchstone Enhanced ETF Fund, and Touchstone Moderate ETF Fund (collectively “the Funds”) and the termination of Todd-Veredus Asset Management LLC (“Todd-Veredus”), the current sub-advisor to the Funds, to be effective on or about March 1, 2013. The selection of Todd was a result of an impending restructuring of Todd-Veredus in which the firm is closing its Veredus division, a division unrelated to the Funds’ management. This reorganization would have resulted in the termination of the Funds’ current sub-advisory agreement. In selecting Todd as sub-advisor, the Board considered, among other factors, the recommendation of the Funds’ advisor, Touchstone Advisors, Inc. (the “Advisor”), and the Advisor’s conclusion that the restructuring will not result in any interruption or change to the Funds’ investment strategies or personnel. The entire investment management team and staff who historically and currently manage the Funds will remain in place and continue to execute the same investment goals and strategies. Accordingly, all references to Todd-Veredus Asset Management LLC and Todd-Veredus as sub-advisor of the Funds in each Fund’s Summary Prospectus, Prospectus, and Statement of Additional Information are deleted and replaced with Todd Asset Management LLC and Todd, respectively.

Please contact your financial advisor or Touchstone Investments at 800.543.0407 if you have any questions.

P.O. Box 9878 · Providence, RI 02940-8078

Ph: 800.543.0407 · TouchstoneInvestments.com

Touchstone Funds are distributed by Touchstone Securities, Inc.*

*A registered broker-dealer and member FINRA and SIPC

A Member of Western & Southern Financial Group

Please retain this Supplement for future reference.