SELECT ADVISORS TRUST A
NSAR-B, 1996-03-15
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<PAGE>      PAGE  1
000 B000000 12/31/95
000 C000000 0000919629
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 SELECT ADVISORS TRUST A
001 B000000 811-8380
001 C000000 6174230800
002 A000000 6 ST JAMES AVENUE, 9TH FLOOR
002 B000000 BOSTON
002 C000000 MA
002 D010000 02116
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 Y
007 B000000  8
007 C010100  1
007 C020100 TOUCHSTONE EMERGING GROWTH FUND A
007 C030100 N
007 C010200  2
007 C020200 TOUCHSTONE INTERNATIONAL EQUITY FUND A
007 C030200 N
007 C010300  3
007 C020300 TOUCHSTONE GROWTH & INCOME FUND A
007 C030300 N
007 C010400  4
007 C020400 TOUCHSTONE BALANCED FUND A
007 C030400 N
007 C010500  5
007 C020500 TOUCHSTONE INCOME OPPORTUNITY FUND A
007 C030500 N
007 C010600  6
007 C020600 TOUCHSTONE BOND FUND A
007 C030600 N
007 C010700  7
007 C020700 TOUCHSTONE MUNICIPAL BOND FUND A
007 C030700 N
007 C010800  8
007 C020800 TOUCHSTONE STANDBY INCOME FUND
007 C030800 N
007 C010900  9
007 C011000 10
010 A00AA01 SIGNATURE BROKER-DEALER SERVICES, INC.
010 B00AA01 8-41134
010 C01AA01 BOSTON
<PAGE>      PAGE  2
010 C02AA01 MA
010 C03AA01 02116
011 A00AA01 SIGNATURE BROKER-DEALER SERVICES, INC.
011 B00AA01 8-41134
011 C01AA01 BOSTON
011 C02AA01 MA
011 C03AA01 02116
012 A00AA01 STATE STREET BANK & TRUST COMPANY
012 B00AA01 84-0000000
012 C01AA01 BOSTON
012 C02AA01 MA
012 C03AA01 02266
012 C04AA01 8518
013 A00AA01 COOPERS & LYBRAND L.L.P.
013 B01AA01 BOSTON
013 B02AA01 MA
013 B03AA01 02109
015 A00AA01 INVESTORS BANK & TRUST COMPANY
015 B00AA01 C
015 C01AA01 BOSTON
015 C02AA01 MA
015 C03AA01 02111
015 E01AA01 X
018  00AA00 Y
019 A00AA00 Y
019 B00AA00   29
019 C00AA00 TOUCHSTONE
020 C000001      0
020 C000002      0
020 C000003      0
020 C000004      0
020 C000005      0
020 C000006      0
020 C000007      0
020 C000008      0
020 C000009      0
020 C000010      0
021  000000        0
022 A000001 FIRST NATIONAL BANK OF CHICAGO
022 C000001      5192
022 D000001         0
022 A000002 CANTOR FITZGERALD & CO INC
022 B000002 13-3680187
022 C000002      5178
022 D000002         0
022 A000003 LEHMAN BROTHERS
022 B000003 13-2518466
022 C000003      3593
022 D000003         0
022 A000004 INTERNATIONAL EQUITY PORTFOLIO
022 B000004 04-3235205
<PAGE>      PAGE  3
022 C000004      2563
022 D000004        73
022 A000005 EMERGING GROWTH PORTFOLIO
022 B000005 04-3235204
022 C000005      2215
022 D000005        80
022 A000006 GROWTH & INCOME PORTFOLIO
022 B000006 04-3235200
022 C000006      1491
022 D000006       149
022 A000007 HSBC SECURITIES
022 C000007       375
022 D000007      1164
022 A000008 CITICORP SECURITIES MARKET, INC
022 C000008      1512
022 D000008         0
022 A000009 BALANCED PORTFOLIO
022 B000009 04-3234434
022 C000009      1314
022 D000009        58
022 A000010 MUNICIPAL BOND PORTFOLIO
022 B000010 06-1398023
022 C000010      1303
022 D000010        57
023 C000000      33478
023 D000000       2851
024  00AA00 N
025 D00AA01       0
025 D00AA02       0
025 D00AA03       0
025 D00AA04       0
025 D00AA05       0
025 D00AA06       0
025 D00AA07       0
025 D00AA08       0
026 A000000 N
026 B000000 N
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 Y
027  000000 Y
034  00AA00 N
035  00AA00      0
036 B00AA00      0
055 A00AA00 N
055 B00AA00 N
056  00AA00 N
<PAGE>      PAGE  4
057  00AA00 N
058 A00AA00 N
059  00AA00 Y
060 A00AA00 Y
060 B00AA00 Y
061  00AA00      500
070 A01AA00 Y
070 A02AA00 N
070 B01AA00 Y
070 B02AA00 N
070 C01AA00 Y
070 C02AA00 N
070 D01AA00 Y
070 D02AA00 N
070 E01AA00 N
070 E02AA00 N
070 F01AA00 Y
070 F02AA00 N
070 G01AA00 Y
070 G02AA00 N
070 H01AA00 Y
070 H02AA00 N
070 I01AA00 N
070 I02AA00 N
070 J01AA00 Y
070 J02AA00 N
070 K01AA00 Y
070 K02AA00 Y
070 L01AA00 Y
070 L02AA00 N
070 M01AA00 Y
070 M02AA00 N
070 N01AA00 Y
070 N02AA00 N
070 O01AA00 Y
070 O02AA00 N
070 P01AA00 Y
070 P02AA00 N
070 Q01AA00 N
070 Q02AA00 N
070 R01AA00 N
070 R02AA00 N
077 A000000 Y
077 B000000 Y
078  000000 N
080 A00AA00 FIDELITY AND DEPOSIT COMPANY OF MARYLAND
080 C00AA00     3000
081 A00AA00 Y
081 B00AA00  29
082 A00AA00 N
082 B00AA00        0
<PAGE>      PAGE  5
083 A00AA00 N
083 B00AA00        0
084 A00AA00 N
084 B00AA00        0
085 A00AA00 Y
085 B00AA00 N
086 A010000      0
086 A020000      0
086 B010000      0
086 B020000      0
086 C010000      0
086 C020000      0
086 D010000      0
086 D020000      0
086 E010000      0
086 E020000      0
086 F010000      0
086 F020000      0
028 A010100         8
028 A020100         0
028 A030100         0
028 A040100         1
028 B010100        22
028 B020100         0
028 B030100         0
028 B040100         1
028 C010100        24
028 C020100         0
028 C030100         0
028 C040100         1
028 D010100        10
028 D020100         0
028 D030100         0
028 D040100         3
028 E010100        48
028 E020100         0
028 E030100         0
028 E040100         2
028 F010100        17
028 F020100         0
028 F030100         0
028 F040100         0
028 G010100       129
028 G020100         0
028 G030100         0
028 G040100         8
028 H000100       129
029  000100 Y
030 A000100      0
030 B000100  5.75
030 C000100  0.00
<PAGE>      PAGE  6
031 A000100      0
031 B000100      0
032  000100      0
033  000100      0
037  000100 N
038  000100      0
039  000100 N
040  000100 Y
041  000100 Y
042 A000100   0
042 B000100   0
042 C000100   0
042 D000100   0
042 E000100   0
042 F000100   0
042 G000100   0
042 H000100 100
043  000100      3
044  000100      0
045  000100 N
048  000100  0.000
048 A010100        0
048 A020100 0.000
048 B010100        0
048 B020100 0.000
048 C010100        0
048 C020100 0.000
048 D010100        0
048 D020100 0.000
048 E010100        0
048 E020100 0.000
048 F010100        0
048 F020100 0.000
048 G010100        0
048 G020100 0.000
048 H010100        0
048 H020100 0.000
048 I010100        0
048 I020100 0.000
048 J010100        0
048 J020100 0.000
048 K010100        0
048 K020100 0.000
062 A000100 N
062 B000100   0.0
062 C000100   0.0
062 D000100   0.0
062 E000100   0.0
062 F000100   0.0
062 G000100   0.0
062 H000100   0.0
<PAGE>      PAGE  7
062 I000100   0.0
062 J000100   0.0
062 K000100   0.0
062 L000100   0.0
062 M000100   0.0
062 N000100   0.0
062 O000100   0.0
062 P000100   0.0
062 Q000100   0.0
062 R000100   0.0
063 A000100   0
063 B000100  0.0
066 A000100 N
067  000100 N
068 A000100 N
068 B000100 N
069  000100 N
071 A000100         0
071 B000100         0
071 C000100         0
071 D000100    0
072 A000100 12
072 B000100       24
072 C000100        8
072 D000100        0
072 E000100        0
072 F000100        0
072 G000100        0
072 H000100        0
072 I000100       28
072 J000100        0
072 K000100        0
072 L000100        7
072 M000100        1
072 N000100        6
072 O000100        0
072 P000100        0
072 Q000100        0
072 R000100       11
072 S000100        0
072 T000100        5
072 U000100       10
072 V000100        0
072 W000100       46
072 X000100      114
072 Y000100       81
072 Z000100       -1
072AA000100      172
072BB000100        0
072CC010100      288
072CC020100        0
<PAGE>      PAGE  8
072DD010100        6
072DD020100        0
072EE000100      176
073 A010100   0.0310
073 A020100   0.0000
073 B000100   0.8400
073 C000100   0.0000
074 A000100        0
074 B000100        0
074 C000100        0
074 D000100        0
074 E000100        0
074 F000100        0
074 G000100        0
074 H000100        0
074 I000100     2595
074 J000100        0
074 K000100       30
074 L000100        5
074 M000100       37
074 N000100     2667
074 O000100        0
074 P000100       47
074 Q000100        0
074 R010100        0
074 R020100        0
074 R030100        0
074 R040100      100
074 S000100        0
074 T000100     2520
074 U010100      219
074 U020100        0
074 V010100    11.52
074 V020100     0.00
074 W000100   0.0000
074 X000100      225
074 Y000100        0
075 A000100        0
075 B000100     2166
076  000100     0.00
028 A010200         9
028 A020200         0
028 A030200         0
028 A040200         0
028 B010200        36
028 B020200         0
028 B030200         0
028 B040200         1
028 C010200        12
028 C020200         0
028 C030200         0
<PAGE>      PAGE  9
028 C040200         0
028 D010200         9
028 D020200         0
028 D030200         0
028 D040200         0
028 E010200        35
028 E020200         0
028 E030200         0
028 E040200         9
028 F010200        10
028 F020200         6
028 F030200         0
028 F040200         0
028 G010200       111
028 G020200         6
028 G030200         0
028 G040200        10
028 H000200       111
029  000200 Y
030 A000200      0
030 B000200  5.75
030 C000200  0.00
031 A000200      0
031 B000200      0
032  000200      0
033  000200      0
037  000200 N
038  000200      0
039  000200 N
040  000200 Y
041  000200 Y
042 A000200   0
042 B000200   0
042 C000200   0
042 D000200   0
042 E000200   0
042 F000200   0
042 G000200   0
042 H000200 100
043  000200      3
044  000200      0
045  000200 N
048  000200  0.000
048 A010200        0
048 A020200 0.000
048 B010200        0
048 B020200 0.000
048 C010200        0
048 C020200 0.000
048 D010200        0
048 D020200 0.000
<PAGE>      PAGE  10
048 E010200        0
048 E020200 0.000
048 F010200        0
048 F020200 0.000
048 G010200        0
048 G020200 0.000
048 H010200        0
048 H020200 0.000
048 I010200        0
048 I020200 0.000
048 J010200        0
048 J020200 0.000
048 K010200        0
048 K020200 0.000
062 A000200 N
062 B000200   0.0
062 C000200   0.0
062 D000200   0.0
062 E000200   0.0
062 F000200   0.0
062 G000200   0.0
062 H000200   0.0
062 I000200   0.0
062 J000200   0.0
062 K000200   0.0
062 L000200   0.0
062 M000200   0.0
062 N000200   0.0
062 O000200   0.0
062 P000200   0.0
062 Q000200   0.0
062 R000200   0.0
063 A000200   0
063 B000200  0.0
066 A000200 N
067  000200 N
068 A000200 N
068 B000200 N
069  000200 N
071 A000200         0
071 B000200         0
071 C000200         0
071 D000200    0
072 A000200 12
072 B000200        9
072 C000200       32
072 D000200        0
072 E000200        0
072 F000200        0
072 G000200        0
072 H000200        0
<PAGE>      PAGE  11
072 I000200       26
072 J000200        0
072 K000200        0
072 L000200        8
072 M000200        1
072 N000200        0
072 O000200        0
072 P000200        0
072 Q000200        0
072 R000200       11
072 S000200        0
072 T000200        6
072 U000200       10
072 V000200        0
072 W000200       60
072 X000200      122
072 Y000200       84
072 Z000200        3
072AA000200        0
072BB000200      213
072CC010200      342
072CC020200        0
072DD010200        6
072DD020200        0
072EE000200        0
073 A010200   0.0220
073 A020200   0.0000
073 B000200   0.0000
073 C000200   0.0000
074 A000200        0
074 B000200        0
074 C000200        0
074 D000200        0
074 E000200        0
074 F000200        0
074 G000200        0
074 H000200        0
074 I000200     2621
074 J000200        0
074 K000200       29
074 L000200        1
074 M000200       37
074 N000200     2688
074 O000200        0
074 P000200       47
074 Q000200        0
074 R010200        0
074 R020200        0
074 R030200        0
074 R040200       24
074 S000200        0
<PAGE>      PAGE  12
074 T000200     2617
074 U010200      273
074 U020200        0
074 V010200     9.58
074 V020200     0.00
074 W000200   0.0000
074 X000200      188
074 Y000200        0
075 A000200        0
075 B000200     2388
076  000200     0.00
028 A010300        85
028 A020300         0
028 A030300         0
028 A040300         3
028 B010300       220
028 B020300         0
028 B030300         0
028 B040300         0
028 C010300       113
028 C020300         3
028 C030300         0
028 C040300         2
028 D010300       103
028 D020300         1
028 D030300         0
028 D040300         2
028 E010300       280
028 E020300         1
028 E030300         0
028 E040300         4
028 F010300       289
028 F020300        32
028 F030300         0
028 F040300         3
028 G010300      1090
028 G020300        37
028 G030300         0
028 G040300        14
028 H000300      1090
029  000300 Y
030 A000300      0
030 B000300  5.75
030 C000300  0.00
031 A000300      0
031 B000300      0
032  000300      0
033  000300      0
037  000300 N
038  000300      0
039  000300 N
<PAGE>      PAGE  13
040  000300 Y
041  000300 Y
042 A000300   0
042 B000300   0
042 C000300   0
042 D000300   0
042 E000300   0
042 F000300   0
042 G000300   0
042 H000300 100
043  000300      1
044  000300      0
045  000300 N
048  000300  0.000
048 A010300        0
048 A020300 0.000
048 B010300        0
048 B020300 0.000
048 C010300        0
048 C020300 0.000
048 D010300        0
048 D020300 0.000
048 E010300        0
048 E020300 0.000
048 F010300        0
048 F020300 0.000
048 G010300        0
048 G020300 0.000
048 H010300        0
048 H020300 0.000
048 I010300        0
048 I020300 0.000
048 J010300        0
048 J020300 0.000
048 K010300        0
048 K020300 0.000
062 A000300 N
062 B000300   0.0
062 C000300   0.0
062 D000300   0.0
062 E000300   0.0
062 F000300   0.0
062 G000300   0.0
062 H000300   0.0
062 I000300   0.0
062 J000300   0.0
062 K000300   0.0
062 L000300   0.0
062 M000300   0.0
062 N000300   0.0
062 O000300   0.0
<PAGE>      PAGE  14
062 P000300   0.0
062 Q000300   0.0
062 R000300   0.0
063 A000300   0
063 B000300  0.0
066 A000300 N
067  000300 N
068 A000300 N
068 B000300 N
069  000300 N
071 A000300         0
071 B000300         0
071 C000300         0
071 D000300    0
072 A000300 12
072 B000300        1
072 C000300        8
072 D000300        0
072 E000300        0
072 F000300        0
072 G000300        0
072 H000300        0
072 I000300       29
072 J000300        0
072 K000300        0
072 L000300        6
072 M000300        0
072 N000300        5
072 O000300        0
072 P000300        0
072 Q000300        0
072 R000300       11
072 S000300        0
072 T000300        1
072 U000300       10
072 V000300        0
072 W000300       15
072 X000300       77
072 Y000300       74
072 Z000300        3
072AA000300       31
072BB000300        0
072CC010300      106
072CC020300        0
072DD010300       11
072DD020300        0
072EE000300       26
073 A010300   0.1620
073 A020300   0.0000
073 B000300   0.2290
073 C000300   0.0000
<PAGE>      PAGE  15
074 A000300        0
074 B000300        0
074 C000300        0
074 D000300        0
074 E000300        0
074 F000300        0
074 G000300        0
074 H000300        0
074 I000300     1483
074 J000300        0
074 K000300       34
074 L000300       20
074 M000300       37
074 N000300     1574
074 O000300        0
074 P000300       47
074 Q000300        0
074 R010300        0
074 R020300        0
074 R030300        0
074 R040300       27
074 S000300        0
074 T000300     1500
074 U010300      114
074 U020300        0
074 V010300    13.14
074 V020300     0.00
074 W000300   0.0000
074 X000300      255
074 Y000300        0
075 A000300        0
075 B000300      479
076  000300     0.00
028 A010400        17
028 A020400         5
028 A030400         0
028 A040400         0
028 B010400        80
028 B020400         0
028 B030400         0
028 B040400         0
028 C010400         8
028 C020400        15
028 C030400         0
028 C040400         0
028 D010400        10
028 D020400         0
028 D030400         0
028 D040400         5
028 E010400        20
028 E020400         0
<PAGE>      PAGE  16
028 E030400         0
028 E040400         0
028 F010400        64
028 F020400        87
028 F030400         0
028 F040400         0
028 G010400       199
028 G020400       107
028 G030400         0
028 G040400         5
028 H000400       199
029  000400 Y
030 A000400      0
030 B000400  5.75
030 C000400  0.00
031 A000400      0
031 B000400      0
032  000400      0
033  000400      0
037  000400 N
038  000400      0
039  000400 N
040  000400 Y
041  000400 Y
042 A000400   0
042 B000400   0
042 C000400   0
042 D000400   0
042 E000400   0
042 F000400   0
042 G000400   0
042 H000400 100
043  000400      2
044  000400      0
045  000400 N
048  000400  0.000
048 A010400        0
048 A020400 0.000
048 B010400        0
048 B020400 0.000
048 C010400        0
048 C020400 0.000
048 D010400        0
048 D020400 0.000
048 E010400        0
048 E020400 0.000
048 F010400        0
048 F020400 0.000
048 G010400        0
048 G020400 0.000
048 H010400        0
<PAGE>      PAGE  17
048 H020400 0.000
048 I010400        0
048 I020400 0.000
048 J010400        0
048 J020400 0.000
048 K010400        0
048 K020400 0.000
062 A000400 N
062 B000400   0.0
062 C000400   0.0
062 D000400   0.0
062 E000400   0.0
062 F000400   0.0
062 G000400   0.0
062 H000400   0.0
062 I000400   0.0
062 J000400   0.0
062 K000400   0.0
062 L000400   0.0
062 M000400   0.0
062 N000400   0.0
062 O000400   0.0
062 P000400   0.0
062 Q000400   0.0
062 R000400   0.0
063 A000400   0
063 B000400  0.0
066 A000400 N
067  000400 Y
068 A000400 N
068 B000400 N
069  000400 N
071 A000400         0
071 B000400         0
071 C000400         0
071 D000400    0
072 A000400 12
072 B000400       35
072 C000400       11
072 D000400        0
072 E000400        0
072 F000400        0
072 G000400        0
072 H000400        0
072 I000400       25
072 J000400        0
072 K000400        0
072 L000400        6
072 M000400        0
072 N000400        0
072 O000400        0
<PAGE>      PAGE  18
072 P000400        0
072 Q000400        0
072 R000400       10
072 S000400        0
072 T000400        3
072 U000400       10
072 V000400        0
072 W000400       35
072 X000400       89
072 Y000400       72
072 Z000400       17
072AA000400       86
072BB000400        0
072CC010400      130
072CC020400        0
072DD010400       39
072DD020400        0
072EE000400       74
073 A010400   0.3350
073 A020400   0.0000
073 B000400   0.5990
073 C000400   0.0000
074 A000400        0
074 B000400        0
074 C000400        0
074 D000400        0
074 E000400        0
074 F000400        0
074 G000400        0
074 H000400        0
074 I000400     1501
074 J000400        0
074 K000400       30
074 L000400        4
074 M000400       37
074 N000400     1572
074 O000400        0
074 P000400       47
074 Q000400        0
074 R010400        0
074 R020400        0
074 R030400        0
074 R040400       23
074 S000400        0
074 T000400     1502
074 U010400      132
074 U020400        0
074 V010400    11.34
074 V020400     0.00
074 W000400   0.0000
074 X000400      163
<PAGE>      PAGE  19
074 Y000400        0
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031 B000500      0
032  000500      0
033  000500      0
037  000500 N
038  000500      0
039  000500 N
040  000500 Y
041  000500 Y
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042 E000500   0
<PAGE>      PAGE  20
042 F000500   0
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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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039  000700 N
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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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008 A000801 TOUCHSTONE ADVISORS, INC.
008 B000801 A
008 C000801 801-000000
008 D010801 CINCINNATI
008 D020801 OH
008 D030801 45202
008 A000802 FORT WASHINGTON INVESTMENT ADVISORS, INC.
008 B000802 S
008 C000802 801-000000
008 D010802 CINCINNATI
008 D020802 OH
008 D030802 45202
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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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SIGNATURE   DAVID G. DANIELSON                           
TITLE       ASSISTANT TREASURER 
 


<TABLE> <S> <C>

<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
Touchstone Emerging Growth Fund A Annual Report dated December 31, 1995 and
is qualified in its entirety by reference to such Annual Report.
</LEGEND>
<CIK> 0000919629
<NAME> SELECT ADVISORS TRUST A
<SERIES>
   <NUMBER> 1
   <NAME> TOUCHSTONE EMERGING GROWTH FUND A
       
<S>                             <C>
<PERIOD-TYPE>                   12-MOS
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<PERIOD-END>                               DEC-31-1995
<INVESTMENTS-AT-COST>                        2,263,988
<INVESTMENTS-AT-VALUE>                       2,594,840
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<DIVIDEND-INCOME>                               23,522
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<NET-INVESTMENT-INCOME>                          (979)
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<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
Touchstone International Equity Fund A Annual Report dated December 31, 1995
and is qualified in it entirety by reference to such Annual Report.
</LEGEND>
<CIK> 0000919629
<NAME> SELECT ADVISORS TRUST A
<SERIES>
   <NUMBER> 2
   <NAME> TOUCHSTONE INTERNATIONAL EQUITY FUND A
       
<S>                             <C>
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                          DEC-31-1995
<PERIOD-START>                             JAN-01-1995
<PERIOD-END>                               DEC-31-1995
<INVESTMENTS-AT-COST>                        2,484,346
<INVESTMENTS-AT-VALUE>                       2,621,240
<RECEIVABLES>                                   29,933
<ASSETS-OTHER>                                       0
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<TOTAL-ASSETS>                               2,687,906
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<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                       70,922
<TOTAL-LIABILITIES>                             70,922
<SENIOR-EQUITY>                                      0
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<NET-INVESTMENT-INCOME>                          2,703
<REALIZED-GAINS-CURRENT>                     (212,640)
<APPREC-INCREASE-CURRENT>                      342,049
<NET-CHANGE-FROM-OPS>                          132,112
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                        5,992
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                         23,753
<NUMBER-OF-SHARES-REDEEMED>                      1,543
<SHARES-REINVESTED>                                623
<NET-CHANGE-IN-ASSETS>                         335,175
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                    (205,155)
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                                0
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                121,561
<AVERAGE-NET-ASSETS>                         4,615,050
<PER-SHARE-NAV-BEGIN>                             9.12
<PER-SHARE-NII>                                   0.21
<PER-SHARE-GAIN-APPREC>                           0.47
<PER-SHARE-DIVIDEND>                              0.22
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                               9.58
<EXPENSE-RATIO>                                   1.60
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<LEGEND>
This schedule contains financial summary information extracted from the 
Touchstone Growth & Income Fund A Annual Report dated December 31, 1995 and is
qualified in its entirety by reference to such Annual Report.
</LEGEND>
<CIK> 0000919629
<NAME> SELECT ADVISORS TRUST A
<SERIES>
   <NUMBER> 3
   <NAME> TOUCHSTONE GROWTH & INCOME FUND A
       
<S>                             <C>
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                          DEC-31-1995
<PERIOD-START>                             JAN-01-1995
<PERIOD-END>                               DEC-31-1995
<INVESTMENTS-AT-COST>                        1,376,824
<INVESTMENTS-AT-VALUE>                       1,483,315
<RECEIVABLES>                                   53,802
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                            36,733
<TOTAL-ASSETS>                               1,573,850
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                       73,814
<TOTAL-LIABILITIES>                             73,814
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                     1,387,783
<SHARES-COMMON-STOCK>                          114,121
<SHARES-COMMON-PRIOR>                            1,969
<ACCUMULATED-NII-CURRENT>                          154
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                          5,608
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                       106,491
<NET-ASSETS>                                 1,500,036
<DIVIDEND-INCOME>                                7,793
<INTEREST-INCOME>                                1,130
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                   6,245
<NET-INVESTMENT-INCOME>                          2,678
<REALIZED-GAINS-CURRENT>                        31,237
<APPREC-INCREASE-CURRENT>                      106,320
<NET-CHANGE-FROM-OPS>                          140,235
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                       11,277
<DISTRIBUTIONS-OF-GAINS>                        25,509
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                        117,930
<NUMBER-OF-SHARES-REDEEMED>                      8,581
<SHARES-REINVESTED>                              2,803
<NET-CHANGE-IN-ASSETS>                       1,480,304
<ACCUMULATED-NII-PRIOR>                          1,703
<ACCUMULATED-GAINS-PRIOR>                        (120)
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                                0
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                 77,154
<AVERAGE-NET-ASSETS>                           479,097
<PER-SHARE-NAV-BEGIN>                            10.02
<PER-SHARE-NII>                                   0.05
<PER-SHARE-GAIN-APPREC>                           3.46
<PER-SHARE-DIVIDEND>                              0.16
<PER-SHARE-DISTRIBUTIONS>                         0.23
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              13.14
<EXPENSE-RATIO>                                   1.30
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
Touchstone Balanced Fund A Annual Report dated December 31, 1995 and is
qualified in its entirety by reference to such Annual Report.
</LEGEND>
<CIK> 0000919629
<NAME> SELECT ADVISORS TRUST A
<SERIES>
   <NUMBER> 4
   <NAME> TOUCHSTONE BALANCED FUND A
       
<S>                             <C>
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                          DEC-31-1995
<PERIOD-START>                             JAN-01-1995
<PERIOD-END>                               DEC-31-1995
<INVESTMENTS-AT-COST>                        1,369,033
<INVESTMENTS-AT-VALUE>                       1,500,913
<RECEIVABLES>                                   34,331
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                            36,733
<TOTAL-ASSETS>                               1,571,977
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                       70,037
<TOTAL-LIABILITIES>                             70,037
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                     1,363,865
<SHARES-COMMON-STOCK>                          132,400
<SHARES-COMMON-PRIOR>                          100,395
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                          6,195
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                       131,880
<NET-ASSETS>                                 1,501,940
<DIVIDEND-INCOME>                               10,661
<INTEREST-INCOME>                               35,333
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                  16,642
<NET-INVESTMENT-INCOME>                         29,352
<REALIZED-GAINS-CURRENT>                        86,073
<APPREC-INCREASE-CURRENT>                      130,015
<NET-CHANGE-FROM-OPS>                          245,440
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                       38,582
<DISTRIBUTIONS-OF-GAINS>                        74,472
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                         22,763
<NUMBER-OF-SHARES-REDEEMED>                        658
<SHARES-REINVESTED>                              9,900
<NET-CHANGE-IN-ASSETS>                         501,091
<ACCUMULATED-NII-PRIOR>                          2,057
<ACCUMULATED-GAINS-PRIOR>                      (5,291)
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                                0
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                 88,968
<AVERAGE-NET-ASSETS>                         1,229,426
<PER-SHARE-NAV-BEGIN>                             9.97
<PER-SHARE-NII>                                   0.31
<PER-SHARE-GAIN-APPREC>                           1.99
<PER-SHARE-DIVIDEND>                              0.33
<PER-SHARE-DISTRIBUTIONS>                         0.60
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              11.34
<EXPENSE-RATIO>                                   1.35
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<LEGEND>
This schedule contains financial summary information extracted from the
Touchstone Income Opportunity Fund A Annual Report dated December 31, 1995 and
is qualified in its entirety by reference to such Annual Report.
</LEGEND>
<CIK> 0000919629
<NAME> SELECT ADVISORS TRUST A
<SERIES>
   <NUMBER> 5
   <NAME> TOUCHSTONE INCOME OPPORTUNITY FUND A
       
<S>                             <C>
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                          DEC-31-1995
<PERIOD-START>                             JAN-01-1995
<PERIOD-END>                               DEC-31-1995
<INVESTMENTS-AT-COST>                        1,316,476
<INVESTMENTS-AT-VALUE>                       1,373,638
<RECEIVABLES>                                   30,893
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                            36,733
<TOTAL-ASSETS>                               1,441,264
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                       71,867
<TOTAL-LIABILITIES>                             71,867
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                     1,359,909
<SHARES-COMMON-STOCK>                          139,335
<SHARES-COMMON-PRIOR>                          102,000
<ACCUMULATED-NII-CURRENT>                        (380)
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                       (47,294)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                        57,162
<NET-ASSETS>                                 1,369,397
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                              148,912
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                  71,282
<NET-INVESTMENT-INCOME>                        135,794
<REALIZED-GAINS-CURRENT>                         4,940
<APPREC-INCREASE-CURRENT>                       97,430
<NET-CHANGE-FROM-OPS>                          102,370
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                      144,517
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                              380
<NUMBER-OF-SHARES-SOLD>                         23,359
<NUMBER-OF-SHARES-REDEEMED>                      1,382
<SHARES-REINVESTED>                             15,358
<NET-CHANGE-IN-ASSETS>                         443,457
<ACCUMULATED-NII-PRIOR>                          1,691
<ACCUMULATED-GAINS-PRIOR>                     (52,234)
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                                0
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                 86,586
<AVERAGE-NET-ASSETS>                         1,090,086
<PER-SHARE-NAV-BEGIN>                             9.08
<PER-SHARE-NII>                                   1.19
<PER-SHARE-GAIN-APPREC>                           0.77
<PER-SHARE-DIVIDEND>                              1.21
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                               9.83
<EXPENSE-RATIO>                                   1.20
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
Touchstone Bond Fund A Annual Report dated December 31, 1995 and is qualified
in its entirety by reference to such Annual Report.
</LEGEND>
<CIK> 0000919629
<NAME> SELECT ADVISORS TRUST A
<SERIES>
   <NUMBER> 6
   <NAME> TOUCHSTONE BOND FUND A
       
<S>                             <C>
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                          DEC-31-1995
<PERIOD-START>                             JAN-01-1995
<PERIOD-END>                               DEC-31-1995
<INVESTMENTS-AT-COST>                          510,260
<INVESTMENTS-AT-VALUE>                         524,871
<RECEIVABLES>                                   31,869
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                            36,733
<TOTAL-ASSETS>                                 593,473
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                       70,853
<TOTAL-LIABILITIES>                             70,853
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                       506,586
<SHARES-COMMON-STOCK>                           49,238
<SHARES-COMMON-PRIOR>                            1,654
<ACCUMULATED-NII-CURRENT>                          105
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                          1,318
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                        14,611
<NET-ASSETS>                                   522,620
<DIVIDEND-INCOME>                                  238
<INTEREST-INCOME>                               15,948
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                   2,048
<NET-INVESTMENT-INCOME>                         14,138
<REALIZED-GAINS-CURRENT>                         3,168
<APPREC-INCREASE-CURRENT>                       14,680
<NET-CHANGE-FROM-OPS>                           31,986
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                       22,764
<DISTRIBUTIONS-OF-GAINS>                         1,750
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                         46,122
<NUMBER-OF-SHARES-REDEEMED>                        670
<SHARES-REINVESTED>                              2,132
<NET-CHANGE-IN-ASSETS>                         506,274
<ACCUMULATED-NII-PRIOR>                          1,650
<ACCUMULATED-GAINS-PRIOR>                         (66)
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                                0
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                 65,916
<AVERAGE-NET-ASSETS>                           226,948
<PER-SHARE-NAV-BEGIN>                             9.88
<PER-SHARE-NII>                                   0.56
<PER-SHARE-GAIN-APPREC>                           1.07
<PER-SHARE-DIVIDEND>                              0.86
<PER-SHARE-DISTRIBUTIONS>                         0.04
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              10.61
<EXPENSE-RATIO>                                   0.90
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
Touchstone Municipal Bond Fund A Annual Report dated December 31, 1995 and
is qualified in its entirety by reference to such Annual Report.
</LEGEND>
<CIK> 0000919629
<NAME> SELECT ADVISORS TRUST A
<SERIES>
   <NUMBER> 7
   <NAME> TOUCHSTONE MUNICIPAL BOND FUND A
       
<S>                             <C>
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                          DEC-31-1995
<PERIOD-START>                             JAN-01-1995
<PERIOD-END>                               DEC-31-1995
<INVESTMENTS-AT-COST>                        1,315,301
<INVESTMENTS-AT-VALUE>                       1,351,537
<RECEIVABLES>                                   34,724
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                            36,733
<TOTAL-ASSETS>                               1,422,994
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                       71,815
<TOTAL-LIABILITIES>                             71,815
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                     1,317,136
<SHARES-COMMON-STOCK>                          132,426
<SHARES-COMMON-PRIOR>                          104,278
<ACCUMULATED-NII-CURRENT>                        (191)
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                        (2,002)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                        36,236
<NET-ASSETS>                                 1,351,179
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                               72,356
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                  13,098
<NET-INVESTMENT-INCOME>                         59,258
<REALIZED-GAINS-CURRENT>                       (1,974)
<APPREC-INCREASE-CURRENT>                       48,516
<NET-CHANGE-FROM-OPS>                          105,800
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                       68,265
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                              191
<NUMBER-OF-SHARES-SOLD>                         22,452
<NUMBER-OF-SHARES-REDEEMED>                        104
<SHARES-REINVESTED>                              5,800
<NET-CHANGE-IN-ASSETS>                         320,782
<ACCUMULATED-NII-PRIOR>                          2,025
<ACCUMULATED-GAINS-PRIOR>                         (28)
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                                0
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                 82,937
<AVERAGE-NET-ASSETS>                         1,244,084
<PER-SHARE-NAV-BEGIN>                             9.88
<PER-SHARE-NII>                                   0.53
<PER-SHARE-GAIN-APPREC>                           0.34
<PER-SHARE-DIVIDEND>                              0.55
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              10.20
<EXPENSE-RATIO>                                   1.05
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<LEGEND>
This schedule contains summary financial data extracted from the Standby Income
Fund Annual Report dated December 31, 1996 and is qualified in its entirety by
reference to such Annual Report.
</LEGEND>
<CIK> 0000919629
<NAME> SELECT ADVISORS TRUST A
<SERIES>
     <NUMBER>  8
     <NAME>    STANDBY INCOME FUND
       
<S>                             <C>
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                          DEC-31-1995
<PERIOD-END>                               DEC-31-1995
<INVESTMENTS-AT-COST>                        5,892,756
<INVESTMENTS-AT-VALUE>                       5,907,331
<RECEIVABLES>                                   86,304
<ASSETS-OTHER>                                  48,675
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                               6,042,310
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                      132,459
<TOTAL-LIABILITIES>                            132,459
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                     5,895,809
<SHARES-COMMON-STOCK>                          590,301
<SHARES-COMMON-PRIOR>                          503,242
<ACCUMULATED-NII-CURRENT>                        2,244
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                        (2,777)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                        14,575
<NET-ASSETS>                                 5,909,851
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                              332,393
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                  41,176
<NET-INVESTMENT-INCOME>                        291,217
<REALIZED-GAINS-CURRENT>                       (2,225)
<APPREC-INCREASE-CURRENT>                        1,156
<NET-CHANGE-FROM-OPS>                          290,148
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                      298,212
<DISTRIBUTIONS-OF-GAINS>                         2,181
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                        125,731
<NUMBER-OF-SHARES-REDEEMED>                     70,601
<SHARES-REINVESTED>                             31,929
<NET-CHANGE-IN-ASSETS>                         861,758
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                        2,181
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                           13,725
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                153,669
<AVERAGE-NET-ASSETS>                         5,475,070
<PER-SHARE-NAV-BEGIN>                            10.03
<PER-SHARE-NII>                                   0.55
<PER-SHARE-GAIN-APPREC>                         (0.02)
<PER-SHARE-DIVIDEND>                              0.55
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              10.01
<EXPENSE-RATIO>                                   0.75
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

                        REPORT OF INDEPENDENT ACCOUNTANTS


To the Investors and Trustees of
Select Advisors Trust A:

In planning and performing  our audit of the financial  statements and financial
highlights  of Select  Advisors  Trust A (the "Trust")  (consisting  of Emerging
Growth  Fund A,  Touchstone  International  Equity Fund A,  Touchstone  Growth &
Income Fund A, Touchstone Balanced Fund A, Touchstone Income Opportunity Fund A,
Touchstone  Bond A,  Touchstone  Municipal  Bond Fund A and  Touchstone  Standby
Income Fund) for the year ended  December 31, 1995, we  considered  its internal
control structure, including procedures for safeguarding securities, in order to
determine our auditing  procedures  for the purpose of expressing our opinion on
the  financial  statements  and  financial  highlights  and to  comply  with the
requirements  of Form N-SAR,  not to provide  assurance on the internal  control
structure.

The management of the Trust is responsible for  establishing  and maintaining an
internal control  structure.  In fulfilling this  responsibility,  estimates and
judgments by management are required to assess the expected benefits and related
costs  of  internal  control  structure  policies  and  procedures.  Two  of the
objectives  of an internal  control  structure  are to provide  management  with
reasonable, but not absolute, assurance that assets are safeguarded against loss
from  unauthorized  use or  disposition  and that  transactions  are executed in
accordance  with  management's  authorization  and  recorded  properly to permit
preparation  of financial  statements  in  conformity  with  generally  accepted
accounting principles.

Because of inherent  limitations in any internal  control  structure,  errors or
irregularities may occur and not be detected. Also, projection of any evaluation
of the  structure  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 the  internal  control  structure  would not  necessarily
disclose all matters in the internal  control  structure  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 the specific internal control structure elements does not reduce to
a relatively  low level the risk that errors or  irregularities  in amounts that
would  be  material  in  relation  to the  financial  statements  and  financial
highlights 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  the  internal  control  structure,  including
procedures  for  safeguarding  securities,  that  we  consider  to  be  material
weaknesses, as defined above, as of December 31, 1995.

This report is intended  solely for the information and use of management of the
Trust and the Securities and Exchange Commission.

                                                    Coopers & Lybrand  L.L.P.

Boston, Massachusetts
February 16, 1996



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