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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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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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<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 801-45963
008 D010801 CINCINNATI
008 D020801 OH
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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 KEVIN M. CONNERTY
TITLE ASST. TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from Touchstone Select Advisers Trust A
financial statements at December 31, 1997
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> Touchstone Emerging Growth Fund A
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 3,820,692
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<NET-CHANGE-IN-ASSETS> 2,075,416
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from Touchstone Select Advisers Trust A
financial statements at December 31, 1997
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 2
<NAME> Touchstone International Equity Fund A
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 4,231,928
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<OVERDISTRIBUTION-NII> (14,430)
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<NET-CHANGE-IN-ASSETS> 1,312,130
<ACCUMULATED-NII-PRIOR> (1,546)
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (142,837)
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 186,546
<AVERAGE-NET-ASSETS> 4,143,796
<PER-SHARE-NAV-BEGIN> 10.63
<PER-SHARE-NII> 0.02
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<EXPENSE-RATIO> 1.60
<AVG-DEBT-OUTSTANDING> 0
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from Touchstone Select Advisers Trust A
financial statements at December 31, 1997
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 3
<NAME> Touchstone Growth & Income Fund A
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 5,774,710
<INVESTMENTS-AT-VALUE> 5,882,451
<RECEIVABLES> 154,190
<ASSETS-OTHER> 17,164
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 6,053,805
<PAYABLE-FOR-SECURITIES> 26,461
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 47,118
<TOTAL-LIABILITIES> 73,579
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 5,506,335
<SHARES-COMMON-STOCK> 397,027
<SHARES-COMMON-PRIOR> 260,854
<ACCUMULATED-NII-CURRENT> 2,166
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 83,816
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 387,909
<NET-ASSETS> 5,980,226
<DIVIDEND-INCOME> 82,517
<INTEREST-INCOME> 8,204
<OTHER-INCOME> 0
<EXPENSES-NET> 59,864
<NET-INVESTMENT-INCOME> 30,857
<REALIZED-GAINS-CURRENT> 652,500
<APPREC-INCREASE-CURRENT> 212,301
<NET-CHANGE-FROM-OPS> 895,658
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 36,450
<DISTRIBUTIONS-OF-GAINS> 602,875
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 194,618
<NUMBER-OF-SHARES-REDEEMED> 100,955
<SHARES-REINVESTED> 42,510
<NET-CHANGE-IN-ASSETS> 2,320,860
<ACCUMULATED-NII-PRIOR> 777
<ACCUMULATED-GAINS-PRIOR> 27,793
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 192,576
<AVERAGE-NET-ASSETS> 4,604,943
<PER-SHARE-NAV-BEGIN> 14.03
<PER-SHARE-NII> 0.09
<PER-SHARE-GAIN-APPREC> 2.78
<PER-SHARE-DIVIDEND> 0.11
<PER-SHARE-DISTRIBUTIONS> 1.73
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 15.06
<EXPENSE-RATIO> 1.30
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from Touchstone Select Advisers Trust A
financial statements at December 31, 1997
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 4
<NAME> Touchstone Balanced Fund A
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 2,966,941
<INVESTMENTS-AT-VALUE> 3,198,163
<RECEIVABLES> 147,205
<ASSETS-OTHER> 17,164
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 3,362,532
<PAYABLE-FOR-SECURITIES> 40
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 46,727
<TOTAL-LIABILITIES> 46,767
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3,061,544
<SHARES-COMMON-STOCK> 267,075
<SHARES-COMMON-PRIOR> 167,149
<ACCUMULATED-NII-CURRENT> 2,506
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 30,260
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 221,455
<NET-ASSETS> 3,315,765
<DIVIDEND-INCOME> 18,418
<INTEREST-INCOME> 72,420
<OTHER-INCOME> 0
<EXPENSES-NET> 35,829
<NET-INVESTMENT-INCOME> 55,009
<REALIZED-GAINS-CURRENT> 499,632
<APPREC-INCREASE-CURRENT> (91,281)
<NET-CHANGE-FROM-OPS> 463,360
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 55,865
<DISTRIBUTIONS-OF-GAINS> 473,049
<DISTRIBUTIONS-OTHER> 8,806
<NUMBER-OF-SHARES-SOLD> 68,410
<NUMBER-OF-SHARES-REDEEMED> 11,763
<SHARES-REINVESTED> 43,278
<NET-CHANGE-IN-ASSETS> 1,230,334
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 8,479
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 156,915
<AVERAGE-NET-ASSETS> 2,653,923
<PER-SHARE-NAV-BEGIN> 12.48
<PER-SHARE-NII> 0.27
<PER-SHARE-GAIN-APPREC> 2.09
<PER-SHARE-DIVIDEND> 0.30
<PER-SHARE-DISTRIBUTIONS> 2.12
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 12.42
<EXPENSE-RATIO> 1.35
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from Touchstone Select Advisers Trust A
financial statements at December 31, 1997
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 5
<NAME> Touchstone Income Opportunity Fund A
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 7,240,584
<INVESTMENTS-AT-VALUE> 6,892,170
<RECEIVABLES> 155,785
<ASSETS-OTHER> 17,164
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 7,065,119
<PAYABLE-FOR-SECURITIES> 800
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 55,453
<TOTAL-LIABILITIES> 56,253
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 7,537,857
<SHARES-COMMON-STOCK> 709,018
<SHARES-COMMON-PRIOR> 419,997
<ACCUMULATED-NII-CURRENT> 5,651
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (235,330)
<ACCUM-APPREC-OR-DEPREC> (299,312)
<NET-ASSETS> 7,008,866
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 865,310
<OTHER-INCOME> 0
<EXPENSES-NET> 84,096
<NET-INVESTMENT-INCOME> 781,214
<REALIZED-GAINS-CURRENT> 241,119
<APPREC-INCREASE-CURRENT> (458,957)
<NET-CHANGE-FROM-OPS> 563,376
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 773,302
<DISTRIBUTIONS-OF-GAINS> 271,405
<DISTRIBUTIONS-OTHER> 242,802
<NUMBER-OF-SHARES-SOLD> 677,881
<NUMBER-OF-SHARES-REDEEMED> 488,860
<SHARES-REINVESTED> 100,000
<NET-CHANGE-IN-ASSETS> 2,429,786
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 21,521
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 242,067
<AVERAGE-NET-ASSETS> 6,974,711
<PER-SHARE-NAV-BEGIN> 10.90
<PER-SHARE-NII> 1.24
<PER-SHARE-GAIN-APPREC> (0.23)
<PER-SHARE-DIVIDEND> 1.22
<PER-SHARE-DISTRIBUTIONS> 0.80
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 9.89
<EXPENSE-RATIO> 1.20
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from Touchstone Select Advisers Trust A
financial statements at December 31, 1997
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 6
<NAME> Touchstone Bond Fund A
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 1,551,304
<INVESTMENTS-AT-VALUE> 1,572,246
<RECEIVABLES> 135,722
<ASSETS-OTHER> 17,164
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,725,132
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 40,510
<TOTAL-LIABILITIES> 40,510
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,654,030
<SHARES-COMMON-STOCK> 164,839
<SHARES-COMMON-PRIOR> 80,730
<ACCUMULATED-NII-CURRENT> 1,097
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (2,317)
<ACCUM-APPREC-OR-DEPREC> 31,812
<NET-ASSETS> 1,684,622
<DIVIDEND-INCOME> 5,587
<INTEREST-INCOME> 127,545
<OTHER-INCOME> 0
<EXPENSES-NET> 17,137
<NET-INVESTMENT-INCOME> 115,995
<REALIZED-GAINS-CURRENT> 2,874
<APPREC-INCREASE-CURRENT> 28,320
<NET-CHANGE-FROM-OPS> 147,189
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 117,358
<DISTRIBUTIONS-OF-GAINS> 203
<DISTRIBUTIONS-OTHER> 6,489
<NUMBER-OF-SHARES-SOLD> 189,458
<NUMBER-OF-SHARES-REDEEMED> 113,852
<SHARES-REINVESTED> 8,503
<NET-CHANGE-IN-ASSETS> 863,769
<ACCUMULATED-NII-PRIOR> 1,362
<ACCUMULATED-GAINS-PRIOR> (4,299)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 123,828
<AVERAGE-NET-ASSETS> 1,904,113
<PER-SHARE-NAV-BEGIN> 10.17
<PER-SHARE-NII> 0.61
<PER-SHARE-GAIN-APPREC> 0.11
<PER-SHARE-DIVIDEND> 0.66
<PER-SHARE-DISTRIBUTIONS> 0.01
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.22
<EXPENSE-RATIO> 0.90
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from Touchstone Select Advisers Trust A
financial statements at December 31, 1997
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 8
<NAME> Touchstone Standby Income Fund
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 8,431,304
<INVESTMENTS-AT-VALUE> 8,431,173
<RECEIVABLES> 210,438
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 30,295
<TOTAL-ASSETS> 8,671,906
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 68,975
<TOTAL-LIABILITIES> 68,975
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 8,602,555
<SHARES-COMMON-STOCK> 862,865
<SHARES-COMMON-PRIOR> 646,782
<ACCUMULATED-NII-CURRENT> 4,343
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (3,836)
<ACCUM-APPREC-OR-DEPREC> (131)
<NET-ASSETS> 8,602,931
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 441,825
<OTHER-INCOME> 0
<EXPENSES-NET> 56,260
<NET-INVESTMENT-INCOME> 385,565
<REALIZED-GAINS-CURRENT> (1,729)
<APPREC-INCREASE-CURRENT> (499)
<NET-CHANGE-FROM-OPS> 383,337
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 392,547
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 437,066
<NUMBER-OF-SHARES-REDEEMED> 259,339
<SHARES-REINVESTED> 38,406
<NET-CHANGE-IN-ASSETS> 2,147,276
<ACCUMULATED-NII-PRIOR> 2,838
<ACCUMULATED-GAINS-PRIOR> (603)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 368
<GROSS-ADVISORY-FEES> 18,755
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 263,582
<AVERAGE-NET-ASSETS> 4,247,941
<PER-SHARE-NAV-BEGIN> 9.98
<PER-SHARE-NII> 0.51
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> 0.52
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 9.97
<EXPENSE-RATIO> 0.75
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
REPORT OF INDEPENDENT ACCOUNTANTS
TO ACCOMPANY FORM N-SAR
To the Investors and Trustees of Select Advisors Trust A:
Touchstone 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 Fund A Touchstone
Standby Income Fund A
In planning and performing our audits of the financial statements and financial
highlights of the above referenced funds of Select Advisors Trust A for the year
ended December 31, 1997 we considered their internal control, including controls
over 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 internal control.
The management of Select Advisors Trust A 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 and financial
highlights for external purposes that are fairly presented in conformity with
generally accepted accounting principles. Those controls include the
safe-guarding of assets against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, misstatements due to errors
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 any
specific internal control component does not reduce to a relatively low level
the risk that misstatements due to errors or fraud in amounts that would be
material in relation to the financial statements and supplementary data 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, including controls over safeguarding
securities, that we consider to be material weaknesses, as defined above, as of
December 31, 1997. This report is intended solely for the information and use of
management, and the Securities and Exchange Commission.
Coopers & Lybrand L.L.P.
Boston, Massachusetts
February 13, 1998
Proxy Voting Results
A special meeting of the shareholders of Touchstone Growth & Income Fund A
("Fund A") of Select Advisors Trust A ("Trust A") was held on September 18,
1997. The results of votes taken among shareholders on proposals are listed
below.
Proposal 1
To consider the approval of the Portfolio Advisory Agreement dated September 1,
1997 between Touchstone Advisors, Inc., the investment advisor for the Select
Advisors Portfolios (the "Advisor"), and Scudder, Stevens & Clark, Inc.
("Scudder").
Fund A: QUORUM NOT MET.
Proposal 2
To approve a new Portfolio Advisory Agreement between the Advisor and Scudder to
become effective upon the consummation of certain transactions, described in the
proxy statement, pursuant to which Scudder will be subject to a change in
control.
Fund A: QUORUM NOT MET.
Proposal 3
To approve an amendment to the Investment Advisory Agreement between the Advisor
and Select Advisors Portfolios.
Fund A: QUORUM NOT MET.
Proposal 4
To approve an amendment to the fundamental investment restriction applicable to
the Growth & Income Portfolio of Select Advisors Portfolios relating to real
estate investments.
Fund A: QUORUM NOT MET.
<PAGE>
Proxy Voting Results
A special meeting of the shareholders of Touchstone Emerging Growth Fund A
("Fund A"), a separate series of Select Advisors Trust A ("Trust A" or a
"Trust") was held on October 30, 1997. The results of the votes taken among
shareholders on proposals are listed below.
Proposal 1
To adopt a new portfolio agreement between Touchstone Advisors, Inc. and
Westfield Capital Management Company, Inc. ("Westfield"), pursuant to which
Westfield would act as portfolio advisor with respect to a portion of the assets
of the Emerging Growth Portfolio of the Select Advisors Portfolios.
Fund A:
# of Shares Voted % of Shares
Affirmative........... 211,633.381 95.55%
Against................. 455.314 0.21
Abstain................. 500.777 0.14
Proxy Voting Results
On October 30, 1997, Touchstone Emerging Growth Fund A ("Fund A"), a separate
series of Select Advisors Trust A ("Trust A"), as one of the two interest
holders of the Emerging Growth Portfolio (the "Portfolio") of Select Advisors
Portfolios, took the following actions without meeting, by the unanimous written
consent of more than 50% of the outstanding interests of the Portfolio:
1. It was approved that Touchstone Advisors, Inc., the investment
advisor to the Portfolio, would enter into a new portfolio advisory
agreement with Westfield Capital Management Company, which differs from
the previous agreement only in the effective and termination dates.
<PAGE>