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<PAGE> PAGE 2
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<PAGE> PAGE 11
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<PAGE> PAGE 13
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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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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<PAGE> PAGE 34
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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<PAGE> PAGE 37
SIGNATURE TIMOTHY F. OSBORNE
TITLE ASST. TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from Touchstone Select Advisers
financial statements at December 31, 1998
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 011
<NAME> Touchstone Emerging Growth Fund A
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Dec-31-1998
<PERIOD-END> Dec-31-1998
<INVESTMENTS-AT-COST> 7,558,533
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<PAYABLE-FOR-SECURITIES> 0
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<OTHER-ITEMS-LIABILITIES> 35,172
<TOTAL-LIABILITIES> 35,172
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 7,715,214
<SHARES-COMMON-STOCK> 621,969
<SHARES-COMMON-PRIOR> 357,329
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 47,580
<ACCUM-APPREC-OR-DEPREC> 667,512
<NET-ASSETS> 8,335,146
<DIVIDEND-INCOME> 54,074
<INTEREST-INCOME> 20,790
<OTHER-INCOME> 0
<EXPENSES-NET> 102,629
<NET-INVESTMENT-INCOME> (27,765)
<REALIZED-GAINS-CURRENT> 363,157
<APPREC-INCREASE-CURRENT> (340,021)
<NET-CHANGE-FROM-OPS> (4,629)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 458,159
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 343,695
<NUMBER-OF-SHARES-REDEEMED> 111,410
<SHARES-REINVESTED> 32,355
<NET-CHANGE-IN-ASSETS> 3,386,473
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 44,431
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 250,374
<AVERAGE-NET-ASSETS> 6,841,930
<PER-SHARE-NAV-BEGIN> 13.85
<PER-SHARE-NII> (0.04)
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<RETURNS-OF-CAPITAL> 0
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<EXPENSE-RATIO> 1.50
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from Touchstone Select Advisers
financial statements at December 31, 1998
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 012
<NAME> Touchstone International Equity Fund A
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Dec-31-1998
<PERIOD-END> Dec-31-1998
<INVESTMENTS-AT-COST> 5,684,656
<INVESTMENTS-AT-VALUE> 6,761,320
<RECEIVABLES> 135,817
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<TOTAL-ASSETS> 6,904,530
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 29,014
<TOTAL-LIABILITIES> 29,014
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 5,804,081
<SHARES-COMMON-STOCK> 533,285
<SHARES-COMMON-PRIOR> 417,090
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 32,893
<ACCUMULATED-NET-GAINS> 27,664
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,076,664
<NET-ASSETS> 6,875,516
<DIVIDEND-INCOME> 83,173
<INTEREST-INCOME> 11,604
<OTHER-INCOME> 0
<EXPENSES-NET> 96,468
<NET-INVESTMENT-INCOME> (1,691)
<REALIZED-GAINS-CURRENT> 345,939
<APPREC-INCREASE-CURRENT> 643,481
<NET-CHANGE-FROM-OPS> 987,729
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 27,096
<DISTRIBUTIONS-OF-GAINS> 373,319
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 123,496
<NUMBER-OF-SHARES-REDEEMED> 38,129
<SHARES-REINVESTED> 30,828
<NET-CHANGE-IN-ASSETS> 2,114,749
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 58,978
<OVERDISTRIB-NII-PRIOR> 14,430
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 242,103
<AVERAGE-NET-ASSETS> 6,029,272
<PER-SHARE-NAV-BEGIN> 11.41
<PER-SHARE-NII> 0.00
<PER-SHARE-GAIN-APPREC> 2.27
<PER-SHARE-DIVIDEND> 0.05
<PER-SHARE-DISTRIBUTIONS> 0.74
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.89
<EXPENSE-RATIO> 1.60
<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
financial statements at December 31, 1998
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 013
<NAME> Touchstone Growth & Income Fund A
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Dec-31-1998
<PERIOD-END> Dec-31-1998
<INVESTMENTS-AT-COST> 15,149,538
<INVESTMENTS-AT-VALUE> 15,198,536
<RECEIVABLES> 146,977
<ASSETS-OTHER> 7,393
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 15,352,906
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 91,957
<TOTAL-LIABILITIES> 91,957
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 15,278,502
<SHARES-COMMON-STOCK> 986,703
<SHARES-COMMON-PRIOR> 397,027
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 66,551
<ACCUM-APPREC-OR-DEPREC> 48,998
<NET-ASSETS> 15,260,949
<DIVIDEND-INCOME> 323,261
<INTEREST-INCOME> 14,249
<OTHER-INCOME> 0
<EXPENSES-NET> 156,336
<NET-INVESTMENT-INCOME> 181,174
<REALIZED-GAINS-CURRENT> 220,365
<APPREC-INCREASE-CURRENT> (338,911)
<NET-CHANGE-FROM-OPS> 62,628
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 190,176
<DISTRIBUTIONS-OF-GAINS> 374,954
<DISTRIBUTIONS-OTHER> 13,429
<NUMBER-OF-SHARES-SOLD> 840,694
<NUMBER-OF-SHARES-REDEEMED> 287,905
<SHARES-REINVESTED> 36,887
<NET-CHANGE-IN-ASSETS> 9,280,723
<ACCUMULATED-NII-PRIOR> 2,166
<ACCUMULATED-GAINS-PRIOR> 83,816
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 322,393
<AVERAGE-NET-ASSETS> 12,025,893
<PER-SHARE-NAV-BEGIN> 15.06
<PER-SHARE-NII> 0.19
<PER-SHARE-GAIN-APPREC> 0.84
<PER-SHARE-DIVIDEND> 0.20
<PER-SHARE-DISTRIBUTIONS> 0.40
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 15.47
<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
financial statements at December 31, 1998
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 014
<NAME> Touchstone Balanced Fund A
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Dec-31-1998
<PERIOD-END> Dec-31-1998
<INVESTMENTS-AT-COST> 4,511,254
<INVESTMENTS-AT-VALUE> 4,549,649
<RECEIVABLES> 103,115
<ASSETS-OTHER> 7,393
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 4,660,157
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 24,070
<TOTAL-LIABILITIES> 24,070
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 4,521,372
<SHARES-COMMON-STOCK> 383,389
<SHARES-COMMON-PRIOR> 267,075
<ACCUMULATED-NII-CURRENT> 1,963
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 74,357
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 38,395
<NET-ASSETS> 4,636,087
<DIVIDEND-INCOME> 31,244
<INTEREST-INCOME> 114,023
<OTHER-INCOME> 0
<EXPENSES-NET> 56,528
<NET-INVESTMENT-INCOME> 88,739
<REALIZED-GAINS-CURRENT> 225,430
<APPREC-INCREASE-CURRENT> (183,060)
<NET-CHANGE-FROM-OPS> 131,109
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 105,254
<DISTRIBUTIONS-OF-GAINS> 185,895
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 161,051
<NUMBER-OF-SHARES-REDEEMED> 68,591
<SHARES-REINVESTED> 23,854
<NET-CHANGE-IN-ASSETS> 1,320,322
<ACCUMULATED-NII-PRIOR> 2,506
<ACCUMULATED-GAINS-PRIOR> 30,260
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 166,933
<AVERAGE-NET-ASSETS> 4,187,166
<PER-SHARE-NAV-BEGIN> 12.42
<PER-SHARE-NII> 0.25
<PER-SHARE-GAIN-APPREC> 0.23
<PER-SHARE-DIVIDEND> 0.30
<PER-SHARE-DISTRIBUTIONS> 0.51
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.09
<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
financial statements at December 31, 1998
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 017
<NAME> Touchstone Standby Income Fund
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Dec-31-1998
<PERIOD-END> Dec-31-1998
<INVESTMENTS-AT-COST> 10,877,241
<INVESTMENTS-AT-VALUE> 10,879,577
<RECEIVABLES> 409,090
<ASSETS-OTHER> 9,789
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 11,298,456
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 41,448
<TOTAL-LIABILITIES> 41,448
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 11,238,577
<SHARES-COMMON-STOCK> 1,128,085
<SHARES-COMMON-PRIOR> 862,865
<ACCUMULATED-NII-CURRENT> 7,490
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 8,605
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,336
<NET-ASSETS> 11,257,008
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 614,876
<OTHER-INCOME> 0
<EXPENSES-NET> 77,908
<NET-INVESTMENT-INCOME> 536,968
<REALIZED-GAINS-CURRENT> 15,437
<APPREC-INCREASE-CURRENT> 2,467
<NET-CHANGE-FROM-OPS> 554,872
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 541,711
<DISTRIBUTIONS-OF-GAINS> 2,087
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 846,688
<NUMBER-OF-SHARES-REDEEMED> 635,946
<SHARES-REINVESTED> 54,478
<NET-CHANGE-IN-ASSETS> 2,654,077
<ACCUMULATED-NII-PRIOR> 4,343
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 3,836
<GROSS-ADVISORY-FEES> 25,969
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 246,408
<AVERAGE-NET-ASSETS> 10,387,722
<PER-SHARE-NAV-BEGIN> 9.97
<PER-SHARE-NII> 0.52
<PER-SHARE-GAIN-APPREC> 0.01
<PER-SHARE-DIVIDEND> 0.52
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.98
<EXPENSE-RATIO> 0.75
<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
financial statements at December 31, 1998
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 015
<NAME> Touchstone Income Opportunity Fund A
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Dec-31-1998
<PERIOD-END> Dec-31-1998
<INVESTMENTS-AT-COST> 7,957,621
<INVESTMENTS-AT-VALUE> 6,547,626
<RECEIVABLES> 141,559
<ASSETS-OTHER> 7,393
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 6,696,578
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 38,254
<TOTAL-LIABILITIES> 38,254
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 8,978,000
<SHARES-COMMON-STOCK> 872,133
<SHARES-COMMON-PRIOR> 709,018
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 909,681
<ACCUM-APPREC-OR-DEPREC> (1,409,995)
<NET-ASSETS> 6,658,324
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 798,119
<OTHER-INCOME> 0
<EXPENSES-NET> 83,631
<NET-INVESTMENT-INCOME> 714,488
<REALIZED-GAINS-CURRENT> (670,556)
<APPREC-INCREASE-CURRENT> (1,110,683)
<NET-CHANGE-FROM-OPS> (1,066,751)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 727,740
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 56,290
<NUMBER-OF-SHARES-SOLD> 374,781
<NUMBER-OF-SHARES-REDEEMED> 283,285
<SHARES-REINVESTED> 71,619
<NET-CHANGE-IN-ASSETS> (350,542)
<ACCUMULATED-NII-PRIOR> 5,651
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 235,330
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 231,537
<AVERAGE-NET-ASSETS> 7,129,711
<PER-SHARE-NAV-BEGIN> 9.89
<PER-SHARE-NII> 0.90
<PER-SHARE-GAIN-APPREC> (2.18)
<PER-SHARE-DIVIDEND> 0.91
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 7.63
<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
financial statements at December 31, 1998
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 016
<NAME> Touchstone Bond Fund A
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Dec-31-1998
<PERIOD-END> Dec-31-1998
<INVESTMENTS-AT-COST> 4,767,817
<INVESTMENTS-AT-VALUE> 4,836,836
<RECEIVABLES> 106,561
<ASSETS-OTHER> 7,393
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 4,950,790
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 27,283
<TOTAL-LIABILITIES> 27,283
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 4,840,284
<SHARES-COMMON-STOCK> 474,097
<SHARES-COMMON-PRIOR> 164,839
<ACCUMULATED-NII-CURRENT> 3,657
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 10,547
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 69,019
<NET-ASSETS> 4,923,507
<DIVIDEND-INCOME> 15,703
<INTEREST-INCOME> 237,220
<OTHER-INCOME> 0
<EXPENSES-NET> 34,520
<NET-INVESTMENT-INCOME> 218,403
<REALIZED-GAINS-CURRENT> 66,845
<APPREC-INCREASE-CURRENT> 37,207
<NET-CHANGE-FROM-OPS> 322,455
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 223,591
<DISTRIBUTIONS-OF-GAINS> 53,127
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 436,841
<NUMBER-OF-SHARES-REDEEMED> 153,703
<SHARES-REINVESTED> 26,120
<NET-CHANGE-IN-ASSETS> 3,238,885
<ACCUMULATED-NII-PRIOR> 1,097
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 2,317
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 148,238
<AVERAGE-NET-ASSETS> 3,835,538
<PER-SHARE-NAV-BEGIN> 10.22
<PER-SHARE-NII> 0.55
<PER-SHARE-GAIN-APPREC> 0.30
<PER-SHARE-DIVIDEND> 0.57
<PER-SHARE-DISTRIBUTIONS> 0.11
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.39
<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
financial statements at December 31, 1998
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 018
<NAME> Touchstone Value Plus Fund A
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Dec-31-1998
<PERIOD-END> Dec-31-1998
<INVESTMENTS-AT-COST> 25,356,456
<INVESTMENTS-AT-VALUE> 27,056,281
<RECEIVABLES> 50,342
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 27,106,623
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 39,089
<TOTAL-LIABILITIES> 39,089
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 25,976,551
<SHARES-COMMON-STOCK> 2,600,842
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 608,842
<ACCUM-APPREC-OR-DEPREC> 1,699,825
<NET-ASSETS> 27,067,534
<DIVIDEND-INCOME> 221,662
<INTEREST-INCOME> 30,586
<OTHER-INCOME> 0
<EXPENSES-NET> 212,066
<NET-INVESTMENT-INCOME> 40,182
<REALIZED-GAINS-CURRENT> (608,840)
<APPREC-INCREASE-CURRENT> 1,699,825
<NET-CHANGE-FROM-OPS> 1,131,167
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 40,182
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 3,702
<NUMBER-OF-SHARES-SOLD> 2,605,472
<NUMBER-OF-SHARES-REDEEMED> 9,307
<SHARES-REINVESTED> 4,677
<NET-CHANGE-IN-ASSETS> 27,067,534
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 316,562
<AVERAGE-NET-ASSETS> 24,301,194
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.02
<PER-SHARE-GAIN-APPREC> 0.41
<PER-SHARE-DIVIDEND> 0.02
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.41
<EXPENSE-RATIO> 1.30
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
Touchstone Funds Select Advisors Trust A
Form: N-SAR December 31, 1998
Item 77Q1(e) Incorporated by Reference
- ------------------------------------------------------------------------------
Item 77-Q1 Exhibits
The following exhibits were included in PEA #9 to the registration statement on
Form N-1A of Touchstone Funds Select Advisors Trust as filed with the SEC on
12/31/98 and are being incorporated by reference:
List of Exhibits
(d1) Investment Advisory Agreement between Registrant and
Touchstone Advisors, Inc. "Touchstone")
(d2) Sub-Advisory Agreement between Touchstone and David L. Babson and Company
with respect to Emerging Growth Fund.
(d3) Sub-Advisory Agreement between Touchstone and Westfield Capital Management
with respect to Emerging Growth Fund.
(d4) Sub-Advisory Agreement between Touchstone and BEA Associates with respect
to International Equity Fund
(d5) Sub-Advisory Agreement between Touchstone and Scudder Kemper Investments,
Inc with respect to Growth & Income Fund.
(d6) Sub-Advisory Agreement between Touchstone and Fort Washington Advisors,
Inc. with respect to Value Plus Fund.
(d7) Sub-Advisory Agreement between Touchstone and Alliance Capital Management,
L.P. with respect to Income Opportunity Fund.
(d8) Sub-Advisory Agreement between Touchstone and OpCap Advisors with respect
to Balanced Fund.
(d9) Sub-Advisory Agreement between Touchstone and Fort Washington Advisors,
Inc. with respect to Bond Fund.
(d10) Sub-Advisory Agreement between Touchstone and Fort Washington Advisors,
Inc. with respect to Standby Income Fund.
To Trustees of Select Advisors Trust A:
In planning and performing our audit of the financial statements and financial
highlights of Touchstone Emerging Growth Fund A, Touchstone International Equity
Fund A, Touchstone Income Opportunity Fund A, Touchstone Value Plus Fund A,
Touchstone Growth and Income Fund A, Touchstone Balanced Fund A, Touchstone Bond
Fund A and Touchstone Standby Income Fund (hereinafter referred to as "financial
statements") of Select Advisors Trust A for the year ended December 31, 1998, 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 the Funds 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 as of
December 31, 1998.
This report is intended solely for the information and use of management, the
Board of Trustees of Select Advisors Trust A and the Securities and Exchange
Commission.
PricewaterhouseCoopers LLP
Boston, Massachusetts
February 18, 1999
