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<PAGE> PAGE 14
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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008 A000501 TOUCHSTONE ADVISORS, INC.
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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SIGNATURE DAVID G. DANIELSON
TITLE ASSISTANT TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial data extracted from the Emerging Growth
Portfolio Annual Report dated December 31, 1995 and is qualified in its entirety
by reference to such Annual Report.
</LEGEND>
<CIK> 0000920547
<NAME> SELECT ADVISORS VARIABLE INSURANCE TRUST
<SERIES>
<NUMBER> 1
<NAME> TOUCHSTONE EMERGING GROWTH PORTFOLIO
<S> <C>
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<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 2,328,472
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<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial data extracted from the International
Equity Portfolio Annual Report dated December 31, 1995 and is qualified in its
entirety by reference to such Annual Report.
</LEGEND>
<CIK> 0000920547
<NAME> SELECT ADVSISORS VARIABLE INSURANCE TRUST
<SERIES>
<NUMBER> 2
<NAME> TOUCHSTONE INTERNATIONAL EQUITY PORTFOLIO
<S> <C>
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</TABLE>
<TABLE> <S> <C>
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<LEGEND>
This schedule contains summary financial data extracted from the Balanced
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by reference to such annual report.
</LEGEND>
<CIK> 0000920547
<NAME> SELECT ADVISORS VARIABLE INSURANCE TRUST
<SERIES>
<NUMBER> 3
<NAME> TOUCHSTONE BALANCED PORTFOLIO
<S> <C>
<PERIOD-TYPE> 12-MOS
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<PERIOD-END> DEC-31-1995
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<ACCUMULATED-GAINS-PRIOR> (2,044)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
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<AVERAGE-NET-ASSETS> 2,410,579
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<PER-SHARE-NII> 0.32
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial data extracted from the Income
Opportunity Portfolio Annual Report dated December 31, 1995 and is qualified in
its entirety by reference to such Annual Report.
</LEGEND>
<CIK> 0000920547
<NAME> SELECT ADVISORS VARIABLE INSURANCE TRUST
<SERIES>
<NUMBER> 4
<NAME> TOUCHSTONE INCOME OPPORTUNITY PORTFOLIO
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 2,444,649
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<RECEIVABLES> 95,193
<ASSETS-OTHER> 15,195
<OTHER-ITEMS-ASSETS> 0
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<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,553,526
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<SHARES-COMMON-PRIOR> 199,992
<ACCUMULATED-NII-CURRENT> 69
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<ACCUMULATED-NET-GAINS> (54,524)
<OVERDISTRIBUTION-GAINS> 0
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<NET-ASSETS> 2,601,600
<DIVIDEND-INCOME> 0
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<OTHER-INCOME> 0
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<NET-INVESTMENT-INCOME> 271,025
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<NET-CHANGE-FROM-OPS> 459,807
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 296,140
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 26,665
<NUMBER-OF-SHARES-REDEEMED> 338
<SHARES-REINVESTED> 31,633
<NET-CHANGE-IN-ASSETS> 718,223
<ACCUMULATED-NII-PRIOR> 24,234
<ACCUMULATED-GAINS-PRIOR> (72,858)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 13,754
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 74,865
<AVERAGE-NET-ASSETS> 2,115,951
<PER-SHARE-NAV-BEGIN> 9.42
<PER-SHARE-NII> 1.22
<PER-SHARE-GAIN-APPREC> 0.79
<PER-SHARE-DIVIDEND> 1.34
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.09
<EXPENSE-RATIO> 0.85
<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
Portfolio Annual Report dated December 31, 1995 and is qualified in its entirety
by reference to such Annual Report.
</LEGEND>
<CIK> 0000920547
<NAME> SELLECT ADVISORS VARIABLE INSURANCE TRUST
<SERIES>
<NUMBER> 5
<NAME> TOUCHSTONE STANDBY INCOME PORTFOLIO
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 5,753,877
<INVESTMENTS-AT-VALUE> 5,768,613
<RECEIVABLES> 66,541
<ASSETS-OTHER> 15,299
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 5,850,453
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<SENIOR-LONG-TERM-DEBT> 0
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<TOTAL-LIABILITIES> 60,517
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 5,778,443
<SHARES-COMMON-STOCK> 577,628
<SHARES-COMMON-PRIOR> 499,992
<ACCUMULATED-NII-CURRENT> 68
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (3,311)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 14,736
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<DIVIDEND-INCOME> 0
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<OTHER-INCOME> 0
<EXPENSES-NET> 26,467
<NET-INVESTMENT-INCOME> 295,090
<REALIZED-GAINS-CURRENT> (2,779)
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<NET-CHANGE-FROM-OPS> 294,425
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<DISTRIBUTIONS-OF-INCOME> 295,796
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 47,228
<NUMBER-OF-SHARES-REDEEMED> 2,398
<SHARES-REINVESTED> 32,806
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<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 242
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 13,198
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 91,368
<AVERAGE-NET-ASSETS> 5,279,036
<PER-SHARE-NAV-BEGIN> 10.03
<PER-SHARE-NII> 0.56
<PER-SHARE-GAIN-APPREC> (0.01)
<PER-SHARE-DIVIDEND> 0.56
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.02
<EXPENSE-RATIO> 0.50
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Investors and Trustees of
Select Advisors Variable Insurance Trust:
In planning and performing our audit of the financial statements and financial
highlights of Select Advisors Variable Trust (the "Trust") (consisting of
Emerging Growth Portfolio, International Equity Portfolio, Balanced Portfolio,
Income Opportunity Portfolio and Standby Income Portfolio) 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
