<PAGE> PAGE 1
000 B000000 12/31/97
000 C000000 0000920547
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 VARIABLE INSURANCE TRUST
001 B000000 811-8416
001 C000000 6173306113
002 A000000 311 PIKE STREET
002 B000000 CINCINNATI
002 C000000 OH
002 D010000 45202
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 5
007 C010100 1
007 C020100 EMERGING GROWTH PORTFOLIO
007 C030100 N
007 C010200 2
007 C020200 INTERNATIONAL EQUITY PORTFOLIO
007 C030200 N
007 C010300 3
007 C020300 BALANCED PORTFOLIO
007 C030300 N
007 C010400 4
007 C020400 INCOME OPPORTUNITY PORTFOLIO
007 C030400 N
007 C010500 5
007 C020500 STANDBY INCOME PORTFOLIO
007 C030500 N
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
010 A00AA01 INVESTORS BANK & TRUST CO.
010 B00AA01 801-43443
010 C01AA01 BOSTON
010 C02AA01 MA
010 C03AA01 02116
011 A00AA01 TOUCHSTONE SECURITIES, INC.
011 B00AA01 8-14052
011 C01AA01 CINCINNATI
011 C02AA01 OH
<PAGE> PAGE 2
011 C03AA01 45202
012 A00AA01 INVESTORS BANK & TRUST COMPANY
012 B00AA01 85-72000
012 C01AA01 BOSTON
012 C02AA01 MA
012 C03AA01 02116
013 A00AA01 COOPERS & LYBRAND L.L.P.
013 B01AA01 BOSTON
013 B02AA01 MA
013 B03AA01 02109
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 26
019 C00AA00 TOUCHSTONE
020 A000001 MORGAN STANLEY & CO
020 B000001 13-2666998
020 C000001 20
020 A000002 MERRILL LYNCH PEIRCE FENNER AND SMITH
020 B000002 13-5674085
020 C000002 16
020 A000003 GOLDMAN SACHS
020 B000003 13-5108880
020 C000003 9
020 A000004 NIKKO
020 C000004 9
020 A000005 SALOMON BROTHERS
020 B000005 13-5365580
020 C000005 7
020 A000006 WARBURG
020 C000006 6
020 A000007 INSTINET
020 B000007 13-3443395
020 C000007 6
020 A000008 J.P. MORGAN
020 C000008 5
020 A000009 DEUTSCHE BANK
020 C000009 5
020 A000010 UST SECURITIES
020 C000010 4
021 000000 175
022 A000001 MERRILL LYNCH
022 B000001 13-5674085
022 C000001 66544
022 D000001 5114
022 A000002 INVESTORS BANK & TRUST
022 C000002 21507
022 D000002 8116
022 A000003 FIRST NATIONAL BNK CHICAGO
022 B000003 36-0899825
022 C000003 24341
022 D000003 1120
<PAGE> PAGE 3
022 A000004 CITICORP SECURITIES
022 C000004 22472
022 D000004 1330
022 A000005 MORGAN STANLEY
022 B000005 13-2655998
022 C000005 14731
022 D000005 3863
022 A000006 BANKERS TRUST
022 B000006 13-4941247
022 C000006 9441
022 D000006 5881
022 A000007 BEAR STEARNS & CO
022 B000007 13-4946705
022 C000007 6723
022 D000007 4575
022 A000008 FIRST CHICAGO CAP MKTS
022 C000008 10775
022 D000008 124
022 A000009 CHASE SECURITIES
022 C000009 5742
022 D000009 2571
022 A000010 JP MORGAN SECURITIES
022 C000010 4713
022 D000010 1227
023 C000000 251577
023 D000000 74915
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 N
027 000000 Y
029 00AA00 N
030 A00AA00 0
030 B00AA00 0.00
030 C00AA00 0.00
031 A00AA00 0
031 B00AA00 0
<PAGE> PAGE 4
032 00AA00 0
033 00AA00 0
034 00AA00 N
035 00AA00 0
036 B00AA00 0
037 00AA00 N
038 00AA00 0
039 00AA00 N
040 00AA00 N
042 A00AA00 0
042 B00AA00 0
042 C00AA00 0
042 D00AA00 0
042 E00AA00 0
042 F00AA00 0
042 G00AA00 0
042 H00AA00 0
043 00AA00 0
044 00AA00 0
049 00AA00 N
050 00AA00 N
051 00AA00 N
052 00AA00 N
053 A00AA00 Y
053 B00AA00 Y
053 C00AA00 N
054 A00AA00 Y
054 B00AA00 Y
054 C00AA00 Y
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 Y
054 H00AA00 Y
054 I00AA00 N
054 J00AA00 Y
054 K00AA00 N
054 L00AA00 Y
054 M00AA00 N
054 N00AA00 N
054 O00AA00 N
055 A00AA00 N
055 B00AA00 N
056 00AA00 Y
057 00AA00 N
058 A00AA00 N
059 00AA00 Y
060 A00AA00 Y
060 B00AA00 Y
061 00AA00 2000
077 A000000 Y
<PAGE> PAGE 5
077 B000000 Y
077 C000000 Y
077 O000000 Y
077 Q010000 Y
078 000000 N
080 A00AA00 FIDELITY & DEPOSIT COMPANY OF MARYLAND
080 C00AA00 3000
081 A00AA00 Y
081 B00AA00 3
082 A00AA00 N
082 B00AA00 0
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 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
008 A000101 TOUCHSTONE ADVISORS, INC.
008 B000101 A
008 C000101 801-45963
008 D010101 CINCINNATI
008 D020101 OH
008 D030101 45202
008 A000102 DAVID L. BABSON & COMPANY, INC.
008 B000102 S
008 C000102 801-24100
008 D010102 CAMBRIDGE
008 D020102 MA
008 D030102 02142
008 D040102 1300
008 A000103 WESTFIELD CAPITAL MANAGEMENT COMPANY, INC.
008 B000103 S
008 C000103 801-34350
008 D010103 BOSTON
008 D020103 MA
008 D030103 02111
015 A000101 INVESTORS BANK & TRUST COMPANY
015 B000101 C
015 C010101 BOSTON
015 C020101 MA
015 C030101 02116
<PAGE> PAGE 6
015 E010101 X
028 A010100 1270
028 A020100 0
028 A030100 0
028 A040100 35
028 B010100 719
028 B020100 0
028 B030100 0
028 B040100 22
028 C010100 994
028 C020100 0
028 C030100 0
028 C040100 98
028 D010100 1151
028 D020100 0
028 D030100 0
028 D040100 1384
028 E010100 1041
028 E020100 0
028 E030100 0
028 E040100 4
028 F010100 1354
028 F020100 1043
028 F030100 0
028 F040100 16
028 G010100 6529
028 G020100 1043
028 G030100 0
028 G040100 1559
028 H000100 0
045 000100 Y
046 000100 N
047 000100 Y
048 000100 0.800
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
<PAGE> PAGE 7
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
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 Y
066 B000100 N
066 C000100 Y
066 D000100 N
066 E000100 N
066 F000100 N
066 G000100 N
067 000100 N
068 A000100 N
068 B000100 N
069 000100 N
070 A010100 Y
070 A020100 Y
070 B010100 Y
070 B020100 N
070 C010100 Y
070 C020100 N
070 D010100 Y
070 D020100 N
070 E010100 N
070 E020100 N
070 F010100 Y
070 F020100 N
070 G010100 Y
070 G020100 N
070 H010100 Y
<PAGE> PAGE 8
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 Y
070 J020100 N
070 K010100 Y
070 K020100 N
070 L010100 Y
070 L020100 N
070 M010100 Y
070 M020100 N
070 N010100 Y
070 N020100 N
070 O010100 Y
070 O020100 N
070 P010100 Y
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 N
070 R020100 N
071 A000100 18376
071 B000100 9544
071 C000100 10890
071 D000100 88
072 A000100 12
072 B000100 70
072 C000100 105
072 D000100 0
072 E000100 0
072 F000100 99
072 G000100 65
072 H000100 0
072 I000100 0
072 J000100 32
072 K000100 0
072 L000100 13
072 M000100 2
072 N000100 0
072 O000100 0
072 P000100 0
072 Q000100 0
072 R000100 17
072 S000100 0
072 T000100 0
072 U000100 4
072 V000100 0
072 W000100 37
072 X000100 269
072 Y000100 128
072 Z000100 33
<PAGE> PAGE 9
072AA000100 1327
072BB000100 0
072CC010100 2198
072CC020100 0
072DD010100 30
072DD020100 0
072EE000100 1013
073 A010100 0.0300
073 A020100 0.0000
073 B000100 0.8600
073 C000100 0.0000
074 A000100 2117
074 B000100 0
074 C000100 0
074 D000100 0
074 E000100 0
074 F000100 17151
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 254
074 K000100 4
074 L000100 86
074 M000100 7
074 N000100 19619
074 O000100 158
074 P000100 0
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 44
074 S000100 0
074 T000100 19417
074 U010100 1261
074 U020100 0
074 V010100 15.40
074 V020100 0.00
074 W000100 0.0000
074 X000100 3
074 Y000100 0
075 A000100 0
075 B000100 12329
076 000100 0.00
008 A000201 TOUCHSTONE ADVISORS, INC.
008 B000201 A
008 C000201 801-45963
008 D010201 CINCINNATI
008 D020201 OH
008 D030201 45202
008 A000202 BEA ASSOCIATES
<PAGE> PAGE 10
008 B000202 S
008 C000202 801-37170
008 D010202 NEW YORK
008 D020202 NY
008 D030202 10022
015 A000201 INVESTORS BANK & TURST COMPANY
015 B000201 C
015 C010201 BOSTON
015 C020201 MA
015 C030201 02116
015 E040201 X
028 A010200 1234
028 A020200 0
028 A030200 0
028 A040200 5
028 B010200 756
028 B020200 0
028 B030200 0
028 B040200 1096
028 C010200 903
028 C020200 0
028 C030200 0
028 C040200 14
028 D010200 1044
028 D020200 0
028 D030200 0
028 D040200 4
028 E010200 753
028 E020200 0
028 E030200 0
028 E040200 14
028 F010200 1021
028 F020200 1066
028 F030200 0
028 F040200 10
028 G010200 5711
028 G020200 1066
028 G030200 0
028 G040200 1143
028 H000200 0
045 000200 Y
046 000200 N
047 000200 Y
048 000200 0.950
048 A010200 0
048 A020200 0.000
048 B010200 0
048 B020200 0.000
048 C010200 0
048 C020200 0.000
048 D010200 0
<PAGE> PAGE 11
048 D020200 0.000
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 Y
066 B000200 N
066 C000200 Y
066 D000200 N
066 E000200 N
066 F000200 N
066 G000200 N
067 000200 N
068 A000200 N
068 B000200 Y
069 000200 N
070 A010200 Y
070 A020200 N
070 B010200 Y
070 B020200 N
070 C010200 Y
<PAGE> PAGE 12
070 C020200 N
070 D010200 Y
070 D020200 N
070 E010200 N
070 E020200 N
070 F010200 Y
070 F020200 N
070 G010200 Y
070 G020200 N
070 H010200 Y
070 H020200 N
070 I010200 N
070 I020200 N
070 J010200 Y
070 J020200 Y
070 K010200 Y
070 K020200 Y
070 L010200 Y
070 L020200 Y
070 M010200 Y
070 M020200 Y
070 N010200 Y
070 N020200 N
070 O010200 Y
070 O020200 N
070 P010200 Y
070 P020200 N
070 Q010200 N
070 Q020200 N
070 R010200 N
070 R020200 N
071 A000200 27003
071 B000200 18719
071 C000200 12570
071 D000200 149
072 A000200 12
072 B000200 82
072 C000200 197
072 D000200 0
072 E000200 0
072 F000200 135
072 G000200 80
072 H000200 0
072 I000200 0
072 J000200 158
072 K000200 0
072 L000200 17
072 M000200 2
072 N000200 0
072 O000200 0
072 P000200 0
<PAGE> PAGE 13
072 Q000200 0
072 R000200 19
072 S000200 0
072 T000200 0
072 U000200 4
072 V000200 0
072 W000200 39
072 X000200 454
072 Y000200 276
072 Z000200 101
072AA000200 1134
072BB000200 0
072CC010200 578
072CC020200 0
072DD010200 70
072DD020200 0
072EE000200 996
073 A010200 0.0500
073 A020200 0.0000
073 B000200 0.6400
073 C000200 0.0000
074 A000200 2230
074 B000200 0
074 C000200 0
074 D000200 0
074 E000200 548
074 F000200 18067
074 G000200 0
074 H000200 0
074 I000200 0
074 J000200 47
074 K000200 103
074 L000200 53
074 M000200 7
074 N000200 21055
074 O000200 1287
074 P000200 0
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 65
074 S000200 0
074 T000200 19703
074 U010200 1641
074 U020200 0
074 V010200 12.01
074 V020200 0.00
074 W000200 0.0000
074 X000200 3
074 Y000200 0
<PAGE> PAGE 14
075 A000200 0
075 B000200 14246
076 000200 0.00
008 A000301 TOUCHSTONE ADVISORS, INC.
008 B000301 A
008 C000301 801-45963
008 D010301 CINCINNATI
008 D020301 OH
008 D030301 45202
008 A000302 OP CAP ADVISORS
008 B000302 S
008 C000302 801-271800
008 D010302 NEW YORK
008 D020302 NY
008 D030302 10281
008 A000303 DELETE
015 A000301 INVESTORS BANK & TRUST COMPANY
015 B000301 C
015 C010301 BOSTON
015 C020301 MA
015 C030301 02116
015 E010301 X
028 A010300 1124
028 A020300 64
028 A030300 0
028 A040300 46
028 B010300 1185
028 B020300 0
028 B030300 0
028 B040300 0
028 C010300 1525
028 C020300 0
028 C030300 0
028 C040300 59
028 D010300 1336
028 D020300 94
028 D030300 0
028 D040300 0
028 E010300 1365
028 E020300 0
028 E030300 0
028 E040300 0
028 F010300 1719
028 F020300 1471
028 F030300 0
028 F040300 6
028 G010300 8254
028 G020300 1629
028 G030300 0
028 G040300 111
028 H000300 0
<PAGE> PAGE 15
045 000300 Y
046 000300 N
047 000300 Y
048 000300 0.800
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
062 P000300 0.0
062 Q000300 0.0
062 R000300 0.0
063 A000300 0
063 B000300 0.0
066 A000300 Y
066 B000300 N
066 C000300 N
066 D000300 N
066 E000300 Y
<PAGE> PAGE 16
066 F000300 N
066 G000300 N
067 000300 Y
068 A000300 N
068 B000300 N
069 000300 N
070 A010300 Y
070 A020300 N
070 B010300 Y
070 B020300 N
070 C010300 Y
070 C020300 N
070 D010300 Y
070 D020300 N
070 E010300 N
070 E020300 N
070 F010300 Y
070 F020300 N
070 G010300 Y
070 G020300 N
070 H010300 Y
070 H020300 N
070 I010300 N
070 I020300 N
070 J010300 Y
070 J020300 N
070 K010300 Y
070 K020300 N
070 L010300 Y
070 L020300 Y
070 M010300 Y
070 M020300 N
070 N010300 Y
070 N020300 N
070 O010300 Y
070 O020300 N
070 P010300 Y
070 P020300 N
070 Q010300 N
070 Q020300 N
070 R010300 N
070 R020300 N
071 A000300 23825
071 B000300 10914
071 C000300 12637
071 D000300 86
072 A000300 12
072 B000300 382
072 C000300 88
072 D000300 0
072 E000300 0
<PAGE> PAGE 17
072 F000300 104
072 G000300 65
072 H000300 0
072 I000300 0
072 J000300 32
072 K000300 0
072 L000300 13
072 M000300 2
072 N000300 0
072 O000300 0
072 P000300 0
072 Q000300 0
072 R000300 12
072 S000300 0
072 T000300 0
072 U000300 4
072 V000300 0
072 W000300 40
072 X000300 272
072 Y000300 152
072 Z000300 350
072AA000300 1436
072BB000300 0
072CC010300 476
072CC020300 0
072DD010300 350
072DD020300 0
072EE000300 1315
073 A010300 0.3200
073 A020300 0.0000
073 B000300 0.8900
073 C000300 0.0000
074 A000300 1109
074 B000300 0
074 C000300 0
074 D000300 8207
074 E000300 0
074 F000300 12789
074 G000300 0
074 H000300 0
074 I000300 6
074 J000300 15
074 K000300 22
074 L000300 235
074 M000300 8
074 N000300 22391
074 O000300 65
074 P000300 0
074 Q000300 0
074 R010300 0
074 R020300 0
<PAGE> PAGE 18
074 R030300 0
074 R040300 39
074 S000300 0
074 T000300 22287
074 U010300 1593
074 U020300 0
074 V010300 13.99
074 V020300 0.00
074 W000300 0.0000
074 X000300 3
074 Y000300 0
075 A000300 0
075 B000300 13345
076 000300 0.00
008 A000401 TOUCHSTONE ADVISORS, INC.
008 B000401 A
008 C000401 801-45963
008 D010401 CINCINNATI
008 D020401 OH
008 D030401 45202
008 A000402 ALLIANCE CAPITAL MANAGEMENT L.P.
008 B000402 S
008 C000402 801-32361
008 D010402 NEW YORK
008 D020402 NY
008 D030402 10105
015 A000401 INVESTORS BANK & TRUST COMPANY
015 B000401 C
015 C010401 BOSTON
015 C020401 MA
015 C030401 02116
015 E010401 X
028 A010400 1485
028 A020400 137
028 A030400 0
028 A040400 34
028 B010400 1530
028 B020400 167
028 B030400 0
028 B040400 158
028 C010400 1584
028 C020400 148
028 C030400 0
028 C040400 0
028 D010400 1572
028 D020400 179
028 D030400 0
028 D040400 42
028 E010400 1811
028 E020400 194
028 E030400 0
<PAGE> PAGE 19
028 E040400 58
028 F010400 2779
028 F020400 1085
028 F030400 0
028 F040400 112
028 G010400 10761
028 G020400 1910
028 G030400 0
028 G040400 404
028 H000400 0
045 000400 Y
046 000400 N
047 000400 Y
048 000400 0.650
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
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 Y
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
<PAGE> PAGE 20
062 P000400 70.2
062 Q000400 23.6
062 R000400 6.2
063 A000400 0
063 B000400 7.6
064 A000400 N
064 B000400 N
066 A000400 N
067 000400 N
068 A000400 N
068 B000400 Y
069 000400 N
070 A010400 Y
070 A020400 N
070 B010400 Y
070 B020400 N
070 C010400 Y
070 C020400 N
070 D010400 Y
070 D020400 N
070 E010400 N
070 E020400 N
070 F010400 Y
070 F020400 N
070 G010400 Y
070 G020400 N
070 H010400 Y
070 H020400 N
070 I010400 N
070 I020400 N
070 J010400 Y
070 J020400 Y
070 K010400 Y
070 K020400 N
070 L010400 Y
070 L020400 Y
070 M010400 Y
070 M020400 N
070 N010400 Y
070 N020400 N
070 O010400 Y
070 O020400 N
070 P010400 Y
070 P020400 N
070 Q010400 N
070 Q020400 N
070 R010400 N
070 R020400 N
071 A000400 47230
071 B000400 29500
071 C000400 15598
<PAGE> PAGE 21
071 D000400 189
072 A000400 12
072 B000400 1974
072 C000400 0
072 D000400 0
072 E000400 0
072 F000400 108
072 G000400 65
072 H000400 0
072 I000400 0
072 J000400 25
072 K000400 0
072 L000400 16
072 M000400 2
072 N000400 0
072 O000400 0
072 P000400 0
072 Q000400 0
072 R000400 18
072 S000400 0
072 T000400 0
072 U000400 4
072 V000400 0
072 W000400 48
072 X000400 286
072 Y000400 144
072 Z000400 1832
072AA000400 191
072BB000400 0
072CC010400 0
072CC020400 529
072DD010400 1815
072DD020400 0
072EE000400 227
073 A010400 1.1900
073 A020400 0.0000
073 B000400 0.3100
073 C000400 0.0000
074 A000400 2235
074 B000400 0
074 C000400 0
074 D000400 25247
074 E000400 0
074 F000400 0
074 G000400 0
074 H000400 0
074 I000400 3
074 J000400 0
074 K000400 3
074 L000400 704
074 M000400 7
<PAGE> PAGE 22
074 N000400 28199
074 O000400 1278
074 P000400 0
074 Q000400 0
074 R010400 0
074 R020400 0
074 R030400 0
074 R040400 42
074 S000400 0
074 T000400 26879
074 U010400 2439
074 U020400 0
074 V010400 11.02
074 V020400 0.00
074 W000400 0.0000
074 X000400 3
074 Y000400 0
075 A000400 0
075 B000400 16671
076 000400 0.00
008 A000501 TOUCHSTONE ADVISORS, INC.
008 B000501 A
008 C000501 801-45963
008 D010501 CINCINNATI
008 D020501 OH
008 D030501 45202
008 A000502 FORT WASHINGTON INVESTMENT ADVISORS, INC.
008 B000502 S
008 C000502 801-37235
008 D010502 CINCINNATI
008 D020502 OH
008 D030502 45202
015 A000501 INVESTORS BANK & TRUST COMPANY
015 B000501 C
015 C010501 BOSTON
015 C020501 MA
015 C030501 02116
015 E010501 X
028 A010500 761
028 A020500 60
028 A030500 0
028 A040500 376
028 B010500 2228
028 B020500 64
028 B030500 0
028 B040500 557
028 C010500 1296
028 C020500 68
028 C030500 0
028 C040500 1462
028 D010500 5568
<PAGE> PAGE 23
028 D020500 69
028 D030500 0
028 D040500 1558
028 E010500 452
028 E020500 80
028 E030500 0
028 E040500 1555
028 F010500 1179
028 F020500 126
028 F030500 0
028 F040500 2222
028 G010500 11484
028 G020500 467
028 G030500 0
028 G040500 7730
028 H000500 0
045 000500 Y
046 000500 N
047 000500 Y
048 000500 0.250
048 A010500 0
048 A020500 0.000
048 B010500 0
048 B020500 0.000
048 C010500 0
048 C020500 0.000
048 D010500 0
048 D020500 0.000
048 E010500 0
048 E020500 0.000
048 F010500 0
048 F020500 0.000
048 G010500 0
048 G020500 0.000
048 H010500 0
048 H020500 0.000
048 I010500 0
048 I020500 0.000
048 J010500 0
048 J020500 0.000
048 K010500 0
048 K020500 0.000
062 A000500 Y
062 B000500 0.0
062 C000500 0.0
062 D000500 0.0
062 E000500 0.0
062 F000500 0.0
062 G000500 0.0
062 H000500 0.0
062 I000500 73.3
<PAGE> PAGE 24
062 J000500 0.0
062 K000500 0.0
062 L000500 0.0
062 M000500 0.0
062 N000500 0.0
062 O000500 0.0
062 P000500 9.2
062 Q000500 16.6
062 R000500 0.9
063 A000500 20
063 B000500 0.0
064 A000500 N
064 B000500 N
066 A000500 N
067 000500 N
068 A000500 N
068 B000500 N
069 000500 N
070 A010500 Y
070 A020500 N
070 B010500 Y
070 B020500 N
070 C010500 Y
070 C020500 N
070 D010500 Y
070 D020500 N
070 E010500 N
070 E020500 N
070 F010500 Y
070 F020500 N
070 G010500 Y
070 G020500 N
070 H010500 Y
070 H020500 N
070 I010500 N
070 I020500 N
070 J010500 Y
070 J020500 N
070 K010500 Y
070 K020500 N
070 L010500 Y
070 L020500 N
070 M010500 Y
070 M020500 N
070 N010500 Y
070 N020500 N
070 O010500 Y
070 O020500 N
070 P010500 Y
070 P020500 N
070 Q010500 N
<PAGE> PAGE 25
070 Q020500 N
070 R010500 N
070 R020500 N
071 A000500 9752
071 B000500 7764
071 C000500 3098
071 D000500 251
072 A000500 12
072 B000500 813
072 C000500 0
072 D000500 0
072 E000500 0
072 F000500 34
072 G000500 65
072 H000500 0
072 I000500 0
072 J000500 31
072 K000500 0
072 L000500 18
072 M000500 2
072 N000500 0
072 O000500 0
072 P000500 0
072 Q000500 0
072 R000500 11
072 S000500 0
072 T000500 0
072 U000500 4
072 V000500 0
072 W000500 38
072 X000500 203
072 Y000500 135
072 Z000500 745
072AA000500 0
072BB000500 8
072CC010500 0
072CC020500 0
072DD010500 745
072DD020500 0
072EE000500 0
073 A010500 0.5400
073 A020500 0.0000
073 B000500 0.0000
073 C000500 0.0000
074 A000500 2
074 B000500 0
074 C000500 12881
074 D000500 4521
074 E000500 0
074 F000500 0
074 G000500 0
<PAGE> PAGE 26
074 H000500 0
074 I000500 0
074 J000500 0
074 K000500 73
074 L000500 116
074 M000500 7
074 N000500 17600
074 O000500 0
074 P000500 2
074 Q000500 0
074 R010500 0
074 R020500 0
074 R030500 0
074 R040500 36
074 S000500 0
074 T000500 17562
074 U010500 1756
074 U020500 0
074 V010500 10.00
074 V020500 0.00
074 W000500 0.0000
074 X000500 3
074 Y000500 0
075 A000500 0
075 B000500 13683
076 000500 0.00
028 A010600 0
028 A020600 0
028 A030600 0
028 A040600 0
028 B010600 0
028 B020600 0
028 B030600 0
028 B040600 0
028 C010600 0
028 C020600 0
028 C030600 0
028 C040600 0
028 D010600 0
028 D020600 0
028 D030600 0
028 D040600 0
028 E010600 0
028 E020600 0
028 E030600 0
028 E040600 0
028 F010600 0
028 F020600 0
028 F030600 0
028 F040600 0
028 G010600 0
<PAGE> PAGE 27
028 G020600 0
028 G030600 0
028 G040600 0
028 H000600 0
074 O000600 0
074 P000600 0
074 Q000600 0
074 R010600 0
074 R020600 0
074 R030600 0
074 R040600 0
074 S000600 0
074 T000600 0
074 U010600 0
074 U020600 0
074 V010600 0.00
074 V020600 0.00
074 W000600 0.0000
074 X000600 0
074 Y000600 0
SIGNATURE KEVIN M. CONNERTY
TITLE ASST. TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from Touchstone Variable Insurance Trust
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 Portfolio
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 14,331,373
<INVESTMENTS-AT-VALUE> 17,151,048
<RECEIVABLES> 340,028
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 2,239,257
<TOTAL-ASSETS> 19,730,333
<PAYABLE-FOR-SECURITIES> 157,619
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 155,764
<TOTAL-LIABILITIES> 313,383
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 16,385,765
<SHARES-COMMON-STOCK> 1,260,959
<SHARES-COMMON-PRIOR> 473,013
<ACCUMULATED-NII-CURRENT> 3,217
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 208,293
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,819,675
<NET-ASSETS> 19,416,950
<DIVIDEND-INCOME> 105,090
<INTEREST-INCOME> 69,919
<OTHER-INCOME> 0
<EXPENSES-NET> 141,782
<NET-INVESTMENT-INCOME> 33,227
<REALIZED-GAINS-CURRENT> 1,327,486
<APPREC-INCREASE-CURRENT> 2,197,739
<NET-CHANGE-FROM-OPS> 3,525,225
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 892,720
<NUMBER-OF-SHARES-REDEEMED> 174,447
<SHARES-REINVESTED> 69,673
<NET-CHANGE-IN-ASSETS> 13,645,617
<ACCUMULATED-NII-PRIOR> 384
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 106,584
<GROSS-ADVISORY-FEES> 98,956
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 269,413
<AVERAGE-NET-ASSETS> 12,328,846
<PER-SHARE-NAV-BEGIN> 12.20
<PER-SHARE-NII> 0.03
<PER-SHARE-GAIN-APPREC> 4.06
<PER-SHARE-DIVIDEND> 0.89
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 15.40
<EXPENSE-RATIO> 1.15
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from Touchstone Variable Insurance Trust
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 Portfolio
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 17,199,075
<INVESTMENTS-AT-VALUE> 18,614,544
<RECEIVABLES> 100,420
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 2,504,321
<TOTAL-ASSETS> 21,219,285
<PAYABLE-FOR-SECURITIES> 1,287,072
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 229,482
<TOTAL-LIABILITIES> 1,516,554
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 18,285,104
<SHARES-COMMON-STOCK> 1,640,973
<SHARES-COMMON-PRIOR> 791,521
<ACCUMULATED-NII-CURRENT> (56,246)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 58,471
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,415,402
<NET-ASSETS> 19,702,731
<DIVIDEND-INCOME> 197,309
<INTEREST-INCOME> 81,871
<OTHER-INCOME> 0
<EXPENSES-NET> 178,076
<NET-INVESTMENT-INCOME> 101,104
<REALIZED-GAINS-CURRENT> 1,133,852
<APPREC-INCREASE-CURRENT> 577,604
<NET-CHANGE-FROM-OPS> 1,812,560
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 858,524
<NUMBER-OF-SHARES-REDEEMED> 98,268
<SHARES-REINVESTED> 89,196
<NET-CHANGE-IN-ASSETS> 10,944,451
<ACCUMULATED-NII-PRIOR> 363
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 166,470
<GROSS-ADVISORY-FEES> 135,300
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 453,864
<AVERAGE-NET-ASSETS> 14,246,091
<PER-SHARE-NAV-BEGIN> 11.07
<PER-SHARE-NII> 0.07
<PER-SHARE-GAIN-APPREC> 1.58
<PER-SHARE-DIVIDEND> 0.69
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 12.03
<EXPENSE-RATIO> 1.25
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from Touchstone Variable Insurance Trust
financial statements at December 31, 1997
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 3
<NAME> Touchstone Balanced Portfolio
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 19,813,493
<INVESTMENTS-AT-VALUE> 21,002,227
<RECEIVABLES> 251,104
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 1,268,245
<TOTAL-ASSETS> 22,521,576
<PAYABLE-FOR-SECURITIES> 65,025
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 169,484
<TOTAL-LIABILITIES> 234,509
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 20,922,008
<SHARES-COMMON-STOCK> 1,592,899
<SHARES-COMMON-PRIOR> 521,224
<ACCUMULATED-NII-CURRENT> 14,838
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 148,018
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,202,203
<NET-ASSETS> 22,287,067
<DIVIDEND-INCOME> 88,185
<INTEREST-INCOME> 381,574
<OTHER-INCOME> 0
<EXPENSES-NET> 120,109
<NET-INVESTMENT-INCOME> 349,650
<REALIZED-GAINS-CURRENT> 1,435,996
<APPREC-INCREASE-CURRENT> 475,638
<NET-CHANGE-FROM-OPS> 2,261,284
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 350,429
<DISTRIBUTIONS-OF-GAINS> 1,314,627
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 967,476
<NUMBER-OF-SHARES-REDEEMED> 16,607
<SHARES-REINVESTED> 120,806
<NET-CHANGE-IN-ASSETS> 15,592,375
<ACCUMULATED-NII-PRIOR> 1,153
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 46,957
<GROSS-ADVISORY-FEES> 103,999
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 272,449
<AVERAGE-NET-ASSETS> 13,345,432
<PER-SHARE-NAV-BEGIN> 12.84
<PER-SHARE-NII> 0.31
<PER-SHARE-GAIN-APPREC> 2.05
<PER-SHARE-DIVIDEND> 1.21
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 13.99
<EXPENSE-RATIO> 0.90
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from Touchstone Variable Insurance Trust
financial statements at December 31, 1997
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 4
<NAME> Touchstone Income Opportunity Portfolio
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 25,479,121
<INVESTMENTS-AT-VALUE> 25,249,660
<RECEIVABLES> 705,065
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 2,353,069
<TOTAL-ASSETS> 28,307,794
<PAYABLE-FOR-SECURITIES> 1,277,510
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 150,873
<TOTAL-LIABILITIES> 1,428,383
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 27,605,983
<SHARES-COMMON-STOCK> 2,439,073
<SHARES-COMMON-PRIOR> 737,841
<ACCUMULATED-NII-CURRENT> 26,479
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (523,075)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (229,976)
<NET-ASSETS> 26,879,411
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,973,709
<OTHER-INCOME> 0
<EXPENSES-NET> 141,705
<NET-INVESTMENT-INCOME> 1,832,004
<REALIZED-GAINS-CURRENT> 191,074
<APPREC-INCREASE-CURRENT> (528,803)
<NET-CHANGE-FROM-OPS> 1,494,275
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,814,515
<DISTRIBUTIONS-OF-GAINS> 227,491
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,651,438
<NUMBER-OF-SHARES-REDEEMED> 174,262
<SHARES-REINVESTED> 224,056
<NET-CHANGE-IN-ASSETS> 18,611,279
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 18,918
<GROSS-ADVISORY-FEES> 108,452
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 286,006
<AVERAGE-NET-ASSETS> 16,671,149
<PER-SHARE-NAV-BEGIN> 11.21
<PER-SHARE-NII> 1.20
<PER-SHARE-GAIN-APPREC> 0.11
<PER-SHARE-DIVIDEND> 1.50
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 11.02
<EXPENSE-RATIO> 0.85
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from Touchstone Variable Insurance Trust
financial statements at December 31, 1997
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 5
<NAME> Touchstone Standby Income Portfolio
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 17,401,961
<INVESTMENTS-AT-VALUE> 17,401,759
<RECEIVABLES> 115,669
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 116,352
<TOTAL-ASSETS> 17,633,780
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 71,579
<TOTAL-LIABILITIES> 71,579
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 17,571,962
<SHARES-COMMON-STOCK> 1,755,724
<SHARES-COMMON-PRIOR> 910,034
<ACCUMULATED-NII-CURRENT> 1,366
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (10,925)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (202)
<NET-ASSETS> 17,562,201
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 813,493
<OTHER-INCOME> 0
<EXPENSES-NET> 68,413
<NET-INVESTMENT-INCOME> 745,080
<REALIZED-GAINS-CURRENT> (8,448)
<APPREC-INCREASE-CURRENT> (382)
<NET-CHANGE-FROM-OPS> 736,250
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 745,079
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,900,755
<NUMBER-OF-SHARES-REDEEMED> 1,129,387
<SHARES-REINVESTED> 74,322
<NET-CHANGE-IN-ASSETS> 8,457,068
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 1,112
<GROSS-ADVISORY-FEES> 34,222
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 202,856
<AVERAGE-NET-ASSETS> 13,682,614
<PER-SHARE-NAV-BEGIN> 10.01
<PER-SHARE-NII> 0.54
<PER-SHARE-GAIN-APPREC> (0.01)
<PER-SHARE-DIVIDEND> 0.54
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.00
<EXPENSE-RATIO> 0.50
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
REPORT OF INDEPENDENT ACCOUNTANTS
TO ACCOMPANY FORM N-SAR
To the Investors and Trustees of Select Advisors Variable Insurance Trust :
Emerging Growth Portfolio
International Equity Portfolio
Balanced Portfolio
Income Opportunity Portfolio
Standby Income Portfolio
In planning and performing our audits of the financial statements and financial
highlights of the above referenced portfolios of Select Advisors Variable
Insurance Trust 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 Variable Insurance Trust 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 the Touchstone Emerging Growth
Portfolio (the "Portfolio") of Select Advisors Variable Insurance Trust (the
"Trust") was held on October 30, 1997. The results of votes taken among
shareholders on proposals are listed below.
Proposal 1
To approve a proposal to adopt a new portfolio advisory agreement between
Touchstone Advisors, Inc. and Westfield Capital Management Company, Inc.
("Westfield") with respect to a portion of the assets of the Portfolio, to
become effective upon the acquisition of Westfield by merger with an affiliate
of Boston Private Bancorp, Inc.
# of Shares Voted % of Shares
Affirmative........... 921,105.326 89.20%
Against................. 111,466.107 10.80
Abstain................. 0.00 0.00
<PAGE>
TOUCHSTONE FUNDS
Transactions Pursuant to Rule 10f-3 of ICA
Touchstone Variable Insurance Trust
Income Opportunity Portfolio
Name of Issuer: Primus Telecom
Name of Security: Primus Telecom 11.75%, 8/01/04 (# 741929AB9)
Years of Issuers Operations: 3
Date of Purchase: 7/30/97
Number of Units Purchased: 300
Price Per Unit: $100.00
Total Price Paid: $300,000.00
Portfolio Assets on Trade Date: $19,011,800
% Gross Underwriting Spread: 3.50 %
Underwriting Type: Firm
Total Offering: 225,000,000 SR Notes 11 3/8 %, due 8/01/04 and Warrants
4% of Offering: 9,000 units or 9,000,000 Par value
3% of Total Assets: $570,354
- -------------------
Underwriter from whom Portfolio purchased: Donaldson, Lufkin & Jenrette
TOUCHSTONE FUNDS
Transactions Pursuant to Rule 10f-3 of ICA
Touchstone Variable Insurance Trust
Income Opportunity Portfolio
Name of Issuer: Big 5 Corp
Name of Security: Big 5 Corp 10.875% due 11/15/07, cusip#089150AA4
- -----------------
Years of Issuers Operations: 42
Date of Purchase: 11/17/97
Number of Units Purchased: 500
Price Per Unit: $99.549
Total Price Paid: $500,000.00
Portfolio Assets on Trade Date: $23,928,133
% Gross Underwriting Spread: 3%
Underwriting Type: Firm
Total Offering: 131,000,000
25% of Offering: * 32,750,000 Par value
3% of Total Assets: $717,843.99
Underwriter from whom Portfolio purchased: Donaldson, Lufkin & Jenrette
Securities Corp
Credit Suisse First Boston
Chase Securities Inc
Goldman, Sachs & Co
* As of October 1997
TOUCHSTONE FUNDS
Transactions Pursuant to Rule 10f-3 of ICA
Touchstone Variable Insurance Trust
Income Opportunity Portfolio
Name of Issuer: Werner Holdings
Name of Security: Werner Holdings 10% due 11/15/07, cusip#950761AA4
- -----------------
Years of Issuers Operations: 6
Date of Purchase: 11/14/97
Number of Units Purchased: 300
Price Per Unit: $100.00
Total Price Paid: $300,000.00
Portfolio Assets on Trade Date: $23,778,154
% Gross Underwriting Spread: 3%
Underwriting Type: Firm
Total Offering: 135,000,000
25% of Offering: * 33,750,000 Par value
3% of Total Assets: $713,344.62
Underwriter from whom Portfolio purchased: Donaldson, Lufkin & Jenrette
Securities Corp
Credit Suisse First Boston
Chase Securities Inc
Goldman, Sachs & Co
* As of October 1997
