<PAGE> PAGE 1
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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 6
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<PAGE> PAGE 7
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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 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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075 A000700 0
075 B000700 1144
076 000700 0.00
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 C
financial statements at December 31, 1996
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> Touchstone Emerging Growth Fund C
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 1,663,409
<INVESTMENTS-AT-VALUE> 1,748,166
<RECEIVABLES> 8,097
<ASSETS-OTHER> 25,917
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,782,180
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 18,112
<TOTAL-LIABILITIES> 18,112
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,569,632
<SHARES-COMMON-STOCK> 149,748
<SHARES-COMMON-PRIOR> 111,990
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 55,790
<ACCUM-APPREC-OR-DEPREC> 250,226
<NET-ASSETS> 1,764,068
<DIVIDEND-INCOME> 16,096
<INTEREST-INCOME> 4,428
<OTHER-INCOME> 0
<EXPENSES-NET> 33,709
<NET-INVESTMENT-INCOME> (13,185)
<REALIZED-GAINS-CURRENT> 68,137
<APPREC-INCREASE-CURRENT> 84,757
<NET-CHANGE-FROM-OPS> 139,709
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 53,274
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 29,496
<NUMBER-OF-SHARES-REDEEMED> 514
<SHARES-REINVESTED> 8,776
<NET-CHANGE-IN-ASSETS> 485,278
<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> 126,363
<AVERAGE-NET-ASSETS> 1,498,203
<PER-SHARE-NAV-BEGIN> 11.42
<PER-SHARE-NII> 0.00
<PER-SHARE-GAIN-APPREC> 1.10
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.74
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 11.78
<EXPENSE-RATIO> 2.25
<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 C
financial statements at December 31, 1996
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 2
<NAME> Touchstone International Equity Fund C
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 2,912,106
<INVESTMENTS-AT-VALUE> 3,139,430
<RECEIVABLES> 12,602
<ASSETS-OTHER> 25,917
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 3,177,949
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 21,109
<TOTAL-LIABILITIES> 21,109
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,947,515
<SHARES-COMMON-STOCK> 299,523
<SHARES-COMMON-PRIOR> 260,836
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (1,422)
<ACCUMULATED-NET-GAINS> (145,974)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 356,721
<NET-ASSETS> 3,156,840
<DIVIDEND-INCOME> 47,705
<INTEREST-INCOME> 8,910
<OTHER-INCOME> 0
<EXPENSES-NET> 65,893
<NET-INVESTMENT-INCOME> (9,278)
<REALIZED-GAINS-CURRENT> 66,056
<APPREC-INCREASE-CURRENT> 227,324
<NET-CHANGE-FROM-OPS> 284,102
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 40,286
<NUMBER-OF-SHARES-REDEEMED> 1,599
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 674,542
<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> 173,276
<AVERAGE-NET-ASSETS> 2,812,251
<PER-SHARE-NAV-BEGIN> 9.52
<PER-SHARE-NII> (0.03)
<PER-SHARE-GAIN-APPREC> 1.05
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.54
<EXPENSE-RATIO> 2.35
<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 C
financial statements at December 31, 1996
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 3
<NAME> Touchstone Growth & Income Fund C
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 1,186,712
<INVESTMENTS-AT-VALUE> 1,203,368
<RECEIVABLES> 7,162
<ASSETS-OTHER> 25,917
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,236,447
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 16,605
<TOTAL-LIABILITIES> 16,605
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,161,568
<SHARES-COMMON-STOCK> 89,787
<SHARES-COMMON-PRIOR> 26,053
<ACCUMULATED-NII-CURRENT> 184
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 7,524
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 50,566
<NET-ASSETS> 1,219,842
<DIVIDEND-INCOME> 12,507
<INTEREST-INCOME> 1,694
<OTHER-INCOME> 0
<EXPENSES-NET> 15,834
<NET-INVESTMENT-INCOME> (1,633)
<REALIZED-GAINS-CURRENT> 82,827
<APPREC-INCREASE-CURRENT> 16,656
<NET-CHANGE-FROM-OPS> 97,850
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 5,307
<DISTRIBUTIONS-OF-GAINS> 77,144
<DISTRIBUTIONS-OTHER> 243
<NUMBER-OF-SHARES-SOLD> 61,615
<NUMBER-OF-SHARES-REDEEMED> 2,542
<SHARES-REINVESTED> 4,661
<NET-CHANGE-IN-ASSETS> 892,052
<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> 98,712
<AVERAGE-NET-ASSETS> 771,980
<PER-SHARE-NAV-BEGIN> 12.58
<PER-SHARE-NII> 0.10
<PER-SHARE-GAIN-APPREC> 1.92
<PER-SHARE-DIVIDEND> (0.10)
<PER-SHARE-DISTRIBUTIONS> (0.91)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 13.59
<EXPENSE-RATIO> 2.05
<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 C
financial statements at December 31, 1996
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 4
<NAME> Touchstone Balanced Fund C
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 1,797,441
<INVESTMENTS-AT-VALUE> 1,957,819
<RECEIVABLES> 4,543
<ASSETS-OTHER> 25,917
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,988,279
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 17,783
<TOTAL-LIABILITIES> 17,783
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,676,563
<SHARES-COMMON-STOCK> 158,946
<SHARES-COMMON-PRIOR> 122,129
<ACCUMULATED-NII-CURRENT> 167
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 7,486
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 286,277
<NET-ASSETS> 1,970,493
<DIVIDEND-INCOME> 14,569
<INTEREST-INCOME> 43,664
<OTHER-INCOME> 0
<EXPENSES-NET> 34,470
<NET-INVESTMENT-INCOME> 23,763
<REALIZED-GAINS-CURRENT> 70,831
<APPREC-INCREASE-CURRENT> 160,378
<NET-CHANGE-FROM-OPS> 254,972
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 30,686
<DISTRIBUTIONS-OF-GAINS> 69,459
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 31,351
<NUMBER-OF-SHARES-REDEEMED> 2,224
<SHARES-REINVESTED> 7,690
<NET-CHANGE-IN-ASSETS> 590,922
<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> 127,862
<AVERAGE-NET-ASSETS> 1,641,279
<PER-SHARE-NAV-BEGIN> 11.30
<PER-SHARE-NII> 0.22
<PER-SHARE-GAIN-APPREC> 1.56
<PER-SHARE-DIVIDEND> (0.22)
<PER-SHARE-DISTRIBUTIONS> (0.46)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 12.40
<EXPENSE-RATIO> 2.10
<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 C
financial statements at December 31, 1996
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 5
<NAME> Touchstone Income Opportunity Fund C
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 2,543,943
<INVESTMENTS-AT-VALUE> 2,617,210
<RECEIVABLES> 10,012
<ASSETS-OTHER> 25,917
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2,653,139
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 19,946
<TOTAL-LIABILITIES> 19,946
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,487,960
<SHARES-COMMON-STOCK> 244,820
<SHARES-COMMON-PRIOR> 122,785
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 23,886
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 121,347
<NET-ASSETS> 2,633,193
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 238,591
<OTHER-INCOME> 0
<EXPENSES-NET> 37,323
<NET-INVESTMENT-INCOME> 201,268
<REALIZED-GAINS-CURRENT> 171,388
<APPREC-INCREASE-CURRENT> 73,267
<NET-CHANGE-FROM-OPS> 445,923
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 194,606
<DISTRIBUTIONS-OF-GAINS> 98,304
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 112,192
<NUMBER-OF-SHARES-REDEEMED> 14,441
<SHARES-REINVESTED> 24,284
<NET-CHANGE-IN-ASSETS> 1,429,931
<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> 136,228
<AVERAGE-NET-ASSETS> 1,913,227
<PER-SHARE-NAV-BEGIN> 9.80
<PER-SHARE-NII> 1.09
<PER-SHARE-GAIN-APPREC> 1.33
<PER-SHARE-DIVIDEND> 1.09
<PER-SHARE-DISTRIBUTIONS> 0.37
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.76
<EXPENSE-RATIO> 1.95
<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 C
financial statements at December 31, 1996
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 6
<NAME> Touchstone Bond Fund C
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 630,302
<INVESTMENTS-AT-VALUE> 623,844
<RECEIVABLES> 1,480
<ASSETS-OTHER> 25,917
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 651,241
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 15,881
<TOTAL-LIABILITIES> 15,881
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 632,081
<SHARES-COMMON-STOCK> 63,171
<SHARES-COMMON-PRIOR> 32,315
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 1,030
<ACCUMULATED-NET-GAINS> (2,726)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4,975
<NET-ASSETS> 635,360
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 37,131
<OTHER-INCOME> 0
<EXPENSES-NET> 8,822
<NET-INVESTMENT-INCOME> 28,309
<REALIZED-GAINS-CURRENT> (2,556)
<APPREC-INCREASE-CURRENT> (6,458)
<NET-CHANGE-FROM-OPS> 19,295
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 34,508
<DISTRIBUTIONS-OF-GAINS> 1,037
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 38,637
<NUMBER-OF-SHARES-REDEEMED> 10,852
<SHARES-REINVESTED> 3,071
<NET-CHANGE-IN-ASSETS> 7,163,262
<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> 90,343
<AVERAGE-NET-ASSETS> 536,243
<PER-SHARE-NAV-BEGIN> 10.53
<PER-SHARE-NII> 0.66
<PER-SHARE-GAIN-APPREC> (0.47)
<PER-SHARE-DIVIDEND> (0.64)
<PER-SHARE-DISTRIBUTIONS> (0.02)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.06
<EXPENSE-RATIO> 1.65
<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 C
financial statements at December 31, 1996
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 7
<NAME> Touchstone Muni Bond Fund C
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 1,160,069
<INVESTMENTS-AT-VALUE> 1,146,753
<RECEIVABLES> 0
<ASSETS-OTHER> 25,917
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,172,670
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 17,961
<TOTAL-LIABILITIES> 17,961
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,134,244
<SHARES-COMMON-STOCK> 114,895
<SHARES-COMMON-PRIOR> 111,382
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 2,071
<ACCUMULATED-NET-GAINS> 2,461
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 15,933
<NET-ASSETS> 1,154,709
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 56,192
<OTHER-INCOME> 0
<EXPENSES-NET> 20,600
<NET-INVESTMENT-INCOME> 35,592
<REALIZED-GAINS-CURRENT> 4,602
<APPREC-INCREASE-CURRENT> (13,316)
<NET-CHANGE-FROM-OPS> 26,878
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 40,552
<DISTRIBUTIONS-OF-GAINS> 11
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5,714
<NUMBER-OF-SHARES-REDEEMED> 6,176
<SHARES-REINVESTED> 3,975
<NET-CHANGE-IN-ASSETS> 21,115
<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> 103,554
<AVERAGE-NET-ASSETS> 1,144,451
<PER-SHARE-NAV-BEGIN> 10.18
<PER-SHARE-NII> 0.38
<PER-SHARE-GAIN-APPREC> (0.15)
<PER-SHARE-DIVIDEND> (0.36)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.05
<EXPENSE-RATIO> 1.80
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Investors and Trustees of
Select Advisors Trust C:
In planning and performing our audit of the financial statements and
supplementary data of Select Advisors Trust C (the "Trust") (consisting of
Emerging Growth Fund C, Touchstone International Equity Fund C, Touchstone
Growth & Income Fund C, Touchstone Balanced Fund C, Touchstone Income
Opportunity Fund C, Touchstone Bond Fund C and Municipal Bond C) for the year
ended December 31, 1996, 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, 1996. This report is intended
solely for the information and use of management of the Trust and the Securities
and Exchange Commission.
/S/ Coopers & Lybrand L.L.P.
Boston, Massachusetts
February 20, 1997
