Supplement to Prospectus
and Statement of Additional Information
of Select Advisors Portfolios (the "Hub Trust"),
Select Advisors Trust A ("Trust A") and
Select Advisors Trust C ("Trust C")
in connection with
Touchstone Emerging Growth Fund A Touchstone Emerging Growth Fund C
Touchstone International Equity Fund A Touchstone International Equity Fund C
Touchstone Income Opportunity Fund A Touchstone Income Opportunity Fund C
Touchstone Value Plus Fund A Touchstone Value Plus Fund C
Touchstone Growth & Income Fund A Touchstone Growth & Income Fund C
Touchstone Balanced Fund A Touchstone Balanced Fund C
Touchstone Bond Fund A Touchstone Bond Fund C
(each a "Trust A Fund") (each a "Trust C Fund")
This Supplement is dated as of September 24, 1998.
The Prospectuses and Statements of Additional Information of Trust A
and Trust C, each dated May 1, 1998, are hereby supplemented as follows:
AGREEMENT AND PLAN OF REORGANIZATION AND LIQUIDATION
At a meeting of the Board of Trustees of Select Advisors Trust A
("Trust A") and Select Advisors Trust C ("Trust C") held on June 18, 1998
(the "Meeting"), an agreement and plan of reorganization and liquidation
(the "Plan") was unanimously approved by a vote of the majority of the
Trustees of Trust A and Trust C, including a majority of the disinterested
Trustees, subject to approval of the shareholders of Trust C at a meeting to
be held on October 29, 1998.
The Plan consists of a series of steps and procedures which would
ultimately result in the combination of each series of Trust C with the
corresponding series of Trust A and the following changes to the structure
of the Hub Trust, Trust A and Trust C, effective as of the close of business
on December 31, 1998:
* All of the investable assets of the Hub Trust, including each of its
series (each a "Hub Portfolio") would be transferred to the
corresponding Trust A Fund (subject to their liabilities).
* All of the presently outstanding shares of the Trust C Funds would
be exchanged for an equal number of newly-designated Class C shares
of the corresponding Trust A Fund.
* All of the presently outstanding shares of each Trust A Fund would be
redesignated (but not otherwise affected) Class A shares of each
Trust A Fund.
* The Hub Trust and Trust C would be dissolved.
INVESTMENT ADVISER
Touchstone Advisors, Inc. (the "Advisor") is currently the investment
adviser to the Hub Portfolios and is responsible for selecting and monitoring
the sub-advisers (each, a "Portfolio Advisor," and collectively, the
"Portfolio Advisors") which manage the investment portfolios for each Hub
Portfolio.
After the close of business on December 31, 1998, pursuant to the
Plan, the Advisor will be the investment adviser to each series of Trust A
and will be responsible for selecting and monitoring the Portfolio Advisor
for each Trust A Fund, including assets from both Class A and Class C shares.
ADMINISTRATIVE SERVICES
Investors Bank & Trust Company ("Investors Bank") presently serves as
Administrator and Fund Accounting Agent for each Trust C Fund and each Trust A
Fund, and also serves as Administrator, Fund Accounting Agent, Custodian,
Transfer Agent and Dividend Paying Agent for the Hub Trust. State Street Bank
& Trust Company presently serves as Transfer Agent and Dividend Paying Agent
for each Trust C Fund and each Trust A Fund. It is anticipated that, following
the reorganization, Investors Bank would continue to serve as Administrator
and Fund Accounting Agent and that State Street Bank & Trust Company would
continue to act as Transfer Agent and Dividend Paying Agent, with respect to
each Class of each Trust A Fund.
CHANGE IN PORTFOLIO MANAGER
Eugene H. Gardner, Jr., one of the individuals at David L. Babson & Company,
Inc. who was primarily responsible for the day-to-day investment management of
the portion of the Emerging Growth Portfolio's assets managed by David L.
Babson & Company, Inc., has been replaced by Dennis J. Scannell, Jr. David L.
Babson & Company, Inc. is one of two Portfolio Advisors to the Emerging Growth
Portfolio.
Mr. Scannell has been with David L. Babson & Company, Inc. since 1993 and is
Vice President/Portfolio Manager.
