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<PAGE> PAGE 2
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<PAGE> PAGE 3
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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 14
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<PAGE> PAGE 16
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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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<PAGE> PAGE 21
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072 Z000800 -1
072AA000800 0
072BB000800 6
072CC010800 20
072CC020800 0
072DD010800 0
072DD020800 0
072EE000800 0
073 A010800 0.0000
073 A020800 0.0000
073 B000800 0.0000
073 C000800 0.0000
074 A000800 0
074 B000800 0
074 C000800 0
074 D000800 0
<PAGE> PAGE 22
074 E000800 0
074 F000800 0
074 G000800 0
074 H000800 0
074 I000800 297
074 J000800 0
074 K000800 45
074 L000800 1
074 M000800 0
074 N000800 343
074 O000800 0
074 P000800 0
074 Q000800 0
074 R010800 0
074 R020800 0
074 R030800 0
074 R040800 25
074 S000800 0
074 T000800 318
074 U010800 31
074 U020800 0
074 V010800 10.26
074 V020800 0.00
074 W000800 0.0000
074 X000800 77
074 Y000800 0
075 A000800 0
075 B000800 253
076 000800 0.00
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 C
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Dec-31-1998
<PERIOD-END> Dec-31-1998
<INVESTMENTS-AT-COST> 2,853,903
<INVESTMENTS-AT-VALUE> 3,199,688
<RECEIVABLES> 110,704
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 3,310,392
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 26,372
<TOTAL-LIABILITIES> 26,372
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,927,388
<SHARES-COMMON-STOCK> 251,885
<SHARES-COMMON-PRIOR> 200,570
<ACCUMULATED-NII-CURRENT> 10,847
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 345,785
<NET-ASSETS> 3,284,020
<DIVIDEND-INCOME> 23,228
<INTEREST-INCOME> 8,680
<OTHER-INCOME> 0
<EXPENSES-NET> 67,842
<NET-INVESTMENT-INCOME> (35,934)
<REALIZED-GAINS-CURRENT> 289,695
<APPREC-INCREASE-CURRENT> (212,053)
<NET-CHANGE-FROM-OPS> 41,708
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 300,893
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 60,937
<NUMBER-OF-SHARES-REDEEMED> 33,731
<SHARES-REINVESTED> 24,109
<NET-CHANGE-IN-ASSETS> 449,897
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 25,037
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 184,576
<AVERAGE-NET-ASSETS> 3,015,210
<PER-SHARE-NAV-BEGIN> 14.13
<PER-SHARE-NII> (0.14)
<PER-SHARE-GAIN-APPREC> 0.37
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 1.32
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.04
<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
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 C
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Dec-31-1998
<PERIOD-END> Dec-31-1998
<INVESTMENTS-AT-COST> 4,279,612
<INVESTMENTS-AT-VALUE> 5,128,940
<RECEIVABLES> 127,151
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 5,256,091
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 29,986
<TOTAL-LIABILITIES> 29,986
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 4,388,869
<SHARES-COMMON-STOCK> 417,774
<SHARES-COMMON-PRIOR> 357,858
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 43,181
<ACCUMULATED-NET-GAINS> 31,089
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 849,328
<NET-ASSETS> 5,226,105
<DIVIDEND-INCOME> 66,874
<INTEREST-INCOME> 9,236
<OTHER-INCOME> 0
<EXPENSES-NET> 113,958
<NET-INVESTMENT-INCOME> (37,848)
<REALIZED-GAINS-CURRENT> 332,281
<APPREC-INCREASE-CURRENT> 462,598
<NET-CHANGE-FROM-OPS> 757,031
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 352,297
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 81,879
<NUMBER-OF-SHARES-REDEEMED> 50,186
<SHARES-REINVESTED> 28,233
<NET-CHANGE-IN-ASSETS> 1,192,270
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 63,937
<OVERDISTRIB-NII-PRIOR> (16,192)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 246,405
<AVERAGE-NET-ASSETS> 4,849,284
<PER-SHARE-NAV-BEGIN> 11.27
<PER-SHARE-NII> (0.08)
<PER-SHARE-GAIN-APPREC> 2.22
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.90
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.51
<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
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 C
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Dec-31-1998
<PERIOD-END> Dec-31-1998
<INVESTMENTS-AT-COST> 2,576,876
<INVESTMENTS-AT-VALUE> 2,668,299
<RECEIVABLES> 116,814
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2,785,113
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 31,927
<TOTAL-LIABILITIES> 31,927
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,668,782
<SHARES-COMMON-STOCK> 193,065
<SHARES-COMMON-PRIOR> 140,703
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 7,019
<ACCUM-APPREC-OR-DEPREC> 91,423
<NET-ASSETS> 2,753,186
<DIVIDEND-INCOME> 63,651
<INTEREST-INCOME> 2,637
<OTHER-INCOME> 0
<EXPENSES-NET> 51,199
<NET-INVESTMENT-INCOME> 15,089
<REALIZED-GAINS-CURRENT> 135,401
<APPREC-INCREASE-CURRENT> (45,940)
<NET-CHANGE-FROM-OPS> 104,550
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 22,618
<DISTRIBUTIONS-OF-GAINS> 171,193
<DISTRIBUTIONS-OTHER> 2,428
<NUMBER-OF-SHARES-SOLD> 96,361
<NUMBER-OF-SHARES-REDEEMED> 57,501
<SHARES-REINVESTED> 13,502
<NET-CHANGE-IN-ASSETS> 714,407
<ACCUMULATED-NII-PRIOR> 706
<ACCUMULATED-GAINS-PRIOR> 29,043
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 173,008
<AVERAGE-NET-ASSETS> 2,497,489
<PER-SHARE-NAV-BEGIN> 14.49
<PER-SHARE-NII> 0.12
<PER-SHARE-GAIN-APPREC> 0.74
<PER-SHARE-DIVIDEND> 0.13
<PER-SHARE-DISTRIBUTIONS> 0.95
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.26
<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
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 C
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Dec-31-1998
<PERIOD-END> Dec-31-1998
<INVESTMENTS-AT-COST> 3,234,337
<INVESTMENTS-AT-VALUE> 3,282,183
<RECEIVABLES> 110,531
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 3,392,714
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 53,255
<TOTAL-LIABILITIES> 53,255
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3,253,933
<SHARES-COMMON-STOCK> 286,552
<SHARES-COMMON-PRIOR> 230,973
<ACCUMULATED-NII-CURRENT> 492
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 37,188
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 47,846
<NET-ASSETS> 3,339,459
<DIVIDEND-INCOME> 23,581
<INTEREST-INCOME> 85,138
<OTHER-INCOME> 0
<EXPENSES-NET> 66,248
<NET-INVESTMENT-INCOME> 42,471
<REALIZED-GAINS-CURRENT> 187,898
<APPREC-INCREASE-CURRENT> (153,062)
<NET-CHANGE-FROM-OPS> 77,307
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 58,002
<DISTRIBUTIONS-OF-GAINS> 181,978
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 91,178
<NUMBER-OF-SHARES-REDEEMED> 55,866
<SHARES-REINVESTED> 20,267
<NET-CHANGE-IN-ASSETS> 532,500
<ACCUMULATED-NII-PRIOR> 1,883
<ACCUMULATED-GAINS-PRIOR> 28,017
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 183,087
<AVERAGE-NET-ASSETS> 3,154,632
<PER-SHARE-NAV-BEGIN> 12.15
<PER-SHARE-NII> 0.16
<PER-SHARE-GAIN-APPREC> 0.23
<PER-SHARE-DIVIDEND> 0.22
<PER-SHARE-DISTRIBUTIONS> 0.67
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.65
<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
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 C
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Dec-31-1998
<PERIOD-END> Dec-31-1998
<INVESTMENTS-AT-COST> 4,515,537
<INVESTMENTS-AT-VALUE> 3,709,741
<RECEIVABLES> 119,336
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 3,829,077
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 30,914
<TOTAL-LIABILITIES> 30,914
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 5,099,818
<SHARES-COMMON-STOCK> 511,577
<SHARES-COMMON-PRIOR> 395,636
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 44
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 495,815
<ACCUM-APPREC-OR-DEPREC> (805,796)
<NET-ASSETS> 3,798,163
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 453,070
<OTHER-INCOME> 0
<EXPENSES-NET> 78,996
<NET-INVESTMENT-INCOME> 374,074
<REALIZED-GAINS-CURRENT> (391,521)
<APPREC-INCREASE-CURRENT> (643,353)
<NET-CHANGE-FROM-OPS> (660,800)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 383,944
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 49,795
<NUMBER-OF-SHARES-SOLD> 238,569
<NUMBER-OF-SHARES-REDEEMED> 165,063
<SHARES-REINVESTED> 42,435
<NET-CHANGE-IN-ASSETS> (25,671)
<ACCUMULATED-NII-PRIOR> 2,805
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 106,419
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 206,469
<AVERAGE-NET-ASSETS> 4,068,334
<PER-SHARE-NAV-BEGIN> 9.67
<PER-SHARE-NII> 0.80
<PER-SHARE-GAIN-APPREC> (2.13)
<PER-SHARE-DIVIDEND> 0.81
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 7.42
<EXPENSE-RATIO> 1.94
<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 C
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Dec-31-1998
<PERIOD-END> Dec-31-1998
<INVESTMENTS-AT-COST> 1,039,883
<INVESTMENTS-AT-VALUE> 1,060,515
<RECEIVABLES> 103,963
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,164,478
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 24,892
<TOTAL-LIABILITIES> 24,892
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,117,789
<SHARES-COMMON-STOCK> 113,070
<SHARES-COMMON-PRIOR> 73,508
<ACCUMULATED-NII-CURRENT> 1,086
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 79
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 20,632
<NET-ASSETS> 1,139,586
<DIVIDEND-INCOME> 3,723
<INTEREST-INCOME> 56,160
<OTHER-INCOME> 0
<EXPENSES-NET> 16,347
<NET-INVESTMENT-INCOME> 43,536
<REALIZED-GAINS-CURRENT> 18,195
<APPREC-INCREASE-CURRENT> 7,504
<NET-CHANGE-FROM-OPS> 69,235
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 51,140
<DISTRIBUTIONS-OF-GAINS> 16,737
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 108,496
<NUMBER-OF-SHARES-REDEEMED> 75,601
<SHARES-REINVESTED> 6,667
<NET-CHANGE-IN-ASSETS> 1,139,586
<ACCUMULATED-NII-PRIOR> 1,215
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 973
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 122,291
<AVERAGE-NET-ASSETS> 997,885
<PER-SHARE-NAV-BEGIN> 10.06
<PER-SHARE-NII> 0.44
<PER-SHARE-GAIN-APPREC> 0.24
<PER-SHARE-DIVIDEND> 0.51
<PER-SHARE-DISTRIBUTIONS> 0.15
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.08
<EXPENSE-RATIO> 1.64
<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 Value Plus Fund C
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Dec-31-1998
<PERIOD-END> Dec-31-1998
<INVESTMENTS-AT-COST> 278,069
<INVESTMENTS-AT-VALUE> 297,683
<RECEIVABLES> 45,648
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 343,331
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 25,146
<TOTAL-LIABILITIES> 25,146
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 304,265
<SHARES-COMMON-STOCK> 31,018
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 5,694
<ACCUM-APPREC-OR-DEPREC> 19,614
<NET-ASSETS> 318,185
<DIVIDEND-INCOME> 2,202
<INTEREST-INCOME> 307
<OTHER-INCOME> 0
<EXPENSES-NET> 3,485
<NET-INVESTMENT-INCOME> (976)
<REALIZED-GAINS-CURRENT> (5,694)
<APPREC-INCREASE-CURRENT> 19,614
<NET-CHANGE-FROM-OPS> 12,944
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 31,730
<NUMBER-OF-SHARES-REDEEMED> 712
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 318,185
<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> 70,360
<AVERAGE-NET-ASSETS> 253,277
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> (0.03)
<PER-SHARE-GAIN-APPREC> 0.29
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.26
<EXPENSE-RATIO> 2.60
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
To Trustees of Select Advisors Trust C:
In planning and performing our audit of the financial statements and financial
highlights of Touchstone Emerging Growth Fund C, Touchstone International Equity
Fund C, Touchstone Income Opportunity Fund C, Touchstone Value Plus Fund C,
Touchstone Growth and Income Fund C, Touchstone Balanced Fund C and Touchstone
Bond Fund C (hereinafter referred to as "financial statements") of Select
Advisors Trust C 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 C and the Securities and Exchange
Commission.
PricewaterhouseCoopers LLP
Boston, Massachusetts
February 18, 1999
Supplementary Data (Unaudited): Shareholder Meeting Information
A special meeting of the shareholders of each series of Select Advisors Trust C
(a "Trust C Fund") was held on October 29, 1998. At the meeting, the
shareholders of each Trust C Fund (other than the Touchstone Growth & Income
Fund C) voted on a proposal to approve an Agreement and Plan of Reorganization
and Liquidation and the transactions contemplated thereby, including (a) the
transfer of substantially all of the assets and liabilities of each such Trust C
Fund to the corresponding series of Select Advisors Trust A each (a "Trust A
Fund"), in exchange for Class C shares of such Trust A Fund, and (b) the
distribution of such Trust A Fund's Class C shares to the shareholders of such
Trust C Fund. The result of the votes taken among shareholders on the proposal
is listed below:
Touchstone Emerging Growth Fund C
160,503.253 shares were represented by proxy, or 70.45% of outstanding shares
of the Fund.
<TABLE>
<S> <C> <C>
# of Shares Voted % of Shares Voted
Affirmative 156,451.898 97.48%
Against 3,135.783 1.95%
Abstain 915.572 0.57%
TOTAL 160,503.253 100.00%
</TABLE>
Touchstone International Equity Fund C
305,760.258 shares were represented by proxy, or 79.09% of outstanding shares
of the Fund.
<TABLE>
<S> <C> <C>
# of Shares Voted % of Shares Voted
Affirmative 297,910.560 97.43%
Against 6,058.907 1.98%
Abstain 1,790.791 0.59%
TOTAL 305,760.258 100.00%
</TABLE>
<PAGE>
Touchstone Income Opportunity Fund C
249,280.031 shares were represented by proxy, or 65.45% of outstanding shares
of the Fund.
<TABLE>
<S> <C> <C>
# of Shares Voted % of Shares Voted
Affirmative 234,609.552 94.11%
Against 4,650.441 1.87%
Abstain 10,020.038 4.02%
TOTAL 249,280.031 100.00%
</TABLE>
Touchstone Value Plus Fund C
25,015.000 shares were represented by proxy, or 99.81% of outstanding shares of
the Fund.
<TABLE>
<S> <C> <C>
# of Shares Voted % of Shares Voted
Affirmative 25,015.000 100.00%
Against 0.000 0.00%
Abstain 0.000 0.00%
TOTAL 25,015.000 100.00%
</TABLE>
Touchstone Balanced Fund C
181,372.737 shares were represented by proxy, or 72.75% of outstanding shares
of the Fund.
<TABLE>
<S> <C> <C>
# of Shares Voted % of Shares Voted
Affirmative 175,808.394 96.93%
Against 2,082.821 1.15%
Abstain 3,481.522 1.92%
TOTAL 181,372.737 100.00%
</TABLE>
<PAGE>
Touchstone Bond Fund C
71,786.785 shares were represented by proxy, or 56.82% of outstanding shares of
the Fund.
<TABLE>
<S> <C> <C>
# of Shares Voted % of Shares Voted
Affirmative 62,972.982 87.72%
Against 0.000 0.00%
Abstain 8,813.803 12.28%
TOTAL 71,786.785 100.00%
</TABLE>
- -------------------------------------------------------------------------------
- --------------------------------------------------------
A special meeting of shareholders of Touchstone Growth & Income Fund C (the
"Fund"), a series of Select Advisors Trust C, was held on November 19, 1998. At
the meeting, the shareholders of the Fund voted on a proposal to approve an
Agreement and Plan of Reorganization and Liquidation and the transactions
contemplated thereby, including (a) the transfer of substantially all of the
assets and liabilities of the Fund to the corresponding series of Select
Advisors Trust A (the "Trust A Fund"), in exchange for Class C shares of the
Trust A Fund, and (b) the distribution of the Trust A Fund's Class C shares to
the shareholders of the Fund. The result of the vote taken among shareholders on
the proposal is listed below:
86,891.275 shares were represented by proxy, or 53.29% of outstanding shares of
the Fund.
<TABLE>
<S> <C> <C>
# of Shares Voted % of Shares Voted
Affirmative 75,020.817 86.34%
Against 1,243.421 1.43%
Abstain 10,627.037 12.23%
TOTAL 86,891.275 100.00%
</TABLE>
