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<PAGE> PAGE 3
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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 14
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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 21
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070 I020400 N
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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008 A000701 ALEXANDER HAMILTON CAPITAL MANAGEMENT, INC.
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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SIGNATURE JOSEPH CARUSONE
TITLE ASST VICE PRESIDENT
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<PER-SHARE-NII> 0.72
<PER-SHARE-GAIN-APPREC> 0.18
<PER-SHARE-DIVIDEND> (0.72)
<PER-SHARE-DISTRIBUTIONS> 0
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<EXPENSE-RATIO> 0.73
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000927123
<NAME> ALEXANDER HAMILTON VARIABLE INSURANCE TRUST
<SERIES>
<NUMBER> 3
<NAME> BALANCED FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> FEB-08-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 4,298,632
<INVESTMENTS-AT-VALUE> 4,543,030
<RECEIVABLES> 183,070
<ASSETS-OTHER> 54,150
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 4,780,250
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 35,070
<TOTAL-LIABILITIES> 146,296
<SENIOR-EQUITY> 439
<PAID-IN-CAPITAL-COMMON> 4,403,430
<SHARES-COMMON-STOCK> 439,047
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 1,340
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (15,653)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 244,398
<NET-ASSETS> 4,633,954
<DIVIDEND-INCOME> 39,467
<INTEREST-INCOME> 118,818
<OTHER-INCOME> 0
<EXPENSES-NET> 37,190
<NET-INVESTMENT-INCOME> 121,095
<REALIZED-GAINS-CURRENT> (15,653)
<APPREC-INCREASE-CURRENT> 244,398
<NET-CHANGE-FROM-OPS> 349,840
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (119,755)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 437,742
<NUMBER-OF-SHARES-REDEEMED> (10,046)
<SHARES-REINVESTED> 11,351
<NET-CHANGE-IN-ASSETS> 4,633,954
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<GROSS-EXPENSE> 98,813
<AVERAGE-NET-ASSETS> 4,148,131
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.28
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000927123
<NAME> ALEXANDER HAMILTON VARIABLE INSURANCE TRUST
<SERIES>
<NUMBER> 4
<NAME> GROWTH & INCOME FUND
<S> <C>
<PERIOD-TYPE> YEAR
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<PERIOD-START> FEB-08-1996
<PERIOD-END> DEC-31-1996
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<SHARES-COMMON-PRIOR> 0
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<ACCUMULATED-NET-GAINS> (354,540)
<OVERDISTRIBUTION-GAINS> 0
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<NET-ASSETS> 5,382,260
<DIVIDEND-INCOME> 54,439
<INTEREST-INCOME> 31,845
<OTHER-INCOME> 0
<EXPENSES-NET> 41,881
<NET-INVESTMENT-INCOME> 44,403
<REALIZED-GAINS-CURRENT> (354,540)
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<NET-CHANGE-FROM-OPS> (18,986)
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<DISTRIBUTIONS-OF-INCOME> (44,295)
<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-SOLD> 554,436
<NUMBER-OF-SHARES-REDEEMED> (14,257)
<SHARES-REINVESTED> 4,483
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<ACCUMULATED-NII-PRIOR> 0
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<OVERDIST-NET-GAINS-PRIOR> 0
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 99,500
<AVERAGE-NET-ASSETS> 5,188,479
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.08
<PER-SHARE-GAIN-APPREC> (0.12)
<PER-SHARE-DIVIDEND> (0.08)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.88
<EXPENSE-RATIO> 0.90
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000927123
<NAME> ALEXANDER HAMILTON VARIABLE INSURANCE TRUST
<SERIES>
<NUMBER> 5
<NAME> GROWTH FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> FEB-08-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 5,926,440
<INVESTMENTS-AT-VALUE> 6,615,129
<RECEIVABLES> 238,034
<ASSETS-OTHER> 1,625,550
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<TOTAL-ASSETS> 8,478,713
<PAYABLE-FOR-SECURITIES> 623,744
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<TOTAL-LIABILITIES> 664,701
<SENIOR-EQUITY> 664
<PAID-IN-CAPITAL-COMMON> 6,943,506
<SHARES-COMMON-STOCK> 664,422
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 381
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 180,772
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 688,689
<NET-ASSETS> 7,814,012
<DIVIDEND-INCOME> 134,800
<INTEREST-INCOME> 37,682
<OTHER-INCOME> 0
<EXPENSES-NET> 56,736
<NET-INVESTMENT-INCOME> 115,746
<REALIZED-GAINS-CURRENT> 383,458
<APPREC-INCREASE-CURRENT> 688,689
<NET-CHANGE-FROM-OPS> 1,187,893
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (115,365)
<DISTRIBUTIONS-OF-GAINS> (202,686)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 662,842
<NUMBER-OF-SHARES-REDEEMED> (25,465)
<SHARES-REINVESTED> 27,045
<NET-CHANGE-IN-ASSETS> 7,814,012
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 42,552
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 115,603
<AVERAGE-NET-ASSETS> 6,340,589
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.18
<PER-SHARE-GAIN-APPREC> 2.08
<PER-SHARE-DIVIDEND> (0.18)
<PER-SHARE-DISTRIBUTIONS> (0.32)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.76
<EXPENSE-RATIO> 1.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000927123
<NAME> ALEXANDER HAMILTON VARIABLE INSURANCE TRUST
<SERIES>
<NUMBER> 6
<NAME> EMERGING GROWTH FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> FEB-08-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 6,860,109
<INVESTMENTS-AT-VALUE> 6,915,185
<RECEIVABLES> 77,755
<ASSETS-OTHER> 26,524
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<TOTAL-ASSETS> 7,019,464
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 38,392
<TOTAL-LIABILITIES> 285,075
<SENIOR-EQUITY> 664
<PAID-IN-CAPITAL-COMMON> 6,634,175
<SHARES-COMMON-STOCK> 661,770
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> (649)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 45,123
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 55,076
<NET-ASSETS> 6,734,389
<DIVIDEND-INCOME> 8,255
<INTEREST-INCOME> 24,245
<OTHER-INCOME> 0
<EXPENSES-NET> 33,149
<NET-INVESTMENT-INCOME> (649)
<REALIZED-GAINS-CURRENT> 202,815
<APPREC-INCREASE-CURRENT> 55,076
<NET-CHANGE-FROM-OPS> 257,242
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (157,692)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 705,476
<NUMBER-OF-SHARES-REDEEMED> (59,196)
<SHARES-REINVESTED> 15,490
<NET-CHANGE-IN-ASSETS> 6,734,389
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 40,790
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 109,068
<AVERAGE-NET-ASSETS> 5,676,086
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 0.42
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (0.24)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.18
<EXPENSE-RATIO> 0.65
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000927123
<NAME> ALEXANDER HAMILTON VARIABLE INSURANCE TRUST
<SERIES>
<NUMBER> 7
<NAME> INTERNATIONAL EQUITY FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> FEB-08-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 5,169,497
<INVESTMENTS-AT-VALUE> 5,689,417
<RECEIVABLES> 46,067
<ASSETS-OTHER> 942,579
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<TOTAL-ASSETS> 6,678,063
<PAYABLE-FOR-SECURITIES> 4,836
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 38,967
<TOTAL-LIABILITIES> 43,803
<SENIOR-EQUITY> 609
<PAID-IN-CAPITAL-COMMON> 6,182,517
<SHARES-COMMON-STOCK> 609,481
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 602
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (72,882)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 523,414
<NET-ASSETS> 6,634,260
<DIVIDEND-INCOME> 77,140
<INTEREST-INCOME> 16,984
<OTHER-INCOME> 0
<EXPENSES-NET> 70,134
<NET-INVESTMENT-INCOME> 23,990
<REALIZED-GAINS-CURRENT> 5,158
<APPREC-INCREASE-CURRENT> 523,414
<NET-CHANGE-FROM-OPS> 552,562
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (56,416)
<DISTRIBUTIONS-OF-GAINS> (45,012)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 619,314
<NUMBER-OF-SHARES-REDEEMED> (19,147)
<SHARES-REINVESTED> 9,314
<NET-CHANGE-IN-ASSETS> 6,634,260
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 50,056
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 129,873
<AVERAGE-NET-ASSETS> 5,590,578
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.04
<PER-SHARE-GAIN-APPREC> 1.02
<PER-SHARE-DIVIDEND> (0.09)
<PER-SHARE-DISTRIBUTIONS> (0.08)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.89
<EXPENSE-RATIO> 1.40
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
[Ernst & Young LLP Letterhead]
Board of Trustees
Alexander Hamilton Variable Insurance Trust
In planning and performing our audit of the financial statements of Alexander
Hamilton Variable Insurance Trust (comprising, respectively, the Investment
Grade Bond, High Yield Bond, Balanced, Growth and Income, Growth, Emerging
Growth and International Equity Funds) for the period 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 to comply
with the requirements of Form N-SAR, not to provide assurance on the internal
control structure.
The management of Alexander Hamilton Variable Insurance 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 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 and
the Securities and Exchange Commission.
/s/ ERNST & YOUNG LLP
ERNST & YOUNG LLP
January 24, 1997
