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<PAGE> PAGE 21
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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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<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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<PAGE> PAGE 37
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<PAGE> PAGE 38
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<PAGE> PAGE 39
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<PAGE> PAGE 40
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<PAGE> PAGE 41
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<PAGE> PAGE 42
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<PAGE> PAGE 43
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008 A001001 TOUCHSTONE ADVISORS, INC.
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<PAGE> PAGE 45
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<PAGE> PAGE 46
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<PAGE> PAGE 47
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SIGNATURE KEVIN M. CONNERTY
TITLE ASSISTANT TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial
information extracted from Touchstone Select Advisers
financial statements at June 30, 1998
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> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 9,944,204
<INVESTMENTS-AT-VALUE> 11,227,896
<RECEIVABLES> 223,627
<ASSETS-OTHER> 441,737
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 11,893,260
<PAYABLE-FOR-SECURITIES> 56,033
<SENIOR-LONG-TERM-DEBT> 0
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<TOTAL-LIABILITIES> 83,147
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 11,810,113
<DIVIDEND-INCOME> 37,912
<INTEREST-INCOME> 14,560
<OTHER-INCOME> 0
<EXPENSES-NET> 65,927
<NET-INVESTMENT-INCOME> (13,455)
<REALIZED-GAINS-CURRENT> 577,480
<APPREC-INCREASE-CURRENT> (281,678)
<NET-CHANGE-FROM-OPS> 282,347
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 4,209,816
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 36,373
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 96,788
<AVERAGE-NET-ASSETS> 9,168,676
<PER-SHARE-NAV-BEGIN> 0.00
<PER-SHARE-NII> 0.00
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 0.00
<EXPENSE-RATIO> 1.45
<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 June 30, 1998
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> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 8,480,814
<INVESTMENTS-AT-VALUE> 11,037,909
<RECEIVABLES> 342,601
<ASSETS-OTHER> 786,398
<OTHER-ITEMS-ASSETS> 0
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<SENIOR-LONG-TERM-DEBT> 0
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<TOTAL-LIABILITIES> 525,807
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 11,641,101
<DIVIDEND-INCOME> 112,224
<INTEREST-INCOME> 8,176
<OTHER-INCOME> 0
<EXPENSES-NET> 77,933
<NET-INVESTMENT-INCOME> 42,467
<REALIZED-GAINS-CURRENT> 310,664
<APPREC-INCREASE-CURRENT> 1,738,233
<NET-CHANGE-FROM-OPS> 2,091,364
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 3,047,638
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 47,765
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 158,764
<AVERAGE-NET-ASSETS> 10,139,207
<PER-SHARE-NAV-BEGIN> 0.00
<PER-SHARE-NII> 0.00
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 0.00
<EXPENSE-RATIO> 1.55
<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 June 30, 1998
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 3
<NAME> Touchstone Growth & Income Portfolio
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 36,564,271
<INVESTMENTS-AT-VALUE> 39,324,229
<RECEIVABLES> 97,832
<ASSETS-OTHER> 425,766
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 39,847,827
<PAYABLE-FOR-SECURITIES> 6,312
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 299,215
<TOTAL-LIABILITIES> 305,527
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 39,542,300
<DIVIDEND-INCOME> 429,432
<INTEREST-INCOME> 18,573
<OTHER-INCOME> 0
<EXPENSES-NET> 198,213
<NET-INVESTMENT-INCOME> 249,792
<REALIZED-GAINS-CURRENT> 1,698,243
<APPREC-INCREASE-CURRENT> 645,953
<NET-CHANGE-FROM-OPS> 2,593,988
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 12,168,787
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 128,983
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 204,341
<AVERAGE-NET-ASSETS> 32,513,036
<PER-SHARE-NAV-BEGIN> 0.00
<PER-SHARE-NII> 0.00
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 0.00
<EXPENSE-RATIO> 1.23
<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 June 30, 1998
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 4
<NAME> Touchstone Balanced Portfolio
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 6,795,080
<INVESTMENTS-AT-VALUE> 7,405,457
<RECEIVABLES> 130,938
<ASSETS-OTHER> 8,885
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 7,545,280
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 35,835
<TOTAL-LIABILITIES> 35,835
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 7,509,445
<DIVIDEND-INCOME> 29,802
<INTEREST-INCOME> 95,126
<OTHER-INCOME> 0
<EXPENSES-NET> 43,265
<NET-INVESTMENT-INCOME> 81,663
<REALIZED-GAINS-CURRENT> 174,104
<APPREC-INCREASE-CURRENT> 204,319
<NET-CHANGE-FROM-OPS> 460,086
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 1,589,744
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 26,625
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 84,417
<AVERAGE-NET-ASSETS> 6,711,355
<PER-SHARE-NAV-BEGIN> 0.00
<PER-SHARE-NII> 0.00
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 0.00
<EXPENSE-RATIO> 1.30
<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 June 30, 1998
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 5
<NAME> Touchstone Income Opportunity Portfolio
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 12,552,150
<INVESTMENTS-AT-VALUE> 11,448,685
<RECEIVABLES> 565,811
<ASSETS-OTHER> 85,734
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 12,100,230
<PAYABLE-FOR-SECURITIES> 250,000
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 31,298
<TOTAL-LIABILITIES> 281,298
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 11,818,932
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 678,858
<OTHER-INCOME> 0
<EXPENSES-NET> 65,225
<NET-INVESTMENT-INCOME> 613,633
<REALIZED-GAINS-CURRENT> 56,045
<APPREC-INCREASE-CURRENT> (641,712)
<NET-CHANGE-FROM-OPS> 27,966
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 1,121,518
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 36,866
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 101,229
<AVERAGE-NET-ASSETS> 11,437,527
<PER-SHARE-NAV-BEGIN> 0.00
<PER-SHARE-NII> 0.00
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 0.00
<EXPENSE-RATIO> 1.15
<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 June 30, 1998
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 6
<NAME> Touchstone Bond Portfolio
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 16,483,843
<INVESTMENTS-AT-VALUE> 17,037,918
<RECEIVABLES> 268,717
<ASSETS-OTHER> 1,334,800
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 18,641,435
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 35,634
<TOTAL-LIABILITIES> 35,634
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 18,605,801
<DIVIDEND-INCOME> 40,647
<INTEREST-INCOME> 535,008
<OTHER-INCOME> 0
<EXPENSES-NET> 69,581
<NET-INVESTMENT-INCOME> 506,074
<REALIZED-GAINS-CURRENT> 125,262
<APPREC-INCREASE-CURRENT> 106,805
<NET-CHANGE-FROM-OPS> 738,141
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 3,343,206
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 45,023
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 111,573
<AVERAGE-NET-ASSETS> 16,507,700
<PER-SHARE-NAV-BEGIN> 0.00
<PER-SHARE-NII> 0.00
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 0.00
<EXPENSE-RATIO> 0.85
<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 June 30, 1998
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 8
<NAME> Touchstone Growth & Income Portfolio II
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 61,647,863
<INVESTMENTS-AT-VALUE> 66,804,961
<RECEIVABLES> 178,228
<ASSETS-OTHER> 1,413,317
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 68,396,506
<PAYABLE-FOR-SECURITIES> 6,312
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 239,060
<TOTAL-LIABILITIES> 245,372
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 68,151,134
<DIVIDEND-INCOME> 764,100
<INTEREST-INCOME> 30,277
<OTHER-INCOME> 0
<EXPENSES-NET> 244,710
<NET-INVESTMENT-INCOME> 549,667
<REALIZED-GAINS-CURRENT> 1,855,869
<APPREC-INCREASE-CURRENT> 2,316,671
<NET-CHANGE-FROM-OPS> 4,722,207
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 21,588,152
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 230,315
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 395,329
<AVERAGE-NET-ASSETS> 58,054,439
<PER-SHARE-NAV-BEGIN> 0.00
<PER-SHARE-NII> 0.00
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 0.00
<EXPENSE-RATIO> 0.85
<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 June 30, 1998
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 9
<NAME> Touchstone Bond Portfolio II
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 27,345,991
<INVESTMENTS-AT-VALUE> 28,043,927
<RECEIVABLES> 446,382
<ASSETS-OTHER> 2,843,217
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 31,333,526
<PAYABLE-FOR-SECURITIES> 66,211
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 38,991
<TOTAL-LIABILITIES> 105,202
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 31,228,324
<DIVIDEND-INCOME> 57,794
<INTEREST-INCOME> 868,679
<OTHER-INCOME> 0
<EXPENSES-NET> 101,550
<NET-INVESTMENT-INCOME> 824,923
<REALIZED-GAINS-CURRENT> 237,121
<APPREC-INCREASE-CURRENT> 117,520
<NET-CHANGE-FROM-OPS> 1,179,564
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 6,543,950
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 74,470
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 188,198
<AVERAGE-NET-ASSETS> 27,304,016
<PER-SHARE-NAV-BEGIN> 0.00
<PER-SHARE-NII> 0.00
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 0.00
<EXPENSE-RATIO> 0.75
<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 June 30, 1998
and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 10
<NAME> Touchstone Value Plus Portfolio
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 25,412,137
<INVESTMENTS-AT-VALUE> 25,138,634
<RECEIVABLES> 25,739
<ASSETS-OTHER> 232,463
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 25,396,836
<PAYABLE-FOR-SECURITIES> 188,827
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 27,920
<TOTAL-LIABILITIES> 216,747
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 25,180,089
<DIVIDEND-INCOME> 54,237
<INTEREST-INCOME> 19,785
<OTHER-INCOME> 0
<EXPENSES-NET> 37,324
<NET-INVESTMENT-INCOME> 36,698
<REALIZED-GAINS-CURRENT> (72,312)
<APPREC-INCREASE-CURRENT> (273,503)
<NET-CHANGE-FROM-OPS> (309,117)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 25,180,089
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 31,103
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 51,953
<AVERAGE-NET-ASSETS> 24,814,488
<PER-SHARE-NAV-BEGIN> 0.00
<PER-SHARE-NII> 0.00
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 0.00
<EXPENSE-RATIO> 0.85
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
TOUCHSTONE FUNDS
Transactions Pursuant to Rule 10f-3 of ICA
Touchstone Select Advisors Trust
Income Opportunity Portfolio
Name of Issuer: Doe Run Resources
Name of Security: Doe Run Resources 11.25% due
3/15/05 , cusip#256582AA5
- -----------------
Years of Issuers Operations: 25 years
Date of Purchase: 03/06/98
Number of Units Purchased: 300,000
Price Per Unit: $100.00
Total Price Paid: $300,000.00
Portfolio Assets on Trade Date: $11,474,488
% Gross Underwriting Spread: 2.5%
Underwriting Type: Firm
Total Offering: 200,000,000
25% of Offering: 50,000,000 Par value
3% of Total Assets: $344,234.64
Underwriter : Donaldson, Lufkin &
Jenrette Securities
BT Alex. Brown
UBS Securities
Broker from whom Portfolio purchased: Bankers Trust
TOUCHSTONE FUNDS
Transactions Pursuant to Rule 10f-3 of ICA
Touchstone Select Advisors Trust
Income Opportunity Portfolio
Name of Issuer: Metals USA
Name of Security: Metals USA 8.625% due 2/15/08,
cusip#591324AA6
- -----------------
Years of Issuers Operations: 40 years
Date of Purchase: 02/06/98
Number of Units Purchased: 200,000
Price Per Unit: $100.00
Total Price Paid: $200,000.00
Portfolio Assets on Trade Date: $10,156,787
% Gross Underwriting Spread: 2%
Underwriting Type: Firm
Total Offering: 200,000,000
25% of Offering: 50,000,000 Par value
3% of Total Assets: $304,703.61
Underwriter: Donaldson, Lufkin &
Jenrette Securities Corporation
BT Alex. Brown
Bear, Stearns & Co., Inc
NationsBanc Montgomery
Securities LLC
Broker from whom Portfolio purchased: Bankers Trust
TOUCHSTONE FUNDS
Transactions Pursuant to Rule 10f-3 of ICA
Touchstone Select Advisors Trust
Income Opportunity Portfolio
Name of Issuer: United International
Holdings
Name of Security: United International Holdings 0 %
to 2/15/03,
- -----------------
10.75% to the maturity of 02/15/08
Years of Issuers Operations: 9
Date of Purchase: 01/30/98
Number of Units Purchased: 300,000
Price Per Unit: $59.069
Total Price Paid: $177,207
Portfolio Assets on Trade Date: $9,810,397
% Gross Underwriting Spread: 2.25%
Underwriting Type: Firm
Total Offering: 1,375,000,000
25% of Offering: 343,750,000 Par value
3% of Total Assets: $294,311.91
Underwriter: Donaldson, Lufkin &
Jenrette Securities Corporation
Merrill Lynch & Co
Morgan Stanley Dean
Witter
TD Securities
Broker from whom Portfolio purchased: Merrill Lynch
TOUCHSTONE FUNDS
Transactions Pursuant to Rule 10f-3 of ICA
Touchstone Select Advisors Trust
Income Opportunity Portfolio
Name of Issuer: Trans-Resources, Inc
Name of Security: Trans-Resources, Inc 10.75%, due
3/15/08,
cusip# 893320AE1
Years of Issuers Operations: 12 years
Date of Purchase: 03/11/98
Number of Units Purchased: 300,000
Price Per Unit: $100.00
Total Price Paid: $300,000
Portfolio Assets on Trade Date: $11,612,000
% Gross Underwriting Spread: 2.788%
Underwriting Type: Firm
Total Offering: 100,000,000
25% of Offering: 25,000,000 Par value
3% of Total Assets: $348,360
Underwriter: Donaldson, Lufkin &
Jenrette Securities Corporation
Chase Securities Inc
Broker from whom Portfolio purchased: Chase Securities
TOUCHSTONE FUNDS
Transactions Pursuant to Rule 10f-3 of ICA
Touchstone Select Advisors Trust
Income Opportunity Portfolio
Name of Issuer: Prime Medical Services,
Inc
Name of Security: Prime Medical Services, Inc 8.75%,
due 4/01/08,
cusip# 74156DAA6
Years of Issuers Operations: 5 years
Date of Purchase: 03/24/98
Number of Units Purchased: 300,000
Price Per Unit: $99.50
Total Price Paid: $298,500
Portfolio Assets on Trade Date: $11,458,000
% Gross Underwriting Spread: 3%
Underwriting Type: Firm
Total Offering: 100,000,000
25% of Offering: 25,000,000 Par value
3% of Total Assets: $343,740
Underwriter: Donaldson, Lufkin &
Jenrette Securities Corporation
NationsBanc Montgomery
Securities LLC
Prudential Securities
Incorporated
J.C. Bradford & Co
Broker from whom Portfolio purchased: NationsBanc Montgomery
TOUCHSTONE FUNDS
Transactions Pursuant to Rule 10f-3 of ICA
Touchstone Select Advisors Trust
Income Opportunity Portfolio
Name of Issuer: Gothic Energy
Name of Security: Gothic Energy 11.125 % due
05/01/05, cusip# 382903AA0
- -----------------
Years of Issuers Operations: 5 years
Date of Purchase: 04/21/98
Number of Units Purchased: 200,000
Price Per Unit: $100.00
Total Price Paid: $200,000.00
Portfolio Assets on Trade Date: $11,612,313
% Gross Underwriting Spread: 3%
Underwriting Type: Firm
Total Offering: 58,750,000
25% of Offering: 14,687,500 Par value
3% of Total Assets: $348,369.39
Underwriter: Donaldson, Lufkin and
Jenrette
CIBC Wood Gundy
Broker from whom Portfolio purchased: CIBC
TOUCHSTONE FUNDS
Transactions Pursuant to Rule 10f-3 of ICA
Touchstone Select Advisors Trust
Income Opportunity Portfolio
Name of Issuer: CEX Holdings Inc
Name of Security: CEX Holdings Inc, 144a, 9.625% due
06/01/08,
cusip# 125184AA9
Years of Issuers Operations: 5 years
Date of Purchase: 05/20/98
Number of Units Purchased: 250,000
Price Per Unit: $100.00
Total Price Paid: $250,000.00
Portfolio Assets on Trade Date: $11,630,066
% Gross Underwriting Spread: 2.5%
Underwriting Type: Firm
Total Offering: 87,500,000
25% of Offering: 21,875,000 Par value
3% of Total Assets: $348,901.98
Underwriter : Donaldson, Lufkin &
Jenrette
BT Alex Brown
Merrill Lynch
Broker from whom Portfolio purchased: BT Alex Brown
