SELECT ADVISORS TRUST A AMENDMENT NO. 1 TO THE SPONSOR AGREEMENT

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                                                                    Exhibit (9D)




                             SELECT ADVISORS TRUST A
                             AMENDMENT NO. 1 TO THE
                                SPONSOR AGREEMENT


         AMENDMENT, dated as of January 1, 1995 between SELECT ADVISORS TRUST A,
a Massachusetts business trust (the "Trust"), and TOUCHSTONE ADVISORS, INC., a
Ohio corporation ("Touchstone"),

         WHEREAS, the Trust is an open-end management investment company
registered under the Investment Company Act of 1940, as amended, (the "1940
Act");

         WHEREAS, the Trust has engaged Touchstone to sponsor, provide certain
management services with respect to each series of the Trust (each a "Fund")
pursuant to the Sponsor Agreement dated as of September 9, 1994 (the
"Agreement") between the Trust and Touchstone; and

         WHEREAS, the Trust and Touchstone wish to amend the Agreement;

         NOW, THEREFORE, in consideration of the mutual covenants and agreements
of the parties hereto as set forth in the Agreement and herein, acting pursuant
to Section 9 of the Agreement, the Trust and Touchstone hereby amend Section 5
of the Agreement as follows:

                           5. OPERATING EXPENSE WAIVERS OR REIMBURSEMENT.
             Touchstone shall waive all of a portion of its fee pursuant to this
             Sponsor Agreement and/or reimburse a portion of the operating
             expenses (including amortization of organization expense but
             excluding interest, taxes, brokerage commissions and other
             portfolio transaction expenses, capital expenditures and
             extraordinary expenses) ("Expenses") of each Fund of the Trust such
             that after such reimbursement the aggregate Expenses of the Fund
             and the corresponding investment company in which the Fund invests
             all of its investable assets (the "Corresponding Portfolio") shall
             be equal on an annual basis to the following percentages of the
             average daily net assets of the Fund for the Fund's then-current
             fiscal year: Emerging Growth Fund A, 1.50%; International Equity
             Fund A, 1.60%; Growth & Income Fund A, 1.30%; Balanced Fund A,
             1.35%; Income Opportunity Fund A, 1.20%; Bond Fund A, 0.90%;
             Standby Income Fund, 0.75%; and Municipal Bond Fund A, 1.05%.

                  Touchstone's obligations in this Section 5 may be terminated,
             with respect to any Fund, by Touchstone as of the end of any
             calendar quarter after December 31, 1995, upon at least 30 days
             prior written notice to the Trust (an "Expense Cap Termination").

         IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
executed and delivered in their names and on their behalf by the undersigned,
thereunto duly authorized, all as of January 1, 1995. The undersigned has
executed this Agreement not individually, but as an officer under the Trust's
Declaration of Trust, and the obligations of this Amendment are not binding upon
the Trust's Trustees, its officers, or investors in the Funds individually, but
bind only the Trust estate.


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                              SELECT ADVISORS TRUST A


                              By /s/ Xxxxxx X. Xxxxxxx, Xx.
                                 ----------------------------------------------
                                 Name: Xxxxxx X. Xxxxxxx, Xx.
                                 Title: President and Chief Executive Officer




                              TOUCHSTONE ADVISORS, INC.


                              By /s/ Xxxx X. XxXxxxxx
                                 ----------------------------------------------
                                 Name: Xxxx X. XxXxxxxx
                                 Title: Executive Vice President