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

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                                                                    Exhibit (9D)


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

         AMENDMENT, dated as of January 1, 1995 between SELECT ADVISORS TRUST C,
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 C, 2.05%; International Equity Fund C, 2.35%;
            Growth & Income Fund C, 2.05%; Balanced Fund C, 2.10%; Income
            Opportunity Fund C, 1.95%; Bond Fund C, 1.65%; and Municipal Bond
            Fund C, 1.80%.

                 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 C

                                 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