<PAGE> 1
U.S. GOVERNMENT
RESERVES
GRADISON-MCDONALD
ANNUAL REPORT
SEPTEMBER 30, 1995
A MONEY MARKET FUND INVESTING IN
U.S. GOVERNMENT SECURITIES
GRADISON-MCDONALD
This material is intended for distribution to shareholders of the
Gradison-McDonald U.S. Government Reserves Fund. It may be distributed to other
persons only if it is preceded or accompanied by a current prospectus of the
Gradison-McDonald U.S. Government Reserves Fund.
McDonald & Company Securities, Inc.-Distributor
<PAGE> 2
GRADISON-MCDONALD
U.S. GOVERNMENT RESERVES
LETTER TO SHAREHOLDERS
November 1, 1995
Dear U.S. Government Reserves Shareholder:
20TH YEAR We are pleased to present our 20th annual report of U.S. Government
Reserves money market fund for the fiscal year that ended September 30, 1995.
The Fund's predecessor was established in 1976 as the nation's 35th money
market mutual fund. Today, there are more than 1100. The report contains
financial highlights (page 3), a complete listing of the Fund's portfolio of
investments on the last day of the reporting period (pages 4-5) and the Fund's
financial statements (pages 6-10).
MARKET YIELDS & IMMEDIATE LIQUIDITY U.S. Government Reserves provides you
with competitive yields and immediate liquidity. You can easily access your
funds in U.S. Government Reserves by simply writing a personal check drawn on
your money market fund account. Or call the Shareholder Service Department for
a redemption check.
INHERENT MONEY MARKET FUND ADVANTAGE You may want to consider increasing your
money market fund balances above their normal levels because the returns of
money market funds have been very competitive. In contrast, there are cases
where the rates of return paid at banks are below market levels. Your return on
a bank deposit may be reduced by service charges, too. But of course, we are
required to advise you that deposits at banks are federally insured while money
market funds are not.
US RESERVES TAX ADVANTAGE Your U.S. Government Reserves account represents
your stake in a portfolio that is invested securities that are among the
highest quality, safest securities available. You may reap an added benefit
from investing in U.S. Government Reserves. In addition to being of the highest
credit quality, the portfolio securities of U.S. Government Reserves are
selected to maximize after tax income. In 1995, all of the income that the Fund
earned and passed on to shareholders was exempt from state and local taxes.
Such tax-advantaged income allows you to avoid paying state income taxes on
income from your U.S. Government Reserves account. U.S. Government Reserves'
balances have also been generally exempted from the personal property taxes
that some states levy. Of course, check with your tax adviser concerning your
personal tax situation.
MONEY MARKET DYNAMICS Short term interest rates peaked earlier this year, but
further cuts in short term interest rates may be dependent on the pace of
growth in the U.S. economy. If growth is too rapid, the Federal Open Market
Committee is likely to be stingy with further rate cuts. Another reduction of
short term interest rates may be likely if Congress and the Clinton
administration come to agreement on a credible schedule to eliminate the
federal deficit.
As always, we welcome our shareholders' comments and suggestions.
Respectfully,
GRADISON-McDONALD U.S. GOVERNMENT RESERVES
/s/ Paul J. Weston /s/ C. Stephen Wesselkamper
Paul J. Weston C. Stephen Wesselkamper
Executive Vice President Vice President and Portfolio Manager
1-800-869-5999
<PAGE> 3
LETTER TO SHAREHOLDERS (CONTINUED)
<TABLE>
<CAPTION>
5 Years 3 Years 1 Year Quarter*
<S> <C> <C> <C> <C>
GRADISON . MCDONALD
U.S. GOVERNMENT RESERVES
AVERAGE ANNUAL
TOTAL RETURN
PERIODS ENDED
SEPTEMBER 30, 1995 4.11% 3.53% 5.10% 1.28%
Consumer Price Index 2.93% 2.76% 2.54% .83%
</TABLE>
<TABLE>
<CAPTION>
U.S. GOVERNMENT RESERVES YIELDS AVERAGE DAILY EFFECTIVE**
<S> <C> <C>
7 days ending September 30, 1995 5.06% 5.19%
Year ending September 30, 1995 4.99% 5.12%
Year ending September 30, 1994 2.93% 2.98%
<FN>
*Not annualized.
** "Effective" yields reflect reinvestment and compounding of actual daily
dividends for the 12-month period; for the 7-day period, it assumes
reinvestment and compounding of the actual 7-day return for an entire year. The
foregoing yields and total returns represent past performance. Future yields
and total returns will fluctuate. The yield for the most recent 7-day period
ending the date of this letter, November 6, 1995 was 4.99% and the effective
yield was 5.12%.
</TABLE>
The chart above is intended to compare the total return results of the U.S.
Government Reserves Fund with the Consumer Price Index which is widely
considered as a measure of inflation. Total returns reflect the reinvestment
and compounding of actual daily dividends and distributions for each period
noted above. Past performance does not insure future results.
Gradison-McDonald U.S. Government Reserves acquired all of the outstanding
shares of Gradison Cash Reserves Trust (GCR), Gradison U.S. Government Trust,
McDonald Money Market Fund, Inc., and McDonald U.S. Government Money Market
Fund, Inc. on September 27, 1993. Returns prior to that date are those of GCR.
An investment in the Fund is neither insured nor guaranteed by the U.S.
Government and there can be no assurance that the Fund will be able to maintain
a stable net asset value of $1.00 per share.
See accompanying notes to financial statements.
2
<PAGE> 4
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
(NOTE 3)
<TABLE>
<CAPTION>
YEAR ENDED SEPTEMBER 30,
-------------------------------------------
1995 1994 1993 1992 1991
<S> <C> <C> <C> <C> <C>
Net asset value at beginning of period $1.000 $1.000 $1.000 $1.000 $1.000
------ ------ ------ ------ ------
Net investment income .050 .029 .025 .037 .059
Dividends from net investment income (.050) (.029) (.025) (.037) (.059)
------ ------ ------ ------ ------
Net asset value at end of period $1.000 $1.000 $1.000 $1.000 $1.000
====== ====== ====== ====== ======
Total return 5.10% 2.97% 2.55% 3.83% 6.12%
====== ====== ====== ====== ======
RATIOS/SUPPLEMENTAL DATA:
Net assets at end of period (in millions) $1,224.1 $1,001.2 $979.8 $575.9 $638.7
RATIOS NET OF EXPENSES
WAIVED BY THE ADVISER (1):
Ratio of expenses to average net assets .78% .80% .81% .75% .75%
Ratio of net investment income
to average net assets 5.00% 2.90% 2.53% 3.77% 5.95%
RATIOS ASSUMING NO ADVISER
WAIVER OF EXPENSES (1):
Ratio of expenses to average net assets .78% .81% .81% .75% .75%
Ratio of net investment income
to average net assets 5.00% 2.89% 2.53% 3.77% 5.95%
<FN>
On October 4, 1991, McDonald & Company Securities, Inc. became investment
adviser of the Fund as a result of a merger with Gradison & Company
Incorporated.
(1) During the year ended September 30, 1994, the adviser absorbed expenses of
the Fund through waiver of a portion of the investment advisory fee (Note 2).
</TABLE>
See accompanying notes to financial statements.
3
<PAGE> 5
PORTFOLIO OF INVESTMENTS SEPTEMBER 30, 1995
<TABLE>
<CAPTION>
INTEREST PRINCIPAL INTEREST PRINCIPAL
MATURITY (1) RATE (2) AMOUNT VALUE MATURITY (1) RATE (2) AMOUNT VALUE
FEDERAL FARM CREDIT BANKS, DISCOUNT NOTES - 17.57% FEDERAL HOME LOAN BANKS, DISCOUNT NOTES - 44.76%
<S> <C> <C> <C> <C> <C> <C> <C>
10/03/95 5.78% $10,000,000 $ 9,996,789 10/02/95 6.30% $ 75,000,000 $ 74,986,875
10/04/95 5.69 10,000,000 9,995,258 10/11/95 5.65 15,000,000 14,976,458
10/10/95 5.67 10,000,000 9,985,825 10/13/95 5.53 20,000,000 19,963,100
10/11/95 5.70 4,000,000 3,994,300 10/16/95 5.64 18,500,000 18,456,525
10/18/95 5.59 15,700,000 15,660,227 10/17/95 5.58 5,000,000 4,987,600
10/18/95 5.61 20,000,000 19,947,017 10/18/95 5.59 10,000,000 9,973,603
10/19/95 5.70 21,020,000 20,963,422 10/19/95 5.70 8,000,000 7,977,200
10/24/95 5.61 10,000,000 9,964,158 10/20/95 5.63 15,000,000 14,955,429
10/31/95 5.74 10,000,000 9,952,208 10/23/95 5.58 20,000,000 19,931,739
11/01/95 5.70 20,000,000 19,901,833 10/27/95 5.58 10,000,000 9,959,700
11/02/95 5.57 10,050,000 10,000,241 10/30/95 5.63 25,000,000 24,886,618
11/06/95 5.77 10,000,000 9,942,300 11/06/95 5.80 10,000,000 9,942,000
11/13/95 5.58 10,000,000 9,933,350 11/10/95 5.64 25,000,000 24,843,889
11/15/95 5.56 10,000,000 9,930,500 11/13/95 5.54 29,705,000 29,507,719
11/22/95 5.57 18,000,000 17,855,180 11/20/95 5.57 15,000,000 14,883,958
11/30/95 5.59 14,580,000 14,444,163 11/21/95 5.57 40,000,000 39,684,012
12/05/95 5.60 9,500,000 9,403,944 11/27/95 5.70 20,000,000 19,821,717
12/07/95 5.50 10,000,000 9,897,639 11/30/95 5.54 10,000,000 9,907,667
----------- 12/06/95 5.57 19,565,000 19,364,809
221,768,354 12/11/95 5.82 20,000,000 19,768,461
----------- 12/28,95 5.58 10,000,000 9,863,600
FEDERAL FARM CREDIT BANKS, FLOATING RATE NOTES - 11.88% 1/02/96 5.50 10,000,000 9,857,917
3/21/96 6.20 50,000,000 49,996,357 1/08/96 6.58 10,000,000 9,848,475
6/07/96 5.94 50,000,000 49,983,371 1/12/96 5.53 15,000,000 14,762,671
8/12/96 5.77 50,000,000 49,991,464 1/18/96 5.51 10,000,000 9,833,169
----------- 1/24/96 5.52 10,000,000 9,822,708
149,971,192 1/25/96 5.52 10,000,000 9,822,133
----------- 1/31/96 5.48 10,000,000 9,814,289
FEDERAL FARM CREDIT BANKS, 2/05/96 5.51 20,000,000 19,611,239
FLOATING RATE MASTER NOTE - 5.95% 2/06/96 5.50 14,455,000 14,172,324
10/16/95 6.00 75,100,000 75,100,000 2/12/96 5.59 10,000,000 9,791,928
----------- 2/22/96 5.56 7,735,000 7,562,974
2/28/96 5.50 11,850,000 11,578,438
3/25/96 5.55 10,000,000 9,728,667
-----------
564,849,611
-----------
</TABLE>
See accompanying notes to financial statements.
4
<PAGE> 6
PORTFOLIO OF INVESTMENTS SEPTEMBER 30, 1995
<TABLE>
<CAPTION>
INTEREST PRINCIPAL INTEREST PRINCIPAL
MATURITY (1) RATE (2) AMOUNT VALUE MATURITY (1) RATE (2) AMOUNT VALUE
<S> <C> <C> <C> <C> <C> <C> <C>
FEDERAL HOME LOAN BANK BONDS, 3.96% STUDENT LOAN MARKETING ASSOCIATION,
1/19/96 7.31% $10,000,000 $ 9,998,493 FLOATING RATE NOTES - 7.97%
5/23/96 6.09 20,000,000 20,023,333 10/12/95 5.37% $25,000,000 $ 24,998,072
8/02/96 6.00 10,000,000 10,000,000 12/14/95 5.51 25,000,000 25,000,000
9/05/96 6.10 10,000,000 9,997,770 3/20/96 5.64 10,500,000 10,509,619
------------- 10/30/97 5.64 20,000,000 20,074,163
50,019,596 11/24/97 5.46 20,000,000 20,000,000
------------- -------------
FEDERAL HOME LOAN BANKS, FLOATING RATE NOTES - 5.55% 100,581,854
12/15/95 5.75 45,000,000 44,993,946 -------------
5/22/96 6.02 25,000,000 24,992,081 TENNESSEE VALLEY AUTHORITY, DISCOUNT NOTES - 1.74%
------------- 10/19/95 5.64 10,000,000 9,971,800
69,986,027 11/09/95 5.60 12,000,000 11,927,200
------------- -------------
21,899,000
-------------
U.S. TREASURY PRINCIPAL STRIPS - 0.62%
2/15/96 5.75 8,000,000 7,833,520
-------------
TOTAL INVESTMENTS, AT VALUE
(COST $1,262,009,154) $1,262,009,154
==============
<FN>
(1) For regulatory purposes, the maturity date of floating rate securities with
market prices that approximate par is considered to be the date upon which the
next readjustment of the interest rate can occur.
(2) The interest rates disclosed in the portfolio of investments are as
follows:
. U.S. Government Agency discount notes - the discount rate at the
time of purchase;
. U.S. Government Agency bonds - the yield to maturity at
time of purchase;
. U.S. Government Agency floating rate notes - the current
coupon rate;
. U.S. Treasury Strips - the yield to maturity at time of purchase.
</TABLE>
See accompanying notes to financial statements.
5
<PAGE> 7
STATEMENT OF ASSETS AND LIABILITIES
<TABLE>
<CAPTION>
SEPTEMBER 30, 1995
<S> <C>
ASSETS
Investments in securities, at value (Note 1) (Cost $1,262,009,154) $1,262,009,154
Cash 23,508
Receivable for securities sold 50,002,930
Interest receivable 3,613,384
Prepaid expenses and other assets 81,830
-------------
TOTAL ASSETS 1,315,730,806
-------------
LIABILITIES
Payable for securities purchased 90,617,948
Accrued investment advisory fees (Note 2) 468,262
Other accrued expenses payable to adviser (Note 2) 274,438
Payable for Fund shares redeemed 125,011
Other accrued expenses and liabilities 115,686
-------------
TOTAL LIABILITIES 91,601,345
-------------
NET ASSETS
Equivalent to $1.00 per share on 1,224,129,461 outstanding shares (Note 1)
($0.01 par value - unlimited number of shares authorized) $1,224,129,461
=============
</TABLE>
See accompanying notes to financial statements.
6
<PAGE> 8
STATEMENT OF OPERATIONS
<TABLE>
<CAPTION>
YEAR ENDED SEPTEMBER 30, 1995
<S> <C> <C>
INTEREST INCOME $64,012,077
EXPENSES
Investment advisory fees (Note 2) $5,129,384
Transfer agency fees (Note 2) 1,864,658
Distribution (Note 2) 1,100,769
Accounting services fees (Note 2) 135,568
Registration fees 116,705
Printing 94,535
Professional fees 45,931
ICI dues 50,718
Trustees' fees (Note 2) 48,061
Insurance 29,103
Other 67,249
----------
TOTAL EXPENSES 8,682,681
-----------
NET INVESTMENT INCOME $55,329,396
===========
</TABLE>
See accompanying notes to financial statements.
7
<PAGE> 9
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
YEARS ENDED SEPTEMBER 30,
----------------------------
1995 1994
<S> <C> <C>
Net investment income $ 55,329,396 $ 29,396,262
------------- --------------
Dividends to shareholders 55,329,396 (29,396,262)
------------- --------------
Utilization of capital loss carryforward (Note 3) - 6,487
------------- --------------
FROM TRUST SHARE TRANSACTIONS:
(at a constant net asset value of $1.00 per share)
Proceeds from shares sold 5,412,404,275 4,251,168,366
Net asset value of shares issued
in reinvestment of dividends 55,329,396 29,396,262
Payments for shares redeemed (5,244,837,425) (4,259,130,431)
------------- --------------
Increase in net assets from Trust
share transactions 222,896,246 21,434,197
------------- --------------
Total increase in net assets 222,896,246 21,440,684
NET ASSETS:
Beginning of period 1,001,233,215 979,792,531
------------- --------------
End of period $1,224,129,461 $1,001,233,215
============= ==============
</TABLE>
See accompanying notes to financial statements.
8
<PAGE> 10
NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1995
NOTE 1 -- SIGNIFICANT ACCOUNTING POLITIES
Gradison-McDonald Cash Reserves Trust (the Trust) is a no-load, diversified,
open-end management investment company registered under the Investment Company
Act of 1940, as amended. Effective with the start of business on September 27,
1993 (the Reorganization Date) all of the outstanding shares of the Gradison
Cash Reserves (GCR) series of the Trust, Gradison U.S. Government Trust,
McDonald Money Market Fund, Inc., and McDonald U.S. Government Money Market
Fund, Inc. (collectively, the Acquired Funds) were acquired by a new series of
the Trust, Gradison-McDonald U.S. Government Reserves (GMU or the Fund). See
Note 3 for a more detailed discussion of the merger.
The following is a summary of the Trust's significant accounting policies:
SECURITIES VALUATION -- Investments are valued using the amortized cost method
which approximates market value. This involves initially valuing a security at
its original cost and thereafter assuming a constant amortization to maturity
of any discount or premium. This method of valuation is expected to enable the
Trust to maintain a constant net asset value per share.
SECURITIES TRANSACTIONS AND INTEREST INCOME -- Securities transactions are
accounted for on the trade date (the date the order to buy or sell is
executed). Interest income is accrued as earned and includes any immaterial
gains or losses realized from securities transactions during the year.
TRUST SHARE VALUATION AND DIVIDENDS TO SHAREHOLDERS -- Trust shares are sold
and redeemed on a continuing basis at the net asset value. The net asset value
per share is computed by dividing the net asset value of the Trust (total
assets less total liabilities) by the number of shares outstanding. All of the
net investment income of the Trust is declared as a dividend and paid in
additional shares once daily. Net investment income consists of all interest
income accrued on the portfolio securities of the Trust, plus or minus
amortized purchase discount or premium, less accrued expenses. Share purchases
effective before 12:00 noon (Eastern time) earn dividends that day. Redemption
requests received before 12:00 noon will not receive that day's dividend.
TAXES -- It is the Trust's policy to comply with the provisions of the Internal
Revenue Code available to regulated investment companies. As provided therein,
in any fiscal year in which the Trust so qualifies, and distributes at least
90% of its taxable net income, the Trust will be relieved of federal income tax
on the income distributed. Accordingly, no provision for income taxes has been
made.
In order to avoid imposition of the excise tax applicable to regulated
investment companies, it is also the Trust's intention to declare as dividends
in each calendar year, at least 98% of its net investment income (earned during
the calendar year) and 98% of its net realized capital gains, if any (earned
during the twelve months ended October 31) plus undistributed amounts from
prior years.
The tax basis of investments is equal to the amortized cost as shown on the
Portfolio of Investments.
NOTE 2 -- TRANSACTIONS WITH AFFILIATES
The Trust's investments are managed, subject to the general supervision and
control of the Trust's Board of Trustees, by McDonald & Company Securities,
Inc. (McDonald), a registered investment adviser and securities dealer,
pursuant to the terms of an Investment Advisory Agreement (the Agreement).
Under the terms of the Agreement, the Trust pays McDonald a fee computed and
accrued daily and paid monthly based upon the Trust's average daily net assets
at the annual rate of .50% on the first $400 million, .45% on the next $600
million, .40% on the next $1 billion and .35% on any amounts in excess of $2
billion.
See accompanying notes to financial statements.
9
<PAGE> 11
NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1995
Under the terms of the Agreement, McDonald bears the costs of salaries and
related expenses of executive officers of the Trust who are necessary for the
management and operations of the Trust. In addition, McDonald bears the costs
of preparing, printing and mailing sales literature and other advertising
materials, and compensates the Trust's trustees who are affiliated with
McDonald.
During the year ended September 30, 1994, McDonald waived advisory fees of
$106,691 in order to limit the Fund's annualized ratio of expenses to average
net assets to .80%.
Under the terms of a Transfer Agency, Accounting Services and Administrative
Services Agreement, McDonald provides transfer agent, dividend disbursing,
accounting services and administrative services to the Trust. The Trust pays
McDonald a monthly fee for transfer agency and administrative services at an
annual rate of $23.50 per shareholder account, plus out-of-pocket costs for
statement paper, statement and reply envelopes and reply postage. The Trust
pays McDonald a monthly fee for accounting services based on the Trust's
average daily net assets at an annual rate of .015% on the first $400 million,
.0125% on the next $300 million, .01% on the next $300 million and .0075% on
any amount in excess of $1 billion, with a minimum annual fee of $25,000.
Under the terms of a Distribution Service Plan (the Plan) adopted under Rule
12b-1 of the Investment Company Act of 1940, the Trust has entered into an
agreement with McDonald pursuant to which the Trust pays McDonald a service fee
in the annual amount of .10% of the Trust's average daily net assets.
The officers of the Trust are also officers of McDonald.
Each trustee of the Trust who is not affiliated with McDonald receives fees
from the Trust for services as a trustee. The amounts of such fees for each
trustee are as follows: (a) an annual fee of $6,000 payable in quarterly
installments for service during each fiscal quarter, (b) $500 for each Board of
Trustees meeting attended and (c) $300 for each committee meeting attended.
Each trustee not serving on other Gradison-McDonald Mutual Fund Boards of
Trustees receives an additional $500 for each meeting attended.
NOTE 3 -- BUSINESS COMBINATION
On the Reorganization Date, GMU acquired substantially all of the assets and
liabilities of the Acquired Funds through a tax-free exchange of assets in
which each shareholder of the Acquired Funds received a number of full and
fractional shares of GMU having a total net asset value equal to the net asset
value of the shares held in their former fund as of that date. GMU, which was
organized for the sole purpose of acquiring the assets and liabilities of the
Acquired Funds, had no assets, liabilities, or shareholders and did not
commence operations until the Reorganization Date.
As of the close of business on the Reorganization Date, the Acquired Funds,
excluding GCR, collectively had net assets of $499,941,413 and shares
outstanding of $499,947,900 and had no undistributed net investment income or
unrealized appreciation/depreciation on investments. The Acquired Funds
collectively had accumulated net realized losses of $6,487, which were used to
offset gains realized by GMU during the year ended September 30, 1994.
For financial reporting purposes, GMU is considered the successor to GCR;
therefore, financial information for all periods prior to the Reorganization
Date is that of GCR.
See accompanying notes to financial statements.
10
<PAGE> 12
ARTHUR ANDERSEN & CO, SC
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Shareholders and Board of Trustees of the
Gradison-McDonald U.S. Government Reserves series
of the Gradison-McDonald Cash Reserves Trust:
We have audited the accompanying statement of assets and liabilities of the
Gradison-McDonald U.S. Government Reserves, a series of the Gradison-McDonald
Cash Reserves Trust (a Massachusetts business trust), including the portfolio
of investments, as of September 30, 1995, the related statement of operations
for the year then ended, and the statements of changes in net assets for the
periods indicated thereon, and the financial highlights for each of the three
periods in the period then ended. These financial statements and financial
highlights are the responsibility of the Trust's management. Our responsibility
is to express an opinion on these financial statements and financial highlights
based on our audits. The financial highlights for each of the two years in the
period ended September 30, 1992, of the Gradison-McDonald U.S. Government
Reserves series of the Gradison-McDonald Cash Reserves Trust, were audited by
other auditors whose report dated October 22, 1992, expressed an unqualified
opinion on these financial highlights.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of securities owned as of
September 30, 1995, by correspondence with the custodian and brokers. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of the
Gradison-McDonald U.S. Government Reserves series of the Gradison-McDonald Cash
Reserves Trust as of September 30, 1995, the results of its operations for the
period then ended, the changes in its net assets for the periods indicated
thereon, and the financial highlights for each of the three periods in the
period then ended in conformity with generally accepted accounting principles.
Cincinnati, Ohio,
November 1, 1995
/s/ Arthur Andersen LLP
11
