Addendum to Semi-Annual Report of
Gradison Growth Trust for the period
ending September 30, l995
Gradison-McDonald Established Value Fund
Gradison-McDonald Opportunity Value Fund
On April 12, May 5, and May 25, l995, a special meeting of the shareholders
of the Gradison-McDonald Established Value Fund and the Gradison-McDonald
Opportunity Value Fund was held.
At that meeting, the following matters were acted upon:
1 - The following trustees were elected:
Name of Trustee Votes Received Votes Withheld
- --------------- -------------- --------------
Daniel J. Castellini 7,494,443 312,915
Theodore H. Emmerich 7,494,263 313,095
Jacob O. Kamm 7,484,842* 322,516
Richard A. Rankin 7,486,423 320,935
Jerome E. Schnee 7,500,773 306,585
Donald E. Weston 7,492,612 314,746
* Dr. Kamm passed away on June 24, l995. The trustees have decided not to
fill the trustee position which Dr. Kamm occupied.
2 - The selection of Arthur Andersen LLP as independent accountant for the
Trust for the fiscal period ending March 31, l995 was ratified with
7,391,940 votes for, 119,229 votes against, and 289,316 abstentions.
3 - The investment advisory agreement was amended to eliminate the
requirement that the investment adviser provide shareholder services to the
Trust on a cost basis, with 5,531,435 shares of the Gradison-McDonald
Established Value Fund voting for, 1,123,808 voting against, and 419,351
abstentions, and 2,024,690 shares of the Gradison-McDonald Opportunity
Value Fund voting for, 431,598 voting against, and 125,505 abstentions.
4 - The investment advisory agreement was amended to reduce the advisory
fee by .25% at all levels (in connection with an increase of .25% in the
distribution expense fee), with 6,310,004 shares of the Gradison-McDonald
Established Value Fund voting for, 494,368 voting against, and 270,223
abstentions, and 2,357,272 shares of the Gradison-McDonald Opportunity
Value Fund voting for, 143,710 voting against, and 80,811 abstentions.
5 - The Declaration of Trust was amended to clarify that additional classes
of the Trust's shares could be issued, with 8,434,947 shares voting for, 842,917
voting against, and 652,120 abstentions.
