GRADISON-MCDONALD
ESTABLISHED VALUE FUND
Supplement Dated September 11, 1995 to Prospectus
of Gradison-McDonald Established Value Fund
Dated September 1, 1995
CORRECTION TO SIGNIFICANT FEATURES ON INSIDE COVER OF THE PROSPECTUS
The Minimum Additional Investment is $50 not $500.
THE FOLLOWING REPLACES THE EXPENSE SUMMARY ON PAGE 2 OF THE PROSPECTUS
EXPENSE SUMMARY
SHAREHOLDER TRANSACTION EXPENSES
Maximum sales load on purchases None
ANNUAL FUND OPERATING EXPENSES
(as a percentage of average net assets)
Management Fees .56%
12b-1 Fees .50%
Other Expenses .14%
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TOTAL FUND OPERATING EXPENSES 1.20%
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The Fund is sold without a front-end or back-end sales charge. The
Fund pays an annual asset-based distribution expense of .25% and a
service fee of .25% of net assets. As a result of the distribution
expense fee, long-term shareholders may pay more than the economic
equivalent of the maximum sales charge permitted under the rules of
the National Association of Securities Dealers. However, in order for
a Fund investor to exceed the amount of the maximum permitted
front-end sales charge, a continuous investment in the Fund for 25
years would be required.
The purpose of the preceding table is to assist you in understanding
the various costs and expenses that an investor in the Fund will bear
directly and indirectly. The expenses shown have been restated to
reflect current fees. (For more information about expenses, see
"Purchases and Redemptions," and "Management of the Fund".)
Example: You would pay the following expenses on a $1,000 investment
assuming (1) 5% annual return* and (2) redemption at the end of each
period:
1 YEAR 3 YEARS 5 YEARS 10 YEARS
$12 $38 $66 $145
*The 5% annual return is a standardized rate prescribed for use by
all mutual funds for the purpose of this example and does not
represent the past or future return of the Fund.
THE EXAMPLE SHOULD NOT BE CONSIDERED A REPRESENTATION OF PAST OR
FUTURE EXPENSES. ACTUAL EXPENSES MAY BE GREATER OR LESS THAN
THOSE SHOWN.
GRADISON-MCDONALD
OPPORTUNITY VALUE FUND
Supplement Dated September 11, 1995 to Prospectus
of Gradison-McDonald Opportunity Value Fund
Dated September 1, 1995
CORRECTION TO SIGNIFICANT FEATURES ON INSIDE COVER OF THE PROSPECTUS
The Minimum Additional Investment is $50 not $500.
THE FOLLOWING REPLACES THE EXPENSE SUMMARY ON PAGE 2 OF THE PROSPECTUS
EXPENSE SUMMARY
SHAREHOLDER TRANSACTION EXPENSES
Maximum sales load on purchases None
ANNUAL FUND OPERATING EXPENSES
(as a percentage of average net assets)
Management Fees .65%
12b-1 Fees .50%
Other Expenses .28%
----
TOTAL FUND OPERATING EXPENSES 1.43%
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-----
The Fund is sold without a front-end or back-end sales charge. The
Fund pays an annual asset-based distribution expense of .25% and a
service fee of .25% of net assets. As a result of the distribution
expense fee, long-term shareholders may pay more than the economic
equivalent of the maximum sales charge permitted under the rules of
the National Association of Securities Dealers. However, in order for
a Fund investor to exceed the amount of the maximum permitted
front-end sales charge, a continuous investment in the Fund for 25
years would be required.
The purpose of the preceding table is to assist you in understanding
the various costs and expenses that an investor in the Fund will bear
directly and indirectly. The expenses shown have been restated to
reflect current fees. (For more information about expenses, see
"Purchases and Redemptions," and "Management of the Fund".)
Example: You would pay the following expenses on a $1,000 investment
assuming (1) 5% annual return* and (2) redemption at the end of each
period:
1 YEAR 3 YEARS 5 YEARS 10 YEARS
$15 $45 $78 $171
*The 5% annual return is a standardized rate prescribed for use by
all mutual funds for the purpose of this example and does not
represent the past or future return of the Fund.
THE EXAMPLE SHOULD NOT BE CONSIDERED A REPRESENTATION OF PAST OR
FUTURE EXPENSES. ACTUAL EXPENSES MAY BE GREATER OR LESS THAN
THOSE SHOWN.
