SUPPLEMENT DATED MAY 7, 1996 TO STATEMENT OF ADDITIONAL
INFORMATION OF GRADISON-MCDONALD ESTABLISHED VALUE FUND AND
OPPORTUNITY VALUE FUND DATED SEPTEMBER 1, 1995
Dollar Cost Averaging is a strategy for purchasing equal
dollar value amounts of a security, including a mutual fund,
periodically for a long period of time. During periods
when share prices are increasing, fewer shares are purchased
and vice versa. Dollar cost averaging will not prevent a
loss when shares are sold at a time when the price is lower
than the average cost.
SUPPLEMENT DATED MAY 7, 1996 TO STATEMENT OF ADDITIONAL
INFORMATION OF GRADISON-MCDONALD GROWTH AND INCOME FUND
DATED AUGUST 1, 1995
Dollar Cost Averaging is a strategy for purchasing equal
dollar value amounts of a security, including a mutual fund,
periodically for a long period of time. During periods
when share prices are increasing, fewer shares are purchased
and vice versa. Dollar cost averaging will not prevent a
loss when shares are sold at a time when the price is lower
than the average cost.
SUPPLEMENT DATED MAY 7, 1996 TO STATEMENT OF ADDITIONAL
INFORMATION OF GRADISON-MCDONALD INTERNATIONAL FUND DATED
DECEMBER 19, 1995.
Dollar Cost Averaging is a strategy for purchasing equal
dollar value amounts of a security, including a mutual fund,
periodically for a long period of time. During periods
when share prices are increasing, fewer shares are purchased
and vice versa. Dollar cost averaging will not prevent a
loss when shares are sold at a time when the price is lower
than the average cost.
