Supplement Dated June 4, l996 to Statement of Additional
Information of Gradison-McDonald Established Value Fund and
Gradison-McDonald Opportunity Value Fund of Gradison Growth
Trust Dated September 1, l995

The eight pages, beginning immediately after the Report of
Independent Public Accountants, comprising a Cover Page,
Inside Cover, Pages one through four, and Inside Back Cover,
and a Back Cover, of the sales brochure of the Opportunity
Value Fund are deleted.



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