The following paragraph supplements the Prospectus
dated July 29, l996 of the Gradison McDonald
Established Value Fund, Growth and Income Fund,
Opportunity Value Fund, and International Fund, by
replacing the first full paragraph on page 21 of the
Prospectus:
Registered broker dealers, third party administrators
of tax-qualified retirement plans, and other entities
which establish omnibus accounts with the Funds may
provide sub-transfer agency, recordkeeping, or similar
services to participants in the omnibus accounts which
reduce or eliminate the need for identical services to
be provided on behalf of participants by the Funds'
transfer agent. In such cases, the Funds may pay the
entity a sub-transfer agency or recordkeeping fee.
Certain entities receiving such fees may also receive
12b-1 fees described in the next paragraph.
