Supplement Dated March 17, l998 to Prospectus Dated
April 28, l997 of
the Gradison Government Income Fund (the "Fund")
Effective March 31, l998, C. Stephen Wesselkamper will be the
Portfolio Manager of the Fund upon the retirement of Michael J.
Link. Mr. Wesselkamper has been Executive Vice President and
Portfolio Manager of the Gradison U.S. Government Reserves Fund
since May l996. He has been involved in the portfolio management
of that fund since l983 in positions of increasing
responsibility. For the past five years, Mr. Wesselkamper has
been Mr. Link's alternate and, in that capacity, has regularly
consulted with Mr. Link with respect to the Fund's portfolio
management. Mr. Wesselkamper will be the Fund's Portfolio
Manager until a permanent Portfolio Manager assumes his duties.
