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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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SIGNATURE RICHARD M. WACHTERMAN
TITLE SECRETARY
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<SERIES>
<NUMBER> 1
<NAME> GRADISON-MCDONALD OHIO TAX FREE INCOME FUND
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<TABLE> <S> <C>
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<SERIES>
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<NAME> GRADISON-MCDONALD INTERMEDIATE MUNICIPAL INCOME FUND
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