SUPPLEMENT DATED APRIL 29, 1996 TO PROSPECTUS DATED NOVEMBER 1, 1995
OF THE GRADISON-MCDONALD OHIO TAX-FREE INCOME FUND
The following is added to become the last sentence of the third paragraph on
page 6.
With respect to a maximum of 5% of its total assets, the Fund may engage
in short-term trading.
SUPPLEMENT DATED APRIL 29, 1996 TO PROSPECTUS DATED NOVEMBER 1, 1995
OF THE GRADISON-MCDONALD INTERMEDIATE MUNICIPAL INCOME FUND
The following is added to become the last sentence of the carryover paragraph
on page 7.
With respect to a maximum of 5% of its total assets, the Fund may engage
in short-term trading.
SUPPLEMENT DATED APRIL 29, 1996 TO STATEMENT OF ADDITIONAL
INFORMATION DATED NOVEMBER 1, 1995 OF THE GRADISON-MCDONALD OHIO
TAX-FREE INCOME FUND
The first sentence of the first full paragraph on page 30 is replaced by the
following:
Although the Fund does not generally intend to invest for the purpose of
seeking short-term profits, except as set forth herein, securities in its
portfolio may be sold whenever the Adviser believes it appropriate to do so
in light of the Fund's investment objective, without regard to the length of
time a particular security may have been held. With respect to a maximum of
5% of its assets, the Fund may engage in the technique of short-term trading.
Such trading involves the selling of securities held for a short time,
ranging from several months to less than a day. The object of such
short-term trading is to take advantage of what the Adviser believes are
temporary disparities in prices between securities, or to take advantage of
what the Adviser believes are changes in market, industry, or individual
issuer's conditions or outlook. Any such trading would increase the Fund's
turnover rate and its transactions costs. High turnover will generally
result in higher transaction costs and may result in net capital gains which,
when distributed to shareholders will be subject to tax.
SUPPLEMENT DATED APRIL 29, 1996 TO STATEMENT OF ADDITIONAL
INFORMATION DATED NOVEMBER 1, 1995 OF THE GRADISON-MCDONALD
INTERMEDIATE MUNICIPAL INCOME FUND
The following is added after the first full paragraph on page 28:
With respect to a maximum of 5% of its assets, the Fund may engage in the
technique of short-term trading. Such trading involves the selling of
securities held for a short time, ranging from several months to less than a
day. The object of such short-term trading is to take advantage of what the
Adviser believes are temporary disparities in prices between securities, or
to take advantage of what the Adviser believes are changes in market,
industry, or individual issuer's conditions or outlook. Any such trading
would increase the Fund's turnover rate and its transactions costs. High
turnover will generally result in higher transaction costs and may result in
net capital gains which, when distributed to shareholders will be subject to
tax.
