<PAGE> PAGE 1
000 A000000 09/30/95
000 C000000 0000720492
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 GRADISON GROWTH TRUST
001 B000000 811-3760
001 C000000 5135795076
002 A000000 580 WALNUT STREET
002 B000000 CINCINNATI
002 C000000 OH
002 D010000 45202
002 D020000 3198
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 4
007 C010100 1
007 C020100 ESTABLISHED VALUE FUND
007 C030100 N
007 C010200 2
007 C020200 OPPORTUNITY VALUE FUND
007 C030200 N
007 C010300 3
007 C020300 GROWTH & INCOME FUND
007 C030300 N
007 C010400 4
007 C020400 INTERNATIONAL FUND
007 C030400 N
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
011 A00AA01 MCDONALD & COMPANY SECURITIES, INC.
011 B00AA01 8-30177
011 C01AA01 CINCINNATI
011 C02AA01 OH
011 C03AA01 45202
011 C04AA01 3198
012 A00AA01 MCDONALD & COMPANY
012 B00AA01 84-01399
012 C01AA01 CINCINNATI
012 C02AA01 OH
<PAGE> PAGE 2
012 C03AA01 45202
012 C04AA01 3198
013 A00AA01 ARTHUR ANDERSEN LLP
013 B01AA01 CINCINNATI
013 B02AA01 OH
013 B03AA01 45202
013 B04AA01 3912
014 A00AA01 MCDONALD & COMPANY SECURITIES, INC.
014 B00AA01 8-30177
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 8
019 C00AA00 GRADMUTFND
020 A000001 SALOMON BROS.
020 B000001 13-3082694
020 C000001 42
020 A000002 SMITH NEW COURT
020 C000002 24
020 A000003 PRUDENTIAL BACHE
020 B000003 22-2347336
020 C000003 21
020 A000004 GOLDMAN SACHS
020 B000004 13-5108880
020 C000004 18
020 A000005 MERRILL LYNCH CAPITAL MKTS.
020 B000005 13-3180817
020 C000005 10
020 A000006 BEAR STEARNS & CO INC.
020 B000006 13-3286161
020 C000006 4
020 A000007 SMITH BARNEY
020 B000007 13-2919773
020 C000007 2
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 121
022 A000001 FUJI SECURITIES
022 B000001 36-2880742
022 C000001 6681290
022 D000001 0
022 A000002 FIRST NATIONAL BANK OF CHICAGO
022 B000002 36-3595942
022 C000002 5026640
022 D000002 0
022 A000003 GOLDMAN SACHS
022 B000003 13-5108880
022 C000003 419284
022 D000003 0
022 A000004 MORGAIN STANLEY
022 B000004 13-2655998
<PAGE> PAGE 3
022 C000004 8280
022 D000004 0
022 A000005 MERRILL LYNCH CAPITAL MARKETS
022 B000005 13-3180817
022 C000005 0
022 D000005 6261
022 A000006 SMITH BARNEY
022 C000006 1323
022 D000006 2239
022 A000007 SALOMON BROTHERS
022 B000007 13-3082694
022 C000007 0
022 D000007 1902
022 A000008 PRUDENTIAL BACHE
022 B000008 22-2347336
022 C000008 1099
022 D000008 795
022 A000009 KEINWORT BENSON
022 C000009 59
022 D000009 0
022 A000010 DAISHIN SECURITIES
022 C000010 8
022 D000010 0
023 C000000 12137984
023 D000000 11197
024 00AA00 N
025 D00AA01 0
025 D00AA02 0
025 D00AA03 0
025 D00AA04 0
025 D00AA05 0
025 D00AA06 0
025 D00AA07 0
025 D00AA08 0
026 A000000 N
026 B000000 N
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
029 00AA00 N
030 A00AA00 0
030 B00AA00 0.00
030 C00AA00 0.00
031 A00AA00 0
031 B00AA00 0
032 00AA00 0
<PAGE> PAGE 4
033 00AA00 0
034 00AA00 N
035 00AA00 0
036 B00AA00 0
037 00AA00 N
038 00AA00 0
039 00AA00 N
040 00AA00 Y
041 00AA00 Y
054 A00AA00 Y
054 B00AA00 Y
054 C00AA00 N
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 N
054 H00AA00 Y
054 I00AA00 N
054 J00AA00 Y
054 K00AA00 N
054 L00AA00 Y
054 M00AA00 Y
054 N00AA00 N
054 O00AA00 N
055 A00AA00 N
055 B00AA00 N
056 00AA00 Y
057 00AA00 N
058 A00AA00 N
059 00AA00 Y
060 A00AA00 Y
060 B00AA00 Y
061 00AA00 1000
062 A00AA00 N
062 B00AA00 0.0
062 C00AA00 0.0
062 D00AA00 0.0
062 E00AA00 0.0
062 F00AA00 0.0
062 G00AA00 0.0
062 H00AA00 0.0
062 I00AA00 0.0
062 J00AA00 0.0
062 K00AA00 0.0
062 L00AA00 0.0
062 M00AA00 0.0
062 N00AA00 0.0
062 O00AA00 0.0
062 P00AA00 0.0
062 Q00AA00 0.0
062 R00AA00 0.0
<PAGE> PAGE 5
063 A00AA00 0
063 B00AA00 0.0
077 A000000 Y
077 C000000 Y
078 000000 N
080 C00AA00 0
081 B00AA00 0
082 A00AA00 N
082 B00AA00 0
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 N
085 B00AA00 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
008 A000101 MCDONALD & COMPANY SECURITIES, INC.
008 B000101 A
008 C000101 801-11037
008 D010101 CINCINNATI
008 D020101 OH
008 D030101 45202
008 D040101 3198
008 A000102 DELETE
015 A000101 STAR BANK N.A.
015 B000101 C
015 C010101 CINCINNATI
015 C020101 OH
015 C030101 45202
015 E010101 X
015 A000102 BANKERS TRUST
015 B000102 S
015 C010102 NEW YORK
015 C020102 NY
015 C030102 10017
015 E010102 X
015 A000103 DELETE
028 A010100 16891
028 A020100 0
028 A030100 0
<PAGE> PAGE 6
028 A040100 12734
028 B010100 14043
028 B020100 7894
028 B030100 0
028 B040100 15537
028 C010100 24390
028 C020100 0
028 C030100 0
028 C040100 24618
028 D010100 20065
028 D020100 0
028 D030100 0
028 D040100 14002
028 E010100 21342
028 E020100 1349
028 E030100 0
028 E040100 19042
028 F010100 18130
028 F020100 0
028 F030100 0
028 F040100 15219
028 G010100 114861
028 G020100 9243
028 G030100 0
028 G040100 101152
028 H000100 0
042 A000100 0
042 B000100 0
042 C000100 0
042 D000100 100
042 E000100 0
042 F000100 0
042 G000100 0
042 H000100 0
043 000100 647
044 000100 0
045 000100 Y
046 000100 N
047 000100 Y
048 000100 0.000
048 A010100 100000
048 A020100 0.650
048 B010100 100000
048 B020100 0.550
048 C010100 0
048 C020100 0.000
048 D010100 0
048 D020100 0.000
048 E010100 0
048 E020100 0.000
048 F010100 0
<PAGE> PAGE 7
048 F020100 0.000
048 G010100 0
048 G020100 0.000
048 H010100 0
048 H020100 0.000
048 I010100 0
048 I020100 0.000
048 J010100 0
048 J020100 0.000
048 K010100 200000
048 K020100 0.450
049 000100 N
050 000100 N
051 000100 N
052 000100 N
053 A000100 N
066 A000100 Y
066 B000100 N
066 C000100 N
066 D000100 Y
066 E000100 N
066 F000100 N
066 G000100 N
067 000100 N
068 A000100 N
068 B000100 N
069 000100 N
070 A010100 Y
070 A020100 Y
070 B010100 N
070 B020100 N
070 C010100 N
070 C020100 N
070 D010100 N
070 D020100 N
070 E010100 N
070 E020100 N
070 F010100 N
070 F020100 N
070 G010100 N
070 G020100 N
070 H010100 N
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 N
070 J020100 N
070 K010100 N
070 K020100 N
070 L010100 N
070 L020100 N
<PAGE> PAGE 8
070 M010100 N
070 M020100 N
070 N010100 Y
070 N020100 N
070 O010100 Y
070 O020100 Y
070 P010100 N
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 N
070 R020100 N
071 A000100 8129
071 B000100 21965
071 C000100 223285
071 D000100 4
072 A000100 6
072 B000100 2528
072 C000100 1946
072 D000100 0
072 E000100 0
072 F000100 969
072 G000100 0
072 H000100 0
072 I000100 139
072 J000100 11
072 K000100 7
072 L000100 8
072 M000100 6
072 N000100 11
072 O000100 0
072 P000100 0
072 Q000100 0
072 R000100 8
072 S000100 1
072 T000100 647
072 U000100 0
072 V000100 0
072 W000100 20
072 X000100 1827
072 Y000100 0
072 Z000100 2647
072AA000100 6467
072BB000100 74
072CC010100 36283
072CC020100 0
072DD010100 2818
072DD020100 0
072EE000100 6513
073 A010100 0.2300
073 A020100 0.0000
<PAGE> PAGE 9
073 B000100 0.5400
073 C000100 0.0000
074 A000100 102
074 B000100 0
074 C000100 99358
074 D000100 0
074 E000100 0
074 F000100 236786
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 0
074 K000100 0
074 L000100 393
074 M000100 30
074 N000100 336669
074 O000100 0
074 P000100 330
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 25
074 S000100 0
074 T000100 336314
074 U010100 12791
074 U020100 0
074 V010100 26.29
074 V020100 0.00
074 W000100 0.0000
074 X000100 13277
074 Y000100 0
075 A000100 0
075 B000100 308242
076 000100 0.00
008 A000201 MCDONALD & COMPANY SECURITIES INC.
008 B000201 A
008 C000201 801-11037
008 D010201 CINCINNATI
008 D020201 OH
008 D030201 45202
008 D040201 3198
015 A000201 STAR BANK N.A.
015 B000201 C
015 C010201 CINCINNATI
015 C020201 OH
015 C030201 45202
015 E010201 X
015 A000202 BANKERS TRUST
015 B000202 S
015 C010202 NEW YORK
<PAGE> PAGE 10
015 C020202 NY
015 C030202 10017
015 E010202 X
028 A010200 4725
028 A020200 0
028 A030200 0
028 A040200 5332
028 B010200 3812
028 B020200 2648
028 B030200 0
028 B040200 5153
028 C010200 3885
028 C020200 0
028 C030200 0
028 C040200 5750
028 D010200 3524
028 D020200 0
028 D030200 0
028 D040200 4223
028 E010200 4138
028 E020200 0
028 E030200 0
028 E040200 4445
028 F010200 5507
028 F020200 0
028 F030200 0
028 F040200 4991
028 G010200 25591
028 G020200 2648
028 G030200 0
028 G040200 29894
028 H000200 0
042 A000200 0
042 B000200 0
042 C000200 0
042 D000200 100
042 E000200 0
042 F000200 0
042 G000200 0
042 H000200 0
043 000200 184
044 000200 0
045 000200 Y
046 000200 N
047 000200 Y
048 000200 0.000
048 A010200 100000
048 A020200 0.650
048 B010200 100000
048 B020200 0.550
048 C010200 0
<PAGE> PAGE 11
048 C020200 0.000
048 D010200 0
048 D020200 0.000
048 E010200 0
048 E020200 0.000
048 F010200 0
048 F020200 0.000
048 G010200 0
048 G020200 0.000
048 H010200 0
048 H020200 0.000
048 I010200 0
048 I020200 0.000
048 J010200 0
048 J020200 0.000
048 K010200 200000
048 K020200 0.450
049 000200 N
050 000200 N
051 000200 N
052 000200 N
053 A000200 N
066 A000200 Y
066 B000200 N
066 C000200 N
066 D000200 Y
066 E000200 N
066 F000200 N
066 G000200 N
067 000200 N
068 A000200 N
068 B000200 N
069 000200 N
070 A010200 Y
070 A020200 Y
070 B010200 N
070 B020200 N
070 C010200 N
070 C020200 N
070 D010200 N
070 D020200 N
070 E010200 N
070 E020200 N
070 F010200 N
070 F020200 N
070 G010200 N
070 G020200 N
070 H010200 N
070 H020200 N
070 I010200 N
070 I020200 N
<PAGE> PAGE 12
070 J010200 N
070 J020200 N
070 K010200 N
070 K020200 N
070 L010200 N
070 L020200 N
070 M010200 N
070 M020200 N
070 N010200 Y
070 N020200 N
070 O010200 Y
070 O020200 Y
070 P010200 N
070 P020200 N
070 Q010200 N
070 Q020200 N
070 R010200 N
070 R020200 N
071 A000200 6662
071 B000200 15084
071 C000200 64416
071 D000200 10
072 A000200 6
072 B000200 700
072 C000200 339
072 D000200 0
072 E000200 0
072 F000200 323
072 G000200 0
072 H000200 0
072 I000200 66
072 J000200 8
072 K000200 3
072 L000200 5
072 M000200 6
072 N000200 9
072 O000200 0
072 P000200 0
072 Q000200 0
072 R000200 7
072 S000200 2
072 T000200 184
072 U000200 0
072 V000200 0
072 W000200 10
072 X000200 623
072 Y000200 0
072 Z000200 416
072AA000200 2200
072BB000200 2418
072CC010200 14984
<PAGE> PAGE 13
072CC020200 0
072DD010200 319
072DD020200 0
072EE000200 2371
073 A010200 0.0700
073 A020200 0.0000
073 B000200 0.5200
073 C000200 0.0000
074 A000200 110
074 B000200 0
074 C000200 27941
074 D000200 0
074 E000200 0
074 F000200 67557
074 G000200 0
074 H000200 0
074 I000200 0
074 J000200 0
074 K000200 0
074 L000200 48
074 M000200 35
074 N000200 95691
074 O000200 0
074 P000200 105
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 11
074 S000200 0
074 T000200 95575
074 U010200 4588
074 U020200 0
074 V010200 20.83
074 V020200 0.00
074 W000200 0.0000
074 X000200 6074
074 Y000200 0
075 A000200 0
075 B000200 88066
076 000200 0.00
008 A000301 MCDONALD & COMPANY
008 B000301 A
008 C000301 801-11037
008 D010301 CINCINNATI
008 D020301 OH
008 D030301 45202
008 D040301 3198
015 A000301 STAR BANK N.A.
015 B000301 C
015 C010301 CINCINNATI
<PAGE> PAGE 14
015 C020301 OH
015 C030301 45202
015 E010301 X
015 A000302 BANKERS TRUST
015 B000302 S
015 C010302 NEW YORK
015 C020302 NY
015 C030302 10017
015 E010302 X
028 A010300 1192
028 A020300 0
028 A030300 0
028 A040300 8
028 B010300 1204
028 B020300 0
028 B030300 0
028 B040300 1
028 C010300 779
028 C020300 0
028 C030300 0
028 C040300 8
028 D010300 557
028 D020300 0
028 D030300 0
028 D040300 20
028 E010300 808
028 E020300 20
028 E030300 0
028 E040300 238
028 F010300 847
028 F020300 0
028 F030300 0
028 F040300 352
028 G010300 5387
028 G020300 20
028 G030300 0
028 G040300 627
028 H000300 0
042 A000300 0
042 B000300 0
042 C000300 0
042 D000300 0
042 E000300 0
042 F000300 0
042 G000300 0
042 H000300 0
043 000300 10
044 000300 0
045 000300 Y
046 000300 N
047 000300 Y
<PAGE> PAGE 15
048 000300 0.000
048 A010300 100000
048 A020300 0.650
048 B010300 100000
048 B020300 0.550
048 C010300 0
048 C020300 0.000
048 D010300 0
048 D020300 0.000
048 E010300 0
048 E020300 0.000
048 F010300 0
048 F020300 0.000
048 G010300 0
048 G020300 0.000
048 H010300 0
048 H020300 0.000
048 I010300 0
048 I020300 0.000
048 J010300 0
048 J020300 0.000
048 K010300 200000
048 K020300 0.450
049 000300 N
050 000300 N
051 000300 N
052 000300 N
053 A000300 Y
053 B000300 Y
053 C000300 N
066 A000300 Y
066 B000300 N
066 C000300 N
066 D000300 N
066 E000300 Y
066 F000300 N
066 G000300 N
067 000300 N
068 A000300 N
068 B000300 N
069 000300 N
070 A010300 Y
070 A020300 Y
070 B010300 N
070 B020300 N
070 C010300 N
070 C020300 N
070 D010300 N
070 D020300 N
070 E010300 N
070 E020300 N
<PAGE> PAGE 16
070 F010300 N
070 F020300 N
070 G010300 N
070 G020300 N
070 H010300 N
070 H020300 N
070 I010300 N
070 I020300 N
070 J010300 N
070 J020300 N
070 K010300 N
070 K020300 N
070 L010300 N
070 L020300 N
070 M010300 N
070 M020300 N
070 N010300 Y
070 N020300 N
070 O010300 Y
070 O020300 Y
070 P010300 N
070 P020300 N
070 Q010300 N
070 Q020300 N
070 R010300 N
070 R020300 N
071 A000300 4953
071 B000300 103
071 C000300 3468
071 D000300 3
072 A000300 6
072 B000300 20
072 C000300 52
072 D000300 0
072 E000300 0
072 F000300 14
072 G000300 0
072 H000300 0
072 I000300 24
072 J000300 7
072 K000300 0
072 L000300 0
072 M000300 5
072 N000300 17
072 O000300 0
072 P000300 0
072 Q000300 0
072 R000300 5
072 S000300 1
072 T000300 10
072 U000300 1
<PAGE> PAGE 17
072 V000300 0
072 W000300 0
072 X000300 84
072 Y000300 53
072 Z000300 41
072AA000300 16
072BB000300 0
072CC010300 391
072CC020300 0
072DD010300 21
072DD020300 0
072EE000300 0
073 A010300 0.0600
073 A020300 0.0000
073 B000300 0.0000
073 C000300 0.0000
074 A000300 403
074 B000300 0
074 C000300 0
074 D000300 0
074 E000300 0
074 F000300 6007
074 G000300 0
074 H000300 0
074 I000300 0
074 J000300 0
074 K000300 0
074 L000300 11
074 M000300 43
074 N000300 6464
074 O000300 0
074 P000300 48
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 0
074 S000300 0
074 T000300 6416
074 U010300 382
074 U020300 0
074 V010300 16.80
074 V020300 0.00
074 W000300 0.0000
074 X000300 571
074 Y000300 0
075 A000300 0
075 B000300 4154
076 000300 0.00
008 A000401 MCDONALD & COMPANY
008 B000401 A
<PAGE> PAGE 18
008 C000401 801-11037
008 D010401 CINCINNATI
008 D020401 OH
008 D030401 45202
008 D040401 3198
008 A000402 BLAIRLOGIE
008 B000402 S
008 C000402 801-48185
008 D010402 EDINBURGH
008 D050402 SCOTLAND
008 D060402 EH2 3ES
015 A000401 CHASE MANHATTAN
015 B000401 C
015 C010401 LONDON
015 D010401 ENGLAND
015 D020401 EQ2P 2HD
015 E010401 X
028 A010400 0
028 A020400 0
028 A030400 0
028 A040400 0
028 B010400 0
028 B020400 0
028 B030400 0
028 B040400 0
028 C010400 1649
028 C020400 0
028 C030400 0
028 C040400 22
028 D010400 3384
028 D020400 0
028 D030400 0
028 D040400 34
028 E010400 3039
028 E020400 0
028 E030400 0
028 E040400 47
028 F010400 2622
028 F020400 0
028 F030400 0
028 F040400 349
028 G010400 10694
028 G020400 0
028 G030400 0
028 G040400 452
028 H000400 0
042 A000400 0
042 B000400 0
042 C000400 0
042 D000400 100
042 E000400 0
<PAGE> PAGE 19
042 F000400 0
042 G000400 0
042 H000400 0
043 000400 8
044 000400 0
045 000400 Y
046 000400 Y
047 000400 Y
048 000400 0.000
048 A010400 100000
048 A020400 1.000
048 B010400 150000
048 B020400 0.900
048 C010400 250000
048 C020400 0.800
048 D010400 0
048 D020400 0.000
048 E010400 0
048 E020400 0.000
048 F010400 0
048 F020400 0.000
048 G010400 0
048 G020400 0.000
048 H010400 0
048 H020400 0.000
048 I010400 0
048 I020400 0.000
048 J010400 0
048 J020400 0.000
048 K010400 500000
048 K020400 0.750
049 000400 N
050 000400 N
051 000400 N
052 000400 N
053 A000400 Y
053 B000400 Y
053 C000400 N
066 A000400 Y
066 B000400 N
066 C000400 N
066 D000400 Y
066 E000400 N
066 F000400 N
066 G000400 N
067 000400 N
068 A000400 N
068 B000400 Y
069 000400 N
070 A010400 Y
070 A020400 N
<PAGE> PAGE 20
070 B010400 N
070 B020400 N
070 C010400 N
070 C020400 N
070 D010400 N
070 D020400 N
070 E010400 Y
070 E020400 N
070 F010400 Y
070 F020400 N
070 G010400 Y
070 G020400 N
070 H010400 Y
070 H020400 N
070 I010400 N
070 I020400 N
070 J010400 Y
070 J020400 N
070 K010400 N
070 K020400 N
070 L010400 Y
070 L020400 Y
070 M010400 Y
070 M020400 Y
070 N010400 N
070 N020400 N
070 O010400 Y
070 O020400 N
070 P010400 N
070 P020400 N
070 Q010400 N
070 Q020400 N
070 R010400 N
070 R020400 N
071 A000400 0
071 B000400 0
071 C000400 9389
071 D000400 0
072 A000400 4
072 B000400 77
072 C000400 18
072 D000400 0
072 E000400 0
072 F000400 17
072 G000400 0
072 H000400 0
072 I000400 23
072 J000400 1
072 K000400 0
072 L000400 0
072 M000400 2
<PAGE> PAGE 21
072 N000400 10
072 O000400 0
072 P000400 0
072 Q000400 0
072 R000400 0
072 S000400 0
072 T000400 8
072 U000400 2
072 V000400 0
072 W000400 0
072 X000400 63
072 Y000400 48
072 Z000400 80
072AA000400 0
072BB000400 13
072CC010400 0
072CC020400 148
072DD010400 0
072DD020400 0
072EE000400 0
073 A010400 0.0000
073 A020400 0.0000
073 B000400 0.0000
073 C000400 0.0000
074 A000400 1640
074 B000400 0
074 C000400 0
074 D000400 0
074 E000400 337
074 F000400 9052
074 G000400 0
074 H000400 0
074 I000400 0
074 J000400 0
074 K000400 0
074 L000400 35
074 M000400 83
074 N000400 11147
074 O000400 949
074 P000400 0
074 Q000400 0
074 R010400 0
074 R020400 0
074 R030400 0
074 R040400 39
074 S000400 0
074 T000400 10159
074 U010400 678
074 U020400 0
074 V010400 14.98
074 V020400 0.00
<PAGE> PAGE 22
074 W000400 0.0000
074 X000400 637
074 Y000400 0
075 A000400 0
075 B000400 4937
076 000400 0.00
SIGNATURE RICHARD M. WACHTERMAN
TITLE SECRETARY
Sub-item 77B
To the Board of Trustees of the
Gradison-McDonald Cash Reserves Trust:
In planning and performing our audit of the financial statements
of the Gradison-McDonald Cash Reserves Trust for the year ended
September 30, 1995, we considered its internal control structure,
including procedures for safeguarding securities, in order to
determine our auditing procedures for the purpose of expressing
our opinion on the financial statements and to comply with the
requirements of Form N-SAR, and not to provide assurance on the
internal control structure.
The management of the Gradison-McDonald Cash Reserves Trust is
responsible for establishing and maintaining an internal control
structure. In fulfilling this responsibility, estimates and
judgments by management are required to assess the expected
benefits and related costs of internal control structure policies
and procedures. Two of the objectives of an internal control
structure are to provide management with reasonable, but not
absolute, assurance that assets are safeguarded against loss from
unauthorized use or disposition and that transactions are
executed in accordance with management's authorization and
recorded properly to permit preparation of financial statements
in conformity with generally accepted accounting principles.
Because of inherent limitations in any internal control
structure, errors or irregularities may occur and not be
detected. Also, projection of any evaluation of the structure to
future periods is subject to the risk that it may become
inadequate because of changes in conditions or that the
effectiveness of the design and operation may deteriorate.
Our consideration of the internal control structure would not
necessarily disclose all matters in the internal control
structure that might be material weaknesses under standards
established by the American Institute of Certified Public
Accountants. A material weakness is a condition in which the
design or operation of the specific internal control structure
elements does not reduce to a relatively low level the risk that
errors or irregularities in amounts that would be material in
relation to the financial statements being audited may occur and
not be detected within a timely period by employees in the normal
course of performing their assigned functions. However, we noted
no matters involving the internal control structure, including
procedures for safeguarding securities, that we consider to be
material weaknesses as defined above as of September 30, 1995.
This report is intended solely for the information and use of
management and the Securities and Exchange Commission.
/S/ Arthur Andersen LLP
Cincinnati, Ohio,
November 1, 1995
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000720492
<NAME> GRADISON GROWTH TRUST
<SERIES>
<NUMBER> 1
<NAME> GRADISON-MCDONALD ESTABLISHED VALUE FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-1996
<PERIOD-START> APR-01-1995
<PERIOD-END> SEP-30-1995
<INVESTMENTS-AT-COST> 237812495
<INVESTMENTS-AT-VALUE> 336144199
<RECEIVABLES> 393305
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 131588
<TOTAL-ASSETS> 336669092
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 355581
<TOTAL-LIABILITIES> 355581
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 231126339
<SHARES-COMMON-STOCK> 12791194
<SHARES-COMMON-PRIOR> 11862814
<ACCUMULATED-NII-CURRENT> 425540
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 6429928
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 98331704
<NET-ASSETS> 336313511
<DIVIDEND-INCOME> 1946364
<INTEREST-INCOME> 2527553
<OTHER-INCOME> 0
<EXPENSES-NET> 1826470
<NET-INVESTMENT-INCOME> 2647447
<REALIZED-GAINS-CURRENT> 6392663
<APPREC-INCREASE-CURRENT> 36283007
<NET-CHANGE-FROM-OPS> 45323117
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2818129
<DISTRIBUTIONS-OF-GAINS> 6512671
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4605117
<NUMBER-OF-SHARES-REDEEMED> 4059133
<SHARES-REINVESTED> 382396
<NET-CHANGE-IN-ASSETS> 58943804
<ACCUMULATED-NII-PRIOR> 596222
<ACCUMULATED-GAINS-PRIOR> 6549936
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 968625
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1826470
<AVERAGE-NET-ASSETS> 308242085
<PER-SHARE-NAV-BEGIN> 23.381
<PER-SHARE-NII> 0.213
<PER-SHARE-GAIN-APPREC> 3.469
<PER-SHARE-DIVIDEND> 0.230
<PER-SHARE-DISTRIBUTIONS> 0.540
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 26.293
<EXPENSE-RATIO> 1.18
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000720492
<NAME> GRADISON GROWTH TRUST
<SERIES>
<NUMBER> 2
<NAME> GRADISON-MCDONALD OPPORTUNITY VALUE FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-1996
<PERIOD-START> APR-01-1995
<PERIOD-END> SEP-30-1995
<INVESTMENTS-AT-COST> 67175718
<INVESTMENTS-AT-VALUE> 95498239
<RECEIVABLES> 47636
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 145325
<TOTAL-ASSETS> 95691200
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 116439
<TOTAL-LIABILITIES> 116439
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 67245910
<SHARES-COMMON-STOCK> 4588321
<SHARES-COMMON-PRIOR> 4681737
<ACCUMULATED-NII-CURRENT> 235804
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 229474
<ACCUM-APPREC-OR-DEPREC> 28322521
<NET-ASSETS> 95574761
<DIVIDEND-INCOME> 339438
<INTEREST-INCOME> 699650
<OTHER-INCOME> 0
<EXPENSES-NET> 623366
<NET-INVESTMENT-INCOME> 415722
<REALIZED-GAINS-CURRENT> (218371)
<APPREC-INCREASE-CURRENT> 14983918
<NET-CHANGE-FROM-OPS> 15181269
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 319118
<DISTRIBUTIONS-OF-GAINS> 2370591
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1317917
<NUMBER-OF-SHARES-REDEEMED> 1556178
<SHARES-REINVESTED> 144845
<NET-CHANGE-IN-ASSETS> 10836338
<ACCUMULATED-NII-PRIOR> 139200
<ACCUMULATED-GAINS-PRIOR> 2359488
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 323012
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 623366
<AVERAGE-NET-ASSETS> 88065743
<PER-SHARE-NAV-BEGIN> 18.100
<PER-SHARE-NII> 0.092
<PER-SHARE-GAIN-APPREC> 3.228
<PER-SHARE-DIVIDEND> 0.070
<PER-SHARE-DISTRIBUTIONS> 0.520
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 20.83
<EXPENSE-RATIO> 1.41
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000720492
<NAME> GRADISON GROWTH TRUST
<SERIES>
<NUMBER> 3
<NAME> GRADISON-MCDONALD GROWTH & INCOME FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-1996
<PERIOD-START> APR-01-1995
<PERIOD-END> SEP-30-1995
<INVESTMENTS-AT-COST> 5608454
<INVESTMENTS-AT-VALUE> 6006625
<RECEIVABLES> 11442
<ASSETS-OTHER> 445808
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 6463875
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 48154
<TOTAL-LIABILITIES> 48154
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 5978392
<SHARES-COMMON-STOCK> 381778
<SHARES-COMMON-PRIOR> 79531
<ACCUMULATED-NII-CURRENT> 22255
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 16903
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 398171
<NET-ASSETS> 6415721
<DIVIDEND-INCOME> 51893
<INTEREST-INCOME> 20190
<OTHER-INCOME> 0
<EXPENSES-NET> 31331
<NET-INVESTMENT-INCOME> 40752
<REALIZED-GAINS-CURRENT> 16493
<APPREC-INCREASE-CURRENT> 390959
<NET-CHANGE-FROM-OPS> 448204
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 20901
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 339132
<NUMBER-OF-SHARES-REDEEMED> 38121
<SHARES-REINVESTED> 1236
<NET-CHANGE-IN-ASSETS> 5207715
<ACCUMULATED-NII-PRIOR> 2404
<ACCUMULATED-GAINS-PRIOR> 410
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 13576
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 83735
<AVERAGE-NET-ASSETS> 4154319
<PER-SHARE-NAV-BEGIN> 15.189
<PER-SHARE-NII> 0.088
<PER-SHARE-GAIN-APPREC> 1.588
<PER-SHARE-DIVIDEND> 0.060
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 16.805
<EXPENSE-RATIO> 1.50
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000720492
<NAME> GRADISON GROWTH TRUST
<SERIES>
<NUMBER> 4
<NAME> GRADISON-MCDONALD INTERNATIONAL FUND
<S> <C>
<PERIOD-TYPE> 4-MOS
<FISCAL-YEAR-END> MAR-31-1996
<PERIOD-START> MAY-31-1995
<PERIOD-END> SEP-30-1995
<INVESTMENTS-AT-COST> 9515317
<INVESTMENTS-AT-VALUE> 9388555
<RECEIVABLES> 35174
<ASSETS-OTHER> 1722906
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 11146635
<PAYABLE-FOR-SECURITIES> 949067
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 38311
<TOTAL-LIABILITIES> 987378
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 10241118
<SHARES-COMMON-STOCK> 677967
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 79724
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (13321)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (148264)
<NET-ASSETS> 10159257
<DIVIDEND-INCOME> 17557
<INTEREST-INCOME> 77464
<OTHER-INCOME> 0
<EXPENSES-NET> 15297
<NET-INVESTMENT-INCOME> 79724
<REALIZED-GAINS-CURRENT> (13321)
<APPREC-INCREASE-CURRENT> (148264)
<NET-CHANGE-FROM-OPS> (81861)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 708138
<NUMBER-OF-SHARES-REDEEMED> 30171
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 10159257
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 16591
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 63006
<AVERAGE-NET-ASSETS> 4936762
<PER-SHARE-NAV-BEGIN> 15.000
<PER-SHARE-NII> 0.118
<PER-SHARE-GAIN-APPREC> (0.134)
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 14.984
<EXPENSE-RATIO> 0.92
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
