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<PAGE> PAGE 2
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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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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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SIGNATURE RICHARD M. WACHTERMAN
TITLE SECRETARY
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000720492
<NAME> GRADISON GROWTH TRUST
<SERIES>
<NUMBER> 1
<NAME> ESTABLISHED VALUE FUND
<S> <C>
<PERIOD-TYPE> YEAR
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<PERIOD-END> MAR-31-1998
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000720492
<NAME> GRADISON GROWTH TRUST
<SERIES>
<NUMBER> 2
<NAME> OPPORTUNITY VALUE FUND
<S> <C>
<PERIOD-TYPE> YEAR
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000720492
<NAME> GRADISON GROWTH TRUST
<SERIES>
<NUMBER> 3
<NAME> GROWTH AND INCOME FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAR-31-1998
<PERIOD-END> MAR-31-1998
<INVESTMENTS-AT-COST> 43987806
<INVESTMENTS-AT-VALUE> 59698500
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<NET-ASSETS> 60091152
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<EXPENSES-NET> 615266
<NET-INVESTMENT-INCOME> 418785
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<EXPENSE-RATIO> 1.49
<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> INTERNATIONAL FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAR-31-1998
<PERIOD-END> MAR-31-1998
<INVESTMENTS-AT-COST> 23748904
<INVESTMENTS-AT-VALUE> 30094766
<RECEIVABLES> 675818
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<PAYABLE-FOR-SECURITIES> 91553
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<TOTAL-LIABILITIES> 201576
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 27448501
<SHARES-COMMON-STOCK> 1739146
<SHARES-COMMON-PRIOR> 1529221
<ACCUMULATED-NII-CURRENT> 12679
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<ACCUMULATED-NET-GAINS> (540694)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 6357690
<NET-ASSETS> 33278176
<DIVIDEND-INCOME> 432272
<INTEREST-INCOME> 145489
<OTHER-INCOME> 0
<EXPENSES-NET> 565082
<NET-INVESTMENT-INCOME> 12679
<REALIZED-GAINS-CURRENT> (463656)
<APPREC-INCREASE-CURRENT> 5508754
<NET-CHANGE-FROM-OPS> 5057777
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 289530
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<NUMBER-OF-SHARES-SOLD> 547071
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<SHARES-REINVESTED> 16413
<NET-CHANGE-IN-ASSETS> 8462104
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<ACCUMULATED-GAINS-PRIOR> 212492
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<GROSS-EXPENSE> 677911
<AVERAGE-NET-ASSETS> 28288926
<PER-SHARE-NAV-BEGIN> 16.226
<PER-SHARE-NII> .011
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<EXPENSE-RATIO> 2.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
Sub-item 77B
To the Board of Trustees of the
Gradison Growth Trust:
In planning and performing our audit of the financial statements of the
Gradison Growth Trust for the year ended March 31, 1998, we
considered its internal control, including its control activities 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
internal control.
The management of the Gradison Growth Trust is responsible for establishing
and maintaining internal control. In fulfilling this responsibility, estimates
and judgments by management are required to assess the expected benefits
and related costs of controls. Generally, controls that are relevant to an
audit pertain to the entity's objective of preparing financial statements for
external purposes that are fairly presented in conformity with generally
accepted accounting principles. Those controls include the safeguarding
of assets against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, error or fraud may occur
and not be detected. Also, projection of any evaluation of internal control
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 internal control would not necessarily disclose all
matters in internal control 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 one or
more of the internal control components does not reduce to a relatively low
level the risk that misstatements caused by error or fraud 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 internal control and its operation, including controls for
safeguarding securities, that we consider to be material weaknesses as defined
above as of March 31, 1998.
This report is intended solely for the information and use of management and
the Securities and Exchange Commission.
/S/Arthur Andersen LLP
Cincinnati, Ohio,
May 6, 1998
