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<PAGE> PAGE 8
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<PAGE> PAGE 10
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<PAGE> PAGE 13
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 19
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070 I010400 N
070 I020400 N
070 J010400 Y
070 J020400 N
070 K010400 Y
070 K020400 Y
070 L010400 Y
<PAGE> PAGE 21
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 0
071 D000400 0
072 A000400 12
072 B000400 0
072 C000400 0
072 D000400 0
072 E000400 0
072 F000400 0
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074 C000400 0
074 D000400 0
074 E000400 0
074 F000400 0
074 G000400 0
074 H000400 0
074 I000400 0
074 J000400 0
074 K000400 0
074 L000400 0
074 M000400 0
074 N000400 0
074 O000400 0
074 P000400 0
074 Q000400 0
074 R010400 0
074 R020400 0
074 R030400 0
074 R040400 0
074 S000400 0
074 T000400 0
074 U010400 0
074 U020400 0
074 V010400 0.00
<PAGE> PAGE 22
074 V020400 0.00
074 W000400 0.0000
074 X000400 0
074 Y000400 0
SIGNATURE BRIAN JENKINS
TITLE SUPERVISOR
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000720492
<NAME> GRADISON GROWTH TRUST
<SERIES>
<NUMBER> 11
<NAME> ESTABLISHED VALUE FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAR-31-1999
<PERIOD-START> APR-01-1998
<PERIOD-END> MAR-31-1999
<INVESTMENTS-AT-COST> 327903
<INVESTMENTS-AT-VALUE> 479037
<RECEIVABLES> 2070
<ASSETS-OTHER> 11
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<TOTAL-ASSETS> 481118
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 470
<TOTAL-LIABILITIES> 2134
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 302544
<SHARES-COMMON-STOCK> 15282
<SHARES-COMMON-PRIOR> 16713
<ACCUMULATED-NII-CURRENT> 124
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 25182
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 151134
<NET-ASSETS> 478984
<DIVIDEND-INCOME> 5523
<INTEREST-INCOME> 4890
<OTHER-INCOME> 0
<EXPENSES-NET> 5654
<NET-INVESTMENT-INCOME> 4759
<REALIZED-GAINS-CURRENT> 41202
<APPREC-INCREASE-CURRENT> (54160)
<NET-CHANGE-FROM-OPS> (8199)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4946
<DISTRIBUTIONS-OF-GAINS> 30865
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 10251
<NUMBER-OF-SHARES-REDEEMED> 12812
<SHARES-REINVESTED> 1130
<NET-CHANGE-IN-ASSETS> (88271)
<ACCUMULATED-NII-PRIOR> 306
<ACCUMULATED-GAINS-PRIOR> 14845
<OVERDISTRIB-NII-PRIOR> 0
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<GROSS-ADVISORY-FEES> 2631
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<GROSS-EXPENSE> 5654
<AVERAGE-NET-ASSETS> 518049
<PER-SHARE-NAV-BEGIN> 33.94
<PER-SHARE-NII> 0.29
<PER-SHARE-GAIN-APPREC> (0.71)
<PER-SHARE-DIVIDEND> 0.30
<PER-SHARE-DISTRIBUTIONS> 1.88
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 31.34
<EXPENSE-RATIO> 1.09
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
<FN>
</FN>
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000720492
<NAME> GRADISON GROWTH TRUST
<SERIES>
<NUMBER> 21
<NAME> SMALL CO.OPPORTUNITY FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAR-31-1999
<PERIOD-START> APR-01-1998
<PERIOD-END> MAR-31-1999
<INVESTMENTS-AT-COST> 167282
<INVESTMENTS-AT-VALUE> 189190
<RECEIVABLES> 1644
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<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 176316
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<OVERDISTRIBUTION-GAINS> 7814
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<DIVIDEND-INCOME> 1060
<INTEREST-INCOME> 1539
<OTHER-INCOME> 0
<EXPENSES-NET> 1977
<NET-INVESTMENT-INCOME> 622
<REALIZED-GAINS-CURRENT> (7458)
<APPREC-INCREASE-CURRENT> (37144)
<NET-CHANGE-FROM-OPS> (43980)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 890<F1>
<DISTRIBUTIONS-OF-GAINS> 6817<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 10068
<NUMBER-OF-SHARES-REDEEMED> 7479
<SHARES-REINVESTED> 305
<NET-CHANGE-IN-ASSETS> 14664
<ACCUMULATED-NII-PRIOR> 206
<ACCUMULATED-GAINS-PRIOR> 6461
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 935
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1980
<AVERAGE-NET-ASSETS> 151345<F1>
<PER-SHARE-NAV-BEGIN> 27.89<F1>
<PER-SHARE-NII> 0.10<F1>
<PER-SHARE-GAIN-APPREC> (6.06)<F1>
<PER-SHARE-DIVIDEND> 0.14<F1>
<PER-SHARE-DISTRIBUTIONS> 1.08<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 20.71<F1>
<EXPENSE-RATIO> 1.30<F1>
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
<FN>
<F1>CLASS G SHARES
</FN>
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000720492
<NAME> GRADISON GROWTH TRUST
<SERIES>
<NUMBER> 22
<NAME> SMALL CO.OPPORTUNITY FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAR-31-1999
<PERIOD-START> APR-01-1998
<PERIOD-END> MAR-31-1999
<INVESTMENTS-AT-COST> 167282
<INVESTMENTS-AT-VALUE> 189190
<RECEIVABLES> 1644
<ASSETS-OTHER> 287
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<TOTAL-ASSETS> 191121
<PAYABLE-FOR-SECURITIES> 665
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 108
<TOTAL-LIABILITIES> 773
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 176316
<SHARES-COMMON-STOCK> 3119<F1>
<SHARES-COMMON-PRIOR> 0<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 62
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 7814
<ACCUM-APPREC-OR-DEPREC> 21908
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<NUMBER-OF-SHARES-REDEEMED> 7479
<SHARES-REINVESTED> 305
<NET-CHANGE-IN-ASSETS> 14664
<ACCUMULATED-NII-PRIOR> 206
<ACCUMULATED-GAINS-PRIOR> 6461
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 935
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1980
<AVERAGE-NET-ASSETS> 63771<F1>
<PER-SHARE-NAV-BEGIN> 20.23<F1>
<PER-SHARE-NII> 0.00<F1>
<PER-SHARE-GAIN-APPREC> 0.48<F1>
<PER-SHARE-DIVIDEND> 0.00<F1>
<PER-SHARE-DISTRIBUTIONS> 0.00<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 20.71<F1>
<EXPENSE-RATIO> 0.98<F1>
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
<FN>
<F1>CLASS A SHARES
</FN>
</TABLE>
Sub-item 77b
To the Shareholders and Board of Trustees of the Established
Value Fund and the Victory Small Company Opportunity Fund:
In planning and performing our audit of the financial statements
of the Established Value Fund and the Victory Small Company
Opportunity Fund for the year ended March 31, 1999, 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, not
to provide assurance oninternal control.
The management of the Established Value Fund and the Victory Small
Company Opportunity Fund 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, 1999.
This report is intended solely for the information and use of management,
the Board of Trustees of the Established Value Fund and the Victory Small
Company Opportunity Fund, and the Securities and Exchange Commission.
Arthur Andersen LLP
Cincinnati, Ohio
April 28, 1999
Sub-item 77c
A Special Meeting of Shareholders of the Gradison Funds
was held on March 5, 1999. At the meeting, shareholders
voted on the following matters with the following results
as indicated below:
Proposal 1
To approve an Agreement and Plan of Reorganization and
Termination pursuant to which the Gradison Opportunity
Value Fund and the Gradison Established Value Fund will
transfer all of its assets and liabilities solely in
exchange (the "Exchange") for Class G Shares of the
Victory Small Company Opportunity Fund and the Victory
Established Value Fund, respectively. The Gradison
Opportunity Value Fund will distribute Class G shares
of the Victory Small Company Opportunity Fund received
in the Exchange to its shareholders in an amount equal
in net asset value to the shares of the Gradison
Opportunity Value Fund held by such shareholders as of
the date of the exchange, after which the Gradison
Opportunity Value Fund will be terminated. The Gradison
Established Value Fund will distribute Class G shares
of the Victory Established Value Fund received in the
exchange to its shareholders in an amount equal in net
asset value to the shares of the Gradison Established
Value Fund held by such shareholders as of the date
of the exchange, after which the Gradison Established
Value Fund will be terminated.
For Against Abstain
Gradison Opportunity Value Fund 3,401,280 146,661 165,906
Gradison Established Value Fund 9,150,642 220,771 392,960
Proposal 2
To approve a new Investment Advisory Agreement between
each Gradison Trust, on behalf of the Fund, and
McDonald Investments, Inc. because the merger of
McDonald's corporate parent with KeyCorp caused
the previous agreement to terminate.
For Against Abstain
Gradison Opportunity Value Fund 3,384,334 156,140 166,780
Gradison Established Value Fund 9,013,177 209,306 393,279
Sub-item 77d
Policies with respect to security investments
Victory Small Company Opportunity Fund - See Sub-item 77m
Sub-item 77m
On March 5, 1999, there was a special shareholder
meeting of Gradison Growth Trust. The meeting was to
vote on the reorganization (merger) of the Gradison
Mutual Funds into the Victory Portfolios. The
reorganization was passed.
At the close of business on March 26, 1999:
Gradison Growth & Income Fund merged into Victory
Diversified Stock Fund; Gradison International
Fund merged into Victory International Growth Fund; and
The Gradison Ohio Tax-Free Fund merged into Victory
Ohio Municipal Bond Fund.
Also, the Gradison Government Income Fund merged into
the Victory Fund For Income and taking on the history
of Gradison Government Income Fund.
Also, the Gradison Opportunity Value Fund merged into
the Victory Special Growth Fund with the Victory Special
Growth Fund changing its name to Victory Small Company
Opportunity Fund and taking on the history of Gradison
Opportunity Value Fund. The Gradison Opportunity Value
Fund's investment policy required 70% of the total of the
total assets of the portfolio in equity securities of
companies with market capitalizations of approximately
$1 billion or less. The Victory Special Growth Fund's
investment policy requires 80% of the total of the
total assets of the portfolio in equity securities of
companies with market capitalizations of approximately
$1 billion or less.
