OMB APPROVAL

OMB Number 3235-0287

Expires: Sept. 30, 1998

Estimated average burden

hours per response...............0.5

Check this box if no longer

subject to Section 16. Form 4

of Form 5 obligations may

continue. See Instruction 1(b).

(Print or Type Responses)

1. Name and Address of Reporting Person*

2. Issuer Name and Ticker or Trading Symbol

6. Relationship of Reporting Person(s) to Issuer

Tysoe Ronald W.

GREAT AMERICAN FINANCIAL RESOURCES, INC. (GFR)

(Check all applicable) __X _ Director _ _ 10% Owner

(Last) (First) (Middle)

3. IRS or Social Security

4. Statement for

__ Officer (give

_ __ Other (specify

250 East Fifth Street

Number of Reporting Person (Voluntary)

Month/Year

May 1, 2003

title below) below)

(Street)

5. If Amendment,

7. Individual or Joint/Group Filing (check applicable line)

Cincinnati, Ohio 45202

Date of Original (month/Year)

__X__ Form filed by One Reporting Person _____ Form filed by More Than One Reporting Person

(City) (State) (Zip)

Table I - Non-Derivative Securities Acquired, Disposed of or Beneficially Owned

1. Title of Security (Instr. 3)

2. Trans- action Date

3. Trans- action Code (Instr. 8)

4. Securities Acquired (A) or Disposed of (D) (Instr. 3,4 and 5)

5. Amount of Securities Beneficially Owned at

6. Owner- ship Form: Direct

7. Nature of In- Direct Bene-

(Month/ Day/ Year)

Code

V

Amount

(A) or (D)

Price

(End of Month Instr. 3 and 4)

(D) or Indirect (I) (Instr. 4)

Ficial Owner- Ship (Instr. 4)

Common Stock, $1.00 par value

5/1/2003

N

V

257 shares

A

$14.57

3,202 shares

D

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. (Over)

SEC 1474 (7/96)

*If the form is filed by more than one reporting person, see Instruction 4(b)(v).

FORM 4 (continued)

1. Title of Derivative Security (Instr. 3)

2. Conver- sion or Exercise Price of Deriv- ative

3. Trans- action Date

4. Transac- tion Code (Instr. 8)

5. Number of Deriv- ative Securities Ac- quired (A) or Dis- posed of (D) (Instr. 3, 4 and 5)

6. Date Exercisable and Expiration Date (Month//Day/Year)

7. Title and Amount of Underlying Securities (Instr. 3 and 4)

8. Price of Deriv- ative Secur- eriv- ative Secur- ity

9. Number of Deriv- ative Secur- Ities Bene-

10. Owner- ship Form of De- rivative Secur

11. Nature of In- direct Bene- ficial Owner-

Security

(Month/ Day/ Year)

Date

Expiration

Amount or

ity (Instr. 5)

Ficially Owned at End of

ity Direct (D) or Indi-

ship (Instr. 4)

Code

V

(A)

(D)

Exercisable

Date

Title

Number of Shares

Month (Instr. 4)

rect (I) (Instr. 4)

Stock Option *

$21.87

2/18/2000

2/18/2009

Common Stock

10,000

$21.87

10,000

D

Stock Option *

$21.73

3/1/2000

3/1/2009

Common Stock

1,000

$21.73

1,000

D

Stock Option *

$15.44

3/1/2001

3/1/2010

Common Stock

1,000

$15.44

1,000

D

Stock Option *

$16.91

6/1/2001

6/1/2010

Common Stock

2,000

$16.91

2,000

D

Stock Option *

$18.98

3/1/2002

3/1/2011

Common Stock

3,000

$18.98

3,000

D

Stock Option *

$16.99

3/1/2003

3/1/2012

Common Stock

3,000

$16.99

3,000

D

Stock Option *

$14.20

3/1/2003

A

V

3,000

3/1/2004

3/1/2013

Common Stock

3,000

$14.20

3,000

D

Explanation of Responses:

* The Stock Options expire 10 years from the date of grant and vest 20% on each anniversary of the date of grant beginning with the first anniversary.