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028 A020600 8
028 A030600 0
028 A040600 180
028 B010600 20
028 B020600 9
028 B030600 0
028 B040600 67
028 C010600 64
028 C020600 7
028 C030600 0
028 C040600 270
028 D010600 37
028 D020600 7
028 D030600 0
028 D040600 218
028 E010600 18
028 E020600 7
028 E030600 0
028 E040600 147
028 F010600 8
028 F020600 6
028 F030600 0
028 F040600 66
028 G010600 209
028 G020600 44
028 G030600 0
028 G040600 948
028 H000600 0
045 000600 Y
046 000600 N
047 000600 Y
048 000600 0.625
048 A010600 0
048 A020600 0.000
048 B010600 0
048 B020600 0.000
048 C010600 0
048 C020600 0.000
048 D010600 0
048 D020600 0.000
048 E010600 0
048 E020600 0.000
048 F010600 0
048 F020600 0.000
048 G010600 0
048 G020600 0.000
048 H010600 0
048 H020600 0.000
<PAGE> PAGE 22
048 I010600 0
048 I020600 0.000
048 J010600 0
048 J020600 0.000
048 K010600 0
048 K020600 0.000
049 000600 N
050 000600 N
051 000600 N
052 000600 N
053 A000600 Y
053 B000600 Y
053 C000600 N
062 A000600 Y
062 B000600 0.0
062 C000600 0.0
062 D000600 0.0
062 E000600 0.0
062 F000600 0.0
062 G000600 0.0
062 H000600 0.0
062 I000600 0.0
062 J000600 0.0
062 K000600 0.0
062 L000600 0.0
062 M000600 0.0
062 N000600 0.0
062 O000600 96.4
062 P000600 0.0
062 Q000600 0.0
062 R000600 0.0
063 A000600 0
063 B000600 18.4
064 A000600 Y
064 B000600 N
071 A000600 514
071 B000600 1257
071 C000600 2456
071 D000600 21
072 A000600 12
072 B000600 139
072 C000600 0
072 D000600 0
072 E000600 0
072 F000600 16
072 G000600 0
072 H000600 8
072 I000600 2
072 J000600 1
072 K000600 0
072 L000600 1
<PAGE> PAGE 23
072 M000600 2
072 N000600 1
072 O000600 0
072 P000600 0
072 Q000600 0
072 R000600 1
072 S000600 0
072 T000600 0
072 U000600 0
072 V000600 0
072 W000600 16
072 X000600 48
072 Y000600 17
072 Z000600 108
072AA000600 13
072BB000600 0
072CC010600 0
072CC020600 3
072DD010600 108
072DD020600 0
072EE000600 0
073 A010600 0.4050
073 A020600 0.0000
073 B000600 0.0000
073 C000600 0.0000
074 A000600 42
074 B000600 0
074 C000600 0
074 D000600 1969
074 E000600 0
074 F000600 0
074 G000600 0
074 H000600 0
074 I000600 0
074 J000600 0
074 K000600 0
074 L000600 32
074 M000600 0
074 N000600 2043
074 O000600 0
074 P000600 0
074 Q000600 0
074 R010600 0
074 R020600 0
074 R030600 0
074 R040600 1
074 S000600 0
074 T000600 2042
074 U010600 210
074 U020600 0
074 V010600 9.71
<PAGE> PAGE 24
074 V020600 0.00
074 W000600 0.0000
074 X000600 141
074 Y000600 0
075 A000600 0
075 B000600 2607
076 000600 0.00
SIGNATURE RICHARD MASON
TITLE GENERAL COUNSEL
GIT Tax-Free Trust
Results of Shareholder Vote
A special meeting of the Trust's shareholders
was held on July 29, 1996. The following shares
were voted at the meeting:
1. Approval of an advisory agreement with Bankers
Finance Advisors, LLC/Madison Investment Advisors, Inc.
Shares
Outstanding For Against Abstain
Arizona Portfolio 907,881 596,357 38,463 19,716
Maryland Portfolio 268,539 163,845 522 8,037
Missouri Portfolio 1,099,684 665,410 65,036 24,445
Virginia Portfolio 3,031,822 1,498,903 38,351 46,335
National Portfolio 2,891,976 1,485,864 39,793 48,126
Money Market Portfolio 8,085,497 3,806,092 542,850 783,260
2. Election of Trustees (16,285,399 shares outstanding)
For Withhold Authority
Frank E. Burgess 9,184,315 687,097
James R. Imhoff, Jr. 9,196,614 674,798
Thomas S. Kleppe 9,177,995 693,417
Lorence D. Wheeler 9,199,287 672,125
3. To ratify the selection of Ernst & Young LLP as independent
auditors of the Trust for the year ending September 30, 1996
(16,285,399 shares outstanding): For: 8,896,463
Against: 167,225 Abstain: 807,719
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
registrant's financial statements, Form NSAR and its prospectus and is qualified
in its entirety by reference to such source documents.
</LEGEND>
<CIK> 0000703303
<NAME> GIT TAX-FREE TRUST
<SERIES>
<NUMBER> 1
<NAME> TAX-FREE MONEY MARKET PORTFOLIO
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 7,250,165
<INVESTMENTS-AT-VALUE> 7,250,019
<RECEIVABLES> 69,260
<ASSETS-OTHER> 192,570
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 7,511,849
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 12,581
<TOTAL-LIABILITIES> 12,581
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 7,499,528
<SHARES-COMMON-STOCK> 7,499,585
<SHARES-COMMON-PRIOR> 8,454,870
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (114)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (146)
<NET-ASSETS> 7,499,268
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 282,893
<OTHER-INCOME> 0
<EXPENSES-NET> 67,211
<NET-INVESTMENT-INCOME> 215,682
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 414
<NET-CHANGE-FROM-OPS> 414
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 215,787
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6,433,272
<NUMBER-OF-SHARES-REDEEMED> 7,594,792
<SHARES-REINVESTED> 206,235
<NET-CHANGE-IN-ASSETS> (955,285)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (114)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 41,488
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 95,660
<AVERAGE-NET-ASSETS> 8,314,244
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.026
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0.260
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 0.876<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Excludes fees and expenses waived by advisor.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
registrant's financial statements, Form NSAR, and prospectus and is qualified in
its entirety by reference to such source documents.
</LEGEND>
<CIK> 0000703303
<NAME> GIT TAX-FREE TRUST
<SERIES>
<NUMBER> 2
<NAME> NATIONAL PORTFOLIO
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 28,466,882
<INVESTMENTS-AT-VALUE> 29,275,125
<RECEIVABLES> 926,575
<ASSETS-OTHER> 101,087
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 30,302,787
<PAYABLE-FOR-SECURITIES> 1,004,375
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 12,275
<TOTAL-LIABILITIES> 1,016,650
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 30,594,865
<SHARES-COMMON-STOCK> 2,847,239
<SHARES-COMMON-PRIOR> 3,205,840
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (2,116,971)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 808,243
<NET-ASSETS> 29,286,137
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,695,926
<OTHER-INCOME> 0
<EXPENSES-NET> 362,540
<NET-INVESTMENT-INCOME> 1,333,386
<REALIZED-GAINS-CURRENT> 139,533
<APPREC-INCREASE-CURRENT> 106,127
<NET-CHANGE-FROM-OPS> 245,660
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,333,386
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,853,531
<NUMBER-OF-SHARES-REDEEMED> 7,757,677
<SHARES-REINVESTED> 1,210,230
<NET-CHANGE-IN-ASSETS> (3,693,916)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (2,256,504)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 192,643
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 370,858
<AVERAGE-NET-ASSETS> 30,877,894
<PER-SHARE-NAV-BEGIN> 10.211
<PER-SHARE-NII> 0.446
<PER-SHARE-GAIN-APPREC> 0.075
<PER-SHARE-DIVIDEND> 0.446
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.286
<EXPENSE-RATIO> 1.201
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
registrant's financial statements, Form NSAR and its prospectus and is qualified
in its entirety be reference to such source documents.
</LEGEND>
<CIK> 0000703303
<NAME> GIT TAX-FREE TRUST
<SERIES>
<NUMBER> 3
<NAME> VIRGINIA PORTFOLIO
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 31,701,020
<INVESTMENTS-AT-VALUE> 32,704,575
<RECEIVABLES> 1,108,291
<ASSETS-OTHER> 90,805
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 33,903,671
<PAYABLE-FOR-SECURITIES> 527,933
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 35,790
<TOTAL-LIABILITIES> 563,723
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 33,400,516
<SHARES-COMMON-STOCK> 2,974,270
<SHARES-COMMON-PRIOR> 3,043,054
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,064,123)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,003,555
<NET-ASSETS> 33,339,948
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,950,978
<OTHER-INCOME> 0
<EXPENSES-NET> 402,579
<NET-INVESTMENT-INCOME> 1,548,399
<REALIZED-GAINS-CURRENT> 394,667
<APPREC-INCREASE-CURRENT> (128,139)
<NET-CHANGE-FROM-OPS> 266,528
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,548,399
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,310,056
<NUMBER-OF-SHARES-REDEEMED> 6,384,927
<SHARES-REINVESTED> 1,325,938
<NET-CHANGE-IN-ASSETS> (748,933)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (1,458,791)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 213,357
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 411,790
<AVERAGE-NET-ASSETS> 34,200,734
<PER-SHARE-NAV-BEGIN> 11.115
<PER-SHARE-NII> 0.508
<PER-SHARE-GAIN-APPREC> 0.094
<PER-SHARE-DIVIDEND> 0.508
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.209
<EXPENSE-RATIO> 1.204
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
registrant's financial statements, Form NSAR and prospectus and is qualified in
its entirety by reference to such source documents.
</LEGEND>
<CIK> 0000703303
<NAME> GIT TAX-FREE TRUST
<SERIES>
<NUMBER> 4
<NAME> ARIZONA PORTFOLIO
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 8,485,874
<INVESTMENTS-AT-VALUE> 8,813,937
<RECEIVABLES> 141,109
<ASSETS-OTHER> 120,021
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 9,075,067
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 9,136
<TOTAL-LIABILITIES> 9,136
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 9,254,733
<SHARES-COMMON-STOCK> 892,965
<SHARES-COMMON-PRIOR> 989,647
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (516,865)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 328,063
<NET-ASSETS> 9,065,931
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 538,291
<OTHER-INCOME> 0
<EXPENSES-NET> 124,335
<NET-INVESTMENT-INCOME> 413,956
<REALIZED-GAINS-CURRENT> 67,565
<APPREC-INCREASE-CURRENT> (20,919)
<NET-CHANGE-FROM-OPS> 46,646
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 413,956
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 757,915
<NUMBER-OF-SHARES-REDEEMED> 2,041,936
<SHARES-REINVESTED> 294,581
<NET-CHANGE-IN-ASSETS> (989,440)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (584,430)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 59,352
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 128,225
<AVERAGE-NET-ASSETS> 9,512,093
<PER-SHARE-NAV-BEGIN> 10.113
<PER-SHARE-NII> 0.444
<PER-SHARE-GAIN-APPREC> 0.040
<PER-SHARE-DIVIDEND> 0.444
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.153
<EXPENSE-RATIO> 1.348
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
registrant's financial statements, Form NSAR and its prospectus and is qualified
in its entirety by reference to such source documents.
</LEGEND>
<CIK> 0000703303
<NAME> GIT TAX-FREE TRUST
<SERIES>
<NUMBER> 5
<NAME> MISSOURI PORTFOLIO
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 10,777,027
<INVESTMENTS-AT-VALUE> 11,081,888
<RECEIVABLES> 159,246
<ASSETS-OTHER> 145,689
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 11,386,823
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 5,716
<TOTAL-LIABILITIES> 5,716
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 11,356,737
<SHARES-COMMON-STOCK> 1,113,597
<SHARES-COMMON-PRIOR> 1,124,394
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (280,491)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 304,861
<NET-ASSETS> 11,381,107
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 632,521
<OTHER-INCOME> 0
<EXPENSES-NET> 146,517
<NET-INVESTMENT-INCOME> 486,004
<REALIZED-GAINS-CURRENT> 60,309
<APPREC-INCREASE-CURRENT> 41,399
<NET-CHANGE-FROM-OPS> 101,708
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 486,004
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,076,024
<NUMBER-OF-SHARES-REDEEMED> 1,600,447
<SHARES-REINVESTED> 410,156
<NET-CHANGE-IN-ASSETS> (114,267)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (340,800)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 71,065
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 152,328
<AVERAGE-NET-ASSETS> 11,394,467
<PER-SHARE-NAV-BEGIN> 10.133
<PER-SHARE-NII> 0.438
<PER-SHARE-GAIN-APPREC> 0.087
<PER-SHARE-DIVIDEND> 0.438
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.220
<EXPENSE-RATIO> 1.337
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
registrant's financial statements, Form NSAR and its prospectus and is qualified
in its entirety by reference to such source documents.
</LEGEND>
<CIK> 0000703303
<NAME> GIT TAX-FREE TRUST
<SERIES>
<NUMBER> 6
<NAME> MARYLAND PORTFOLIO
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 1,930,259
<INVESTMENTS-AT-VALUE> 1,968,781
<RECEIVABLES> 31,781
<ASSETS-OTHER> 42,176
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2,042,738
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 797
<TOTAL-LIABILITIES> 797
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,200,556
<SHARES-COMMON-STOCK> 210,199
<SHARES-COMMON-PRIOR> 295,749
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (197,137)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 38,522
<NET-ASSETS> 2,041,941
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 138,941
<OTHER-INCOME> 0
<EXPENSES-NET> 31,408
<NET-INVESTMENT-INCOME> 107,533
<REALIZED-GAINS-CURRENT> (13,070)
<APPREC-INCREASE-CURRENT> 2,576
<NET-CHANGE-FROM-OPS> (10,494)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 107,533
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 652,771
<NUMBER-OF-SHARES-REDEEMED> 1,576,275
<SHARES-REINVESTED> 95,818
<NET-CHANGE-IN-ASSETS> (827,686)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (184,066)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 16,332
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 48,476
<AVERAGE-NET-ASSETS> 2,607,489
<PER-SHARE-NAV-BEGIN> 9.738
<PER-SHARE-NII> 0.405
<PER-SHARE-GAIN-APPREC> (0.024)
<PER-SHARE-DIVIDEND> 0.405
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.714
<EXPENSE-RATIO> 1.279<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Excludes fees and expenses waived by advisor.
</FN>
</TABLE>
Investment Advisory Agreement
This Agreement is made by and between Madison Investment
Advisors, Inc. (d.b.a. Bankers Finance Advisors, LLC), a
Wisconsin Corporation, Bankers Finance Advisors, LLC, a
Wisconsin limited liability company having its principal place
of business in Arlington, Virginia (the foregoing entities
referred to collectively as the "Advisor"), and GIT Tax-Free
Trust, a Massachusetts business trust created pursuant to a
Declaration of Trust filed with the Clerk of the City of Boston,
Massachusetts (the "Trust").
The parties hereto, intending so to be legally bound,
agree with each other as follows:
1. Appointment and Acceptance. The Trust hereby
appoints the Advisor to manage the investment of its assets
and to administer its affairs; and the Advisor hereby
accepts such appointment. The Advisor shall employ its best
efforts to supervise the investment management of the Trust.
2. Discretion of the Advisor. In the performance of
its duties hereunder the Advisor shall have full authority
to act as it deems advisable, except that it shall be bound
by the terms of the Declaration of Trust and By-Laws of the
Trust, and by any written direction given by the Trustees of
the Trust not inconsistent with this Agreement; and it shall
be guided by the investment policies of the Trust from time
to time duly in effect. Subject only to the foregoing, the
Advisor shall have full authority to purchase and sell
securities for the Trust; the Advisor may determine the
persons with whom such securities transactions are to be
made and the terms thereof.
3. Other Activities of the Advisor. The Advisor and
any of its affiliates shall be free to engage in any other
lawful activity, including the rendering to others of
services similar to those rendered to the Trust hereunder;
and the Advisor or any interested person thereof shall be
free to invest in the Trust as a shareholder, to become an
officer or Trustee of the Trust if properly elected, or to
enter into any other relationship with the Trust approved by
the Trustees and in accordance with law.
The Advisor agrees that it will not deal with itself or
with any affiliated person or promoter or principal
underwriter of the Trust (or any affiliated person of the
foregoing) acting as a principal, in effecting securities
transactions for the account of the Trust. It is further
agreed that in effecting any such transaction with such a
person acting as a broker or agent, compensation to such
person shall be permitted, provided that the transaction is
in the ordinary course of such person's business and the
amount of such compensation does not exceed one percent of
the purchase or sale price of the securities involved.
If the Advisor or any affiliate thereof provides any
other goods or services which otherwise would be paid for by
the Trust pursuant to this Agreement, then the Trust shall
pay the Advisor or such affiliate the cost reasonably
allocated by the Advisor or affiliate to such goods or
services.
4. Investment by Advisor. The Advisor shall not take,
and shall not permit any of its shareholders, officers,
directors or employees to take long or short positions in
the shares of the Trust, except for the purchase of shares
of the Trust for investment purposes at the same price as
<PAGE>
that available to the public at the time of purchase, or in
connection with the original capitalization of the Trust.
In connection with purchases or sales of portfolio
securities for the account of the Trust neither the Advisor
nor any officer, director or employee of the Advisor shall
act as a principal or receive any commission therefor.
5. Expenses of the Trust. The Trust shall pay all of
its expenses not expressly assumed by the Advisor herein.
Without limitation, the expenses of the Trust, assumed by
the Trust hereby, shall include the following:
a. Expenses related to the continued existence of the
Trust.
b. Fees and expenses of the Trustees (except those
affiliated with the Advisor), the officers and the
administrative employees of the Trust.
c. Fees paid to the Advisor hereunder.
d. Fees and expenses of preparing, printing and
distributing official filings, reports, prospectuses and
documents required pursuant to applicable state and Federal
securities law and expenses of reports to shareholders.
e. Fees and expenses of custodians, transfer agents,
dividend disbursing agents, shareholder servicing agents,
registrars, and similar agents.
f. Expenses related to the issuance, registration,
repurchase, exchange and redemption of shares and
certificates representing shares.
g. Auditing, accounting, legal, insurance, portfolio
administration, association membership, printing, postage,
and other administrative expenses.
h. Expenses relating to qualification or licensing of
the Trust, shares in the Trust, or officers, employees and
agents of the Trust under applicable state and Federal
securities law.
i. Expenses related to shareholder meetings and proxy
solicitations and materials.
j. Interest expense, taxes and franchise fees, and all
brokerage commissions and other costs related to purchase
and sales of portfolio securities.
In addition, the Trust shall assume all losses and
liabilities incurred in the administration to the Trust and
of its investment portfolio; and it shall pay such non-
recurring expenses as may arise through litigation,
administrative proceedings, claims against the Trust, the
indemnification of Trustees, officers, employees,
shareholders and agents, or otherwise.
6. Compensation to the Advisor. For its services
hereunder, the Trust shall pay to the Advisor a management
fee equal to: one-half (1/2) percent per annum of the
average daily net assets of any portfolio of the Trust
having an investment policy limiting portfolio investments
to debt securities with maturities (however defined for
purposes of the investment policy) of 13 months or less;
plus, five-eighths (5/8) percent per annum of the average
daily net assets of any other portfolio of the Trust. As of
the execution of this agreement the management fee payable
<PAGE>
hereunder with respect to the Tax-Free Money Market Fund
Shares will be one-half percent per annum, and with respect
to the Tax-Free National Fund Shares, Tax-Free Arizona Fund
Shares, Tax-Free Maryland Fund Shares, Tax-Free Missouri
Fund Shares and Tax-Free Virginia Fund Shares shall be five-
eighths percent per annum, of the average daily net assets
of the corresponding portfolio. Such fee shall be payable
monthly as of the last day of the month and shall be the sum
of the daily fees calculated as one-three hundred sixty-
fifth (1/365), except in leap years one-three hundred sixty-
sixth (1/366), of the annual fee based upon each portfolio's
net assets calculated for the day.
With respect to any portfolio of the Trust subsequently
authorized by the Trustees, the management fee provided
herein may be revised upward or downward by mutual agreement
between the parties at the time the additional portfolio is
authorized, provided such revision is approved by the
Trustees, including the vote of a majority of those Trustees
who are not interested persons of the Trust, cast in person
at a meeting called for that purpose. The Advisor shall
have the right to waive any portion of its management fee
during any period, and it may permanently reduce the amount
of the fee under such terms as it may determine by written
notice thereof to the Trust. The Advisor shall have the
right to share its management fee with others or make
payments out of its management fee to others, as it solely
determines.
7. Limitation of Expenses of the Trust. In addition
to investment management expenses related to the Trust, the
Advisor shall pay the fees and expenses of any Trustees and
officers of the Trust affiliated with the Advisor, all
promotional expenses of the Trust to the extent not paid for
by the Trust pursuant to a Plan of Distribution, the rent
expense of the Trust's principal executive office premises,
and the expenses of formation of the Trust.
The Advisor shall further reimburse the Trust for all
of its expenses, excluding securities transaction
commissions and expenses, taxes, interest, share
distribution expenses, and extra-ordinary and non-recurring
expenses, which exceed during any fiscal year the applicable
expense limitation in any State or other jurisdiction in
which the Trust, during the fiscal year, becomes subject to
regulation by qualification or sale of its shares. Any such
required reimbursement shall be made within a reasonable
period following the close of the fiscal year to which it
relates; and the Advisor may elect to pay all or a portion
of any such reimbursement it anticipates will be required at
any time or from time to time during the fiscal year to
which the reimbursement relates.
8. Limitation of Advisor's Liability. The Advisor
shall not be liable for any loss incurred in connection with
its duties hereunder, nor for any action taken, suffered or
omitted and believed by it to be advisable or within the
scope of its authority or discretion, except for acts or
omissions involving willful misfeasance, bad faith, gross
negligence or reckless disregard of the duties assumed by it
under this Agreement.
9. Limitation of Trust's Liability. The Advisor
acknowledges that it has received notice of and accepts the
limitations upon the Trust's liability set forth in its
Declaration of Trust. The Advisor agrees that the Trust's
obligations hereunder in any case shall be limited to the
Trust and to its assets and that the Advisor shall not seek
satisfaction of any such obligation from the shareholders of
the Trust nor from any Trustee, officer, employee or agent
of the Trust.
10. Term of Agreement. This Agreement shall continue
in effect for two years from the date of its execution; and
it shall continue in force thereafter (but subject to the
termination provisions below), provided that it is
specifically approved at least annually by the Trustees of
the Trust or by a majority vote of the outstanding
securities of each series and class of the Trust's shares
with respect to which it is to continue in effect, and in
either case by the vote of a majority of the Trustees who
are not interested persons of the Trust, cast in person at a
meeting called for that purpose.
11. Termination by Notice. Notwithstanding any
provision of this Agreement, it may be terminated at any
time, without penalty, by the Trustees of the Trust or, with
respect to any series or class of the Trust's shares, by the
vote of a majority of the outstanding voting securities of
such series or class, or by the Advisor, upon sixty days
written notice to the other party.
12. Termination Upon Assignment. This Agreement may
not be assigned by the Adviser and shall automatically
terminate immediately upon any assignment. Nothing herein
shall prevent the Advisor from employing any other persons
or agents, including Madison Investment Advisors, Inc., at
its own expense, to assist it in the performance of its
duties hereunder.
13. Name of the Trust. In consideration of its
formation of the Trust and the related expenses, the Advisor
has retained the rights to the name "GIT Tax-Free Trust"
(and any similar name), which rights the Trust hereby
acknowledges. The Trust, however, shall have the exclusive
right to the use of the name "GIT Tax-Free Trust" (although
its rights to the "GIT" portion of such name shall be non-
exclusive) so long as this contract shall remain in force,
except that the Advisor may withdraw such rights from the
Trust at any time, effective immediately or at a time
specified, upon written notice to the Trust. In the event
of such notice, the Trust agrees that it will cause the
question of continuation of this Agreement to be put to a
vote of the shareholders of the Trust as soon as practicable
after such notice has been given.
14. Use of Terms. The terms "affiliated person",
"interested person", "assignment", "broker", and "majority
of the outstanding voting securities" as used herein, shall
have the same meanings as in the Investment Company Act of
1940 and any applicable regulations thereunder.
15. Control of Advisor. Bankers Finance Advisors, LLC
is controlled by Madison Investment Advisors, Inc. a
registered investment advisor located in Madison, Wisconsin.
As such, it is expected that Bankers Finance Advisors, LLC
and Madison Investment Advisors, Inc. will work closely
together in the management of the portfolios including but
not limited to portfolio management, research, securities
trading, and other investment management responsibilities.
In witness whereof, the parties have caused this
Agreement to be signed on their behalf by their respective
officers duly authorized and their respective seals to be
affixed hereto, this 31 day of July, 1996.
Madison Investment Advisors, Inc.
By: (signature)
Katherine L. Frank, its Vice President
Bankers Finance Advisors, LLC
By: (signature)
Frank E. Burgess, Member
By: (signature)
Katherine L. Frank, Madison Investment Advisors, Inc
Member
GIT Tax-Free Trust
By: (signature)
Thomas S. Kleppe, Trustee
By: (signature)
James Imhoff, Jr., Trustee
By: (signature)
Lorence Wheeler, Trustee
By: (signature)
Frank E. Burgess, Trustee
Services Agreement
This Agreement is made by and between Bankers Finance
Advisors, LLC, a Wisconsin limited liability company
having its principal place of business in Arlington, Virginia
("BFA"), and GIT Tax-Free Trust, a Massachusetts business
trust created pursuant to a Declaration of Trust filed with the
Clerk of the City of Boston, Massachusetts (the "Trust").
The parties hereto, intending so to be legally bound, agree
with each other as follows:
1. Provision of Services. BFA hereby undertakes to provide
the Trust with such operational support services as it may
require in the conduct of its business, to extent which BFA
(or any other person), acting as the Trust's investment
adviser, has not undertaken to provide such services. Such
services may include the functions of shareholder servicing
agent and transfer agent, bookkeeping and portfolio
accounting services, the handling of telephone inquires,
cash withdrawals and other customer service functions
(including processing and monitoring wire transfers), and
providing to the Trust appropriate supplies, equipment and
ancillary services necessary to the conduct of its affairs.
Such services may also include providing or arranging for
and making reimbursable expenditures with respect to any
activities intended to be financed by the Trust pursuant to
its Plan of Distribution. The Trust hereby engages BFA to
provide it with such services.
2. Scope of Authority. BFA shall be at all times, in the
performance of its functions hereunder, subject to any
direction and control of the Trustees of the Trust and of
its officers, and to the terms of its Declaration of Trust
and By-Laws, except only that it shall have no obligation to
provide to the Trust any services that are clearly outside
the scope of those contemplated in this Agreement. In the
performance of its duties hereunder, BFA shall be authorized
to take such action not inconsistent with the express
provisions hereof as it deems advisable. It may contract
with other persons to provide to the Trust any of the
services contemplated herein under such terms as it deems
reasonable and shall have the authority to direct the
activities of such other persons in the manner it deems
appropriate.
3 Other Activities of BFA. BFA and any of its affiliates
shall be free to engage in any other lawful activity,
including the rendering to others services similar to those
to be rendered to the Trust hereunder; and BFA or any
interested person thereof shall be free to invest in the
Trust as a shareholder, to become an officer or Trustee
thereof if properly elected, or to enter into any other
relationship with the Trust approved by the Trustee and in
accordance with law.
BFA agrees that it will not deal with the Trust in any
transaction in which BFA acts as a principal, except to the
extent as may be permitted by the terms of this Agreement.
The records BFA maintains on behalf of the Trust are the
sole property of the Trust and will be surrendered promptly
to the Trust upon its request pursuant to Rule 31a-3 of the
Investment Company Act of 1940.
4. Compensation to BFA. BFA shall have no responsibility
hereunder to bear at its own expense any costs or expenses
of the Trust. The Trust shall reimburse to BFA monthly all
of BFA's costs involved in the provision of services to the
Trust hereunder, as the term "cost" is more fully described
herein. The "cost" of services provided to the Trust
hereunder shall be deemed to include both the relevant
direct expenditures by BFA (including the cost of goods and
services obtained from others) and the related overhead
costs, such as depreciation, interest, employee supervision,
rent and like cost. Where only a portion of a specific
expenditure by BFA is related to services provided to the
Trust hereunder, then BFA may allocate such amount between
the Trust and the other activities of BFA on a reasonable
basis, which may involve the use of assumptions and
approximations not subject to precise verification without
undue cost, provided that a majority of the Trustees,
including a majority of the Trustees who are not interested
persons of the Trust approve the basis upon which such
allocations are made. BFA may, in its discretion, defer
billing to and payment by the Trust of any costs which are
reimbursable to it hereunder, and no such deferment shall
affect the right of BFA to receive reimbursement from the
Trust when the cost are billed.
5. Relationship to Investment Adviser. It is understood by
the parties hereto that concurrently with the execution of
this Agreement, the Trust has entered into an Investment
Advisory Agreement with Bankers Finance Advisors, LLC,
in its separate capacity as the investment
adviser to the Trust (the "Adviser") pursuant to which the
Adviser will provide management services to the Trust and
administer its affairs. BFA has entered into this Agreement
to perform certain services at its cost in consideration of
the Trust's employment of it as the Adviser as aforesaid.
If at any time the Adviser ceases to act as investment
adviser to the Trust under terms substantially those of the
Investment Advisory Agreement or if at any time the Adviser
ceases to be a subsidiary owned at least 50% (in terms of
voting rights) under common control with BFA, then this
Agreement shall immediately terminate as of a date 30 days
from the date of such event, unless within such 30-day
period BFA gives written notice to the Trust that it waives
such termination. The Trust specifically acknowledges and
accepts the relationship between separate capacities of BFA
hereunder and as the Adviser.
6. Limitation of BFA's Liability. BFA shall not be liable
for any loss incurred in connection with any of its services
hereunder, nor for any action taken, suffered or omitted and
believed by it to be advisable or within the scope of its
authority of discretion, except for acts or omissions
involving willful misfeasance, bad faith, gross negligence
or reckless disregard of the duties assumed by it under this
Agreement.
7. Force Majeure. It is specifically agreed by the parties
that if BFA is delayed in the performance of any of the
services to be performed by it hereunder or prevented
entirely or in part from performing such services due to
causes or events beyond its control, then such delay or non-
performance may either be excused and the reasonable time
for performance thereby extended as necessary, or if such
delay or non-performance continues for 30 days then the
Trust may cancel this Agreement immediately thereafter or at
any time prior to the cessation of delay or resumption of
performance by BFA; but BFA shall not otherwise be liable
for and the Trust shall otherwise hold it harmless from any
such delay or non-performance. "Causes or events beyond
control" shall include, without limitation, the following:
Acts of God; interruption of power or other utility,
transportation or communications services; malfunction of
computer equipment; acts of civil or military authority;
sabotage national emergencies, war, explosion, flood,
accident, earthquake, fire, or other catastrophe; strike or
other labor problem; shortage of suitable parts, material,
labor or transportation; or present or future law,
governmental order, rule, regulations or official policy.
8. Limitation of Trust's Liability. BFA acknowledges that
it has received notice of and accepts the limitations upon
the Trust's liability set forth in its Declaration of Trust.
BFA agrees that the Trust's obligations hereunder in any
case shall be limited to the Trust and to its assets and
that BFA shall not seek satisfaction of any such obligation
from the shareholders of the Trust nor from any Trustee,
officer, employee or agent of the Trust.
9. Term of Agreement. This Agreement shall continue in
effect for two years from the date of its execution; and it
shall continue in force thereafter (but subject to the
termination provisions below), provided that it is
specifically approved at least annually by the Trustees of
the Trust or a majority vote of the outstanding securities
of each series and class of the Trust's shares with respect
to which it is to continue in effect, and in either case by
either case by the vote of a majority of the Trustees who
are not interested persons of the Trust, cast in person at a
meeting called for that purpose.
10. Termination by Notice. Notwithstanding any provision of
this Agreement, it may be terminated at any time without
penalty, by the Trustees of the Trust or, with respect to
any series or class of the Trust's shares, by the vote of
the majority of the outstanding voting securities of such
series or class, or by BFA, upon thirty days written notice
to the other party.
11. Termination upon Assignment. This Agreement may not be
assigned by BFA and shall automatically terminate upon any
such assignment; except that BFA may assign or transfer its
interest herein to a wholly-owned subsidiary of BFA, or to
another entity operated substantially under common control
with BFA, provided BFA represents to the Trust that
substantial continuity of management, personnel and services
previously available to the Trust will be maintained
following such assignment or transfer and that the Trustees
of the Trust (including a majority of the Trustees who are
not interested persons of the Trust) accept such
representation. Nothing herein shall limit the right of BFA
to obtain goods and services from other persons as described
in Section 2 above.
12. Use of Terms. The terms "affiliated person," "interested
persons," "assignment," and "majority of the outstanding
voting securities," as used herein, shall have the same
meanings as in the Investment Company Act of 1940 and any
applicable regulations thereunder. In Witness Whereof, the
parties have caused this Agreement to be signed in their
behalf by their respective officers duly authorized and
their respective seals to affixed hereto, this 31 day of July, 1996
Bankers Finance Advisors LLC
By: (signature) Katherine L. Frank
Its President/Manager
GIT Tax-Free Trust
By (signature) Thomas S. Kleppe
Trustee
By (signature) James Imhoff, Jr.
Trustee
By (signature) Lorence Wheeler
Trustee
By (signature) Frank E. Burgess
Trustee
