GIT EQUITY TRUST, 486BPOS, 1995-07-28

GIT EQUITY TRUST
486BPOS, 1995-07-28

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As Filed with the
Commission on July 28, 1995
Registration No. 2-80805
SEC File No. 811-3615

Securities and Exchange Commission
Washington, D.C.

Form N-1A

Registration Statement Under the Securities Act of 1933 X

Pre-Effective Amendment No.

Post-Effective Amendment No. 16 X

Registration Statement Under the Investment Company Act
of 1940 X

Amendment No. 19

GIT Equity Trust
(Exact Name of Registrant as Specified in Charter)

1655 Fort Myer Drive, Arlington, Virginia 22209

Registrant's Telephone Number: (703) 528-3600

W. Richard Mason, Assistant Secretary
GIT Equity Trust
1655 Fort Myer Drive
Arlington, Virginia 22209
(Name and Address of Agent for Service)

Copy to:
John A. Dudley, Esquire
Sullivan & Worcester
1025 Connecticut Avenue, N.W.
Washington, D.C. 20036

Approximate Date of Proposed Public Offering
It is proposed that this filing will become effective:
_____ immediately upon filing pursuant to Rule 485(b)
__X__ on July 31, 1995 pursuant to Rule 485(b)
_____ 60 days after filing pursuant to Rule 485(a)
_____ on ___________________ pursuant to Rule 485(a)
_____ 75 days after filing pursuant to Rule 485(a)

The Registrant has registered an indefinite number of its shares pursuant
to Rule 24f-2 under the Investment Company Act of 1940. The Registrant's
Notice under Rule 24f-2 for the fiscal year ended March 31, 1995 was filed
on May 18, 1995.

<PAGE>
GIT EQUITY TRUST

Special Growth Portfolio
Select Growth Portfolio
Equity Income Portfolio

Prospectus
July 31, 1995

GIT
GIT Investment Funds

<PAGE>

Table of Contents

About GIT Equity Trust 2
Expense Summary 2
Financial Highlights 3
Investment Objective 4
Investment Policies 4
Management of the Trust 5
The Trust and Its Shares 6
Dividends 6
Performance Information 7
Taxes 7
Net Asset Value 7
How to Purchase and Redeem Shares 8

Office

1700 North Moore Street
Arlington, VA 22209

Custodian

Star Bank, N.A.
Cincinnati, OH 45202

Auditors

Ernst & Young LLP

Telephone Numbers

Shareholder Services
Washington, DC area: 703-528-6500
Toll-free nationwide: 800-336-3063

24-Hour ACCESS
Toll-free nationwide: 800-448-4422

<PAGE>

Prospectus/July 31, 1995
1655 Fort Myer Drive, Arlington, Virginia 22209-3108

GIT EQUITY TRUST
Special Growth Portfolio
Select Growth Portfolio
Equity Income Portfolio

This GIT Equity Trust prospectus offers shares of three separate
portfolios which have different investment objectives and which
invest in differing equity securities, as described below.

Special Growth Portfolio. For long-term investing to obtain
maximum capital appreciation. Portfolio management emphasis is on
smaller companies that may offer rapid growth potential. Current
income is not a factor in investment selection. Designed for
investors who can assume an above-average level of risk from
investment in common stock.

Select Growth Portfolio. For long-term investing to obtain
capital appreciation with a secondary objective of current
income. Portfolio management emphasis is on established companies
that may be undervalued or may offer good management and
significant growth potential. Designed for investors who can
assume the market and other risks of common stock investment.

Equity Income Portfolio. For current dividend income from equity
investments with a secondary goal of capital appreciation.
Managed to provide high income while seeking to preserve capital.
Designed for investors who can assume a reasonable level of risk
while seeking current income and preservation of capital.

Features

No commissions or sales charges
No "12b-1" expenses
$2,500 minimum initial investment
Free exchanges from other GIT mutual funds
Invest or withdraw funds by mail, wire transfer or in person

This Prospectus is intended to be a concise statement of
information which investors should know before investing. After
reading the Prospectus, it should be retained for future
reference. For investors who received an electronic copy of the prospectus,
a paper copy of the prospectus is available without charge by
calling or writing the Trust.

A Statement of Additional Information concerning the Trust,
bearing the same date as this Prospectus, has been filed with the
Securities and Exchange Commission and is incorporated herein by
reference. It is available without charge by calling or writing
the Trust.

Shares of the Trust are not deposits or obligations of, or
guaranteed or endorsed by, any bank. Shares are not federally
insured by the Federal Deposit Insurance Corporation, the Federal
Reserve Board, or any other agency.

THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES
AND EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSION NOR HAS THE
COMMISSION OR ANY STATE SECURITIES COMMISSION PASSED UPON THE ACCURACY OR
ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A
CRIMINAL OFFENSE.

Bankers Finance Investment Management Corp.
Investment Adviser

<PAGE>

About GIT Equity Trust

GIT Equity Trust (the "Trust") is a diversified, open-end
management investment company, commonly known as a mutual fund.
The Trust was organized as a Massachusetts business trust under a
Declaration of Trust dated November 18, 1982. The Trust is
managed by Bankers Finance Investment Management Corp. (the
"Adviser") of the same address as the Trust.

The Trust offers shares of four separate portfolios: the Special
Growth Portfolio, the Select Growth Portfolio, the Equity Income
Portfolio and the Worldwide Growth Portfolio. The Worldwide
Growth Portfolio is offered pursuant to a separate prospectus.

Expense Summary

The purpose of this table is to assist investors in understanding
the various costs and expenses that an investor will bear
directly or indirectly (see also "Management of the Trust"
below).

Special Select Equity
Growth Growth Income

Shareholder Transaction Expenses
Maximum Sales Load Imposed
on Purchases None None None

Redemption Fee None None None

Exchange Fee None None None

Annual Fund Operating Expenses
(as a percentage of average net assets)
Management Fees 0.75% 0.75% 0.75%

Other Expenses 0.55% 1.15% 1.32%

Total Fund Operating Expenses 1.30% 1.90% 2.07%

Example 1 Year 3 Years 5 Years 10 Years
You would pay the following
expenses on a $1,000
investment, assuming:
(1) a five percent annual
return and (2) redemption at
the end of each time period:

Special Growth Portfolio $13 $41 $72 $158
Select Growth Portfolio $19 $60 $104 $224
Equity Income Portfolio $21 $66 $112 $242

The hypothetical example shown above is based on the expense
levels listed under the caption "Annual Fund Operating Expenses"
and is intended to provide the investor with an understanding of
the level of expenses that might be incurred in the future. The
five percent return used in the example is arbitrary and is for
illustrative purposes only. It should not be considered
representative of any portfolio's past or future performance, nor
should the expenses in the example be considered representative
of future expenses, which may actually be greater or less than
those shown.

<PAGE>

Financial Highlights

The financial highlights data for a share outstanding and other
performance information for the fiscal year ended March 31, 1995
appearing below is derived from the financial statements audited
by Ernst & Young LLP, independent auditors, whose report appears
in the Annual Report to Shareholders. This report is incorporated
by reference in the Statement of Additional Information and is
available by calling or writing the Trust. The tabulation below
of information for the fiscal years ended March 31, 1986, 1987,
1988, 1989, 1990, 1991, 1992, 1993 and 1994 has also been derived
from the financial statements audited by Ernst & Young LLP.

Net Distri- Net
Net realized & Total butions Net assets Net
asset unrealized from from Distri- asset at end Expenses income
value Net gains invest- net butions value of to to
Year beginning invest- (losses) ment invest- from Total end period average average
ended of ment on oper- ment capital distri- of Total (thous- net net Portfolio
Mar. 31 period income securities ations income gains butions period return sands) assets assets turnover
<C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Special Growth Portfolio
1995 $21.110 $0.152 $0.190 $0.342 $(0.152) $(3.208) $(3.360) $18.092 2.27% $31,590 1.30% 0.76% 4%
1994 19.970 0.171 2.125 2.296 (0.170) (0.986) (1.156) 21.110 11.57 34,931 1.45 0.75 7
1993 19.099 0.092 1.031 1.123 (0.121) (0.131) (0.252) 19.970 5.90 38,911 1.35 0.44 13
1992 18.047 0.175 1.245 1.420 (0.159) (0.209) (0.368) 19.099 7.92 58,867 1.39 0.95 24
1991 17.634 0.287 0.502 0.789 (0.376) -- (0.376) 18.047 4.76 51,465 1.40 1.82 6
1990 16.669 0.378 1.557 1.935 (0.396) (0.574) (0.970) 17.634 11.67 36,593 1.47 2.59 15
1989 15.122 0.346 1.588 1.934 (0.239) (0.148) (0.387) 16.669 13.05 18,262 1.50 2.24 27
1988 18.017 0.128 (0.277) (0.149) (0.128) (2.618) (2.746) 15.122 2.47 15,501 1.50 0.73 29
1987 16.440 0.139 1.706 1.845 (0.139) (0.129) (0.268) 18.017 11.22 19,580 1.50 0.92 8
1986 11.473 0.115 5.220 5.335 (0.115) (0.253) (0.368) 16.440 46.49 10,726 1.35 1.38 35

Select Growth Portfolio
1995 $17.706 $(0.032) $0.741 $0.709 -- $(1.709) $(1.709) $16.706 4.55% $4,749 1.90% (0.19%) 82%
1994 18.486 (0.053) (0.318) (0.371) $(0.007) (0.402) (0.409) 17.706 (2.05) 4,760 2.02 (0.27) 48
1993 19.670 0.137 1.410 1.547 (0.175) (2.556) (2.731) 18.486 8.45 5,742 2.00 0.70 125
1992 18.884 0.268 0.736 1.004 (0.218) -- (0.218) 19.670 5.28 5,483 2.00 1.44 60
1991 17.105 0.400 2.031 2.431 (0.498) (0.154) (0.652) 18.884 14.65 3,917 2.00 2.28 12
1990 15.707 0.511 1.446 1.957 (0.559) -- (0.559) 17.105 12.47 3,280 1.53 3.00 35
1989 14.273 0.580 1.287 1.867 (0.433) -- (0.433) 15.707 13.30 2,740 1.50 3.42 23
1988 17.001 0.353 (1.638) (1.285) (0.352) (1.091) (1.443) 14.273 (6.81) 3,394 1.50 2.16 22
1987 14.299 0.262 2.789 3.051 (0.262) (0.087) (0.349) 17.001 21.38 4,073 1.45 2.25 9
1986 10.533 0.310 4.129 4.439 (0.310) (0.363) (0.673) 14.299 42.14 1,970 0.18 4.04 35

Equity Income Portfolio
1995 $15.809 $0.504 $0.364 $0.868 $(0.504) $(0.762) $(1.266) $15.411 6.04% $3,413 2.07% 2.53% 29%
1994 16.814 0.382 (0.543) (0.161) (0.352) (0.492) (0.844) 15.809 (1.08) 3,625 2.17 2.27 34
1993 15.117 0.416 1.961 2.377 (0.449) (0.231) (0.680) 16.814 16.11 3,315 2.19 2.58 55
1992 14.805 0.499 0.203 0.702 (0.390) -- (0.390) 15.117 4.74 2,838 2.15 3.47 32
1991 14.661 0.627 0.298 0.925 (0.781) -- (0.781) 14.805 6.58 2,709 2.25 4.28 9
1990 13.137 0.690 1.551 2.241 (0.717) -- (0.717) 14.661 17.39 2,291 1.55 4.77 18
1989 12.300 0.725 0.629 1.354 (0.517) -- (0.517) 13.137 11.32 1,716 1.50 5.54 --
1988 13.606 0.599 (1.309) (0.710) (0.596) -- (0.596) 12.300 (5.37) 2,160 1.50 4.56 16
1987 12.667 0.634 1.087 1.721 (0.634) (0.148) (0.782) 13.606 13.84 2,577 1.47 4.66 23
1986 10.547 0.767 2.268 3.035 (0.767) (0.148) (0.915) 12.667 29.79 1,175 0.30 6.57 19
</TABLE>
<PAGE>

Investment Objective

The three Trust portfolios offered by this prospectus have
different investment objectives and invest in differing equity
securities. The portfolios differ principally in the relative
importance of capital appreciation potential, dividend income and
risk as considerations in selecting investments. The Trust's
investment objectives may be changed without shareholder
approval; however, shareholders will receive prior written notice
of any material change. There can be no assurance that the
Trust's investment objectives will be achieved.

The Special Growth Portfolio seeks maximum capital appreciation
through emphasis on smaller companies that may offer rapid growth
potential. Current income is not a factor in the selection of
investments for this portfolio. Because it may assume above-
average investment risks, the Special Growth Portfolio may be
unsuitable for persons who must depend on the invested funds for
other purposes, such as current income.

The Select Growth Portfolio seeks capital appreciation with a
secondary objective of current income through investment in
established companies that are believed to be undervalued or to
have good management and significant growth potential.
Consideration is given to the relative value of each investment,
compared with historical trends in its industry.

The Equity Income Portfolio seeks to earn substantial current
dividend income through the selection of securities offering
current income with some capital appreciation potential.
Consideration is given to each investment's potential for
appreciation and factors tending to protect the investment's
value.

Investment Policies

The Trust seeks to achieve its investment objectives through
diversified investment by each of its portfolios, principally in
equity securities. Equity securities may include common stocks,
convertible debt securities, preferred stocks and warrants.

The Trust intends normally to maintain at least 65 percent of the
assets of each of its portfolios invested in equity securities.
The Trust may also invest in short-term money market instruments
for liquidity purposes to meet redemption requirements and it may
hold a portion of its assets in uninvested cash. Short-term
investments that the Trust may hold include U.S. Government
securities, certificates of deposit, high-grade commercial paper
and repurchase agreements. If the Adviser determines that it
would be appropriate to adopt a temporary defensive investment
position by reducing exposure in the equity markets, up to 100
percent of any portfolio could be invested in short-term
investments. To the extent more than 35 percent of any portfolio
is so invested, it is not invested in accordance with policies
designed to achieve its stated investment objective.

The Trust's fundamental investment policies, which may not be
changed without a shareholder vote, limit investments in the
securities of any one issuer (excluding U.S. Government
securities) to five percent of a Portfolio's total assets as of
the date of purchase. Additionally, the Trust will not invest
more than 10 percent of the total assets of a portfolio offered
by this prospectus in securities which cannot be liquidated
within seven days, and it will not invest more than 25 percent of
the total assets of a portfolio in securities of issuers in a
single industry. Other fundamental policies are described in the
Statement of Additional Information.

Specialized Investment Techniques

To achieve its objectives, each portfolio may use certain
specialized investment techniques, including writing covered call
options, investment in foreign securities, "when-issued"
securities, loans of portfolio securities and repurchase
agreement transactions. Use of these techniques may involve
certain risks, some of which are summarized below and described
further in the Statement of Additional Information.

Investment in foreign securities may involve risks not normally
associated with domestic investments. The market value of foreign
securities may be affected

<PAGE>

by changes in foreign exchange rates and may be adversely
affected by economic, diplomatic or political developments.
Foreign issuers are generally not subject to uniform accounting,
auditing and financial reporting standards applicable to domestic
issuers, and may be subject to less governmental supervision and
regulation than their U.S. counterparts. Information about
foreign issuers may be more limited and less widely available
than information on domestic issuers.

Repurchase agreements involve a sale of securities to the Trust
by a financial institution or securities dealer, simultaneous
with an agreement by that institution to repurchase the same
securities at the same price, plus interest, at a later date. The
Trust will limit repurchase agreement transactions to those
financial institutions and securities dealers who are deemed
creditworthy pursuant to guidelines adopted by the Trust's Board
of Trustees. The Adviser will follow a procedure to ensure that
all repurchase agreements acquired by the Trust are always at
least 100 percent collateralized as to principal and interest.
When investing in repurchase agreements, the Trust relies on the
other party to complete the transaction on the scheduled date by
repurchasing the securities. Should the other party fail to do
so, the Trust would end up holding securities it did not intend
to own. Were it to sell such securities, the Trust might incur a
loss. In the event of insolvency or bankruptcy of the other party
to a repurchase agreement, the Trust could encounter difficulties
and might incur losses upon the exercise of its rights under the
repurchase agreement.

Investment Risk Considerations

Although diversification of investments may tend to reduce the
exposure involved in holding individual equity securities,
substantially all of the securities purchased by the Trust will
be subject to market and business risks. The Special Growth
Portfolio may invest in new companies or in the securities of
companies in emerging industries; the Special Growth Portfolio
may therefore involve an above-average level of risk and should
be only one part of a balanced investment program. Certain of the
specialized investment techniques the Trust intends to use,
including investment in foreign securities and repurchase
agreement transactions, may involve risks greater than those that
would be experienced by holding a portfolio of conventional
equity securities; see "Specialized Investment Techniques" above.

Management of the Trust

The Trustees. Under the terms of the Declaration of Trust, which
is governed by the laws of the Commonwealth of Massachusetts, the
Trustees are ultimately responsible for the conduct of the
Trust's affairs. They serve indefinite terms of unlimited
duration and they appoint their own successors, provided that
always at least two-thirds of the Trustees have been elected by
shareholders. The Declaration of Trust provides that a Trustee
may be removed at any special meeting of shareholders by a vote
of two-thirds of the Trust's outstanding shares.

The Adviser. Bankers Finance Investment Management Corp.
administers approximately $275 million in assets and manages the
GIT family of mutual funds, which includes stock, bond and money
market portfolios. The Adviser is also responsible for the day-
to-day administration of the Trust's activities. Investment
decisions regarding each of the Trust's portfolios can be
influenced in various manners by a number of individuals. The
individual who is primarily responsible for the management of the
Select Growth and Equity Income Portfolios is Charles J. Tennes.
Mr. Tennes, executive vice president, who has been associated
with the Adviser since 1985, has been involved in the operation
of the Select Growth and Equity Income Portfolios since early
1993. Richard P. Carney of the Sub-Adviser is primarily
responsible for the management of the Special Growth Portfolio.
He has managed the Special Growth Portfolio since its inception.

The Adviser's sole stockholders are A. Bruce Cleveland, currently
a Trustee, and Michael D. Goth. The Adviser is a successor to a
corporation founded in 1975. The Adviser has the same address as
the Trust.

<PAGE>

Compensation. For its services under its Investment Advisory
Agreement with the Trust, the Adviser receives a fee, payable
monthly, calculated as 3/4 percent per annum of the average daily
net assets of each of the Trust portfolios offered by this
prospectus. The Adviser may, in turn, compensate certain
financial organizations for services resulting in purchases of
Trust shares.

The Sub-Adviser. The Adviser has retained Cramblit & Carney,
Incorporated, investment counselors, 550 South Hope Street, Suite
1800, Los Angeles, California 90071, to provide advice in the
selection of securities for the Special Growth Portfolio.
Cramblit & Carney was formed in 1974 by its stockholders, Lue D.
Cramblit and Richard P. Carney, and currently manages
approximately $1.1 billion in assets for institutional clients.
For its advisory services with regard to the Special Growth
Portfolio, Cramblit & Carney receives a fee from the Adviser,
payable monthly out of the Adviser's fee, of 3/8 of 1 percent per
annum on the first $35 million and 1/5 of 1 percent of any excess
over $35 million of the average daily net assets of the Special
Growth Portfolio.

Distributor. GIT Investment Services, Inc. of the same address as
the Trust acts as the Trust's Distributor. The Distributor is
wholly owned by A. Bruce Cleveland.

Services Agreement. Under a separate Services Agreement with the
Trust, the Adviser provides operational and other support
services, for which it is reimbursed at cost.

Transfer Agent and Dividend Paying Agent. The Trust acts as its
own transfer agent and dividend paying agent.

Expenses. The Trust is responsible for all of its expenses not
assumed by the Adviser, including the costs of the following:
shareholder services; legal, custodian and audit fees; trade
association memberships; accounting; certain Trustees' fees and
expenses; fees for registering the Trust's shares; the
preparation of prospectuses, proxy materials and reports to
shareholders; and the expense of holding shareholder meetings.
For the fiscal year ending March 31, 1995, the expenses paid by
each portfolio offered by this prospectus, including advisory
fees and reimbursable expenses paid to the Adviser, were as
follows: for the Special Growth Portfolio, $454,828; for the
Select Growth Portfolio, $87,457; and for the Equity Income
Portfolio, $70,932.

The Trust and Its Shares

Under the terms of the Declaration of Trust the Trustees may
issue an unlimited number of whole and fractional shares of
beneficial interest without par value for each series of shares
they have authorized. All shares issued will be fully paid and
nonassessable and will have no preemptive or conversion rights.
Under Massachusetts law, the shareholders may, under certain
circumstances, be held personally liable for the Trust's
obligations. The Declaration of Trust, however, provides
indemnification out of Trust property of any shareholder held
personally liable for obligations of the Trust.

Shares in four portfolios are authorized by the Trustees: Special
Growth Portfolio, Select Growth Portfolio, Equity Income
Portfolio and Worldwide Growth Portfolio. Shares of each
portfolio are of a single class, each representing an equal
proportionate share in the assets, liabilities, income and
expense of the respective portfolio and each having the same
rights as any other share within the series.

Each share has one vote and fractional shares have fractional
votes. Voting is not cumulative.

The Trust does not intend to have regular shareholder meetings.
Shareholder inquiries can be made to the offices of the Trust at
the address on the cover of the prospectus.

Dividends

Each Portfolio's net income is declared as dividends and
distributed to shareholders at least twice annually, once during
the last two months of the calendar year and once at the end of
the Trust's March 31 fiscal year. The Trust also intends to
declare and pay regular quarterly dividends on Equity Income
Portfolio shares.

<PAGE>

Dividends are paid in the form of additional shares credited to
investor accounts, unless a shareholder elects in writing to
receive dividend payments by check or direct deposit. Any net
realized short- and long-term capital gains will be paid to
shareholders as capital gains distributions. Prior to inclusion
in declared dividends, the Trust's net income will be reflected
in each portfolio's net asset value per share.

Performance Information

From time to time the Trust advertises its total return. Total
return is based on historical data and is not intended to
indicate future performance.

For advertising purposes, total return takes changes in share
prices into account, assuming that dividends and other
distributions are reinvested when paid. In addition to average
annual total return, the Trust may quote total return over
various periods, and may quote the aggregate total return for a
period. The Trust may also cite the ranking or performance of a
portfolio as reported in the public media or by independent
performance measurement firms.

Further information on the methods used to calculate the Trust's
total return may be found in the Trust's Statement of Additional
Information. The Trust's Annual Report contains additional
performance information. A copy of the Annual Report may be
obtained without charge by calling or writing the Trust at the
telephone number and address on the cover of this prospectus.

Taxes

For federal income tax purposes, the Trust intends to maintain
its status under Subchapter M of the Internal Revenue Code as a
regulated investment company by distributing to shareholders 100
percent of its net income and net capital gains for each
portfolio by the end of its fiscal year. The Internal Revenue
Code also requires each portfolio to distribute at least 98
percent of undistributed net income and capital gains realized
from the sale of investments by calendar year-end. The capital
gains distribution is determined as of October 31 each year.
Capital gains distributions, if any, are taxable to the
shareholder. The Trust will send shareholders an annual notice of
dividends and other distributions paid during the prior year.

Because each portfolio's share price fluctuates, a redemption of
shares by the investor creates a capital gain or loss which has
tax consequences. It is the shareholder's responsibility to
calculate the cost basis of shares purchased. Investors are
advised to retain all statements received from the Trust and to
maintain accurate records of their investments.

Investors who fail to provide a valid social security or tax
identification number may be subject to federal withholding at a
rate of 31 percent of dividends and
any capital gains distributions.

At the state and local level, dividend income and capital gains
are generally considered taxable income. Because tax laws vary
from state to state, shareholders should consult their tax
advisers concerning the impact of mutual fund ownership in their
own tax jurisdictions.

Net Asset Value

The net asset value per share of each portfolio is calculated as
of the close of the New York Stock Exchange each day the New York
Stock Exchange is open for trading. The net asset value per share
of each portfolio is determined by adding the value of all its
securities and other assets, subtracting liabilities and dividing
the result by the total number of outstanding shares for the
portfolio.

For purposes of calculating net asset value, securities traded on
national securities exchanges are valued at their daily closing
sale prices, if available, and if not available, such securities
are valued at the mean between the bid and ask prices. Other
securities for which current market quotations are readily
available are valued at the mean between their bid and ask
prices; securities for which current market quotations are not
readily available are valued at their fair value as determined in good
faith according to procedures

<PAGE>

established by the Trustees. The Trustees may use an independent
pricing service for determination of securities values.

How to Purchase and Redeem Shares

Account Transactions

Transactions into or out of the Trust are entered in the
investor's account and recorded in shares. The number of shares
in the account is maintained to an accuracy of 1/1000th of a
share. Unless an investor specifically requests in writing,
certificates will not be issued to represent shares in the Trust.

The Trust will provide a subaccounting report for institutions
needing to maintain separate information on accounts under their
supervision.

Telephone Transactions

The option to initiate inter-fund exchanges and redemptions and
to obtain account balance information by telephone is available
automatically to all shareholders. The Trust will employ
reasonable security procedures to confirm that instructions
communicated by telephone are genuine; if it does not, it may be
liable for losses due to unauthorized or fraudulent transactions.
These procedures can include, among other things, requiring one
or more forms of personal identification prior to acting upon
telephone instructions, providing written confirmations and
recording all telephone tranactions. Certain transactions,
including account registration or address changes, must be
authorized in writing.

Purchasing Shares

New Accounts. A minimum of $2,500 is required to open an account.
Each investor is given an account with a balance denominated in
shares. When a new account is opened by telephone for funds wired
to the Trust, the investor will be required to submit a signed
application promptly thereafter. Payment of redemption proceeds
is not permitted until a signed application is on file with the
Trust.

New accounts may be opened by completing an application and
forwarding it with a check for the initial investment to:

GIT Equity Trust
1655 Fort Myer Drive, Suite 1000
Arlington, VA 22209-3108

Subsequent Investments. Subsequent investments may be made in any
amount, but the Trust reserves the right to return investments of
less than $50.00. See "Redeeming Shares" for an explanation of
the Trust's policies regarding the 10-day hold on invested
checks.

Subsequent investments should be sent to:

GIT Equity Trust
P.O. Box 640393
Cincinnati, OH 45264-0393

Please include an investment deposit slip or a clear indication
of the account to be credited. Checks should be payable to GIT
Equity Trust.

In Person. Accounts may be opened and subsequent deposits made at
any office of the Trust.

By Wire. Federal funds wires should be sent to Star Bank, N.A.,
Cinti/Trust, ABA No. 0420-0001-3, for credit as follows:

GIT Special Growth Account No. 48038-8883
(Investor name and account number)

GIT Select Growth Account No. 48038-8883
(Investor name and account number)

GIT Equity Income Account No. 48038-8883
(Investor name and account number)

Please call before or shortly after funds are wired to ensure
proper credit. The Trust must be notified by 1

<PAGE>

p.m. Washington, DC time, to credit the shareholder's account the
same day. There is a charge of $6.00 for processing incoming
wires of less than $2,500.

By Inter-Fund Exchange. Investors may redeem shares from one GIT
account and concurrently invest the proceeds in another GIT
account by telephone when the account registration and tax
identification number remain the same. There is no charge for
this service. When a new account is opened by exchange, a new
account application is required if the account registration or
tax identification number will differ from that on the
application for the original account. Exchanges may only be made
into funds that are registered or otherwise permitted to be sold
in the investor's state of residence.

By Automatic Monthly Investment. Regular monthly investments in
any fixed amount of $100 or more can be made automatically by
Electronic Funds Transfer from accounts at banks or savings and
loan associations which have the required transfer capabilities.
The investor can change the amount of this automatic investment
or discontinue the service at any time by writing the Trust.

Redeeming Shares

Share redemptions are processed on any day the New York Stock
Exchange is open and are effected at the net asset value per
share next determined after the redemption request is received in
proper form. Redemptions may be made by wire transfer, by mail,
in person or pursuant to standing instructions. The Trust does
not distribute currency or coin.

To protect your account, the Trust requires signature guarantees
before certain redemptions or registration changes are considered
in good order. Signature guarantees help the Trust ensure the
identity of the authorized account owner or owners before the
Trust releases redemption proceeds or recognizes a new person to
request such redemptions. Signature guarantees are required for any
account transfers or delivery of redemption proceeds to a person
other than the shareholder of record (i) at an address other than
the shareholder's address of record or (ii) by wire to a bank
account other than the shareholder's previously designated bank
account that receives wire transfers. The Trust recognizes
signature guarantees from banks with FDIC insurance, certain
credit unions, trust companies, and members of a domestic stock
exchange. A guarantee from a notary public is not an acceptable
signature guarantee.

Limit on Payment of Same-Day Redemption Proceeds. Payment of
redemption proceeds on the day of the request in excess of 80
percent of the current value of an account are normally not
permitted. In addition, the Trust reserves the right, whenever
the Dow Jones Industrial Average declines 50 points or more at
any time during a day, to limit the payment of redemption
proceeds on the day of the request to 60 percent or less of the
value of the account from which the redemption is being made,
valued as of the close of the preceding business day. This limit
does not affect redemptions for which payment is to be made on
the next business day.

By Wire. Wire transfers permit funds to be credited to a
shareholder's bank account, usually the same day. Wires may only
be sent to the bank account previously designated in writing.
Other wires and wires to third parties are normally not
permitted.

Redemptions of $10,000 or more will be paid by wire to U.S.
domestic banks without charge. Wires for lesser amounts will be
paid after deducting a $10 service charge. Wires to foreign banks
require a service charge of $30, or the cost of the wire, if
greater.

Payment of proceeds of wire requests received after 12:30 p.m.,
Washington, DC time, and requests exceeding 80 percent of the
account's current value will normally be processed the next
business day. Wires can be arranged by calling the telephone
numbers on the cover of this prospectus.

By Mail. Upon written or telephone request, redemptions may be
sent to the shareholder of record by official check of the Trust.
Redemption requests received

<PAGE>

by mail are normally processed within one business day.

In Person. Redemptions may be requested in person at any office
of the Trust. Payment of proceeds of same day redemptions in
excess of $10,000 are not permitted.

Uncollected Funds. To protect shareholders against loss or
dilution resulting from deposit items that are returned unpaid,
the delivery of the proceeds of any redemption of shares may be
delayed 10 days or more until it can be determined that the check
or other deposit item (including Automatic Monthly Investments)
used for purchase of the shares has cleared. Such deposit items
are considered "uncollected," unless the Trust has determined
that they have actually been paid by the bank on which they were
drawn.

Shares purchased by cash, federal funds wire or U.S. Treasury
check are considered collected when received. All deposit items
earn dividends from the day of credit to a shareholder's account,
even while not collected.

Stop Payments. The Trust normally charges a fee of $28.00, or the
cost of stop payment, if greater, for stop payment requests on
"official checks" issued by the Trust on behalf of shareholders.
Certain documents may be needed before such a request can be
processed.

Periodic Redemptions. Investors may request automatic monthly
redemptions of a fixed or readily determinable sum, or of the
actual dividends earned during the past month, if applicable.
Such payments will be sent to the investor or to any other single
payee authorized in writing by the account holder. There is no
charge for this service, but the Trust reserves the right to
impose a charge, or to impose a minimum amount for periodic
redemptions.

Transaction Charges

In addition to charges described elsewhere in this prospectus, an
account in the Special Growth or Equity Income Portfolios will be
charged (by redemption of shares) $3.00 per month if its
balance is below $700. Investors in the Special Growth and
Equity Income Portfolios who own shares with an account balance
that falls below these amounts should carefully consider the
impact of the $3.00 charge on their investment. The charge may
be greater than the investment return and may deplete a
shareholder's account over time. The Trust will contact each
investor prior to charging the account and inform the investor of
the option to increase the account balance or close the account
within 30 days to avoid a fee.

Accounts will be charged (by redemption of shares) $10.00 for
invested items returned for any reason. The Trust charges $5.00
to process each bearer bond coupon deposited.

The Trust reserves the right to impose additional charges, upon
30 days' written notice, to cover the costs of unusual
transactions. Services for which charges could be imposed
include, but are not limited to, processing items sent for
special collection, transfers to accounts at the Trust's
custodial bank and issuance of multiple share certificates.

Retirement Plans

IRAs. Individual Retirement Accounts ("IRAs") may be opened with
a reduced minimum investment of $500. Even though they may be
nondeductible or partially deductible, IRA contributions up to
the allowable annual limits may be made, and the earnings on such
contributions will accumulate tax-free until distribution. The
Trust currently charges an annual fee of $12 for each investor's
IRA, which may be invested in an unlimited number of GIT mutual
funds. A separate application is required for IRA accounts.

Keogh Plans. The Trust also offers Keogh (or H.R. 10) plans for
self-employed individuals and their employees, which enable them
to obtain tax-sheltered retirement benefits similar to those
available to employees covered by other qualified retirement
plans. Currently the Trust charges an annual maintenance fee of
$15 for Keogh accounts.

<PAGE>

The Trust also offers SEP IRAs, SARSEPs, 401(k) and 403(b)
retirement plans. Further information on the retirement plans
available through the Trust, including minimum investments, may
be obtained by calling the Trust's shareholder service
department.

Closing an Account

An investor who wishes to close an account should request that
the account be closed by calling or writing the Trust, rather than by
redeeming the amount believed to be the account balance. When an account
is closed, shares will be redeemed at the next determined net asset value.

The Trust reserves the right to involuntarily redeem accounts
with balances of less than $700 due to prior shareholder
redemptions. Prior to closing any such account, the investor will
be given 30 days written notice, during which time the investor
may increase his or her balance to avoid having the account
closed.

<PAGE>

Telephone Numbers

Shareholder Service
Washington, DC area: 703/528-6500
Toll-free nationwide: 800/336-3063

24-Hour ACCESS
Toll-free nationwide: 800/448-4422

The GIT Family of Mutual Funds

GIT Equity Trust
Special Growth Portfolio
Select Growth Portfolio
Equity Income Portfolio
Worldwide Growth Portfolio

GIT Income Trust
Maximum Income Portfolio
Government Portfolio

GIT Tax-Free Trust
Arizona Portfolio
Maryland Portfolio
Missouri Portfolio
Virginia Portfolio
National Portfolio
Money Market Portfolio

Government Investors Trust

For more complete information on any GIT Investment Fund,
including charges and expenses, request a prospectus by
calling the numbers above. Read it carefully before you
invest or send money. This prospectus does not constitute an
offering by the distributor in any jurisdiction in which such
offering may not be lawfully made.

GIT
GIT Investment Funds
1655 Fort Myer Drive
Arlington Virginia 22209

<PAGE>

GIT EQUITY TRUST
Worldwide Growth Portfolio

Prospectus/July 31, 1995
1655 Fort Myer Drive, Arlington, Virginia 22209-3108
800/336-3063

Worldwide Growth Portfolio

GIT Equity Trust Worldwide Growth Portfolio (the "Portfolio") is
a diversified mutual fund whose goal is to obtain capital
appreciation for its investors. It invests primarily in foreign
equity securities, emphasizing companies that are likely to
benefit from the growth of the world's smaller and emerging
capital markets.

This strategy reflects a belief that the world's smaller and
emerging markets offer significant investment opportunities and
may benefit from higher national growth rates than markets in the
more developed countries. Investors are cautioned, however, that
these smaller and emerging markets involve risks in addition to
those normally associated with foreign stock investments. These
risks are discussed further in this prospectus.

Features

No commissions or sales charges.
$5,000 minimum initial investment.
No "12b-1" fees.
Free exchanges with other GIT mutual funds.
Purchases and redemptions by mail, wire or in person at one of
the Trust's offices.
Telephone exchanges and redemptions.

This prospectus is intended to be a concise statement of
information investors should know before investing. After reading
the prospectus, it should be retained for future reference. For investors
who received an electronic copy of the prospectus, a
paper copy of the prospectus is available without charge
by calling or writing the Trust.

A Statement of Additional Information concerning the Trust
bearing the same date as this prospectus, has been filed with the
Securities and Exchange Commission and is incorporated herein by
reference. It is available without charge by calling or writing
the Trust.

THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE
SECURITIES AND EXCHANGE COMMISSION OR ANY STATE SECURITIES
COMMISSION NOR HAS THE COMMISSION OR ANY STATE SECURITIES
COMMISSION PASSED UPON THE ACCURACY OR ADEQUACY OF THIS
PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL
OFFENSE.

Bankers Finance Investment Management Corp.
Investment Adviser

<PAGE>

Expense Summary

Shareholder Transaction Expenses
Maximum Sales Load Imposed on Purchases None
Maximum Sales Load Imposed on Reinvested Dividends None
Deferred Sales Load None
Redemption Fee None
Exchange Fee None

Annual Fund Operating Expenses After Expense
Reimbursements (as a percentage of average net assets)

Management Fees None
12b-1 Fee None
Other Expenses 2.05%

Total Fund Operating Expenses 2.05%

Example

You would pay the following expenses on a $1,000 investment,
assuming (1) a five percent annual return and (2) redemption at
the end of each period:

1 year $21
3 years $65
5 years $111
10 years $240

The purpose of this table is to assist investors in understanding
the various costs and expenses that an investor will bear
directly and indirectly. For a detailed discussion of the
Portfolio's fees and expenses, see "Management of the Trust."

The hypothetical example shown above is based on the expense
levels listed under the caption "Annual Fund Operating Expenses"
and is intended to provide an understanding of the level of
expenses that might be incurred in the future. The five percent
return used in the example is arbitrary and is for illustrative
purposes only; it should not be considered representative of the
Trust's past or future performance, nor should the expenses in
the example be considered representative of future expenses,
which may actually be greater or less than those shown.
Additional fees and transaction charges described elsewhere in
this prospectus, if applicable, will increase the level of
expenses that can be incurred.

For the year ending March 31, 1995, the Adviser waived its
management fees of 1.00%. Had it not done so, the total fund
operating expenses would have been 3.05%.

Financial Highlights

The financial highlights data for a share outstanding and other
performance information for the fiscal year ending March 31, 1995
and for the period beginning on the fund's inception on April 16,
1993 through March 31, 1994 appearing below is derived from the
financial statements audited by Ernst & Young LLP, independent
auditors, whose report appears in the Annual Report to
Shareholders. This report is incorporated by reference in the
Statement of Additional Information and is available by calling
or writing the Trust.

Period ended Year ended
March 31, 1994<F1> March 31, 1995

Net asset value beginning
of period $10.000 $12.511

Net investment income (loss) (0.035) 0.022

Net realized and unrealized
gains (losses) on securities 2.546 (2.491)

Total from investment
operations 2.511 (2.469)

Distributions from net
investment income -- (0.025)

Distributions from capital
gains -- (1.516)

Total distributions -- (1.541)

Net asset value end of
period $12.511 $8.501

Total return 26.19%<F2> (22.20)%

Net assets end of period
(thousands) $3,526 $3,319

Expenses to average net assets 1.81%<F2> 2.05%

Net income to average net
assets (0.48)%<F2> 0.21%

Portfolio turnover 83% 65%

[FN]
<F1>
April 16, 1993 (inception) to March 31, 1994

<F2>
Annualized
[/FN]

For the periods presented the Adviser waived its advisory fee and
deferred the billing of certain reimburseable expenses. Had the
Adviser not waived the advisory fee for the year ending March 31,
1995, the Portfolio's annualized ratio of expenses and net
investment loss to average net assets would have been 3.05% and
(0.79)%, respectively. For the prior period, had the Adviser not
waived or deferred these expenses, the Portfolio's annualized
ratios of expenses and net income to average net assets would
have been 4.24% and (2.92)%, respectively.

Table of Contents
Features 1
Expense Summary 2
Financial Highlights 2
About GIT Equity Trust 3
Investment Objective 3
Investment Policies 3
Specialized Investment Techniques 3
Investment Risks 4
Management of Trust 4
The Trust and Its Shares 5
Dividends 5
Performance Information 5
Taxes 5
Net Asset Value 6
How to Purchase and Redeem Shares 6

<PAGE>

About GIT Equity Trust

Only shares in the Trust's Worldwide Growth Portfolio (the
"Portfolio") are offered by means of this prospectus. The Trust
may offer additional portfolios which are managed independently.
Currently there are three such additional portfolios offered by a
separate prospectus: the Special Growth Portfolio, the Select
Growth Portfolio and the Equity Income Portfolio.

Investment Objective

The Worldwide Growth Portfolio's objective is capital
appreciation. The Portfolio's investment objective may be changed
without shareholder approval. Shareholders will, however, receive
prior written notice of any material change. There can be no
assurance that the Portfolio's investment objective will be
achieved.

Investment Policies

Under normal circumstances, the Portfolio intends to invest at
least 65 percent of its assets in the equity securities of
issuers whose principal activities are outside the United States.
The Portfolio will emphasize investments that, in the opinion of
the Adviser, are likely to benefit from the world's rapidly
growing economies and newly formed capital markets. The Portfolio
may invest in the securities of issuers located anywhere in the
world, in companies of all sizes and industries. The Portfolio
will normally maintain investments in at least three countries.
In addition to common stocks, the Portfolio's foreign equity
securities investments may include convertible debt securities,
preferred stocks, warrants and American Depository Receipts. To
the extent that the Portfolio's assets are not invested in
foreign equity securities, the Portfolio may invest in U.S.
equity securities or U.S. or foreign debt securities if they
present an opportunity for capital appreciation. It is possible
that any debt securities purchased by the Portfolio will be lower
rated or unrated and may have speculative characteristics.
Investment in such debt securities, however, is expected to be
less than five percent of the Portfolio's assets.

To meet redemption requirements, the Portfolio may also invest in
short-term money market instruments denominated in U.S. dollars,
and it may hold a portion of its assets in uninvested cash.
Investments purchased for this purpose will include repurchase
agreements, U.S. Government securities and high-grade commercial
paper.

If the Adviser determines that market conditions warrant the
adoption of a temporary defensive investment position, as much as
100 percent of the Portfolio could be invested in equity
securities traded on a U.S. market or exchange, or in high-grade
debt or short-term investments denominated in U.S. dollars. To
the extent that the Portfolio is not invested in foreign equity
securities, it is not invested in accordance with policies
designed to achieve its stated investment objective.

The Portfolio's fundamental investment policies, which may not be
changed without a shareholder vote, limit investments in the
securities of any one issuer (excluding U.S. Government
securities) to five percent of a Portfolio's total assets as of
the date of purchase. Additionally, the Portfolio will not invest
more than 15 percent of its total assets in securities which
cannot be liquidated within seven days, and it will not invest
more than 25 percent of its total assets in securities of issuers
in a single industry. For purposes of the Portfolio's 15 percent
limitation on investments in illiquid securities, the Portfolio
may invest in Rule 144A securities which are determined to be
liquid based on guidelines adopted by the Trustees for making
such determinations. The Portfolio does not intend to borrow
under normal circumstances and will not borrow amounts exceeding
25 percent of total assets. Other fundamental policies are
described in the Statement of Additional Information.

The Portfolio intends to purchase securities for the purpose of
long-term investment and does not expect to engage in short-term
trading. Portfolio turnover generally is not expected to exceed
100 percent per year.

Specialized Investment Techniques

To achieve its objectives, the Portfolio may use certain
specialized investment techniques. These include repurchase
agreements, investments in "when-issued" securities, foreign
currency transactions (for hedging purposes only and not for
speculation), writing covered call options, Global Depository
Shares or closed-end funds and loans of Portfolio securities. Use
of these techniques may involve certain risks, some of which are
summarized below and described further in the Statement of
Additional Information.

Repurchase agreements involve the sale of securities to the
Portfolio by a financial institution or securities dealer,
simultaneous with an agreement by that seller to repurchase the
securities at the same price, plus interest, at a later date. The
Portfolio will limit the parties with which it will engage
in repurchase agreements to those financial institutions and
securities dealers that are deemed creditworthy pursuant to
guidelines adopted by the Trust's Board of Trustees. The Adviser
will follow procedures to ensure that all repurchase agreements
acquired by the Portfolio are always at least 100 percent
collateralized as to principal and interest.

<PAGE>

When investing in repurchase agreements, the Portfolio relies on
the other party to complete the transaction on the scheduled
date. Should the other party fail to do so, the Portfolio would
hold securities it did not intend to own. Were it to sell such
securities, the Portfolio might incur a loss. In the event of
insolvency or bankruptcy of the other party to a repurchase
agreement, the Portfolio could encounter difficulties and might
incur losses upon the exercise of its rights under the repurchase
agreement.

The Portfolio may invest up to five percent of the value of its
total assets in shares of any closed-end fund that holds
securities of the type purchased by the Portfolio. Closed-end
funds differ from open-end investment companies in that their
price is not based on the net asset value of the underlying
securities of the fund. As such, the price of a closed-end fund
may fluctuate without regard to the value of the securities it
holds.

Investment Risks

An investment in the Worldwide Growth Portfolio involves certain
risks. It should be used as one part of a diversified investment
program.

Investment in foreign securities involves risks in addition to
those associated with domestic investments. The Adviser intends
to emphasize investment in countries with smaller and emerging
markets, which may exacerbate these risks. In general, it can be
said that prices of foreign securities are more volatile than
those of securities issued in the U.S., and that this volatility
could be exaggerated in smaller and emerging markets.

Since foreign securities are generally purchased and sold in
foreign currencies, while the Worldwide Growth Portfolio's net
asset value is computed in U.S. dollars, the Portfolio's net
asset value will be affected by currency fluctuations. In
addition, dividends and other income payments will require
conversion to U.S. currency. While it is possible that the
Portfolio will incur gains from currency fluctuations, losses are
also possible. In addition to the risk of loss due to currency
fluctuations, the Portfolio will bear the costs of currency
exchange transactions.

There may be less publicly available information about foreign
securities than about securities issued in the United States.
Accounting standards, auditing practices and financial reporting
requirements differ, and foreign markets may be subject to
significantly less government regulation. These risk factors may
be especially salient in the smaller and emerging markets in
which the Portfolio intends to invest.

Smaller and emerging markets have substantially less
trading volume than other markets, reducing the liquidity of
investments. The settlement times for foreign securities may be
longer than the customary three day settlement time for U.S.
securities, further reducing liquidity.

Political factors are often unpredictable in countries having
smaller and emerging markets. In addition to having a possible
negative financial impact on companies operating in these
countries, political risks include the possibility of seizure of
foreign assets and confiscatory taxation. The Adviser's ability
to manage the Portfolio may be limited by governmental
restrictions such as limitations on the repatriation of income
and restrictions on foreign ownership of securities. In some
countries, the Portfolio's purchases may be limited to certain
types of investment vehicles, such as closed-end mutual funds.

In addition to these and other possible risks associated with
foreign securities, the Portfolio's holdings will be subject to
the economic, business and market risks associated with common
stock investment.

Management of the Trust

The Trustees. Under the terms of the Declaration of Trust, which
is governed by the laws of the Commonwealth of Massachusetts, the
Trustees are ultimately responsible for the conduct of the
Trust's affairs. They serve indefinite terms of unlimited
duration and they appoint their own successors, provided that at
least two-thirds of the Trustees have been elected by
shareholders. The Declaration of Trust provides that a Trustee
may be removed at any special meeting of shareholders by a vote
of two-thirds of the Trust's outstanding shares.

The individuals primarily responsible for the management of the
Worldwide Growth Portfolio are A. Bruce Cleveland, founder and
president of the Adviser since 1979, and Charles J. Tennes,
executive vice president, who has been associated with the
Adviser since 1985. Messrs. Cleveland and Tennes have managed the
Worldwide Growth Portfolio since its inception.

Compensation. For its services to the Portfolio under its
investment advisory agreement with the Trust, the Adviser
receives a fee, payable monthly, calculated as one percent per
annum of the average daily net assets of the Worldwide Growth
Portfolio. Due to the more complex management demands of
international investing, this fee is higher than that paid by
most investment companies. The Adviser may compensate certain
financial organizations for services resulting in purchases of
Portfolio shares.

<PAGE>

Distributor. GIT Investment Services, Inc. of the same address as
the Trust, acts as the Trust's Distributor. The Distributor is
wholly owned by A. Bruce Cleveland.

Services Agreement. Under a separate services agreement with the
Trust, the Adviser provides operational and other support
services, for which it is reimbursed at cost.

Transfer Agent and Dividend Paying Agent. The Trust acts as its
own transfer agent and dividend paying agent.

Expenses. The Trust is responsible for all of its expenses not
assumed by the Adviser, including the costs of the following:
shareholder services; legal, custodian and audit fees; trade
association memberships; accounting; certain Trustees' fees and
expenses; fees for registering the Trust's shares; the
preparation of prospectuses, proxy materials and reports to
shareholders; and the expense of holding shareholder meetings.
For the fiscal year ended March 31, 1995, the Portfolio paid
expenses of $77,078. For the period beginning April 16, 1993
(inception) to March 31, 1995, the Portfolio paid expenses of
$36,949.

The Trust and Its Shares

Under the terms of the Declaration of Trust, the Trustees may
issue an unlimited number of whole and fractional shares of
beneficial interest without par value for each series of shares
they have authorized. All shares issued will be fully paid and
nonassessable and will have no preemptive or conversion rights.
Under Massachusetts law, the shareholders may, under certain
circumstances, be held personally liable for the Trust's
obligations; the Declaration of Trust, however, provides
indemnification out of Trust property of any shareholder held
personally liable for obligations of the Trust.

Shares in four GIT Equity Trust portfolios are currently
authorized by the Trustees: Worldwide Growth Portfolio, Special
Growth Portfolio, Select Growth Portfolio, and Equity Income
Portfolio. The shares of each portfolio represent a separate
series of shares and are all of a single class, each representing
an equal proportionate share in the assets, liabilities, income
and expense of the respective portfolio and each having the same
rights as any other share within the series. Each share has one
vote and fractional shares have fractional votes. Voting is not
cumulative.

The Trust does not intend to hold annual shareholder meetings.
Shareholder inquiries can be made to the offices of the Trust at
the address on the cover of this prospectus.

Dividends

The Portfolio's net income is declared as dividends and
distributed to shareholders at least twice annually, once during
the last two months of the calendar year and once at the end of
the Trust's March 31 fiscal year.

Dividends are paid in the form of additional shares credited to
investor accounts, unless a shareholder elects in writing to
receive dividend checks. Any net realized short and long-term
capital gains will be paid to shareholders as capital gains
distributions. Prior to inclusion in declared dividends, the
Trust's net income will be reflected in each Portfolio's net
asset value per share.

Performance Information

From time to time, the Trust advertises its total return. Total
return is based on historical data and is not intended to
indicate future performance. For advertising purposes, total
return takes into account changes in share price and assumes that
dividends and other distributions are reinvested when paid. In
addition to average annual total return, the Trust may quote
total return over various periods, and may quote the aggregate
total return for a period.

The Trust may also cite the ranking or performance of a Portfolio
as reported in the public media or by independent performance
measurement firms. The Trust's Annual Report contains additional
performance information. A copy of the Annual Report may be
obtained without charge by calling or writing the Trust at the
telephone number and address on the first page of this
prospectus.

Taxes

For federal income tax purposes, the Portfolio intends to
maintain its status under Subchapter M of the Internal Revenue
Code of 1986, as amended (the "Code"), as a regulated investment
company by distributing to shareholders 100 percent of its net
income and net capital gains by the end of its fiscal year. The
Code also requires the Portfolio to distribute at least 98
percent of undistributed net income and capital gains realized
from the sale of investments by the end of each calendar year.
The capital gains distribution is determined as of October 31
each year. Capital gains distributions, if any, are taxable to
the shareholder. For tax purposes, the Trust will send
shareholders an annual notice of dividends and other
distributions paid during the prior year.

Because the Portfolio's share price fluctuates, a redemption of
shares by the investor creates a capital gain or loss which has
tax consequences. It is the shareholder's responsibility to
calculate the cost basis of shares purchased. Investors are
advised to retain all statements received from the Trust and to
maintain accurate records of their investments.

Investors who fail to provide a valid social security or tax
identification number may be subject to federal withholding at a
rate of 31 percent of dividends and capital gains distributions.

<PAGE>

Any fine assessed against the Trust as a result of an investor's
failure to provide a valid social security or tax identification
number will be charged against the investor's account.

At the federal as well as state and local levels, dividend income
and capital gains are generally considered taxable income.
Because tax laws vary from state to state, shareholders should
consult their tax advisers concerning the impact of mutual fund
ownership in their own tax jurisdictions.

Income received by the Portfolio may be subject to withholding or
taxation by foreign governments. If more than 50 percent of the
value of the Portfolio's assets at the close of a taxable year
consists of securities of foreign corporations, the Portfolio may
elect to "pass-through" its foreign tax liability to
shareholders. In this case, shareholders would include in gross
income both dividends paid to them by the Portfolio and the
foreign taxes paid by the Portfolio. Shareholders could then
take a credit (or, if more advantageous, a deduction), for
foreign income taxes paid by the Portfolio, subject to
limitations imposed by the Code. The Portfolio will advise
shareholders annually of any foreign taxes paid which might be
the source of a tax credit.

Net Asset Value

Net asset value is calculated as of the close of the New York
Stock Exchange each day the New York Stock Exchange is open for
trading. The net asset value per share of the Portfolio is
determined by adding the value of all its securities and other
assets, subtracting liabilities and dividing the result by the
total number of outstanding shares for the Portfolio.

For purposes of calculating net asset value, securities traded on
securities exchanges are valued at their daily closing sale
prices, if available, and if not available, such securities are
valued at the mean between the bid and ask prices. Other
securities for which current market quotations are readily
available are valued at the mean between their bid and ask
prices. Securities for which current market quotations are not
readily available are valued at their fair value as determined in
good faith according to procedures established by the Trustees.
The Trust may use an independent pricing service for
determination of securities values.

The Portfolio is expected to purchase securities listed on
foreign exchanges and markets whose trading days may differ from
those of the United States. Securities whose prices are quoted in
foreign currencies are normally translated to U.S. dollars based
on exchange rates at 1 p.m., Washington, DC time.

Because of time zone differences, many foreign exchanges and
securities markets close prior to the closing of the New York
Stock Exchange. The values of foreign securities will be
determined as of the most recent closing time of such exchanges
and securities markets. If the Adviser becomes aware of events
subsequent to normal valuation time which could have a material
effect on the value of securities owned, the securities will be
priced at fair value as determined in good faith and in
accordance with procedures adopted by the Trustees.

How to Purchase and Redeem Shares

Account Transactions

The Trust will provide a sub-accounting report for institutions
needing to maintain separate information for accounts under their
supervision.

Telephone Transactions

The option to initiate inter-fund exchanges and redemptions and
to obtain account balance information by telephone is available
automatically to all shareholders. The Trust will employ
reasonable security procedures to confirm that instructions
communicated by telephone are genuine; if it does not, it may be
liable for any losses due to unauthorized or fraudulent
instructions. These security procedures may include, among
others, requiring one or more forms of personal identification
prior to acting upon telephone instructions, providing written
confirmations and recording telephone calls. Certain
transactions, including account registration or address changes,
must be authorized in writing.

Purchasing Shares

Shareholder purchases are priced at the net asset value per share
next determined after the purchase order is
received by the Trust in proper form and funds are received by
the Trust's Custodian. This is usually one or two business days
after an investment is received at the Trust. Investments are
not considered to be in proper form until physical payment or
notice of electronic payment has been received by the Trust.

New Accounts. A minimum of $5,000 is required to open an account.
Each investor is given an account with a balance denominated in
shares. When a new account is opened by telephone for funds wired
to the Trust, the investor will be required to submit a signed
application promptly thereafter. Payment of redemption proceeds
is not permitted until a signed application is on file with the
Trust.

New accounts may be opened by completing an application and
forwarding it with a check for the initial investment to:

GIT Equity Trust
1655 Fort Myer Drive, Suite 1000
Arlington, VA 22209-3108

Subsequent investments. Subsequent investments may be made in any
amount, but the Trust reserves the right to return investments of
less than $50.00. See "Redeeming Shares" for an explanation of
the Trust's policies regarding the 10-day hold on invested
checks.

<PAGE>

Subsequent investments should be sent to:

GIT Investment Funds
P.O. Box 640393
Cincinnati, OH 45264-0393

Please include an investment deposit slip or a clear indication
of the account to be credited. Checks should be payable to GIT
Equity Trust.

In Person. Accounts may be opened and subsequent deposits made at
any office of the Trust.

By Wire. Federal funds wires should be sent to Star Bank, N.A.,
Cinti/Trust, ABA No. 0420-0001-3, for credit as follows:

GIT Worldwide Growth Account No. 48038-8883
(Investor name and account number)

Please call before or shortly after funds are wired to ensure
proper credit. The Trust must be notified by 1 p.m. Washington,
DC time, to credit the shareholder's account the same day. There
is a charge of $6.00 for processing incoming wires of less than
$2,500.

By Automatic Monthly Investment. Regular monthly
investments in any fixed amount of $100 or more can be made
automatically by Electronic Funds Transfer from accounts at banks
or savings and loan associations which have the required transfer
capabilities. The investor can change the amount of this
automatic investment or discontinue the service at any time by
writing the Trust.

Redeeming Shares

Redemptions are processed any day the New York Stock Exchange is
open and are effected at the net asset value per share next
determined after the redemption request is received in proper
form. Redemptions may be made by wire transfer, by mail, in
person or pursuant to standing instructions. The Trust does not
distribute currency or coin.

Limit on Payment of Same-Day Redemption Proceeds. Payment of
redemption proceeds on the day of the request in excess of 80
percent of the current value of an account are normally not
permitted. In addition, the Trust reserves the right to limit
payment of redemption proceeds on the day of the request to 60
percent or less of the value of the account from which the
redemption is being made, valued as of the close of the preceding
business day, whenever the Dow Jones Industrial Average declines
50 points or more at any time during a day or at any time when,
in the opinion of the Adviser, market conditions warrant such a
policy.

By Mail. Upon written or telephone request, redemptions may be
sent to the shareholder of record by official check of the Trust.
Redemption requests received by mail are normally processed
within one business day.

In Person. Redemptions may be requested in person at any office
of the Trust. Payment of proceeds of same day redemptions in
excess of $10,000 are not permitted.

Uncollected Funds. To protect shareholders against loss or
dilution resulting from deposit items that are returned unpaid,
the delivery of the proceeds of any redemption of shares may be
delayed 10 days or more until it can be determined the check used
for purchase of the shares has cleared. Such deposit items are
considered "uncollected" unless the Trust has determined that
they have actually been paid by the bank on which they were
drawn.

If a written request in proper form is submitted directly to the
Trust to redeem shares that were purchased by check or by
Automatic Monthly Investment within the past 10 days, the

<PAGE>

redemption will be processed at the next determined net asset
value, and the proceeds will be forwarded promptly upon clearance
of the deposit item, which may take 10 days or more.

Shares purchased by cash, federal funds wire or U.S. Treasury
check are considered collected when received. All deposit items
that are ultimately collected are considered invested and earn
dividends from the day of credit to a shareholder's account, even
while not collected.

Periodic Redemptions. Investors may request automatic monthly
redemptions of a fixed or readily determinable sum, or of the
actual dividends earned during the past month. Such payments will
be sent to the investor or to any other single payee authorized
in writing by the account holder. There is no charge for this
service, but the Trust reserves the right to impose a charge, or to impose
a minimum amount for periodic redemptions.

Transaction Charges

In addition to charges described elsewhere in this prospectus, an
account will be charged (by redemption of shares) $3.00 per month
if its balance is below $700. Investors whose account
balance falls below this amount should carefully consider the
impact of the $3.00 charge. The charge may be greater than the
investment return and may deplete a shareholder's investment over
time. The Trust will contact each investor prior to charging the
account and inform the investor of the option to increase the
account balance or close the account within 30 days to avoid such
fee.

Accounts will be charged (by redemption of shares) $10.00 for
invested items returned for any reason. The Trust charges $5.00
to process each bearer bond coupon deposited.

The Trust reserves the right to impose additional charges, upon
30 days written notice, to cover the costs of unusual
transactions. Services for which charges could be imposed
include, but are not limited to, processing items sent for
special collection, transfers to accounts at the Trust's
Custodian and issuance of multiple share certificates.

Retirement Plans

IRAs. Individual Retirement Accounts ("IRAs") may be opened with
a reduced minimum investment of $500. Even if nondeductible or
partially deductible, IRA contributions may be made to the
allowable annual limits, and the earnings on all contributions
will accumulate tax-free until distribution. The Trust currently
charges an annual maintenance fee of $12 for each IRA, which may
be invested in an unlimited number of GIT mutual funds. A
separate application is required for IRA accounts.

Keogh Plans. The Trust offers Keogh (or H.R. 10) plans for self-
employed individuals and their employees, which enable them to
obtain tax-sheltered retirement benefits similar to those
available to employees covered by qualified retirement plans.
Currently the Trust charges an annual maintenance fee of $15 for
Keogh accounts.

The Trust also offers SEP, SARSEP, 401(k) and 403(b) retirement
plans. Further information (including minimum investment
requirements) may be obtained by calling the Trust's shareholder
service department.

Closing an Account

An investor who wishes to close an account should request that
the account be closed by calling or writing the Trust, rather than by
redeeming the amount believed to be the account balance. When an account is
closed, shares will be redeemed at the next determined net asset value per
share.

The Trust reserves the right to involuntarily redeem accounts
with balances of less than $700 due to prior shareholder
redemptions. Prior to closing any such account, the investor will
be given at least 30 days' written notice, during which time the
investor may increase his or her balance to avoid having the
account closed.

Office
1700 North Moore Street
Arlington, VA 22209

Custodian
Star Bank, N.A.
Cincinnati, OH 45202

Auditors
Ernst & Young LLP

Telephone Numbers
Shareholder Services
Washington, DC area: 703-528-6500
Toll-free nationwide: 800-336-3063

24-Hour ACCESS
Toll-free nationwide: 800-448-4422

<PAGE>

STATEMENT OF ADDITIONAL INFORMATION
Dated July 31, 1995

For use with the prospectus of the Special Growth, Select Growth
and Equity Income Portfolios dated July 31, 1995 and with the
prospectus of the Worldwide Growth Portfolio dated July 31, 1995.

GIT EQUITY TRUST

1655 Fort Myer Drive
Arlington, VA 22209-3108
(800) 336-3063
(703) 528-6500

This Statement of Additional Information is not a prospectus. It
should be read in conjunction with the prospectuses of GIT Equity
Trust bearing the dates indicated above (the "Prospectuses"). A
copy of each Prospectus may be obtained from the Trust at the
address and telephone numbers shown.

Table of Contents

Introductory Information ("About GIT Equity Trust") 2

Supplimental Investment Policies
("Investment Objectives" and "Investment Policies") 2

Investment Limitations
("Investment Policies") 6

The Investment Adviser
("Management of the Trust") 7

Organization of the Trust
("The Trust and Its Shares") 8

Trustees and Officers
("Management of the Trust") 10

Administrative and Other Expenses
("Management of the Trust") 11

Portfolio Transactions
("Management of the Trust") 11

Share Purchases
("How to Purchase and Redeem Shares") 12

Share Redemptions
("How to Purchase and Redeem Shares") 13

Retirement Plans
("How to Purchase and Redeem Shares") 14

Declaration of Dividends
("Dividends") 14

Determination of Net Asset Value
("Net Asset Value") 14

Additional Tax Matters
("Taxes") 15

Total Return Calculations
("Performance Information") 16

Custodians and Special Custodians 17

Legal Matters and Independent Auditors
("Financial Highlights") 17

Additional Information 17

Financial Statements and Report of Independent Auditors
("Financial Highlights") 17

Note: The items appearing in parentheses above are cross
references to sections in the Prospectuses which correspond to
the sections of this Statement of Additional Information.

<PAGE>

Statement of Additional Information Page 2
GIT Equity Trust July 31, 1995

Introductory Information

GIT Equity Trust (the "Trust") currently issues four series of
shares: Worldwide Growth Fund shares, Special Growth Fund shares,
Select Growth Fund shares and Equity Income Fund shares. These
four series of shares correspond, respectively, to four separate
portfolios consisting primarily of equity securities: the
Worldwide Growth Portfolio, the Special Growth Portfolio, the
Select Growth Portfolio and the Equity Income Portfolio. These
portfolios are described more fully below (see "Supplemental
Investment Policies").

Supplemental Investment

The investment objectives of the Trust are described in the
Prospectuses (see "Investment Objectives"). Reference should also
be made to the Prospectuses for general information concerning
the Trust's investment policies (see "Investment Policies"). The
Trust seeks to achieve its investment objectives through
diversified investment by each of its portfolios principally in
equity securities.

Basic Investment Policies. The Trust intends generally to select
portfolio investments on the basis of their fundamental values
rather than on the basis of technical market factors. This means
that the Trust's investments will normally be held until there is
a change in the fundamental considerations that were the reason
for their purchase. However, the Trust will be free to sell any
of its investments at any time in response to market timing or
other considerations. Any such sales may result in realized long-
term or short-term capital gains and losses. The Trust does not
intend to engage in extensive short-term trading; thus, since it
will not normally be able to take advantage of short-term market
swings, the Trust should not be viewed as a vehicle for short-
term investment.

The Worldwide Growth Portfolio assumes the highest risks among
the Trust's four portfolios. It invests in foreign securities
subject to currency fluctuation against the U.S. dollar and in
securities issued by companies located in countries with
unpredictable political systems. The portfolio also bears the
risk that it may be limited in its ability to invest in certain
international markets if the U.S. Government or foreign
governments impose restrictions on such investment. Under such
circumstances, the Fund may be required to invest in U.S.
securities. Likewise, laws or regulations regarding
convertibility and repatriation of assets may require the
portfolio to increase its U.S. market investments in order to
ensure an adequate supply of U.S. dollars to meet anticipated
redemptions. Currently, it is not anticipated that such
considerations will affect the portfolio's investment strategy.

The Special Growth Portfolio is intended to achieve the highest
capital appreciation while assuming the highest risks of the
Trust's three domestic securities portfolios. Such risks may
arise from investments in companies that have limited resources,
that lack a stable earnings history or may be incurring losses,
that are engaged in the development of unproven products or that
are promoting products and services lacking well established
sales. This portfolio emphasizes investments in smaller companies
that may offer rapid growth potential. It may also invest in
companies undergoing fundamental changes deemed to offer the
possibility of a rapid increase in value.

The Select Growth Portfolio seeks investments that are
undervalued or have good management and significant growth
potential. Investments for this portfolio are selected on the
basis of such fundamental measures as the relationship between
stock price and underlying tangible assets, the ratio of stock
price to earnings compared with typical historical or other
contemporary levels for this ratio, and the company's relative
rate of growth and market position.

The Equity Income Portfolio is intended to earn substantial
current dividend income with some capital appreciation while
assuming less risk than the Trust's other portfolios.
Consideration will also be given to an investment's potential for
appreciation as a hedge against inflation and factors tending to
protect the investment's value. Common stock investments will be
limited to those with a record of regular dividend payments.
While investments in this portfolio are intended to be less
volatile than those of the Trust's other portfolios, no assurance
can be given that this portfolio will avoid losses or succeed in
growing at a rate matching the rate of inflation. Experience has
shown that high levels of inflation may depress stock prices,
limiting the value of common stocks as an inflation hedge.

Other Policies. The Trust will not invest more than 25% of the
assets of a portfolio in any one industry. During defensive
periods the Trust may invest without limitation in U.S.
Government securities and the money market obligations of
domestic banks, their branches and other domestic depository
institutions (see "Investment Limitations"). The Trust will limit
its investments to liquid securities having readily available
market quotations, except that up to 10% of the Special, Select
or Equity Income Portfolio and up to 15% of the Worldwide Growth
Portfolio may be invested in securities having restrictions on
resale or which are otherwise illiquid (see "Investment
Limitations").

Debt Instruments. The portion of any portfolio of the Trust that
is not invested in equity securities may be invested in debt
instruments. The "Debt Instruments" in which the Trust may invest
are limited to the following U.S. dollar denominated investments:
(1) U.S. Government securities; (2) obligations of banks having
total assets of $750 million or more (including assets of
affiliates); (3) high grade commercial paper; (4) other corporate
and foreign government obligations of investment grade issued and
sold publicly within the United States; and (5) repurchase
agreements involving any of the foregoing securities.

In addition to the above, the Worldwide Growth Portfolio may
invest in corporate and foreign government obligations which are
issued and sold publicly outside the U. S. Such debt securities
may be in the top four rating categories or have, in the
Adviser's judgment, the characteristics of investment grade
securities. The Trust is permitted to invest in foreign debt
securities which are speculative and, in the Adviser's judgment,
have credit characteristics similar to debt securities rated
below investment grade quality. Foreign government issuers of
such securities may have a large foreign debt and foreign
corporate issuers may be highly leveraged. As such, the risks
associated with acquiring the securities of such issuers is
greater than is the case with higher rated securities. The
issuer's ability to service its debt obligations may be adversely
affected by foreign economic

<PAGE>

Statement of Additional Information Page 3
GIT Equity Trust July 31, 1995

downturns and by specific issuer developments such as the
unavailability of additional financing. The risk of default by
the issuer is significantly greater for speculative securities
because they may be unsecured or subordinated to other creditors.
The market for such securities is generally less liquid than for
investment grade securities and the Worldwide Growth Portfolio
may experience difficulty disposing of any such securities.

"U.S. Government securities" are obligations issued or guaranteed
by the United States Government, its agencies and
instrumentalities. U.S. Government securities include direct
obligations of the United States issued by the U.S. Treasury,
such as Treasury bills, notes and bonds. Also included are
obligations of the various federal agencies and
instrumentalities, such as the Government National Mortgage
Association, the Federal Farm Credit System, the Federal Home
Loan Mortgage Corporation and the Federal Home Loan Banks, the
Small Business Administration, the Student Loan Marketing
Association, and deposits fully insured as to principal by
federal deposit insurance. Except for Treasury securities, all of
which are full faith and credit obligations, U.S. Government
securities may either be agency securities backed by the full
faith and credit of the United States, such as those issued by
the Government National Mortgage Association, or only by the
credit of the particular federal agency or instrumentality which
issues them, such as those issued by the Federal Farm Credit
System and the Federal Home Loan Mortgage Corporation; some such
agencies have borrowing authority from the U.S. Treasury, while
others do not.

Bank obligations include certificates of deposit ("CDs"), bankers
acceptances ("BAs") and time deposits. CDs are generally short-
term, interest-bearing negotiable certificates issued by banks
against funds deposited with the issuing bank for a specified
period of time. BAs are time drafts drawn against a business,
often an importer, and "accepted" by a bank, which agrees
unconditionally to pay the draft on its maturity date. BAs are
negotiable and trade in the secondary market. Time deposits
include money market deposit accounts. The Trust will not invest
in non-transferable time deposits having penalties for early
redemption if such time deposits mature in more than seven
calendar days, and such time deposits maturing in two business
days to seven calendar days will be limited to 10% of the Special
Growth, Select Growth or Equity Income Portfolio's respective
total assets and limited to 15% of the Worldwide Growth
Portfolio's total assets.

"Commercial paper" describes the unsecured promissory notes
issued by major corporations to finance short-term credit needs.
Commercial paper is issued in maturities of nine months or less
and usually on a discount basis. High grade commercial paper is
rated A-1 by Standard and Poor's Corporation ("S&P") or P-1 by
Moody's Investors Service, Inc. ("Moody's") or is of equivalent
quality. Other corporate and foreign government obligations
generally include notes and debentures (for maturities not
exceeding 10 years) and bonds (for longer maturities). These
obligations normally pay interest to the holder semiannually;
they may be either secured or, more commonly, unsecured.
Investment grade obligations are those rated Baa or better by
Moody's or BBB or better by S&P or are of equivalent quality.

Specialized Investment Techniques. In order to achieve its
investment objectives, the Trust may use, when the Adviser deems
appropriate, certain specialized investment techniques. Such
specialized investment techniques principally include those
identified in the Prospectus (see "Investment Policies") which
are described more fully below:

1. Covered Call Options. The Trust may write "covered call
options" against any of its portfolio securities. These options
represent contracts sold on a national options exchange or in the
over-the-counter market allowing the purchaser of the contract to
buy specified underlying securities at a specified price (the
"strike price") prior to a specified expiration date. Writing
covered call options may increase the Trust's income, because a
fee (the "premium") is received by the Trust for each option
contract written, but unless the option contract is exercised it
has no other ultimate impact on the Trust. The premium received,
plus the strike price of the option, will always be greater than
the value of the underlying securities at the time the option is
written.

When an option contract is "covered" it means that the Trust, as
the writer of the option contract, holds in its portfolio the
underlying securities described in the contract or securities
convertible into such securities. Thus, if the holder of the
option decides to exercise his purchase rights, the Trust may
sell at the strike price securities it already holds in portfolio
or may obtain by conversion (rather than risking having to first
buy the securities in the open market at an undetermined price).
However, an option contract would not normally be exercised
unless the market price for the underlying securities specified
were greater than the strike price. Thus, when an option is
exercised the Trust will normally be forced to sell portfolio
securities at below their current market value or otherwise will
be required to buy a corresponding call contract at a price
reflecting this price differential to offset the call contract
previously written (such an offsetting call contract purchase is
called a "closing purchase transaction").

To the extent the Trust writes covered call options it will be
foregoing any opportunity for appreciation on the underlying
securities above the strike price during the period prior to
expiration of the option contract. The Trust reserves the right
to close out call option contracts written at any time in closing
purchase transactions, but there is no assurance that the Trust
will be able to effect such transactions at any particular time
or at an acceptable price. The Trust will not sell the securities
covering an option contract written prior to its expiration date
unless substitute covering securities are purchased or unless the
contract written is first offset in a closing purchase
transaction; nor will the Trust write additional option contracts
if more than 25% of the Trust's assets would then be required to
cover the options written. All of the Trust's investments will be
selected on a basis consistent with its investment policies for
the respective portfolio, notwithstanding the potential for
additional premium income from option writing. The writing of
options could increase the Trust's gross income from securities
held less than three months, and is therefore limited by tax
considerations to providing 30% of gross income or less (see
"Additional Tax Matters").

<PAGE>

Statement of Additional Information Page 4
GIT Equity Trust July 31, 1995

2. When-Issued Securities. The Trust may purchase and sell
securities on a when-issued or delayed delivery basis. When-
issued and delayed delivery transactions arise when securities
are bought or sold with payment for and delivery of the
securities scheduled to take place at a future time. Frequently
when newly issued securities are purchased, payment and delivery
may not take place for 15 to 45 days after the Trust commits to
the purchase. Fluctuations in the value of securities contracted
for future purchase settlement may increase changes in the value
of the respective portfolio, because such value changes must be
added to changes in the values of those securities actually held
in the portfolio during the same period. When-issued transactions
represent a form of leveraging; the Trust will be at risk as soon
as the when-issued purchase commitment is made, prior to actual
delivery of the securities purchased.

When engaging in when-issued or delayed delivery transactions,
the Trust must rely upon the buyer or seller to complete the
transaction at the scheduled time; if the other party fails to do
so, then the Trust might lose a purchase or sale opportunity that
could be more advantageous than alternative opportunities
available at the time of the failure. If the transaction is
completed, intervening changes in market conditions or the
issuer's financial condition could make it less advantageous than
investment alternatives otherwise available at the time of
settlement. While the Trust will only commit to securities
purchases that it intends to complete, it reserves the right, if
deemed advisable, to sell any securities purchase contracts
before settlement of the transaction; in any such case the Trust
could realize either a gain or a loss, despite the fact that the
original transaction was never completed. When fixed price
contracts are made for the purchase of when-issued securities,
the Trust will maintain in a segregated account designated
investments which are liquid or mature prior to the scheduled
settlement and cash sufficient in aggregate value to provide
adequate funds for completion of the scheduled purchase.

3. Foreign Securities. The Trust may invest in securities of
foreign issuers that are listed on a recognized domestic or
foreign exchange without restriction. At least 65% of the
Worldwide Growth Portfolio is intended to be invested in foreign
equity securities. Foreign investments involve certain special
considerations not typically associated with domestic
investments. Foreign investments may be denominated in foreign
currencies and may require the Trust to hold temporary foreign
currency bank deposits while transactions are completed; although
the Trust might therefore benefit from favorable currency
exchange rate changes, it could also be affected adversely by
changes in

exchange rates, by currency control regulations and by costs
incurred when converting between various currencies. Further-
more, foreign issuers may not be subject to the uniform
accounting, auditing and financial reporting requirements
applicable to domestic issuers, and there may be less publicly
available information about such issuers.

In general, foreign securities markets have substantially less
volume than comparable domestic markets and therefore foreign
investments may be less liquid and more volatile in price than
comparable domestic investments. Fixed commissions in foreign
securities markets may result in higher commissions than for
comparable domestic transactions, and foreign markets may be
subject to less governmental supervision and regulation than
their domestic counterparts. Foreign securities transactions are
subject to documentation and delayed settlement risks arising
from difficulties in international communications. Moreover,
foreign investments may be adversely affected by diplomatic,
political, social or economic circumstances or events in other
countries, including civil unrest, expropriation or
nationalization, unanticipated taxes, economic controls, and acts
of war. Individual foreign economies may also differ from the
United States economy in such measures as growth, productivity,
inflation, national resources and balance of payments position.

4. Loans of Portfolio Securities. The Trust, in certain
circumstances, may be able to earn additional income by loaning
portfolio securities to a broker-dealer or financial institution.
The Trust may make such loans only if cash or U.S. Government
securities, equal in value to 100% of the market value of the
securities loaned, are delivered to the Trust by the borrower and
maintained in a segregated account at full market value each
business day. During the term of any securities loan, the
borrower will pay to the Trust all dividend and interest income
earned on the loaned securities; at the same time the Trust will
also be able to invest any cash portion of the collateral or
otherwise will charge a fee for making the loan, thereby
increasing its overall potential return. It is the Trust's policy
that it shall have the option to terminate any loan of portfolio
securities at any time upon seven days' notice to the borrower.
In making a loan of securities, the Trust would be exposed to the
possibility that the borrower of the securities might be unable
to return them when required, which would leave the Trust with
the collateral maintained against the loan; if the collateral
were of insufficient value, the Trust could suffer a loss. The
Trust may pay fees for the placement, administration and custody
of securities loans, as it deems appropriate.

Any loans by the Trust of portfolio securities will be made in
accordance with applicable guidelines established by the
Securities and Exchange Commission or the Trustees. In
determining whether to lend securities to a particular broker,
dealer or other financial institution, the Adviser will consider
the creditworthiness of the borrowing institution. The Trust will
not enter into any securities lending agreement having a duration
of greater than one year.

5. Repurchase Agreement Transactions. A repurchase agreement
involves the acquisition of securities from a financial
institution, such as a bank or securities dealer, with the right
to resell the same securities to the financial institution on a
future date at a fixed price. Repurchase agreements are a highly
flexible medium of investment, in that they may be for very short
periods, including frequently maturities of only one day. Under
the Investment Company Act of 1940, repurchase agreements are
considered loans and the securities involved may be viewed as
collateral. It is the Trust's policy to limit the financial
institutions with which it engages in repurchase agreements to
banks, savings and loan associations and securities dealers
meeting financial responsibility standards prescribed in
guidelines adopted by the Trustees.

<PAGE>

Statement of Additional Information Page 5
GIT Equity Trust July 31, 1995

When investing in repurchase agreements, the Trust could be
subject to the risk that the other party may not complete the
scheduled repurchase and the Trust would then be left holding
securities it did not expect to retain. If those securities
decline in price to a value of less than the amount due at the
scheduled time of repurchase, then the Trust could suffer a loss
of principal or interest. The Adviser will follow procedures
designed to ensure that repurchase agreements acquired by the
Trust are always at least 100% collateralized as to principal and
interest. It is the Trust's policy to require delivery of
repurchase agreement collateral to its Custodian or (in the case
of book-entry securities held by the Federal Reserve System) that
such collateral is registered in the Custodian's name or in
negotiable form. In the event of insolvency or bankruptcy of the
other party to a repurchase agreement, the Trust could encounter
restrictions on the exercise of its rights under the repurchase
agreement.

To the extent the Trust requires cash to meet redemption requests
and determines that it would not be advantageous to sell
portfolio securities to meet those requests, then it may sell its
portfolio securities to another investor with a simultaneous
agreement to repurchase them. Such a transaction is commonly
called a "reverse repurchase agreement." It would have the
practical effect of constituting a loan to the Trust, the
proceeds of which would be used to meet cash requirements for
redemption requests. During the period of any reverse repurchase
agreement, the Trust would recognize fluctuations in value of the
underlying securities to the same extent as if those securities
were held by the Trust outright. If the Trust engages in reverse
repurchase agreement transactions, it will maintain in a separate
account designated securities which are liquid or mature prior to
the scheduled repurchase and cash sufficient in aggregate value
to provide adequate funds for completion of the repurchase. It is
the Trust's current operating policy not to engage in reverse
repurchase agreements for any purpose, if as a result reverse
repurchase agreements in the aggregate would exceed five percent
of the Trust's total assets.

6. Foreign Currency Transactions. Securities acquired in foreign
markets will normally be denominated in foreign currency instead
of U.S. dollars. When such securities are sold, the Trust will
normally convert the proceeds to U.S. dollars; the resulting
foreign exchange transaction may be completed immediately (a
"spot transaction"). Under such circumstances, the foreign
exchange dealer will realize a profit based on the difference
between the price at which it buys a particular currency and the
price at which it sells such currency. In order to avoid the
costs of spot transactions, the Trust may enter into forward
currency exchange contracts involving an obligation to purchase
or sell a specific foreign currency at an agreed price and date.
Currency traders (typically large commercial banks) and their
customers trade these contracts directly. Generally, these
contracts are traded without deposit requirements or commissions.
The Trust will normally be "covered" in any forward contract long
positions it may hold. In the case of an uncovered long position
in a forward contract, the Trust may cover the contract it sells
by establishing and maintaining with its Custodian or Special
Custodian a segregated account consisting of cash or other liquid
assets. When a forward contract matures, the Trust may sell
portfolio securities and make delivery of foreign currency or it
may retain portfolio securities and terminate its forward
contract by purchasing an "offsetting" contract with the same
currency trader, thereby obliging the Trust to purchase the same
amount of the foreign currency. This may result in a gain or
loss to the Trust. The Trust may be required to engage in spot
transactions to sell or purchase additional foreign currency
depending on the extent to which the market value of foreign
denominated securities rises or falls, respectively, between the
date a forward contract is established and the date it matures.

The Worldwide Growth Portfolio may engage in a form of foreign
currency transaction known as "settlement hedging" by entering
into a forward contract in order to fix a definite U.S. dollar
price for specific foreign securities in connection with the
purchase or sale of such securities. This helps to ensure that
the portfolio has a sufficient volume of foreign currency to
purchase foreign securities after any exchange rate fluctuations
between the date a transaction is initiated and the date it is
settled.

Another form of foreign currency transaction in which the
Worldwide Growth Portfolio may engage in is "portfolio hedging."
This is accomplished by entering into a forward contract in order
to generally hedge securities in the entire portfolio that are
denominated in foreign currencies against losses caused by a
decline in foreign currency values. This allows the portfolio to
exchange foreign currency for U.S. dollars at a fixed exchange
rate. If the Trust engages in portfolio hedging, it foregoes the
opportunity to profit from an increase in value of the foreign
currency relative to the U.S. dollar.

The portfolio may also write covered put and call options and
purchase put and call options on currencies to hedge against
movements in exchange rates. Premiums for currency options held
by the portfolio may not exceed five percent of its total assets.

The portfolio will make no attempt to hedge all of its portfolio
positions and may not hedge any positions. Hedging will not
eliminate price fluctuations or prevent losses from currency
fluctuations. The portfolio will not enter foreign currency
transactions for speculative purposes.

7. Global Depository Shares and American Depository Receipts.
The Trust may invest in Global Depository Shares ("GDSs") or
American Depository Receipts ("ADRs"). These instruments are
negotiable receipts for a given number of shares of securities in
a foreign corporation. The foreign stock certificates remain in
the custody of a foreign bank. GDSs are issued by foreign banks
and traded in foreign markets while ADRs are issued by large
commercial U.S. banks and traded in U.S. markets or on U.S.
exchanges. The GDS or ADR represents the depository bank's
guarantee that it holds the underlying securities. The Trust may
invest in a GDS or ADR in lieu of trading in the underlying
shares on a foreign market. GDS investments (which include such
similarly denominated foreign securities as European Depository
Receipts) have the same risks as other foreign securities. By
comparison, ADRs are subject to a degree of U.S. regulation and
are denominated in U.S. dollars.

<PAGE>

Statement of Additional Information Page 6
GIT Equity Trust July 31, 1995

8. Closed-end funds. The Worldwide Growth Portfolio may invest
in shares of closed-end investment companies ("closed-end funds")
which hold securities of the type purchased by the portfolio.
Closed-end funds are similar to other corporations in that a
fixed number of shares are authorized and issued, but differ from
open-end investment companies in that their price is not based on
the net asset value of the underlying securities of the fund.
The portfolio may invest in foreign closed-end funds or U.S.
closed-end funds. No greater than five percent of the value of
the total assets of the portfolio may be invested in shares of
any one U.S. closed-end fund. The Trust may invest in closed-end
funds which hold foreign securities of companies traded on the
markets of countries in which the portfolio's direct ownership of
securities is restricted.

Policy Review. If, in the judgment of a majority of the Trustees
of the Trust, unanticipated future circumstances make inadvisable
the continuation of the Trust's policy of seeking capital
appreciation from investment principally in equity securities, or
continuation of the more specific policies of each portfolio,
then the Trustees may change any such policies without
shareholder approval, subject to the limitations provided
elsewhere in this Statement of Additional Information (see
"Investment Limitations") and after giving 30 days' written
notice to the Trust's affected shareholders.

Except for the fundamental investment limitations placed upon the
Trust's activities, the Trustees reserve the right to review and
change the other investment policies and techniques employed by
the Trust, from time to time as they deem appropriate, in
response to market conditions and other factors. Reference should
be made to "Investment Limitations" for a description of those
fundamental investment policies which may not be changed without
shareholder approval. Such fundamental policies would permit the
Trust, after notice to shareholders but without a shareholder
vote, to adopt policies permitting a wide variety of investments,
including money market instruments, all types of common and
preferred equity securities, all types of long-term debt
securities, convertible securities, and certain types of option
contracts. In the event of such a policy change, a change in the
Trust's name might be required. There can be no assurance that
the Trust's present objectives will be achieved.

Investment Limitations

The Trust has adopted as fundamental policies the following
limitations on its investment activities, which apply to each of
its portfolios; these fundamental policies may not be changed
without a majority vote of the Trust's shareholders as defined in
the Investment Company Act of 1940 (see "Organization of the
Trust").

1. Permissible Investments. Subject to the investment policies
from time to time adopted by the Trustees, the Trust may purchase
any type of securities under such terms as the Trust may
determine; and any such securities may be acquired pursuant to
repurchase agreements with financial institutions or securities
dealers or may be purchased from any person, under terms and
arrangements determined by the Trust, for future delivery. Any of
these securities may have limited markets and may be purchased
with restrictions on transfer; however, the Trust may not make
any investment (including repurchase agreements) for which there
is no readily available market and which may not be redeemed,
terminated or otherwise converted into cash within seven days,
unless after making the investment not more than 10% of the
Special Growth, Select Growth or Equity Income Portfolios' net
assets would be so invested and not more than 15% of the
Worldwide Growth Portfolio's net assets would be so invested.
Securities of foreign issuers not listed on a recognized domestic
or foreign exchange are considered to be illiquid securities and
fall within this percentage limitation unless, in the Adviser's
reasonable judgment, such securities may be liquidated in the
ordinary course of business in seven or fewer days.

2. Restricted Investments. Not more than five percent of the
value of the total assets of a portfolio of the Trust may be
invested in the securities of any one issuer (other than
securities issued or guaranteed by the United States Government
or any of its agencies or instrumentalities and excluding bank
deposits); nor may securities be purchased when as a result more
than 10% of the voting securities of the issuer would be held by
any portfolio of the Trust. Except to the extent a portfolio
purchases obligations issued or guaranteed by the United States
Government or its agencies and instrumentalities, obligations
which provide income exempt from federal income taxes, and
obligations of domestic banks, their branches, and other domestic
depository institutions, the Trust will limit its investments so
that not more than 25% of the assets of each of its portfolios
are invested in any one industry. For purposes of these
restrictions, the issuer is deemed to be the specific legal
entity having ultimate responsibility for performance of the
obligations evidenced by the security and whose assets and
revenues principally back the security. Any security that does
not have a governmental jurisdiction or instrumentality
ultimately responsible for its repayment may not be purchased by
the Trust when the entity responsible for such repayment has been
in operation for less than three years, if such purchase would
result in more than five percent of the total assets of the
respective portfolio of the Trust being invested in such
securities.

The Trust may not purchase the securities of other investment
companies, except for shares of unit investment trusts and, with
respect to the Worldwide Growth Portfolio only, closed-end
investment companies, holding securities of the type purchased by
the Trust itself and then only if the value of such shares of any
one investment company does not exceed 5% of the value of the
total assets of the Trust's portfolio in which the shares are
included and the aggregate value of all such shares does not
exceed 10% of the value of such total assets, or except in
connection with an investment company merger, consolidation,
acquisition or reorganization. The Trust may not purchase any
security for purposes of exercising management or control of the
issuer, except in connection with a merger, consolidation,
acquisition or reorganization of an investment company. The Trust
may not purchase or retain the securities of any issuer if, to
the knowledge of the Trust's management, the holdings of those of
the Trust's officers, Trustees and officers of its Adviser who
beneficially hold one-half percent or more of such securities,
together exceed 5% of such outstanding securities.

<PAGE>

Statement of Additional Information Page 7
GIT Equity Trust July 31, 1995

3. Borrowing and Lending. It is a fundamental policy of the Trust
that it may borrow (including engaging in reverse repurchase
agreement transactions) in amounts not exceeding 25% of a
portfolio's total assets for investment purposes. A portfolio of
the Trust may not otherwise issue senior securities representing
indebtedness and may not pledge, mortgage or hypothecate any
assets to secure bank loans, except in amounts not exceeding 15%
of its net assets taken at cost.

The Trust may loan its portfolio securities in an amount not in
excess of one-third of the value of the portfolio's gross assets,
provided collateral satisfactory to the Trust's Adviser is
continuously maintained in amounts not less than the value of the
securities loaned. The Trust may not lend money (except to
governmental units), but is not precluded from entering into
repurchase agreements or purchasing debt securities.

4. Other Activities. The Trust may not act as an underwriter
(except for activities in connection with the acquisition or
disposition of securities intended for or held by one of the
Trust's portfolios), make short sales or maintain a short
position (unless a Trust portfolio owns at least an equal amount
of such securities, or securities convertible or exchangeable
into such securities, and not more than 25% of the portfolio's
net assets is held as collateral for such sales). Nor may the
Trust purchase securities on margin (except for customary credit
used in transaction clearance), invest in commodities, purchase
interests in real estate, real estate limited partnerships, or
invest in oil, gas or other mineral exploration or development
programs or oil, gas or mineral leases. However, the Trust may
purchase securities secured by real estate or interests therein
and may use financial futures contracts, including contracts
traded on a regulated commodity market or exchange, to purchase
or sell securities which the Trust would be permitted to purchase
or sell by other means and where the Trust intends to take or
make the required delivery. The Trust may acquire put options in
conjunction with a purchase of portfolio securities; it may also
purchase put options and write call options covered by securities
held in the respective portfolio (and purchase offsetting call
options in closing purchase transactions), provided that the put
option purchased or call option written at all times remains
covered by portfolio securities, whether directly or by
conversion or exchange rights; but it may not otherwise invest in
or write puts and calls or combinations thereof.

Except as otherwise specifically provided, the foregoing
percentage limitations need only be met when the investment is
made or other relevant action is taken. As a matter of operating
policy in order to comply with certain applicable State
restrictions, but not as a fundamental policy, the Trust will not
pledge, mortgage or hypothecate in excess of 10% of a portfolio's
total assets taken at market value. Although permitted to do so
by its fundamental policies, it is the Trust's current policy not
to use financial futures contracts and not to acquire put options
nor to invest in warrants (other than warrants acquired as a part
of a unit or attached to other securities at the time of
purchase) if such warrants (valued at the lower of cost or
market) would then exceed five percent of a portfolio's net
assets and any such warrants not listed on the New York or
American Stock Exchange would exceed two percent of the
portfolio's net assets.

Notwithstanding the Trust's fundamental policies, it does not
presently intend to borrow (including engaging in reverse
repurchase agreement transactions) for investment purposes nor to
borrow (including engaging in reverse repurchase agreement
transactions) for any purpose in amounts in excess of five
percent of a portfolio's total assets. If the Trust were to
borrow for the purpose of making additional investments, such
borrowing and investment would constitute "leverage." Leverage
would exaggerate the impact of increases or decreases in the
value of a portfolio's total assets on its net asset value, and
thus increase the risk of holding the portfolio's shares.
Furthermore, if bank borrowings by the Trust for any purpose
exceeded one-third of the value of a portfolio's total assets
(net of liabilities other than the bank borrowings), then the
Investment Company Act of 1940 would require the portfolio,
within three business days, to liquidate assets and
commensurately reduce bank borrowings until the borrowing level
was again restored to such one-third level. Funds borrowed for
leverage purposes would be subject to interest costs which might
not be recovered by interest, dividends or appreciation from the
respective securities purchases. The Trust might also be required
to maintain minimum bank balances in connection with such
borrowings or to pay line-of-credit commitment fees or other fees
to continue such borrowings; either of these requirements would
increase the cost of the borrowing.

In connection with the Trust's limitation on the industry
concentration of its investments, domestic banks and their
branches may include the domestic branches of foreign banks, to
the extent such domestic branches are subject to the same
regulations as United States banks; but they will not include the
foreign branches of domestic banks, unless the obligations of
such foreign branches are unconditionally guaranteed by the
domestic parent.

If a portfolio of the Trust alters any of the foregoing current
operating policies (relating to financial futures contracts,
options, warrants or borrowing), it will notify shareholders of
the policy revision at least 30 days prior to its implementation
and describe the new investment techniques to be employed. In the
implementation of its investment policies the Trust will not
consider securities to be readily marketable unless they have
readily available market quotations.

The Investment Adviser

Bankers Finance Investment Management Corp., 1655 Fort Myer
Drive, Arlington, Virginia 22209-3108, is the investment adviser
to the Trust and is called the "Adviser" throughout this
Statement of Additional Information and the Prospectus. The
Adviser is responsible for the investment management of the Trust
and has the authority to handle all of the Trust's portfolio
transactions, to select the methods and firms with which such
transactions are executed, to oversee the Trust's operations, and
otherwise to administer the affairs of the Trust as it deems
advisable. In the execution of these responsibilities, the
Adviser is subject to the investment policies and limitations of
the Trust described in the Prospectus and this Statement of
Additional Information, to the terms of the Declaration of Trust
and the Trust's By-Laws, and to written directions given from
time to time by the Trustees.

<PAGE>

Statement of Additional Information Page 8
GIT Equity Trust July 31, 1995

This investment advisory agreement is subject to annual review
and approval by the Trustees, including a majority of those who
are not "interested persons," as defined in the Investment
Company Act of 1940. The investment advisory agreement was
approved by shareholders at the Trust's first annual meeting.

The investment advisory agreement may be terminated at any time,
without penalty, by the Trustees 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 that series or class (see
"Organization of the Trust"), or by the Adviser, upon sixty days'
written notice to the other party. The investment advisory
agreement may not be assigned by the Adviser, and will
automatically terminate upon any assignment.

Background of the Adviser. The Adviser was formed in January 1979
for the purpose of providing investment management services to
Government Investors Trust, a money market fund which invests
solely in U.S. Government securities. The Adviser also serves as
the investment adviser to GIT Income Trust and GIT Tax-Free
Trust. The Adviser is a former subsidiary of and the successor to
Bankers Finance Corporation, which was formed in 1975.

Management. A. Bruce Cleveland is President of the Adviser; he
and Michael D. Goth are its sole stockholders. Mr. Cleveland is
also Chairman of the Trustees, President and Treasurer of the
Trust. Mr. Cleveland holds the same positions with Government
Investors Trust, GIT Income Trust and GIT Tax-Free Trust.

Advisory Fee and Expense Limitations. For its services under the
investment advisory agreement, the Adviser receives a fee,
payable monthly, calculated as 3/4 percent per annum of the
average daily net assets of the Special Growth, Select Growth and
Equity Income Portfolios during the month and as one percent per
annum of the average daily net assets of the Worldwide Growth
Portfolio during the month. Such fees do not decrease as net
assets increase. The Adviser may waive or reduce such fees during
any period; the Adviser may also reduce such fees on a permanent
basis, without any requirement for consent by the Trust or its
shareholders, under such terms as it may determine, by written
notice thereof to the Trust.

The Adviser has agreed to reimburse the Trust for all of its
expenses (including any management fees paid to the Adviser), but
excluding securities transaction commissions and expenses, taxes,
interest, share distribution expenses, and other extraordinary
and non-recurring expenses, which during any fiscal year exceed
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. As
of the date of this Statement of Additional Information, the
Trust believes this applicable annual expense limitation to be
equivalent to two and one-half percent of each portfolio's
aggregate daily average net assets up to $30 million; two percent
of the amount of such net assets exceeding $30 million, but not
exceeding $100 million; and one and one-half percent of the
amount, if any, by which such net assets exceed $100 million.

In addition, the Adviser has agreed, in any event, to be
responsible for the fees and expenses of the Trustees and
officers of the Trust who are affiliated with the Adviser, the
rent expenses of the Trust's principal executive office premises,
and its various promotional expenses (including the distribution
of Prospectuses to potential shareholders). Other than investment
management and related expenses, and the foregoing items, the
Adviser is not obligated to provide or pay for any other services
to the Trust, although it has discretion to elect to do so.

The investment advisory agreement permits the Adviser to make
payments out of its fee to other persons. During the fiscal year
ended March 31, 1995, the Adviser received advisory fees of
$264,829 with respect to the Special Growth Portfolio, $34,429
with respect to the Select Growth Portfolio, and $26,151 with
respect to the Equity Income Portfolio. During the fiscal year
ended March 31, 1994, the Adviser received advisory fees of
$291,361 with respect to the Special Growth Portfolio, $40,173
with respect to the Select Growth Portfolio, and $27,570 with
respect to the Equity Income Portfolio. During the fiscal year
ended March 31, 1993, the Adviser received fees of $361,407 with
respect to the Special Growth Portfolio; $42,123with respect to
the Select Growth Portfolio, and $23,617 with respect to the
Equity Income Portfolio. During prior fiscal years the Adviser
has waived portions or all of its advisory fees with respect to
each of the Trust's portfolios. No advisory fees were paid with
respect to the Worldwide Growth Portfolio as of March 31, 1995.

Sub-Adviser. Cramblit and Carney, Incorporated, investment
counselors, of 550 South Hope Street, Los Angeles, California
90071 (the "Sub-Adviser"), has been retained by the Adviser to
assume primary responsibility for recommending Special Growth
Portfolio investment selections to the Adviser. The Sub-Adviser
was founded in 1974 and is controlled by its stockholders, Lue D.
Cramblit and Richard P. Carney. The Adviser has entered into a
sub-advisory agreement with the Sub-Adviser pursuant to which the
Adviser will pay the Sub-Adviser a fee representing a portion of
the fee received by the Adviser from the Trust; the Sub-Adviser's
fee will be calculated at the rate of 3/8 percent per annum on
the first $35 million of Special Growth portfolio's average daily
net assets and 0.20% per annum on any excess of such net assets
above $35 million. The sub-advisory agreement is subject to
annual review and approval by the Trustees, including a majority
of those who are not "interested persons," as defined in the
Investment Company Act of 1940. The sub-advisory agreement was
approved by the Trust's shareholders at the first annual meeting.
The sub-advisory agreement may be terminated at any time, without
penalty, by the Adviser or the Trustees or, with respect to any
affected series or class of the Trust's shares, by the vote of a
majority of the outstanding voting securities of that series or
class (see "Organization of the Trust"), or by the Sub-Adviser,
upon sixty days' written notice to the other party. The sub-
advisory agreement may not be assigned, and will automatically
terminate upon any assignment.

Organization of the Trust

The Trust's Declaration of Trust, dated November 18, 1982, has
been filed with the Secretary of State of the Commonwealth of
Massachusetts and the Clerk of the City of Boston, Massachusetts.
The Prospectuses contain general information concerning the

<PAGE>

Statement of Additional Information Page 9
GIT Equity Trust July 31, 1995

Trust's form of organization and its shares (see "The Trust and
Its Shares"), including the series of shares currently
authorized.

Series and Classes of Shares. The Trustees may authorize at any
time the creation of additional series of shares (the proceeds of
which would be invested in separate, independently managed
portfolios) and additional classes of shares within any series
(which would be used to distinguish among the rights of different
categories of shareholders, as might be required by future
regulations, methods of share distribution or other unforeseen
circumstances) with such preferences, privileges, limitations,
and voting and dividend rights as the Trustees may determine. All
consideration received by the Trust for shares of any additional
series or class, and all assets in which such consideration is
invested, would belong to that series or class (but classes may
represent proportionate undivided interests in a series), and
would be subject to the liabilities related thereto. The
Investment Company Act of 1940 would require the Trust to submit
for the approval of the shareholders of any such additional
series or class any adoption of an investment advisory contract
or any changes in the Trust's fundamental investment policies
related to the series or class.

The Trustees may divide or combine the shares of any series into
a greater or lesser number of shares without thereby changing the
proportionate interests in the series. Any assets, income and
expenses of the Trust not readily identifiable as belonging to a
particular series are allocated by or under the direction of the
Trustees in such a manner as they deem fair and equitable. Upon
any liquidation of the Trust or of a series of its shares, the
shareholders are entitled to share pro-rata in the liquidation
proceeds available for distribution. Shareholders of each series
have an interest only in the assets allocated to that series.

Voting Rights. The voting rights of shareholders are not
cumulative, so that holders of more than 50 percent of the shares
voting can, if they choose, elect all Trustees being selected,
while the holders of the remaining shares would be unable to
elect any Trustees. As of June 23, 1995, the shareholders which
held five percent or more of the Special Growth Portfolio were:
U.C. Berkeley Foundation, 2440 Bancroft Way, #210, Berkeley, CA
94720 (20%) and Charles Schwab & Co., 101 Montgomery St., San
Fransisco, CA (6%); of the Select Growth Portfolio: Firstcinco
Trust Company, Box 1118, Cincinnati, OH 45201 (8%); of the Equity
Income Portfolio, Wenonah Development Company, 1019 Park Street,
Peekskill, NY 10566 (6%); and of the Worldwide Growth Portfolio:
Donald D. Johnston, 18 Oyster Shell Lane, Hilton Head Island, SC
29926 (8%) and Wenonah Development Company, 1019 Park Street,
Peekskill, NY 10566 (6%).

Shareholder votes relating to the election of Trustees, approval
of the Trust's selection of independent public accountants and
any contract with a principal underwriter, as well as any other
matter in which the interests of all shareholders are
substantially identical, will be voted upon without regard to
series or classes of shares. Matters that do not affect any
interest of a series or class of shares will not be voted upon by
the unaffected shareholders. Certain other matters in which the
interests of more than one series or class of shares are
affected, but where such interests are not substantially
identical, will be voted upon separately by each series or class
affected and will require a majority vote of each such series or
class to be approved by it. When a matter is voted upon
separately by more than one series or class of shares, it may be
approved with respect to a series or class even if it fails to
receive a majority vote of any other series or class or fails to
receive a majority vote of all shares entitled to vote on the
matter.

Because there is no requirement for annual elections of Trustees,
the Trust does not anticipate having regular annual shareholder
meetings after the initial meeting; shareholder meetings will be
called as necessary to consider questions requiring votes by the
shareholders. The selection of the Trust's independent auditors
will be submitted to a vote of ratification at any annual
meetings held by the Trust. Any change in the Declaration of
Trust, in the Investment Advisory Agreement (except for
reductions of the Adviser's fee), in the Services Agreement, or
in the fundamental investment policies of the Trust must be
approved by a majority of the affected shareholders before it can
become effective. For this purpose, a "majority" of the shares of
the Trust means either the vote, at an annual or special meeting
of the shareholders, of 67 percent or more of the shares present
at such meeting if the holders of more than 50 percent of the
outstanding shares of the Trust are present or represented by
proxy or the vote of 50 percent of the outstanding shares of the
Trust, whichever is less. Voting groups will be comprised of
separate series and classes of shares or of all of the Trust's
shares, as appropriate to the matter being voted upon.

The Declaration of Trust provides that two-thirds of the holders
of record of the Trust's shares may remove a Trustee from office
either by declarations in writing filed with the Trust's
Custodian or by votes cast in person or by proxy at a meeting
called for the purpose. The Trustees are required to promptly
call a meeting of shareholders for the purpose of voting on
removal of a Trustee if requested to do so in writing by the
record holders of at least 10% of the Trust's outstanding shares.
Ten or more persons who have been shareholders for at least six
months and who hold shares with a total value of at least $25,000
(or 1% of the Trust's net assets, if less) may require the
Trustees to assist a shareholder solicitation to call such a
meeting by providing either a shareholder mailing list or an
estimate of the number of shareholders and approximate cost of
the shareholder mailing, in which latter case, unless the
Securities and Exchange Commission determines otherwise, the
shareholders desiring the solicitation may require the Trustees
to undertake the mailing if those shareholders provide the
materials to be mailed and assume the cost of the mailing.

Shareholder Liability. Under Massachusetts law, the share-holders
of an entity such as the Trust may, under certain circumstances,
be held personally liable for its obligations. The Declaration of
Trust contains an express disclaimer of shareholder liability for
acts or obligations of the Trust and requires that notice of such
disclaimer be given in each agreement, obligation or instrument,
entered into or executed by the Trust or the Trustees. The
Declaration of Trust provides for indemnification out of the
Trust property of any shareholder held personally liable for the
obligations of the Trust. The Declaration of Trust also provides
that the Trust shall, upon request, assume the defense of any
claim made against any shareholder for any act or obligation of
the Trust and satisfy any judgment thereof. Thus the risk of a
shareholder incurring financial loss on account of status as a
shareholder is

<PAGE>

Statement of Additional Information Page 10
GIT Equity Trust July 31, 1995

limited to circumstances in which the Trust itself would be
unable to meet its obligations.

Liability of Trustees and Others. The Declaration of Trust
provides that the officers and Trustees of the Trust will not be
liable for any neglect, wrongdoing, errors of judgment, or
mistakes of fact or law, except that they shall not be protected
from liability arising out of willful misfeasance, bad faith,
gross negligence, or reckless disregard of their duties to the
Trust. Similar protection is provided to the Adviser under the
terms of the investment advisory agreement and the services
agreement. In addition, protection from personal liability for
the obligations of the Trust itself, similar to that provided to
shareholders, is provided to all Trustees, officers, employees
and agents of the Trust.

Trustees and Officers

The Trustees and executive officers of the Trust and their
principal occupations during the past five years are shown below:

A. Bruce Cleveland <F1>
1655 Fort Myer Drive, Arlington, VA 22209-3108
Trustee, Chairman of Trustees, President and Treasurer

Founder and President of GIT Investment Funds and of Bankers
Finance Corporation, and President of its successor, Bankers
Finance Investment Management Corp.; President of Presidential
Savings Bank, FSB; President of GIT Investment Services, Inc.;
formerly Special Assistant for SBIC Industry Development, U.S.
Small Business Administration and member of the Corporate Finance
Dept. of the investment firm of Drexel, Burnham & Co., Inc. A
graduate of Harvard College and Harvard Business School.

Thomas S. Kleppe <F2>
7100 Darby Road, Bethesda, MD 20817
Trustee

Private Investor; formerly Visiting Professor at the University
of Wyoming, Secretary of the U.S. Department of the Interior,
Administrator of the U.S. Small Business Administration, U.S.
Congressman from North Dakota, Vice President and Director of
Dain, Kalman & Quail, investment bankers, and President of Gold
Seal Co., manufacturers of household cleaning products. Attended
Valley City State College of North Dakota.

John D. Reilly <F2>
5335 Wisconsin Avenue, N.W., Washington, DC 20015
Trustee

President of Reilly Investment Corporation (Formerly Chairman,
President, CEO, and Excutive Director) of Reilly Mortgage Group,
Inc., McLean, Va., a commercial mortgage banking company which he
founded in 1976. A graduate of the University of Notre Dame and
Harvard Business School.

Smith T. Wood <F2>
9014 Old Dominion Drive, McLean, VA 22102
Trustee

President of Seneca Corporation, providers of computer support
services. An adjunct professor at Georgetown University and
director of Allied Capital Corporation II and FaxGuard
Corporation. Formerly an executive of Barrister Information
Systems Corp., Barrister Micro Systems Corp. and Chelsea Systems,
Inc. A graduate of Massachusetts Institute of Technology and
Harvard Business School.

Charles J. Tennes
1655 Fort Myer Drive, Arlington, VA 22209-3108
Secretary

Secretary of GIT Investment Funds, Executive Vice President of
Bankers Finance Investment Management Corp. and GIT Investment
Services, Inc.; Director of Presidential Savings Bank, FSB and
Presidential Service Corp.; formerly Vice President of Ferris &
Company, Inc. (now Ferris, Baker Watts). A Certified Financial
Planner and graduate of the University of Washington.

[FN]
<F1>

Trustee deemed to be an "interested person" of the Trust as the
term is defined in the Investment Company Act of 1940. Only those
persons named in the table of Trustees and officers who are not
interested persons of the Trust are eligible to be compensated by
the Trust under the terms of the Investment Advisory Agreement.
The compensation of each Trustee who may be compensated by the
Trust has been fixed at $4,000 per year, to be pro-rated
according to the number of regularly scheduled meetings each
year. Four Trustees' meetings are currently scheduled to take
place each year. In addition to such compensation, those Trustees
who may be compensated by the Trust shall be reimbursed for any
out-of-pocket expenses incurred by them in connection with the
affairs of the Trust. Each such compensated Trustee currently
receives annual compensation from the Trust and from the other
investment companies managed by the Adviser (see "the Investment
Adviser") totalling $18,000. There is currently a vacancy on the
Board of Trustees.

During the last fiscal year of the Trust, the Trustees were compensated as
follows:

<TABLE>
<CAPTION>
Total
Pension or compensation
retirement from
benefits Estimated Trust
Aggregate accrued as annual and fund
compensation part of benefits complex
from portfolio upon paid to
Name of Trustee Trust expense retirement Trustees <F3>
<C> <C> <C> <C> <C>
A. Bruce Cleveland 0 0 0 0
Thomas S. Kleppe $4,000 0 0 $18,000
John D. Reilly $4,000 0 0 $18,000
Smith T. Wood $4,000 0 0 $18,000
</TABLE>
[FN]
<F3> Fund complex is comprised of 4 trusts with a total of 13 funds and/or
series.

<F2>
Member of the Audit Committee of the Trust. The Audit Committee
is responsible for reviewing the results of each audit of the
Trust by its independent auditors and for recommending the
selection of independent auditors for the coming year.
[/FN]

Under the Declaration of Trust, the Trustees are entitled to be
indemnified by the Trust to the fullest extent permitted by law
against all liabilities and expenses reasonably incurred by them
in connection with any claim, suit or judgment or other liability
or obligation of any kind in which they become involved by virtue
of their service as Trustees of the Trust, except liabilities
incurred by reason of their willful misfeasance, bad faith, gross
negligence or reckless disregard of the duties involved in the
conduct of their office.

As of June 23, 1995 the Trustees and officers directly or
indirectly owned less than one percent of the outstanding shares
in the Special Growth, Select Growth and Equity Income Portfolios
while 6% of the Worldwide Growth Portfolio was held directly or
indirectly by the Trustees and officers.

<PAGE>

Statement of Additional Information Page 11
GIT Equity Trust July 31, 1995

Adminstrative and Other Expenses

Except for certain expenses assumed by the Adviser (see "The
Investment Adviser"), the Trust is responsible for payment from
its assets of all of its expenses. These expenses can include any
of the business or other expenses of organizing, maintaining and
operating the Trust. Certain expense items which may represent
significant costs to the Trust include the payment of the
Adviser's fee; the expense of shareholder accounting, customer
services, and calculation of net asset value; the fees of the
Custodian, of the Trust's independent accountants, and of legal
counsel to the Trust; the expense of registering the Trust and
its shares, of printing and distributing prospectuses and
periodic financial reports to current shareholders, and of trade
association membership; and the expense of preparing shareholder
reports, proxy materials and of holding shareholder meetings of
the Trust. The Trust is also responsible for any extraordinary or
non-recurring expenses it may incur.

Services Agreement. The Trust does not have any officers or
employees who are paid directly by the Trust. The Trust has
entered into a services agreement with the Adviser for the
provision of operational and other services required by the
Trust. Such services may include the functions of shareholder
servicing agent and transfer agent, bookkeeping and portfolio
accounting services, the handling of telephone inquiries, cash
withdrawals and other customer service functions including
monitoring wire transfers, and providing to the Trust appropriate
supplies, equipment and ancillary services necessary to the
conduct of its affairs. The Trust is registered with the
Securities and Exchange Commission as the transfer agent for its
shares and acts as its own dividend-paying agent; while transfer
agent personnel and facilities are included among those provided
to the Trust under the services agreement, the Trust itself is
solely responsible for its transfer agent and dividend payment
functions and for the supervision of those functions by its
officers.

All such services provided to the Trust by the Adviser are
rendered at cost. The term "cost" includes both direct
expenditures and the related overhead costs, such as
depreciation, employee supervision, rent and the like;
reimbursements to the Adviser pursuant to the services agreement
are in addition to and independent of payments made pursuant to
the investment advisory agreement. The Trust believes that
contracting for the previously described services may permit them
to be provided on a relatively efficient basis, whereby many
separate specialized functions are performed by personnel and
equipment not required to be devoted full time to serving the
Trust. Accordingly, certain of the "costs" attributable to
services provided to the Trust may require allocation of
expenses, such as employee salaries, occupancy expense, telephone
service, computer service and equipment costs, depreciation,
interest, and supervisory expenses. To the extent that costs must
be allocated between the Trust and other activities of the
Adviser, such allocations may be made on the basis of reasonable
approximations calculated by the Adviser and periodically
reviewed by the Trustees.

Distribution Agreement. GIT Investment Services, Inc. acts as the
Trust's distributor pursuant to a distribution agreement, dated
January 11, 1983, without compensation under such agreement. This
agreement has an initial term of two years and may thereafter
continue in effect only if approved annually by the Trustees,
including a majority of those who are not "interested persons,"
as defined in the Investment Company Act of 1940; the agreement
provides for distribution of the Trust's shares without a sales
charge to the investor. The distributor may act as the Trust's
agent for any sales of its shares, but the Trust may also sell
its shares directly to any person. The distributor makes the
Trust's shares continuously available to the general public in
those states where it has qualified to do so, but has assumed no
obligation to purchase any of the Trust's shares. The distributor
is wholly owned by A. Bruce Cleveland (see "The Investment Adviser").

Portfolio Transactions

Decisions as to the purchase and sale of securities for the
Trust, and decisions as to the execution of these transactions,
including selection of market, broker or dealer and the
negotiation of commissions are, where applicable, to be made by
the Adviser, subject to review by the officers and Trustees of
the Trust. The Sub-Adviser may execute portfolio transactions for
the Special Growth Portfolio under the general direction and
control of the Adviser, but only if the Sub-Adviser determines
that time considerations or services rendered to the Trust
require the execution by it of a particular order directly with a
specific broker or dealer.

In general, in the purchase and sale of portfolio securities the
Trust will seek to obtain prompt and reliable execution of orders
at the most favorable prices or yields. In determining the best
price and execution, the Adviser may take into account a dealer's
operational and financial capabilities, the type of transaction
involved, the dealer's general relationship with the Adviser, and
any statistical, research or other services provided by the
dealer to the Adviser. Research and statistical information
regarding the U.S. mutual fund industry may be used by the
Adviser for the benefit of all members of the GIT family of
mutual funds. To the extent such non-price factors are taken into
account the execution price paid may be increased, but only in
reasonable relation to the benefit of such non-price factors to
the Trust as determined in good faith by the Adviser. Currently,
commissions paid on transactions with brokers that provide
research and statistical information regarding the U.S. mutual
fund industry to the Adviser is equal to commissions paid on
similar transactions with brokers who do not provide such data.
For the year ending March 31, 1995, the Trust paid aggregate
brokerage commissions to Lipper Analytical Securities Corp. of
$4,223 for aggregate transactions of $1,389,023.06 in
consideration of the Adviser's receipt of mutual fund statistical
information.

Brokers or dealers who execute portfolio transactions for the
Trust may also sell its shares; however, any such sales will not
be either a qualifying or disqualifying factor in the selection
of brokers or dealers. During its three most recent fiscal years
the Trust paid aggregate brokerage commissions as follows:
$126,777 for the fiscal year ending March 31, 1995; $118,479 for
the fiscal year ending March 31, 1994; and $120,134 for the
fiscal year ending March 31, 1993.

<PAGE>

Statement of Additional Information Page 12
GIT Equity Trust July 31, 1995

The Adviser anticipates that brokerage transactions involving
securities of foreign companies will be conducted primarily on
the markets or stock exchanges in which such companies are
located. Such markets or exchanges are generally subject to less
governmental supervision and regulation than those in the U.S.
Brokerage costs for purchase and sale of such foreign securities
may be higher than costs for domestic securities and such costs
may be non-negotiable. Foreign security trading practices,
including settlement procedures where Trust assets may be
released prior to payment, may expose the portfolios invested in
foreign securities to increased risk.

The Trust reserves the right to purchase portfolio securities
through an affiliated broker, when deemed in the Trust's best
interests by the Adviser, provided that: (1) the transaction is
in the ordinary course of the broker's business; (2) the
transaction does not involve a purchase from another broker or
dealer; (3) compensation to the broker in connection with the
transaction is not in excess of one percent of the cost of the
securities purchased; and (4) the terms to the Trust for
purchasing the securities, including the cost of any commissions,
are not less favorable to the Trust than terms concurrently
available from other sources. Any compensation paid in connection
with such a purchase will be in addition to fees payable to the
Adviser under the investment advisory agreement. The Trust does
not anticipate that any such purchases through affiliates will
represent a significant portion of its total activity; no such
transactions took place during the Trust's most recent fiscal
year.

The Trust does not expect to engage in a significant amount of
short-term trading, but securities may be purchased and sold in
anticipation of market fluctuations, as well as for other
reasons. The Trust anticipates that annual portfolio turnover for
each of its portfolios generally will not exceed 100%, but the
actual turnover rate will not be a limiting factor if the Trust
deems it desirable to conduct purchases and sales of portfolio
securities. Reference should be made to the Prospectuses for
actual rates of portfolio turnover (see "Financial Highlights").

Share Purchases

The Prospectuses describe the basic procedures for investing in
the Trust (see "How to Purchase and Redeem Shares"). The
following information concerning other investment procedures is
presented to supplement the information contained in the
Prospectuses.

Shareholder Service Policies. The Trust's policies concerning
shareholder services are subject to change from time to time. The
Trust reserves the right to change its minimum initial investment
requirement, or the minimum account size below which an account
is subject to a monthly service charge, or involuntary closing by
the Trust. The Trust may also institute a minimum amount for
subsequent investments, if it so chooses, by 30 days' written
notice to its shareholders. The Trust further reserves the right,
after 30 days' written notification to shareholders, to impose
special service charges for services provided to individual
shareholders that are not regularly afforded to shareholders
generally; such service charges may include special custodian
bank processing charges such as fees for stop payment orders and
returned checks. The Trust's standard service charges are also
subject to adjustment from time to time.

Share Certificates. Unless an investor specifically requests in a
signed instruction to the Trust that share certificates be
issued, no certificates will be issued to represent shares in the
Trust nor will share certificates be issued until payment for the
shares has become "collected funds," as described in the
Prospectuses (see "How to Purchase and Redeem Shares"). In the
event share certificates are issued, then before any redemption
request can be honored, the certificate must be returned to the
Trust, properly endorsed, and the Trust may further require that
the shareholder's signature be guaranteed by a commercial bank
insured by the Federal Deposit Insurance Corporation or by a
member firm of the New York Stock Exchange. The Trust also
reserves the right to decline to open any account for which the
issuance of share certificates is or has been requested, if it
deems such action would be in the Trust's best interests.

Subaccounting Services. The Trust offers subaccounting services
to institutions. The Trustees reserve the right to determine from
time to time such guidelines as they deem appropriate to govern
the level of subaccounting service that can be provided to
individual institutions in differing circumstances. Normally, the
Trust's minimum initial investment to open an account will not
apply to subaccounts; however, the Trust reserves the right to
impose the same minimum initial investment requirement that would
apply to regular accounts, if it deems that the cost of carrying
a particular subaccount or group of subaccounts is otherwise
likely to be excessive. The Trust may provide and charge for sub-
accounting services which it determines exceed those services
which can be provided without charge; the availability and cost
of such additional services will be determined in each case by
negotiation between the Trust and the parties requesting the
additional services. The Trust is not presently aware of any such
services for which a charge will be imposed.

Crediting of Investments. All items submitted to the Trust for
investment are accepted only when submitted in proper form. They
are credited to shareholder accounts one or two business days
following receipt. normally, items received by the Trust prior
to 1 p.m. Washington, DC time will be converted into shares of
the Trust at the applicable net asset value determined at the end
of the next business day. Items received by the Trust after 1
p.m. Washington, DC time will be converted into shares of the
Trust at the applicable net asset value determined at the end of
the second business day after receipt. Funds received by wire
are normally converted into shares in the Trust at the net asset
value next determined, provided the Trust is notified of the wire
by 1 p.m. Washington, DC time. If the Trust is not notified by
such time, the investment by wire will be converted into shares
of the Trust at the net asset value determined at the end of the
next business day.

Checks drawn on foreign banks will not be considered received
until the Trust has actual receipt of payment in U.S. dollars
after submission of the check for collection; collection of such
checks through the international banking system may require 30
days or more.

<PAGE>

Statement of Additional Information Page 13
GIT Equity Trust July 31, 1995

An order to purchase shares which is received by the Trust from a
securities broker will be considered received in proper form for
the net asset value per share determined as of the close of the
New York Stock Exchange on the day of the order, provided the
broker received the order from its customer prior to that time
and transmitted it to the Trust prior to 4 p.m. Washington, DC
time. Those who invest in the Trust through a broker may be
charged a commission for the handling of the transaction, if the
broker so elects; however, any investor is free to deal directly
with the Trust in any transaction.

The Trust reserves the right to reject any investment in the
Trust for any reason and may at any time suspend all new
investment in the Trust. The Trust may also, in its discretion or
at the instance of the Adviser, decline to give recognition as an
investment to funds wired for credit to any account, until such
funds are actually received by the Trust. Under present federal
regulatory guidelines, the Adviser may be responsible for any
losses resulting from changes in the Trust's net asset values
which are incurred by the Trust as a result of failure to receive
funds from an investor to whom recognition for investment was
given in advance of receipt of payment.

If shares are purchased to be paid for by wire and the wire is
not received by the Trust or if shares are purchased by a check
which, after deposit, is returned unpaid or proves uncollectible,
then the share purchase may be canceled immediately. The
investor that gave notice of the intended wire or submitted the
check will be held fully responsible for any losses so incurred
by the Trust, the Adviser or the distributor. As a condition of
the Trust's public offering, (which the investor will be deemed
to have agreed by submitting an order for the purchase of the
Trust's shares) the distributor shall have the investor's power
of attorney coupled with an interest, authorizing the distributor
to redeem sufficient shares from any fund of the investor for
which it acts as a principal underwriter or distributor, or to
liquidate sufficient other assets held in any brokerage account
of the investor with the distributor, and to apply the proceeds
thereof to the payment of all amounts due to the Trust from the
investor arising from any such losses. Any such redemptions or
liquidations will be limited to the amount of the actual loss
incurred by the Trust at the time the share purchase is canceled
and will be preceded by notice to the investor and an opportunity
for the investor to make restitution of the amount of the loss.
The Trust will retain any profits resulting from such
cancellations or redemptions and, if the purchase payment was by
a check actually received, will absorb any such losses unless
they prove recoverable.

Share Redemptions

The value of shares redeemed to meet all withdrawal requests will
be determined according to the share net asset value next
calculated after the request has been received in proper form.
(See "Determination of Net Asset Value.") Thus, any such request
received in proper form prior to the close of the New York Stock
Exchange (normally 4 p.m. Washington, DC time) on a business day
will reflect the net asset value calculated at that time; later
withdrawal requests will be processed to reflect the share net
asset value figure calculated on the next day the calculation is
made. The Trust calculates net asset values each day the New York
Stock Exchange is open for trading.

Net asset value determinations will apply as of the day the
redemption order is submitted in proper form. A withdrawal
request may not be deemed to be in proper form unless a signed
account application has been submitted to the Trust by the
investor or such an application is submitted with the withdrawal
request. Investors should be aware that it is possible, should
the share net asset value of the respective portfolio fall as a
result of normal market value changes, that amounts available for
withdrawal from an account could be less than the amount of the
original investment. All withdrawals from the Trust will be
effected by the redemption of the appropriate number of whole and
fractional shares having a net asset value equal to the amount
withdrawn.

The Trust will use its best efforts in normal circumstances to
handle withdrawals within the times previously given. However, it
may for any reason it deems sufficient suspend the right of
redemption or postpone payment for any shares in the Trust for
any period up to seven days. The Trust's sole responsibility with
regard to withdrawals shall be to process, within the
aforementioned time period, redemption requests in proper form.
Neither the Trust, its affiliates, nor the Custodian can accept
responsibility for any act or event which has the effect of
delaying or preventing timely transfers of payment to or from
shareholders. By law, payment for shares in the Trust may be
suspended or delayed for more than seven days only during any
period when the New York Stock Exchange is closed, other than
customary weekend and holiday closings; when trading on such
Exchange is restricted, as determined by the Securities and
Exchange Commission; or during any period when the Securities and
Exchange Commission has by order permitted such suspension.

Unless the shareholder's current address is on file with the
Trust on the original account application or by means of
subsequent written notice signed by the authorized signers for
the account, then the Trust may require signed written
instructions to process withdrawals and account closings. In
response to verbal requests, however, withdrawal proceeds will
normally be mailed to the investor at the address shown on the
Trust's records, provided an original signed application has been
received. When an account is closed, the Trust reserves the right
to make payment by check of any final dividends declared to the
date of the redemption to close the account, but not yet paid, on
the same day such dividends are paid to other shareholders,
rather than at the time the account is closed. Payments of
redemption proceeds may normally be wired in response to verbal
requests by any party in accordance with preauthorized written
wire instructions.

Funds exchanged between investor accounts will earn dividends
from the account being credited beginning with the day the
exchange is made. Same day exchanges can only be made in
circumstances that would permit same-day wire withdrawals from
the account being debited. All exchanges will be effected at the
net asset value per share of the respective accounts next
determined after the exchange request is received in proper form.
If an exchange is to be made between investor accounts that are
not held in the same name and tax identification number or do not

<PAGE>

Statement of Additional Information Page 14
GIT Equity Trust July 31, 1995

have the same mailing address or signatories, then the Trust may
require any transfer between them to be made by making a
withdrawal from one account and a corresponding investment in the
other using the same procedures that would apply to any other
withdrawal or investment.

The Trust reserves the right, when it deems such action necessary
to protect the interests of its shareholders, to refuse to honor
withdrawal requests made by individuals purporting to act with
the authority of another person or on behalf of a corporation or
other legal entity or whose identity has not been established to
the Trust's satisfaction. Each such individual must provide a
corporate resolution or other appropriate evidence of his
authority or identity satisfactory to the Trust. The Trust
reserves the right to refuse any third party redemptions.

If, in the opinion of the Trustees, extraordinary conditions
exist which make cash payments undesirable, payments for any
shares redeemed may be made in whole or in part in securities and
other property of the Trust; except, however, that the Trust has
elected, pursuant to rules of the Securities and Exchange
Commission, to permit any shareholder of record to make
redemptions wholly in cash to the extent the shareholder's
redemptions in any 90-day period do not exceed the lesser of one
percent of the aggregate net assets of the Trust or $250,000. Any
property of the Trust distributed to shareholders will be valued
at its net asset value. In disposing of any such property
received from the Trust, an investor might incur commission costs
or other transaction costs; there is no assurance that an
investor attempting to dispose of any such property would
actually receive the full net asset value for it. Except as
described herein, however, the Trust intends to pay for all share
redemptions in cash.

Retirement Plans

General information on retirement plans offered by the Trust is
provided in the Prospectus (see "How to Purchase and Redeem
Shares"). Additional information concerning these retirement
plans is provided below.

IRAs. The minimum initial contribution for an IRA plan with the
Trust is $500. Spousal IRAs are accepted by creating two
accounts, one for each spouse. For IRAs opened in connection with
a payroll deduction or SEP plan, the Trust may waive the initial
investment minimum on a case-by-case basis.

The Trust's annual account maintenance fee is deducted from the
account at the end of each year or at the time of the account's
closing unless prepaid by the shareholder.

Other Retirement Plans or Retirement Plan Accounts. The Trust
does not intend to impose any monthly minimum balance charge with
respect to retirement plan accounts. The Trust offers prototype
Keogh, SEP IRA, SARSEP, 401(k) and 403(b) retirement plans. The
Trust may waive the initial investment minimum for prototype or
other retirement plan accounts on a case by case basis.

Declaration of Dividends

Substantially all of the Trust's accumulated net investment
income will be declared as dividends and distributed to the
shareholders of the Worldwide Growth, Special Growth and Select
Growth Portfolios twice a year, once during the last two months
of the calendar year and once at the end of the Trust's March 31
fiscal year. The Trust intends to declare and pay regular Equity
Income Portfolio dividends quarterly. The amount of the Trust's
net investment income will reflect the Trust's dividend income,
any premiums earned for writing call options, any interest income
(plus any discount earned less premium amortized), less expenses
accrued with respect to each portfolio for the period. All items
of income and expense which apply solely to one of the Trust's
portfolios will be wholly allocated to that portfolio; such items
which are not clearly applicable to one portfolio will be
allocated between portfolios pro-rata on the basis of their
relative net assets or upon such other basis as the Trustees
determine is equitable.

Net capital gains, if any, for the period from the Trust's fiscal
year end to October 31 will be declared as a capital gains
dividend on or before December 31; net capital gains determined
for the period from November 1 through the end of the Trust's
March 31 fiscal year will be declared no later than sixty days
following the end of the fiscal year.

Any declaration of dividends with respect to a portfolio is
dependent upon the level of income and capital gains earned by
the portfolio during the fiscal year. No historical rate of
dividend payments will be indicative of future dividends.

Notice of dividends will be mailed to each shareholder when the
dividends are paid; for tax purposes each shareholder will also
receive an annual summary of dividends paid by the Trust and the
extent to which they constitute capital gains dividends (see
"Additional Tax Matters").

Determination of Net Asset Value

The net asset value of each portfolio of the Trust, and of the
respective shares, is calculated once each day the New York Stock
Exchange is open for trading. The net asset value of the Trust is
not calculated on New Year's Day, the observance of Washington's
Birthday, Good Friday, the observance of Memorial Day,
Independence Day, Labor Day, Thanksgiving Day, Christmas Day and
on other days the New York Stock Exchange is closed for trading.
The net asset value calculation is made as of the close of the
New York Stock Exchange, as described in the Prospectus.

Net asset value per share of each portfolio is determined by
adding the value of all its securities and other assets,
subtracting its liabilities and dividing the result by the total
number of outstanding shares that represent an interest in the
portfolio. These calculations are performed by the Trust and for
its account, pursuant to the Services Agreement (see
"Administrative and Other Expenses"). The Trust does not charge a
"sales load," and accordingly its shares are both offered and
redeemed at net asset value.

Securities traded on a securities exchange are valued at their
closing sales price on the principal market on which such
securities are traded, if available, and if not available, such
securities are valued at the mean between the bid and ask prices.
Other

<PAGE>

Statement of Additional Information Page 15
GIT Equity Trust July 31, 1995

securities for which current market quotations are readily
available are valued at the mean between their bid and ask
prices; securities for which current market quotations are not
readily available are valued at their fair value as determined in
good faith by the Trustees. The Trustees may authorize reliance
upon an independent pricing service for the determination of
securities values. An independent pricing service may price
securities with reference to market transactions in comparable
securities and to historical relationships among the prices of
comparable securities; such prices may also reflect an allowance
for the impact upon prices of the larger transactions typical of
trading by institutions. The Trust's shares will be priced by
rounding their value to the nearest one-tenth of one cent.

Valuation of Covered Call Options. When call options are written,
the premium received is reflected on the Trust's books as a cash
asset offset by a deferred credit liability, so the premium has
no impact on net asset value at that time. The deferred credit
amount is then marked to the market value of the outstanding
option contract daily. If the option contract is exercised, the
Trust reflects a sale of the appropriate securities (which may be
either the underlying portfolio securities or corresponding
securities purchased in the open market to deliver against the
option contract) at a price equal to the option strike price plus
the option premium received, and the deferred credit liability is
then extinguished. If the option expires without being exercised
(or if it is offset by a closing purchase transaction), then the
Trust recognizes the deferred credit as a gain (reduced by the
cost of any closing purchase transaction).

Additional Tax Matters

Shareholders are urged to consult their tax advisors regarding
the application of foreign, federal, state and local taxes to an
investment in the Trust. The following is a general and
abbreviated summary of the applicable statutes and regulations
currently in effect. These rules are subject to legislative and
administrative change which may be prospective or retroactive.

Federal Income Tax. To qualify as a "regulated investment
company" under the Internal Revenue Code of 1986, as amended (the
"Code"), each Trust portfolio must, among other things,
distribute at least 95% of its "investment company taxable
income" (generally, its net ordinary income and net short-term
capital gain) for each of its fiscal years. Any undistributed
balance of investment company taxable income, and any
undistributed net long-term capital gain, would be subject to tax
imposed on the portfolio; therefore, each portfolio intents to
distribute 100% of each. The Code also imposes a 4% excise tax
if a portfolio fails to distribute by December 31 of any year at
least 98% of its ordinary income for the calendar year and at
least 98% of its capital gains, measured on a year ending on the
prior October 31. Each portfolio intends to make distributions
sufficient to avoid this excise tax.

Each Trust portfolio must derive at least 90% of its gross income
from dividends, interest, gains from the sale or disposition of
securities, and certain other types of income, and derive less
than 30% of its gross income from the sale or disposition of
securities held for less than three months. Should it fail to
qualify as a "regulated investment company" under the Code, the
portfolio would be taxed as a corporation with no allowable
deduction for the distribution of dividends.

Shareholders of the portfolio, however, will be subject to
federal income tax on any ordinary net income and net capital
gains realized by the portfolio and distributed to shareholders
as regular or capital gains dividends, whether distributed in
cash or in the form of additional shares. Generally, dividends
declared by a portfolio during October, November or December of
any calendar year and paid to shareholders prior to February 1 of
the following year will be treated for tax purposes as received
in the year the dividend was declared. Since normally at least
65% of each portfolio's assets will be invested in equity
securities, some of which may pay eligible dividends, a
substantial portion of the regular dividends paid by the
portfolio is expected to be eligible for the dividends received
deduction for corporate shareholders (70% of dividends received).

Foreign securities held by a portfolio may be subject to
withholding or taxation by foreign governments on their interest
or dividends. Such withholding or taxation may be reduced or
eliminated by tax conventions between certain countries and the
U.S. However, as long as more than 50% of the value of any
portfolio's assets at the close of a taxable year consists of
securities of foreign corporations, the Trust may elect to treat
its shareholders as having paid the foreign tax directly, and not
deduct the taxes itself. If such an election is made, these
shareholders will be required to include their proportionate
share of such withholding or taxes in their U.S. income tax
returns as gross income, treat such proportionate share as taxes
paid by them, and deduct such proportionate share in computing
their taxable incomes or, alternatively, use them as foreign tax
credits against their U.S. income taxes. The Trust will annually
report to shareholders the amount per share of foreign
withholding or taxes paid by their portfolio, if applicable. The
Trust cannot assure shareholders that they will be eligible for
the foreign tax credit.

The Adviser does not anticipate that any portfolio will invest in
securities issued by a passive foreign investment company
("PFIC"). For federal income tax purposes, a PFIC is any foreign
corporation where 75% or more of its gross income for the taxable
year is passive income (foreign personal holding company income
as defined in Section 954(c) of the Code), or the average
percentage of its assets (by value) held by the corporation which
produce passive income or which are held for the production of
passive income is at least 50%. Foreign securities held by any
portfolio nevertheless may be determined to be issued by a PFIC.
In the event of such classification, the portfolio holding PFIC
securities may be subject to a liability for interest on taxes
deferred as a result of the PFIC's failure to distribute
dividends. This liability could reduce the portfolio's net asset
value and total performance. In the event any portfolio is
determined to hold PFIC securities, the Adviser may make any
reasonable election permitted by Treasury regulations regarding
PFIC securities.

Shareholders who fail to comply with the interest and dividends
"backup" withholding provisions of the Code (by filing Form W-9
or its equivalent, when required) or who have been determined

<PAGE>

Statement of Additional Information Page 16
GIT Equity Trust July 31, 1995

by the Internal Revenue Service to have failed to properly report
dividend or interest income, may be subject to a 31% withholding
requirement on transactions with the Trust.

For tax purposes, the Trust will send shareholders an annual
notice of dividends paid during the prior year. Investors are
advised to retain all statements received from the Trust to
maintain accurate records of their investment. Shareholders of
each portfolio of the Trust will be subject to federal income tax
on the net capital gains, if any, realized by each portfolio and
distributed to shareholders as capital gains dividends.
Shareholders should carefully consider the tax implications of
buying the Trust's shares just prior to declaration of a regular
or capital gains dividend. Prior to the declaration, the value of
the distribution will be reflected in net asset value per share
and thus will be paid for by the shareholder when the shares are
purchased; when the dividend is declared the amount to be
distributed will be deducted from net asset value, lowering the
value of the shareholder's investment by the same amount, but the
shareholder nevertheless will be taxed on the amount of the
dividend without any offsetting deduction for the drop in share
value until the shares are ultimately redeemed. A loss on the
sale of shares held for six months or less will be treated as a
long-term capital loss to the extent of any capital gains
dividend received.

The Trust reserves the right to involuntarily redeem any of its
shares if, in its judgment, ownership of the Trust's shares has
or may become so concentrated as to make the Trust a personal
holding company under the code.

State and Local Taxes. Dividends paid by the Trust are generally
expected to be subject to any state or local taxes on income.
Shareholders should consult their tax advisers about the status
of distributions from the Trust in their own tax jurisdictions.

Total Return Calculations

In order to provide a basis for comparisons of the Trust's
portfolios with similar funds, with comparable market indices,
and with investments such as savings accounts, savings
certificates, taxable and tax-free bonds, common stocks, money
market funds and money market instruments, the Trust calculates
total return for each of its portfolios.

Total Return. Average annual total return is calculated by
finding the compounded annual rate of return over a given period
that would be required to equate an assumed initial investment in
the portfolio to the ending redeemable value the investment would
have had at the end of the period, raking into account the effect
of the changes in the portfolio's share price during the period
and any recurring fees charged to shareholder accounts, and
assuming the reinvestment of all dividends and other
distributions at the applicable share price when they were paid.
Non-annualized aggregate total returns may also be calculated by
computing the simple percentage change in value that equates an
assumed initial investment in the portfolio with its redeemable
value at the end of a given period, determined in the same manner
as for average annual total return calculations.

Representative Total Return Quotations. For the year ended March
31, 1995, the average annualized total return of the Special
Growth Portfolio was 2.27%; of the Select Growth Portfolio was
4.55%, respectively; of the Equity Income Portfolio was 6.04%;
and of the Worldwide Growth Portfolio was (22.20%). For the
period beginning April 16, 1993 (commencement date and public
offering) through March 31, 1995, the average annualized total
return for the Worldwide Growth Portfolio was (1.37%). For the
calendar quarter endingMarch 31, 1994 the non-annualized
aggregate total return of the Special Growth Portfolio was 5.19%;
of the Select Growth Portfolio was 5.73%; of the Equity Income
Portfolio was 7.38%; and of the Worldwide Growth Portfolio was
(13.91%).

The ten-year average annualized total return through March 31,
1995, and the 5-year average annualized total return of the
Special Growth Portfolio through such date was 11.16% and 6.44%,
respectively. Its non-annualized aggregate total return for
ten years and since inception were 187.94% and 239.98%,
respectively.

The ten-year average annualized total return through March 31,
1995 and the 5-year average annualized total
return of the Select Growth Portfolio through such date was
10.63% and 6.04%, respectively, and its non-annualized aggregate
total returns for ten years and since inception were 174.66% and
206.75%, respectively.

The 10-year average annualized total return through March 31,
1995 and the 5-year average annualized total return of the Equity
Income Portfolio through such date was 9.53% and 6.34%,
respectively, and its non-annualized aggregate total returns for
ten years and since inception were 148.41% and 202.24%,
respectively.

The aggregate total return since inception through March 31, 1995
for the Worldwide Growth Portfolio was (2.67%).

Performance Comparisons. From time to time, in advertisements or
in reports to shareholders and others, the Trust may compare the
performance of its portfolios to that of recognized market
indices or may cite the ranking or performance of its portfolios
as reported in recognized national periodicals, financial
newsletters, reference publications, radio and television news
broadcasts, or by independent performance measurement firms.

The Trust may also compare the performance of its portfolios to
that of other funds managed by the same Advisor. It may compare
its performance to that of other types of investments,
substantiated by representative indices and statistics for those
investments.

Market indices which may be used include those compiled by major
securities firms, such as Salomon Brothers, Shearson Lehman
Hutton, the First Boston Corporation, and Merrill Lynch; other
indices compiled by securities rating or valuation services, such
as Ryan Financial Corporation and Standard and Poor's Corporation
may also be used. Periodicals which report market averages and
indices, performance information, and/or rankings may include:
The Wall Street Journal, Investors Daily, The New York Times, The
Washington Post, Barron's, Financial World Magazine, Forbes
Magazine, Money Magazine, Kiplinger's Personal Finance, and the
Bank Rate Monitor. Independent performance measurement firms
include Lipper Analytical Services, Inc., Frank Russel Company,
SCI and CDA Investment Technologies.

<PAGE>

Statement of Additional Information Page 17
GIT Equity Trust July 31, 1995

In addition, a variety of newsletters and reference publications
provide information on the performance of mutual funds, such as
the Donoghue's Money Fund Report, No-Load Fund Investor,
Wiesenberger Investment Companies Service, the Mutual Fund Source
Book, the Mutual Fund Directory, the Switch Fund Advisory, Mutual
Fund Investing, the Mutual Fund Observer, Morningstar, and the
Bond Fund Survey. Financial news is broadcast by the Financial
News Network, Cable News Network, Public Broadcasting System, and
the major television networks as well as by numerous independent
radio and television stations.

Lipper Analytical Services, Inc. measures the performance of the
Special Growth Portfolio compared to mutual funds with total net
assets ranging from $25 million to $50 million categorized as
"Small Company Growth funds"; the performance of the Equity
Income Portfolio is compared to mutual funds with total net
assets ranging from $0.1 million to $10 million categorized as
"Equity Income funds"; and the performance of the Select Growth
Portfolio is compared to mutual funds with total net assets
ranging from $0.1 million to $10 million categorized as "Growth
funds." As of the date of this Statement of Additional
Information, the Worldwide Growth Portfolio is expected to be
compared to mutual funds categorized as "Emerging Markets funds."
If any of these categories should be changed by Lipper Analytical
Services, Inc., including the final categorization of the
Worldwide Growth Portfolio, comparisons will be made thereafter
based on the revised categories.

It should be noted that the investment results of the Trust's
portfolios will tend to fluctuate over time, so historical total
returns should not be considered representations of what an
investment may earn in any future period. Actual distributions to
shareholders will tend to reflect changes in portfolio income,
and will also depend upon the level of the Trust's expenses,
realized or unrealized investment gains and losses, and the
relative results of the Trust's investment policies. Thus, at any
point in time future total returns may be either higher or lower
than past results, and there is no assurance that any historical
performance record will continue.

Custodians and Special Custodians

StarBank, N.A., 425 Walnut Street, Cincinnati, OH 45202, is
Custodian for the cash and securities of the Trust. The Custodian
maintains custody of the Trust's cash and securities, handles its
securities settlements and performs transaction processing for
cash receipts and disbursements in connection with the purchase
and sale of the Trust's shares.

The Trust may appoint as Special Custodians, from time to time,
certain banks, trust companies, and firms which are members of
the New York Stock Exchange and trade for their own account in
the types of securities purchased by the Trust. Such Special
Custodians will be used by the Trust only for the purpose of
providing custody and safekeeping services of relatively short
duration for designated types of securities which, in the opinion
of the Trustees or of the Adviser would most suitably be held by
such Special Custodians rather than by the Custodian. In the
event any such Special Custodian is used, it shall serve the
Trust only in accordance with a written agreement with the Trust
meeting the requirements of the Securities and Exchange
Commission for custodians and approved and reviewed at least
annually by the Trustees, and, if a securities dealer, only if it
delivers to the Custodian its receipt for the safekeeping of each
lot of securities involved prior to payment by the Trust for such
securities.

The Trust has approved the appointment by the Custodian of
certain eligible foreign custodians to serve as Special
Custodians to hold foreign securities as necessary. These
eligible custodians have entered into a written agreement with
the Custodian for this purpose. The written agreement and the
eligible foreign custodians are approved annually by the
Trustees.

The Trust may also maintain deposit accounts for the handling of
cash balances of relatively short duration with various banks, as
the Trustees or officers of the Trust deem appropriate, to the
extent permitted by the Investment Company Act of 1940.

Legal Matters and Independent Auditors

Sullivan & Worcester, Washington, DC, acts as legal counsel to
the Trust.

Ernst & Young LLP, 1225 Connecticut Avenue, NW, Washington, DC
20036 serves as independent auditors to the Trust.

From time to time the Trust may be or become involved in
litigation in the ordinary conduct of its business. Material
items of litigation having consequences of possible or
unspecified damages, if any, are disclosed in the notes to the
Trust's financial statements (see "Financial Statements and
Report of Independent Auditors)."

Additional Information

The Trust issues semi-annual and annual reports to its
shareholders and may issue other reports, such as quarterly
reports, as it deems appropriate; the annual reports are audited
by the Trust's independent auditors.

Statements contained in this Statement of Additional Information
and in the Prospectuses as to the contents of contracts and other
documents are not necessarily complete. Investors should refer to
the documents themselves for definitive information as to their
detailed provisions. The Trust will supply copies of its
Declaration of Trust and By-Laws to interested persons upon
request.

The Trust and shares in the Trust have been registered with the
Securities and Exchange Commission in Washington, DC, by the
filing of a registration statement. The registration statement
contains certain information not included in the Prospectuses or
not included in this Statement of Additional Information and is
available for public inspection and copying at the offices of
such Commission.

Financial Statements and Report of Independent Auditors

Audited Financial Statements for each of the trust's portfolios,
together with the Report of Ernst & Young LLP, Independent
Auditors for the fiscal year ended March 31, 1995, appear in the
respective Annual Report to shareholders for such portfolios for
the fiscal year ended March 31, 1995, which is incorporated
herein by reference.

<PAGE>

Statement of Additional Information Page 18
GIT Equity Trust July 31, 1995

Excluded from such incorporation by reference is the Trust's
letter to shareholders appearing in each semi-annual Report.
Such Report has been filed with the Securities and Exchange
Commission and the latest Annual Report is furnished to investors
in such portfolios with this Statement of Additional Information.
Additional copies of such Annual Report are available upon
request at no charge by writing or calling the Trust at the
address and telephone number shown on the cover page.

<PAGE>
Part C
July 31, 1995
GIT Equity Trust
Cross Reference Sheet
Pursuant to Rule 495(a)

24(a) Financial Statements

Included in Part A: Financial Highlights

Included in Part B: Filed with the Securities and Exchange
Commission pursuant to Section 30 of the Investment Company
Act of 1940 on June 9, 1995, and incorporated herein by
reference is the Trust's Annual Report to Shareholders for the
fiscal year ended March 31, 1995.

Included in such Annual Report to Shareholders are: Statement
of Assets and Liabilities, Statement of Operations, Statement
of Changes in Net Assets, Financial Highlights, Portfolio of
Investments, Notes to Financial Statements and Report of Ernst
& Young LLP, Independent Auditors.

Included in Part C: Consent of Independent Auditors

24(b) Exhibits

Exhibit No. Description of Exhibit

1 Declaration of Trust*
2 By-Laws*
3 Not Applicable
4 Specimen Share Certificate*
5 Investment Advisory Agreement*
6 Distribution Agreement*
7 Not Applicable
8 Custodian Agreement with Fee Schedule*
9 Services Agreement*
10 Consent of Counsel*
11 Consent of Independent Auditors (Filed Herewith)
12 Not Applicable
13 Agreements Relating to Initial Capital*
14 Not Applicable
15 Plan of Distribution and Share Sales Agreement*
16 Computation of Performance Data*
17 Power of Attorney*

* Previously filed by GIT Equity Trust.

25. Persons Controlled by or Under Common Control with Registrant.

None

<PAGE>
26. Number of Holders of Securities.

The number of holders of record of securities of the
Registrant as of July 3, 1995 is as follows:

Title of Class Number of Holders of Record

Shares of Beneficial Interest 3,172

27. Indemnification

Previously Filed

28. Business and Other Connections of Investment Adviser

Name Position with Other Business
Adviser

A. Bruce Cleveland President and President and Director of
Director Presidential Savings Bank
FSB, and Presidential
Service Corporation, 4600
East-West Highway,
Bethesda, MD 20814;
President and Director of
Seneca Mortgage Corp.,
6101 Executive Blvd,
Rockville, MD 20852;
President and Director of
GIT Investment Services,
Inc., of the same address
as the Trust; President
and Director of USA
International Foods, Inc.
of the same address as the
Trust; and Director of
Biospherics Inc., 12051
Indian Creek Court,
Beltsville, MD 21403

Edward J. Karpowicz Treasurer Treasurer of Bankers
Finance Corporation and GIT
Investment Services, Inc.,
both of the same address as
the Trust.

Charles J. Tennes Executive Director of Presidential
Vice President Savings Bank, FSB, and
Presidential Service
Corporation, 4600 East-West
Highway, Bethesda, MD
20814; Executive Vice
President of GIT Investment
Services, Inc. of the same
address as the Trust.
<PAGE>

W. Richard Mason Secretary Secretary of Presidential
Savings Bank, FSB and
Presidential Service
Corporation, 4600 East-West
Highway, Bethesda, MD
20814; Secretary of Bankers
Finance Corporation, GIT
Investment Services, Inc.,
and USA International
Foods, Inc. of the same
address as the Trust.

Julia M. Nelson Vice President Vice President of GIT
Investment Services, Inc.,
of the same address as the
Trust

<PAGE>
29. Principal Underwriters

(a) GIT Investment Services, Inc., the principal underwriter
of the Trust, also acts as principal underwriter to Government
Investors Trust, GIT Tax-Free Trust and GIT Income Trust.

(b)

Name and Principal Position and Offices Position and Offices
Business Address with Underwriters with Registrant

A. Bruce Cleveland Chairman, President Chairman, President
1655 Ft. Myer Dr. and Treasurer
Arlington, VA 22209

W. Richard Mason Secretary Asst. Secretary
1655 Ft. Myer Dr.
Arlington, VA 22209

Charles J. Tennes Executive Vice Secretary
1655 Ft. Myer Dr. President
Arlington, VA 22209

Edward J. Karpowicz Treasurer None
1655 Ft. Myer Dr.
Arlington, VA 22209

Julia W. Nelson Vice President None
1655 Ft. Myer Dr.
Arlington, VA 22209

<PAGE>
(c) Not Applicable

30. Location of Accounts and Records

The books, records and accounts of the Registrant will be
maintained at 1655 Ft. Myer Drive, Arlington, VA 22209, at
which address are located the offices of the Registrant and
of Bankers Finance Investment Management Corp. Additional
records and documents relating to the affairs of the
Registrant are maintained by the Star Bank, N.A. of
Cincinnati, OH, the Registrant's Custodian, at the
Custodian's offices located at 425 Walnut Street,
Cincinnati, OH 45202. Pursuant to the Custodian Agreement
(see Article IX, Section 12), such materials will remain the
property of the Registrant and will be available for
inspection by the Registrant's officers and other duly
authorized persons.

31. Management Services

Previously Filed

32. Undertakings

(a) Not Applicable

(b) Not Applicable

(c) The Registrant shall furnish to each person to whom a
prospectus is delivered a copy of the Registrant's latest
Annual Report to shareholders upon such person's request and
without charge.

<PAGE>

Signatures

Pursuant to the requirements of the Securities Act of 1933
and the Investment Company Act of 1940, the Registrant has
duly caused this Post-Effective Amendment to the
Registration Statement to be signed on its behalf by the
undersigned, thereto duly authorized, in the County of
Arlington, Commonwealth of Virginia, on the 28 day of July,
1995.

GIT Equity Trust

By: (signature)
A. Bruce Cleveland
President

Pursuant to the requirements of the Securities Act of 1933,
this Post-Effective Amendment to the Registration Statement
has been signed below by the following persons in the
capacities and on the date indicated.

(Signature), Trustee, President 7/28/95
A. Bruce Cleveland and Treasurer
(Principal Executive
Officer, Principal
Financial Officer)

Trustee
John D. Reilly [FN] (Date)

Trustee
Thomas S. Kleppe [FN] (Date)

Trustee
Smith T. Wood [FN] (Date)

(Signature), [FN]<FN1> Attorney-In-Fact [/FN] 7/28/95
John A. Dudley, Esquire

Special Growth Portfolio
Select Growth Portfolio
Equity Income Portfolio

Annual Report
March 31, 1994/Audited

GIT
GIT Investment Funds

<PAGE>

Management's Discussion of Fund Performance
May 15,1995

Dear Shareholder:

For the 12-month period ended March 31, 1995, the investment
climate for U.S. equities was mixed, with a weak stock market
through early December followed by a strong year-end rally which
continued well into 1995. Our equity funds generally reflected
these market trends; a weak performance through December led to a
subsequent recovery in the last three months of the fiscal year.

In recent months, the Dow Jones Industrial Average and the S&P
500 Index have set record highs; however the strength in the
major indices has still not been matched by the market as a
whole. A survey by a major brokerage firm in late April noted
that while the widely followed indices are hitting new highs in
1995, only 21% of all stocks are above their 1993-1994 highs.
Moreover, 50% of all stocks were still down 20% or more from the
highs set over the past two years. Thus, the strength of the
blue-chips has not been indicative of the market as a whole, and
to varying degrees this imbalance is reflected in the performance
of our three domestic funds.

During the 12-month period ended March 31, 1995, the Select
Growth Portfolio had a total return of 4.55%. A net loss of
2.32% in the first six months was followed by a net gain of 7.03%
in the second half of the fiscal year. Performance improved as
the year progressed, principally due to gains in technology and
financial services stocks. We continue to feel that our holdings
in these sectors offer outstanding long-term appreciation
prospects. Limiting the gains somewhat was underperformance in
economically cyclical issues. However, our economically
sensitive stocks appear to have bottomed out over the last couple
of months. Their current valuations reflect a "deep recession"
scenario, and we feel that they offer substantial upside
potential should the economy maintain its current strength.

The Special Growth Portfolio, which invests primarily in smaller
companies, was particularly affected by the market's preference
for blue chip issues. Its total return for the 12-month period
was 2.27%. Nevertheless, the fund's total return of 5.19% for
the final three months of the year reflected the solid
fundamentals and attractive valuations of many of its current
holdings.

The more conservative Equity Income Portfolio achieved a total
return of 6.04% for the 12 months ended March 31, 1995. All of
this gain came during the final quarter, in which the fund
returned 7.38%. The portfolio benefited from its exposure to
natural gas and pharmaceutical stocks. In addition, the recent
declines in intermediate and longer-term interest rates resulted
in higher values on stocks with solid dividend yields.

The recent stock market rally has resulted in high prices for
many stocks, particularly those which are heavily weighted in the
major indices. Many stocks are probably close to being fully
valued, which limits their near-term appreciation potential. We
have confidence, however, that our funds' selective emphasis on
both growth and value will position them well for the coming
years.

We appreciate your confidence in GIT Investment Funds, and
encourage you to look at all 13 of our no-load mutual fund
portfolios.

Sincerely,

(signature)

A. Bruce Cleveland
President

<PAGE>

Management's Discussion of Fund Performance (continued)

Comparison of Changes in the Value of a $10,000 Investment and the S&P 500

Depicted herein is a graphic presentation consisting of three charts
comparing the value of a $10,000 investment made to each of the portfolios
against the S&P 500. Through the use of line graphs, the following
information is presented:

Value (as of March 31, 1995) of a $10,000 investment made on March 31, 1985
in the Special Growth Portfolio: $28,793. Average Annual Total Returns:
1 year - 2.27 percent, 5 year - 6.44 percent and 10 year - 11.16 percent.

Value (as of March 31, 1995) of a $10,000 investment made on March 31, 1985
in the Select Growth Portfolio: $27,465. Average Annual Total Returns:
1 year - 4.55 percent, 5 year - 6.04 percent and 10 year - 10.63 percent.

Value (as of March 31, 1995) of a $10,000 investment made on March 31, 1985
in the Equity Income Portfolio: $24,842. Average Annual Total Returns:
1 year - 6.04 percent, 5 year - 6.34 percent and 10 year - 9.53 percent.

Corresponding value of the S&P 500: $38,392

Past performance is not predictive of future performance.

<PAGE>

Report of Ernst & Young LLP, Independent Auditors

To the Board of Trustees and Shareholders, Special Growth
Portfolio, Select Growth Portfolio and Equity Income Portfolio,
GIT Equity Trust:

We have audited the accompanying statements of assets and
liabilities, including the portfolios of investments of GIT
Equity Trust (comprising, respectively, the Special Growth,
Select Growth and Equity Income Portfolios) as of March 31, 1995,
and the related statements of operations for the year then ended,
the statements of changes in net assets for each of the two years
in the period then ended, and the financial highlights for each
of the five years in the period then ended. These financial
statements and financial highlights are the responsibility of the
Trust's management. Our responsibility is to express an opinion
on these financial statements and financial highlights based on
our audits.

We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements and financial highlights are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. Our procedures included confirmation of
securities owned as of March 31, 1995, by correspondence with the
custodian. An audit also includes assessing the accounting
principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our
opinion.

In our opinion, the financial statements and financial highlights
referred to above present fairly, in all material respects, the
financial position of each of the respective portfolios
constituting GIT Equity Trust at March 31, 1995, the results of
their operations for the year then ended, the changes in their
net assets for each of the two years in the period then ended,
and the financial highlights for each of the five years in the
period then ended, in conformity with generally accepted
accounting principles.

(signature)

Ernst & Young LLP

Washington, DC
May 5, 1995

<PAGE>

Special Growth Portfolio
Portfolio of Investments - March 31, 1995

Number
of
Company Description Shares Value

COMMON STOCKS AND
EQUIVALENTS:
86.8% of Net Assets

AIRCRAFT AND
AEROSPACE: 3.6%

FlightSafety
International,
Inc. Provides simulator
training for operators
of aircrafts and ships 25,000 $1,143,750

AUTO RELATED: 3.0%
Armor All Products
Corporation Markets automotive
cleaners and
protectants 45,000 950,625

BUILDING AND
CONSTRUCTION: 4.5%
Central Sprinkler
Corporation <F1> Manufactures fire
sprinklers for
commercial, industrial
and residential
properties 40,000 650,000

Watts Industries,
Inc., Class A Manufactures valves for
water safety and
control 36,000 778,500

COMMUNICATION: 2.5%
Hong Kong
Telecommunications
Ltd., ADR <F2> Provides
telecommunication
services in Hong Kong 40,000 775,000

COMPUTER SERVICES: 9.5%
American List
Corporation Compiles computerized
lists of high school
and college students 62,000 1,317,500

CUC International
Inc. <F1> Operates database
programs that provide
marketing services to
members 30,000 1,166,250

Data Research
Associates ,
Inc. <F1> Provides libraries with
automation systems and
electronic networking
services 50,000 512,500

DRUGS AND HEALTH CARE: 10.3%
Advanced Technology
Laboratories,
Inc. <F1> Produces ultrasonic
diagnostic equipment 38,500 587,125
Haemonetics
Corporation <F1> Designs and
manufactures equipment
for the collection,
processing and surgical
salvage of blood 40,000 580,000

North American
Biologicals,
Inc. <F1> Provides plasma
components to the
pharmaceutical
and diagnostic
industries 8,000 71,000

SpaceLabs Medical,
Inc. <F1> Produces patient
monitoring devices 40,000 985,000

Utah Medical
Products, Inc.
<F1> Manufactures disposable
medical products 106,000 1,026,875

ELECTRICAL AND ELECTRONICS: 4.3%
Best Power
Technology,
Inc. <F1> Manufactures
uninterruptible power
supplies for computers 20,000 255,000

IFR Systems,
Inc. <F1> Manufactures
communications test
equipment 85,000 1,105,000

ENTERTAINMENT: 3.0%
Carnival Corporation,
Class A Operates cruise ships 40,000 935,000

ENVIRONMENTAL SERVICES: 1.6%
Horsehead Resource
Development Company,
Inc. <F1> Processes hazardous
waste for useful
by-products and provides
soil reclamation
services 100,000 500,000

EQUIPMENT RENTAL: 2.5%
McGrath Rentcorp Leases temporary modular
offices 50,000 781,250

HOUSEHOLD FURNISHINGS & APPAREL: 8.3%
Juno Lighting,
Incorporated Manufactures indoor
lighting products 55,000 1,086,250

Newell Company Manufactures and markets
consumer hardware and
housewares 46,000 1,173,000

Tandy Brands
Accessories,
Inc. <F1> Manufactures leather
goods and accessories 48,000 372,000

INSURANCE: 5.6%
Amwest Insurance
Group, Inc. Underwrites surety
bonds 45,000 646,875

Frontier Insurance
Group, Inc. Underwrites general
liability, workers'
compensation and
property insurance 30,000 708,750

20th Century
Industries <F1> Markets auto insurance
on the west coast 35,000 411,250

See Notes to Portfolios of Investments.

<PAGE>

Special Growth Portfolio
Portfolio of Investments - March 31, 1995 (continued)

Number
of
Company Description Shares Value

LEISURE: 1.2%
Bell Sports
Corporation <F1> Manufactures and
markets bicycle helmets 15,000 $206,250

Paul-Son Gaming
Corporation <F1> Manufactures gaming
tables and related
supplies 20,000 187,500

MANUFACTURING: 0.6%
Koala
Corporation <F1> Manufactures and markets
child protection
products 32,000 180,000

OFFICE EQUIPMENT: 7.7%
Ennis Business
Forms, Inc. Produces business forms 60,000 795,000

International
Imaging Materials,
Inc. <F1> Produces thermal
transfer ribbons for
color copiers 33,000 886,875

Varitronics
Systems, Inc. <F1> Manufactures
print-on-tape lettering
systems 60,000 765,000

OIL RELATED: 5.8%
Input/Output,
Inc. <F1> Designs and manufactures
3-dimensional seismic
data acquisition
systems 40,000 1,055,000

WD-40 Company Manufactures and
distributes specialized
lubricants 20,000 782,500

PUBLISHING/PRINTING: 1.5%
Consolidated
Graphics, Inc.
<F1> Provides general
commercial printing
services 40,000 475,000

REAL ESTATE: 2.6%
Real Estate
Investment Trust of
California West coast real estate
investment trust 20,000 330,000

Western Investment
Real Estate Trust West coast real estate
investment trust 40,000 485,000

RETAIL: 5.8%
Leslie's
Poolmart <F1> Retails swimming pool
supplies and related
products 70,000 1,067,500

Little Switzerland,
Inc. <F1> Operates duty-free
stores in the
Caribbean 75,000 375,000

Pentech
International,
Inc. <F1> Designs and markets
writing and drawing
instruments 100,000 393,750

TRANSPORTATION: 2.9%
Offshore Logistics,
Inc. <F1> Provides worldwide
transportation services
to offshore oil
exploration and
production companies 70,000 910,000

TOTAL COMMON STOCKS AND EQUIVALENTS
(Cost $20,019,015) <F3> 27,412,875

Principal
Amount
U.S. GOVERNMENT AGENCY OBLIGATIONS:
9.5% of Net Assets
Federal Home Loan Mortgage Corporation
Discount Note, 6.04%, 4/4/95 $1,000,000 999,836

Federal Home Loan Mortgage Corporation
Discount Note, 5.99%, 4/5/95 1,000,000 999,672

Federal Home Loan Mortgage Corporation
Discount Note, 6.09%, 5/2/95 1,000,000 994,658

TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $2,994,715)<F3> 2,994,166

REPURCHASE AGREEMENT: 12.8% of Net Assets
With Donaldson, Lufkin & Jenrette Securities
Corporation issued 3/31/95 at 6.15%, due 4/03/95
collateralized by $4,130,481 in United States
Treasury Bills due 4/15/95. Total proceeds at
maturity are $4,051,075. (Cost $4,049,000) <F3> 4,049,000

TOTAL INVESTMENTS (Cost $27,062,730) <F3> $34,456,041

See Notes to Portfolios of Investments.

<PAGE>

Select Growth Portfolio
Portfolio of Investments - March 31, 1995

Number
of
Shares Value

COMMON STOCKS: 92.5% of Net Assets

AUTOMOTIVE: 5.4%
Chrysler Corporation 2,000 $83,750

Eaton Corporation 1,000 54,250

General Motors Corporation 1,000 44,250

Magna International, Inc., Class A 2,000 76,250

BANKING AND FINANCE: 14.2%
Chemical Banking Corporation 2,500 94,375

Dean Witter Discover and Company 2,500 101,875

Federal National Mortgage Association 1,000 81,375

Green Tree Financial Corporation 3,200 131,200

Merrill Lynch & Company, Inc. 1,500 63,937

Norwest Corporation 3,000 76,125

Travelers, Inc. 3,200 123,600

BEVERAGES: 1.6%
PepsiCo, Inc. 2,000 78,000

BUILDING AND CONSTRUCTION: 2.1%
Continental Homes Holding Corporation 3,500 42,875

Masco Corporation 2,000 55,250

CAPITAL GOODS: 2.3%
General Electric Company 2,000 108,250

CHEMICALS: 1.9%
Lubrizol Corporation 2,600 91,650

COMPUTER HARDWARE AND PERIPHERALS: 9.1%
Cisco Systems, Inc. <F1> 2,000 76,125

Compaq Computer Corporation <F1> 3,500 120,750

Newbridge Networks Corporation <F1> 1,000 32,750

Quantum Corporation <F1> 4,500 67,219

Sun Microsystems, Inc. <F1> 3,900 135,038

COMPUTER SOFTWARE AND SERVICES: 4.5%
Reynolds & Reynolds Company, Class A 3,500 96,250

Sungard Data Systems, Inc. <F1> 2,500 115,156

CONSUMER PRODUCTS: 6.6%
Callaway Golf Company 5,000 70,000

Lancaster Colony Corporation 3,200 112,800

Nutramax Products, Inc. 6,000 52,500

Procter & Gamble Company 1,200 79,500

ELECTRONICS: 9.7%
Intel Corporation 1,000 84,812

Marshall Industries <F1> 4,000 104,000

Motorola, Inc. 2,200 120,175

Pioneer Standard Electronics, Inc. 4,250 76,500

Recoton Corporation <F1> 4,500 74,813

FOREST PRODUCTS - PAPER: 2.3%
Louisiana-Pacific Corporation 4,000 $110,500

FURNITURE / HOME APPLIANCES: 2.5%
Whirlpool Corporation 2,200 120,450

INSURANCE: 7.0%
American International Group, Inc. 500 52,125

Health System International, Inc. 3,500 117,687

PXRE Corporation 3,000 72,375

U.S. Healthcare, Inc. 2,000 88,250

MANUFACTURED HOUSING: 4.6%
Clayton Homes, Inc. 6,250 107,031
Oakwood Homes Corporation 4,200 110,775

MEDICAL RELATED: 1.3%
Safeskin Corporation <F1> 5,000 62,500

PETROLEUM: 1.3%
Tosco Corporation 2,000 62,000

RESTAURANT: 2.2%
McDonald's Corporation 3,000 102,375

RETAIL-APPAREL: 4.1%
Deckers Outdoor Corporation <F1> 6,000 89,250

Gap, Inc. (The) 3,000 106,500

RETAIL-DEPARTMENT STORES: 1.5%
Consolidated Stores Corporation <F1> 3,500 70,438

RETAIL-SPECIAL LINES: 4.2%
General Nutrition Companies, Inc. <F1> 4,000 110,000

Good Guys, Inc. <F1> 4,000 46,500

Sun Television and Appliances, Inc. 5,000 42,188

TELECOMMUNICATIONS: 3.0%
A T & T Corporation 2,000 103,500

MCI Communications Corporation 1,900 39,069

TRANSPORTATION: 1.2%
Union Pacific Corporation 1,000 55,000

TOTAL COMMON STOCKS
(Cost $3,980,539) <F3> 4,393,913

REPURCHASE AGREEMENT: 7.3% of Net Assets
With Donaldson, Lufkin & Jenrette Securities
Corporation issued 3/31/95 at 6.15%, due 4/03/95
collateralized by $355,003 in United States
Treasury Bills due 4/15/95. Total proceeds at
maturity are $348,178. (Cost $348,000) <F3> 348,000

TOTAL INVESTMENTS (Cost $4,328,539) <F3> $4,741,913

See Notes to Portfolio of Investments.

<PAGE>

Equity Income Portfolio
Portfolio of Investments - March 31, 1995

Number
of
Shares Value
COMMON STOCKS: 92.7% of Net Assets

BANKING AND FINANCE: 14.0%
Bank of New York Company 2,000 $65,750

Crestar Financial Corporation 1,000 44,000

Federal Home Loan Mortgage Corporation 1,500 90,750

H&R Block, Inc 1,500 65,062

J.P. Morgan & Company, Inc. 1,800 109,800

NationsBank Corporation 2,000 101,500

CHEMICAL: 8.1%
Chemed Corporation 2,500 78,125

Monsanto Company 1,200 96,300

WD-40 Company 2,600 101,725

ELECTRONICS: 1.6%
Diebold, Inc. 1,500 53,437

HOUSEHOLD PRODUCTS: 3.0%
Clorox Company 1,700 102,000

INSURANCE: 4.5%
Cigna Corporation 700 52,325

St. Paul Companies, Inc. 2,000 100,000

LEASING: 3.0%
GATX Corporation 2,300 102,925

MANUFACTURING: 3.4%
Minnesota Mining & Manufacturing Company 2,000 116,250

NATURAL GAS: 5.5%
Tenneco, Inc. 2,000 94,250

Williams Companies, Inc. 3,046 93,284

OFFICE/BUSINESS EQUIPMENT: 2.1%
Pitney-Bowes, Inc. 2,000 72,000

PETROLEUM: 7.2%
Amoco Corporation 2,000 127,250

Royal Dutch Petroleum Company 1,000 120,000

PHARMACEUTICALS: 4.2%
American Home Products Corporation 2,000 142,500

PUBLISHING AND PRINTING: 1.5%
Dun & Bradstreet Corporation 1,000 52,625

REAL ESTATE: 4.4%
Post Properties, Inc. 1,500 44,438

Simon Property Group, Inc. 1,500 36,562

Sun Communities, Inc. 3,000 67,500

RETAIL - DEPARTMENT STORE: 2.2%
May Department Stores Company 2,000 74,000

TELECOMMUNICATION: 11.6%
Ameritech Corporation 1,800 $74,250

Pacific Telesis Group 2,000 60,500
Southwestern Bell Corporation 2,500 105,313

Sprint Corporation 2,000 60,500

Telecom Corporation of New Zealand
Limited, ADR <F2> 1,600 95,600

TRANSPORTATION: 3.9%
CSX Corporation 1,000 78,750

Norfolk Southern Corporation 800 53,500

UTILITIES - ELECTRIC: 4.9%
Baltimore Gas and Electric Company 4,600 108,675
Scana Corporation 1,400 58,450

UTILITIES - GAS: 7.7%
Brooklyn Union Gas Company 3,000 72,375

Northwest Natural Gas Company 3,500 108,937

Washington Gas Light Company 2,000 80,750

TOTAL COMMON STOCKS
(Cost $2,638,785) <F3> 3,161,958

PREFERRED STOCKS: 1.5% of Net Assets
Chase Manhattan Corporation,
9.08% Series J 1,000 25,625

Sears, Roebuck and Company Depository
Shares, 8.88% Series 1ST 1,000 25,438

TOTAL PREFERRED STOCKS
(Cost $50,000) <F3> 51,063

REPURCHASE AGREEMENT: 5.5% of Net Assets
With Donaldson, Lufkin & Jenrette Securities
Corporation issued 3/31/95 at 6.15%, due 04/03/95
collateralized by $190,763 in United States
Treasury Bills due 4/15/95. Total proceeds at
maturity are $187,096. (Cost $187,000) <F3> 187,000

TOTAL INVESTMENTS (Cost $2,875,785) <F3> $3,400,021

Notes to Portfolio of Investments:

[FN]

<F1>
Non-income producing

<F2>
ADR American Depository Receipt

<F3>
Aggregate cost and net unrealized appreciation (depreciation) of
investments for federal income tax purposes is as follows:

Special Select Equity
Growth Growth Income
Portfolio Portfolio Portfolio

Aggregate cost $27,062,730 $4,328,539 $2,875,785

Gross unrealized
appreciation $9,145,181 $594,576 $612,368

Gross unrealized
depreciation 1,751,870 181,202 88,132

Net unrealized appreciation $7,393,311 $413,374 $524,236

[/FN]

The Notes to Financial Statements are an integral part of these statements.

<PAGE>

Statements of Assets and Liabilities
March 31, 1995

Special Select Equity
Growth Growth Income
Portfolio Portfolio Portfolio

ASSETS
Investments, at value
(Notes 1 and 2)
(Cost $27,062,730,
$4,328,539, and
$2,875,785,
respectively)

Investment
securities $30,407,041 $4,393,913 $3,213,021

Repurchase agreement 4,049,000 348,000 187,000

Total investments 34,456,041 4,741,913 3,400,021

Cash 153 698 162

Dividends and
interest receivable 28,325 7,376 13,747

Other Assets 118 9 43

Total assets 34,484,637 4,749,996 3,413,973

LIABILITIES
Payables
Dividends 136,741 -- 1,432

Capital shares
redeemed 2,758,048 -- --

Other liabilities 132 1,400 32

Total liabilities 2,894,921 1,400 1,464

NET ASSETS (Note 5) $31,589,716 $4,748,596 $3,412,509

CAPITAL SHARES
OUTSTANDING 1,746,081 284,238 221,438

NET ASSET VALUE
PER SHARE $18.092 $16.706 $15.411

Statements of Operations
For the Year Ended March 31, 1995

Special Select Equity
Growth Growth Income
Portfolio Portfolio Portfolio

INVESTMENT INCOME
(Note 1)

Interest income $329,647 $21,861 $13,960

Dividend income
(Net of foreign tax
of $2,717, $173, and
$1,509, respectively) 391,721 56,672 145,270

Total investment
income 721,368 78,533 159,230

EXPENSES (Notes 3 and 4)
Investment advisory
fee 264,829 34,429 26,151

Custodian fees 11,134 2,165 1,684

Professional fees 20,414 7,927 6,778

Salaries and related
expenses 92,183 17,994 13,955

Securities registration
and blue sky expenses 9,173 8,796 9,480

Telephone expense 6,817 1,330 1,031

Data processing and
office equipment
expenses 28,145 7,900 6,157

Office and
miscellaneous expenses 19,501 6,400 5,297

Depreciation and
amortization 2,632 516 399

Total expenses 454,828 87,457 70,932

NET INVESTMENT
INCOME (LOSS) 266,540 (8,924) 88,298

REALIZED AND UNREALIZED
GAIN (LOSS) ON
INVESTMENTS
Net realized gain on
investments 2,872,581 445,885 65,516

Net unrealized
appreciation
(depreciation) of
investments (2,105,062) (216,078) 47,919

NET GAIN ON INVESTMENTS 767,519 229,807 113,435

TOTAL INCREASE IN NET
ASSETS RESULTING FROM
OPERATIONS $1,034,059 $220,883 $201,733

The Notes to Financial Statements are an integral part of these statements.

<PAGE>

Statements of Changes in Net Assets
For the Years Ended March 31

Special Growth Portfolio
1995 1994

INCREASE (DECREASE) IN
NET ASSETS RESULTING
FROM OPERATIONS

Net investment income (loss) $266,540 $287,372

Net realized gain (loss) on
investments 2,872,581 3,869,537

Net unrealized appreciation
(depreciation) of investments (2,105,062) 335,691

Total increase (decrease) in net
assets resulting from operations 1,034,059 4,492,600

NET EQUALIZATION CREDIT (Note 1) -- --

DISTRIBUTIONS TO SHAREHOLDERS
From net investment income (266,540) (288,443)

From net capital gains (5,447,258) (1,727,428)

CAPITAL SHARE TRANSACTIONS
(Note 7) 1,337,943 (6,455,982)

TOTAL INCREASE (DECREASE)
IN NET ASSETS (3,341,796) (3,979,253)

NET ASSETS
Beginning of year 34,931,512 38,910,765

End of year $31,589,716 $34,931,512

UNDISTRIBUTED NET INVESTMENT
INCOME (LOSS) INCLUDED IN NET
ASSETS AT THE END OF YEAR
(Note 5) -- $(1,071)

Select Growth Portfolio
1995 1994

INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS

Net investment income (loss) $(8,924) $(14,233)

Net realized gain (loss) on
investments 445,885 (1,104)

Net unrealized appreciation
(depreciation) of investments (216,078) (81,966)

Total increase (decrease) in net
assets resulting from operations 220,883 (97,303)

NET EQUALIZATION CREDIT (Note 1) -- --

DISTRIBUTIONS TO SHAREHOLDERS

From net investment income -- (2,323)

From net capital gains (455,760) (124,949)

CAPITAL SHARE TRANSACTIONS
(Note 7) 223,748 (757,876)

TOTAL INCREASE (DECREASE) IN NET
ASSETS (11,129) (982,451)

NET ASSETS

Beginning of year 4,759,725 5,742,176

End of year $4,748,596 $4,759,725

UNDISTRIBUTED NET INVESTMENT
INCOME (LOSS) INCLUDED IN NET
ASSETS AT THE END OF YEAR
(Note 5) -- $(14,233)

Equity Income Portfolio
1995 1994

INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS

Net investment income (loss) $88,298 $82,979

Net realized gain (loss) on
investments 65,516 90,766

Net unrealized appreciation
(depreciation) of investments 47,919 (222,194)

Total increase (decrease) in net
assets resulting from operations 201,733 (48,449)

NET EQUALIZATION CREDIT (Note 1) (427) (927)

DISTRIBUTIONS TO SHAREHOLDERS

From net investment income (111,973) (73,010)

From net capital gains (170,493) (103,004)

CAPITAL SHARE TRANSACTIONS
(Note 7) (130,962) 535,331

TOTAL INCREASE (DECREASE) IN NET
ASSETS (212,122) 309,941

NET ASSETS

Beginning of year 3,624,631 3,314,690

End of year $3,412,509 $3,624,631

UNDISTRIBUTED NET INVESTMENT
INCOME (LOSS) INCLUDED IN NET
ASSETS AT THE END OF YEAR
(Note 5) -- $24,867

The Notes to Financial Statements are an integral part of these statements.

<PAGE>

Financial Highlights

Selected data for a share outstanding throughout each year:

<TABLE>

Special Growth Portfolio

<CAPTION>
Year Year Year Year Year
ended ended ended ended ended
Mar. 31 Mar. 31 Mar. 31 Mar. 31 Mar. 31
1995 1994 1993 1992 1991
<S> <C> <C> <C> <C> <C>

Net asset value
beginning
of year $21.110 19.970 19.099 18.047 17.634

Net investment
income (loss) $0.152 0.171 0.092 0.175 0.287

Net realized &
unrealized gains
(losses) on
securities $0.190 2.125 1.031 1.245 0.502

Total from
investment
operations $0.342 2.296 1.123 1.420 0.789

Distributions from
net investment
income $(0.152) (0.170) (0.121) (0.159) (0.376)

Distributions from
capital gains $(3.208) (0.986) (0.131) (0.209) --

Total
distributions $(3.360) (1.156) (0.252) (0.368) (0.376)

Net asset value
end of year $18.092 21.110 19.970 19.099 18.047

Total return 2.27% 11.57 5.90 7.92 4.76

Net assets
end of year
(in thousands) $31,590 34,931 38,911 58,867 51,465

Ratio of expenses
to average net
assets 1.30% 1.45 1.35 1.39 1.40

Ratio of net
investment
income (loss)
to average net
assets 0.76% 0.75 0.44 0.95 1.82

Portfolio
turnover 4% 7 13 24 6

</TABLE>

<TABLE>

Select Growth Portfolio

<CAPTION>
Year Year Year Year Year
ended ended ended ended ended
Mar. 31 Mar. 31 Mar. 31 Mar. 31 Mar. 31
1995 1994 1993 1992 1991
<S> <C> <C> <C> <C> <C>

Net asset value
beginning
of year $17.706 18.486 19.670 18.884 17.105

Net investment
income (loss) $(0.032) (0.053) 0.137 0.268 0.400

Net realized &
unrealized gains
(losses) on
securities $0.741 (0.318) 1.410 0.736 2.031

Total from
investment
operations $0.709 (0.371) 1.547 1.004 2.431

Distributions from
net investment
income -- $(0.007)(0.175) (0.218) (0.498)

Distributions from
capital gains $(1.709) (0.402) (2.556) -- (0.154)

Total
distributions $(1.709) (0.409) (2.731) (0.218) (0.652)

Net asset value
end of year $16.706 17.706 18.486 19.670 18.884

Total return 4.55% (2.05) 8.45 5.28 14.65

Net assets
end of year
(in thousands) $4,749 4,760 5,742 5,483 3,917

Ratio of expenses
to average net
assets 1.90% 2.02 2.00 2.00 2.00

Ratio of net
investment
income (loss)
to average net
assets (0.19)% (0.27) 0.70 1.44 2.28

Portfolio
turnover 82% 48 125 60 12

</TABLE>

<TABLE>

Equity Income Portfolio

<CAPTION>
Year Year Year Year Year
ended ended ended ended ended
Mar. 31 Mar. 31 Mar. 31 Mar. 31 Mar. 31
1995 1994 1993 1992 1991
<S> <C> <C> <C> <C> <C>

Net asset value
beginning
of year $15.809 16.814 15.117 14.805 14.661

Net investment
income (loss) $0.504 0.382 0.416 0.499 0.627

Net realized &
unrealized gains
(losses) on
securities $0.364 (0.543) 1.961 0.203 0.298

Total from
investment
operations $0.868 (0.161) 2.377 0.702 0.925

Distributions from
net investment
income $(0.504) (0.352) (0.449) (0.390) (0.781)

Distributions from
capital gains $(0.762) (0.492) (0.231) -- --

Total
distributions $(1.266) (0.844) (0.680) (0.390) (0.781)

Net asset value
end of year $15.411 15.809 16.814 15.117 14.805

Total return 6.04% (1.08) 16.11 4.74 6.58

Net assets
end of year
(in thousands) $3,413 3,625 3,315 2,838 2,709

Ratio of expenses
to average net
assets 2.07% 2.17 2.19 2.15 2.25

Ratio of net
investment
income to average
net assets 2.53% 2.27 2.58 3.47 4.28

Portfolio
turnover 29% 34 55 32 9

</TABLE>

The Notes to Financial Statements are an integral part of these statements.

GIT Equity Trust
Notes to Financial Statements
March 31, 1995

1. Summary of Significant Accounting Policies. GIT Equity Trust
(the "Trust") is registered with the Securities and Exchange
Commission under the Investment Company Act of 1940 as an open-
end, diversified investment management company. The Trust offers
shares in four separate portfolios which invest in differing
securities (under policies described in the current prospectus).
The Special Growth Portfolio is invested primarily in smaller
companies that may offer rapid growth potential. The Select
Growth Portfolio is invested primarily in established companies
that may be undervalued or may offer good management and
significant growth potential. The Equity Income Portfolio is
invested primarily in relatively stable, high-yielding
securities. The Worldwide Growth Portfolio invests primarily in
foreign equity securities emphasizing companies that are likely
to benefit from the growth of the world's smaller and emerging
capital markets. The Worldwide Growth Portfolio issues separate
semi-annual and annual financial reports to shareholders.

Securities Valuation: Securities traded on a national securities
exchange are valued at their closing sale price, if available,
and if not available such securities are valued at the mean
between their bid and asked prices. Other securities, for which
current market quotations are readily available, are valued at
the mean between their bid and asked prices.

<PAGE>

Notes to Financial Statements (continued)

Securities for which current market quotations are not readily
available are valued at their fair value as determined in good
faith by the Trustees. Investment transactions are recorded on
the trade date. The cost of investments sold is determined on
the identified cost basis for financial statement and federal
income tax purposes. Repurchase agreements are valued at
amortized cost, which approximates market value.
Investment Income: Interest and other income (if any) is accrued
as earned. Dividend income is recorded on the ex-dividend date.

Dividends and Income Tax: Substantially all of the Trust's
accumulated net investment income, if any, determined as gross
investment income less accrued expenses, is declared as a regular
dividend and distributed to shareholders at least twice annually
at calendar and fiscal year ends. The Trust intends to declare
and pay regular Equity Income Portfolio dividends quarterly.
Capital gains distributions reflecting net realized gains of each
portfolio (if any) are declared and paid twice annually at
calendar and fiscal year end. In accordance with the provisions
of Subchapter M of the Internal Revenue Code applicable to
regulated investment companies, all of the taxable income of each
portfolio is distributed to its shareholders, and therefore no
federal income tax provision is required.

Equalization: The Trust uses an accounting practice known as
equalization for the Equity Income Portfolio, by which a portion
of the proceeds from sales and costs of redemption of capital
shares, equivalent on a per share basis to the amount of
undistributed net investment income on the date of the
transaction, is credited or charged to undistributed net
investment income. As a result, undistributed net investment
income per share is unaffected by sales or redemptions of capital
shares.

Share Subscriptions: Shares purchased by check or otherwise not
paid for in immediately available funds are accounted for as
share subscriptions receivable and shares reserved for
subscriptions.

2. Investments in Repurchase Agreements. When the Trust
purchases securities under agreements to resell, the securities
are held for safekeeping by the Trust's custodian bank as
collateral. Should the market value of the securities purchased
under such an agreement decrease below the principal amount to be
received at the termination of the agreement plus accrued
interest, the counterparty is required to place an equivalent
amount of additional securities in safekeeping with the Trust's
custodian bank. Repurchase agreements may be terminated within
seven days. Pursuant to an Exemptive Order issued by the
Securities and Exchange Commission, the Trust, along with other
registered investment companies having Advisory and Services
Agreements with Bankers Finance Investment Management Corp.
("BFIMC"), transfers uninvested cash balances into a joint
trading account. The aggregate balance in this joint trading
account is invested in one or more consolidated repurchase
agreements whose underlying securities are U.S. Treasury or
federal agency obligations.

3. Investment Advisory Fees and Other Transactions with
Affiliates. The Investment Adviser to the Trust, BFIMC, earns an
advisory fee equal to 0.75% per annum of the average net assets
of each of the Special Growth, Select Growth and Equity Income
Portfolios; the fees accrue daily and are payable monthly. BFIMC
has retained Cramblit & Carney, Incorporated, investment counselors,
is a sub-adviser with respect to the Special Growth
Portfolio. For the year ended March 31, 1995, the sub-adviser
received fees of $131,052. In order to meet the securities
registration requirements of certain states, BFIMC has undertaken
to reimburse the Trust by the amount, if any, by which the total
expenses of the Trust (less certain excepted expenses) exceed the
applicable expense limitation in any state or other jurisdiction
in which the Trust is subject to regulation during the fiscal
year. The Trust believes the current applicable expense
limitation is 2.5% per annum of the average net assets of each
portfolio up to $30 million, 2% of any amount of such net
assets exceeding $30 million but not exceeding $100 million, and
1.5% per annum of such amount in excess of $100 million. BFIMC is
responsible for the fees and expenses of trustees who are
affiliated with BFIMC, the rent expense of the Trust's principal
executive office premises and certain promotional expenses. For
the year ended March 31, 1995, outside trustee fees were $4,000
for each portfolio. At March 31, 1995, certain officers,
trustees, companies

<PAGE>

Notes to Financial Statements (continued)

and individuals affiliated with the Trust have investments in the
Trust aggregating 1.5% of the Special Growth Portfolio shares
outstanding, 1.8% of the Select Growth Portfolio shares
outstanding and 0.2% of the Equity Income Portfolio shares
outstanding.

4. Other Expenses. With the exception of certain expenses of the
Trust payable by it directly, all operational support services
are provided to the Trust under a services agreement between the
Trust and BFIMC, pursuant to which such services are to be
provided for amounts not exceeding the cost to BFIMC of the
support provided. Common expenses incurred by the Trust are
allocated among the portfolios based on the ratio of net assets
of each portfolio to the combined net assets. For the year ended
March 31, 1995, operating expenses of $189,999 for the Special
Growth Portfolio, $53,028 for the Select Growth Portfolio, and
$44,781 for the Equity Income Portfolio have been reimbursed to
BFIMC under the Services Agreement. As of March 31, 1995,
expenses of $12,383 for the Special Growth Portfolio; $29,694 for
the Select Growth Portfolio; and $54,455 for the Equity Income
Portfolio have been incurred by BFIMC on behalf of the
portfolios, the billings of which has been deferred.

5. Net Assets. At March 31, 1995, net assets included the
following:

Special Select Equity
Growth Growth Income
Portfolio Portfolio Portfolio

Net paid in capital on
shares of beneficial
interest $24,196,405 $4,346,200 $2,940,923

Accumulated net
realized losses -- (10,978) (52,650)

Net unrealized
appreciation of
investments 7,393,311 413,374 524,236

Total net assets $31,589,716 $4,748,596 $3,412,509

In accordance with a recently approved accounting pronouncement
(Statement of Position 93-2), the Special Growth and Select
Growth Portfolios reclassified $(1,071) and $(23,157),
respectively, from accumulated net investment losses to paid in
capital as a result of permanent book and tax basis differences.
These reclassifications had no impact on net asset value.

6. Investment Transactions. Purchases and sales of securities
other than short-term securities for the year ended March 31,
1995, were as follows:

Special Select Equity
Growth Growth Income
Portfolio Portfolio Portfolio

Purchases $1,143,625 $3,403,695 $914,459

Sales 6,570,693 3,810,476 996,401

<PAGE>

Notes to Financial Statements (continued)

7. Capital Share Transactions. An unlimited number of capital
shares, without par value, are authorized. Transactions in
capital shares for the years ended March 31 were as follows:

Special Growth Portfolio
1995 1994

In Dollars
Shares Sold $164,683,514 $135,790,502

Shares issued in reinvestment
of dividends 5,232,976 1,862,936

Total Shares Issued 169,916,490 137,653,438

Shares Redeemed (168,578,547) (144,109,420)

Net increase (decrease) $1,337,943 $(6,455,982)

In Shares
Shares Sold 8,581,112 6,481,186

Shares issued in reinvestment
of dividends 284,944 88,784

Total Shares Issued 8,866,056 6,569,970

Shares Redeemed (8,774,708) (6,863,661)

Net increase (decrease) 91,348 (293,691)

Select Growth Portfolio
1995 1994

In Dollars
Shares Sold $1,165,448 $700,730

Shares issued in reinvestment
of dividends 443,606 125,407

Total Shares Issued 1,609,054 826,137

Shares Redeemed (1,385,306) (1,584,013)

Net increase (decrease) $223,748 $(757,876)

In Shares
Shares Sold 68,987 38,407

Shares issued in reinvestment
of dividends 28,074 6,945

Total Shares Issued 97,061 45,352

Shares Redeemed (81,565) (87,235)

Net increase (decrease) 15,496 (41,883)

Equity Income Portfolio
1995 1994

In Dollars
Shares Sold $297,518 $1,240,471

Shares issued in reinvestment
of dividends 269,709 169,508

Total Shares Issued 567,227 1,409,979

Shares Redeemed (698,189) (874,648)

Net increase (decrease) $(130,962) $535,331

In Shares
Shares Sold 19,179 74,683

Shares issued in reinvestment
of dividends 18,114 10,266

Total Shares Issued 37,293 84,949

Shares Redeemed (45,132) (52,807)

Net increase (decrease) (7,839) 32,142

GIT Equity Trust
Special Tax Information (Unaudited)
March 31, 1995

Corporate shareholders should note that the percentages of
ordinary dividend income resulting from the fiscal year ended
March 31, 1995, that qualify for the corporate dividends-received
deduction are as follows:

Special Growth Portfolio 84%
Equity Income Portfolio 100%

Pursuant to Section 852 of the Internal Revenue Code, the Special
Growth, Select Growth and Equity Income Portfolios designate
$5,236,079, $455,760 and $170,493, respectively, as capital gain
dividends for the fiscal year ended March 31, 1995.

<PAGE>

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<PAGE>

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<PAGE>

Telephone Numbers

Shareholder Service
Washington, DC area: 703/528-6500
Toll-free nationwide: 800/336-3063

24-Hour ACCESS
Toll-free nationwide: 800/448-4422

The GIT Family of Mutual Funds

GIT Equity Trust
Special Growth Portfolio
Select Growth Portfolio
Equity Income Portfolio
Worldwide Growth Portfolio

GIT Income Trust
Maximum Income Portfolio
Government Portfolio

GIT Tax-Free Trust
Arizona Portfolio
Maryland Portfolio
Missouri Portfolio
Virginia Portfolio
National Portfolio
Money Market Portfolio

Government Investors Trust

For more complete information on any GIT Investment Fund,
including charges and expenses, request a prospectus by
calling the numbers above. Read it carefully before you
invest or send money.

GIT
GIT INVESTMENT FUNDS
1655 Fort Myer Drive
Arlington Virginia 22209

Consent of Ernst & Young LLP, Independent Auditors

We consent to the references to our firm under the captions
"Financial Highlights" in the Prospectuses and "Legal Matters
and Independent Auditors" and "Financial Statements and
Report of Independent Auditors" in the Statement of
Additional Information and to the incorporation by reference
in this Post-Effective Amendment Number 16 to
Registration Statement Number 2-80805 (Form N-1A) of our report dated
May 5, 1995, on the financial statements and financial highlights
of GIT Equity Trust (comprising the Special Growth, Select Growth,
Equity Income and Worldwide Growth Portfolios) for the year ended March 31,
1995, included in the 1995 Annual Reports to Shareholders.

(signature)
Ernst and Young LLP
Washington, DC
July 24, 1995

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