GIT EQUITY TRUST
NSAR-A, 1996-11-27
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<PAGE>      PAGE  1
000 A000000 09/30/96
000 C000000 0000710977
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
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000 I000000 3.0.a
000 J000000 A
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001 C000000 7035283600
002 A000000 1655 FT. MYER DRIVE
002 B000000 ARLINGTON
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002 D020000 3108
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007 B000000  4
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007 C030100 N
007 C010200  2
007 C020200 SELECT GROWTH PORTFOLIO
007 C030200 N
007 C010300  3
007 C020300 EQUITY INCOME PORTFOLIO
007 C030300 N
007 C010400  4
007 C020400 WORLDWIDE GROWTH PORTFOLIO
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008 D02AA01 VA
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008 D04AA01 3108
008 A00AA02 MADISON INVESTMENT ADVISORS, INC.
008 B00AA02 A
008 C00AA02 801-9840
<PAGE>      PAGE  2
008 D01AA02 MADISON
008 D02AA02 WI
008 D03AA02 53705
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<PAGE>      PAGE  3
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<PAGE>      PAGE  4
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<PAGE>      PAGE  5
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<PAGE>      PAGE  6
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<PAGE>      PAGE  7
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<PAGE>      PAGE  8
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<PAGE>      PAGE  9
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<PAGE>      PAGE  10
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<PAGE>      PAGE  11
070 J020200 N
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<PAGE>      PAGE  12
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<PAGE>      PAGE  13
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<PAGE>      PAGE  14
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<PAGE>      PAGE  15
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<PAGE>      PAGE  16
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<PAGE>      PAGE  17
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<PAGE>      PAGE  18
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074 J000400       36
074 K000400        0
074 L000400        8
074 M000400        0
074 N000400     2961
074 O000400        0
074 P000400        0
074 Q000400        0
074 R010400        0
074 R020400        0
074 R030400        0
074 R040400        0
074 S000400        0
074 T000400     2961
074 U010400      288
074 U020400        0
074 V010400    10.27
074 V020400     0.00
<PAGE>      PAGE  20
074 W000400   0.0000
074 X000400      289
074 Y000400        0
075 A000400        0
075 B000400     3081
076  000400     0.00
SIGNATURE   RICHARD MASON                                
TITLE       GENERAL COUNSEL     
 


A special meeting of the Trust's shareholders was held on 
July 29, 1996. The following shares were voted at the 
meeting on the following three matters:

1.  Approval of an advisory agreement with Bankers Finance 
Advisors, LLC/Madison Investment Advisors, Inc.
<TABLE>
                            Shares
                            Outstanding   For      Against  Abstain
                            <C>           <C>      <C>      <C>

Special Growth Portfolio    1,221,737     634,903  5,937    30,946
Select Growth Portfolio       353,269     179,970  1,713    30,378
Equity Income Portfolio       233,116     130,030  1,335     8,569
Worldwide Growth Portfolio    309,754     145,524  1,408    14,628
</TABLE>
2.  Election of Trustees (2,117,876 shares outstanding)

                         For       Withhold Authority

Frank E. Burgess        1,099,684      96,153
James R. Imhoff, Jr.    1,100,251      95,586
Thomas S. Kleppe        1,099,200      96,640
Lorence D. Wheeler      1,100,757      95,080

3.  Ratification of the selection of Ernst & Young LLP as 
independent auditors of the Trust for the year ending 
March 31, 1997 (2,117,876 shares outstanding): 
For: 1,096,238 Against: 6,105 Abstain 82,998



<TABLE> <S> <C>

<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
registrant's financial statements, prospectus and Form NSAR and is qualified in
its entirety by reference to such source documents.
</LEGEND>
<CIK> 0000710977
<NAME> GIT EQUITY TRUST
<SERIES>
   <NUMBER> 1
   <NAME> SPECIAL GROWTH PORTFOLIO
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          MAR-31-1997
<PERIOD-END>                               SEP-30-1996
<INVESTMENTS-AT-COST>                       13,277,877
<INVESTMENTS-AT-VALUE>                      15,414,728
<RECEIVABLES>                                  373,650
<ASSETS-OTHER>                                     322
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                              15,788,700
<PAYABLE-FOR-SECURITIES>                       309,669
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                        6,726
<TOTAL-LIABILITIES>                            316,395
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                    10,489,196
<SHARES-COMMON-STOCK>                        1,204,001
<SHARES-COMMON-PRIOR>                          834,197
<ACCUMULATED-NII-CURRENT>                      (6,589)
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                      2,852,847
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                     2,136,851
<NET-ASSETS>                                15,472,305
<DIVIDEND-INCOME>                               76,810
<INTEREST-INCOME>                               53,302
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                 136,701
<NET-INVESTMENT-INCOME>                        (6,589)
<REALIZED-GAINS-CURRENT>                     2,852,847
<APPREC-INCREASE-CURRENT>                  (2,945,543)
<NET-CHANGE-FROM-OPS>                         (92,696)
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                       15,132
<DISTRIBUTIONS-OF-GAINS>                     6,307,576
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                      9,594,899
<NUMBER-OF-SHARES-REDEEMED>                 10,768,252
<SHARES-REINVESTED>                          5,976,647
<NET-CHANGE-IN-ASSETS>                       4,803,294
<ACCUMULATED-NII-PRIOR>                         15,132
<ACCUMULATED-GAINS-PRIOR>                    6,307,575
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                           60,287
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                136,817
<AVERAGE-NET-ASSETS>                        16,069,814
<PER-SHARE-NAV-BEGIN>                           20.488
<PER-SHARE-NII>                                      0
<PER-SHARE-GAIN-APPREC>                        (0.767)
<PER-SHARE-DIVIDEND>                             0.018
<PER-SHARE-DISTRIBUTIONS>                        6.852
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                             12.851
<EXPENSE-RATIO>                                  0.851
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
registrant's financial statements, Form NSAR and the prospectus and is qualified
in its entirety by reference to such source documents.
</LEGEND>
<CIK> 0000710977
<NAME> GIT EQUITY TRUST
<SERIES>
   <NUMBER> 2
   <NAME> SELECT GROWTH PORTFOLIO
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          MAR-31-1997
<PERIOD-END>                               SEP-30-1996
<INVESTMENTS-AT-COST>                        5,818,229
<INVESTMENTS-AT-VALUE>                       7,550,461
<RECEIVABLES>                                  345,174
<ASSETS-OTHER>                                     263
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                               7,895,898
<PAYABLE-FOR-SECURITIES>                       264,712
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                          610
<TOTAL-LIABILITIES>                            265,322
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                     5,660,884
<SHARES-COMMON-STOCK>                          346,288
<SHARES-COMMON-PRIOR>                          336,008
<ACCUMULATED-NII-CURRENT>                     (19,194)
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                        256,654
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                     1,732,232
<NET-ASSETS>                                 7,630,576
<DIVIDEND-INCOME>                               12,298
<INTEREST-INCOME>                               33,311
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                  64,803
<NET-INVESTMENT-INCOME>                       (19,194)
<REALIZED-GAINS-CURRENT>                       256,654
<APPREC-INCREASE-CURRENT>                      136,654
<NET-CHANGE-FROM-OPS>                          393,303
<EQUALIZATION>                                 093,303
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                       359,764
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                        743,438
<NUMBER-OF-SHARES-REDEEMED>                    833,033
<SHARES-REINVESTED>                            317,160
<NET-CHANGE-IN-ASSETS>                         227,565
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                      359,764
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                           27,872
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                 64,858
<AVERAGE-NET-ASSETS>                         7,438,030
<PER-SHARE-NAV-BEGIN>                           21.990
<PER-SHARE-NII>                                (0.055)
<PER-SHARE-GAIN-APPREC>                          1.171
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                        1.071
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                             22.035
<EXPENSE-RATIO>                                  0.872
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
registrant's financial statements, Form NSAR and prospectus and is qualified in
its entirety by reference to such source documents.
</LEGEND>
<CIK> 0000710977
<NAME> GIT EQUITY TRUST
<SERIES>
   <NUMBER> 3
   <NAME> EQUITY INCOME PORTFOLIO
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          MAR-31-1997
<PERIOD-END>                               SEP-30-1996
<INVESTMENTS-AT-COST>                        4,434,634
<INVESTMENTS-AT-VALUE>                       4,707,634
<RECEIVABLES>                                   37,677
<ASSETS-OTHER>                                     868
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                               4,746,179
<PAYABLE-FOR-SECURITIES>                       108,232
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                        3,598
<TOTAL-LIABILITIES>                            111,830
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                     3,078,349
<SHARES-COMMON-STOCK>                          230,226
<SHARES-COMMON-PRIOR>                          229,674
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                        307,471
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                     1,248,529
<NET-ASSETS>                                 4,634,349
<DIVIDEND-INCOME>                                7,468
<INTEREST-INCOME>                               81,663
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                  41,975
<NET-INVESTMENT-INCOME>                         47,156
<REALIZED-GAINS-CURRENT>                       333,767
<APPREC-INCREASE-CURRENT>                    (126,782)
<NET-CHANGE-FROM-OPS>                          206,985
<EQUALIZATION>                                   (574)
<DISTRIBUTIONS-OF-INCOME>                       65,048
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                        346,487
<NUMBER-OF-SHARES-REDEEMED>                    395,846
<SHARES-REINVESTED>                             55,673
<NET-CHANGE-IN-ASSETS>                           6,314
<ACCUMULATED-NII-PRIOR>                         18,466
<ACCUMULATED-GAINS-PRIOR>                     (26,296)
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                           16,982
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                 42,010
<AVERAGE-NET-ASSETS>                         4,530,541
<PER-SHARE-NAV-BEGIN>                           19.330
<PER-SHARE-NII>                                  0.202
<PER-SHARE-GAIN-APPREC>                          0.880
<PER-SHARE-DIVIDEND>                             0.282
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                             20.130
<EXPENSE-RATIO>                                  0.927
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
registrant's financial statements, Forms NSAR and its prospectus and is
qualified in its entirety by reference to such source documents.
</LEGEND>
<CIK> 0000710977
<NAME> GIT EQUITY TRUST
<SERIES>
   <NUMBER> 4
   <NAME> WORLDWIDE GROWTH PORTFOLIO
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          MAR-31-1997
<PERIOD-END>                               SEP-30-1996
<INVESTMENTS-AT-COST>                        2,943,411
<INVESTMENTS-AT-VALUE>                       2,916,524
<RECEIVABLES>                                   44,319
<ASSETS-OTHER>                                     506
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                               2,961,349
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                            0
<TOTAL-LIABILITIES>                                  0
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                     3,492,601
<SHARES-COMMON-STOCK>                          288,253
<SHARES-COMMON-PRIOR>                          315,944
<ACCUMULATED-NII-CURRENT>                          303
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                      (504,416)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                      (27,139)
<NET-ASSETS>                                 2,961,349
<DIVIDEND-INCOME>                               35,668
<INTEREST-INCOME>                                8,687
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                  38,502
<NET-INVESTMENT-INCOME>                          5,853
<REALIZED-GAINS-CURRENT>                        90,060
<APPREC-INCREASE-CURRENT>                       26,300
<NET-CHANGE-FROM-OPS>                          116,360
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                        161,992
<NUMBER-OF-SHARES-REDEEMED>                    438,565
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                       (276,573)
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                    (600,026)
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                           15,532
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                 38,525
<AVERAGE-NET-ASSETS>                         3,080,729
<PER-SHARE-NAV-BEGIN>                            9.862
<PER-SHARE-NII>                                  0.010
<PER-SHARE-GAIN-APPREC>                          0.401
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                             10.273
<EXPENSE-RATIO>                                  1.251
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>





Investment Advisory Agreement


This Agreement is made by and between Madison Investment 
Advisors, Inc. (d.b.a. Bankers Finance Advisors, LLC), a 
Wisconsin Corporation, Bankers Finance Advisors, LLC, a 
Wisconsin limited liability company having its principal place 
of business in Arlington, Virginia (the foregoing entities 
referred to collectively as the "Advisor"), and GIT Equity 
Trust, a Massachusetts business trust created pursuant to a 
Declaration of Trust filed with the Clerk of the City of Boston, 
Massachusetts (the "Trust").

	The parties hereto, intending so to be legally bound, 
agree with each other as follows:

	1.  Appointment and Acceptance.  The Trust hereby 
appoints the Advisor to manage the investment of its assets 
and to administer its affairs; and the Advisor hereby 
accepts such appointment.  The Advisor shall employ its best 
efforts to supervise the investment management of the Trust.

	2.  Discretion of the Advisor.  In the performance of 
its duties hereunder the Advisor shall have full authority 
to act as it deems advisable, except that it shall be bound 
by the terms of the Declaration of Trust and By-Laws of the 
Trust, and by any written direction given by the Trustees of 
the Trust not inconsistent with this Agreement; and it shall 
be guided by the investment policies of the Trust from time 
to time duly in effect.  Subject only to the foregoing, the 
Advisor shall have full authority to purchase and sell 
securities for the Trust; the Advisor may determine the 
persons with whom such securities transactions are to be 
made and the terms thereof.

	3.  Other Activities of the Advisor.  The Advisor and 
any of its affiliates shall be free to engage in any other 
lawful activity, including the rendering to others of 
services similar to those rendered to the Trust hereunder; 
and the Advisor or any interested person thereof shall be 
free to invest in the Trust as a shareholder, to become an 
officer or Trustee of the Trust if properly elected, or to 
enter into any other relationship with the Trust approved by 
the Trustees and in accordance with law.

	The Advisor agrees that it will not deal with itself or 
with any affiliated person or promoter or principal 
underwriter of the Trust (or any affiliated person of the 
foregoing) acting as a principal, in effecting securities 
transactions for the account of the Trust.  It is further 
agreed that in effecting any such transaction with such a 
person acting as a broker or agent, compensation to such 
person shall be permitted, provided that the transaction is 
in the ordinary course of such person's business and the 
amount of such compensation does not exceed one percent of 
the purchase or sale price of the securities involved.

	If the Advisor or any affiliate thereof provides any 
other goods or services which otherwise would be paid for by 
the Trust pursuant to this Agreement, then the Trust shall 
pay the Advisor or such affiliate the cost reasonably 
allocated by the Advisor or affiliate to such goods or 
services.

	4.  Investment by Advisor.  The Advisor shall not take, 
and shall not permit any of its shareholders, officers, 
directors or employees to take long or short positions in 
the shares of the Trust, except for the purchase of shares 
of the Trust for investment purposes at the same price as 
<PAGE>
is available to the public at the time of purchase, or in 
connection with the original capitalization of the Trust.  
In connection with purchases or sales of portfolio 
securities for the account of the Trust neither the Advisor 
nor any officer, director or employee of the Advisor shall 
act as a principal or receive any commission therefor.

	5.  Expenses of the Trust.  The Trust shall pay all of 
its expenses not expressly assumed by the Advisor herein.  
Without limitation, the expenses of the Trust, assumed by 
the Trust hereby, shall include the following:

	a.  Expenses related to the continued existence of the 
Trust.

	b.  Fees and expenses of the Trustees (except those 
affiliated with the Advisor), the officers and the 
administrative employees of the Trust.

	c.  Fees paid to the Advisor hereunder.

	d.  Fees and expenses of preparing, printing and 
distributing official filings, reports, prospectuses and 
documents required pursuant to applicable state and Federal 
securities law and expenses of reports to shareholders.

	e.  Fees and expenses of custodians, transfer agents, 
dividend disbursing agents, shareholder servicing agents, 
registrars, and similar agents.

	f.  Expenses related to the issuance, registration, 
repurchase, exchange and redemption of shares and 
certificates representing shares.

	g.  Auditing, accounting, legal, insurance, portfolio 
administration, association membership, printing, postage, 
and other administrative expenses.

	h.  Expenses relating to qualification or licensing of 
the Trust, shares in the Trust, or officers, employees and 
agents of the Trust under applicable state and Federal 
securities law.

	i.  Expenses related to shareholder meetings and proxy 
solicitations and materials.

	j.  Interest expense, taxes and franchise fees, and all 
brokerage commissions and other costs related to purchase 
and sales of portfolio securities.

		In addition, the Trust shall assume all losses and 
liabilities incurred in the administration to the Trust and 
of its investment portfolio; and it shall pay such non-
recurring expenses as may arise through litigation, 
administrative proceedings, claims against the Trust, the 
indemnification of Trustees, officers, employees, 
shareholders and agents, or otherwise.

	6.  Compensation to the Advisor.  For its services 
hereunder, the Trust shall pay to the Adviser a management 
fee equal to three-quarters (3/4) percent per annum of the 
average daily net assets of the portfolios comprising the 
Special Growth Fund series of shares, the Select Growth
Fund series of shares and the Equity Income 
Fund series of shares and a management fee equal to one (1) 
percent per annum of the average daily net assets of the 
portfolio comprising the Worldwide Growth Fund series of 
shares.  Such fee shall be payable quarterly as of the last 
day of the month and shall be the sum of the daily fees 
<PAGE>
calculated as one-three hundred sixty-fifth (1/365), except 
in leap years one-three hundred sixty-sixth (1/366), of the 
annual fee based upon each portfolio's net assets calculated 
for the day.

	With respect to any portfolio of the Trust subsequently 
authorized by the Trustees, the management fee provided 
herein may be revised upward or downward by mutual agreement 
between the parties at the time the additional portfolio is 
authorized, provided such revision is approved by the 
Trustees, including the vote of a majority of those Trustees 
who are not interested persons of the Trust, cast in person 
at a meeting called for that purpose.  The Advisor shall 
have the right to waive any portion of its management fee 
during any period, and it may permanently reduce the amount 
of the fee under such terms as it may determine by written 
notice thereof to the Trust.  The Advisor shall have the 
right to share its management fee with others or make 
payments out of its management fee to others, as it solely 
determines.

	7.  Limitation of Expenses of the Trust.  In addition 
to investment management expenses related to the Trust, the 
Advisor shall pay the fees and expenses of any Trustees and 
officers of the Trust affiliated with the Advisor, all 
promotional expenses of the Trust to the extent not paid for 
by the Trust pursuant to a Plan of Distribution, the rent 
expense of the Trust's principal executive office premises, 
and the expenses of formation of the Trust.

	The Advisor shall further reimburse the Trust for all 
of its expenses, excluding securities transaction 
commissions and expenses, taxes, interest, share 
distribution expenses, and extra-ordinary and non-recurring 
expenses, which exceed during any fiscal year the applicable 
expense limitation in any State or other jurisdiction in 
which the Trust, during the fiscal year, becomes subject to 
regulation by qualification or sale of its shares.  Any such 
required reimbursement shall be made within a reasonable 
period following the close of the fiscal year to which it 
relates; and the Advisor may elect to pay all or a portion 
of any such reimbursement it anticipates will be required at 
any time or from time to time during the fiscal year to 
which the reimbursement relates.

	8.  Limitation of Advisor's Liability.  The Advisor 
shall not be liable for any loss incurred in connection with 
its duties hereunder, nor for any action taken, suffered or 
omitted and believed by it to be advisable or within the 
scope of its authority or discretion, except for acts or 
omissions involving willful misfeasance, bad faith, gross 
negligence or reckless disregard of the duties assumed by it 
under this Agreement.

	9.  Limitation of Trust's Liability.  The Advisor 
acknowledges that it has received notice of and accepts the 
limitations upon the Trust's liability set forth in its 
Declaration of Trust.  The Advisor agrees that the Trust's 
obligations hereunder in any case shall be limited to the 
Trust and to its assets and that the Advisor shall not seek 
satisfaction of any such obligation from the shareholders of 
the Trust nor from any Trustee, officer, employee or agent 
of the Trust.

	10.  Term of Agreement.  This Agreement shall continue 
in effect for two years from the date of its execution; and 
it shall continue in force thereafter (but subject to the 
termination provisions below), provided that it is 
specifically approved at least annually by the Trustees of 
the Trust or by a majority vote of the outstanding 
securities of each series and class of the Trust's shares 
with respect to which it is to continue in effect, and in 
either case by the vote of a majority of the Trustees who 
are not interested persons of the Trust, cast in person at a 
meeting called for that purpose.

<PAGE>
	11.  Termination by Notice.  Notwithstanding any 
provision of this Agreement, it may be terminated at any 
time, without penalty, by the Trustees of the Trust or, with 
respect to any series or class of the Trust's shares, by the 
vote of a majority of the outstanding voting securities of 
such series or class, or by the Advisor, upon sixty days 
written notice to the other party.

	12.  Termination Upon Assignment.  This Agreement may 
not be assigned by the Adviser and shall automatically 
terminate immediately upon any assignment.  Nothing herein 
shall prevent the Advisor from employing any other persons 
or agents, including Madison Investment Advisors, Inc., at 
its own expense, to assist it in the performance of its 
duties hereunder.

	13.  Name of the Trust.  In consideration of its 
formation of the Trust and the related expenses, the Advisor 
has retained the rights to the name "GIT Equity Trust" (and 
any similar name), which rights the Trust hereby 
acknowledges.  The Trust, however, shall have the exclusive 
right to the use of the name "GIT Equity Trust" (although 
its rights to the "GIT" portion of such name shall be non-
exclusive) so long as this contract shall remain in force, 
except that the Advisor may withdraw such rights from the 
Trust at any time, effective immediately or at a time 
specified, upon written notice to the Trust.  In the event 
of such notice, the Trust agrees that it will cause the 
question of continuation of this Agreement to be put to a 
vote of the shareholders of the Trust as soon as practicable 
after such notice has been given.

	14.  Use of Terms.  The terms "affiliated person", 
"interested person", "assignment", "broker", and "majority 
of the outstanding voting securities" as used herein, shall 
have the same meanings as in the Investment Company Act of 
1940 and any applicable regulations thereunder.

	15.  Control of Advisor.  Bankers Finance Advisors, LLC 
is controlled by Madison Investment Advisors, Inc. a 
registered investment advisor located in Madison, Wisconsin.  
As such, it is expected that Bankers Finance Advisors, LLC 
and Madison Investment Advisors, Inc. will work closely 
together in the management of the portfolios including but 
not limited to portfolio management, research, securities 
trading, and other investment management responsibilities.

	In Witness Whereof, the parties have caused this 
Agreement to be signed on their behalf by their respective 
officers duly authorized and their respective seals to be 
affixed hereto, this 31 day of July, 1996.

Madison Investment Advisors, Inc.

By: (signature)
   Katherine L. Frank, its Vice President

Bankers Finance Advisors, LLC

By: (signature)
   Frank E. Burgess, Member

By: (signature)
   Katherine L. Frank, Madison Investment Advisors, Inc
Member

GIT Equity Trust

By: (signature)
   Thomas S. Kleppe, Trustee

By: (signature)
   James Imhoff, Jr., Trustee

By: (signature)
   Lorence Wheeler, Trustee

By: (signature)
   Frank E. Burgess, Trustee


Services Agreement

This Agreement is made by and between Bankers Finance 
Advisors, LLC, a Wisconsin limited liability company
having its principal place of business in Arlington, Virginia 
("BFA"), and GIT Equity Trust, a Massachusetts business 
trust created pursuant to a Declaration of Trust filed with the
Clerk of the City of Boston, Massachusetts (the "Trust").

The parties hereto, intending so to be legally bound, agree 
with each other as follows:

1. Provision of Services.  BFA hereby undertakes to provide 
the Trust with such operational support services as it may 
require in the conduct of its business, to extent which BFA 
(or any other person), acting as the Trust's investment 
adviser, has not undertaken to provide such services.  Such 
services may include the functions of shareholder servicing 
agent and transfer agent, bookkeeping and portfolio 
accounting services, the handling of telephone inquires, 
cash withdrawals and other customer service functions 
(including processing and monitoring wire transfers), and 
providing to the Trust appropriate supplies, equipment and 
ancillary services necessary to the conduct of its affairs.  
Such services may also include providing or arranging for 
and making reimbursable expenditures with respect to any 
activities intended to be financed by the Trust pursuant to 
its Plan of Distribution.  The Trust hereby engages BFA to 
provide it with such services.

2. Scope of Authority. BFA shall be at all times, in the 
performance of its functions hereunder, subject to any 
direction and control of the Trustees of the Trust and of 
its officers, and to the terms of its Declaration of Trust 
and By-Laws, except only that it shall have no obligation to 
provide to the Trust any services that are clearly outside 
the scope of those contemplated in this Agreement.  In the 
performance of its duties hereunder, BFA shall be authorized 
to take such action not inconsistent with the express 
provisions hereof as it deems advisable.  It may contract 
with other persons to provide to the Trust any of the 
services contemplated herein under such terms as it deems 
reasonable and shall have the authority to direct the 
activities of such other persons in the manner it deems 
appropriate.

3 Other Activities of BFA.  BFA and any of its affiliates 
shall be free to engage in any other lawful activity, 
including the rendering to others services similar to those 
to be rendered to the Trust hereunder; and BFA or any 
interested person thereof shall be free to invest in the 
Trust as a shareholder, to become an officer or Trustee 
thereof if properly elected, or to enter into any other 
relationship with the Trust approved by the Trustee and in 
accordance with law.

BFA agrees that it will not deal with the Trust in any 
transaction in which BFA acts as a principal, except to the 
extent as may be permitted by the terms of this Agreement. 
The records BFA maintains on behalf of the Trust are the 
sole property of the Trust and will be surrendered promptly 
to the Trust upon its request pursuant to Rule 31a-3 of the 
Investment Company Act of 1940.

4. Compensation to BFA.  BFA shall have no responsibility 
hereunder to bear at its own expense any costs or expenses 
of the Trust.  The Trust shall reimburse to BFA monthly all 
of BFA's costs involved in the provision of services to the 
Trust hereunder, as the term "cost" is more fully described 
herein.  The "cost" of services provided to the Trust 
hereunder shall be deemed to include both the relevant 
direct expenditures by BFA (including the cost of goods and 
services obtained from others) and the related overhead 
costs, such as depreciation, interest, employee supervision, 
rent and like cost.  Where only a portion of a specific 
expenditure by BFA is related to services provided to the 
Trust hereunder, then BFA may allocate such amount between 
the Trust and the other activities of BFA on a reasonable 
basis, which may involve the use of assumptions and 
approximations not subject to precise verification without 
undue cost, provided that a majority of the Trustees, 
including a majority of the Trustees who are not interested 
persons of the Trust approve the basis upon which such 
allocations are made.  BFA may, in its discretion, defer 
billing to and payment by the Trust of any costs which are 
reimbursable to it hereunder, and no such deferment shall 
affect the right of BFA to receive reimbursement from the 
Trust when the cost are billed.

5. Relationship to Investment Adviser.  It is understood by 
the parties hereto that concurrently with the execution of 
this Agreement, the Trust has entered into an Investment
Advisory Agreement with Bankers Finance Advisors, LLC,
in its separate capacity as the investment 
adviser to the Trust (the "Adviser") pursuant to which the 
Adviser will provide management services to the Trust and 
administer its affairs. BFA has entered into this Agreement 
to perform certain services at its cost in consideration of 
the Trust's employment of it as the Adviser as aforesaid.  
If at any time the Adviser ceases to act as investment 
adviser to the Trust under terms substantially those of the 
Investment  Advisory Agreement or if at any time the Adviser 
ceases to be a subsidiary owned at least 50% (in terms of 
voting rights) under common control with BFA, then this 
Agreement shall immediately terminate as of a date 30 days 
from the date of such event, unless within such 30-day 
period BFA gives written notice to the Trust that it waives 
such termination.  The Trust specifically acknowledges and 
accepts the relationship between separate capacities of BFA 
hereunder and as the Adviser.

6. Limitation of BFA's Liability.  BFA shall not be liable 
for any loss incurred in connection with any of its services 
hereunder, nor for any action taken, suffered or omitted and 
believed by it to be advisable or within the scope of its 
authority of discretion, except for acts or omissions 
involving willful misfeasance, bad faith, gross negligence 
or reckless disregard of the duties assumed by it under this 
Agreement.

7. Force Majeure. It is specifically agreed by the parties 
that if BFA is delayed in the performance of any of the 
services to be performed by it hereunder or prevented 
entirely or in part from performing such services due to 
causes or events beyond its control, then such delay or non-
performance may either be excused and the reasonable time 
for performance thereby extended as necessary, or if such 
delay or non-performance continues for 30 days then the 
Trust may cancel this Agreement immediately thereafter or at 
any time prior to the cessation of delay or resumption of 
performance by BFA; but BFA shall not otherwise be liable 
for and the Trust shall otherwise hold it harmless from any 
such delay or non-performance.  "Causes or events beyond 
control" shall include, without limitation, the following: 
Acts of God; interruption of power or other utility, 
transportation or communications services; malfunction of 
computer equipment; acts of civil or military authority; 
sabotage national emergencies, war, explosion, flood, 
accident, earthquake, fire, or other catastrophe; strike or 
other labor problem; shortage of suitable parts, material, 
labor or transportation; or present or future law, 
governmental order, rule, regulations or official policy.

8. Limitation of Trust's Liability.  BFA acknowledges that 
it has received notice of and accepts the limitations upon 
the Trust's liability set forth in its Declaration of Trust. 
BFA agrees that the Trust's obligations hereunder in any 
case shall be limited to the Trust and to its assets and 
that BFA shall not seek satisfaction of any such obligation 
from the shareholders of the Trust nor from any Trustee, 
officer, employee or agent of the Trust.

9. Term of Agreement.  This Agreement shall continue in 
effect for two years from the date of its execution; and it 
shall continue in force thereafter (but subject to the 
termination provisions below), provided that it is 
specifically approved at least annually by the Trustees of 
the Trust or a majority vote of the outstanding securities 
of each series and class of the Trust's shares with respect 
to which it is to continue in effect, and in either case by 
either case by the vote of a majority of the Trustees who 
are not interested persons of the Trust, cast in person at a 
meeting called for that purpose.

10. Termination by Notice.  Notwithstanding any provision of 
this Agreement, it may be terminated at any time without 
penalty, by the Trustees of the Trust or, with respect to 
any series or class of the Trust's shares, by the vote of 
the majority of the outstanding voting securities of such 
series or class, or by BFA, upon thirty days written notice 
to the other party. 

11. Termination upon Assignment.  This Agreement may not be 
assigned by BFA and shall automatically terminate upon any 
such assignment; except that BFA may assign or transfer its 
interest herein to a wholly-owned subsidiary of BFA, or to 
another entity operated substantially under common control 
with BFA, provided BFA represents to the Trust that 
substantial continuity of management, personnel and services 
previously available to the Trust will be maintained 
following such assignment or transfer and that the Trustees 
of the Trust (including a majority of the Trustees who are 
not interested persons of the Trust) accept such 
representation. Nothing herein shall limit the right of BFA 
to obtain goods and services from other persons as described 
in Section 2 above.

12. Use of Terms. The terms "affiliated person," "interested 
persons," "assignment," and "majority of the outstanding 
voting securities," as used herein, shall have the same 
meanings as in the Investment Company Act of 1940 and any 
applicable regulations thereunder. In Witness Whereof, the 
parties have caused this Agreement to be signed in their 
behalf by their respective officers duly authorized and 
their respective seals to affixed hereto, this 31 day of July, 1996 


Bankers Finance Advisors LLC


By: (signature) Katherine L. Frank
       Its President/Manager

GIT Equity Trust


By (signature) Thomas S. Kleppe
      Trustee


By (signature) James Imhoff, Jr.
      Trustee


By (signature) Lorence Wheeler
      Trustee


By (signature) Frank E. Burgess
      Trustee



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