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<PAGE> PAGE 2
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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
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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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<PAGE> PAGE 19
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SIGNATURE RICHARD MASON
TITLE GENERAL COUNSEL
Exhibit 77C to NSAR dated June 30, 1997
Mosaic Equity Trust
On May 28, 1997, Annual Meetings of Shareholders of Bascom Hill
Investors, Inc. and Bascom Hill BALANCED Fund, Inc. were held at 4:00
p.m. in Madison, Wisconsin. The shareholders of each respective fund
were requested to vote on the merger of their fund with Mosaic Equity
Trust Investors Fund and Equity Income Fund, respectively, in accordance
with the applicable Prospectus/Proxy Statement dated May 1, 1997. Of the
741,199.383 outstanding shares of Bascom Hill Investors, Inc.,
430,831.055 voted in favor of the merger (58.13%), 8.13% in excess of
the amount required to approve the merger. Of the 464,095.648
outstanding shares of Bascom Hill BALANCED Fund, Inc., 274,747.791 voted
in favor of the merger (59.2%), 9.2% in excess of the amount required to
approve the merger.
Exhibit 77M to NSAR dated June 30, 1997
Mosaic Equity Trust
(a) Matters regarding the mergers of:
Bascom Hill Investors, Inc., 811-2825
into Mosaic Investors Fund, a series of Mosaic Equity Trust
and
Bascom Hill BALANCED Fund, Inc., 811-4825
into Mosaic Balanced Fund, a series of Mosaic Equity Trust
(b) On April 1, 1997, the Directors of Bascom Hill BALANCED Fund,
Inc., 1940 Act Registrant File Number 811-4825, and Bascom Hill
Investors, Inc., 1940 Act Registrant File Number 811-2825 (together, the
"Bascom Hill funds"), approved the execution of respective Agreements
and Plans of Merger with Mosaic Equity Trust (then known as GIT Equity
Trust) whereby Mosaic Balanced Fund (then known as GIT Equity Income
Portfolio) would assume all of the outstanding assets and liabilities of
Bascom Hill BALANCED Fund, Inc. and Mosaic Investors Fund (then known as
GIT Select Growth Portfolio) would assume all of the outstanding assets
and liabilities of Bascom Hill Investors, Inc. The Trustees of Mosaic
Equity Trust and the respective Bascom Hill fund Directors resolved that
the mergers be approved, that such mergers were in the best interests of
shareholders of the acquiring and selling funds and that no
shareholder's interests would be diluted as a result of the mergers.
On or about May 1, 1997, Prospectus/Proxy Statements (Forms N-14) were
delivered to each Bascom Hill fund shareholder so that the merger could
be voted and approved by shareholders in accordance with Wisconsin law.
On May 28, 1997, the Annual Meetings of Shareholders of Bascom Hill
Investors, Inc. and Bascom Hill BALANCED Fund, Inc. were held at 4:00
p.m. in Madison, Wisconsin. The shareholders of each respective fund
approved the merger of their fund with Mosaic Equity Trust Investors
Fund and Balanced Fund, respectively, in accordance with the applicable
Prospectus/Proxy Statement dated May 1, 1997. Of the 741,199.383
outstanding shares of Bascom Hill Investors, Inc., 430,831.055 voted in
favor of the merger (58.13%), 8.13% in excess of the amount required to
approve the merger. Of the 464,095.648 outstanding shares of Bascom Hill
BALANCED Fund, Inc., 274,747.791 voted in favor of the merger (59.2%),
9.2% in excess of the amount required to approve the merger.
The mergers were accomplished on June 13, 1997. The Balanced Fund
series of Mosaic Equity Trust and the Investors Fund series of Mosaic
Equity Trust are the legal survivors of the mergers.
For accounting purposes, in light of the relatively greater
size of the Bascom Hill funds and a number of other factors set forth in
detail in the Prospectus and Proxy Statements dated May 1, 1997 filed by
Mosaic Equity Trust, the Bascom Hill funds were the accounting survivors
of the mergers and their financial data prior to the mergers are set
forth in this Form NSAR where appropriate.
In light of the mergers which were completed on June 13, 1997, Bascom
Hill Investors, Inc., has ceased to be an investment company. Likewise,
Bascom Hill BALANCED Fund, Inc. has ceased to be an investment company.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This financial data schedule contains summary information extracted from the
registrant's current financial statements, Form NSAR and prospectus and is
qualified in its entirety by reference to such source documents.
</LEGEND>
<CIK> 0000710977
<NAME> MOSAIC EQUITY TRUST
<SERIES>
<NUMBER> 1
<NAME> MID-CAP GROWTH FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> APR-01-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 11,452
<INVESTMENTS-AT-VALUE> 12,951
<RECEIVABLES> 4
<ASSETS-OTHER> 1
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 12,956
<PAYABLE-FOR-SECURITIES> 366
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,216
<TOTAL-LIABILITIES> 1,582
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 9,811
<SHARES-COMMON-STOCK> 1,225
<SHARES-COMMON-PRIOR> 1,110
<ACCUMULATED-NII-CURRENT> (4)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 69
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,498
<NET-ASSETS> 11,374
<DIVIDEND-INCOME> 15
<INTEREST-INCOME> 17
<OTHER-INCOME> 0
<EXPENSES-NET> 37
<NET-INVESTMENT-INCOME> (4)
<REALIZED-GAINS-CURRENT> 69
<APPREC-INCREASE-CURRENT> 1,616
<NET-CHANGE-FROM-OPS> 1,685
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 2,003
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 10,619
<NUMBER-OF-SHARES-REDEEMED> 11,848
<SHARES-REINVESTED> 1,961
<NET-CHANGE-IN-ASSETS> 732
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 22
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 37
<AVERAGE-NET-ASSETS> 11,888
<PER-SHARE-NAV-BEGIN> 9.880
<PER-SHARE-NII> (0.004)
<PER-SHARE-GAIN-APPREC> 1.210
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 1.805
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.281
<EXPENSE-RATIO> 0.310
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information derived from the
Form NSAR of Mosaic Equity Trust, with regard to its Investors Fund series, its
financial statements (Semi-Annual Report dated June 30, 1997) and prospectus
dated June 13, 1997 and is qualified in its entirety by reference to such source
documents.
</LEGEND>
<CIK> 0000710977
<NAME> MOSAIC EQUITY TRUST
<SERIES>
<NUMBER> 2
<NAME> MOSAIC INVESTORS FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 18,233
<INVESTMENTS-AT-VALUE> 22,265
<RECEIVABLES> 880
<ASSETS-OTHER> 28
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 23,173
<PAYABLE-FOR-SECURITIES> 555
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 45
<TOTAL-LIABILITIES> 599
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 17,846
<SHARES-COMMON-STOCK> 1,073
<SHARES-COMMON-PRIOR> 354
<ACCUMULATED-NII-CURRENT> 9
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 687
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4,032
<NET-ASSETS> 22,574
<DIVIDEND-INCOME> 27
<INTEREST-INCOME> 12
<OTHER-INCOME> 0
<EXPENSES-NET> 31
<NET-INVESTMENT-INCOME> 9
<REALIZED-GAINS-CURRENT> 82
<APPREC-INCREASE-CURRENT> 3,296
<NET-CHANGE-FROM-OPS> 3,378
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 828
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 16,192
<NUMBER-OF-SHARES-REDEEMED> 1,672
<SHARES-REINVESTED> 754
<NET-CHANGE-IN-ASSETS> 15,274
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 19
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 31
<AVERAGE-NET-ASSETS> 10,118
<PER-SHARE-NAV-BEGIN> 20.734
<PER-SHARE-NII> 0.023
<PER-SHARE-GAIN-APPREC> 2.630
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 2.338
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 21.049
<EXPENSE-RATIO> 0.306
<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 Form
NSAR, prospectus dated June 13, 1997 and financial statement dated June 30, 1997
of Mosaic Equity Trust Balanced Fund and is qualified in its entirety by
reference to such source documents.
</LEGEND>
<CIK> 0000710977
<NAME> MOSAIC EQUITY TRUST
<SERIES>
<NUMBER> 3
<NAME> MOSAIC BALANCED FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 14,171
<INVESTMENTS-AT-VALUE> 16,406
<RECEIVABLES> 403
<ASSETS-OTHER> 23
<OTHER-ITEMS-ASSETS> 2
<TOTAL-ASSETS> 16,834
<PAYABLE-FOR-SECURITIES> 266
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 35
<TOTAL-LIABILITIES> 302
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 13,808
<SHARES-COMMON-STOCK> 879
<SHARES-COMMON-PRIOR> 259
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 489
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,234
<NET-ASSETS> 16,532
<DIVIDEND-INCOME> 15
<INTEREST-INCOME> 53
<OTHER-INCOME> 0
<EXPENSES-NET> 23
<NET-INVESTMENT-INCOME> 45
<REALIZED-GAINS-CURRENT> 183
<APPREC-INCREASE-CURRENT> 1,207
<NET-CHANGE-FROM-OPS> 1,390
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 17
<DISTRIBUTIONS-OF-GAINS> 518
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 11,504
<NUMBER-OF-SHARES-REDEEMED> 257
<SHARES-REINVESTED> 481
<NET-CHANGE-IN-ASSETS> 11,728
<ACCUMULATED-NII-PRIOR> 17
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 13
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 23
<AVERAGE-NET-ASSETS> 7,190
<PER-SHARE-NAV-BEGIN> 19.174
<PER-SHARE-NII> 0.153
<PER-SHARE-GAIN-APPREC> 1.550
<PER-SHARE-DIVIDEND> 0.065
<PER-SHARE-DISTRIBUTIONS> 2.003
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 18.810
<EXPENSE-RATIO> 0.320
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial data extracted from the registrant's
forms NSAR, prospectus and current financial statements and is qualified in its
entirety by reference to such source documents.
</LEGEND>
<CIK> 0000710977
<NAME> MOSAIC EQUITY TRUST
<SERIES>
<NUMBER> 4
<NAME> WORLDWIDE GROWTH FUND
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 2,326,456
<INVESTMENTS-AT-VALUE> 2,839,996
<RECEIVABLES> 10,974
<ASSETS-OTHER> 619
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2,851,589
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2
<TOTAL-LIABILITIES> 2
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,876,866
<SHARES-COMMON-STOCK> 229,341
<SHARES-COMMON-PRIOR> 235,428
<ACCUMULATED-NII-CURRENT> 542
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (539,262)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 513,441
<NET-ASSETS> 2,851,587
<DIVIDEND-INCOME> 58,150
<INTEREST-INCOME> 15,623
<OTHER-INCOME> 0
<EXPENSES-NET> 70,878
<NET-INVESTMENT-INCOME> 2,895
<REALIZED-GAINS-CURRENT> 54,409
<APPREC-INCREASE-CURRENT> 228,664
<NET-CHANGE-FROM-OPS> 283,073
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 561,455
<NUMBER-OF-SHARES-REDEEMED> 1,380,947
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (819,492)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (600,026)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 28,352
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 70,878
<AVERAGE-NET-ASSETS> 2,683,801
<PER-SHARE-NAV-BEGIN> 9.862
<PER-SHARE-NII> 0.012
<PER-SHARE-GAIN-APPREC> 1.094
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.968
<EXPENSE-RATIO> 2.500
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
