<PAGE> PAGE 1
000 B000000 10/31/1999
000 C000000 0001076113
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 6.1
000 J000000 A
001 A000000 ALLEGIANCE INVESTMENT TRUST
001 B000000 811-09185
001 C000000 8182475330
002 A000000 800 NORTH BRAND BOULEVARD SUITE 800
002 B000000 GLENDALE
002 C000000 CA
002 D010000 91203
003 000000 Y
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 2
007 C010100 1
007 C020100 AMERICAN VALUE FUND
007 C030100 N
007 C010200 2
007 C020200 CALIFORNIA TAX-FREE INTERMEDIATE BOND FUND
007 C030200 N
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A00AA01 VAN DEVENTER & HOCH
008 B00AA01 A
008 C00AA01 801-6118
008 D01AA01 GLENDALE
008 D02AA01 CA
008 D03AA01 91203
010 A00AA01 INVESTMENT COMPANY ADMINISTRATION, LLC
010 C01AA01 GLENDORA
010 C02AA01 CA
010 C03AA01 91741
010 A00AA02 VAN DEVENTER & HOCH
010 C01AA02 GLENDORA
010 C02AA02 CA
010 C03AA02 91203
011 A00AA01 FIRST FUND DISTRIBUTORS, INC
<PAGE> PAGE 2
011 B00AA01 8-42809
011 C01AA01 PHOENIX
011 C02AA01 AZ
011 C03AA01 85018
012 A00AA01 NATIONAL FINANCIAL DATA SERVICES
012 B00AA01 84-1254
012 C01AA01 KANSAS CITY
012 C02AA01 MO
012 C03AA01 64105
013 A00AA01 PRICEWATERHOUSECOOPERS LLP
013 B01AA01 LOS ANGELES
013 B02AA01 CA
013 B03AA01 90071
013 B04AA01 2889
015 A00AA01 UNITED MISSORI BANK, N.A.
015 B00AA01 C
015 C01AA01 KANSAS CITY
015 C02AA01 MO
015 C03AA01 64106
015 E01AA01 X
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 2
019 C00AA00 ALLEGIANCE
020 A000001 SK INTERNATIONAL SECURITIES
020 B000001 11-2471620
020 C000001 5
020 A000002 HOWARD, WEIL, LABOUSSE, FREIDRICHS INC.
020 B000002 72-0696314
020 C000002 2
020 A000003 DONALDSON, LUFKIN & JENRETTE
020 B000003 13-2741729
020 C000003 1
020 A000004 LEWCO SECURITIES
020 B000004 13-2765944
020 C000004 1
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 9
022 A000001 UMB BANK
022 C000001 6393
022 D000001 382
022 A000002 SPEAR, LEEDS, & KELLOG
022 B000002 13-5515160
022 C000002 4025
022 D000002 2284
022 A000003 GENERAL ELECTRIC CREDIT CORPORATION
<PAGE> PAGE 3
022 C000003 2874
022 D000003 0
022 A000004 FORD MOTOR CREDIT CORPORATION
022 C000004 2541
022 D000004 0
022 A000005 AMERICAN EXPRESS CREDIT CORPORATION
022 C000005 2016
022 D000005 0
022 A000006 STONE & YOUNGBERG
022 B000006 94-1052545
022 C000006 268
022 D000006 0
022 A000007 STERN BROTHERS
022 C000007 126
022 D000007 0
022 A000008 CHASE MANHATTAN BANK
022 C000008 5
022 D000008 121
022 A000009 A.G. EDWARDS & SONS
022 B000009 43-0895447
022 C000009 72
022 D000009 0
022 A000010 FIDELITY CAPITAL MARKET
022 C000010 55
022 D000010 0
023 C000000 18534
023 D000000 2802
024 00AA00 N
026 A000000 N
026 B000000 N
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
029 00AA00 N
030 A00AA00 0
030 B00AA00 0.00
030 C00AA00 0.00
031 A00AA00 0
031 B00AA00 0
032 00AA00 0
033 00AA00 0
034 00AA00 N
035 00AA00 0
036 B00AA00 0
037 00AA00 N
038 00AA00 0
<PAGE> PAGE 4
039 00AA00 N
040 00AA00 Y
041 00AA00 Y
049 00AA00 N
050 00AA00 N
051 00AA00 N
052 00AA00 N
053 A00AA00 N
054 A00AA00 Y
054 B00AA00 N
054 C00AA00 N
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 Y
054 H00AA00 Y
054 I00AA00 N
054 J00AA00 Y
054 K00AA00 N
054 L00AA00 N
054 M00AA00 Y
054 N00AA00 N
054 O00AA00 N
055 A00AA00 N
055 B00AA00 N
056 00AA00 Y
057 00AA00 N
077 A000000 Y
077 B000000 Y
077 C000000 N
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 Y
077 Q020000 N
077 Q030000 N
080 A00AA00 ICI MUTUTAL INSURANCE COMPANY
080 C00AA00 200
081 A00AA00 N
081 B00AA00 0
082 B00AA00 0
<PAGE> PAGE 5
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 Y
085 B00AA00 N
028 A010100 576
028 A020100 0
028 A030100 0
028 A040100 40
028 B010100 67
028 B020100 0
028 B030100 0
028 B040100 159
028 C010100 69
028 C020100 0
028 C030100 0
028 C040100 653
028 D010100 55
028 D020100 0
028 D030100 0
028 D040100 136
028 E010100 133
028 E020100 0
028 E030100 0
028 E040100 41
028 F010100 12
028 F020100 0
028 F030100 0
028 F040100 50
028 G010100 912
028 G020100 0
028 G030100 0
028 G040100 1079
028 H000100 0
042 A000100 0
042 B000100 0
042 C000100 0
042 D000100 0
042 E000100 0
042 F000100 0
042 G000100 100
042 H000100 0
043 000100 14
044 000100 0
045 000100 Y
046 000100 N
047 000100 Y
048 000100 0.700
048 A010100 0
048 A020100 0.000
<PAGE> PAGE 6
048 B010100 0
048 B020100 0.000
048 C010100 0
048 C020100 0.000
048 D010100 0
048 D020100 0.000
048 E010100 0
048 E020100 0.000
048 F010100 0
048 F020100 0.000
048 G010100 0
048 G020100 0.000
048 H010100 0
048 H020100 0.000
048 I010100 0
048 I020100 0.000
048 J010100 0
048 J020100 0.000
048 K010100 0
048 K020100 0.000
058 A000100 N
059 000100 Y
060 A000100 Y
060 B000100 Y
061 000100 2500
062 A000100 N
062 B000100 0.0
062 C000100 0.0
062 D000100 0.0
062 E000100 0.0
062 F000100 0.0
062 G000100 0.0
062 H000100 0.0
062 I000100 0.0
062 J000100 0.0
062 K000100 0.0
062 L000100 0.0
062 M000100 0.0
062 N000100 0.0
062 O000100 0.0
062 P000100 0.0
062 Q000100 0.0
062 R000100 0.0
063 A000100 0
063 B000100 0.0
066 A000100 Y
066 E000100 Y
067 000100 N
068 A000100 N
068 B000100 N
069 000100 N
<PAGE> PAGE 7
070 A010100 Y
070 A020100 N
070 B010100 Y
070 B020100 N
070 C010100 N
070 C020100 N
070 D010100 Y
070 D020100 N
070 E010100 Y
070 E020100 N
070 F010100 Y
070 F020100 N
070 G010100 Y
070 G020100 N
070 H010100 N
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 Y
070 J020100 N
070 K010100 Y
070 K020100 N
070 L010100 Y
070 L020100 N
070 M010100 Y
070 M020100 N
070 N010100 Y
070 N020100 N
070 O010100 N
070 O020100 N
070 P010100 N
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 N
070 R020100 N
071 A000100 3305
071 B000100 2553
071 C000100 10147
071 D000100 25
072 A000100 6
072 B000100 37
072 C000100 109
072 D000100 0
072 E000100 0
072 F000100 40
072 G000100 20
072 H000100 0
072 I000100 0
072 J000100 0
072 K000100 0
<PAGE> PAGE 8
072 L000100 0
072 M000100 0
072 N000100 0
072 O000100 0
072 P000100 0
072 Q000100 0
072 R000100 0
072 S000100 0
072 T000100 15
072 U000100 0
072 V000100 0
072 W000100 0
072 X000100 75
072 Y000100 0
072 Z000100 71
072AA000100 0
072BB000100 6
072CC010100 0
072CC020100 1585
072DD010100 0
072DD020100 0
072EE000100 0
073 A010100 0.0000
073 A020100 0.0000
073 B000100 0.0000
073 C000100 0.0000
074 A000100 0
074 B000100 0
074 C000100 1175
074 D000100 0
074 E000100 0
074 F000100 9446
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 0
074 K000100 0
074 L000100 0
074 M000100 12
074 N000100 10633
074 O000100 0
074 P000100 0
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 15
074 S000100 0
074 T000100 10618
074 U010100 892
074 U020100 0
<PAGE> PAGE 9
074 V010100 11.91
074 V020100 0.00
074 W000100 0.0000
074 X000100 116
074 Y000100 0
075 A000100 0
075 B000100 11895
076 000100 0.00
028 A010200 410
028 A020200 0
028 A030200 0
028 A040200 0
028 B010200 75
028 B020200 0
028 B030200 0
028 B040200 0
028 C010200 0
028 C020200 1
028 C030200 0
028 C040200 0
028 D010200 25
028 D020200 1
028 D030200 0
028 D040200 0
028 E010200 0
028 E020200 1
028 E030200 0
028 E040200 15
028 F010200 25
028 F020200 1
028 F030200 0
028 F040200 0
028 G010200 535
028 G020200 4
028 G030200 0
028 G040200 15
028 H000200 0
042 A000200 0
042 B000200 0
042 C000200 0
042 D000200 0
042 E000200 0
042 F000200 0
042 G000200 100
042 H000200 0
043 000200 1
044 000200 0
045 000200 Y
046 000200 N
047 000200 Y
048 000200 0.300
<PAGE> PAGE 10
048 A010200 0
048 A020200 0.000
048 B010200 0
048 B020200 0.000
048 C010200 0
048 C020200 0.000
048 D010200 0
048 D020200 0.000
048 E010200 0
048 E020200 0.000
048 F010200 0
048 F020200 0.000
048 G010200 0
048 G020200 0.000
048 H010200 0
048 H020200 0.000
048 I010200 0
048 I020200 0.000
048 J010200 0
048 J020200 0.000
048 K010200 0
048 K020200 0.000
058 A000200 N
059 000200 Y
060 A000200 N
060 B000200 N
061 000200 2500
062 A000200 Y
062 B000200 11.5
062 C000200 0.0
062 D000200 0.0
062 E000200 4.9
062 F000200 0.0
062 G000200 0.0
062 H000200 0.0
062 I000200 0.0
062 J000200 0.0
062 K000200 0.0
062 L000200 0.0
062 M000200 0.0
062 N000200 0.0
062 O000200 82.7
062 P000200 0.0
062 Q000200 0.0
062 R000200 0.9
063 A000200 0
063 B000200 6.8
064 A000200 N
064 B000200 N
066 A000200 N
067 000200 N
<PAGE> PAGE 11
068 A000200 N
068 B000200 N
069 000200 N
070 A010200 Y
070 A020200 N
070 B010200 N
070 B020200 N
070 C010200 Y
070 C020200 N
070 D010200 N
070 D020200 N
070 E010200 Y
070 E020200 N
070 F010200 Y
070 F020200 N
070 G010200 Y
070 G020200 N
070 H010200 N
070 H020200 N
070 I010200 N
070 I020200 N
070 J010200 Y
070 J020200 N
070 K010200 Y
070 K020200 N
070 L010200 N
070 L020200 N
070 M010200 Y
070 M020200 N
070 N010200 Y
070 N020200 N
070 O010200 Y
070 O020200 N
070 P010200 N
070 P020200 N
070 Q010200 N
070 Q020200 N
070 R010200 N
070 R020200 N
071 A000200 445
071 B000200 10
071 C000200 366
071 D000200 3
072 A000200 6
072 B000200 9
072 C000200 0
072 D000200 0
072 E000200 0
072 F000200 1
072 G000200 0
072 H000200 0
<PAGE> PAGE 12
072 I000200 0
072 J000200 0
072 K000200 0
072 L000200 0
072 M000200 0
072 N000200 0
072 O000200 0
072 P000200 0
072 Q000200 0
072 R000200 0
072 S000200 0
072 T000200 0
072 U000200 0
072 V000200 0
072 W000200 0
072 X000200 1
072 Y000200 0
072 Z000200 8
072AA000200 0
072BB000200 0
072CC010200 0
072CC020200 13
072DD010200 8
072DD020200 0
072EE000200 0
073 A010200 0.1600
073 A020200 0.0000
073 B000200 0.0000
073 C000200 0.0000
074 A000200 1
074 B000200 0
074 C000200 84
074 D000200 422
074 E000200 0
074 F000200 0
074 G000200 0
074 H000200 0
074 I000200 0
074 J000200 0
074 K000200 0
074 L000200 6
074 M000200 0
074 N000200 513
074 O000200 0
074 P000200 0
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 2
074 S000200 0
<PAGE> PAGE 13
074 T000200 511
074 U010200 53
074 U020200 0
074 V010200 9.72
074 V020200 0.00
074 W000200 0.0000
074 X000200 8
074 Y000200 0
075 A000200 0
075 B000200 453
076 000200 0.00
SIGNATURE DENISE LEWIS
TITLE ASSISTANT TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001076113
<NAME> ALLEGIANCE INVESTMENT TRUST
<SERIES>
<NUMBER> 1
<NAME> ALLEGIANCE AMERICAN VALUE FUND
<MULTIPLIER> 1
<CURRENCY> US
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1999
<PERIOD-START> MAY-07-1999
<PERIOD-END> OCT-31-1999
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 9816301
<INVESTMENTS-AT-VALUE> 10620617
<RECEIVABLES> 12661
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 10633278
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 15732
<TOTAL-LIABILITIES> 15732
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 9747800
<SHARES-COMMON-STOCK> 891693
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 71511
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (6081)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (804316)
<NET-ASSETS> 10617546
<DIVIDEND-INCOME> 109434
<INTEREST-INCOME> 37066
<OTHER-INCOME> 0
<EXPENSES-NET> 74989
<NET-INVESTMENT-INCOME> 71511
<REALIZED-GAINS-CURRENT> (6081)
<APPREC-INCREASE-CURRENT> (1584652)
<NET-CHANGE-FROM-OPS> (1519222)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 971421
<NUMBER-OF-SHARES-REDEEMED> 79728
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 10617546
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 40379
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 74989
<AVERAGE-NET-ASSETS> 11895214
<PER-SHARE-NAV-BEGIN> 13.60
<PER-SHARE-NII> 0.08
<PER-SHARE-GAIN-APPREC> (1.77)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.91
<EXPENSE-RATIO> 1.29
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001076113
<NAME> ALLEGIANCE INVESTMENT TRUST
<SERIES>
<NUMBER> 2
<NAME> ALLEGIANCE CALIFORNIA TAX-FREE INTERMEDIATE BOND FUND
<MULTIPLIER> 1
<CURRENCY> US
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1999
<PERIOD-START> MAY-07-1999
<PERIOD-END> OCT-31-1999
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 518690
<INVESTMENTS-AT-VALUE> 505944
<RECEIVABLES> 5970
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 1123
<TOTAL-ASSETS> 513037
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2119
<TOTAL-LIABILITIES> 2119
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 523679
<SHARES-COMMON-STOCK> 52579
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (15)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (12746)
<NET-ASSETS> 510918
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 9217
<OTHER-INCOME> 0
<EXPENSES-NET> 1426
<NET-INVESTMENT-INCOME> 7791
<REALIZED-GAINS-CURRENT> (15)
<APPREC-INCREASE-CURRENT> (12746)
<NET-CHANGE-FROM-OPS> (4970)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 7791
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 53749
<NUMBER-OF-SHARES-REDEEMED> 1529
<SHARES-REINVESTED> 359
<NET-CHANGE-IN-ASSETS> 510918
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 658
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1426
<AVERAGE-NET-ASSETS> 452675
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.16
<PER-SHARE-GAIN-APPREC> (0.28)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0.16
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.72
<EXPENSE-RATIO> 0.65
</TABLE>
Report of Independent Accountants
To the Shareholders and Board of Trustees of
Allegiance Investment Trust
In planning and performing our audit of the financial
statements of Allegiance American Value Fund and
Allegiance California Tax-Free Intermediate Bond
Fund (constituting the Allegiance investment Trust,
hereafter referred to as the "Trust") for the period
ended October 31, 1999, we considered its internal
control, including control activities for safeguarding
securities, in order to determine our auditing procedures
for the purpose of expressing our opinion on the financial
statements and to comply with the requirements of Form
N-SAR, not to provide assurance on internal control.
The management of the Trust is responsible for establishing
and maintaining internal control. In fulfilling this
responsibility, estimates and judgments by management
are required to assess the expected benefits and related
costs of controls. Generally, controls that are relevant
to an audit pertain to the entity's objective of preparing
financial statements for external purposes that are fairly
presented in conformity with generally accepted
accounting principles. Those control activities include
the safeguarding of assets against unauthorized acquisition,
use or disposition.
Because of inherent limitations in internal control, errors
or fraud may occur and not be detected. Also, projection
of any evaluation of internal control to future periods is
subject to the risk that it may become inadequate because
of changes in conditions or that the effectiveness of the
design and operation may deteriorate.
Our consideration of internal control would not necessarily
disclose all matters in internal control that might be material
weaknesses under standards established by the American
Institute of Certified Public Accountants. A material weakness
is a condition in which the design or operation of one or more
of the internal control components does not reduce to a relatively
low level the risk that misstatements caused by errors or fraud
in amounts that would be material in relation to the financial
statements being audited may occur and not be detected within
a timely period by employees in the normal course of performing
their assigned functions. However, we noted no matters
involving internal control and its operation, including controls
for safeguarding securities, that we consider to be material
weaknesses as defined above as of October 31, 1999.
This report is intended solely for the information and use
of management and the Board of Trustees of the Trust
and the Securities and Exchange Commission and is not
intended to be and should not be used by anyone other than
these specified parties.
PricewaterhouseCoopers LLP
Los Angeles, California
November 30, 1999
