<PAGE> PAGE 1
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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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<PAGE> PAGE 20
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<PAGE> PAGE 21
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054 C000600 N
054 D000600 N
054 E000600 N
054 F000600 N
054 G000600 N
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054 I000600 N
054 J000600 Y
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054 L000600 N
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<PAGE> PAGE 22
055 A000600 Y
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056 000600 Y
057 000600 N
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064 B000600 N
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070 D020600 N
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070 E020600 N
070 F010600 N
070 F020600 N
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070 G020600 N
070 H010600 N
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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014 A000801 COUNTRYWIDE INVESTMENTS, INC.
014 B000801 8-24674
014 A000802 CW FUND DISTRIBUTORS, INC.
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<PAGE> PAGE 25
025 B000802 13-2655998
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<PAGE> PAGE 26
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<PAGE> PAGE 27
054 I000800 N
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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014 A000901 COUNTRYWIDE INVESTMENTS, INC.
014 B000901 8-24674
014 A000902 AMIVEST CORPORATION
014 B000902 8-14508
014 A000903 CW FUND DISTRIBUTORS, INC.
<PAGE> PAGE 30
014 B000903 8-40907
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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SIGNATURE TINA D. HOSKING
TITLE SECRETARY
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<NAME> COUNTRYWIDE INVESTMENT TRUST
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<NET-CHANGE-FROM-OPS> 1,266,036
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,271,595
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 68,597,495
<NUMBER-OF-SHARES-REDEEMED> 64,666,486
<SHARES-REINVESTED> 780,819
<NET-CHANGE-IN-ASSETS> 4,706,269
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (5,785)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 137,483
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 306,163
<AVERAGE-NET-ASSETS> 27,490,742
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .046
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> .046
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .65
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000066117
<NAME> COUNTRYWIDE INVESTMENT TRUST
<SERIES>
<NUMBER> 3
<NAME> INTERMEDIATE TERM GOVERNMENT INCOME FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1999
<PERIOD-START> OCT-01-1998
<PERIOD-END> SEP-30-1999
<INVESTMENTS-AT-COST> 45,289,813
<INVESTMENTS-AT-VALUE> 44,615,400
<RECEIVABLES> 659,384
<ASSETS-OTHER> 1,216
<OTHER-ITEMS-ASSETS> 11,544
<TOTAL-ASSETS> 45,287,544
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 228,039
<TOTAL-LIABILITIES> 228,039
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 48,088,390
<SHARES-COMMON-STOCK> 4,357,160
<SHARES-COMMON-PRIOR> 4,588,497
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (2,354,472)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (674,413)
<NET-ASSETS> 45,059,505
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3,043,330
<OTHER-INCOME> 0
<EXPENSES-NET> 458,103
<NET-INVESTMENT-INCOME> 2,585,227
<REALIZED-GAINS-CURRENT> 389,990
<APPREC-INCREASE-CURRENT> (3,884,439)
<NET-CHANGE-FROM-OPS> (909,222)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,585,227
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,170,029
<NUMBER-OF-SHARES-REDEEMED> 1,614,165
<SHARES-REINVESTED> 212,799
<NET-CHANGE-IN-ASSETS> (6,108,516)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (2,744,462)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 231,334
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 458,103
<AVERAGE-NET-ASSETS> 46,258,059
<PER-SHARE-NAV-BEGIN> 11.15
<PER-SHARE-NII> .60
<PER-SHARE-GAIN-APPREC> (.81)
<PER-SHARE-DIVIDEND> .60
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.34
<EXPENSE-RATIO> .99
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000066117
<NAME> COUNTRYWIDE INVESTMENT TRUST
<SERIES>
<NUMBER> 6
<NAME> ADJUSTABLE RATE U.S. GOVERNMENT SECURITIES FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1999
<PERIOD-START> OCT-01-1998
<PERIOD-END> SEP-30-1999
<INVESTMENTS-AT-COST> 8,691,801
<INVESTMENTS-AT-VALUE> 8,704,882
<RECEIVABLES> 79,268
<ASSETS-OTHER> 683
<OTHER-ITEMS-ASSETS> 10,658
<TOTAL-ASSETS> 8,795,491
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 135,427
<TOTAL-LIABILITIES> 135,427
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 9,959,666
<SHARES-COMMON-STOCK> 895,056
<SHARES-COMMON-PRIOR> 1,095,327
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,312,683)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 13,081
<NET-ASSETS> 8,660,064
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 583,634
<OTHER-INCOME> 0
<EXPENSES-NET> 73,384
<NET-INVESTMENT-INCOME> 510,250
<REALIZED-GAINS-CURRENT> (3,127)
<APPREC-INCREASE-CURRENT> (21,601)
<NET-CHANGE-FROM-OPS> 485,522
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 510,250
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 428,847
<NUMBER-OF-SHARES-REDEEMED> 677,383
<SHARES-REINVESTED> 48,265
<NET-CHANGE-IN-ASSETS> (1,955,567)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (1,309,556)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 48,923
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 175,707
<AVERAGE-NET-ASSETS> 9,779,673
<PER-SHARE-NAV-BEGIN> 9.69
<PER-SHARE-NII> .50
<PER-SHARE-GAIN-APPREC> (.01)
<PER-SHARE-DIVIDEND> .50
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.68
<EXPENSE-RATIO> .75
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000066117
<NAME> COUNTRYWIDE INVESTMENT TRUST
<SERIES>
<NUMBER> 9
<NAME> INTERMEDIATE BOND FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1999
<PERIOD-START> OCT-01-1998
<PERIOD-END> SEP-30-1999
<INVESTMENTS-AT-COST> 11,887,281
<INVESTMENTS-AT-VALUE> 11,527,189
<RECEIVABLES> 170,704
<ASSETS-OTHER> 175
<OTHER-ITEMS-ASSETS> 15,929
<TOTAL-ASSETS> 11,713,997
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 27,023
<TOTAL-LIABILITIES> 27,023
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 12,476,918
<SHARES-COMMON-STOCK> 1,236,214
<SHARES-COMMON-PRIOR> 2,258,294
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (429,852)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (360,092)
<NET-ASSETS> 11,686,974
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,076,245
<OTHER-INCOME> 0
<EXPENSES-NET> 148,133
<NET-INVESTMENT-INCOME> 928,112
<REALIZED-GAINS-CURRENT> (223,139)
<APPREC-INCREASE-CURRENT> (1,386,315)
<NET-CHANGE-FROM-OPS> (681,342)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 932,145
<DISTRIBUTIONS-OF-GAINS> 137,666
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 749,657
<NUMBER-OF-SHARES-REDEEMED> 1,843,840
<SHARES-REINVESTED> 72,103
<NET-CHANGE-IN-ASSETS> (12,031,137)
<ACCUMULATED-NII-PRIOR> 4,033
<ACCUMULATED-GAINS-PRIOR> (69,047)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 77,965
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 197,523
<AVERAGE-NET-ASSETS> 15,560,514
<PER-SHARE-NAV-BEGIN> 10.50
<PER-SHARE-NII> .59
<PER-SHARE-GAIN-APPREC> (.97)
<PER-SHARE-DIVIDEND> .59
<PER-SHARE-DISTRIBUTIONS> .08
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.45
<EXPENSE-RATIO> .95
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
77I. Terms of New or Amended Securities
Effective on August 1, 1999, the Intermediate Bond Fund offered a new class of
shares, designated Class C shares. Class C shares are sold with a maximum 1.25%
front-end sales load and are subject to a 1.00% contingent deferred sales load
(if they are redeemed within a year of their purchase) and 12b-1 fees of up to
1.00% of average net assets. No Class C shares of the Fund were sold during the
reporting period.
<PAGE>
ARTHUR ANDERSEN LLP
Report of Independent Public Accountants
----------------------------------------
To the Board of Trustees
of Countrywide Strategic Trust:
In planning and performing our audit of the financial statements of
Countrywide Strategic Trust for the year ended March 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, and not to provide assurance on the internal control.
The management of Countrywide Strategic 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 controls include the
safeguarding of assets against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, error 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 error 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
March 31, 1999.
This report is intended solely for the information and use of
management, the Board of Trustees, and the Securities and Exchange Commission.
/s/ Arthur Andersen LLP
Cincinnati, Ohio,
April 30, 1999
<PAGE>
