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SIGNATURE MARY JANE MALONEY
TITLE MANAGER
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EXHIBIT INDEX
Exhibit A:
Attachment to item 77B: Accountant's report on internal
control.
- -------------------------------------------------------------
Exhibit A:
Report of Independent Accountants
To the Board of Directors of
Municipal Fund for California Investors, Inc.:
In planning and performing our audit of the financial statements
and financial highlights of Municipal Fund for California
Investors, Inc. for the year ended January 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 financial highlights, and to comply with
the requirements of Form N-SAR, not to provide assurance on
internal control.
The management of Municipal Fund for California Investors, Inc.
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 and financial highlights 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, 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 error or fraud in
amounts that would be material in relation to the financial
statements and financial highlights 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 over safeguarding securities, that we consider
to be material weaknesses as defined above as of January 31,1999.
This report is intended solely for the information and use of
management, the Board of Directors of Municipal Fund for
California Investors, Inc. and the Securities and Exchange
Commission.
PricewaterhouseCoopers LLP
February 26, 1999
