<PAGE> PAGE 1
000 B000000 03/31/98
000 C000000 0000719150
000 D000000 N
000 E000000 NF
000 F000000 Y
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000 H000000 N
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000 J000000 A
001 A000000 SCUDDER CALIFORNIA TAX FREE TRUST
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001 C000000 6172952569
002 A000000 TWO INTERNATIONAL PLACE
002 B000000 BOSTON,
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002 D010000 02110
002 D020000 4103
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007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
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008 A00AA01 SCUDDER KEMPER INVESTMENTS, INC.
008 B00AA01 A
008 C00AA01 801-252
008 D01AA01 NEW YORK
008 D02AA01 NY
008 D03AA01 10154
010 A00AA01 SCUDDER FUND ACCOUNTING CORPORATION
010 C01AA01 BOSTON
010 C02AA01 MA
010 C03AA01 02110
011 A00AA01 SCUDDER INVESTOR SERVICES, INC.
011 B00AA01 8-298
011 C01AA01 BOSTON,
011 C02AA01 MA
<PAGE> PAGE 2
011 C03AA01 02110
012 A00AA01 SCUDDER SERVICE CORPORATION
012 B00AA01 84-1489
012 C01AA01 BOSTON,
012 C02AA01 MA
012 C03AA01 02110
013 A00AA01 COOPERS & LYBRAND L.L.P.
013 B01AA01 BOSTON,
013 B02AA01 MA
013 B03AA01 02109
014 A00AA01 SCUDDER INVESTOR SERVICES, INC
014 B00AA01 8-44899
014 A00AA02 GRUNTAL & CO., INC.
014 B00AA02 8-31022
014 A00AA03 GMS GROUP LLC (A GRUNTAL AFFILIATE)
014 B00AA03 8-23936
014 A00AA04 ZURICH CAPITAL MARKETS
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014 A00AA05 BANK HANDLOWY
014 B00AA05 8-24613
015 A00AA01 STATE STREET BANK AND TRUST COMPANY
015 B00AA01 C
015 C01AA01 BOSTON,
015 C02AA01 MA
015 C03AA01 02110
015 E01AA01 X
015 A00AA02 BANKERS TRUST COMPANY
015 B00AA02 S
015 C01AA02 NEW YORK
015 C02AA02 NY
015 C03AA02 10015
015 E01AA02 X
015 A00AA03 BANK OF NEW YORK
015 B00AA03 S
015 C01AA03 NEW YORK
015 C02AA03 NY
015 C03AA03 10015
015 E01AA03 X
015 A00AA04 CHEMICAL BANK
015 B00AA04 S
015 C01AA04 NEW YORK
015 C02AA04 NY
015 C03AA04 10172
015 E01AA04 X
015 A00AA05 MORGAN GUARANTY TRUST COMPANY
015 B00AA05 S
015 C01AA05 NEW YORK
015 C02AA05 NY
015 C03AA05 10015
015 E01AA05 X
015 A00AA06 SECURITY PACIFIC NATIONAL TRUST COMPANY (NY)
<PAGE> PAGE 3
015 B00AA06 S
015 C01AA06 NEW YORK
015 C02AA06 NY
015 C03AA06 10006
015 E01AA06 X
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 62
019 C00AA00 SCUDDERKEM
020 A000001 MERRILL LYNCH
020 B000001 13-5674085
020 C000001 5
020 A000002 FIRST CHICAGO CORPORATION
020 B000002 NOT LISTED
020 C000002 1
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020 C000004 0
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022 A000001 MERRILL LYNCH
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022 A000002 SMITH BARNEY SHEARSON
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022 A000004 GOLDMAN, SACHS & CO.
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022 A000005 BANKERS TRUST COMPANY
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022 C000005 22230
022 D000005 22950
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022 B000006 41-0953246
022 C000006 20491
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022 A000007 MORGAN STANLEY & CO.
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022 C000007 18884
022 D000007 14227
<PAGE> PAGE 4
022 A000008 LEHMAN BROTHERS SECURITIES
022 B000008 13-2518466
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<PAGE> PAGE 5
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 N
054 H00AA00 Y
054 I00AA00 N
054 J00AA00 Y
054 K00AA00 N
054 L00AA00 N
054 M00AA00 Y
054 N00AA00 N
054 O00AA00 Y
055 A00AA00 N
055 B00AA00 N
056 00AA00 Y
057 00AA00 N
077 A000000 Y
077 B000000 Y
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077 Q030000 Y
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080 A00AA00 ICI MUTUAL INSURANCE COMPANY
080 B00AA00 NATIONAL UNION FIRE INSURANCE COMPANY
080 C00AA00 60000
081 A00AA00 Y
081 B00AA00 112
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083 A00AA00 N
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085 A00AA00 Y
085 B00AA00 N
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<PAGE> PAGE 6
028 E020100 728
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048 I010100 0
048 I020100 0.000
048 J010100 0
048 J020100 0.000
048 K010100 0
048 K020100 0.000
049 000100 N
050 000100 N
051 000100 N
052 000100 N
053 A000100 N
058 A000100 N
059 000100 Y
060 A000100 Y
060 B000100 Y
061 000100 2500
062 A000100 Y
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062 C000100 0.0
<PAGE> PAGE 7
062 D000100 0.0
062 E000100 50.0
062 F000100 0.0
062 G000100 0.0
062 H000100 0.0
062 I000100 0.0
062 J000100 0.0
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062 L000100 0.0
062 M000100 0.0
062 N000100 0.0
062 O000100 99.5
062 P000100 0.0
062 Q000100 0.0
062 R000100 0.0
063 A000100 0
063 B000100 11.8
066 A000100 N
067 000100 N
068 A000100 N
068 B000100 N
069 000100 N
070 A010100 Y
070 A020100 N
070 B010100 N
070 B020100 N
070 C010100 Y
070 C020100 N
070 D010100 N
070 D020100 N
070 E010100 Y
070 E020100 N
070 F010100 N
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 N
070 L020100 N
070 M010100 N
070 M020100 N
070 N010100 Y
070 N020100 N
070 O010100 N
<PAGE> PAGE 8
070 O020100 N
070 P010100 Y
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 N
070 R020100 N
071 A000100 84680
071 B000100 64714
071 C000100 300364
071 D000100 22
072 A000100 12
072 B000100 17096
072 C000100 0
072 D000100 0
072 E000100 0
072 F000100 1893
072 G000100 0
072 H000100 0
072 I000100 226
072 J000100 127
072 K000100 0
072 L000100 37
072 M000100 23
072 N000100 10
072 O000100 0
072 P000100 0
072 Q000100 0
072 R000100 43
072 S000100 9
072 T000100 0
072 U000100 0
072 V000100 0
072 W000100 20
072 X000100 2388
072 Y000100 0
072 Z000100 14708
072AA000100 1470
072BB000100 20
072CC010100 17755
072CC020100 0
072DD010100 14708
072DD020100 0
072EE000100 567
073 A010100 0.5200
073 A020100 0.0000
073 B000100 0.0200
073 C000100 0.0000
074 A000100 241
074 B000100 0
074 C000100 1500
<PAGE> PAGE 9
074 D000100 319633
074 E000100 0
074 F000100 0
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 0
074 K000100 0
074 L000100 3847
074 M000100 6
074 N000100 325227
074 O000100 0
074 P000100 229
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 549
074 S000100 0
074 T000100 324449
074 U010100 29339
074 U020100 0
074 V010100 11.06
074 V020100 0.00
074 W000100 0.0000
074 X000100 5074
074 Y000100 0
075 A000100 307057
075 B000100 0
076 000100 0.00
028 A010200 4766
028 A020200 133
028 A030200 0
028 A040200 4063
028 B010200 3051
028 B020200 138
028 B030200 0
028 B040200 2363
028 C010200 19470
028 C020200 147
028 C030200 0
028 C040200 4572
028 D010200 14591
028 D020200 172
028 D030200 0
028 D040200 15668
028 E010200 5491
028 E020200 134
028 E030200 0
028 E040200 13977
028 F010200 3796
<PAGE> PAGE 10
028 F020200 139
028 F030200 0
028 F040200 5036
028 G010200 51165
028 G020200 863
028 G030200 0
028 G040200 45679
028 H000200 0
045 000200 Y
046 000200 N
047 000200 Y
048 000200 0.000
048 A010200 200000
048 A020200 0.625
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 200000
048 K020200 0.600
049 000200 N
050 000200 N
051 000200 N
052 000200 N
053 A000200 Y
053 B000200 Y
053 C000200 N
058 A000200 N
059 000200 Y
060 A000200 N
060 B000200 N
061 000200 2500
062 A000200 Y
062 B000200 0.0
062 C000200 0.0
062 D000200 0.0
062 E000200 0.0
<PAGE> PAGE 11
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 100.0
062 P000200 0.0
062 Q000200 0.0
062 R000200 0.0
063 A000200 0
063 B000200 0.0
066 A000200 N
067 000200 N
068 A000200 N
068 B000200 N
069 000200 N
070 A010200 Y
070 A020200 N
070 B010200 N
070 B020200 N
070 C010200 N
070 C020200 N
070 D010200 N
070 D020200 N
070 E010200 N
070 E020200 N
070 F010200 N
070 F020200 N
070 G010200 N
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 N
070 M020200 N
070 N010200 Y
070 N020200 N
070 O010200 N
070 O020200 N
070 P010200 Y
<PAGE> PAGE 12
070 P020200 N
070 Q010200 N
070 Q020200 N
070 R010200 N
070 R020200 N
071 A000200 131898
071 B000200 129605
071 C000200 28758
071 D000200 5
072 A000200 12
072 B000200 2417
072 C000200 0
072 D000200 0
072 E000200 0
072 F000200 343
072 G000200 0
072 H000200 0
072 I000200 78
072 J000200 46
072 K000200 0
072 L000200 9
072 M000200 16
072 N000200 4
072 O000200 0
072 P000200 0
072 Q000200 0
072 R000200 27
072 S000200 6
072 T000200 0
072 U000200 0
072 V000200 0
072 W000200 7
072 X000200 536
072 Y000200 124
072 Z000200 2006
072AA000200 0
072BB000200 0
072CC010200 0
072CC020200 0
072DD010200 2006
072DD020200 0
072EE000200 0
073 A010200 0.0300
073 A020200 0.0000
073 B000200 0.0000
073 C000200 0.0000
074 A000200 0
074 B000200 0
074 C000200 0
074 D000200 69964
074 E000200 0
<PAGE> PAGE 13
074 F000200 0
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074 J000200 700
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074 R040200 431
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074 U020200 0
074 V010200 1.00
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SIGNATURE THOMAS F. MCDONOUGH
TITLE VICE PRESIDENT
Coopers
& Lybrand
REPORT OF INDEPENDENT ACCOUNTANTS
To the Trustees of Scudder California Tax Free Trust: Scudder California Tax
Free Fund and Scudder California Tax Free Money Fund:
In planning and performing our audits of the financial statements and
financial highlights of Scudder California Tax Free Fund and Scudder California
Tax Free Money Fund for the year ended March 31, 1998, 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 Scudder California Tax Free Fund and Scudder California Tax
Free Money Fund 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, 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 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 March 31, 1998.
This report is intended solely for the information and use of management,
the Trustees of Scudder California Tax Free Fund and Scudder California Tax Free
Money Fund and the Securities and Exchange Commission.
Boston, Massachusetts COOPERS & LYBRAND L.L.P.
May 5, 1998
Shareholder Meeting Results
A Special Meeting of Shareholders (the "Meeting") of Scudder California Tax Free
Fund (the "Fund") was held on October 24, 1997, at the office of Scudder Kemper
Investments, Inc. (formerly Scudder, Stevens & Clark, Inc.), Two International
Place, Boston, Massachusetts 02110. At the Meeting, as adjourned and reconvened,
the following matters were voted upon by the shareholders (the resulting votes
for each matter are presented below). With regard to certain proposals, it was
recommended that the Meeting be reconvened in order to provide shareholders with
an additional opportunity to return their proxies. The date of the reconvened
meeting at which the matters were decided is noted after the proposed matter.
1. To approve the new Investment Management Agreement between the Fund and
Scudder Kemper Investments, Inc.
Number of Votes:
----------------
For Against Abstain Broker Non-Votes*
--- ------- ------- -----------------
18,384,244 760,468 868,638 0
2. To elect Trustees.
Number of Votes:
----------------
Trustee For Withheld
------- --- --------
Henry P. Becton, Jr. 19,349,952 663,398
Dawn-Marie Driscoll 19,340,544 672,806
Peter B. Freeman 19,349,461 663,890
George M. Lovejoy, Jr. 19,354,536 658,814
Wesley W. Marple, Jr. 19,355,895 657,456
Daniel Pierce 19,355,419 657,932
Kathryn L. Quirk 19,347,931 665,419
Jean C. Tempel 19,342,987 670,364
3. To approve the Board's discretionary authority to convert the Fund to a
master/feeder fund structure through a sale or transfer of assets or
otherwise.
Number of Votes:
----------------
For Against Abstain Broker Non-Votes*
--- ------- ------- -----------------
17,039,498 1,524,095 1,309,423 140,334
42 - Scudder California Tax Free Fund
<PAGE>
4. To approve certain amendments to the Declaration of Trust. Sufficient
proxies had not been received by December 2, 1997 to approve the
amendments to the Declaration of Trust. Management has determined not to
continue to seek shareholder approval for this item.
Number of Votes:
----------------
For Against Abstain Broker Non-Votes*
--- ------- ------- -----------------
17,793,478 1,080,484 1,341,242 91,406
5. To approve the revision of certain fundamental investment policies.
<TABLE>
<CAPTION>
Number of Votes:
----------------
Broker
Fundamental Policies For Against Abstain Non-Votes*
-------------------- --- ------- ------- ----------
<S> <C> <C> <C> <C>
5.1 Diversification 16,644,299 1,750,379 1,478,339 140,334
5.2 Borrowing 16,629,143 1,762,912 1,480,961 140,334
5.3 Senior securities 16,670,640 1,724,991 1,477,385 140,334
5.4 Concentration 16,657,054 1,736,123 1,479,840 140,344
5.5 Loans 16,661,456 1,732,945 1,478,616 140,344
5.6 Underwriting of securities 16,658,789 1,733,859 1,480,369 140,344
5.7 Investment in real estate 16,663,123 1,727,464 1,482,429 140,344
5.8 Purchase of physical 16,673,628 1,725,574 1,473,815 140,344
commodities
5.9 Investment in California 16,653,090 1,743,370 1,476,557 140,344
municipal securities
</TABLE>
6. To ratify the selection of Coopers & Lybrand L.L.P. as the Fund's independent
accountants.
Number of Votes:
----------------
For Against Abstain
--- ------- -------
18,971,432 316,739 725,179
* Broker non-votes are proxies received by the Fund from brokers or nominees
when the broker or nominee neither has received instructions from the
beneficial owner or other persons entitled to vote nor has discretionary power
to vote on a particular matter.
43 - Scudder California Tax Free Fund
<PAGE>
Shareholder Meeting Results
A Special Meeting of Shareholders (the "Meeting") of Scudder California Tax Free
Money Fund (the "Fund") was held on October 24, 1997, at the office of Scudder
Kemper Investments, Inc. (formerly Scudder, Stevens & Clark, Inc.), Two
International Place, Boston, Massachusetts 02110. At the Meeting, as adjourned
and reconvened, the following matters were voted upon by the shareholders (the
resulting votes for each matter are presented below). With regard to certain
proposals, it was recommended that the Meeting be reconvened in order to provide
shareholders with an additional opportunity to return their proxies. The date of
the reconvened meeting at which the matters were decided is noted after the
proposed matter.
1. To approve the new Investment Management Agreement between the Fund and
Scudder Kemper Investments, Inc.
Number of Votes:
----------------
For Against Abstain Broker Non-Votes*
--- ------- ------- -----------------
41,339,564 1,150,085 2,067,210 0
2. To elect Trustees.
Number of Votes:
----------------
Trustee For Withheld
------- --- --------
Henry P. Becton, Jr. 42,822,799 1,734,060
Dawn-Marie Driscoll 42,822,799 1,734,060
Peter B. Freeman 42,601,714 1,955,146
George M. Lovejoy, Jr. 42,822,799 1,734,060
Wesley W. Marple, Jr. 42,822,799 1,734,060
Daniel Pierce 42,809,134 1,747,725
Kathryn L. Quirk 42,586,784 1,970,076
Jean C. Tempel 42,822,799 1,734,060
3. To approve the Board's discretionary authority to convert the Fund to a
master/feeder fund structure through a sale or transfer of assets or
otherwise.
Number of Votes:
----------------
For Against Abstain Broker Non-Votes*
--- ------- ------- -----------------
39,617,622 2,947,426 1,981,129 10,682
40 - Scudder California Tax Free Money Fund
<PAGE>
4. To approve certain amendments to the Declaration of Trust. Sufficient
proxies had not been received by December 2, 1997 to approve the
amendments to the Declaration of Trust. Management has determined not to
continue to seek shareholder approval for this item.
Number of Votes:
----------------
For Against Abstain Broker Non-Votes*
--- ------- ------- -----------------
41,344,284 2,212,520 1,876,425 0
5. To approve the revision of certain fundamental investment policies.
<TABLE>
<CAPTION>
Number of Votes:
----------------
Broker
Fundamental Policies For Against Abstain Non-Votes*
-------------------- --- ------- ------- ----------
<S> <C> <C> <C> <C>
5.1 Diversification 37,815,270 4,682,079 2,048,828 10,682
5.2 Borrowing 37,800,340 4,697,010 2,048,828 10,682
5.3 Senior securities 37,818,989 4,678,361 2,048,828 10,682
5.4 Concentration 37,805,324 4,692,025 2,048,828 10,682
5.5 Loans 37,818,989 4,678,361 2,048,828 10,682
5.6 Underwriting of securities 37,842,346 4,655,003 2,048,828 10,682
5.7 Investment in real estate 37,842,346 4,655,003 2,048,828 10,682
5.8 Purchase of physical 37,842,346 4,655,003 2,048,828 10,682
commodities
5.9 Investment in California 37,842,346 4,655,003 2,048,828 10,682
municipal securities
5.10 Tax diversification 37,818,989 4,678,361 2,048,828 10,682
</TABLE>
6. To ratify the selection of Coopers & Lybrand L.L.P. as the Fund's independent
accountants.
Number of Votes:
----------------
For Against Abstain
--- ------- -------
42,345,708 731,389 1,479,762
* Broker non-votes are proxies received by the Fund from brokers or nominees
when the broker or nominee neither has received instructions from the
beneficial owner or other persons entitled to vote nor has discretionary power
to vote on a particular matter.
41 - Scudder California Tax Free Money Fund
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
California Tax Free Fund Annual Report for the fiscal year ended 3/31/98 and is
qualified in its entirety by reference to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> California Tax Free Fund
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAR-31-1998
<PERIOD-START> APR-01-1997
<PERIOD-END> MAR-31-1998
<INVESTMENTS-AT-COST> 298,360,719
<INVESTMENTS-AT-VALUE> 321,132,619
<RECEIVABLES> 3,847,338
<ASSETS-OTHER> 246,954
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 325,226,911
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 778,067
<TOTAL-LIABILITIES> 778,067
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 309,420,894
<SHARES-COMMON-STOCK> 29,339,439
<SHARES-COMMON-PRIOR> 27,774,183
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (7,743,950)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 22,771,900
<NET-ASSETS> 324,448,844
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 17,095,695
<OTHER-INCOME> 0
<EXPENSES-NET> 2,388,139
<NET-INVESTMENT-INCOME> 14,707,556
<REALIZED-GAINS-CURRENT> 1,470,400
<APPREC-INCREASE-CURRENT> 17,754,593
<NET-CHANGE-FROM-OPS> 33,932,549
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (14,707,556)
<DISTRIBUTIONS-OF-GAINS> (567,059)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5,326,399
<NUMBER-OF-SHARES-REDEEMED> (4,641,161)
<SHARES-REINVESTED> 880,019
<NET-CHANGE-IN-ASSETS> 35,872,803
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (9,163,495)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,892,742
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,388,139
<AVERAGE-NET-ASSETS> 307,056,584
<PER-SHARE-NAV-BEGIN> 10.39
<PER-SHARE-NII> 0.52
<PER-SHARE-GAIN-APPREC> 0.69
<PER-SHARE-DIVIDEND> (0.52)
<PER-SHARE-DISTRIBUTIONS> (0.02)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 11.06
<EXPENSE-RATIO> 0.78
<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
California Tax Free Money Fund Annual Report for the fiscal year ended 3/31/98
and is qualified in its entirety by reference to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 2
<NAME> California Tax Free Money Fund
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAR-31-1998
<PERIOD-START> APR-01-1997
<PERIOD-END> MAR-31-1998
<INVESTMENTS-AT-COST> 69,964,226
<INVESTMENTS-AT-VALUE> 69,964,226
<RECEIVABLES> 1,402,397
<ASSETS-OTHER> 1,932
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 71,368,555
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 821,954
<TOTAL-LIABILITIES> 821,954
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 70,641,007
<SHARES-COMMON-STOCK> 70,556,568
<SHARES-COMMON-PRIOR> 68,695,680
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (94,406)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 70,546,601
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,417,227
<OTHER-INCOME> 0
<EXPENSES-NET> 411,540
<NET-INVESTMENT-INCOME> 2,005,687
<REALIZED-GAINS-CURRENT> 459
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 2,006,146
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2,005,687)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 77,305,649
<NUMBER-OF-SHARES-REDEEMED> (77,124,440)
<SHARES-REINVESTED> 1,669,253
<NET-CHANGE-IN-ASSETS> 1,850,921
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (94,865)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 342,520
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 535,824
<AVERAGE-NET-ASSETS> 68,587,872
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.03
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> (0.03)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.60
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
