<PAGE> PAGE 1
000 B000000 08/31/97
000 C000000 0000778206
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 CALIFORNIA INVESTMENT TRUST 1
001 B000000 811-4417
001 C000000 4153982727
002 A000000 44 MONTGOMERY STREET
002 B000000 SAN FANCISCO
002 C000000 CA
002 D010000 94104
002 D020000 9635
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 3
007 C010100 1
007 C020100 CALIFORNIA TAX FREE INCOME FUND
007 C030100 N
007 C010200 2
007 C020200 CALIFORNIA TAX FREE MONEY MARKET FUND
007 C030200 N
007 C010300 3
007 C020300 CALIFORNIA TAX FREE INTERMEDIATE FUND
007 C030300 N
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A00AA01 CCM PARTNERS
008 B00AA01 A
008 C00AA01 801-25205
008 D01AA01 SAN FRANCISCO
008 D02AA01 CA
008 D03AA01 94104
010 A00AA01 CCM PARTNERS
010 C01AA01 SAN FRANCISCO
010 C02AA01 CA
010 C03AA01 94104
011 A00AA01 RFS PARTNERS
011 B00AA01 8-018119
<PAGE> PAGE 2
011 C01AA01 SAN FRANCISCO
011 C02AA01 CA
011 C03AA01 94104
012 A00AA01 FIRSTAR TRUST COMPANY
012 B00AA01 84-1111
012 C01AA01 MILWAUKEE
012 C02AA01 WI
012 C03AA01 53202
013 A00AA01 TAIT WELLER AND BAKER
013 B01AA01 PHILADELPHIA
013 B02AA01 PA
013 B03AA01 19102
014 A00AA01 RFS PARTNERS
014 B00AA01 8-018119
015 A00AA01 FIRSTAR
015 B00AA01 C
015 C01AA01 MILWAUKEE
015 C02AA01 WI
015 C03AA01 53201
015 E01AA01 X
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 9
019 C00AA00 CALIFINVST
020 C000001 0
020 C000002 0
020 C000003 0
020 C000004 0
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 0
022 A000001 PAINE WEBER
022 B000001 132638166
022 C000001 224918
022 D000001 220727
022 A000002 MORGAN STANLEY
022 B000002 132655998
022 C000002 146324
022 D000002 92860
022 A000003 LEHMAN BROTHERS
022 B000003 132518466
022 C000003 85925
022 D000003 37216
022 A000004 NUVEEN
022 B000004 362639476
022 C000004 60020
022 D000004 54420
<PAGE> PAGE 3
022 A000005 SMITH BARNEY
022 B000005 131912900
022 C000005 18346
022 D000005 20905
022 A000006 BELLE HAVEN
022 B000006 061385063
022 C000006 19700
022 D000006 0
022 A000007 MERRILL LYNCH
022 B000007 135674085
022 C000007 10685
022 D000007 8107
022 A000008 GOLDMAN SACHS
022 B000008 135108850
022 C000008 32000
022 D000008 18452
022 A000009 STONE AND YOUNGBERG
022 B000009 94105245
022 C000009 7668
022 D000009 6508
022 A000010 JP MORGAN
022 B000010 133224016
022 C000010 8158
022 D000010 3551
023 C000000 613744
023 D000000 462746
024 00AA00 N
025 D00AA01 0
025 D00AA02 0
025 D00AA03 0
025 D00AA04 0
025 D00AA05 0
025 D00AA06 0
025 D00AA07 0
025 D00AA08 0
026 A000000 N
026 B000000 Y
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
027 000000 Y
034 00AA00 N
035 00AA00 0
036 B00AA00 0
037 00AA00 N
038 00AA00 0
039 00AA00 N
040 00AA00 N
<PAGE> PAGE 4
041 00AA00 N
042 A00AA00 0
042 B00AA00 0
042 C00AA00 0
042 D00AA00 0
042 E00AA00 0
042 F00AA00 0
042 G00AA00 0
042 H00AA00 0
043 00AA00 0
044 00AA00 0
045 00AA00 Y
046 00AA00 N
047 00AA00 Y
048 00AA00 0.000
048 A01AA00 100000
048 A02AA00 0.500
048 B01AA00 400000
048 B02AA00 0.450
048 C01AA00 0
048 C02AA00 0.400
048 D01AA00 0
048 D02AA00 0.000
048 E01AA00 0
048 E02AA00 0.000
048 F01AA00 0
048 F02AA00 0.000
048 G01AA00 0
048 G02AA00 0.000
048 H01AA00 0
048 H02AA00 0.000
048 I01AA00 0
048 I02AA00 0.000
048 J01AA00 0
048 J02AA00 0.000
048 K01AA00 0
048 K02AA00 0.000
054 A00AA00 Y
054 B00AA00 Y
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
<PAGE> PAGE 5
055 A00AA00 N
055 B00AA00 N
056 00AA00 N
057 00AA00 N
058 A00AA00 N
059 00AA00 Y
060 A00AA00 Y
060 B00AA00 Y
061 00AA00 10000
066 A00AA00 N
067 00AA00 N
068 A00AA00 N
068 B00AA00 N
069 00AA00 N
070 A01AA00 Y
070 A02AA00 N
070 B01AA00 N
070 B02AA00 N
070 C01AA00 N
070 C02AA00 N
070 D01AA00 N
070 D02AA00 N
070 E01AA00 N
070 E02AA00 N
070 F01AA00 N
070 F02AA00 N
070 G01AA00 N
070 G02AA00 N
070 H01AA00 N
070 H02AA00 N
070 I01AA00 N
070 I02AA00 N
070 J01AA00 N
070 J02AA00 N
070 K01AA00 N
070 K02AA00 N
070 L01AA00 N
070 L02AA00 N
070 M01AA00 N
070 M02AA00 N
070 N01AA00 Y
070 N02AA00 N
070 O01AA00 Y
070 O02AA00 N
070 P01AA00 N
070 P02AA00 N
070 Q01AA00 N
070 Q02AA00 N
070 R01AA00 N
070 R02AA00 N
077 A000000 Y
<PAGE> PAGE 6
077 B000000 Y
077 Q010000 Y
080 A00AA00 FRANK CRYSTAL FINANCIAL SERVICES
080 C00AA00 1350
081 A00AA00 Y
081 B00AA00 8
082 A00AA00 N
082 B00AA00 0
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 N
085 B00AA00 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
028 A010100 3009
028 A020100 520
028 A030100 0
028 A040100 2390
028 B010100 22740
028 B020100 528
028 B030100 0
028 B040100 14898
028 C010100 23628
028 C020100 627
028 C030100 0
028 C040100 23107
028 D010100 1589
028 D020100 600
028 D030100 0
028 D040100 13669
028 E010100 13516
028 E020100 559
028 E030100 0
028 E040100 1886
028 F010100 23203
028 F020100 642
028 F030100 0
028 F040100 23196
028 G010100 87685
<PAGE> PAGE 7
028 G020100 3476
028 G030100 0
028 G040100 79146
028 H000100 0
029 000100 N
030 A000100 0
030 B000100 0.00
030 C000100 0.00
049 000100 N
050 000100 N
051 000100 N
052 000100 N
053 A000100 N
062 A000100 Y
062 B000100 0.0
062 C000100 0.0
062 D000100 0.0
062 E000100 5.8
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 94.2
062 P000100 0.0
062 Q000100 0.0
062 R000100 0.0
063 A000100 0
063 B000100 13.1
064 A000100 Y
064 B000100 Y
065 000100 N
071 A000100 66323
071 B000100 68080
071 C000100 189708
071 D000100 35
072 A000100 12
072 B000100 10822
072 C000100 0
072 D000100 0
072 E000100 0
072 F000100 961
072 G000100 0
072 H000100 0
072 I000100 65
072 J000100 35
072 K000100 0
<PAGE> PAGE 8
072 L000100 4
072 M000100 4
072 N000100 0
072 O000100 0
072 P000100 0
072 Q000100 68
072 R000100 0
072 S000100 52
072 T000100 0
072 U000100 0
072 V000100 0
072 W000100 5
072 X000100 1194
072 Y000100 0
072 Z000100 9627
072AA000100 3205
072BB000100 0
072CC010100 6012
072CC020100 0
072DD010100 9602
072DD020100 0
072EE000100 0
073 A010100 0.5938
073 A020100 0.0000
073 B000100 0.0000
073 C000100 0.0000
074 A000100 0
074 B000100 0
074 C000100 0
074 D000100 209624
074 E000100 0
074 F000100 0
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 7
074 K000100 0
074 L000100 2914
074 M000100 0
074 N000100 212545
074 O000100 0
074 P000100 83
074 Q000100 0
074 R010100 258
074 R020100 0
074 R030100 0
074 R040100 6
074 S000100 0
074 T000100 212198
074 U010100 16503
074 U020100 0
<PAGE> PAGE 9
074 V010100 12.86
074 V020100 0.00
074 W000100 0.0000
074 X000100 2353
074 Y000100 0
075 A000100 0
075 B000100 202582
076 000100 0.00
028 A010200 19005
028 A020200 200
028 A030200 0
028 A040200 8641
028 B010200 17191
028 B020200 213
028 B030200 0
028 B040200 30655
028 C010200 17585
028 C020200 244
028 C030200 0
028 C040200 23714
028 D010200 19903
028 D020200 238
028 D030200 0
028 D040200 11752
028 E010200 9839
028 E020200 222
028 E030200 0
028 E040200 12936
028 F010200 19945
028 F020200 225
028 F030200 0
028 F040200 18139
028 G010200 103468
028 G020200 1342
028 G030200 0
028 G040200 105837
028 H000200 0
029 000200 N
030 A000200 0
030 B000200 0.00
030 C000200 0.00
049 000200 N
050 000200 N
051 000200 N
052 000200 N
053 A000200 Y
053 B000200 Y
053 C000200 N
062 A000200 Y
062 B000200 0.0
062 C000200 0.0
<PAGE> PAGE 10
062 D000200 0.0
062 E000200 100.0
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 0.0
062 P000200 0.0
062 Q000200 0.0
062 R000200 0.0
063 A000200 61
063 B000200 0.0
064 A000200 Y
064 B000200 N
071 A000200 0
071 B000200 0
071 C000200 0
071 D000200 0
072 A000200 12
072 B000200 3331
072 C000200 0
072 D000200 0
072 E000200 0
072 F000200 479
072 G000200 0
072 H000200 0
072 I000200 37
072 J000200 23
072 K000200 0
072 L000200 4
072 M000200 4
072 N000200 0
072 O000200 0
072 P000200 0
072 Q000200 21
072 R000200 0
072 S000200 15
072 T000200 0
072 U000200 0
072 V000200 0
072 W000200 1
072 X000200 584
072 Y000200 200
072 Z000200 2947
072AA000200 6
072BB000200 0
<PAGE> PAGE 11
072CC010200 0
072CC020200 0
072DD010200 2947
072DD020200 0
072EE000200 0
073 A010200 0.0307
073 A020200 0.0000
073 B000200 0.0000
073 C000200 0.0000
074 A000200 44
074 B000200 0
074 C000200 93390
074 D000200 0
074 E000200 0
074 F000200 0
074 G000200 0
074 H000200 0
074 I000200 0
074 J000200 0
074 K000200 0
074 L000200 494
074 M000200 0
074 N000200 93928
074 O000200 1006
074 P000200 27
074 Q000200 0
074 R010200 77
074 R020200 0
074 R030200 0
074 R040200 0
074 S000200 0
074 T000200 92818
074 U010200 92882
074 U020200 0
074 V010200 1.00
074 V020200 0.00
074 W000200 0.9930
074 X000200 796
074 Y000200 0
075 A000200 95956
075 B000200 0
076 000200 0.00
028 A010300 1050
028 A020300 53
028 A030300 0
028 A040300 1931
028 B010300 210
028 B020300 57
028 B030300 0
028 B040300 446
028 C010300 118
<PAGE> PAGE 12
028 C020300 68
028 C030300 0
028 C040300 75
028 D010300 275
028 D020300 59
028 D030300 0
028 D040300 1146
028 E010300 543
028 E020300 55
028 E030300 0
028 E040300 1418
028 F010300 687
028 F020300 60
028 F030300 0
028 F040300 97
028 G010300 2883
028 G020300 352
028 G030300 0
028 G040300 5113
028 H000300 0
029 000300 N
030 A000300 0
030 B000300 0.00
030 C000300 0.00
049 000300 N
050 000300 N
051 000300 N
052 000300 N
053 A000300 Y
053 B000300 Y
053 C000300 N
062 A000300 Y
062 B000300 0.0
062 C000300 0.0
062 D000300 0.0
062 E000300 1.8
062 F000300 0.0
062 G000300 0.0
062 H000300 0.0
062 I000300 0.0
062 J000300 0.0
062 K000300 0.0
062 L000300 0.0
062 M000300 0.0
062 N000300 0.0
062 O000300 98.8
062 P000300 0.0
062 Q000300 0.0
062 R000300 0.0
063 A000300 0
063 B000300 6.4
<PAGE> PAGE 13
064 A000300 Y
064 B000300 N
071 A000300 7111
071 B000300 8159
071 C000300 24031
071 D000300 31
072 A000300 12
072 B000300 1216
072 C000300 0
072 D000300 0
072 E000300 0
072 F000300 126
072 G000300 0
072 H000300 0
072 I000300 10
072 J000300 5
072 K000300 0
072 L000300 1
072 M000300 4
072 N000300 0
072 O000300 0
072 P000300 0
072 Q000300 27
072 R000300 0
072 S000300 4
072 T000300 0
072 U000300 0
072 V000300 0
072 W000300 1
072 X000300 178
072 Y000300 39
072 Z000300 1077
072AA000300 130
072BB000300 0
072CC010300 552
072CC020300 0
072DD010300 1068
072DD020300 0
072EE000300 0
073 A010300 0.4513
073 A020300 0.0000
073 B000300 0.0000
073 C000300 0.0000
074 A000300 42
074 B000300 0
074 C000300 0
074 D000300 24011
074 E000300 0
074 F000300 0
074 G000300 0
074 H000300 0
<PAGE> PAGE 14
074 I000300 0
074 J000300 0
074 K000300 0
074 L000300 380
074 M000300 0
074 N000300 24433
074 O000300 0
074 P000300 6
074 Q000300 0
074 R010300 37
074 R020300 0
074 R030300 0
074 R040300 0
074 S000300 0
074 T000300 24390
074 U010300 2275
074 U020300 0
074 V010300 10.72
074 V020300 0.00
074 W000300 0.0000
074 X000300 288
074 Y000300 0
075 A000300 25267
075 B000300 0
076 000300 0.00
SIGNATURE STEVE ROGERS
TITLE FUND MANAGER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
The following FDS has been rounded to the nearest thousand
</LEGEND>
<CIK> 0000778206
<NAME> California Investment Trust Fund Group I
<SERIES>
<NUMBER> 001
<NAME> California Tax Free Income Fund
<MULTIPLIER> 1,000
<CURRENCY> U.S. Dollars
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> AUG-31-1997
<PERIOD-START> SEP-01-1996
<PERIOD-END> AUG-31-1997
<EXCHANGE-RATE> 1.000
<INVESTMENTS-AT-COST> 196,652
<INVESTMENTS-AT-VALUE> 209,624
<RECEIVABLES> 2,922
<ASSETS-OTHER> (7)
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 212,539
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 340
<TOTAL-LIABILITIES> 340
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 196,037
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 112
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3,077
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 12,972
<NET-ASSETS> 212,198
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 10,821
<OTHER-INCOME> 0
<EXPENSES-NET> 1,194
<NET-INVESTMENT-INCOME> 9,627
<REALIZED-GAINS-CURRENT> 3,205
<APPREC-INCREASE-CURRENT> 6,012
<NET-CHANGE-FROM-OPS> 18,844
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 9,602
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 15,518
<NUMBER-OF-SHARES-REDEEMED> 15,411
<SHARES-REINVESTED> 556
<NET-CHANGE-IN-ASSETS> 17,273
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 202,582
<PER-SHARE-NAV-BEGIN> 12.31
<PER-SHARE-NII> 0.60
<PER-SHARE-GAIN-APPREC> 0.54
<PER-SHARE-DIVIDEND> 0.59
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.86
<EXPENSE-RATIO> 0.59
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
The following figures have been rounded to the nearest thousand.
</LEGEND>
<CIK> 0000778206
<NAME> California Investment Trust Fund Group I
<SERIES>
<NUMBER> 002
<NAME> California Money Market Fund
<MULTIPLIER> 1,000
<CURRENCY> U.S. Dollars
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> AUG-31-1997
<PERIOD-START> SEP-01-1996
<PERIOD-END> AUG-31-1997
<EXCHANGE-RATE> 1.000
<INVESTMENTS-AT-COST> 93,390
<INVESTMENTS-AT-VALUE> 93,390
<RECEIVABLES> 495
<ASSETS-OTHER> 44
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 93,929
<PAYABLE-FOR-SECURITIES> 1,006
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 104
<TOTAL-LIABILITIES> 1,110
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 92,881
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (63)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 92,818
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3,331
<OTHER-INCOME> 0
<EXPENSES-NET> 384
<NET-INVESTMENT-INCOME> 2,947
<REALIZED-GAINS-CURRENT> 6
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 2,953
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2,947)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 227,563
<NUMBER-OF-SHARES-REDEEMED> (240,905)
<SHARES-REINVESTED> 2,752
<NET-CHANGE-IN-ASSETS> (10,584)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 95,956
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.031
<PER-SHARE-GAIN-APPREC> 0.000
<PER-SHARE-DIVIDEND> 0.031
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 0.400
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
The following figures have been rounded to the nearest thousand.
</LEGEND>
<CIK> 0000778206
<NAME> California Investment Trust Fund Group I
<SERIES>
<NUMBER> 003
<NAME> Californai Insured Intermediate Fund
<MULTIPLIER> 1,000
<CURRENCY> U.S. Dollars
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> AUG-31-1997
<PERIOD-START> SEP-01-1996
<PERIOD-END> AUG-31-1997
<EXCHANGE-RATE> 1.000
<INVESTMENTS-AT-COST> 23,296
<INVESTMENTS-AT-VALUE> 24,011
<RECEIVABLES> 380
<ASSETS-OTHER> 42
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 24,433
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 43
<TOTAL-LIABILITIES> 43
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 23,569
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 10
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 96
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 715
<NET-ASSETS> 24,390
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,216
<OTHER-INCOME> 0
<EXPENSES-NET> 139
<NET-INVESTMENT-INCOME> 1,078
<REALIZED-GAINS-CURRENT> 130
<APPREC-INCREASE-CURRENT> 552
<NET-CHANGE-FROM-OPS> 1,760
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,068
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 553
<NUMBER-OF-SHARES-REDEEMED> 666
<SHARES-REINVESTED> 65
<NET-CHANGE-IN-ASSETS> 183
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 25,267
<PER-SHARE-NAV-BEGIN> 10.42
<PER-SHARE-NII> 0.45
<PER-SHARE-GAIN-APPREC> 0.30
<PER-SHARE-DIVIDEND> 0.45
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.72
<EXPENSE-RATIO> 0.55
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
ON INTERNAL CONTROL STRUCTURE
Board of Trustees
California Investment Trust
San Francisco, California
In planning and performing our audits of the financial statements of
California Tax-Free Money Market Fund, California Tax-Free Income Fund,
and California Insured Tax-Free Income Fund, each a series of
shares of beneficial interest of California Investment Trust
(the "Funds"), for the year ended August 31, 1997, we considered its
internal control structure, including procedures 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 the internal control structure.
The management of the Funds is responsible for establishing and
maintaining an internal control structure. In fulfilling this
responsibility, estimates and judgments by management are required
to assess the expected benefits and related costs of internal
control structure policies and procedures. Two of the objectives of
an internal control structure are to provide management with
reasonable, but not absolute, assurance that assets are safeguarded
against loss from unauthorized use or disposition, and that
transactions are executed in accordance with management's
authorization and recorded properly to permit preparation of financial
statements in conformity with generally accepted accounting principles.
Because of inherent limitations in any internal control structure,
errors or irregularities may occur and not be detected. Also,
projection of any evaluation of the structure 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 the internal control structure would not
necessarily disclose all matters in the internal control structure
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
the specific internal control structure elements does not reduce
to a relatively low level the risk that errors or irregularities
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 the
internal control structure, including procedures for safeguarding
securities, that we consider to be material weaknesses, as defined
above, as of August 31, 1997.
This report is intended solely for the information and use of
management and the Securities and Exchange Commission, and should
not be used for any other purpose.
Philadelphia, Pennsylvania
September 25, 1997
