<PAGE> PAGE 1
000 A000000 02/28/97
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
001 B000000 811-4417
001 C000000 4153982727
002 A000000 44 MONTGOMERY STREET, SUITE 2100
002 B000000 SAN FRANCISCO
002 C000000 CA
002 D010000 94104
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 INSURED 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
011 A00AA01 RFS PARTNERS
011 B00AA01 8-018119
011 C01AA01 SAN FRANCISCO
011 C02AA01 CA
011 C03AA01 94104
012 A00AA01 FIRSTAR
012 B00AA01 84-1111
<PAGE> PAGE 2
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 FRISTAR TRUST CO
015 B00AA01 C
015 C01AA01 MILWAUKEE
015 C02AA01 WI
015 C03AA01 53201
015 C04AA01 0701
015 E01AA01 X
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 7
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 WEBBER
022 B000001 132638166
022 C000001 87906
022 D000001 91105
022 A000002 MORGAN STANLEY
022 B000002 132655998
022 C000002 90215
022 D000002 61670
022 A000003 NUVEEN
022 B000003 362639476
022 C000003 41700
022 D000003 36200
022 A000004 LEHMAN BROS.
022 B000004 132518466
022 C000004 50725
022 D000004 25716
022 A000005 GOLDMAN SACHS
022 B000005 135108880
022 C000005 23300
022 D000005 16500
<PAGE> PAGE 3
022 A000006 SMITH BARNEY
022 B000006 131912900
022 C000006 10800
022 D000006 6500
022 A000007 MERRILL LYNCH
022 B000007 135674085
022 C000007 7879
022 D000007 6700
022 A000008 BELLE HAVEN INVESTMENTS
022 B000008 061385063
022 C000008 9629
022 D000008 0
022 A000009 JP MORGAN
022 B000009 133224016
022 C000009 6758
022 D000009 1900
022 A000010 STONE AND YOUNGBERG
022 B000010 941052545
022 C000010 7668
022 D000010 0
023 C000000 354030
023 D000000 268092
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 N
026 E000000 N
026 F000000 Y
026 G010000 N
026 G020000 Y
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
<PAGE> PAGE 4
036 B00AA00 0
037 00AA00 N
038 00AA00 0
039 00AA00 N
040 00AA00 N
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
049 00AA00 N
050 00AA00 N
051 00AA00 N
052 00AA00 N
053 A00AA00 Y
053 B00AA00 Y
053 C00AA00 N
054 A00AA00 Y
054 B00AA00 Y
<PAGE> PAGE 5
054 C00AA00 N
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 Y
054 H00AA00 Y
054 I00AA00 N
054 J00AA00 N
054 K00AA00 N
054 L00AA00 N
054 M00AA00 Y
054 N00AA00 N
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
<PAGE> PAGE 6
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 N
078 000000 N
080 A00AA00 GULF INSURANCE COMPANY
080 C00AA00 2575
081 A00AA00 Y
081 B00AA00 7
082 A00AA00 Y
082 B00AA00 10
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 N
085 B00AA00 N
028 A010100 22273
028 A020100 540
028 A030100 0
028 A040100 11984
028 B010100 23228
028 B020100 684
028 B030100 0
028 B040100 25470
028 C010100 3565
028 C020100 576
028 C030100 0
028 C040100 3271
028 D010100 25250
028 D020100 628
028 D030100 0
028 D040100 26497
028 E010100 12491
028 E020100 592
028 E030100 0
028 E040100 25130
028 F010100 20746
028 F020100 0
028 F030100 0
028 F040100 22793
028 G010100 107553
028 G020100 3020
<PAGE> PAGE 7
028 G030100 0
028 G040100 115145
028 H000100 0
062 A000100 Y
062 B000100 0.0
062 C000100 0.0
062 D000100 0.0
062 E000100 4.0
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 96.0
062 P000100 0.0
062 Q000100 0.0
062 R000100 0.0
063 A000100 0
063 B000100 14.2
064 A000100 Y
064 B000100 N
071 A000100 33006
071 B000100 38999
071 C000100 201844
071 D000100 16
072 A000100 6
072 B000100 5440
072 C000100 0
072 D000100 0
072 E000100 0
072 F000100 478
072 G000100 0
072 H000100 0
072 I000100 31
072 J000100 16
072 K000100 0
072 L000100 4
072 M000100 2
072 N000100 0
072 O000100 0
072 P000100 0
072 Q000100 33
072 R000100 0
072 S000100 31
072 T000100 0
072 U000100 0
072 V000100 0
<PAGE> PAGE 8
072 W000100 1
072 X000100 596
072 Y000100 0
072 Z000100 4844
072AA000100 2896
072BB000100 0
072CC010100 2848
072CC020100 0
072DD010100 4866
072DD020100 0
072EE000100 0
073 A010100 0.2944
073 A020100 0.0000
073 B000100 0.0000
073 C000100 0.0000
074 A000100 94
074 B000100 0
074 C000100 7285
074 D000100 190019
074 E000100 0
074 F000100 0
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 0
074 K000100 0
074 L000100 2451
074 M000100 0
074 N000100 199849
074 O000100 2916
074 P000100 74
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 747
074 S000100 0
074 T000100 196112
074 U010100 15495
074 U020100 0
074 V010100 12.66
074 V020100 0.00
074 W000100 0.0000
074 X000100 2376
074 Y000100 0
075 A000100 0
075 B000100 201844
076 000100 0.00
028 A010200 18681
028 A020200 224
028 A030200 0
<PAGE> PAGE 9
028 A040200 24207
028 B010200 26769
028 B020200 247
028 B030200 0
028 B040200 27177
028 C010200 4913
028 C020200 240
028 C030200 0
028 C040200 10935
028 D010200 29018
028 D020200 238
028 D030200 0
028 D040200 28488
028 E010200 27818
028 E020200 233
028 E030200 0
028 E040200 27003
028 F010200 16826
028 F020200 0
028 F030200 0
028 F040200 17200
028 G010200 124025
028 G020200 1182
028 G030200 0
028 G040200 135010
028 H000200 0
062 A000200 Y
062 B000200 0.0
062 C000200 0.0
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 59
063 B000200 0.0
064 A000200 Y
064 B000200 N
071 A000200 0
071 B000200 0
071 C000200 0
<PAGE> PAGE 10
071 D000200 0
072 A000200 6
072 B000200 1678
072 C000200 0
072 D000200 0
072 E000200 0
072 F000200 243
072 G000200 0
072 H000200 0
072 I000200 18
072 J000200 13
072 K000200 0
072 L000200 2
072 M000200 2
072 N000200 1
072 O000200 0
072 P000200 0
072 Q000200 12
072 R000200 0
072 S000200 8
072 T000200 0
072 U000200 0
072 V000200 0
072 W000200 0
072 X000200 299
072 Y000200 104
072 Z000200 1483
072AA000200 0
072BB000200 0
072CC010200 0
072CC020200 0
072DD010200 1483
072DD020200 0
072EE000200 0
073 A010200 0.0151
073 A020200 0.0000
073 B000200 0.0000
073 C000200 0.0000
074 A000200 21
074 B000200 0
074 C000200 92947
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 871
074 M000200 0
<PAGE> PAGE 11
074 N000200 93839
074 O000200 0
074 P000200 20
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 213
074 S000200 0
074 T000200 93606
074 U010200 93675
074 U020200 0
074 V010200 1.00
074 V020200 0.00
074 W000200 0.9993
074 X000200 843
074 Y000200 0
075 A000200 97656
075 B000200 0
076 000200 0.00
028 A010300 91
028 A020300 50
028 A030300 0
028 A040300 249
028 B010300 1602
028 B020300 62
028 B030300 0
028 B040300 99
028 C010300 68
028 C020300 54
028 C030300 0
028 C040300 346
028 D010300 431
028 D020300 64
028 D030300 0
028 D040300 79
028 E010300 356
028 E020300 60
028 E030300 0
028 E040300 759
028 F010300 438
028 F020300 0
028 F030300 0
028 F040300 417
028 G010300 2986
028 G020300 290
028 G030300 0
028 G040300 1949
028 H000300 0
062 A000300 Y
062 B000300 0.0
<PAGE> PAGE 12
062 C000300 0.0
062 D000300 0.0
062 E000300 6.1
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 93.9
062 P000300 0.0
062 Q000300 0.0
062 R000300 0.0
063 A000300 0
063 B000300 6.6
064 A000300 Y
064 B000300 N
071 A000300 2374
071 B000300 1397
071 C000300 25544
071 D000300 5
072 A000300 6
072 B000300 619
072 C000300 0
072 D000300 0
072 E000300 0
072 F000300 64
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072 I000300 5
072 J000300 2
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072 L000300 1
072 M000300 2
072 N000300 0
072 O000300 0
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072 Q000300 13
072 R000300 0
072 S000300 2
072 T000300 0
072 U000300 0
072 V000300 0
072 W000300 0
072 X000300 89
072 Y000300 19
072 Z000300 549
072AA000300 0
<PAGE> PAGE 13
072BB000300 9
072CC010300 542
072CC020300 0
072DD010300 552
072DD020300 0
072EE000300 0
073 A010300 0.2273
073 A020300 0.0000
073 B000300 0.0000
073 C000300 0.0000
074 A000300 36
074 B000300 0
074 C000300 1600
074 D000300 25049
074 E000300 0
074 F000300 0
074 G000300 0
074 H000300 0
074 I000300 0
074 J000300 0
074 K000300 0
074 L000300 409
074 M000300 0
074 N000300 27094
074 O000300 927
074 P000300 7
074 Q000300 0
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074 R040300 95
074 S000300 0
074 T000300 26065
074 U010300 2448
074 U020300 0
074 V010300 10.65
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075 A000300 0
075 B000300 25544
076 000300 0.00
SIGNATURE STEVE RODGERS
TITLE ADMINISTRATOR
<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> 1
<NAME> California Tax-Free Income Fund
<MULTIPLIER> 1
<CURRENCY> U.S. Dollars
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> AUG-31-1997
<PERIOD-START> SEP-01-1996
<PERIOD-END> FEB-28-1997
<EXCHANGE-RATE> 1.000
<INVESTMENTS-AT-COST> 187,496,000
<INVESTMENTS-AT-VALUE> 197,304,000
<RECEIVABLES> 2,451,000
<ASSETS-OTHER> 94,000
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<TOTAL-ASSETS> 199,849,000
<PAYABLE-FOR-SECURITIES> 2,916,000
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 820,000
<TOTAL-LIABILITIES> 3,736,000
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 183,519,000
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 17,000
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<NET-ASSETS> 196,112,000
<DIVIDEND-INCOME> 0
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<OTHER-INCOME> 0
<EXPENSES-NET> 596,000
<NET-INVESTMENT-INCOME> 4,844,000
<REALIZED-GAINS-CURRENT> 2,896,000
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<NET-CHANGE-FROM-OPS> 10,588,000
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<DISTRIBUTIONS-OF-INCOME> 4,866,000
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 8,574,000
<NUMBER-OF-SHARES-REDEEMED> 9,159,000
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<NET-CHANGE-IN-ASSETS> (4,572,000)
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<OVERDISTRIB-NII-PRIOR> 0
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<PER-SHARE-DISTRIBUTIONS> 0.30
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<PER-SHARE-NAV-END> 12.66
<EXPENSE-RATIO> 0.60
<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> 3
<NAME> California Insured Intermediate Fund
<MULTIPLIER> 1
<CURRENCY> U.S. Dollars
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> AUG-31-1997
<PERIOD-START> SEP-01-1996
<PERIOD-END> FEB-28-1997
<EXCHANGE-RATE> 1.000
<INVESTMENTS-AT-COST> 25,945,000
<INVESTMENTS-AT-VALUE> 26,649,000
<RECEIVABLES> 409,000
<ASSETS-OTHER> 35,000
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 27,094,000
<PAYABLE-FOR-SECURITIES> 927,000
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 102,000
<TOTAL-LIABILITIES> 1,029,000
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 25,398,000
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 5,000
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (43,000)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 704,000
<NET-ASSETS> 26,065,000
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 619,000
<OTHER-INCOME> 0
<EXPENSES-NET> 70,000
<NET-INVESTMENT-INCOME> 549,000
<REALIZED-GAINS-CURRENT> (9,000)
<APPREC-INCREASE-CURRENT> 542,000
<NET-CHANGE-FROM-OPS> 1,082,000
<EQUALIZATION> 1,000
<DISTRIBUTIONS-OF-INCOME> 552,000
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 283,000
<NUMBER-OF-SHARES-REDEEMED> 184,000
<SHARES-REINVESTED> 27,000
<NET-CHANGE-IN-ASSETS> 1,328,000
<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> 0
<PER-SHARE-NAV-BEGIN> 10.42
<PER-SHARE-NII> 0.23
<PER-SHARE-GAIN-APPREC> 0.23
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0.23
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<PER-SHARE-NAV-END> 10.65
<EXPENSE-RATIO> 0.55
<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> 2
<NAME> California Tax-Free Money Market Fund
<MULTIPLIER> 1
<CURRENCY> U.S. Dollars
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> AUG-31-1997
<PERIOD-START> SEP-01-1996
<PERIOD-END> FEB-28-1997
<EXCHANGE-RATE> 1.000
<INVESTMENTS-AT-COST> 92,947,000
<INVESTMENTS-AT-VALUE> 92,947,000
<RECEIVABLES> 870,000
<ASSETS-OTHER> 21,000
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 0
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 233,000
<TOTAL-LIABILITIES> 233,000
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 93,675
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (69,000)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 93,606
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,678,000
<OTHER-INCOME> 0
<EXPENSES-NET> 195,000
<NET-INVESTMENT-INCOME> 1,483,000
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 1,483,000
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,483,000
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 124,025,000
<NUMBER-OF-SHARES-REDEEMED> 135,010,000
<SHARES-REINVESTED> 1,189,000
<NET-CHANGE-IN-ASSETS> (9,796,000)
<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> 0
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> .015
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> .015
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 0.40
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
