<PAGE>
PAGE 1
000 B000000 08/31/98
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 #2100
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
010 A00AA01 CCM PARTNERS
010 C01AA01 SAN FRANCISCO
010 C02AA01 CA
010 C03AA01 94104
011 A00AA01 RFS PARTNERS
011 B00AA01 8-018119
011 C01AA01 SAN FRANCISCO
011 C02AA01 CA
011 C03AA01 94104
011 C04AA01 9635
012 A00AA01 FIRSTAR TRUST COMPANY
012 B00AA01 84-1111
<PAGE>
PAGE 2
012 C01AA01 MILWAUKEE
012 C02AA01 WI
012 C03AA01 53201
013 A00AA01 TAIT WELLER AND BAKER
013 B01AA01 PHILADELPHIA
013 B02AA01 PA
013 B03AA01 19103
013 B04AA01 2108
014 A00AA01 RFS PARTNERS
014 B00AA01 8-018119
015 A00AA01 FIRSTAR
015 B00AA01 C
015 C01AA01 MILWAUKEE
015 C02AA01 WI
015 C03AA01 53201
015 E03AA01 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 WEBBER
022 B000001 132638166
022 C000001 888246
022 D000001 885144
022 A000002 MORGAN STANLEY & CO.
022 B000002 132655998
022 C000002 299964
022 D000002 160340
022 A000003 LEHMAN BROTHERS
022 B000003 132518466
022 C000003 283121
022 D000003 129833
022 A000004 NUVEEN JOHN & CO.
022 B000004 362639476
022 C000004 195600
022 D000004 210000
022 A000005 GOLDMAN SACHS
022 B000005 135108880
022 C000005 174000
022 D000005 44400
<PAGE>
PAGE 3
022 A000006 SMITH BARNEY
022 B000006 131912900
022 C000006 113793
022 D000006 98865
022 A000007 MERRILL LYNCH
022 B000007 135674085
022 C000007 50948
022 D000007 48585
022 A000008 BANK OF AMERICA
022 B000008 954035346
022 C000008 52638
022 D000008 5769
022 A000009 OPPENHEIMER & CO.
022 B000009 132798343
022 C000009 18541
022 D000009 11566
022 A000010 PIPER JAFFRAY
022 B000010 410953246
022 C000010 19550
022 D000010 10860
023 C000000 2096401
023 D000000 1605363
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
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
036 B00AA00 0
<PAGE>
PAGE 4
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
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
<PAGE>
PAGE 5
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 N
080 A00AA00 GULF INSURANCE CO.
080 C00AA00 1500
081 A00AA00 Y
081 B00AA00 8
082 A00AA00 N
082 B00AA00 0
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
<PAGE>
PAGE 6
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
008 A000101 CCM PARTNERS
008 B000101 A
008 C000101 801-25205
008 D010101 SAN FRANCISCO
008 D020101 CA
008 D030101 94104
028 A010100 15984
028 A020100 572
028 A030100 0
028 A040100 31659
028 B010100 15667
028 B020100 609
028 B030100 0
028 B040100 17778
028 C010100 27728
028 C020100 568
028 C030100 0
028 C040100 16814
028 D010100 14433
028 D020100 584
028 D030100 0
028 D040100 14383
028 E010100 13595
028 E020100 664
028 E030100 0
028 E040100 13172
028 F010100 1866
028 F020100 622
028 F030100 0
028 F040100 3483
028 G010100 89273
028 G020100 3619
028 G030100 0
028 G040100 97289
028 H000100 0
049 000100 N
050 000100 N
<PAGE>
PAGE 7
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 4.7
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 94.6
062 P000100 0.0
062 Q000100 0.0
062 R000100 0.0
063 A000100 0
063 B000100 13.6
064 A000100 Y
064 B000100 N
071 A000100 50697
071 B000100 43155
071 C000100 206020
071 D000100 21
072 A000100 12
072 B000100 11091
072 C000100 0
072 D000100 0
072 E000100 0
072 F000100 1032
072 G000100 0
072 H000100 0
072 I000100 65
072 J000100 32
072 K000100 0
072 L000100 6
072 M000100 4
072 N000100 4
072 O000100 0
072 P000100 0
072 Q000100 107
072 R000100 74
072 S000100 0
072 T000100 0
072 U000100 0
072 V000100 0
<PAGE>
PAGE 8
072 W000100 2
072 X000100 1326
072 Y000100 0
072 Z000100 9765
072AA000100 1369
072BB000100 0
072CC010100 7631
072CC020100 0
072DD010100 9822
072DD020100 0
072EE000100 3103
073 A010100 0.5844
073 A020100 0.0000
073 B000100 0.1868
073 C000100 0.0000
074 A000100 82
074 B000100 0
074 C000100 0
074 D000100 223867
074 E000100 0
074 F000100 0
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 7
074 K000100 0
074 L000100 3075
074 M000100 0
074 N000100 227024
074 O000100 1043
074 P000100 90
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 385
074 S000100 0
074 T000100 225506
074 U010100 17106
074 U020100 0
074 V010100 13.18
074 V020100 0.00
074 W000100 0.0000
074 X000100 2290
074 Y000100 0
075 A000100 0
075 B000100 218329
076 000100 0.00
008 A000201 CCM PARTNERS
008 B000201 A
008 C000201 801-25205
<PAGE>
PAGE 9
008 D010201 SAN FRANCISCO
008 D020201 CA
008 D030201 94104
028 A010200 28099
028 A020200 200
028 A030200 0
028 A040200 26078
028 B010200 35804
028 B020200 219
028 B030200 0
028 B040200 55950
028 C010200 19171
028 C020200 255
028 C030200 0
028 C040200 16896
028 D010200 15968
028 D020200 224
028 D030200 0
028 D040200 14742
028 E010200 11306
028 E020200 212
028 E030200 0
028 E040200 13103
028 F010200 7796
028 F020200 214
028 F030200 0
028 F040200 7927
028 G010200 118144
028 G020200 1324
028 G030200 0
028 G040200 134696
028 H000200 0
049 000200 N
050 000200 N
051 000200 N
052 000200 N
053 A000200 Y
053 B000200 Y
053 C000200 N
054 A000200 Y
054 B000200 Y
054 C000200 N
054 D000200 N
054 E000200 N
054 F000200 N
054 G000200 Y
054 H000200 Y
054 I000200 N
054 J000200 Y
054 K000200 N
054 L000200 N
<PAGE>
PAGE 10
054 M000200 Y
054 N000200 N
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 69
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 3438
072 C000200 0
072 D000200 0
072 E000200 0
072 F000200 505
072 G000200 0
072 H000200 0
072 I000200 35
072 J000200 20
072 K000200 0
072 L000200 2
072 M000200 4
072 N000200 3
072 O000200 0
072 P000200 0
072 Q000200 39
072 R000200 11
072 S000200 0
072 T000200 0
072 U000200 0
072 V000200 0
072 W000200 1
<PAGE>
PAGE 11
072 X000200 620
072 Y000200 213
072 Z000200 3031
072AA000200 0
072BB000200 0
072CC010200 0
072CC020200 0
072DD010200 3031
072DD020200 0
072EE000200 0
073 A010200 0.2968
073 A020200 0.0000
073 B000200 0.0000
073 C000200 0.0000
074 A000200 35
074 B000200 0
074 C000200 90015
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 1536
074 M000200 0
074 N000200 91586
074 O000200 3100
074 P000200 21
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 229
074 S000200 0
074 T000200 88236
074 U010200 88299
074 U020200 0
074 V010200 1.00
074 V020200 0.00
074 W000200 0.9993
074 X000200 716
074 Y000200 0
075 A000200 101659
075 B000200 0
076 000200 0.00
008 A000301 CCM PARTNERS
008 B000301 A
008 C000301 801-25205
008 D010301 SAN FRANCISCO
<PAGE>
PAGE 12
008 D020301 CA
008 D030301 94104
028 A010300 1121
028 A020300 46
028 A030300 0
028 A040300 592
028 B010300 2179
028 B020300 55
028 B030300 0
028 B040300 1146
028 C010300 238
028 C020300 56
028 C030300 0
028 C040300 379
028 D010300 60
028 D020300 54
028 D030300 0
028 D040300 414
028 E010300 56
028 E020300 58
028 E030300 0
028 E040300 101
028 F010300 76
028 F020300 56
028 F030300 0
028 F040300 192
028 G010300 3730
028 G020300 325
028 G030300 0
028 G040300 2824
028 H000300 0
049 000300 N
050 000300 N
051 000300 N
052 000300 N
053 A000300 Y
053 B000300 Y
053 C000300 N
054 A000300 Y
054 B000300 Y
054 C000300 N
054 D000300 N
054 E000300 N
054 F000300 N
054 G000300 Y
054 H000300 Y
054 I000300 N
054 J000300 Y
054 K000300 N
054 L000300 N
054 M000300 Y
<PAGE>
PAGE 13
054 N000300 N
062 A000300 Y
062 B000300 0.0
062 C000300 0.0
062 D000300 0.0
062 E000300 0.9
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 97.7
062 P000300 0.0
062 Q000300 0.0
062 R000300 0.0
063 A000300 0
063 B000300 7.0
064 A000300 Y
064 B000300 N
071 A000300 6082
071 B000300 7205
071 C000300 22727
071 D000300 27
072 A000300 12
072 B000300 1078
072 C000300 0
072 D000300 0
072 E000300 0
072 F000300 116
072 G000300 0
072 H000300 0
072 I000300 11
072 J000300 5
072 K000300 0
072 L000300 1
072 M000300 4
072 N000300 2
072 O000300 0
072 P000300 0
072 Q000300 18
072 R000300 5
072 S000300 0
072 T000300 0
072 U000300 0
072 V000300 0
072 W000300 1
072 X000300 163
<PAGE>
PAGE 14
072 Y000300 35
072 Z000300 950
072AA000300 274
072BB000300 0
072CC010300 284
072CC020300 0
072DD010300 952
072DD020300 0
072EE000300 111
073 A010300 0.4113
073 A020300 0.0000
073 B000300 0.0834
073 C000300 0.0000
074 A000300 46
074 B000300 0
074 C000300 0
074 D000300 23229
074 E000300 0
074 F000300 0
074 G000300 0
074 H000300 0
074 I000300 0
074 J000300 0
074 K000300 0
074 L000300 335
074 M000300 0
074 N000300 23610
074 O000300 0
074 P000300 6
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 32
074 S000300 0
074 T000300 23572
074 U010300 2158
074 U020300 0
074 V010300 10.92
074 V020300 0.00
074 W000300 0.0000
074 X000300 274
074 Y000300 0
075 A000300 0
075 B000300 23235
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
<SERIES>
<NUMBER> 01
<NAME> CALIFORNIA TAX FREE INCOME FUND
<MULTIPLIER> 1,000
<CURRENCY> US DOLLARS
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> AUG-31-1998
<PERIOD-START> SEP-01-1997
<PERIOD-END> AUG-31-1998
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 203,263
<INVESTMENTS-AT-VALUE> 223,867
<RECEIVABLES> 3,075
<ASSETS-OTHER> 82
<OTHER-ITEMS-ASSETS> 0
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<PAYABLE-FOR-SECURITIES> 1,043
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 474
<TOTAL-LIABILITIES> 1,517
<SENIOR-EQUITY> 0
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<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 100
<OVERDISTRIBUTION-NII> 0
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<OVERDISTRIBUTION-GAINS> 0
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<NET-ASSETS> 225,507
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 11,091
<OTHER-INCOME> 0
<EXPENSES-NET> 1,326
<NET-INVESTMENT-INCOME> 9,765
<REALIZED-GAINS-CURRENT> 1,369
<APPREC-INCREASE-CURRENT> 7,631
<NET-CHANGE-FROM-OPS> 18,766
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 9,822
<DISTRIBUTIONS-OF-GAINS> 3,103
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 13,773
<NUMBER-OF-SHARES-REDEEMED> 13,929
<SHARES-REINVESTED> 758
<NET-CHANGE-IN-ASSETS> 602
<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> 218,329
<PER-SHARE-NAV-BEGIN> 12.86
<PER-SHARE-NII> 0.58
<PER-SHARE-GAIN-APPREC> 0.51
<PER-SHARE-DIVIDEND> 0.58
<PER-SHARE-DISTRIBUTIONS> 0.19
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.18
<EXPENSE-RATIO> 0.61
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE FOLLOWING FDS HAS BEEN ROUNDED TO THE NEAREST THOUSAND
</LEGEND>
<CIK> 0000778206
<NAME> CALIFORNIA INVESTMENT TRUST
<SERIES>
<NUMBER> 02
<NAME> CALIFORNIA MONEY MARKET FUND
<MULTIPLIER> 1,000
<CURRENCY> US DOLLARS
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> AUG-31-1998
<PERIOD-START> SEP-01-1997
<PERIOD-END> AUG-31-1998
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 90,015
<INVESTMENTS-AT-VALUE> 90,015
<RECEIVABLES> 1,536
<ASSETS-OTHER> 35
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 91,586
<PAYABLE-FOR-SECURITIES> 3,100
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 250
<TOTAL-LIABILITIES> 3,350
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 88,265
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (29)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 88,236
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3,438
<OTHER-INCOME> 0
<EXPENSES-NET> 407
<NET-INVESTMENT-INCOME> 3,031
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 3,031
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3,031
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 278,519
<NUMBER-OF-SHARES-REDEEMED> 285,977
<SHARES-REINVESTED> 2,876
<NET-CHANGE-IN-ASSETS> (4,582)
<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> 101,659
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.030
<PER-SHARE-GAIN-APPREC> 0.000
<PER-SHARE-DIVIDEND> (0.030)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 0.40
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE FOLLOWING FDS HAS BEEN ROUNDED TO THE NEAREST THOUSAND
</LEGEND>
<CIK> 0000778206
<NAME> CALIFORNIA INVESTMENT TRUST
<SERIES>
<NUMBER> 03
<NAME> CALIFORNIA INSURED INTERMEDIATE FUND
<MULTIPLIER> 1,000
<CURRENCY> US DOLLARS
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> AUG-31-1998
<PERIOD-START> SEP-01-1997
<PERIOD-END> AUG-31-1998
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 22,230
<INVESTMENTS-AT-VALUE> 23,229
<RECEIVABLES> 335
<ASSETS-OTHER> 46
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 23,610
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 38
<TOTAL-LIABILITIES> 38
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 22,295
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 18
<OVERDISTRIBUTION-NII> 0
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</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, 1998,
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, 1998.
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
October 1, 1998
