X0101 EFFECT 33 LIVE 2010-04-29 17:30:00

N-14

0000778206 CALIFORNIA INVESTMENT TRUST 333-165716 0000778206 CALIFORNIA INVESTMENT TRUST S000016025 Equity Income Fund C000044035 Direct Shares 0000881166 SM&R INVESTMENTS, INC. S000010236 SM&R Growth Fund C000028308 SM&R Growth Fund - Class T 0000778206 CALIFORNIA INVESTMENT TRUST S000016025 Equity Income Fund C000044035 Direct Shares 0000881166 SM&R INVESTMENTS, INC. S000010239 SM&R Equity Income Fund C000028315 SM&R Equity Income Fund - Class T 0000778206 CALIFORNIA INVESTMENT TRUST S000016025 Equity Income Fund C000044035 Direct Shares 0000881166 SM&R INVESTMENTS, INC. S000010240 SM&R Balanced Fund C000028318 SM&R Balanced Fund - Class T 0000778206 CALIFORNIA INVESTMENT TRUST S000016025 Equity Income Fund C000088543 Class A 0000881166 SM&R INVESTMENTS, INC. S000010236 SM&R Growth Fund C000028306 SM&R Growth Fund - Class A 0000778206 CALIFORNIA INVESTMENT TRUST S000016025 Equity Income Fund C000088543 Class A 0000881166 SM&R INVESTMENTS, INC. S000010239 SM&R Equity Income Fund C000028313 SM&R Equity Income Fund - Class A 0000778206 CALIFORNIA INVESTMENT TRUST S000016025 Equity Income Fund C000088543 Class A 0000881166 SM&R INVESTMENTS, INC. S000010240 SM&R Balanced Fund C000028316 SM&R Balanced Fund - Class A 0000778206 CALIFORNIA INVESTMENT TRUST S000016025 Equity Income Fund C000088544 Class B 0000881166 SM&R INVESTMENTS, INC. S000010236 SM&R Growth Fund C000028307 SM&R Growth Fund - Class B 0000778206 CALIFORNIA INVESTMENT TRUST S000016025 Equity Income Fund C000088544 Class B 0000881166 SM&R INVESTMENTS, INC. S000010239 SM&R Equity Income Fund C000028314 SM&R Equity Income Fund - Class B 0000778206 CALIFORNIA INVESTMENT TRUST S000016025 Equity Income Fund C000088544 Class B 0000881166 SM&R INVESTMENTS, INC. S000010240 SM&R Balanced Fund C000028317 SM&R Balanced Fund - Class B 0000778206 CALIFORNIA INVESTMENT TRUST S000016028 U.S. Government Securities Fund C000044041 Direct Shares 0000881166 SM&R INVESTMENTS, INC. S000010241 SM&R Government Bond Fund C000028321 SM&R Government Bond Fund - Class T 0000778206 CALIFORNIA INVESTMENT TRUST S000016028 U.S. Government Securities Fund C000088545 Class A 0000881166 SM&R INVESTMENTS, INC. S000010241 SM&R Government Bond Fund C000028319 SM&R Government Bond Fund - Class A 0000778206 CALIFORNIA INVESTMENT TRUST S000016028 U.S. Government Securities Fund C000088546 Class B 0000881166 SM&R INVESTMENTS, INC. S000010241 SM&R Government Bond Fund C000028320 SM&R Government Bond Fund - Class B 0000778206 CALIFORNIA INVESTMENT TRUST S000016030 The United States Treasury Trust C000044045 Direct Shares 0000881166 SM&R INVESTMENTS, INC. S000010244 SM&R Money Market Fund C000028326 SM&R Money Market Fund