0001144204-06-054892 Sample Contracts

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WITNESSETH:
Operating Expenses Agreement • December 29th, 2006 • California Investment Trust • California
RECITALS
California Investment Trust • December 29th, 2006

THIS SECOND AMENDMENT dated as of October 31, 2006-to the Custody Agreement, dated January 3, 2005, as amended February 27, 2006, (the "Agreement"), is entered by and between CALIFORNIA INVESTMENT TRUST, a Delaware statutory trust, formerly known as CALIFORNIA INVESTMENT TRUST, a Massachusetts business trust and CALIFORNIA INVESTMENT TRUST II, a Massachusetts business trust, (collectively the "Trusts") and U.S. BANK NATIONAL ASSOCIATION, a national banking association (the "Custodian").

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