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<PAGE> PAGE 2
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<PAGE> PAGE 4
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<PAGE> PAGE 7
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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074 H000400 0
074 I000400 0
074 J000400 60
074 K000400 0
074 L000400 84
074 M000400 0
074 N000400 46393
074 O000400 100
074 P000400 11
074 Q000400 0
074 R010400 11
074 R020400 0
074 R030400 0
074 R040400 0
074 S000400 0
074 T000400 46271
074 U010400 2492
074 U020400 0
074 V010400 18.57
074 V020400 0.00
074 W000400 0.0000
074 X000400 1036
074 Y000400 0
075 A000400 0
075 B000400 38930
076 000400 0.00
083 A000400 N
083 B000400 0
084 A000400 N
084 B000400 0
085 A000400 N
085 B000400 N
028 A010500 163
028 A020500 0
028 A030500 0
028 A040500 -1
028 B010500 63
<PAGE> PAGE 22
028 B020500 25
028 B030500 0
028 B040500 6
028 C010500 2587
028 C020500 0
028 C030500 0
028 C040500 1
028 D010500 1562
028 D020500 0
028 D030500 0
028 D040500 8
028 E010500 468
028 E020500 64
028 E030500 0
028 E040500 25
028 F010500 631
028 F020500 0
028 F030500 0
028 F040500 49
028 G010500 5474
028 G020500 89
028 G030500 0
028 G040500 88
028 H000500 0
034 000500 N
035 000500 0
036 B000500 0
037 000500 N
038 000500 0
039 000500 N
040 000500 N
045 000500 Y
046 000500 N
047 000500 Y
048 000500 0.000
048 A010500 500000
048 A020500 0.500
048 B010500 500000
048 B020500 0.450
048 C010500 0
048 C020500 0.400
048 D010500 0
048 D020500 0.000
048 E010500 0
048 E020500 0.000
048 F010500 0
048 F020500 0.000
048 G010500 0
048 G020500 0.000
048 H010500 0
048 H020500 0.000
<PAGE> PAGE 23
048 I010500 0
048 I020500 0.000
048 J010500 0
048 J020500 0.000
048 K010500 0
048 K020500 0.000
055 A000500 N
055 B000500 N
056 000500 N
057 000500 N
058 A000500 N
059 000500 Y
060 A000500 Y
060 B000500 Y
061 000500 5000
062 A000500 N
062 B000500 0.0
062 C000500 0.0
062 D000500 0.0
062 E000500 0.0
062 F000500 0.0
062 G000500 0.0
062 H000500 0.0
062 I000500 0.0
062 J000500 0.0
062 K000500 0.0
062 L000500 0.0
062 M000500 0.0
062 N000500 0.0
062 O000500 0.0
062 P000500 0.0
062 Q000500 0.0
062 R000500 0.0
066 A000500 Y
066 E000500 Y
067 000500 N
068 A000500 N
068 B000500 N
069 000500 N
070 A010500 Y
070 A020500 N
070 B010500 N
070 B020500 N
070 C010500 N
070 C020500 N
070 D010500 N
070 D020500 N
070 E010500 N
070 E020500 N
070 F010500 Y
070 F020500 Y
<PAGE> PAGE 24
070 G010500 N
070 G020500 N
070 H010500 N
070 H020500 N
070 I010500 N
070 I020500 N
070 J010500 N
070 J020500 N
070 K010500 Y
070 K020500 Y
070 L010500 Y
070 L020500 N
070 M010500 N
070 M020500 N
070 N010500 Y
070 N020500 N
070 O010500 Y
070 O020500 N
070 P010500 N
070 P020500 N
070 Q010500 Y
070 Q020500 Y
070 R010500 N
070 R020500 N
071 A000500 0
071 B000500 107
071 C000500 3814
071 D000500 3
072 A000500 9
072 B000500 97
072 C000500 83
072 D000500 0
072 E000500 0
072 F000500 22
072 G000500 0
072 H000500 0
072 I000500 9
072 J000500 4
072 K000500 0
072 L000500 1
072 M000500 2
072 N000500 1
072 O000500 0
072 P000500 0
072 Q000500 19
072 R000500 0
072 S000500 6
072 T000500 0
072 U000500 5
072 V000500 0
072 W000500 0
<PAGE> PAGE 25
072 X000500 69
072 Y000500 35
072 Z000500 146
072AA000500 202
072BB000500 0
072CC010500 873
072CC020500 0
072DD010500 126
072DD020500 0
072EE000500 54
073 A010500 0.3186
073 A020500 0.0000
073 B000500 0.2691
073 C000500 0.0000
074 A000500 0
074 B000500 0
074 C000500 3209
074 D000500 0
074 E000500 0
074 F000500 6484
074 G000500 0
074 H000500 0
074 I000500 0
074 J000500 0
074 K000500 0
074 L000500 67
074 M000500 0
074 N000500 9760
074 O000500 0
074 P000500 4
074 Q000500 0
074 R010500 9
074 R020500 0
074 R030500 0
074 R040500 0
074 S000500 0
074 T000500 9747
074 U010500 771
074 U020500 0
074 V010500 12.64
074 V020500 0.00
074 W000500 0.0000
074 X000500 398
074 Y000500 0
075 A000500 0
075 B000500 4431
076 000500 0.00
083 A000500 N
083 B000500 0
084 A000500 N
084 B000500 0
<PAGE> PAGE 26
085 A000500 N
085 B000500 N
028 A010600 120
028 A020600 0
028 A030600 0
028 A040600 13
028 B010600 152
028 B020600 18
028 B030600 0
028 B040600 16
028 C010600 144
028 C020600 0
028 C030600 0
028 C040600 54
028 D010600 515
028 D020600 0
028 D030600 0
028 D040600 26
028 E010600 403
028 E020600 11
028 E030600 0
028 E040600 0
028 F010600 512
028 F020600 0
028 F030600 0
028 F040600 39
028 G010600 1846
028 G020600 29
028 G030600 0
028 G040600 148
028 H000600 0
034 000600 N
035 000600 0
036 B000600 0
037 000600 N
038 000600 0
039 000600 N
040 000600 N
045 000600 Y
046 000600 N
047 000600 Y
048 000600 0.000
048 A010600 500000
048 A020600 0.500
048 B010600 500000
048 B020600 0.450
048 C010600 0
048 C020600 0.400
048 D010600 0
048 D020600 0.000
048 E010600 0
<PAGE> PAGE 27
048 E020600 0.000
048 F010600 0
048 F020600 0.000
048 G010600 0
048 G020600 0.000
048 H010600 0
048 H020600 0.000
048 I010600 0
048 I020600 0.000
048 J010600 0
048 J020600 0.000
048 K010600 0
048 K020600 0.000
055 A000600 N
055 B000600 N
056 000600 N
057 000600 N
058 A000600 N
059 000600 Y
060 A000600 Y
060 B000600 Y
061 000600 5000
062 A000600 N
062 B000600 0.0
062 C000600 0.0
062 D000600 0.0
062 E000600 0.0
062 F000600 0.0
062 G000600 0.0
062 H000600 0.0
062 I000600 0.0
062 J000600 0.0
062 K000600 0.0
062 L000600 0.0
062 M000600 0.0
062 N000600 0.0
062 O000600 0.0
062 P000600 0.0
062 Q000600 0.0
062 R000600 0.0
066 A000600 Y
066 D000600 Y
067 000600 N
068 A000600 N
068 B000600 N
069 000600 Y
070 A010600 Y
070 A020600 N
070 B010600 N
070 B020600 N
070 C010600 N
<PAGE> PAGE 28
070 C020600 N
070 D010600 N
070 D020600 N
070 E010600 N
070 E020600 N
070 F010600 Y
070 F020600 Y
070 G010600 N
070 G020600 N
070 H010600 N
070 H020600 N
070 I010600 N
070 I020600 N
070 J010600 N
070 J020600 N
070 K010600 Y
070 K020600 Y
070 L010600 Y
070 L020600 N
070 M010600 N
070 M020600 N
070 N010600 Y
070 N020600 N
070 O010600 Y
070 O020600 N
070 P010600 N
070 P020600 N
070 Q010600 Y
070 Q020600 Y
070 R010600 N
070 R020600 N
071 A000600 4776
071 B000600 587
071 C000600 2939
071 D000600 20
072 A000600 8
072 B000600 61
072 C000600 17
072 D000600 0
072 E000600 0
072 F000600 15
072 G000600 0
072 H000600 0
072 I000600 8
072 J000600 16
072 K000600 0
072 L000600 1
072 M000600 2
072 N000600 1
072 O000600 0
072 P000600 0
<PAGE> PAGE 29
072 Q000600 19
072 R000600 0
072 S000600 5
072 T000600 0
072 U000600 0
072 V000600 0
072 W000600 3
072 X000600 70
072 Y000600 51
072 Z000600 59
072AA000600 226
072BB000600 0
072CC010600 599
072CC020600 0
072DD010600 58
072DD020600 0
072EE000600 0
073 A010600 0.1956
073 A020600 0.0000
073 B000600 0.0000
073 C000600 0.0000
074 A000600 0
074 B000600 0
074 C000600 1110
074 D000600 0
074 E000600 0
074 F000600 4798
074 G000600 0
074 H000600 0
074 I000600 0
074 J000600 0
074 K000600 6
074 L000600 49
074 M000600 0
074 N000600 5963
074 O000600 11
074 P000600 0
074 Q000600 0
074 R010600 19
074 R020600 0
074 R030600 0
074 R040600 0
074 S000600 0
074 T000600 5933
074 U010600 484
074 U020600 0
074 V010600 12.25
074 V020600 0.00
074 W000600 0.0000
074 X000600 524
074 Y000600 0
<PAGE> PAGE 30
075 A000600 0
075 B000600 3018
076 000600 0.00
083 A000600 N
083 B000600 0
084 A000600 N
084 B000600 0
085 A000600 N
085 B000600 N
SIGNATURE STEVE ROGERS
TITLE FUND MANAGER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
The following figures have been rounded to the nearest thousand.
</LEGEND>
<CIK> 0000778205
<NAME> California Investment Trust Fund Group II
<SERIES>
<NUMBER> 001
<NAME> U.S. Government Securities 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> 31,058
<INVESTMENTS-AT-VALUE> 31,062
<RECEIVABLES> 245
<ASSETS-OTHER> 43
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 31,350
<PAYABLE-FOR-SECURITIES> 12
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 62
<TOTAL-LIABILITIES> 74
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 31,057
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 52
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 163
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 5
<NET-ASSETS> 31,277
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,009
<OTHER-INCOME> 0
<EXPENSES-NET> 195
<NET-INVESTMENT-INCOME> 1,814
<REALIZED-GAINS-CURRENT> 1,071
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 2,885
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,804
<DISTRIBUTIONS-OF-GAINS> 401
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 902
<NUMBER-OF-SHARES-REDEEMED> 898
<SHARES-REINVESTED> 141
<NET-CHANGE-IN-ASSETS> 2,189
<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> 30,019
<PER-SHARE-NAV-BEGIN> 10.15
<PER-SHARE-NII> 0.64
<PER-SHARE-GAIN-APPREC> 0.36
<PER-SHARE-DIVIDEND> 0.63
<PER-SHARE-DISTRIBUTIONS> 0.14
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.38
<EXPENSE-RATIO> 0.65
<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> 0000778205
<NAME> California Investment Trust Fund Group II
<SERIES>
<NUMBER> 002
<NAME> U.S. Treasury Trust
<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> 104,495
<INVESTMENTS-AT-VALUE> 104,495
<RECEIVABLES> 16
<ASSETS-OTHER> 40
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 104,551
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 42
<TOTAL-LIABILITIES> 42
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 104,509
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 104,509
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,199
<OTHER-INCOME> 0
<EXPENSES-NET> 169
<NET-INVESTMENT-INCOME> 2,030
<REALIZED-GAINS-CURRENT> (1)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 2,029
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,030
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 177,112
<NUMBER-OF-SHARES-REDEEMED> 112,416
<SHARES-REINVESTED> 1,911
<NET-CHANGE-IN-ASSETS> 66,606
<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> 42,138
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.048
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> 0.048
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.40
<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> 0000778205
<NAME> California Investment Trust Fund Group II
<SERIES>
<NUMBER> 003
<NAME> S&P 500 Index 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> AUG-31-1997
<EXCHANGE-RATE> 1.000
<INVESTMENTS-AT-COST> 49,710
<INVESTMENTS-AT-VALUE> 71,641
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 246
<TOTAL-ASSETS> 71,887
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 27
<TOTAL-LIABILITIES> 27
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 48,403
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 108
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,143
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 22,206
<NET-ASSETS> 71,860
<DIVIDEND-INCOME> 980
<INTEREST-INCOME> 379
<OTHER-INCOME> 0
<EXPENSES-NET> 117
<NET-INVESTMENT-INCOME> 1,242
<REALIZED-GAINS-CURRENT> 1,543
<APPREC-INCREASE-CURRENT> 16,096
<NET-CHANGE-FROM-OPS> 18,881
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,200
<DISTRIBUTIONS-OF-GAINS> 870
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 995
<NUMBER-OF-SHARES-REDEEMED> 476
<SHARES-REINVESTED> 116
<NET-CHANGE-IN-ASSETS> 28,010
<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> 58,656
<PER-SHARE-NAV-BEGIN> 14.81
<PER-SHARE-NII> 0.38
<PER-SHARE-GAIN-APPREC> 5.44
<PER-SHARE-DIVIDEND> 0.37
<PER-SHARE-DISTRIBUTIONS> 0.28
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 19.98
<EXPENSE-RATIO> 0.20
<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> 0000778205
<NAME> California Investment Trust Fund Group II
<SERIES>
<NUMBER> 004
<NAME> S&P Midcap Index 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> 33,647
<INVESTMENTS-AT-VALUE> 46,249
<RECEIVABLES> 131
<ASSETS-OTHER> 13
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 46,393
<PAYABLE-FOR-SECURITIES> 11
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 111
<TOTAL-LIABILITIES> 122
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 30,047
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 99
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3,202
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 12,923
<NET-ASSETS> 46,271
<DIVIDEND-INCOME> 523
<INTEREST-INCOME> 179
<OTHER-INCOME> 0
<EXPENSES-NET> 156
<NET-INVESTMENT-INCOME> 546
<REALIZED-GAINS-CURRENT> 3,483
<APPREC-INCREASE-CURRENT> 8,308
<NET-CHANGE-FROM-OPS> 12,337
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 531
<DISTRIBUTIONS-OF-GAINS> 1,714
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 393
<NUMBER-OF-SHARES-REDEEMED> 360
<SHARES-REINVESTED> 136
<NET-CHANGE-IN-ASSETS> 12,712
<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> 38,930
<PER-SHARE-NAV-BEGIN> 14.45
<PER-SHARE-NII> 0.22
<PER-SHARE-GAIN-APPREC> 4.85
<PER-SHARE-DIVIDEND> 0.22
<PER-SHARE-DISTRIBUTIONS> 0.73
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 18.57
<EXPENSE-RATIO> 0.40
<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> 0000778205
<NAME> California Investment Trust Fund Group II
<SERIES>
<NUMBER> 005
<NAME> Equity 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> 8,929
<INVESTMENTS-AT-VALUE> 9,693
<RECEIVABLES> 47
<ASSETS-OTHER> 20
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 9,760
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 14
<TOTAL-LIABILITIES> 14
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 8,674
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 52
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 148
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 873
<NET-ASSETS> 9,747
<DIVIDEND-INCOME> 83
<INTEREST-INCOME> 97
<OTHER-INCOME> 0
<EXPENSES-NET> 34
<NET-INVESTMENT-INCOME> 146
<REALIZED-GAINS-CURRENT> 202
<APPREC-INCREASE-CURRENT> 873
<NET-CHANGE-FROM-OPS> 1,221
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 126
<DISTRIBUTIONS-OF-GAINS> 54
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 808
<NUMBER-OF-SHARES-REDEEMED> 53
<SHARES-REINVESTED> 16
<NET-CHANGE-IN-ASSETS> 9,747
<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> 4,431
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.39
<PER-SHARE-GAIN-APPREC> 2.84
<PER-SHARE-DIVIDEND> 0.32
<PER-SHARE-DISTRIBUTIONS> 0.27
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 12.64
<EXPENSE-RATIO> 0.76
<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> 0000778205
<NAME> California Investment Trust Fund Group II
<SERIES>
<NUMBER> 006
<NAME> S&P Smallcap Index Fund
<MULTIPLIER> 1,000
<CURRENCY> U.S. Dollars
<S> <C>
<PERIOD-TYPE> YEAR
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<PERIOD-START> SEP-01-1996
<PERIOD-END> AUG-31-1997
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<INVESTMENTS-AT-COST> 5,358
<INVESTMENTS-AT-VALUE> 5,906
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<ASSETS-OTHER> 10
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<TOTAL-ASSETS> 5,9633
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<OTHER-ITEMS-LIABILITIES> 19
<TOTAL-LIABILITIES> 30
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<PAID-IN-CAPITAL-COMMON> 5,094
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 14
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<OVERDISTRIBUTION-GAINS> 0
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<NET-CHANGE-FROM-OPS> 884
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<NET-CHANGE-IN-ASSETS> 5,933
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<PER-SHARE-DIVIDEND> 0.20
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<PER-SHARE-NAV-END> 12.25
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
ON INTERNAL CONTROL STRUCTURE
Board of Trustees
California Investment II
San Francisco, California
In planning and performing our audits of the financial statements
of U.S. Government Securities Fund, United States Treasury Trust,
S & P 500 Index Fund, S&P Small Cap Index Fund, Equity Income Fund
and S & P MidCap Index Fund, each a series of shares of beneficial
interest of California Investment Trust II (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