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PAGE 2
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PAGE 4
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PAGE 5
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PAGE 6
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PAGE 7
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PAGE 8
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PAGE 9
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PAGE 10
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PAGE 11
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<PAGE>
PAGE 12
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PAGE 13
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PAGE 14
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PAGE 15
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PAGE 16
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PAGE 17
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PAGE 18
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PAGE 19
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PAGE 20
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PAGE 21
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072 X000400 284
072 Y000400 81
072 Z000400 611
072AA000400 5084
072BB000400 0
072CC010400 0
072CC020400 9519
072DD010400 531
072DD020400 0
072EE000400 1714
073 A010400 0.2299
073 A020400 0.0000
073 B000400 1.3972
073 C000400 0.0000
074 A000400 46
074 B000400 0
074 C000400 2864
074 D000400 0
074 E000400 0
074 F000400 36561
074 G000400 0
074 H000400 0
074 I000400 0
074 J000400 795
074 K000400 0
074 L000400 46
074 M000400 0
074 N000400 40312
074 O000400 52
074 P000400 8
074 Q000400 0
074 R010400 0
074 R020400 0
074 R030400 0
074 R040400 397
074 S000400 0
074 T000400 39855
074 U010400 2586
074 U020400 0
074 V010400 15.41
074 V020400 0.00
074 W000400 0.0000
074 X000400 1067
074 Y000400 0
075 A000400 0
075 B000400 50841
<PAGE>
PAGE 22
076 000400 0.00
083 A000400 N
083 B000400 0
084 A000400 N
084 B000400 0
085 A000400 N
085 B000400 N
028 A010500 1147
028 A020500 0
028 A030500 0
028 A040500 5
028 B010500 485
028 B020500 69
028 B030500 0
028 B040500 380
028 C010500 529
028 C020500 0
028 C030500 0
028 C040500 7
028 D010500 1208
028 D020500 0
028 D030500 0
028 D040500 206
028 E010500 1146
028 E020500 90
028 E030500 0
028 E040500 81
028 F010500 660
028 F020500 0
028 F030500 0
028 F040500 347
028 G010500 5175
028 G020500 159
028 G030500 0
028 G040500 1026
028 H000500 0
034 000500 N
035 000500 0
036 B000500 0
037 000500 N
038 000500 0
039 000500 N
040 000500 N
041 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
<PAGE>
PAGE 23
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
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
<PAGE>
PAGE 24
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
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 5665
071 B000500 3177
071 C000500 7704
071 D000500 41
072 A000500 12
072 B000500 193
072 C000500 208
072 D000500 0
072 E000500 0
072 F000500 58
072 G000500 0
072 H000500 0
072 I000500 11
072 J000500 6
<PAGE>
PAGE 25
072 K000500 0
072 L000500 1
072 M000500 2
072 N000500 3
072 O000500 0
072 P000500 0
072 Q000500 12
072 R000500 7
072 S000500 0
072 T000500 0
072 U000500 5
072 V000500 0
072 W000500 0
072 X000500 105
072 Y000500 16
072 Z000500 311
072AA000500 399
072BB000500 176
072CC010500 0
072CC020500 1212
072DD010500 306
072DD020500 0
072EE000500 304
073 A010500 0.3658
073 A020500 0.0000
073 B000500 0.4142
073 C000500 0.0000
074 A000500 0
074 B000500 0
074 C000500 3542
074 D000500 0
074 E000500 0
074 F000500 8549
074 G000500 0
074 H000500 0
074 I000500 0
074 J000500 1470
074 K000500 0
074 L000500 31
074 M000500 15
074 N000500 13607
074 O000500 669
074 P000500 6
074 Q000500 0
074 R010500 0
074 R020500 0
074 R030500 0
074 R040500 852
074 S000500 0
074 T000500 12080
074 U010500 1009
<PAGE>
PAGE 26
074 U020500 0
074 V010500 11.98
074 V020500 0.00
074 W000500 0.0000
074 X000500 1271
074 Y000500 0
075 A000500 0
075 B000500 11526
076 000500 0.00
083 A000500 N
083 B000500 0
084 A000500 N
084 B000500 0
085 A000500 N
085 B000500 N
028 A010600 197
028 A020600 0
028 A030600 0
028 A040600 265
028 B010600 1112
028 B020600 20
028 B030600 0
028 B040600 108
028 C010600 261
028 C020600 0
028 C030600 0
028 C040600 180
028 D010600 200
028 D020600 0
028 D030600 0
028 D040600 77
028 E010600 174
028 E020600 25
028 E030600 0
028 E040600 177
028 F010600 85
028 F020600 0
028 F030600 0
028 F040600 276
028 G010600 2029
028 G020600 45
028 G030600 0
028 G040600 1083
028 H000600 0
034 000600 N
035 000600 0
036 B000600 0
037 000600 N
038 000600 0
039 000600 N
040 000600 N
<PAGE>
PAGE 27
041 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
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
<PAGE>
PAGE 28
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
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 5888
071 B000600 1897
071 C000600 7717
071 D000600 25
072 A000600 12
072 B000600 101
<PAGE>
PAGE 29
072 C000600 62
072 D000600 0
072 E000600 0
072 F000600 49
072 G000600 0
072 H000600 0
072 I000600 13
072 J000600 13
072 K000600 0
072 L000600 1
072 M000600 2
072 N000600 3
072 O000600 0
072 P000600 0
072 Q000600 16
072 R000600 6
072 S000600 0
072 T000600 0
072 U000600 3
072 V000600 0
072 W000600 1
072 X000600 107
072 Y000600 44
072 Z000600 99
072AA000600 461
072BB000600 125
072CC010600 0
072CC020600 2714
072DD010600 107
072DD020600 0
072EE000600 301
073 A010600 0.1388
073 A020600 0.0000
073 B000600 0.3921
073 C000600 0.0000
074 A000600 0
074 B000600 0
074 C000600 1160
074 D000600 0
074 E000600 0
074 F000600 6858
074 G000600 0
074 H000600 0
074 I000600 0
074 J000600 0
074 K000600 0
074 L000600 6
074 M000600 8
074 N000600 8032
074 O000600 31
074 P000600 0
<PAGE>
PAGE 30
074 Q000600 0
074 R010600 0
074 R020600 0
074 R030600 0
074 R040600 85
074 S000600 0
074 T000600 7916
074 U010600 837
074 U020600 0
074 V010600 9.46
074 V020600 0.00
074 W000600 0.0000
074 X000600 1299
074 Y000600 0
075 A000600 0
075 B000600 9764
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
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE FOLLOWING FDS HAS BEEN ROUNDED TO THE NEAREST THOUSAND
</LEGEND>
<CIK> 0000778205
<NAME> CALIFORNIA INVESTMENT TRUST II
<SERIES>
<NUMBER> O1
<NAME> US GOVERNMENT SECURITIES 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> 1.00
<INVESTMENTS-AT-COST> 29,665
<INVESTMENTS-AT-VALUE> 32,202
<RECEIVABLES> 3,895
<ASSETS-OTHER> 49
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 36,145
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 82
<TOTAL-LIABILITIES> 82
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 32,984
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 98
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 445
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,536
<NET-ASSETS> 36,063
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,065
<OTHER-INCOME> 0
<EXPENSES-NET> 218
<NET-INVESTMENT-INCOME> 1,846
<REALIZED-GAINS-CURRENT> 534
<APPREC-INCREASE-CURRENT> 2,531
<NET-CHANGE-FROM-OPS> 4,911
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,884
<DISTRIBUTIONS-OF-GAINS> 219
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,569
<NUMBER-OF-SHARES-REDEEMED> 1,525
<SHARES-REINVESTED> 136
<NET-CHANGE-IN-ASSETS> 179
<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> 33,636
<PER-SHARE-NAV-BEGIN> 10.38
<PER-SHARE-NII> 0.59
<PER-SHARE-GAIN-APPREC> 1.01
<PER-SHARE-DIVIDEND> (0.61)
<PER-SHARE-DISTRIBUTIONS> (0.07)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 11.30
<EXPENSE-RATIO> 0.65
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE FOLLOWING FDS HAS BEEN ROUNDED TO THE NEAREST THOUSAND
</LEGEND>
<CIK> 0000778205
<NAME> CALIFORNIA INVESTMENT TRUST II
<SERIES>
<NUMBER> 02
<NAME> THE UNITED STATES TREASURY TRUST
<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> 46,237
<INVESTMENTS-AT-VALUE> 46,237
<RECEIVABLES> 294
<ASSETS-OTHER> 72
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 46,603
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,262
<TOTAL-LIABILITIES> 2,262
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 44,334
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 7
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 44,341
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,474
<OTHER-INCOME> 0
<EXPENSES-NET> 191
<NET-INVESTMENT-INCOME> 2,283
<REALIZED-GAINS-CURRENT> 7
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 2,290
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,283
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 141,143
<NUMBER-OF-SHARES-REDEEMED> 203,448
<SHARES-REINVESTED> 2,131
<NET-CHANGE-IN-ASSETS> (60,175)
<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> 47,684
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.051
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (0.051)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<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 FDS HAS BEEN ROUNDED TO THE NEAREST THOUSAND
</LEGEND>
<CIK> 0000778205
<NAME> CALIFORNIA INVESTMENT TRUST II
<SERIES>
<NUMBER> 03
<NAME> S&P 500 INDEX 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> 63,087
<INVESTMENTS-AT-VALUE> 88,922
<RECEIVABLES> 251
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 89,173
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,552
<TOTAL-LIABILITIES> 1,552
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 62,097
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 287
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,242
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 23,994
<NET-ASSETS> 87,621
<DIVIDEND-INCOME> 1,231
<INTEREST-INCOME> 440
<OTHER-INCOME> 0
<EXPENSES-NET> 178
<NET-INVESTMENT-INCOME> 1,494
<REALIZED-GAINS-CURRENT> 1,520
<APPREC-INCREASE-CURRENT> 1,788
<NET-CHANGE-FROM-OPS> 4,802
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,316
<DISTRIBUTIONS-OF-GAINS> 1,420
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,102
<NUMBER-OF-SHARES-REDEEMED> 625
<SHARES-REINVESTED> 119
<NET-CHANGE-IN-ASSETS> 597
<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> 88,576
<PER-SHARE-NAV-BEGIN> 19.98
<PER-SHARE-NII> 0.36
<PER-SHARE-GAIN-APPREC> 1.28
<PER-SHARE-DIVIDEND> (0.34)
<PER-SHARE-DISTRIBUTIONS> (0.38)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 20.90
<EXPENSE-RATIO> 0.20
<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> 0000778205
<NAME> CALIFORNIA INVESTMENT TRUST II
<SERIES>
<NUMBER> 04
<NAME> S&P MIDCAP INDEX 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> 35,159
<INVESTMENTS-AT-VALUE> 39,425
<RECEIVABLES> 840
<ASSETS-OTHER> 46
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 40,312
<PAYABLE-FOR-SECURITIES> 52
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 405
<TOTAL-LIABILITIES> 457
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 31,716
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 20
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4,715
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3,404
<NET-ASSETS> 39,855
<DIVIDEND-INCOME> 552
<INTEREST-INCOME> 262
<OTHER-INCOME> 0
<EXPENSES-NET> 203
<NET-INVESTMENT-INCOME> 611
<REALIZED-GAINS-CURRENT> 5,084
<APPREC-INCREASE-CURRENT> (9,519)
<NET-CHANGE-FROM-OPS> (3,824)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 609
<DISTRIBUTIONS-OF-GAINS> 3,571
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 295
<NUMBER-OF-SHARES-REDEEMED> 409
<SHARES-REINVESTED> 208
<NET-CHANGE-IN-ASSETS> 94
<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> 50,841
<PER-SHARE-NAV-BEGIN> 18.57
<PER-SHARE-NII> 0.23
<PER-SHARE-GAIN-APPREC> (1.76)
<PER-SHARE-DIVIDEND> (0.23)
<PER-SHARE-DISTRIBUTIONS> (1.40)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 15.41
<EXPENSE-RATIO> 0.40
<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> 0000778205
<NAME> CALIFORNIA INVESTMENT TRUST II
<SERIES>
<NUMBER> 05
<NAME> EQUITY 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> 11,574
<INVESTMENTS-AT-VALUE> 12,091
<RECEIVABLES> 1,501
<ASSETS-OTHER> 15
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 13,607
<PAYABLE-FOR-SECURITIES> 669
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 858
<TOTAL-LIABILITIES> 1,527
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 12,317
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 35
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 67
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (339)
<NET-ASSETS> 12,080
<DIVIDEND-INCOME> 208
<INTEREST-INCOME> 193
<OTHER-INCOME> 0
<EXPENSES-NET> 90
<NET-INVESTMENT-INCOME> 311
<REALIZED-GAINS-CURRENT> 223
<APPREC-INCREASE-CURRENT> (1,212)
<NET-CHANGE-FROM-OPS> (678)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 306
<DISTRIBUTIONS-OF-GAINS> 304
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 493
<NUMBER-OF-SHARES-REDEEMED> 300
<SHARES-REINVESTED> 44
<NET-CHANGE-IN-ASSETS> 238
<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> 11,526
<PER-SHARE-NAV-BEGIN> 12.64
<PER-SHARE-NII> 0.37
<PER-SHARE-GAIN-APPREC> (0.25)
<PER-SHARE-DIVIDEND> (0.37)
<PER-SHARE-DISTRIBUTIONS> (0.41)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 11.98
<EXPENSE-RATIO> 0.78
<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> 0000778205
<NAME> CALIFORNIA INVESTMENT TRUST II
<SERIES>
<NUMBER> 06
<NAME> S&P SMALLCAP INDEX 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> 1.00
<INVESTMENTS-AT-COST> 9,845
<INVESTMENTS-AT-VALUE> 8,017
<RECEIVABLES> 7
<ASSETS-OTHER> 8
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 8,032
<PAYABLE-FOR-SECURITIES> 31
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 85
<TOTAL-LIABILITIES> 116
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 9,746
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 286
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (2,116)
<NET-ASSETS> 7,916
<DIVIDEND-INCOME> 62
<INTEREST-INCOME> 101
<OTHER-INCOME> 0
<EXPENSES-NET> 64
<NET-INVESTMENT-INCOME> 99
<REALIZED-GAINS-CURRENT> 336
<APPREC-INCREASE-CURRENT> (2,714)
<NET-CHANGE-FROM-OPS> (2,279)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 107
<DISTRIBUTIONS-OF-GAINS> 301
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 562
<NUMBER-OF-SHARES-REDEEMED> 242
<SHARES-REINVESTED> 32
<NET-CHANGE-IN-ASSETS> 352
<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> 9,764
<PER-SHARE-NAV-BEGIN> 12.25
<PER-SHARE-NII> 0.13
<PER-SHARE-GAIN-APPREC> (2.39)
<PER-SHARE-DIVIDEND> (0.14)
<PER-SHARE-DISTRIBUTIONS> (0.39)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.46
<EXPENSE-RATIO> 0.65
<AVG-DEBT-OUTSTANDING> 0
<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, 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
