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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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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 18
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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028 A010500 819
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<PAGE> PAGE 22
028 F040500 305
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037 000500 N
038 000500 0
039 000500 N
040 000500 N
041 000500 N
045 000500 Y
046 000500 N
047 000500 Y
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055 B000500 N
056 000500 N
057 000500 N
062 A000500 Y
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062 D000500 0.0
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<PAGE> PAGE 23
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062 L000500 1.7
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062 O000500 97.1
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062 R000500 1.2
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064 A000500 Y
064 B000500 N
066 A000500 N
067 000500 N
068 A000500 N
068 B000500 N
069 000500 N
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070 A020500 N
070 B010500 N
070 B020500 N
070 C010500 N
070 C020500 N
070 D010500 N
070 D020500 N
070 E010500 Y
070 E020500 N
070 F010500 N
070 F020500 N
070 G010500 Y
070 G020500 N
070 H010500 N
070 H020500 N
070 I010500 N
070 I020500 N
070 J010500 Y
070 J020500 N
070 K010500 Y
070 K020500 Y
070 L010500 N
070 L020500 N
070 M010500 N
070 M020500 N
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070 O020500 N
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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SIGNATURE WILLIAM GREILICH
TITLE VICE PRESIDENT
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 01
<NAME> LARGE COMPANY INDEX FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAR-31-2000
<PERIOD-END> MAR-31-2000
<INVESTMENTS-AT-COST> 619,938,221
<INVESTMENTS-AT-VALUE> 1,074,967,996
<RECEIVABLES> 13,182,835
<ASSETS-OTHER> 4,456
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,088,155,287
<PAYABLE-FOR-SECURITIES> 21,209,230
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,816,690
<TOTAL-LIABILITIES> 23,025,920
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 550,638,675
<SHARES-COMMON-STOCK> 25,276,074
<SHARES-COMMON-PRIOR> 22,464,161
<ACCUMULATED-NII-CURRENT> 1,847,977
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 57,224,518
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 455,418,197
<NET-ASSETS> 1,065,129,367
<DIVIDEND-INCOME> 11,615,908
<INTEREST-INCOME> 1,202,852
<OTHER-INCOME> 0
<EXPENSES-NET> 4,480,522
<NET-INVESTMENT-INCOME> 8,338,238
<REALIZED-GAINS-CURRENT> 65,719,701
<APPREC-INCREASE-CURRENT> 77,676,368
<NET-CHANGE-FROM-OPS> 151,734,307
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 8,354,459
<DISTRIBUTIONS-OF-GAINS> 16,900,167
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 8,395,202
<NUMBER-OF-SHARES-REDEEMED> 6,162,753
<SHARES-REINVESTED> 579,464
<NET-CHANGE-IN-ASSETS> 236,230,108
<ACCUMULATED-NII-PRIOR> 1,864,198
<ACCUMULATED-GAINS-PRIOR> 8,404,984
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 953,726
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4,506,170
<AVERAGE-NET-ASSETS> 951,807,226
<PER-SHARE-NAV-BEGIN> 36.90
<PER-SHARE-NII> 0.32
<PER-SHARE-GAIN-APPREC> 5.93
<PER-SHARE-DIVIDEND> (0.33)
<PER-SHARE-DISTRIBUTIONS> (0.68)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 42.14
<EXPENSE-RATIO> 0.47
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
[NUMBER] 2
<NAME> GALAXY II SMALL COMPANY INDEX FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAR-31-2000
<PERIOD-END> MAR-31-2000
<INVESTMENTS-AT-COST> 250,595,510
<INVESTMENTS-AT-VALUE> 279,622,041
<RECEIVABLES> 660,028
<ASSETS-OTHER> 609
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 280,282,678
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 369,018
<TOTAL-LIABILITIES> 369,018
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 241,010,804
<SHARES-COMMON-STOCK> 15,619,331
<SHARES-COMMON-PRIOR> 17,070,975
<ACCUMULATED-NII-CURRENT> 322,564
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 10,119,571
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 28,460,721
<NET-ASSETS> 279,913,660
<DIVIDEND-INCOME> 1,966,806
<INTEREST-INCOME> 539,800
<OTHER-INCOME> 0
<EXPENSES-NET> (1,095,104)
<NET-INVESTMENT-INCOME> 1,411,502
<REALIZED-GAINS-CURRENT> 21,502,773
<APPREC-INCREASE-CURRENT> 48,756,536
<NET-CHANGE-FROM-OPS> 71,670,811
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,459,959)
<DISTRIBUTIONS-OF-GAINS> (23,979,469)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,907,412
<NUMBER-OF-SHARES-REDEEMED> 7,903,619
<SHARES-REINVESTED> 1,544,562
<NET-CHANGE-IN-ASSETS> 20,010,442
<ACCUMULATED-NII-PRIOR> 371,021
<ACCUMULATED-GAINS-PRIOR> 12,596,267
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 268,924
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,101,970
<AVERAGE-NET-ASSETS> 268,378,895
<PER-SHARE-NAV-BEGIN> 15.22
<PER-SHARE-NII> 0.09
<PER-SHARE-GAIN-APPREC> 4.31
<PER-SHARE-DIVIDEND> (0.09)
<PER-SHARE-DISTRIBUTIONS> (1.61)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 17.92
<EXPENSE-RATIO> 0.41
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 04
<NAME> UTILITY INDEX FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAR-31-2000
<PERIOD-END> MAR-31-2000
<INVESTMENTS-AT-COST> 42,909,216
<INVESTMENTS-AT-VALUE> 49,902,144
<RECEIVABLES> 182,673
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 366
<TOTAL-ASSETS> 50,085,183
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 107,780
<TOTAL-LIABILITIES> 107,780
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 41,767,707
<SHARES-COMMON-STOCK> 3,751,995
<SHARES-COMMON-PRIOR> 4,130,883
<ACCUMULATED-NII-CURRENT> 52,479
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,164,289
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 6,992,928
<NET-ASSETS> 49,977,403
<DIVIDEND-INCOME> 2,191,310
<INTEREST-INCOME> 16,600
<OTHER-INCOME> 0
<EXPENSES-NET> 221,001
<NET-INVESTMENT-INCOME> 1,986,909
<REALIZED-GAINS-CURRENT> 2,659,064
<APPREC-INCREASE-CURRENT> (622,871)
<NET-CHANGE-FROM-OPS> 4,023,102
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,020,360
<DISTRIBUTIONS-OF-GAINS> 1,735,894
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 466,071
<NUMBER-OF-SHARES-REDEEMED> 1,117,031
<SHARES-REINVESTED> 272,072
<NET-CHANGE-IN-ASSETS> (5,153,331)
<ACCUMULATED-NII-PRIOR> 85,930
<ACCUMULATED-GAINS-PRIOR> 241,119
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 55,225
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 222,426
<AVERAGE-NET-ASSETS> 55,108,292
<PER-SHARE-NAV-BEGIN> 13.35
<PER-SHARE-NII> 0.50
<PER-SHARE-GAIN-APPREC> 0.43
<PER-SHARE-DIVIDEND> (0.51)
<PER-SHARE-DISTRIBUTIONS> (0.45)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.32
<EXPENSE-RATIO> 0.40
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
[NUMBER] 3
<NAME> GALAXY II U.S. TREASURY INDEX FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAR-31-2000
<PERIOD-END> MAR-31-2000
<INVESTMENTS-AT-COST> 160,594,089
<INVESTMENTS-AT-VALUE> 157,739,831
<RECEIVABLES> 6,343,919
<ASSETS-OTHER> 798
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 164,084,548
<PAYABLE-FOR-SECURITIES> 3,000,000
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 695,586
<TOTAL-LIABILITIES> 3,695,586
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 170,644,006
<SHARES-COMMON-STOCK> 15,827,179
<SHARES-COMMON-PRIOR> 19,207,022
<ACCUMULATED-NII-CURRENT> 129
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 7,400,915
<ACCUM-APPREC-OR-DEPREC> (2,854,258)
<NET-ASSETS> 160,388,962
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 11,445,920
<OTHER-INCOME> 0
<EXPENSES-NET> (740,763)
<NET-INVESTMENT-INCOME> 10,705,157
<REALIZED-GAINS-CURRENT> (3,829,905)
<APPREC-INCREASE-CURRENT> (3,297,536)
<NET-CHANGE-FROM-OPS> 3,577,716
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (11,323,274)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5,959,352
<NUMBER-OF-SHARES-REDEEMED> 10,187,373
<SHARES-REINVESTED> 848,178
<NET-CHANGE-IN-ASSETS> (42,030,639)
<ACCUMULATED-NII-PRIOR> 567,625
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 3,520,389
<GROSS-ADVISORY-FEES> 180,420
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 745,478
<AVERAGE-NET-ASSETS> 180,036,828
<PER-SHARE-NAV-BEGIN> 10.54
<PER-SHARE-NII> 0.61
<PER-SHARE-GAIN-APPREC> (0.38)
<PER-SHARE-DIVIDEND> (0.64)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.13
<EXPENSE-RATIO> 0.41
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 051
<NAME> GALAXY II MUNICIPAL BOND FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAR-31-2000
<PERIOD-END> MAR-31-2000
<INVESTMENTS-AT-COST> 27,497,330
<INVESTMENTS-AT-VALUE> 27,429,474
<RECEIVABLES> 396,113
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 6
<TOTAL-ASSETS> 27,825,593
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 56,532
<TOTAL-LIABILITIES> 56,532
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 28,561,916
<SHARES-COMMON-STOCK> 2,740,198
<SHARES-COMMON-PRIOR> 2,040,770
<ACCUMULATED-NII-CURRENT> 163
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (727,902)
<ACCUM-APPREC-OR-DEPREC> (67,856)
<NET-ASSETS> 27,769,061
<DIVIDEND-INCOME> 21,727
<INTEREST-INCOME> 1,107,850
<OTHER-INCOME> 0
<EXPENSES-NET> 139,152
<NET-INVESTMENT-INCOME> 990,425
<REALIZED-GAINS-CURRENT> (70,731)
<APPREC-INCREASE-CURRENT> (874,456)
<NET-CHANGE-FROM-OPS> 45,238
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,014,596)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,615,439
<NUMBER-OF-SHARES-REDEEMED> (987,859)
<SHARES-REINVESTED> 71,848
<NET-CHANGE-IN-ASSETS> 6,162,199
<ACCUMULATED-NII-PRIOR> 22,997
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (655,834)
<GROSS-ADVISORY-FEES> 57,980
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 139,152
<AVERAGE-NET-ASSETS> 23,145,887
<PER-SHARE-NAV-BEGIN> 10.59
<PER-SHARE-NII> 0.44
<PER-SHARE-GAIN-APPREC> (0.45)
<PER-SHARE-DIVIDEND> (0.45)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.13
<EXPENSE-RATIO> 0.60
</TABLE>
Report of Independent Auditors
Board of Trustees of
Galaxy Fund II
In planning and performing our audit of the financial statements of Galaxy
Fund II (comprising, respectively, the Large Company Index Fund, Small
Company Index Fund, Utility Index Fund, U.S. Treasury Index Fund and
Municipal Bond Fund) for the year ended March 31, 2000, we considered
its internal control, including control activities for safeguarding securities,
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, and not to provide assurance on internal control.
The management of Galaxy Fund II is responsible for establishing and
maintaining internal control. In fulfilling this responsibility, estimates and
judgments by management are required to assess the expected benefits and
related costs of internal control. Generally, internal controls that are
relevant to an audit pertain to the entity's objective of preparing financial
statements for external purposes that are fairly presented in conformity
with generally accepted accounting principles. Those internal controls
include the safeguarding of assets against unauthorized acquisition, use or
disposition.
Because of inherent limitations in any internal control, misstatements due
to errors or fraud may occur and not be detected. Also, projections of any
evaluation of internal control to future periods are subject to the risk that
internal control may become inadequate because of changes in conditions,
or that the degree of compliance with the policies or procedures may
deteriorate.
Our consideration of internal control would not necessarily disclose all
matters in internal control 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 one or more of the specific internal control components does
not reduce to a relatively low level the risk that errors or fraud 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 internal control, including control activities for
safeguarding securities, and its operation that we consider to be material
weaknesses as defined above as of March 31, 2000.
This report is intended solely for the information and use of the Board of
Trustees and management of Galaxy Fund II, and the Securities and
Exchange Commission and is not intended to be and should not be used by
anyone other than these specified parties.
ERNST & YOUNG
LLP
Boston, Massachusetts
May 8, 2000
