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                                                         SEC FILE NUMBER

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                                                         CUSIP NUMBER

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                                 UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                  FORM 12b-25

                          NOTIFICATION OF LATE FILING

(Check one): |_| Form 10-K |_| Form 20-F |_| Form 11-K |_| Form 10-Q
             |_| Form N-SAR |X| Form N-CSR

        For Period Ended: February 28, 2005

        |_| Transition Report on Form 10-K
        |_| Transition Report on Form 20-F
        |_| Transition Report on Form 11-K
        |_| Transition Report on Form 10-Q
        |_| Transition Report on Form N-SAR

        For the Transition Period Ended:________________________________________

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NOTHING IN THIS FORM SHALL BE CONSTRUED TO IMPLY THAT THE COMMISSION HAS
VERIFIED ANY INFORMATION CONTAINED HEREIN.
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If the notification relates to a portion of the filing checked above, identify
the Item(s) to which the notification relates:

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PART I -- REGISTRANT INFORMATION

California Investment Trust II
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Full Name of Registrant


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Former Name if Applicable

44 Montgomery Street, Suite 2100
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Address of Principal Executive Office (Street and Number)

San Francisco, CA 94104
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City, State and Zip Code

PART II -- RULES 12B-25(B) AND (C)

If the subject report could not be filed without unreasonable effort or expense
and the registrant seeks relief pursuant to Rule 12b-25(b), the following should
be completed. (Check box if appropriate)

    (a)  The reason described in reasonable detail in Part III of this form
         could not be eliminated without unreasonable effort or expense
    (b)  The subject annual report, semi-annual report, transition report on
         Form 10-K, Form 20-F, Form 11-K, Form N-SAR or Form N-CSR, or portion
|X|      thereof, will be filed on or before the fifteenth calendar day
         following the prescribed due date; or the subject quarterly report or
         transition report on Form 10-Q, or portion thereof, will be filed on or
         before the fifth calendar day following the prescribed due date; and
    (c)  The accountant's statement or other exhibit required by Rule 12b-25(c)
         has been attached if applicable.


PART III -- NARRATIVE

State below in reasonable detail why Forms 10-K, 20-F, 11-K, 10-Q, N-SAR, N-CSR,
or the transition report or portion thereof, could not be filed within the
prescribed time period.

Waiting for additional reports from independent auditors.

PART IV -- OTHER INFORMATION

(1)   Name and telephone number of person to contact in regard to this
      notification

            Michael O'Callaghan             415                 398-2727
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                (Name)                  (Area Code)       (Telephone Number)

(2)   Have all other periodic reports required under Section 13 or 15(d) of the
      Securities Exchange Act of 1934 or Section 30 of the Investment Company
      Act of 1940 during the preceding 12 months or for such shorter period that
      the registrant was required to file such report(s) been filed? If answer
      is no, identify report(s).     Yes  |X|   No |_|

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(3)   Is it anticipated that any significant change in results of operations
      from the corresponding period for the last fiscal year will be reflected
      by the earnings statements to be included in the subject report or portion
      thereof?                       Yes |_|    No |X|

      If so, attach an explanation of the anticipated change, both narratively
      and quantitatively, and, if appropriate, state the reasons why a
      reasonable estimate of the results cannot be made.

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                         California Investment Trust II
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                  (Name of Registrant as Specified in Charter)

has caused this notification to be signed on its behalf by the undersigned
hereunto duly authorized.

Date 5/9/05                             By /s/ Stephen C. Rogers
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                                               Stephen C. Rogers, President

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INTENTIONAL MISSTATEMENTS OR OMISSIONS OF FACT CONSTITUTE FEDERAL CRIMINAL
VIOLATIONS (SEE 18 U.S.C.1001).
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