SUB-ITEM 77D
POLICIES WITH RESPECT TO SECURITY INVESTMENTS

     (a) On May 26, 2005,  the Board  approved a name change for the  California
Intermediate-Term Tax-Free fund to the California Tax-Free Bond fund. The fund's
investments  will now include  quality debt  securities of all maturity  ranges.
Prior to the change, the fund's investments were focused on debt securities with
a 5-10 year weighted average maturity. (b) N/A
(c)      N/A
(d)      N/A
(e)      N/A
(f)      N/A
(g)      N/A