SUB-ITEM 77D
Policies with respect to security investments

     (a) As of  January 1, 2006,  the name of the  California  Intermediate-Term
Tax-Free  fund was  changed to the  California  Tax-Free  Bond fund.  The fund's
investments now includes 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