California Series Composite Materials          Adjustment 77J

SOP for California Income Series and California
Series


California Income Reclassification of Capital Accounts: The Series accounts
for and
reports distributions to shareholders in accordance with the AICPA Statement
of Position
93-2: Determination, Disclosure, and Financial Statement Presentation of
Income, Capital
Gains and Return of Capital Distributions by Investment Companies.
  The effect of
applying this statement was to decrease paid in capital by $126,390, increase
accumulated net realized loss by $171,151, and increase undistributed
net investment
income by $297,541. Net investment income, net realized gains and net
 assets were not
affected by this change.

California Series Reclassification of Capital Accounts: The Series
accounts and reports
for distributions to shareholders in accordance with the AICPA Statement of
Position 93-
2: determination, Disclosure and Financial Statement Presentation of
Income, Capital
Gain and Return of Capital Distributions by Investment Companies.
 The effect of
applying this statement was to increase paid in capital in excess
of par and decrease
accumulated net realized gain by $15,553. Net investment income,
 net realized gains and
net assets were not affected by this change.