Rule 497(e)
Registration No.: 2-82143
SUPPLEMENT DATED APRIL 2, 1997
TO THE CALIFORNIA MUNI FUND
PROSPECTUS DATED APRIL 25, 1996
The following information supplements and supersedes any contrary
information contained in the Fund's Prospectus:
Portfolio management responsibilities have been transferred from the
Fund's former portfolio strategist to an investment committee composed of the
following members: Christopher P. Culp, a portfolio co-manager affiliated with
Tocqueville Asset Management L.P., Vincent J. Malanga, a portfolio strategist
affiliated with the Manager, and Jane Tubis, a bond trader affiliated with the
Manager. Christopher P. Culp is serving the Fund on an interim basis without
compensation. He is the co-manager of The Tocqueville Government Fund. He was a
Vice President of Belle Haven Investments L.P. from 1994 to 1995, before joining
Tocqueville Asset Management, L.P., and was (i) an independent financial
consultant from 1993 to 1994, and (ii) a bond trader with Swiss Bank Corp. from
1991 to 1993 and with Carroll McEntee, a subsidiary of HSBC Corp., from 1990 to
1991. Vincent J. Malanga is, and has been for more than the past five years,
Chairman of the Board, Chief Executive Officer, President and Treasurer of the
Fundamental Funds. He is, and has been for more than the past five years,
President, Treasurer and a Director of the Manager, Executive Vice President,
Secretary and a Director of Fundamental Service Corporation (the Distributor for
certain of the Fundamental Funds) and President of LaSalle Economics, Inc., an
economic consulting firm, and a managing director of LaSalle Portfolio
Management, Inc., a commodity trading adviser. Jane Tubis is, and has been for
more than the past five years, a bond trader with the Manager.
