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SIGNATURE SUSAN C. COTE'
TITLE TREASURER
For the fiscal year ended (a) August 31, 1994
File number (c) 811-5296
SUB-ITEM 77 D
Policies With Respect to Security Investments
At a meeting of the Board of Directors held on July 26, 1994,
the Directors approved, subject to shareholder approval, a change
in the Fund's Investment Restriction Number 3 which limits the
purchase of securities of an issuer if the Fund holds more than 10%
of any one class of securities of the issuer.
For the fiscal year ended (a) August 31, 1994
File number (c) 811-5296
SUB-ITEM 77 D
Policies With Respect to Security Investments
At a meeting of the Board of Directors held on October 19,
1993, the Fund adopted new procedures pursuant to Rules 10f-3,
17a-7, and 17e-1 of the Investment Company Act of 1940. The
revised procedures eliminated the need for the Directors to review
annually the Fund's Rule 10f-3, 17a-7 and 17e-1 procedures.
Reclassification of Capital Accounts: In accordance with
Statement of Position 93-2: Determination, Disclosure, and
Financial Statement Presentation of Income, Capital Gain, and
Return of Capital Distributions by Investment distributions to
shareholders to better disclose the differences between
financial statement amounts and distributions determined in
accordance with income tax regulations. The effect caused by
adopting this statement was to decrease paid in capital in
excess of par by $432,001 and increase undistributed net
investment income by $432,001 during the year ended August 31,
1994. Net investment income, net realized gains and net
assets were not affected by this change.
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