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SIGNATURE EUGENE S. STARK
TITLE TREASURER
For the fiscal year ended (a) March 31, 1995
File number (c) 811-5336
SUB-ITEM 77 D
Policies With Respect to Security Investments
At a meeting of the Board of Directors held on April 12, 1994, the
Directors approved (i) the use of tri-party repurchase agreements and (ii) the
use of Bank of New York, Chemical Bank, Morgan Guaranty Trust Company and
Bankers Trust Company as subcustodians in connection with effecting tri-party
repurchase transactions.
PILP595.77D
NSAR#3
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