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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 8
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<PAGE> PAGE 10
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SIGNATURE EUGENE S. STARK
TITLE TREASURER
For the semi annual period ended (a) September 30, 1995 File number (c) 811-5336
SUB-ITEM 77 D
Policies With Respect to Security Investments
On April 11, 1995 the Board of Directors approved amended liquidity
procedures and amended valuation procedures.
77d.asc
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