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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 9
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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SIGNATURE LESLIE L. OGG
TITLE VICE PRESIDENT
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<NAME> TOTAL RETURN PORTFOLIO
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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EXHIBIT 77D
for Growth and Income Trust
Balanced Portfolio
Equity Portfolio
Equity Income Portfolio
Total Return Portfolio
At the Board of Trustees meetings held on October -7-8, 1998, the
following non-fundamental investment policies were eliminated:
The Portfolio will not pledge or mortgage its assets beyond
15% of total assets.
The Portfolio will not invest more than 5% of its total
assets in securities of domestic or foreign companies, including
any predecessors, that have a record of less than three years
continuous operations.
The Portfolio will not invest more than 5% of its net assets
in warrants.
The Portfolio will not invest in exploration or development
programs such as oil, gas or mineral leases.
[ In addition for Equity Income Portfolio, only]
The Portfolio will not purchase securities of an issuer if
the board members and officers of the Portfolio and of AEFC hold
more than a certain percentage of the issuer's outstanding
securities. If the holdings of all board members and officers of
the Portfolio and of AEFC who own more than 0.5% of an issuer's
securities are added together, and if in total they own more than
5%, the Portfolio will not purchase securities of that issuer.
