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<NET-INVESTMENT-INCOME> 59315918
<REALIZED-GAINS-CURRENT> 37255599
<APPREC-INCREASE-CURRENT> 2764148052
<NET-CHANGE-FROM-OPS> 2860719569
<EQUALIZATION> 0
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<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 3455851448
<ACCUMULATED-NII-PRIOR> 0
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<GROSS-ADVISORY-FEES> 45518278
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<GROSS-EXPENSE> 46126287
<AVERAGE-NET-ASSETS> 17597733691
<PER-SHARE-NAV-BEGIN> 0
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 3
<NAME> AGGRESSIVE GROWTH PORTFOLIO
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUL-31-1999
<PERIOD-END> JAN-31-1999
<INVESTMENTS-AT-COST> 508248308
<INVESTMENTS-AT-VALUE> 633030092
<RECEIVABLES> 8011978
<ASSETS-OTHER> 711530
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 641753600
<PAYABLE-FOR-SECURITIES> 3947156
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 21544
<TOTAL-LIABILITIES> 3968700
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
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<SHARES-COMMON-PRIOR> 0
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<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 637784900
<DIVIDEND-INCOME> 2988685
<INTEREST-INCOME> 225196
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<EXPENSES-NET> 1713327
<NET-INVESTMENT-INCOME> 1500554
<REALIZED-GAINS-CURRENT> 6997276
<APPREC-INCREASE-CURRENT> 82119769
<NET-CHANGE-FROM-OPS> 90617599
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<DISTRIBUTIONS-OF-GAINS> 0
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<NET-CHANGE-IN-ASSETS> 114671043
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<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1673343
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1722231
<AVERAGE-NET-ASSETS> 528398385
<PER-SHARE-NAV-BEGIN> 0
<PER-SHARE-NII> 0
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</TABLE>
EXHIBIT 77D
for Growth Trust
At Board of Trustees meetings held on October 7-8, 1998, the
following investment policies were eliminated:
For all Portfolios --
o The Portfolio will not pledge or mortgage its assets beyond
15% of total assets.
o The Portfolio will not invest more than 5% of its total
assets in securities of companies, including any predecessors,
that have a record of less than three years continuous
operations.
o The Portfolio will not invest more than 5% of its net assets
in warrants.
o The Portfolio will not invest in exploration or development
programs, such as oil, gas or mineral leases.
For Aggressive Growth Portfolio only
o The Portfolio will not purchase securities of an issuer if
the board members and officers of the Fund, the Portfolio and
the Advisor hold more than a certain percentage of the issuer's
outstanding securities. If the holdings of all board members
and officers of the Fund, the Portfolio and the Advisor 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.