For period ending   May 31, 2007		                  Exhibit 77D

File number 811-8765

Clarification to asset segregation policy
Cover for strategies using derivative instruments.
Transactions using derivative instruments, other than purchased options,
expose the Fund to an obligation to another party. The Fund will not enter
into any such transactions unless it owns either (1) an offsetting
(covered) position in securities, currencies or other options, forward
currency contracts or futures contracts or (2) cash or liquid securities,
with a value sufficient at all times to cover its potential obligations to
the extent not covered as provided in (1) above.  The Fund will comply with
SEC guidelines regarding cover for such transactions and will, if the
guidelines so require, set aside cash or liquid securities, marked to market
daily, in a segregated account with its custodian in the prescribed amount.

With respect to futures contracts, the Fund will cover its obligations under
the futures transactions in which it participates by either (i) holding
offsetting positions that appropriately equal the daily market value of the
Funds position in the futures contract (less the initial margin and any
variation margins deposited with a futures commission merchant); or (ii)
accruing such amounts on a daily basis and maintaining segregated assets to
cover the futures contract. With respect to a futures contract that is not
contractually required to cash-settle, the Fund must cover its open
position by maintaining segregated assets equal to the contracts full,
notional value.  However, the Fund may net non-cash settled futures
contracts if the futures have the same expiration date and underlying
instruments. With respect to a futures contract that is contractually
required to cash-settle, the Fund is permitted to maintain segregated
assets in an amount equal to the Funds daily marked-to-market (net)
obligation (i.e., the Funds daily net liability if any) rather than the
notional value. By setting aside assets equal to only its net obligation
under cash-settled future contracts, the Fund will have the ability to employ
leverage to a greater extent than if the Fund were required to segregate
assets equal to the full notional value of such contracts.

The Fund will only enter into forward contracts to sell, for a fixed amount
of US dollars or other appropriate currency, an amount of foreign currency,
to the extent that the value of the short forward contract is covered by the
underlying value of securities denominated in the currency being sold.
Alternatively, when the Fund enters into a non-cash settled forward contract
to sell an amount of foreign currency, the Funds custodian or sub-custodian
will place segregated assets in a segregated account of the Fund in an amount
equal to the contracts full, notional value. However, currency contracts with
respect to identical currencies may be netted against each other and, in such
cases, the Funds custodian or sub-custodian will place segregated assets in
a segregated account of the Fund in an amount equal to the net amount owed
(the unrealized loss) by the Fund.

When the Fund enters into a non-deliverable forward transaction, the Funds
custodian will maintain segregated assets in an amount not less than the
value of the Funds unrealized loss under such non-deliverable forward
transaction. If the additional segregated assets decline in value or the
amount of the Funds commitment increases because of changes in currency
rates, additional cash or securities will be designated as segregated assets
on a daily basis so that the value of the account will equal the amount of
the Funds unrealized loss under the non-deliverable forward agreement.

Assets used as cover or held in a segregated account cannot be sold while
the position in the corresponding derivatives instrument is open, unless
they are replaced with similar assets. As a result, the commitment of a
large portion of the Funds assets to cover positions or segregated accounts
could impede portfolio management or the Funds ability to meet current
obligations.