SUB-ITEM 77D: Policies with respect to security investments
Effective February 12, 2002, the fund's investment policy was changed to
reflect a change in law, as follows:
Under normal market conditions, the fund will invest at least 80% of
net assets, plus any borrowings for investment purposes, in high
yield bonds (as defined in the fund's original prospectus).
The fund's 80% investment policy is non-fundamental
and may be changed by the Board of Trustees of the fund to become
effective upon at least 60 days' notice to shareholders prior to any such
change.