For period ending	 September 30, 2003		Exhibit 77D

File number 811-7528


         In July 2003, the registrants board approved a change
in investment policy.  The registrant may now invest in securities
whose maturities are less than ten years at the time of purchase.
Prior to this change, the registrant had a policy of investing
substantially all of its assets in municipal obligations having
maturities in excess of ten years at the time of purchase.