<DOCUMENT>
<TYPE>EX-99.77Q1 OTHR EXHB
<SEQUENCE>5
<FILENAME>rnp77q1b.txt
<DESCRIPTION>DERIVATIVES AND INVESTMENT POLICIES
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EXHIBITS FOR SUB-ITEM 77D - RNP


Exhibit 77Q1(b)

Changes to Derivatives Policies

The Board of Directors, at its June 9-10, 2009 meeting, expanded the Fund's
 universe of permissible derivatives transactions. The Fund may, but is not
 required to, use, without limit, various strategic transactions described
below to seek to generate return, facilitate portfolio management and
 mitigate risks. Although the investment manager may seek to use these
 kinds of transactions to further the Fund's investment objectives, no
assurance can be given that they will achieve this result. The Fund may
 enter into exchange-listed and over-the-counter put and call options on
 securities (including securities of investment companies and baskets
 of securities), indexes, and other financial instruments; purchase and
sell financial futures contracts and options thereon; enter into various
 interest rate transactions, such as swaps, caps, floors or collars or
 credit transactions; equity index, total return and credit default swaps;
 forward contracts; and structured investments. In addition, the
Fund may enter into various currency transactions, such as forward
 currency contracts, currency futures contracts, currency swaps
or options on currency or currency futures. The Fund also may
purchase and sell derivative instruments that combine features of
these instruments. The Fund may invest in other types of derivatives,
 structured and similar instruments which are not currently available
 but which may be developed in the future. Collectively, all of the
above are referred to as "Derivatives Transactions."

Derivatives Transactions can be highly volatile and involve various
 types and degrees of risk, depending upon the characteristics of the
 particular derivative, including the imperfect correlation between
the value of such instruments and the underlying assets, the possible
 default of the other party to the transaction and illiquidity of the
 derivative instruments. Derivatives Transactions may entail investment
 exposures that are greater than their cost would suggest, meaning that
a small investment in derivatives could have a large potential impact on
the Fund's performance, effecting a form of investment leverage on the
 Fund's portfolio. In certain types of Derivatives Transactions the Fund
could lose the entire amount of its investment; in other types of
 Derivatives Transactions the potential loss is theoretically unlimited.
 The market for many derivatives is, or suddenly can become, illiquid.
 Changes in liquidity may result in significant, rapid and
unpredictable changes in the prices for Derivatives Transactions.
The Fund could experience losses if it were unable to liquidate
 its position because of an illiquid secondary market. Successful use
 of Derivatives Transactions also is subject to the ability of the
Investment Manager to predict correctly movements in the direction
of the relevant market and, to the extent the transaction is entered into
 for hedging purposes, to ascertain the appropriate correlation between
 the transaction being hedged and the price movements of the
derivatives.  Derivatives Transactions entered into to seek to manage
the risks of the Fund's portfolio of securities may have the effect
 of limiting gains from otherwise favorable market movements. The use
of Derivatives Transactions may result in losses greater than if they had
 not been used (and a loss on a Derivatives Transaction position may be
 larger than the gain in a portfolio position being hedged), may require
 the Fund to sell or purchase portfolio securities at inopportune times
 or for prices other than current market values, may limit the amount of
appreciation the Fund can realize on an investment, or may cause the
Fund to hold a security that it might otherwise sell.  Amounts paid by
 the Fund as premiums and cash or other assets held as collateral with
respect to Derivatives Transactions may not otherwise be available to
the Fund for investment purposes.

The use of currency transactions can result in the Fund incurring losses
 as a result of the imposition of exchange controls, political developments,
 government intervention or failure to intervene, suspension of settlements
 or the inability of the Fund to deliver or receive a specified currency.
Structured notes and other related instruments carry risks similar to those
 of more traditional derivatives such as futures, forward and option
contracts. However, structured instruments may entail a greater degree
 of market risk and volatility than other types of debt obligations.

The Fund will be subject to credit risk with respect to the
counterparties to certain Derivatives Transactions entered into by the
Fund. Derivatives may be purchased on established exchanges
or through privately negotiated transactions referred to as
 over-the-counter ("OTC") derivatives. Exchange-traded derivatives
 generally are guaranteed by the clearing agency which is the issuer
or counterparty to such derivatives. However, many futures
exchanges and boards of trade limit the amount of fluctuation permitted
 in futures contract prices during a single trading day and once the
 daily limit has been reached in a particular contract no trades may be
made that day at a price beyond that limit or trading may be suspended.
 There also is no assurance that sufficient trading interest to create
 a liquid secondary market on an exchange will exist at any particular time
 and no such secondary market may exist or may cease to exist. Each party
to an OTC derivative bears the risk that the counterparty will default.
  OTC derivatives are less liquid than exchange-traded derivatives
because the other party to the transaction may be the only investor with
 sufficient understanding of the derivative to be interested in bidding
for it. If a counterparty becomes bankrupt or otherwise fails to perform
 its obligations under a derivative contract due to financial difficulties,
 the Fund may experience significant delays in obtaining any recovery
 under the derivative contract in bankruptcy or other reorganization
proceeding. The Fund may obtain only a limited recovery or
may obtain no recovery in such circumstances.

The Fund will not be a commodity pool (i.e., a pooled investment
vehicle which trades in commodity futures contracts and options thereon
 and the operator of which is registered with the Commodity Futures
Trading Commission). In addition, the Fund has claimed an exclusion
 from the definition of commodity pool operator and, therefore, is not
subject to registration or regulation as a pool operator under the
Commodity Exchange Act.

Change to investment policy

The Board of Directors, at its December 15-16, 2009 meeting,
approved a change to the Fund's investment policy, which increased
 the limitation on investments in foreign securities to 50%from 20%,
 of which 15%(an increase from 10%of total assets that was also
approved by the Directors) may be invested in emerging market issuers.
  Risks of investing in foreign securities include currency risks,
 future political and economic developments and possible imposition
 of foreign withholding taxes on income payable on the securities.
 In addition, there may be less publicly available information about a
 foreign issuer than about a domestic issuer, and foreign issuers
may not be subject to the same accounting, auditing and
 financial recordkeeping standards and requirements as domestic
 issuers.  Emerging market countries generally have less developed
markets and economies and, in some countries, less mature governments
 and governmental institutions. A small number of companies representing
a limited number of industries may account for a significant percentage
of an emerging country's overall market and trading volume.
 Emerging market countries may have political and social uncertainties,
and their economies may be over-dependent on exports, especially with
 respect to primary commodities, making these economies vulnerable
to changes in commodity prices. Emerging market countries may have
 overburdened infrastructure and obsolete or unseasoned financial
systems, environmental problems, less developed legal systems and
 less reliable custodial services and settlement practices.


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