<DOCUMENT>
<TYPE>EX-99.77D POLICIES
<SEQUENCE>3
<FILENAME>efrq77d1009.txt
<DESCRIPTION>EFR POLICIES
<TEXT>
Item No. 77D (Policies with respect to
security investment) - Attachment

Material changes to the investment policies of
the Fund are described under "Notice to
Shareholders" in the most annual and semi-
annual reports and are incorporated herein by
reference.



</TEXT>
</DOCUMENT>
