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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 6
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<PAGE> PAGE 9
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SIGNATURE NICK DALMASO
TITLE ATTORNEY
NSAR ITEM 77O
VKAC Comstock Fund
10f-3 Transactions
<TABLE>
<CAPTION>
Amount of shares Date of
Underwriting # Underwriting Purchased From Purchased % of Underwriting Purchase
<S> <C> <C> <C> <C> <C>
1 Western Digital Salomon Smith 1,280,000 0.113% 02/11/98
Barney
2 Equity Corporation Merrill Lynch 740,000 0.592% 02/19/98
International
3 Whole Foods Market BT Alex Brown 2,781,000 1.036% 02/25/98
4 El Paso Energy Donaldson, Lufkin 22,500 0.375% 03/12/98
Capital Trust & Jenrette
5 WinStar First Boston 14,200 0.355% 03/12/98
Communications, Inc.
6 Healthsouth Salomon Smith 1,000,000 0.200% 03/17/98
Corporation Barney
7 Pride International, Salomon Smith 1,877,000 0.367% 04/21/98
Inc. Barney
8 Texas Industries Merrill Lynch 15,000 0.375% 06/02/98
9 General Growth Lehman Brothers 17,600 0.147% 06/05/98
Properties, Inc.
</TABLE>
<PAGE>
Other Firms Participating in Underwriting:
Underwriting for #1
- -------------------
Morgan Stanley Dean Witter
Underwriting for #2
- -------------------
ABN AMRO Incorporated
Morgan Stanley & Co. Incorporated
Underwriting for #3
- -------------------
Morgan Stanley Dean Witter
Underwriting for #5
- -------------------
Salomon Smith Barney
Morgan Stanley Dean Witter
NationsBanc Montgomery Securities LLC
Underwriting for #6
- -------------------
Bear, Stearns & Co. Inc.
Cowen & Company
Credit Suisse First Boston Corporation
J.P. Morgan Securities Inc.
Morgan Stanley & Co. Incorporated
NationsBanc Montgomery Securities LLC
PaineWebber Incorporated
Underwriting for #7
- -------------------
Morgan Stanley & Co. Incorporated
Underwriting for #9
- -------------------
Goldman, Sachs & Co.
Morgan Stanley & Co. Incorporated
PaineWebber Incorporated
Prudential Securities Incorporated
SBC Warburg Dillon Read Inc.
UBS Securities LLC
BancAmerica Robertson Stephens
A.G. Edwards & Sons, Inc.
Everen Securities, Inc.
Advest, Inc.
Dain Rauscher Wessels
Fahnestock & Co. Inc.
Janney Montgomery Scott Inc.
Edward D. Jones & Co., LP
First of Michigan Corporation
Legg Mason Wood Walker, Incorporated
McDonald & Company Securities, Inc.
Piper Jaffray Inc.
Raymond James & Associates, Inc.
Stifel, Nicolaus & Company Incorporated
The Robinston-Humphrey Company, LLC
Sutro & Co. Incorporated
Tucker Anthony Incorporated
Wheat First Securities, Inc.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 11
<NAME> CONV SECS FD
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 74,491,855
<INVESTMENTS-AT-VALUE> 80,002,391
<RECEIVABLES> 2,064,158
<ASSETS-OTHER> 62,285
<OTHER-ITEMS-ASSETS> 1,701
<TOTAL-ASSETS> 82,130,535
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 250,140
<TOTAL-LIABILITIES> 1,803,623
<SENIOR-EQUITY> 0
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<SHARES-COMMON-STOCK> 3,241,824
<SHARES-COMMON-PRIOR> 3,241,824
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<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3,418,464
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 5,498,334
<NET-ASSETS> 80,326,912
<DIVIDEND-INCOME> 519,912
<INTEREST-INCOME> 1,203,463
<OTHER-INCOME> 0
<EXPENSES-NET> (311,037)
<NET-INVESTMENT-INCOME> 1,412,338
<REALIZED-GAINS-CURRENT> 3,421,808
<APPREC-INCREASE-CURRENT> 76,996
<NET-CHANGE-FROM-OPS> 4,911,142
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,490,982)
<DISTRIBUTIONS-OF-GAINS> (1,756,783)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 1,663,377
<ACCUMULATED-NII-PRIOR> 205,333
<ACCUMULATED-GAINS-PRIOR> 1,753,439
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 201,109
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 311,037
<AVERAGE-NET-ASSETS> 81,122,462
<PER-SHARE-NAV-BEGIN> 24.265
<PER-SHARE-NII> 0.436
<PER-SHARE-GAIN-APPREC> 1.079
<PER-SHARE-DIVIDEND> (0.460)
<PER-SHARE-DISTRIBUTIONS> (0.542)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 24.778
<EXPENSE-RATIO> 0.77
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
