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SIGNATURE NICHOLAS DALMASO
TITLE ATTORNEY
<TABLE>
<CAPTION>
NSAR ITEM 77O
VKAC Emerging Growth Fund
10f-3 Transactions
UNDERWRITING # UNDERWRITING PURCHASED FROM AMOUNT OF SHARES % OF UNDERWRITING DATE OF PURCHASE
PURCHASED
<S> <C> <C> <C> <C> <C>
1 Applied Graphics Technologies Cowen & Co. 30,000 0.500% 09/03/97
2 Executive Risk Inc. Donaldson, Lufkin & 20,000 0.966% 09/09/97
Jenrette
3 Smart Modular Technologies Donaldson, Lufkin & 20,000 0.966% 09/11/97
Jenrette
4 Smart Modular Technologies Cowen & Co. 10,000 0.483% 09/11/97
5 Smart Modular Technologies Montgomery Securities 5,000 0.242% 09/11/97
6 NS Group Inc. Smith Barney 125,000 1.667% 09/18/97
7 JD Edwards Morgan Stanley 275,000 0.017% 09/22/97
8 Avis Rent A Car, Inc. Bear Stearns 145,000 0.744% 09/23/97
9 Allied Waste Industries, Inc. Goldman Sachs 50,000 0.309% 09/24/97
10 Nextlink Communications, Inc. Salomon Brothers 56,000 0.424% 09/26/97
11 Jones Apparel Group Merrill Lynch 8,500 0.189% 10/16/97
12 Jacor Communications, Inc. Donaldson, Lufkin & 102,500 2.248% 02/03/98
Jenrette
13 Univision Communications Inc. Donaldson, Lufkin & 162,800 0.775% 02/10/98
Jenrette
14 Steelcase, Inc. Wasserstein Perrella 700 0.006% 02/17/98
15 Steelcase, Inc. Goldman Sachs 68,600 0.565% 02/17/98
</TABLE>
Other Firms participating in Underwriting:
UNDERWRITING FOR #1
Cowen & Company
Bear, Stearns & Co. Inc.
Merrill Lynch, Pierce, Fenner & Smith Incorporated
Montgomery Securities
Goldman, Sachs & Co.
Hambrecht & Quist LLC
Lehman Brothers Inc.
Morgan Stanley & Co. Incorporated
Oppenheimer & Co., Inc.
Prudential Securities Incorporated
Schroder & Co., Inc.
UBS Securities LLC
Wasserstein Perella Securities, Inc.
Arnhold and S. Bleichroeder, Inc.
J.C. Bradford & Co.
Crowell, Weedon & Co.
Janney Montgomery Scott Inc.
C.L. King & Associates, Inc.
McDonald & Company Securities, Inc.
Nesbitt Burns Securities Inc.
Neuberger & Berman
Piper Jaffray Inc.
Raymond James & Associates, Inc.
Muriel Siebort & Co., Inc.
Unterberg Harris
Williams Securities Group, Inc.
UNDERWRITING FOR #2
Donaldson, Lufkin & Jenrette Securities Corporation
Conning & Company
Oppenheimer & Co., Inc.
Chase Securities Inc.
J.P. Morgan Securities Inc.
Morgan Stanley & Co. Incorporated
UNDERWRITING FOR #2 (CON'T)
Salomon Brothers Inc.
Sanford C. Bernstein & Co., Inc.
Dowling & Partners Securities, LLC
Fox-Pitt, Kelton Inc.
UNDERWRITING FOR #3, 4 AND 5
Donaldson, Lufkin & Jenrette Securities Corp.
Conning & Company
Oppenheimer & Co., Inc.
Chase Securities Inc.
J.P. Morgan Securities Inc.
Morgan Stanley & Co., Inc.
Salomon Brothers Inc.
Sanford C. Bernstein & Co., Inc.
Dowling & Partners Securities, Inc.
Dowling & Partners Securities, LLC
Fox-Pitt, Kelton Inc.
UNDERWRITING FOR #6
Smith Barney Inc.
McDonald & Company Securities, Inc.
Raymond James & Associates, Inc.
ABN AMRO Chicago Corporation
Arnold and S. Bleichroder, Inc.
George K. Baum & Company
Chase Securities Inc.
Credit Suisse First Boston Corporation
A.G. Edwards & Sons, Inc.
Fahnestock & Co. Inc.
J.J.B. Hilliard, W.L. Lyons, Inc.
Morgan Stanley & Co., Incorporated
PaineWebber Incorporated
Ragen MacKenzie Incorporated
The Robinson-Humphrey Company, Inc.
Roney & Co.
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</TABLE>
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<NAME> EMG GROWTH C
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