<TABLE>
<CAPTION>


                                  NSAR ITEM 77O
                          July 1, 1999 to June 30, 2000
                          VK California Municipal Fund
                               10f-3 Transactions


  UNDERWRITING #                UNDERWRITING              PURCHASED FROM     AMOUNT OF SHARES         % OF            DATE OF
                                                                                PURCHASED         UNDERWRITING        PURCHASE

<S>                   <C>                                <C>               <C>                   <C>                 <C>

         1             Virgin Island Public Financing      PaineWebber        1,000,000              0.335%            11/10/99
         2                   L.A. DWAP Elec. Rev           J.P. Morgan        1,000,000              0.297%            02/16/00


</TABLE>

Underwriting Participants:

Underwriters for #1:             Underwriters for #2:

Morgan Stanley                   J.P. Morgan & Co.
Roosevelt                        Bear, Stearns & Co. Inc.
                                 Banc of America Securities LLC
                                 Merrill Lynch & Co.
                                 Salomon Smith Barney
                                 Goldman, Sachs & Co.
                                 PaineWebber Incorporated
                                 E. J. De La Rosa & Co., Inc.
                                 Morgan Stanley & Co. Incorporated
                                 Morgan Stanley Dean Witter
                                 Siebert Branford Shank & Co., LLC



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