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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 7
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<PAGE> PAGE 9
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SIGNATURE NICK DALMASO
TITLE ATTORNEY
NSAR ITEM 77O
VKAC High Income Trust
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 United International Donaldson, Lufkin 850,000 0.062% 01/30/98
Holdings, Inc. & Jenrette
</TABLE>
<TABLE> <S> <C>
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<NAME> HIGH INCOME TRUST
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</TABLE>
