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<PAGE> PAGE 2
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SIGNATURE NICHOLAS DALMASO
TITLE ATTORNEY
<TABLE>
<CAPTION>
NSAR ITEM 77O
VKAC Municipal Trust
10f-3 Transactions
UNDERWRITING # UNDERWRITING PURCHASED FROM AMOUNT OF SHARES % OF UNDERWRITING DATE OF PURCHASE
PURCHASED
<S> <C> <C> <C> <C> <C>
1 PR Highway 4.75% Merrill Lynch 20,000,000 1.760% 02/19/98
2 PR Highway 5.0% Merrill Lynch 10,000,000 0.880% 02/19/98
3 New York City Smith Barney 3,000,000 0.290% 02/14/98
4 Emp. St. Dev. Corp. PaineWebber 5,000,000 2.550% 02/26/98
</TABLE>
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<NAME> MUNICIPAL TRUST
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</TABLE>
