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000 A000000 6/30/97
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012 A00AA01 ACCESS INVESTOR SERVICES, INC.
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012 C02AA01 MO
012 C03AA01 64141
<PAGE> PAGE 2
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013 B01AA01 CHICAGO
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SIGNATURE DENNIS J MCDONNELL
TITLE PRES, CEO & TRUSTEE
NSAR ITEM 77c
The Explorer Institutional Active Core Fund
(a) A Special Meeting of Shareholders was held on May 28, 1997.
(b) The election of Trustees of The Explorer Institutional Active Core Fund
(the "Fund") included:
None
(c) The following were voted on at the meeting:
(1) Approval of New Investment Advisory Agreement in the event of a
change of control of the Adviser.
For 384,835 Against 0
(4) For each VK Fund, to Ratify the Selection of KPMG Peat Marwick LLP
Independent Public Accountants for its Current Fiscal Year.
For 384,835 Against 0
NSAR ITEM 77c
The Explorer Institutional Limited Duration Fund
(a) A Special Meeting of Shareholders was held on May 28, 1997.
(b) The election of Trustees of The Explorer Institutional Limited Duration
Fund (the "Fund") included:
None
(c) The following were voted on at the meeting:
(1) Approval of New Investment Advisory Agreement in the event of a
change of control of the Adviser.
For 729,645 Against 0
(4) For each VK Fund, to Ratify the Selection of KPMG Peat Marwick LLP
Independent Public Accountants for its Current Fiscal Year.
For 729,645 Against 0
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<NAME> Explorer Limited Duration Fund
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<TABLE> <S> <C>
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<SERIES>
<NUMBER> 21
<NAME> Explorer Active Core Fund Class A
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<CAPTION>
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<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 7361301
<INVESTMENTS-AT-VALUE> 7403514
<RECEIVABLES> 105650
<ASSETS-OTHER> 30666
<OTHER-ITEMS-ASSETS> 1659
<TOTAL-ASSETS> 7541489
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 46256
<TOTAL-LIABILITIES> 95817
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 7391556
<SHARES-COMMON-STOCK> 742007
<SHARES-COMMON-PRIOR> 559271
<ACCUMULATED-NII-CURRENT> (605)
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<ACCUMULATED-NET-GAINS> 12508
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<EXPENSES-NET> (11744)
<NET-INVESTMENT-INCOME> 185690
<REALIZED-GAINS-CURRENT> 10469
<APPREC-INCREASE-CURRENT> (39251)
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<SHARES-REINVESTED> 18443
<NET-CHANGE-IN-ASSETS> 1805326
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</TABLE>
