<PAGE> PAGE 1
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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<PAGE> PAGE 25
070 K020500 N
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<PAGE> PAGE 26
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008 A000601 MICHIGAN NATIONAL BANK
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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008 A000701 MICHIGAN NATIONAL BANK
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<PAGE> PAGE 31
008 D010701 FARMINGTON HILLS
008 D020701 MI
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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SIGNATURE S. ELLIOTT COHAN
TITLE ASST. GEN. COUNSEL
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Independence One Prime Money Market Fund
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<NAME> Independence One Mutual Funds
Independence One Prime Money Market Fund
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<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 386,181,328
<NUMBER-OF-SHARES-REDEEMED> 301,160,074
<SHARES-REINVESTED> 758,034
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</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 03
<NAME> Independence One Mutual Funds
Independence One Michigan Municipal Cash Fund
<PERIOD-TYPE> 12-mos
<FISCAL-YEAR-END> Apr-30-1996
<PERIOD-END> Apr-30-1996
<INVESTMENTS-AT-COST> 74,232,647
<INVESTMENTS-AT-VALUE> 74,232,647
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</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 04
<NAME> Independence One Mutual Funds
Independence One U.S. Government Securities Fu
<PERIOD-TYPE> 12-mos
<FISCAL-YEAR-END> Apr-30-1996
<PERIOD-END> Apr-30-1996
<INVESTMENTS-AT-COST> 72,438,908
<INVESTMENTS-AT-VALUE> 71,640,714
<RECEIVABLES> 1,268,900
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<TOTAL-ASSETS> 72,923,170
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<PAID-IN-CAPITAL-COMMON> 73,025,816
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<SHARES-COMMON-PRIOR> 6,382,809
<ACCUMULATED-NII-CURRENT> 0
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<ACCUMULATED-NET-GAINS> 63,714
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (798,194)
<NET-ASSETS> 72,291,336
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 4,298,938
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<EXPENSES-NET> 272,933
<NET-INVESTMENT-INCOME> 4,026,005
<REALIZED-GAINS-CURRENT> 1,859,938
<APPREC-INCREASE-CURRENT> (999,752)
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<NUMBER-OF-SHARES-SOLD> 2,192,059
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<SHARES-REINVESTED> 0
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<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (1,800,400)
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<INTEREST-EXPENSE> 0
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<PER-SHARE-NAV-BEGIN> 9.790
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<PER-SHARE-NAV-END> 9.980
<EXPENSE-RATIO> 0.40
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<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 05
<NAME> Independence One Mutual Funds
Independence One Equity Plus Fund
<PERIOD-TYPE> 7-mos
<FISCAL-YEAR-END> Apr-30-1996
<PERIOD-END> Apr-30-1996
<INVESTMENTS-AT-COST> 94,584,745
<INVESTMENTS-AT-VALUE> 112,499,088
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<TOTAL-ASSETS> 112,672,511
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<OTHER-ITEMS-LIABILITIES> 63,533
<TOTAL-LIABILITIES> 63,533
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 94,047,010
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<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 81,234
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 566,391
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 17,914,343
<NET-ASSETS> 112,608,978
<DIVIDEND-INCOME> 1,134,849
<INTEREST-INCOME> 70,364
<OTHER-INCOME> 0
<EXPENSES-NET> 201,914
<NET-INVESTMENT-INCOME> 1,003,299
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<NET-CHANGE-FROM-OPS> 19,484,033
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<NUMBER-OF-SHARES-SOLD> 10,346,964
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<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 208,897
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 363,990
<AVERAGE-NET-ASSETS> 83,269,802
<PER-SHARE-NAV-BEGIN> 10.000
<PER-SHARE-NII> 0.110
<PER-SHARE-GAIN-APPREC> 1.380
<PER-SHARE-DIVIDEND> 0.100
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<PER-SHARE-NAV-END> 11.390
<EXPENSE-RATIO> 0.39
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 06
<NAME> Independence One Mutual Funds
Independence One Fixed Income Fund
<PERIOD-TYPE> 6-mos
<FISCAL-YEAR-END> Apr-30-1996
<PERIOD-END> Apr-30-1996
<INVESTMENTS-AT-COST> 63,932,910
<INVESTMENTS-AT-VALUE> 62,577,193
<RECEIVABLES> 1,001,868
<ASSETS-OTHER> 14,315
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 63,593,376
<PAYABLE-FOR-SECURITIES> 981,610
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 355,271
<TOTAL-LIABILITIES> 1,336,881
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 63,601,039
<SHARES-COMMON-STOCK> 6,342,457
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 11,172
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (1,355,717)
<NET-ASSETS> 62,256,494
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,774,597
<OTHER-INCOME> 0
<EXPENSES-NET> 153,596
<NET-INVESTMENT-INCOME> 1,621,001
<REALIZED-GAINS-CURRENT> 11,172
<APPREC-INCREASE-CURRENT> (1,355,717)
<NET-CHANGE-FROM-OPS> 276,456
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,621,001
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6,455,118
<NUMBER-OF-SHARES-REDEEMED> 112,661
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 62,256,494
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 212,343
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 325,802
<AVERAGE-NET-ASSETS> 53,167,259
<PER-SHARE-NAV-BEGIN> 10.000
<PER-SHARE-NII> 0.300
<PER-SHARE-GAIN-APPREC> (0.180)
<PER-SHARE-DIVIDEND> 0.300
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<PER-SHARE-NAV-END> 9.820
<EXPENSE-RATIO> 0.54
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 07
<NAME> Independence One Mutual Funds
Independence One Michigan Municipal Bond Fund
<PERIOD-TYPE> 5-mos
<FISCAL-YEAR-END> Apr-30-1996
<PERIOD-END> Apr-30-1996
<INVESTMENTS-AT-COST> 27,847,180
<INVESTMENTS-AT-VALUE> 27,728,021
<RECEIVABLES> 404,586
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<TOTAL-ASSETS> 28,157,092
<PAYABLE-FOR-SECURITIES> 2,937,025
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<OTHER-ITEMS-LIABILITIES> 96,805
<TOTAL-LIABILITIES> 3,033,830
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<PAID-IN-CAPITAL-COMMON> 25,239,688
<SHARES-COMMON-STOCK> 2,525,059
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2,733
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (119,159)
<NET-ASSETS> 25,123,262
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 509,687
<OTHER-INCOME> 0
<EXPENSES-NET> 66,103
<NET-INVESTMENT-INCOME> 443,584
<REALIZED-GAINS-CURRENT> 2,733
<APPREC-INCREASE-CURRENT> (119,159)
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<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 86,756
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 153,996
<AVERAGE-NET-ASSETS> 26,139,181
<PER-SHARE-NAV-BEGIN> 10.000
<PER-SHARE-NII> 0.170
<PER-SHARE-GAIN-APPREC> (0.050)
<PER-SHARE-DIVIDEND> 0.170
<PER-SHARE-DISTRIBUTIONS> 0.000
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<PER-SHARE-NAV-END> 9.950
<EXPENSE-RATIO> 0.57
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<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
