<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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070 O020400 N
070 P010400 Y
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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008 A000501 MICHIGAN NATIONAL BANK
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008 D010501 FARMINGTON HILLS
008 D020501 MI
008 D030501 48333
008 D040501 9065
008 A000502 SOSNOFF SHERIDAN CORPORATION
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<PAGE> PAGE 23
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<PAGE> PAGE 24
053 A000500 Y
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058 A000500 N
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062 J000500 0.0
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062 P000500 0.0
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069 000500 N
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<PAGE> PAGE 25
070 G010500 Y
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070 L010500 N
070 L020500 N
070 M010500 N
070 M020500 N
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070 O010500 Y
070 O020500 N
070 P010500 Y
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070 Q010500 N
070 Q020500 N
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<PAGE> PAGE 26
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<PAGE> PAGE 27
008 D020601 MI
008 D030601 48333
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<PAGE> PAGE 28
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<PAGE> PAGE 29
063 B000600 4.0
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067 000600 N
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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008 A000701 MICHIGAN NATIONAL BANK
008 B000701 A
008 C000701 801-0000
008 D010701 FARMINGTON HILLS
008 D020701 MI
008 D030701 48333
008 D040701 9065
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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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</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 03
<NAME> Independence One Mutual Funds
Independence One Michigan Municipal Cash Fund
<PERIOD-TYPE> 6-MOS
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<PERIOD-END> Oct-31-1996
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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> 6-Mos
<FISCAL-YEAR-END> Apr-30-1997
<PERIOD-END> Oct-31-1996
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</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 05
<NAME> Independence One Mutual Funds
Independence One Equity Plus Fund
<PERIOD-TYPE> 6-Mos
<FISCAL-YEAR-END> Apr-30-1997
<PERIOD-END> Oct-31-1996
<INVESTMENTS-AT-COST> 122,818,348
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</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-30-1997
<PERIOD-END> Oct-31-1996
<INVESTMENTS-AT-COST> 69,141,399
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<RECEIVABLES> 1,107,390
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<TOTAL-LIABILITIES> 380,074
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<PAID-IN-CAPITAL-COMMON> 69,999,697
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<SHARES-COMMON-PRIOR> 6,342,457
<ACCUMULATED-NII-CURRENT> 0
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<ACCUMULATED-NET-GAINS> (116,112)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (372,985)
<NET-ASSETS> 69,510,600
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</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 07
<NAME> Independence One Mutual Funds
Independence One Michigan Municipal Bond Fund
<PERIOD-TYPE> 6-MOS
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<PERIOD-END> Oct-31-1996
<INVESTMENTS-AT-COST> 24,601,404
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</TABLE>
