<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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063 B000400 8.9
064 A000400 N
064 B000400 N
066 A000400 N
067 000400 N
068 A000400 N
068 B000400 N
069 000400 N
070 A010400 Y
070 A020400 Y
070 B010400 N
070 B020400 N
070 C010400 N
070 C020400 N
070 D010400 N
070 D020400 N
070 E010400 N
070 E020400 N
070 F010400 N
070 F020400 N
070 G010400 N
070 G020400 N
070 H010400 N
070 H020400 N
070 I010400 N
070 I020400 N
<PAGE> PAGE 21
070 J010400 N
070 J020400 N
070 K010400 N
070 K020400 N
070 L010400 N
070 L020400 N
070 M010400 N
070 M020400 N
070 N010400 N
070 N020400 N
070 O010400 Y
070 O020400 N
070 P010400 Y
070 P020400 N
070 Q010400 N
070 Q020400 N
070 R010400 N
070 R020400 N
071 A000400 15507
071 B000400 16722
071 C000400 70486
071 D000400 22
072 A000400 6
072 B000400 2336
072 C000400 0
072 D000400 0
072 E000400 0
072 F000400 257
072 G000400 40
072 H000400 0
072 I000400 17
072 J000400 11
072 K000400 0
072 L000400 3
072 M000400 3
072 N000400 10
072 O000400 0
072 P000400 0
072 Q000400 26
072 R000400 6
072 S000400 3
072 T000400 0
072 U000400 0
072 V000400 0
072 W000400 9
072 X000400 385
072 Y000400 166
072 Z000400 2117
072AA000400 476
072BB000400 94
072CC010400 2364
<PAGE> PAGE 22
072CC020400 0
072DD010400 2117
072DD020400 0
072EE000400 0
073 A010400 0.2900
073 A020400 0.0000
073 B000400 0.0000
073 C000400 0.0000
074 A000400 0
074 B000400 1009
074 C000400 0
074 D000400 71733
074 E000400 0
074 F000400 0
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074 H000400 0
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074 J000400 0
074 K000400 0
074 L000400 1078
074 M000400 16
074 N000400 73836
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074 R010400 0
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074 R040400 345
074 S000400 0
074 T000400 73491
074 U010400 7094
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074 X000400 706
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075 B000400 72948
076 000400 0.00
008 A000501 MICHIGAN NATIONAL BANK
008 B000501 A
008 C000501 801-0000
008 D010501 FARMINGTON HILLS
008 D020501 MI
008 D030501 48333
008 D040501 9065
008 A000502 SOSNOFF SHERIDAN CORPORATION
008 B000502 S
008 C000502 801-0000
<PAGE> PAGE 23
008 D010502 CHICAGO
008 D020502 IL
008 D030502 60605
024 000500 N
025 A000501 DELETE
025 D000501 0
025 D000502 0
025 D000503 0
025 D000504 0
025 D000505 0
025 D000506 0
025 D000507 0
025 D000508 0
028 A010500 1990
028 A020500 0
028 A030500 0
028 A040500 956
028 B010500 1575
028 B020500 416
028 B030500 0
028 B040500 6260
028 C010500 7067
028 C020500 0
028 C030500 0
028 C040500 5314
028 D010500 1683
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028 D040500 4205
028 E010500 1260
028 E020500 361
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028 E040500 4427
028 F010500 3986
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028 F030500 0
028 F040500 2556
028 G010500 17561
028 G020500 777
028 G030500 0
028 G040500 23718
028 H000500 0
037 000500 N
038 000500 0
039 000500 N
040 000500 N
045 000500 Y
046 000500 N
047 000500 Y
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<PAGE> PAGE 24
048 A020500 0.000
048 B010500 0
048 B020500 0.000
048 C010500 0
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048 D010500 0
048 D020500 0.000
048 E010500 0
048 E020500 0.000
048 F010500 0
048 F020500 0.000
048 G010500 0
048 G020500 0.000
048 H010500 0
048 H020500 0.000
048 I010500 0
048 I020500 0.000
048 J010500 0
048 J020500 0.000
048 K010500 0
048 K020500 0.000
049 000500 N
050 000500 N
051 000500 N
052 000500 N
053 A000500 Y
053 B000500 Y
053 C000500 N
055 A000500 N
055 B000500 N
056 000500 Y
057 000500 N
058 A000500 N
059 000500 Y
060 A000500 Y
060 B000500 Y
061 000500 1000
062 A000500 N
062 B000500 0.0
062 C000500 0.0
062 D000500 0.0
062 E000500 0.0
062 F000500 0.0
062 G000500 0.0
062 H000500 0.0
062 I000500 0.0
062 J000500 0.0
062 K000500 0.0
062 L000500 0.0
062 M000500 0.0
062 N000500 0.0
<PAGE> PAGE 25
062 O000500 0.0
062 P000500 0.0
062 Q000500 0.0
062 R000500 0.0
063 A000500 0
063 B000500 0.0
066 A000500 Y
066 B000500 N
066 C000500 N
066 D000500 N
066 E000500 N
066 F000500 N
066 G000500 Y
067 000500 N
068 A000500 N
068 B000500 N
069 000500 N
070 A010500 Y
070 A020500 Y
070 B010500 Y
070 B020500 N
070 C010500 Y
070 C020500 N
070 D010500 Y
070 D020500 N
070 E010500 N
070 E020500 N
070 F010500 Y
070 F020500 N
070 G010500 Y
070 G020500 N
070 H010500 Y
070 H020500 N
070 I010500 N
070 I020500 N
070 J010500 Y
070 J020500 N
070 K010500 Y
070 K020500 N
070 L010500 N
070 L020500 N
070 M010500 N
070 M020500 N
070 N010500 Y
070 N020500 N
070 O010500 Y
070 O020500 N
070 P010500 Y
070 P020500 N
070 Q010500 N
070 Q020500 N
<PAGE> PAGE 26
070 R010500 N
070 R020500 N
071 A000500 17049
071 B000500 23136
071 C000500 170490
071 D000500 10
072 A000500 6
072 B000500 127
072 C000500 1563
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072 E000500 0
072 F000500 375
072 G000500 101
072 H000500 0
072 I000500 18
072 J000500 25
072 K000500 0
072 L000500 7
072 M000500 2
072 N000500 10
072 O000500 0
072 P000500 0
072 Q000500 26
072 R000500 7
072 S000500 1
072 T000500 0
072 U000500 0
072 V000500 0
072 W000500 5
072 X000500 577
072 Y000500 183
072 Z000500 1296
072AA000500 5865
072BB000500 270
072CC010500 12807
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072DD010500 1303
072DD020500 0
072EE000500 0
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073 C000500 0.0000
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074 C000500 0
074 D000500 0
074 E000500 0
074 F000500 175411
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<PAGE> PAGE 27
074 I000500 0
074 J000500 0
074 K000500 0
074 L000500 232
074 M000500 30
074 N000500 182359
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074 P000500 0
074 Q000500 0
074 R010500 0
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074 R030500 0
074 R040500 16
074 S000500 0
074 T000500 182343
074 U010500 11714
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075 B000500 182983
076 000500 0.00
008 A000601 MICHIGAN NATIONAL BANK
008 B000601 A
008 C000601 801-0000
008 D010601 FARMINGTON HILLS
008 D020601 MI
008 D030601 48333
008 D040601 9065
024 000600 N
025 A000601 DELETE
025 D000601 0
025 A000602 DELETE
025 D000602 0
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025 D000608 0
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028 A020600 304
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028 B010600 2968
028 B020600 298
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028 B040600 1349
<PAGE> PAGE 28
028 C010600 3302
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028 D010600 2898
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028 F040600 621
028 G010600 9692
028 G020600 1589
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028 G040600 6022
028 H000600 0
037 000600 N
038 000600 0
039 000600 N
040 000600 N
045 000600 Y
046 000600 N
047 000600 Y
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048 H010600 0
048 H020600 0.000
048 I010600 0
048 I020600 0.000
048 J010600 0
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048 K020600 0.000
<PAGE> PAGE 29
049 000600 N
050 000600 N
051 000600 N
052 000600 N
053 A000600 Y
053 B000600 Y
053 C000600 N
055 A000600 Y
055 B000600 N
056 000600 Y
057 000600 N
058 A000600 N
059 000600 Y
060 A000600 Y
060 B000600 Y
061 000600 1000
062 A000600 Y
062 B000600 0.0
062 C000600 0.0
062 D000600 0.7
062 E000600 0.0
062 F000600 0.0
062 G000600 0.0
062 H000600 0.0
062 I000600 0.0
062 J000600 0.0
062 K000600 0.0
062 L000600 0.0
062 M000600 59.6
062 N000600 11.8
062 O000600 0.0
062 P000600 26.8
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062 R000600 0.0
063 A000600 0
063 B000600 4.1
064 A000600 N
064 B000600 N
066 A000600 N
067 000600 N
068 A000600 N
068 B000600 N
069 000600 N
070 A010600 Y
070 A020600 Y
070 B010600 Y
070 B020600 N
070 C010600 Y
070 C020600 N
070 D010600 Y
070 D020600 N
<PAGE> PAGE 30
070 E010600 Y
070 E020600 N
070 F010600 Y
070 F020600 N
070 G010600 Y
070 G020600 N
070 H010600 Y
070 H020600 N
070 I010600 Y
070 I020600 N
070 J010600 Y
070 J020600 N
070 K010600 Y
070 K020600 N
070 L010600 N
070 L020600 N
070 M010600 N
070 M020600 N
070 N010600 Y
070 N020600 N
070 O010600 Y
070 O020600 N
070 P010600 Y
070 P020600 N
070 Q010600 N
070 Q020600 N
070 R010600 N
070 R020600 N
071 A000600 9988
071 B000600 4457
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072 A000600 6
072 B000600 2461
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072 S000600 2
<PAGE> PAGE 31
072 T000600 0
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075 B000600 74651
076 000600 0.00
<PAGE> PAGE 32
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
024 000700 N
025 D000701 0
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028 G020700 5
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037 000700 N
038 000700 0
039 000700 N
040 000700 N
045 000700 Y
046 000700 N
<PAGE> PAGE 33
047 000700 Y
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049 000700 N
050 000700 N
051 000700 N
052 000700 N
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053 C000700 N
055 A000700 N
055 B000700 N
056 000700 Y
057 000700 N
058 A000700 N
059 000700 Y
060 A000700 N
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061 000700 1000
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<PAGE> PAGE 34
062 L000700 0.0
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062 N000700 0.0
062 O000700 94.7
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062 Q000700 0.0
062 R000700 5.0
063 A000700 0
063 B000700 7.8
064 A000700 Y
064 B000700 N
066 A000700 N
067 000700 N
068 A000700 N
068 B000700 N
069 000700 N
070 A010700 Y
070 A020700 N
070 B010700 N
070 B020700 N
070 C010700 N
070 C020700 N
070 D010700 N
070 D020700 N
070 E010700 N
070 E020700 N
070 F010700 N
070 F020700 N
070 G010700 N
070 G020700 N
070 H010700 N
070 H020700 N
070 I010700 N
070 I020700 N
070 J010700 Y
070 J020700 N
070 K010700 Y
070 K020700 N
070 L010700 N
070 L020700 N
070 M010700 N
070 M020700 N
070 N010700 N
070 N020700 N
070 O010700 Y
070 O020700 N
070 P010700 Y
070 P020700 N
070 Q010700 N
070 Q020700 N
070 R010700 N
<PAGE> PAGE 35
070 R020700 N
071 A000700 2233
071 B000700 1425
071 C000700 23683
071 D000700 6
072 A000700 6
072 B000700 610
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072 S000700 2
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072 Z000700 518
072AA000700 5634
072BB000700 2944
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073 A010700 0.2100
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074 D000700 24576
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074 I000700 1290
<PAGE> PAGE 36
074 J000700 0
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074 N000700 26534
074 O000700 477
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074 R040700 108
074 S000700 0
074 T000700 25949
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075 A000700 0
075 B000700 24709
076 000700 0.00
028 A010800 0
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<PAGE> PAGE 37
028 G040800 0
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038 000800 0
071 A000900 0
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SIGNATURE S. ELLIOTT COHAN
TITLE ASST. GEN. COUNSEL
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 05
<NAME> Independence One Mutual Funds
Independence One Equity Plus Fund
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<PERIOD-END> Oct-31-1997
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<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 61,784,399
<NET-ASSETS> 182,343,256
<DIVIDEND-INCOME> 1,563,176
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<OTHER-INCOME> 0
<EXPENSES-NET> 393,618
<NET-INVESTMENT-INCOME> 1,296,405
<REALIZED-GAINS-CURRENT> 5,595,085
<APPREC-INCREASE-CURRENT> 12,806,685
<NET-CHANGE-FROM-OPS> 19,698,175
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,302,842
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,119,408
<NUMBER-OF-SHARES-REDEEMED> 1,514,711
<SHARES-REINVESTED> 48,937
<NET-CHANGE-IN-ASSETS> 13,015,033
<ACCUMULATED-NII-PRIOR> 147,320
<ACCUMULATED-GAINS-PRIOR> 1,729,963
<OVERDISTRIB-NII-PRIOR> 0
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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
<FISCAL-YEAR-END> Apr-30-1998
<PERIOD-END> Oct-31-1997
<INVESTMENTS-AT-COST> 25,076,621
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<SENIOR-EQUITY> 0
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<SHARES-COMMON-PRIOR> 2,350,116
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (65,951)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 789,255
<NET-ASSETS> 25,948,947
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 610,233
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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-31-1997
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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
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<PERIOD-END> Oct-31-1997
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</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 01
<NAME> Independence One Mutual Funds
Independence One U.S. Treasury Money Market Fu
<PERIOD-TYPE> 6-mos
<FISCAL-YEAR-END> Apr-30-1998
<PERIOD-END> Oct-31-1997
<INVESTMENTS-AT-COST> 261,776,200
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<NET-ASSETS> 260,720,587
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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
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<PERIOD-END> Oct-31-1997
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<SENIOR-EQUITY> 0
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<SHARES-COMMON-PRIOR> 7,234,918
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<NET-ASSETS> 77,945,407
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</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 021
<NAME> Independence One Mutual Funds
Independence One Prime Money Market Fund
Class A Shares
<PERIOD-TYPE> 6-mos
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<PERIOD-END> Oct-31-1997
<INVESTMENTS-AT-COST> 46,977,216
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<NET-ASSETS> 342,977,673
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</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 022
<NAME> Independence One Mutual Funds
Independence One Prime Money Market Fund
Class B Shares
<PERIOD-TYPE> 6-mos
<FISCAL-YEAR-END> Apr-30-1998
<PERIOD-END> Oct-31-1997
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<NET-ASSETS> 104,477,625
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</TABLE>
