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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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048 I010400 0
048 I020400 0.000
048 J010400 0
048 J020400 0.000
048 K010400 0
048 K020400 0.000
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050 000400 N
051 000400 N
052 000400 N
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055 A000400 N
055 B000400 N
056 000400 Y
057 000400 N
058 A000400 N
059 000400 Y
060 A000400 Y
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061 000400 1000
<PAGE> PAGE 21
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062 D000400 1.1
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062 F000400 0.0
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062 H000400 0.0
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062 J000400 0.0
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062 L000400 0.0
062 M000400 71.1
062 N000400 26.7
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062 P000400 0.0
062 Q000400 0.0
062 R000400 0.0
063 A000400 0
063 B000400 8.0
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064 B000400 N
066 A000400 N
067 000400 N
068 A000400 N
068 B000400 N
069 000400 N
070 A010400 Y
070 A020400 Y
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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
070 J010400 N
070 J020400 N
070 K010400 N
070 K020400 N
070 L010400 N
070 L020400 N
<PAGE> PAGE 22
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
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071 B000400 51467
071 C000400 70189
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072 B000400 4647
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<PAGE> PAGE 23
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008 A000501 MICHIGAN NATIONAL BANK
008 B000501 A
008 C000501 801-0000
008 D010501 FARMINGTON HILLS
008 D020501 MI
008 D030501 48333
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008 A000502 SOSNOFF SHERIDAN CORPORATION
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008 D010502 CHICAGO
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025 A000501 MERRILL LYNCH & CO., INC.
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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048 I010500 0
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048 J010500 0
048 J020500 0.000
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050 000500 N
051 000500 N
052 000500 N
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055 A000500 N
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056 000500 Y
057 000500 N
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<PAGE> PAGE 26
063 B000500 0.0
066 A000500 Y
066 B000500 N
066 C000500 N
066 D000500 N
066 E000500 N
066 F000500 N
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067 000500 N
068 A000500 N
068 B000500 N
069 000500 N
070 A010500 Y
070 A020500 Y
070 B010500 Y
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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
070 R010500 N
070 R020500 N
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071 B000500 11995
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<PAGE> PAGE 27
071 D000500 8
072 A000500 12
072 B000500 219
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<PAGE> PAGE 28
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008 A000601 MICHIGAN NATIONAL BANK
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008 D010601 FARMINGTON HILLS
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<PAGE> PAGE 29
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048 K020600 0.000
049 000600 N
050 000600 N
051 000600 N
<PAGE> PAGE 30
052 000600 N
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055 B000600 N
056 000600 Y
057 000600 N
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<PAGE> PAGE 31
070 F020600 N
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070 G020600 N
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070 I020600 N
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070 J020600 N
070 K010600 Y
070 K020600 N
070 L010600 N
070 L020600 N
070 M010600 N
070 M020600 N
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<PAGE> PAGE 32
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008 A000701 MICHIGAN NATIONAL BANK
008 B000701 A
008 C000701 801-0000
<PAGE> PAGE 33
008 D010701 FARMINGTON HILLS
008 D020701 MI
008 D030701 48333
008 D040701 9065
024 000700 N
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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<PAGE> PAGE 37
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<PAGE> PAGE 38
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SIGNATURE S. ELLIOTT COHAN
TITLE ASST. GEN. COUNSEL
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<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 05
<NAME> Independence One Mutual Funds
Independence One Equity Plus Fund
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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> 12-Mos
<FISCAL-YEAR-END> Apr-30-1997
<PERIOD-END> Apr-30-1997
<INVESTMENTS-AT-COST> 71,122,258
<INVESTMENTS-AT-VALUE> 69,831,290
<RECEIVABLES> 1,142,047
<ASSETS-OTHER> 10,237
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 70,983,574
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 100,029
<TOTAL-LIABILITIES> 100,029
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 72,376,635
<SHARES-COMMON-STOCK> 7,234,918
<SHARES-COMMON-PRIOR> 6,342,457
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (202,122)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (1,290,968)
<NET-ASSETS> 70,883,545
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 4,261,538
<OTHER-INCOME> 0
<EXPENSES-NET> 369,307
<NET-INVESTMENT-INCOME> 3,892,231
<REALIZED-GAINS-CURRENT> (202,277)
<APPREC-INCREASE-CURRENT> 64,749
<NET-CHANGE-FROM-OPS> 3,754,703
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3,892,231
<DISTRIBUTIONS-OF-GAINS> 11,017
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,843,716
<NUMBER-OF-SHARES-REDEEMED> 1,266,239
<SHARES-REINVESTED> 314,984
<NET-CHANGE-IN-ASSETS> 8,627,051
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 11,172
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 500,293
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 702,835
<AVERAGE-NET-ASSETS> 66,422,200
<PER-SHARE-NAV-BEGIN> 9.820
<PER-SHARE-NII> 0.570
<PER-SHARE-GAIN-APPREC> (0.020)
<PER-SHARE-DIVIDEND> 0.570
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.800
<EXPENSE-RATIO> 0.55
<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> 12-MOS
<FISCAL-YEAR-END> Apr-30-1997
<PERIOD-END> Apr-30-1997
<INVESTMENTS-AT-COST> 23,030,274
<INVESTMENTS-AT-VALUE> 23,063,520
<RECEIVABLES> 523,641
<ASSETS-OTHER> 5,579
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 23,592,740
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 109,795
<TOTAL-LIABILITIES> 109,795
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 23,518,340
<SHARES-COMMON-STOCK> 2,350,116
<SHARES-COMMON-PRIOR> 2,525,059
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (68,641)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 33,246
<NET-ASSETS> 23,482,945
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,170,057
<OTHER-INCOME> 0
<EXPENSES-NET> 170,025
<NET-INVESTMENT-INCOME> 1,000,032
<REALIZED-GAINS-CURRENT> (68,257)
<APPREC-INCREASE-CURRENT> 152,405
<NET-CHANGE-FROM-OPS> 1,084,180
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,000,032
<DISTRIBUTIONS-OF-GAINS> 3,117
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 394,505
<NUMBER-OF-SHARES-REDEEMED> 570,983
<SHARES-REINVESTED> 1,535
<NET-CHANGE-IN-ASSETS> (1,640,317)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 2,733
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 182,176
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 397,145
<AVERAGE-NET-ASSETS> 24,249,998
<PER-SHARE-NAV-BEGIN> 9.950
<PER-SHARE-NII> 0.410
<PER-SHARE-GAIN-APPREC> 0.040
<PER-SHARE-DIVIDEND> 0.410
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.990
<EXPENSE-RATIO> 0.70
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</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-30-1997
<PERIOD-END> Apr-30-1997
<INVESTMENTS-AT-COST> 85,918,033
<INVESTMENTS-AT-VALUE> 85,918,033
<RECEIVABLES> 512,706
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 86,430,739
<PAYABLE-FOR-SECURITIES> 2,303,971
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 108,059
<TOTAL-LIABILITIES> 2,412,030
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 84,019,313
<SHARES-COMMON-STOCK> 84,019,313
<SHARES-COMMON-PRIOR> 74,712,235
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 84,019,313
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,929,550
<OTHER-INCOME> 0
<EXPENSES-NET> 405,374
<NET-INVESTMENT-INCOME> 2,524,176
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 2,524,176
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,524,176
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 594,439,241
<NUMBER-OF-SHARES-REDEEMED> 587,153,264
<SHARES-REINVESTED> 2,021,101
<NET-CHANGE-IN-ASSETS> 9,307,078
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 335,606
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 573,177
<AVERAGE-NET-ASSETS> 83,882,416
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.030
<PER-SHARE-GAIN-APPREC> 0.000
<PER-SHARE-DIVIDEND> 0.030
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 0.48
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</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> 12-mos
<FISCAL-YEAR-END> Apr-30-1997
<PERIOD-END> Apr-30-1997
<INVESTMENTS-AT-COST> 408,413,857
<INVESTMENTS-AT-VALUE> 408,413,857
<RECEIVABLES> 1,448,092
<ASSETS-OTHER> 494
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 49,862,443
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 858,467
<TOTAL-LIABILITIES> 858,467
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 409,033,976
<SHARES-COMMON-STOCK> 337,836,340
<SHARES-COMMON-PRIOR> 310,991,118
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 337,836,340
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 23,357,636
<OTHER-INCOME> 0
<EXPENSES-NET> 2,381,240
<NET-INVESTMENT-INCOME> 20,976,396
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 20,976,396
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 16,743,570
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,380,466,586
<NUMBER-OF-SHARES-REDEEMED> 2,362,097,479
<SHARES-REINVESTED> 8,476,115
<NET-CHANGE-IN-ASSETS> 12,233,321
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,720,845
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,456,768
<AVERAGE-NET-ASSETS> 430,211,267
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.050
<PER-SHARE-GAIN-APPREC> 0.000
<PER-SHARE-DIVIDEND> 0.050
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 0.60
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</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> 12-mos
<FISCAL-YEAR-END> Apr-30-1997
<PERIOD-END> Apr-30-1997
<INVESTMENTS-AT-COST> 408,413,857
<INVESTMENTS-AT-VALUE> 408,413,857
<RECEIVABLES> 1,448,092
<ASSETS-OTHER> 494
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 49,862,443
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 858,467
<TOTAL-LIABILITIES> 858,467
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 409,033,976
<SHARES-COMMON-STOCK> 71,167,636
<SHARES-COMMON-PRIOR> 85,779,537
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 71,167,636
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 23,357,636
<OTHER-INCOME> 0
<EXPENSES-NET> 2,381,240
<NET-INVESTMENT-INCOME> 20,976,396
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 20,976,396
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4,232,826
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 322,759,750
<NUMBER-OF-SHARES-REDEEMED> 339,369,069
<SHARES-REINVESTED> 1,997,418
<NET-CHANGE-IN-ASSETS> 12,233,321
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,720,845
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,456,768
<AVERAGE-NET-ASSETS> 430,211,267
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.050
<PER-SHARE-GAIN-APPREC> 0.000
<PER-SHARE-DIVIDEND> 0.050
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 0.35
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</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-30-1997
<PERIOD-END> Apr-30-1997
<INVESTMENTS-AT-COST> 70,687,320
<INVESTMENTS-AT-VALUE> 71,067,691
<RECEIVABLES> 1,122,034
<ASSETS-OTHER> 6,013
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 72,195,738
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 312,726
<TOTAL-LIABILITIES> 312,726
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 72,557,378
<SHARES-COMMON-STOCK> 7,206,247
<SHARES-COMMON-PRIOR> 7,245,275
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,054,479)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 380,371
<NET-ASSETS> 71,883,270
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 4,647,067
<OTHER-INCOME> 0
<EXPENSES-NET> 414,824
<NET-INVESTMENT-INCOME> 4,232,243
<REALIZED-GAINS-CURRENT> (1,052,708)
<APPREC-INCREASE-CURRENT> 1,178,565
<NET-CHANGE-FROM-OPS> 4,358,100
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4,232,243
<DISTRIBUTIONS-OF-GAINS> 63,376
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,820,631
<NUMBER-OF-SHARES-REDEEMED> 1,902,451
<SHARES-REINVESTED> 42,792
<NET-CHANGE-IN-ASSETS> (408,066)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 63,714
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 509,098
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 742,102
<AVERAGE-NET-ASSETS> 72,652,147
<PER-SHARE-NAV-BEGIN> 9.980
<PER-SHARE-NII> 0.590
<PER-SHARE-GAIN-APPREC> 0.010
<PER-SHARE-DIVIDEND> 0.590
<PER-SHARE-DISTRIBUTIONS> 0.010
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.980
<EXPENSE-RATIO> 0.57
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</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> 12-Mos
<FISCAL-YEAR-END> Apr-30-1997
<PERIOD-END> Apr-30-1997
<INVESTMENTS-AT-COST> 245,678,342
<INVESTMENTS-AT-VALUE> 245,678,342
<RECEIVABLES> 22,183
<ASSETS-OTHER> 119
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 245,700,644
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 411,278
<TOTAL-LIABILITIES> 411,278
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 245,289,366
<SHARES-COMMON-STOCK> 245,289,366
<SHARES-COMMON-PRIOR> 297,232,828
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 245,289,366
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 14,668,857
<OTHER-INCOME> 0
<EXPENSES-NET> 1,608,113
<NET-INVESTMENT-INCOME> 13,060,744
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 13,060,744
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 13,060,744
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,388,962,959
<NUMBER-OF-SHARES-REDEEMED> 2,449,101,104
<SHARES-REINVESTED> 8,194,683
<NET-CHANGE-IN-ASSETS> (51,943,462)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,099,098
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,608,113
<AVERAGE-NET-ASSETS> 274,774,620
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.050
<PER-SHARE-GAIN-APPREC> 0.000
<PER-SHARE-DIVIDEND> 0.050
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 0.59
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
