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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 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
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<PAGE> PAGE 21
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063 B000400 9.3
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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
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
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
<PAGE> PAGE 22
070 R010400 N
070 R020400 N
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071 C000400 70614
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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050 000500 N
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052 000500 N
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055 A000500 N
055 B000500 N
056 000500 Y
057 000500 N
058 A000500 N
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066 C000500 N
066 D000500 N
066 E000500 N
066 F000500 N
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067 000500 N
068 A000500 N
<PAGE> PAGE 26
068 B000500 N
069 000500 N
070 A010500 Y
070 A020500 Y
070 B010500 Y
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070 C010500 Y
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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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<PAGE> PAGE 27
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<PAGE> PAGE 28
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008 D010601 FARMINGTON HILLS
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<PAGE> PAGE 29
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039 000600 N
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050 000600 N
051 000600 N
052 000600 N
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055 B000600 N
056 000600 Y
057 000600 N
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<PAGE> PAGE 30
060 A000600 Y
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063 B000600 3.9
064 A000600 N
064 B000600 N
066 A000600 N
067 000600 N
068 A000600 N
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<PAGE> PAGE 31
070 K020600 N
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<PAGE> PAGE 32
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008 A000701 MICHIGAN NATIONAL BANK
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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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<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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<TABLE> <S> <C>
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<SERIES>
<NUMBER> 021
<NAME> Independence One Funds
Independence One Prime Money Market Fund
Class A Shares
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<PERIOD-END> Apr-30-1998
<INVESTMENTS-AT-COST> 470,192,628
<INVESTMENTS-AT-VALUE> 470,192,628
<RECEIVABLES> 1,955,091
<ASSETS-OTHER> 59
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 472,147,778
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 902,709
<TOTAL-LIABILITIES> 902,709
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 471,245,069
<SHARES-COMMON-STOCK> 389,521,875
<SHARES-COMMON-PRIOR> 337,836,340
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 389,521,875
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 26,325,908
<OTHER-INCOME> 0
<EXPENSES-NET> 2,480,130
<NET-INVESTMENT-INCOME> 23,845,778
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 23,845,778
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 18,466,487
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,741,778,522
<NUMBER-OF-SHARES-REDEEMED> 2,700,548,575
<SHARES-REINVESTED> 10,455,588
<NET-CHANGE-IN-ASSETS> 62,241,093
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,861,933
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,643,838
<AVERAGE-NET-ASSETS> 465,477,635
<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
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<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 0.59
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 022
<NAME> Independence One Funds
Independence One Prime Money Market Fund
Class B Shares
<PERIOD-TYPE> 12-Mos
<FISCAL-YEAR-END> Apr-30-1998
<PERIOD-END> Apr-30-1998
<INVESTMENTS-AT-COST> 470,192,628
<INVESTMENTS-AT-VALUE> 470,192,628
<RECEIVABLES> 1,955,091
<ASSETS-OTHER> 59
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 472,147,778
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 902,709
<TOTAL-LIABILITIES> 902,709
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 471,245,069
<SHARES-COMMON-STOCK> 81,723,194
<SHARES-COMMON-PRIOR> 71,167,636
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 81,723,194
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 26,325,908
<OTHER-INCOME> 0
<EXPENSES-NET> 2,480,130
<NET-INVESTMENT-INCOME> 23,845,778
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 23,845,778
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 5,379,291
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 385,822,201
<NUMBER-OF-SHARES-REDEEMED> 378,652,322
<SHARES-REINVESTED> 3,385,679
<NET-CHANGE-IN-ASSETS> 62,241,093
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,861,933
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,643,838
<AVERAGE-NET-ASSETS> 465,477,635
<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> 0.34
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 03
<NAME> Independence One Funds
Independence One Michigan Municipal Cash Fund
<PERIOD-TYPE> 12-Mos
<FISCAL-YEAR-END> Apr-30-1998
<PERIOD-END> Apr-30-1998
<INVESTMENTS-AT-COST> 97,939,145
<INVESTMENTS-AT-VALUE> 97,939,145
<RECEIVABLES> 4,954,965
<ASSETS-OTHER> 203
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 102,894,313
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 124,588
<TOTAL-LIABILITIES> 124,588
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 102,769,725
<SHARES-COMMON-STOCK> 102,769,725
<SHARES-COMMON-PRIOR> 84,019,313
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 102,769,725
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3,448,607
<OTHER-INCOME> 0
<EXPENSES-NET> 458,539
<NET-INVESTMENT-INCOME> 2,990,068
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 2,990,068
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,990,068
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 746,963,146
<NUMBER-OF-SHARES-REDEEMED> 730,595,042
<SHARES-REINVESTED> 2,382,308
<NET-CHANGE-IN-ASSETS> 18,750,412
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 375,284
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 605,211
<AVERAGE-NET-ASSETS> 93,820,932
<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> 0.49
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 04
<NAME> Independence One Funds
Independence One U.S. Government Fund
<PERIOD-TYPE> 12-Mos
<FISCAL-YEAR-END> Apr-30-1998
<PERIOD-END> Apr-30-1998
<INVESTMENTS-AT-COST> 67,248,239
<INVESTMENTS-AT-VALUE> 70,176,815
<RECEIVABLES> 977,995
<ASSETS-OTHER> 52
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 71,154,862
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 288,079
<TOTAL-LIABILITIES> 288,079
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 68,425,283
<SHARES-COMMON-STOCK> 6,807,039
<SHARES-COMMON-PRIOR> 7,206,247
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (487,076)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,928,576
<NET-ASSETS> 70,866,783
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 4,552,418
<OTHER-INCOME> 0
<EXPENSES-NET> 440,240
<NET-INVESTMENT-INCOME> 4,112,178
<REALIZED-GAINS-CURRENT> 567,403
<APPREC-INCREASE-CURRENT> 2,548,205
<NET-CHANGE-FROM-OPS> 7,227,786
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4,112,178
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,008,867
<NUMBER-OF-SHARES-REDEEMED> 1,447,352
<SHARES-REINVESTED> 39,277
<NET-CHANGE-IN-ASSETS> (1,016,487)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (1,054,479)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 507,916
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 766,758
<AVERAGE-NET-ASSETS> 72,481,808
<PER-SHARE-NAV-BEGIN> 9.980
<PER-SHARE-NII> 0.580
<PER-SHARE-GAIN-APPREC> 0.430
<PER-SHARE-DIVIDEND> 0.580
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.410
<EXPENSE-RATIO> 0.61
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 05
<NAME> Independence One Funds
Independence One Equity Plus Fund
<PERIOD-TYPE> 12-Mos
<FISCAL-YEAR-END> Apr-30-1998
<PERIOD-END> Apr-30-1998
<INVESTMENTS-AT-COST> 111,607,946
<INVESTMENTS-AT-VALUE> 209,399,448
<RECEIVABLES> 479,213
<ASSETS-OTHER> 25,309
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 209,903,970
<PAYABLE-FOR-SECURITIES> 42,123
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 108,703
<TOTAL-LIABILITIES> 150,826
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 109,067,271
<SHARES-COMMON-STOCK> 11,496,485
<SHARES-COMMON-PRIOR> 12,060,154
<ACCUMULATED-NII-CURRENT> 84,895
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2,809,476
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 97,791,502
<NET-ASSETS> 209,753,144
<DIVIDEND-INCOME> 2,987,137
<INTEREST-INCOME> 236,911
<OTHER-INCOME> 0
<EXPENSES-NET> 789,353
<NET-INVESTMENT-INCOME> 2,434,695
<REALIZED-GAINS-CURRENT> 8,506,760
<APPREC-INCREASE-CURRENT> 48,813,788
<NET-CHANGE-FROM-OPS> 59,755,243
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,497,120
<DISTRIBUTIONS-OF-GAINS> 7,427,247
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,818,823
<NUMBER-OF-SHARES-REDEEMED> 2,818,913
<SHARES-REINVESTED> 436,421
<NET-CHANGE-IN-ASSETS> 40,424,921
<ACCUMULATED-NII-PRIOR> 147,320
<ACCUMULATED-GAINS-PRIOR> 1,729,963
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 758,348
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,154,729
<AVERAGE-NET-ASSETS> 189,034,104
<PER-SHARE-NAV-BEGIN> 14.040
<PER-SHARE-NII> 0.220
<PER-SHARE-GAIN-APPREC> 4.850
<PER-SHARE-DIVIDEND> 0.220
<PER-SHARE-DISTRIBUTIONS> 0.650
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 18.240
<EXPENSE-RATIO> 0.42
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 06
<NAME> Independence One Funds
Independence One Fixed Income Fund
<PERIOD-TYPE> 12-Mos
<FISCAL-YEAR-END> Apr-30-1998
<PERIOD-END> Apr-30-1998
<INVESTMENTS-AT-COST> 81,216,258
<INVESTMENTS-AT-VALUE> 81,692,183
<RECEIVABLES> 2,730,927
<ASSETS-OTHER> 21,225
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 8,444,335
<PAYABLE-FOR-SECURITIES> 3,970,000
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 132,111
<TOTAL-LIABILITIES> 4,102,111
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 80,085,396
<SHARES-COMMON-STOCK> 8,008,395
<SHARES-COMMON-PRIOR> 7,234,918
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (219,097)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 475,925
<NET-ASSETS> 80,342,224
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 4,966,452
<OTHER-INCOME> 0
<EXPENSES-NET> 429,225
<NET-INVESTMENT-INCOME> 4,537,227
<REALIZED-GAINS-CURRENT> (16,975)
<APPREC-INCREASE-CURRENT> 1,766,893
<NET-CHANGE-FROM-OPS> 6,287,145
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4,537,227
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,968,892
<NUMBER-OF-SHARES-REDEEMED> 1,583,847
<SHARES-REINVESTED> 388,432
<NET-CHANGE-IN-ASSETS> 9,458,679
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (202,122)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 574,565
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 812,268
<AVERAGE-NET-ASSETS> 76,244,698
<PER-SHARE-NAV-BEGIN> 9.800
<PER-SHARE-NII> 0.590
<PER-SHARE-GAIN-APPREC> 0.230
<PER-SHARE-DIVIDEND> 0.590
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.030
<EXPENSE-RATIO> 0.56
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 07
<NAME> Independence One Funds
Independence One Michigan Municipal Bond Fund
<PERIOD-TYPE> 12-Mos
<FISCAL-YEAR-END> Apr-30-1998
<PERIOD-END> Apr-30-1998
<INVESTMENTS-AT-COST> 19,622,946
<INVESTMENTS-AT-VALUE> 20,365,240
<RECEIVABLES> 1,436,721
<ASSETS-OTHER> 18,698
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 21,820,659
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 794,141
<TOTAL-LIABILITIES> 794,141
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 20,261,694
<SHARES-COMMON-STOCK> 2,041,080
<SHARES-COMMON-PRIOR> 2,350,116
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 22,530
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 742,294
<NET-ASSETS> 21,026,518
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,202,794
<OTHER-INCOME> 0
<EXPENSES-NET> 199,764
<NET-INVESTMENT-INCOME> 1,003,030
<REALIZED-GAINS-CURRENT> 91,171
<APPREC-INCREASE-CURRENT> 709,048
<NET-CHANGE-FROM-OPS> 1,803,249
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,003,030
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 358,787
<NUMBER-OF-SHARES-REDEEMED> 669,163
<SHARES-REINVESTED> 1,340
<NET-CHANGE-IN-ASSETS> (2,456,427)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (68,641)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 184,611
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 375,846
<AVERAGE-NET-ASSETS> 24,405,843
<PER-SHARE-NAV-BEGIN> 9.990
<PER-SHARE-NII> 0.420
<PER-SHARE-GAIN-APPREC> 0.310
<PER-SHARE-DIVIDEND> 0.420
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.300
<EXPENSE-RATIO> 0.81
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
