<PAGE> PAGE 1
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000 C000000 0000934529
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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SIGNATURE CHARLES M. GRIMLEY
TITLE SECRETARY/TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 1
<NAME> CRANBROOK MONEY MARKET FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-END> OCT-31-1996
<INVESTMENTS-AT-COST> 432,583,200
<INVESTMENTS-AT-VALUE> 433,859,665
<RECEIVABLES> 1,641,977
<ASSETS-OTHER> 151,672
<OTHER-ITEMS-ASSETS> 0
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<DIVIDEND-INCOME> 0
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</TABLE>
<TABLE> <S> <C>
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<SERIES>
<NUMBER> 2
<NAME> CRANBROOK TREASURY FUND
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<PERIOD-END> OCT-31-1996
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<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
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<NUMBER-OF-SHARES-REDEEMED> 158,933,406
<SHARES-REINVESTED> 2,826,138
<NET-CHANGE-IN-ASSETS> 5,158,354
<ACCUMULATED-NII-PRIOR> 0
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<PER-SHARE-NII> 0.047
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</TABLE>
Exhibit 99.77B
[ERNST & YOUNG LLP LETTERHEAD]
Supplementary Report of Independent Auditors
Board of Directors
Cranbrook Funds
In planning and performing our audit of the financial statements of Cranbrook
Funds for the period ended October 31, 1996, we considered its internal control
structure, including procedures for safeguarding securities, in order to
determine our auditing procedures for the purpose of expressing our opinion on
the financial statements and to comply with the requirements of Form N-SAR, not
to provide assurance on the internal control structure.
The management of Cranbrook Funds is responsible for establishing and
maintaining an internal control structure. In fulfilling this responsibility,
estimates and judgments by management are required to assess the expected
benefits and related costs of internal control structure policies and
procedures. Two of the objectives of an internal control structure are to
provide management with reasonable, but not absolute, assurance that assets are
safeguarded against loss from unauthorized use or disposition and that
transactions are executed in accordance with management's authorization and
recorded properly to permit preparation of financial statements in conformity
with generally accepted accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and not be detected. Also projection of any evaluation
of the structure to future periods is subject to the risk that it may become
inadequate because of changes in conditions or that the effectiveness of its
design and operation may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be material
weaknesses under standards established by the American Institute of Certified
Public Accountants. A material weakness is a condition in which the design or
operation of the specific internal control structure elements does not reduce
to a relatively low level the risk that errors or irregularities in amounts
that would be material in relation to the financial statements being audited
may occur and not be detected within a timely period by employees in the normal
course of performing their assigned functions. However, we noted no matters
involving the internal control structure, including procedures for safeguarding
securities, that we considered to be material weaknesses as defined above as of
October 31, 1996.
This report is intended solely for the information and use of management and
the Securities and Exchange Commission.
Ernst & Young LLP
November 25, 1996
