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stroke
Independence One Michigan Municipal Cash Fund
(A Portfolio of Independence One Mutual Funds)
Supplement to Prospectus dated June 30, 1994
Please delete the section entitled "Summary of Fund Expenses" on
page 1 of the Prospectus and replace it with the following:
"Shareholder Transaction Expenses
Maximum Sales Load Imposed on Purchases (as a percentage of
offering price) None
Maximum Sales Load Imposed on Reinvested Dividends (as
percentage of offering price) None
Contingent Deferred Sales Charge (as percentage of original
purchase or redemption proceeds,
as applicable) None
Redemption Fee (as percentage of amount redeemed, if applicable)
None
Exchange Fee None
Annual Fund Operating Expenses
(As a percentage of average net assets)
Management Fee (after waiver) (1) 0.19%
12b-1 Fees (2) 0.00%
Total Other Expenses 0.42%
Total Operating Expenses (3) 0.61%
(1) The estimated management fee has been reduced to reflect the
anticipated voluntary waiver by the investment adviser. The
adviser can terminate this voluntary waiver at any time at its
sole discretion. The maximum management fee is 0.40%.
(2) As of the date of this supplement, the Fund is not paying or
accruing 12b-1 fees. The Fund will not pay or accrue 12b-1 fees
until a separate class of shares has been created for certain
institutional investors. The Fund's distributor can pay up to
0.25% as a 12b-1 fee which is reimbursed to the distributor by
the Fund. See "General Information."
(3) The Annual Fund Operating Expenses were 0.50% for the
fiscal year ended April 30, 1994. The Annual Fund Operating
Expenses in the table above are based on expenses expected
during the fiscal year ending April 30, 1995. Total operating
expenses are estimated to be at 0.82% absent the voluntary
waiver by the investment adviser.
The purpose of this table is to assist an investor in
understanding the various costs and expenses that a shareholder
of the Fund will bear, either directly or indirectly. For more
complete descriptions of the various costs and expenses, see
"Independence One Mutual Funds Information." Wire -transferred
redemptions of less than $5,000 may be subject to additional
fees.
EXAMPLE
1 year 3 years 5 years 10 years
You would pay the following expenses on
a $1,000 investment assuming (1) 5% annual
return and (2) redemption at the end of each
time period.
$6 $20 $34 $76
The above example should not be considered a representation
of past or future expenses. Actual expenses may be greater or
less than those shown."
August 31, 1994
FEDERATED SECURITIES CORP.
Distributor
453777401
005916 (8/94)
Independence One U.S. Government Securities Fund
(A Portfolio of Independence One Mutual Funds)
Supplement to Prospectus dated June 30, 1994
Please delete the section entitled "Summary of Fund Expenses" on
page 1 of the Prospectus and replace it with the following:
"Shareholder Transaction Expenses
Maximum Sales Load Imposed on Purchases (as a percentage of
offering price) None
Maximum Sales Load Imposed on Reinvested Dividends (as
percentage of offering price) None
Contingent Deferred Sales Charge (as percentage of original
purchase or redemption proceeds,
as applicable) None
Redemption Fee (as percentage of amount redeemed, if applicable)
None
Exchange Fee None
Annual Fund Operating Expenses
(As a percentage of average net assets)
Management Fee (after waiver) (1) 0.00%
12b-1 Fees None
Total Other Expenses 0.36%
Total Operating Expenses (2) 0.36%
(1) The estimated management fee has been reduced to reflect the
anticipated voluntary waiver by the investment adviser. The
adviser can terminate this voluntary waiver at any time at its
sole discretion. The maximum management fee is 0.70%.
(2) The Annual Fund Operating Expenses were 0.31 % for the
fiscal year ended April 30, 1994. The Annual Fund Operating
Expenses in the table above are based on expenses expected
during the fiscal year ending April 30, 1995. Total operating
expenses are estimated to be at 1.06% absent the voluntary
waiver by the investment adviser.
The purpose of this table is to assist an investor in
understanding the various costs and expenses that a shareholder
of the Fund will bear, either directly or indirectly. For more
complete descriptions of the various costs and expenses, see
"Independence One Mutual Funds Information." Wire -transferred
redemptions of less than $5,000 may be subject to additional
fees.
EXAMPLE
1 year 3 years 5 years 10 years
You would pay the following expenses on
a $1,000 investment assuming (1) 5% annual
return and (2) redemption at the end of each
time period.
$4 $12 $20 $46
The above example should not be considered a representation
of past or future expenses. Actual expenses may be greater or
less than those shown."
August 31, 1994
FEDERATED SECURITIES CORP.
Distributor
453777807
005917 (8/94)
