<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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<PAGE> PAGE 21
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<PAGE> PAGE 22
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SIGNATURE S. ELLIOTT COHAN
TITLE ASST. GEN. COUNSEL
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<SERIES>
<NUMBER> 3
<NAME>INDEPENDENCE ONE U.S. GOVERNMENT SECURITIES FUND
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<TABLE> <S> <C>
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<NAME> INDEPENDENCE ONE MICHIGAN MUNICIPAL CASH FUND
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<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 2
<NAME> INDEPENDENCE ONE PRIME MONEY MARKET FUND
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<ARTICLE> 6
<SERIES>
<NUMBER> 4
<NAME>INDEPENDENCE ONE U.S. TREASURY MONEY MARKET FUND
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