INDEPENDENCE ONE MUTUAL FUNDS
Supplement to Current Prospectuses
Independence One Michigan Municipal Cash Fund
Independence One Prime Money Market Fund
Independence One U.S. Government Securities Fund
Independence One U.S. Treasury Money Market Fund
Independence One Mutual Funds (the "Funds") will hold a Special Meeting of
Shareholders on July 31, 1995 to elect one trustee and to seek approval of a
proposed new investment advisory contract between the Funds and their
current investment adviser, Michigan National Bank ("MNB") and, with respect
to shareholders of Independence One U.S. Government Securities Fund (the
"Fund"), to seek approval of a proposed new sub-advisory agreement between
MNB and the Fund's current sub-adviser, Independence One Capital Management
Corporation. The Special Meeting is necessary because of the pending merger
of MNB's parent with National Australia Bank Limited, the completion of
which will result in the automatic assignment and termination of the Funds'
current investment advisory contract.
The Board of Trustees of the Funds has unanimously approved the proposed new
advisory contract and sub-advisory contract and recommends that the
shareholders approve the contracts. If shareholders approve the proposed
contracts, the Board of Trustees proposes that they will take effect on or
about the date on which the merger is completed.
Shareholders of record as of June 5, 1995 will receive a proxy statement
describing the merger in detail and will be entitled to vote at the Special
Meeting. Following the Special Meeting of Shareholders on July 31, 1995,
shareholders of the Funds will be notified of the results.
May 22, 1995
FEDERATED SECURITIES CORP.
Distributor
A subsidiary of Federated Investors
Federated Investors Tower
Pittsburgh, PA 15222-3779
G01150-02 (5/95)
