INDEPENDENCE ONE MUTUAL FUNDS, 497, 1995-09-27

INDEPENDENCE ONE MUTUAL FUNDS
497, 1995-09-27

Previous: NORTHBAY FINANCIAL CORP, 10-K405, 1995-09-27

Next: DEFINED ASSET FUNDS MUNICIPAL INVT TR FD MULTISTATE SER 7G, 485BPOS, 1995-09-27






INDEPENDENCE ONE U.S. GOVERNMENT SECURITIES FUND
(A Portfolio of Independence One Mutual Funds)
SUPPLEMENT TO THE PROSPECTUS DATED JUNE 30, 1995
1.   Shares of the Independence One U.S. Government Securities
     Fund are now available to individuals and other investors
     through Independence One Brokerage Services, Inc. and
     through brokers or dealers that have a sales agreement with
     the Fund's distributor.  All shareholders may purchase,
     exchange and redeem shares of the Fund as described in the
     Fund's prospectus under Investing in the Fund, Exchange
     Privilege and Redeeming Shares by calling, toll-free, 1-
     800-334-2292.
2.   With respect to the discussion of Sub-Adviser on page 6
     of the prospectus, please note that Mr. Bruce Beaumont has
     been primarily responsible for management of the Fund's
     portfolio since June, 1995, previously having assisted with
     those duties.
September 28, 1995


   FEDERATED SECURITIES CORP.

   Distributor
   A subsidiary of Federated
   Investors
   Federated Investors Tower
   Pittsburgh, PA  15222-3779
   Cusip 453777807
   G01184-02 (9/95)