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<PAGE> PAGE 2
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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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SIGNATURE S. ELLIOTT COHAN
TITLE ASST. GEN. COUNSEL
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 1
<NAME> INDEPENDENCE ONE U.S. TREASURY MONEY
MARKET FUND
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Apr-30-1995
<PERIOD-END> Apr-30-1995
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<INVESTMENTS-AT-VALUE> 245,471,986
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<TOTAL-LIABILITIES> 662,422
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 244,887,189
<SHARES-COMMON-STOCK> 244,887,189
<SHARES-COMMON-PRIOR> 215,832,309
<ACCUMULATED-NII-CURRENT> 0
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<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
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<NET-ASSETS> 244,887,189
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 12,377,029
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<EXPENSES-NET> 1,549,423
<NET-INVESTMENT-INCOME> 10,827,606
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<NET-CHANGE-FROM-OPS> 10,827,606
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 10,827,606
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,859,720,057
<NUMBER-OF-SHARES-REDEEMED> 1,835,916,082
<SHARES-REINVESTED> 5,250,905
<NET-CHANGE-IN-ASSETS> 29,054,880
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<GROSS-EXPENSE> 1,549,423
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<PER-SHARE-NAV-BEGIN> 1.000
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<PER-SHARE-NAV-END> 1.000
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</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 2
<NAME> INDEPENDENCE ONE PRIME MONEY MARKET FUND
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Apr-30-1995
<PERIOD-END> Apr-30-1995
<INVESTMENTS-AT-COST> 232,772,608
<INVESTMENTS-AT-VALUE> 232,772,608
<RECEIVABLES> 1,473,825
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<TOTAL-ASSETS> 234,732,729
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<OTHER-ITEMS-LIABILITIES> 1,125,881
<TOTAL-LIABILITIES> 1,125,881
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 233,606,848
<SHARES-COMMON-STOCK> 233,606,848
<SHARES-COMMON-PRIOR> 310,588,452
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 233,606,848
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 13,656,886
<OTHER-INCOME> 0
<EXPENSES-NET> 1,628,031
<NET-INVESTMENT-INCOME> 12,028,855
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<NET-CHANGE-FROM-OPS> 12,028,855
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<DISTRIBUTIONS-OF-INCOME> 12,028,855
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,885,542,162
<NUMBER-OF-SHARES-REDEEMED> 1,968,503,461
<SHARES-REINVESTED> 5,979,695
<NET-CHANGE-IN-ASSETS> (76,981,604)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,066,096
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<GROSS-EXPENSE> 1,628,031
<AVERAGE-NET-ASSETS> 266,523,893
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.050
<PER-SHARE-GAIN-APPREC> 0.000
<PER-SHARE-DIVIDEND> 0.050
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<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 61
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<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 4
<NAME> INDEPENDENCE ONE MICHIGAN MUNICIPAL CASH
FUND
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Apr-30-1995
<PERIOD-END> Apr-30-1995
<INVESTMENTS-AT-COST> 64,834,630
<INVESTMENTS-AT-VALUE> 64,834,630
<RECEIVABLES> 3,602,998
<ASSETS-OTHER> 2,870
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 68,440,498
<PAYABLE-FOR-SECURITIES> 1,510,755
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 73,340
<TOTAL-LIABILITIES> 1,584,095
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 66,856,403
<SHARES-COMMON-STOCK> 66,856,403
<SHARES-COMMON-PRIOR> 55,013,446
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 66,856,403
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,110,862
<OTHER-INCOME> 0
<EXPENSES-NET> 369,162
<NET-INVESTMENT-INCOME> 1,741,700
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 1,741,700
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,741,700
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 397,857,305
<NUMBER-OF-SHARES-REDEEMED> 387,290,113
<SHARES-REINVESTED> 1,275,765
<NET-CHANGE-IN-ASSETS> 11,842,957
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 248,836
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 497,573
<AVERAGE-NET-ASSETS> 62,208,976
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.030
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<PER-SHARE-DIVIDEND> 0.030
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<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 59
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 5
<NAME> INDEPENDENCE ONE U.S. GOVERNMENT
SECURITIES FUND
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Apr-30-1995
<PERIOD-END> Apr-30-1995
<INVESTMENTS-AT-COST> 61,715,151
<INVESTMENTS-AT-VALUE> 61,916,709
<RECEIVABLES> 920,047
<ASSETS-OTHER> 19,325
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 62,856,081
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 341,938
<TOTAL-LIABILITIES> 341,938
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 64,112,985
<SHARES-COMMON-STOCK> 6,382,809
<SHARES-COMMON-PRIOR> 7,406,453
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,800,400)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 201,558
<NET-ASSETS> 62,514,143
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 4,306,816
<OTHER-INCOME> 0
<EXPENSES-NET> 231,651
<NET-INVESTMENT-INCOME> 4,075,165
<REALIZED-GAINS-CURRENT> (1,670,661)
<APPREC-INCREASE-CURRENT> 1,212,851
<NET-CHANGE-FROM-OPS> 3,617,355
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4,075,165
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 534,859
<NUMBER-OF-SHARES-REDEEMED> 1,558,503
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 10,352,025
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (129,739)
<OVERDISTRIB-NII-PRIOR> 0
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<GROSS-ADVISORY-FEES> 458,170
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 689,821
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<PER-SHARE-NAV-BEGIN> 9.840
<PER-SHARE-NII> 0.600
<PER-SHARE-GAIN-APPREC> (0.050)
<PER-SHARE-DIVIDEND> 0.600
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<PER-SHARE-NAV-END> 9.790
<EXPENSE-RATIO> 35
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
