INDEPENDENCE ONE MUTUAL FUNDS, 497, 1995-05-26

INDEPENDENCE ONE MUTUAL FUNDS
497, 1995-05-26

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INDEPENDENCE ONE MUTUAL FUNDS
Supplement to the Current Prospectuses
Effective June 5, 1995, Michigan National Bank will serve as custodian to
the Independence One Mutual Funds.  Accordingly, please delete the sentence
under the heading "Custodian" in the prospectus and replace it with the
following:
"Michigan National Bank, Farmington Hills, Michigan, is custodian for the
securities and cash of the Fund."
In addition, please delete the reference to State Street Bank and Trust
Company on the back cover page of the prospectus and replace it with the
following:
                           "Michigan National Bank
                             27777 Inkster Road
                               Mail Code 10-30
                   Farmington Hills, Michigan 48333-9065"
                                                                June 1, 1995


    FEDERATED SECURITIES CORP.

    Distributor
    A subsidiary of Federated Investors
    Federated Investors Tower
    Pittsburgh, PA  15222-3779
    453777203    453777708
    453777302    453777807
    453777401
    G01150-03 (6/95)
    
    MIF505097