<PAGE> PAGE 1
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007 C020300 INDEPENDENCE ONE MICHIGAN MUNICIPAL CASH FUND
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007 C010400 4
007 C020400 INDEPENDENCE ONE U.S. GOV'T SECURITIES FUND
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007 C010500 5
007 C020500 INDEPENDENCE ONE EQUITY PLUS FUND
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<PAGE> PAGE 2
011 B00AA01 8-15561
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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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008 A000501 MICHIGAN NATIONAL BANK
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<PAGE> PAGE 23
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<PAGE> PAGE 24
049 000500 N
050 000500 N
051 000500 N
052 000500 N
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058 A000500 N
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<PAGE> PAGE 25
070 E010500 N
070 E020500 N
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070 G020500 N
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070 H020500 N
070 I010500 N
070 I020500 N
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070 J020500 N
070 K010500 Y
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070 L020500 N
070 M010500 N
070 M020500 N
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<PAGE> PAGE 26
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<PAGE> PAGE 27
008 A000601 MICHIGAN NATIONAL BANK
008 B000601 A
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008 D020601 MI
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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SIGNATURE S. ELLIOTT COHAN
TITLE ASST. GEN. COUNSEL
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Independence One Prime Money Market Fund
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Independence One Prime Money Market Fund
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<NAME> Independence One Mutual Funds
Independence One Michigan Municipal Cash Fund
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<TABLE> <S> <C>
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<NUMBER> 04
<NAME> Independence One Mutual Funds
Independence One U.S. Government Securities Fu
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</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 05
<NAME> Independence One Mutual Funds
Independence One Fixed Income Fund
<PERIOD-TYPE> 6-MOS
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<PERIOD-END> Oct-31-1995
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</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 06
<NAME> Independence One Mutual Funds
Independence One Equity Plus Fund
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> Apr-30-1996
<PERIOD-END> Oct-31-1995
<INVESTMENTS-AT-COST> 73,837,374
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</TABLE>
