1933 Act File No. 33-26516
1940 Act File No. 811-5752
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form N-1A
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 X
----
Pre-Effective Amendment No. ................................
Post-Effective Amendment No. 20 ................... X
------- ----
and/or
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940
Amendment No. ................................................
INDEPENDENCE ONE MUTUAL FUNDS
(Exact Name of Registrant as Specified in Charter)
Federated Investors Tower, Pittsburgh, Pennsylvania 15222-3779
(Address of Principal Executive Offices)
(412) 288-1900
(Registrant's Telephone Number)
John W. McGonigle, Esquire,
Federated Investors Tower,
Pittsburgh, Pennsylvania 15222-3779
(Name and Address of Agent for Service)
It is proposed that this filing will become effective:
X immediately upon filing pursuant to paragraph (b) on
_________________ pursuant to paragraph (b) 60 days after filing
pursuant to paragraph (a) (i) on pursuant to paragraph (a) (i). 75
days after filing pursuant to paragraph (a)(ii) on
_________________ pursuant to paragraph (a)(ii) of Rule 485.
If appropriate, check the following box:
This post-effective amendment designates a new effective date for
a previously filed post-effective amendment.
Registrant has filed with the Securities and Exchange Commission a
declaration pursuant to Rule 24f-2 under the Investment Company Act of
1940, and:
X filed the Notice required by that Rule on June 16, 1997; or
intends to file the Notice required by that Rule on or about
____________; or during the most recent fiscal year did not sell
any securities pursuant to Rule 24f-2 under the
Investment Company Act of 1940, and, pursuant to Rule 24f-2(b)(2),
need not file the Notice.
Copies To:
Matthew G. Maloney, Esquire
Dickstein Shapiro Morin & Oshinsky LLP
2101 L Street, N.W.
Washington, D.C. 20037
<PAGE>
CALCULATION OF REGISTRATION FEE UNDER THE SECURITIES ACT OF 1933
<TABLE>
<CAPTION>
Proposed
Title of Proposed Maximum
Securities Amount Maximum Aggregate Amount of
Being Being Offering Price Offering Registration
REGISTERED REGISTERED PER UNIT PRICE* FEE
<S> <C> <C> <C> <C>
Shares of
beneficial
interest
(no par value) 27,553,022 $14.78 $407,233,665 $0.00
</TABLE>
*Registrant has elected to calculate its filing fee in the manner
described in Rule 24e-2 of the Investment Company Act of 1940. The
total amount of securities redeemed during the previous fiscal year
was 5,743,629,556. The total amount of redeemed securities used for
reductions pursuant to paragraph (a) of Rule 24e-2 or paragraph (c) of
Rule 24f-2 during the current year was 5,716,076,534. The amount of
redeemed securities being used for reduction of the registration fee
in this Amendment is 27,553,022.
<PAGE>
CONTENTS OF AMENDMENT
This Post-Effective Amendment No. 20 to the Registration Statement of
Independence One Mutual Funds is comprised of the following papers and
documents:
1. The facing sheet to register a definite
number of shares of beneficial interest,
no par value, of Independence One Mutual Funds;
2. The legal opinion of counsel for the Registrant, as
to the legality of shares being offered; and as to
the eligibility to become effective pursuant to
Paragraph (b) of Rule 485; and
3. Signature page.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the
Registrant, Independence One Mutual Funds certifies that it meets all
of the requirements for effectiveness of this Amendment to its
Registration Statement pursuant to Rule 485(b) under the Securities
Act of 1933 and has duly caused this Amendment to its Registration
Statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in the City of Pittsburgh and Commonwealth of
Pennsylvania on the 16th day of June, 1997.
INDEPENDENCE ONE MUTUAL FUNDS
BY: /s/ Gail Cagney
Gail Cagney, Assistant Secretary
Attorney in Fact for John F. Donahue
June 16, 1997
Pursuant to the requirements of the Securities Act of 1933, this
Amendment to its Registration Statement has been signed below by the
following person in the capacity and on the date indicated:
NAME TITLE DATE
By: /s/Gail Cagney
Gail Cagney Attorney In Fact June 16, 1997
Assistant Secretary For the Persons
Listed Below
NAME TITLE
Edward C. Gonzales* President and Treasurer
(Chief Financial Officer)
Robert E. Baker* Trustee
Harold Berry* Trustee
Clarence G. Frame* Trustee
Harry J. Nederlander* Trustee
Thomas S. Wilson* Trustee
* By Power of Attorney
FEDERATED ADMINISTRATIVE
SERVICES
FEDERATED INVESTORS TOWER
PITTSBURGH, PA 15222-3779
412-288-1900
June 16, 1997
Independence One Mutual Funds
Federated Investors Tower
Pittsburgh, PA 15222-3779
Gentlemen:
You have requested my opinion in connection with the
registration by Independence One Mutual Funds ("Trust") of an
additional 27,553,022 Shares of Beneficial Interest ("Shares")
pursuant to Post-effective Amendment No. 20 to the Trust's
registration statement filed with the Securities and Exchange
Commission under the Securities Act of 1933 (File No. 33-26516). The
subject Post-effective Amendment will be filed pursuant to Paragraph
(b) of Rule 485 and become effective pursuant to said Rule immediately
upon filing.
As counsel I have participated in the preparation and filing
of the Trust's amended registration statement under the Securities Act
of 1933 referred to above. Further, I have examined and am familiar
with the provisions of the Declaration of Trust dated January 9, 1989,
("Declaration of Trust"), the Bylaws of the Trust and such other
documents and records deemed relevant. I have also reviewed questions
of law and consulted with counsel thereon as deemed necessary or
appropriate by me for the purposes of this opinion.
On the basis of the foregoing, it is my opinion that:
1. The Trust is duly organized and validly existing under the
laws of the Commonwealth of Massachusetts.
2. The Shares which are currently being registered by the
Registration Statement referred to above may be legally and validly
issued from time to time in accordance with the Declaration of Trust
upon receipt of consideration sufficient to comply with the
Declaration of Trust and subject to compliance with the Securities Act
of 1933, as amended, the Investment Company Act of 1940, as amended,
and applicable state laws regulating the sale of securities. Such
Shares, when so issued, will be fully paid and non-assessable by the
Trust.
I hereby consent to the filing of this opinion as a part of
the Trust's registration statement referred to above and as a part of
any application or registration statement filed under the securities
laws of the States of the United States.
The foregoing opinion is limited to the Federal laws of the
United States and the laws of the Commonwealth of Massachusetts, and I
am expressing no opinion as to the effect of the laws of any other
jurisdiction.
Very truly yours,
/s/ Gail Cagney
Gail Cagney
Fund Attorney
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 05
<NAME> Independence One Mutual Funds
Independence One Equity Plus Fund
<PERIOD-TYPE> 12-mos
<FISCAL-YEAR-END> Apr-30-1997
<PERIOD-END> Apr-30-1997
<INVESTMENTS-AT-COST> 119,526,504
<INVESTMENTS-AT-VALUE> 168,504,218
<RECEIVABLES> 2,857,737
<ASSETS-OTHER> 14,980
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 171,376,935
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,048,712
<TOTAL-LIABILITIES> 2,048,712
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 118,473,226
<SHARES-COMMON-STOCK> 12,060,154
<SHARES-COMMON-PRIOR> 9,888,603
<ACCUMULATED-NII-CURRENT> 147,320
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,729,963
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 48,977,714
<NET-ASSETS> 169,328,223
<DIVIDEND-INCOME> 2,919,790
<INTEREST-INCOME> 219,655
<OTHER-INCOME> 0
<EXPENSES-NET> 583,741
<NET-INVESTMENT-INCOME> 2,555,704
<REALIZED-GAINS-CURRENT> 1,757,572
<APPREC-INCREASE-CURRENT> 31,063,371
<NET-CHANGE-FROM-OPS> 35,376,647
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,489,618
<DISTRIBUTIONS-OF-GAINS> 594,000
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,175,707
<NUMBER-OF-SHARES-REDEEMED> 2,168,967
<SHARES-REINVESTED> 164,811
<NET-CHANGE-IN-ASSETS> 56,719,245
<ACCUMULATED-NII-PRIOR> 81,234
<ACCUMULATED-GAINS-PRIOR> 566,391
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 588,469
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 934,498
<AVERAGE-NET-ASSETS> 146,729,911
<PER-SHARE-NAV-BEGIN> 11.390
<PER-SHARE-NII> 0.210
<PER-SHARE-GAIN-APPREC> 2.700
<PER-SHARE-DIVIDEND> 0.210
<PER-SHARE-DISTRIBUTIONS> 0.050
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 14.040
<EXPENSE-RATIO> 0.40
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 06
<NAME> Independence One Mutual Funds
Independence One Fixed Income Fund
<PERIOD-TYPE> 12-Mos
<FISCAL-YEAR-END> Apr-30-1997
<PERIOD-END> Apr-30-1997
<INVESTMENTS-AT-COST> 71,122,258
<INVESTMENTS-AT-VALUE> 69,831,290
<RECEIVABLES> 1,142,047
<ASSETS-OTHER> 10,237
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 70,983,574
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 100,029
<TOTAL-LIABILITIES> 100,029
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 72,376,635
<SHARES-COMMON-STOCK> 7,234,918
<SHARES-COMMON-PRIOR> 6,342,457
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (202,122)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (1,290,968)
<NET-ASSETS> 70,883,545
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 4,261,538
<OTHER-INCOME> 0
<EXPENSES-NET> 369,307
<NET-INVESTMENT-INCOME> 3,892,231
<REALIZED-GAINS-CURRENT> (202,277)
<APPREC-INCREASE-CURRENT> 64,749
<NET-CHANGE-FROM-OPS> 3,754,703
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3,892,231
<DISTRIBUTIONS-OF-GAINS> 11,017
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,843,716
<NUMBER-OF-SHARES-REDEEMED> 1,266,239
<SHARES-REINVESTED> 314,984
<NET-CHANGE-IN-ASSETS> 8,627,051
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 11,172
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 500,293
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 702,835
<AVERAGE-NET-ASSETS> 66,422,200
<PER-SHARE-NAV-BEGIN> 9.820
<PER-SHARE-NII> 0.570
<PER-SHARE-GAIN-APPREC> (0.020)
<PER-SHARE-DIVIDEND> 0.570
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.800
<EXPENSE-RATIO> 0.55
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 04
<NAME> Independence One Mutual Funds
Independence One U.S. Government Securities Fund
<PERIOD-TYPE> 12-Mos
<FISCAL-YEAR-END> Apr-30-1997
<PERIOD-END> Apr-30-1997
<INVESTMENTS-AT-COST> 70,687,320
<INVESTMENTS-AT-VALUE> 71,067,691
<RECEIVABLES> 1,122,034
<ASSETS-OTHER> 6,013
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 72,195,738
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 312,726
<TOTAL-LIABILITIES> 312,726
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 72,557,378
<SHARES-COMMON-STOCK> 7,206,247
<SHARES-COMMON-PRIOR> 7,245,275
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,054,479)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 380,371
<NET-ASSETS> 71,883,270
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 4,647,067
<OTHER-INCOME> 0
<EXPENSES-NET> 414,824
<NET-INVESTMENT-INCOME> 4,232,243
<REALIZED-GAINS-CURRENT> (1,052,708)
<APPREC-INCREASE-CURRENT> 1,178,565
<NET-CHANGE-FROM-OPS> 4,358,100
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4,232,243
<DISTRIBUTIONS-OF-GAINS> 63,376
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,820,631
<NUMBER-OF-SHARES-REDEEMED> 1,902,451
<SHARES-REINVESTED> 42,792
<NET-CHANGE-IN-ASSETS> (408,066)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 63,714
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 509,098
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 742,102
<AVERAGE-NET-ASSETS> 72,652,147
<PER-SHARE-NAV-BEGIN> 9.980
<PER-SHARE-NII> 0.590
<PER-SHARE-GAIN-APPREC> 0.010
<PER-SHARE-DIVIDEND> 0.590
<PER-SHARE-DISTRIBUTIONS> 0.010
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.980
<EXPENSE-RATIO> 0.57
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 07
<NAME> Independence One Mutual Funds
Independence One Michigan Municipal Bond Fund
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Apr-30-1997
<PERIOD-END> Apr-30-1997
<INVESTMENTS-AT-COST> 23,030,274
<INVESTMENTS-AT-VALUE> 23,063,520
<RECEIVABLES> 523,641
<ASSETS-OTHER> 5,579
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 23,592,740
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 109,795
<TOTAL-LIABILITIES> 109,795
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 23,518,340
<SHARES-COMMON-STOCK> 2,350,116
<SHARES-COMMON-PRIOR> 2,525,059
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (68,641)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 33,246
<NET-ASSETS> 23,482,945
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,170,057
<OTHER-INCOME> 0
<EXPENSES-NET> 170,025
<NET-INVESTMENT-INCOME> 1,000,032
<REALIZED-GAINS-CURRENT> (68,257)
<APPREC-INCREASE-CURRENT> 152,405
<NET-CHANGE-FROM-OPS> 1,084,180
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,000,032
<DISTRIBUTIONS-OF-GAINS> 3,117
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 394,505
<NUMBER-OF-SHARES-REDEEMED> 570,983
<SHARES-REINVESTED> 1,535
<NET-CHANGE-IN-ASSETS> (1,640,317)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 2,733
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 182,176
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 373,663
<AVERAGE-NET-ASSETS> 24,249,998
<PER-SHARE-NAV-BEGIN> 9.950
<PER-SHARE-NII> 0.410
<PER-SHARE-GAIN-APPREC> 0.040
<PER-SHARE-DIVIDEND> 0.410
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.990
<EXPENSE-RATIO> 0.70
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 03
<NAME> Independence One Mutual Funds
Independence One Michigan Municipal Cash Fund
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Apr-30-1997
<PERIOD-END> Apr-30-1997
<INVESTMENTS-AT-COST> 85,918,033
<INVESTMENTS-AT-VALUE> 85,918,033
<RECEIVABLES> 512,706
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 86,430,739
<PAYABLE-FOR-SECURITIES> 2,303,971
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 108,059
<TOTAL-LIABILITIES> 2,412,030
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 84,019,313
<SHARES-COMMON-STOCK> 84,019,313
<SHARES-COMMON-PRIOR> 74,712,235
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 84,019,313
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,929,550
<OTHER-INCOME> 0
<EXPENSES-NET> 405,374
<NET-INVESTMENT-INCOME> 2,524,176
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 2,524,176
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,524,176
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 594,439,241
<NUMBER-OF-SHARES-REDEEMED> 587,153,264
<SHARES-REINVESTED> 2,021,101
<NET-CHANGE-IN-ASSETS> 9,307,078
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 335,606
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 573,177
<AVERAGE-NET-ASSETS> 83,882,416
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.030
<PER-SHARE-GAIN-APPREC> 0.000
<PER-SHARE-DIVIDEND> 0.030
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 0.48
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 021
<NAME> Independence One Mutual Funds
Independence One Prime Money Market Fund
Class A Shares
<PERIOD-TYPE> 12-mos
<FISCAL-YEAR-END> Apr-30-1997
<PERIOD-END> Apr-30-1997
<INVESTMENTS-AT-COST> 408,413,857
<INVESTMENTS-AT-VALUE> 408,413,857
<RECEIVABLES> 1,448,092
<ASSETS-OTHER> 494
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 49,862,443
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 858,467
<TOTAL-LIABILITIES> 858,467
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 409,033,976
<SHARES-COMMON-STOCK> 337,836,340
<SHARES-COMMON-PRIOR> 310,991,118
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 337,836,340
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 23,357,636
<OTHER-INCOME> 0
<EXPENSES-NET> 2,381,240
<NET-INVESTMENT-INCOME> 20,976,396
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 20,976,396
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 16,743,570
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,380,466,586
<NUMBER-OF-SHARES-REDEEMED> 2,362,097,479
<SHARES-REINVESTED> 8,476,115
<NET-CHANGE-IN-ASSETS> 12,233,321
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,720,845
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,456,768
<AVERAGE-NET-ASSETS> 430,211,267
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.050
<PER-SHARE-GAIN-APPREC> 0.000
<PER-SHARE-DIVIDEND> 0.050
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 0.60
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 022
<NAME> Independence One Mutual Funds
Independence One Prime Money Market Fund
Class B Shares
<PERIOD-TYPE> 12-mos
<FISCAL-YEAR-END> Apr-30-1997
<PERIOD-END> Apr-30-1997
<INVESTMENTS-AT-COST> 408,413,857
<INVESTMENTS-AT-VALUE> 408,413,857
<RECEIVABLES> 1,448,092
<ASSETS-OTHER> 494
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 49,862,443
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 858,467
<TOTAL-LIABILITIES> 858,467
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 409,033,976
<SHARES-COMMON-STOCK> 71,167,636
<SHARES-COMMON-PRIOR> 85,779,537
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 71,167,636
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 23,357,636
<OTHER-INCOME> 0
<EXPENSES-NET> 2,381,240
<NET-INVESTMENT-INCOME> 20,976,396
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 20,976,396
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4,232,826
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 322,759,750
<NUMBER-OF-SHARES-REDEEMED> 339,369,069
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<TABLE> <S> <C>
<S> <C>
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<SERIES>
<NUMBER> 01
<NAME> Independence One Mutual Funds
Independence One U.S. Treasury Money Market Fund
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