<PAGE> PAGE 1
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<PAGE> PAGE 2
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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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048 I020400 0.000
048 J010400 0
048 J020400 0.000
048 K010400 0
048 K020400 0.000
049 000400 N
050 000400 N
051 000400 N
052 000400 N
053 A000400 Y
<PAGE> PAGE 21
053 B000400 Y
053 C000400 N
058 A000400 N
059 000400 Y
060 A000400 Y
060 B000400 Y
061 000400 1000
062 A000400 Y
062 B000400 0.0
062 C000400 0.0
062 D000400 6.4
062 E000400 0.0
062 F000400 0.0
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062 H000400 0.0
062 I000400 0.0
062 J000400 0.0
062 K000400 0.0
062 L000400 0.0
062 M000400 51.0
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062 O000400 0.0
062 P000400 0.0
062 Q000400 0.0
062 R000400 0.0
063 A000400 0
063 B000400 9.8
066 A000400 N
067 000400 N
068 A000400 N
068 B000400 N
069 000400 N
070 A010400 Y
070 A020400 Y
070 B010400 N
070 B020400 N
070 C010400 N
070 C020400 N
070 D010400 N
070 D020400 N
070 E010400 N
070 E020400 N
070 F010400 N
070 F020400 N
070 G010400 N
070 G020400 N
070 H010400 N
070 H020400 N
070 I010400 N
070 I020400 N
070 J010400 N
<PAGE> PAGE 22
070 J020400 N
070 K010400 N
070 K020400 N
070 L010400 N
070 L020400 N
070 M010400 N
070 M020400 N
070 N010400 N
070 N020400 N
070 O010400 Y
070 O020400 N
070 P010400 Y
070 P020400 N
070 Q010400 N
070 Q020400 N
070 R010400 N
070 R020400 N
071 A000400 5000
071 B000400 9085
071 C000400 49524
071 D000400 10
072 A000400 6
072 B000400 1664
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072 Y000400 111
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072CC020400 1925
<PAGE> PAGE 23
072DD010400 1483
072DD020400 0
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074 R040400 276
074 S000400 0
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074 U020400 0
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074 Y000400 0
075 A000400 0
075 B000400 55275
076 000400 0.00
008 A000501 MICHIGAN NATIONAL BANK
008 B000501 A
008 C000501 801-0000
008 D010501 FARMINGTON HILLS
008 D020501 MI
008 D030501 48333
008 D040501 9065
008 A000502 SOSNOFF SHERIDAN CORP.
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<PAGE> PAGE 24
008 D020502 IL
008 D030502 60605
015 A000501 MICHIGAN NATIONAL BANK
015 B000501 C
015 C010501 FARMINGTON HILLS
015 C020501 MI
015 C030501 48333
015 C040501 9065
015 E010501 X
024 000500 Y
025 A000501 MERRILL LYNCH
025 C000501 E
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025 D000504 0
025 D000505 0
025 D000506 0
025 D000507 0
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028 A010500 2370
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028 A040500 1322
028 B010500 3922
028 B020500 369
028 B030500 0
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028 C020500 0
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028 C040500 4100
028 D010500 1956
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028 D040500 5781
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028 G010500 23781
028 G020500 734
028 G030500 0
028 G040500 28506
028 H000500 9
037 000500 N
038 000500 0
<PAGE> PAGE 25
039 000500 N
040 000500 Y
041 000500 Y
042 A000500 0
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042 C000500 100
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042 E000500 0
042 F000500 0
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042 H000500 0
043 000500 0
044 000500 0
045 000500 Y
046 000500 N
047 000500 Y
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048 B010500 0
048 B020500 0.000
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048 E010500 0
048 E020500 0.000
048 F010500 0
048 F020500 0.000
048 G010500 0
048 G020500 0.000
048 H010500 0
048 H020500 0.000
048 I010500 0
048 I020500 0.000
048 J010500 0
048 J020500 0.000
048 K010500 0
048 K020500 0.000
049 000500 N
050 000500 N
051 000500 N
052 000500 N
053 A000500 Y
053 B000500 Y
053 C000500 N
058 A000500 N
059 000500 Y
060 A000500 Y
060 B000500 Y
061 000500 1000
<PAGE> PAGE 26
062 A000500 N
062 B000500 0.0
062 C000500 0.0
062 D000500 0.0
062 E000500 0.0
062 F000500 0.0
062 G000500 0.0
062 H000500 0.0
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062 J000500 0.0
062 K000500 0.0
062 L000500 0.0
062 M000500 0.0
062 N000500 0.0
062 O000500 0.0
062 P000500 0.0
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066 A000500 Y
066 B000500 N
066 C000500 N
066 D000500 N
066 E000500 N
066 F000500 N
066 G000500 Y
067 000500 N
068 A000500 N
068 B000500 N
069 000500 N
070 A010500 Y
070 A020500 Y
070 B010500 Y
070 B020500 N
070 C010500 Y
070 C020500 N
070 D010500 Y
070 D020500 N
070 E010500 N
070 E020500 N
070 F010500 Y
070 F020500 N
070 G010500 Y
070 G020500 N
070 H010500 Y
070 H020500 N
070 I010500 N
070 I020500 N
070 J010500 Y
070 J020500 N
070 K010500 Y
070 K020500 N
<PAGE> PAGE 27
070 L010500 N
070 L020500 N
070 M010500 N
070 M020500 N
070 N010500 Y
070 N020500 N
070 O010500 Y
070 O020500 N
070 P010500 Y
070 P020500 N
070 Q010500 N
070 Q020500 N
070 R010500 N
070 R020500 N
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071 C000500 293120
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072EE000500 0
<PAGE> PAGE 28
073 A010500 0.0800
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074 B000500 8039
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074 M000500 10
074 N000500 308729
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074 R040500 75
074 S000500 0
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074 U010500 13225
074 U020500 0
074 V010500 23.34
074 V020500 23.33
074 W000500 0.0000
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075 A000500 0
075 B000500 301061
076 000500 0.00
008 A000601 MICHIGAN NATIONAL BANK
008 B000601 A
008 C000601 801-0000
008 D010601 FARMINGTON HILLS
008 D020601 MI
008 D030601 48333
008 D040601 9065
015 A000601 MICHIGAN NATIONAL BANK
015 B000601 C
015 C010601 FARMINGTON HILLS
015 C020601 MI
015 C030601 48333
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015 E010601 X
<PAGE> PAGE 29
024 000600 Y
025 A000601 MERRILL LYNCH
025 C000601 D
025 D000601 988
025 A000602 SALOMON SMITH BARNEY
025 C000602 D
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025 D000604 0
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030 A000600 0
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030 C000600 0.00
037 000600 N
038 000600 0
039 000600 N
040 000600 N
042 A000600 0
<PAGE> PAGE 30
042 B000600 0
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043 000600 0
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046 000600 N
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048 H020600 0.000
048 I010600 0
048 I020600 0.000
048 J010600 0
048 J020600 0.000
048 K010600 0
048 K020600 0.000
049 000600 N
050 000600 N
051 000600 N
052 000600 N
053 A000600 Y
053 B000600 Y
053 C000600 N
058 A000600 N
059 000600 Y
060 A000600 Y
060 B000600 Y
061 000600 1000
062 A000600 Y
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<PAGE> PAGE 31
062 E000600 0.0
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063 B000600 3.9
064 A000600 N
064 B000600 N
066 A000600 N
067 000600 N
068 A000600 N
068 B000600 N
069 000600 N
070 A010600 Y
070 A020600 Y
070 B010600 Y
070 B020600 N
070 C010600 Y
070 C020600 N
070 D010600 Y
070 D020600 N
070 E010600 Y
070 E020600 N
070 F010600 Y
070 F020600 N
070 G010600 Y
070 G020600 N
070 H010600 Y
070 H020600 N
070 I010600 Y
070 I020600 N
070 J010600 Y
070 J020600 N
070 K010600 Y
070 K020600 N
070 L010600 N
070 L020600 N
070 M010600 N
070 M020600 N
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<PAGE> PAGE 32
070 O010600 Y
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070 Q010600 N
070 Q020600 N
070 R010600 N
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071 C000600 81955
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<PAGE> PAGE 33
074 C000600 0
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008 A000701 MICHIGAN NATIONAL BANK
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008 D010701 FARMINGTON HILLS
008 D020701 MI
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008 D040701 9065
015 A000701 MICHIGAN NATIONAL BANK
015 B000701 C
015 C010701 FARMINGTON HILLS
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015 E010701 X
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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050 000700 N
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<PAGE> PAGE 36
062 O000700 96.4
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064 A000700 Y
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066 A000700 N
067 000700 N
068 A000700 N
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069 000700 N
070 A010700 Y
070 A020700 N
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070 E020700 N
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070 F020700 N
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070 H010700 N
070 H020700 N
070 I010700 N
070 I020700 N
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070 J020700 N
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<PAGE> PAGE 37
071 C000700 17843
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<PAGE> PAGE 38
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008 A000801 MICHIGAN NATIONAL BANK
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015 A000801 MICHIGAN NATIONAL BANK
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<PAGE> PAGE 39
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<PAGE> PAGE 40
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<PAGE> PAGE 41
066 G000800 Y
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070 F010800 Y
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070 G010800 Y
070 G020800 N
070 H010800 Y
070 H020800 N
070 I010800 N
070 I020800 N
070 J010800 Y
070 J020800 N
070 K010800 Y
070 K020800 N
070 L010800 N
070 L020800 N
070 M010800 N
070 M020800 N
070 N010800 Y
070 N020800 N
070 O010800 Y
070 O020800 N
070 P010800 Y
070 P020800 N
070 Q010800 N
070 Q020800 N
070 R010800 N
070 R020800 N
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<PAGE> PAGE 42
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<PAGE> PAGE 43
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008 A000901 MICHIGAN NATIONAL BANK
008 B000901 A
008 C000901 801-0000
008 D010901 FARMINGTON HILLS
008 D020901 MI
008 D030901 48333
008 D040901 9065
008 A000902 NATIONAL AUSTRALIA ASSET MANAGEMENT LTD.
008 B000902 S
008 C000902 801-0000
008 D010902 MELBOURNE
008 D050902 AUSTRALIA
015 A000901 MICHIGAN NATIONAL BANK
015 B000901 C
015 C010901 FARMINGTON HILLS
015 C020901 MI
015 C030901 48333
015 C040901 9065
015 E010901 X
015 A000902 STATE STREET BANK & TRUST CO.
015 B000902 S
015 C010902 LONDON
015 D010902 UNITED KINGDOM
015 E040902 X
015 A000903 ERSTE BANK
015 B000903 S
015 C010903 VIENNA
015 D010903 AUSTRIA
015 E040903 X
015 A000904 WESTPAC CUSTODIAN NOMINEES
015 B000904 S
015 C010904 SYDNEY
015 D010904 AUSTRALIA
015 E040904 X
015 A000905 GENERALE DE BANQUE
015 B000905 S
015 C010905 BRUSSELS
015 D010905 BELGIUM
<PAGE> PAGE 44
015 E040905 X
015 A000906 DRESDNER BANK AG
015 B000906 S
015 C010906 FRANKFURT
015 D010906 GERMANY
015 E040906 X
015 A000907 BANCO SANTANDER
015 B000907 S
015 C010907 MADRID
015 D010907 SPAIN
015 E040907 X
015 A000908 BANQUE PARIBAS
015 B000908 S
015 C010908 PARIS
015 D010908 FRANCE
015 E040908 X
015 A000909 STANDARD CHARTERED BANK
015 B000909 S
015 C010909 HONG KONG
015 D010909 HONG KONG
015 E040909 X
015 A000910 BANK OF IRELAND
015 B000910 S
015 C010910 DUBLIN
015 D010910 IRELAND
015 E040910 X
015 A000911 BANQUE PARIBAS
015 B000911 S
015 C010911 MILAN
015 D010911 ITALY
015 E040911 X
015 A000912 FUJI BANK LTD.
015 B000912 S
015 C010912 TOKYO
015 D010912 JAPAN
015 E040912 X
015 A000913 STANDARD SHARTERED BANK
015 B000913 S
015 C010913 KUALA LUMPUR
015 D010913 MALAYSIA
015 E040913 X
015 A000914 CHRISTIANA BANK OG KREDITKASSE
015 B000914 S
015 C010914 OSLO
015 D010914 NORWAY
015 E040914 X
015 A000915 MEES PIERSON N.V.
015 B000915 S
015 C010915 AMSTERDAM
015 D010915 NETHERLANDS
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<PAGE> PAGE 45
015 A000916 ANZ BANKING GROUP LTD.
015 B000916 S
015 C010916 WELLINGTON
015 D010916 NEW ZEALAND
015 E040916 X
015 A000917 BANCO COMMERCIALE PORTUGEUS
015 B000917 S
015 C010917 LISBON
015 D010917 PORTUGAL
015 E040917 X
015 A000918 SKANDINAVISKA ENSKILDA BANKEN
015 B000918 S
015 C010918 STOCKHOLM
015 D010918 SWEDEN
015 E040918 X
015 A000919 DEVELOPMENT BANK OF SINGAPORE
015 B000919 S
015 C010919 SINGAPORE
015 D010919 SINGAPORE
015 E040919 X
015 A000920 UNION BANK OF SWITZERLAND
015 B000920 S
015 C010920 ZURICH
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015 E040920 X
024 000900 Y
025 A000901 DEUTSCHE BANK AG
025 C000901 E
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<PAGE> PAGE 46
028 D020900 0
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028 G010900 1647
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037 000900 N
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042 D000900 0
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<PAGE> PAGE 47
048 I020900 0.000
048 J010900 0
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048 K010900 0
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050 000900 N
051 000900 N
052 000900 N
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053 B000900 Y
053 C000900 N
058 A000900 N
058 B000900 N
058 C000900 N
058 D000900 N
058 E000900 N
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060 A000900 Y
060 B000900 Y
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062 N000900 0.0
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062 R000900 0.0
066 A000900 Y
066 B000900 N
066 C000900 N
066 D000900 N
066 E000900 N
066 F000900 N
066 G000900 Y
067 000900 N
068 A000900 N
068 B000900 Y
069 000900 N
070 A010900 Y
<PAGE> PAGE 48
070 A020900 Y
070 B010900 Y
070 B020900 N
070 C010900 N
070 C020900 N
070 D010900 Y
070 D020900 Y
070 E010900 Y
070 E020900 N
070 F010900 Y
070 F020900 Y
070 G010900 Y
070 G020900 Y
070 H010900 Y
070 H020900 Y
070 I010900 N
070 I020900 N
070 J010900 Y
070 J020900 N
070 K010900 Y
070 K020900 Y
070 L010900 Y
070 L020900 Y
070 M010900 Y
070 M020900 Y
070 N010900 Y
070 N020900 N
070 O010900 Y
070 O020900 N
070 P010900 Y
070 P020900 N
070 Q010900 N
070 Q020900 N
070 R010900 N
070 R020900 N
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<PAGE> PAGE 49
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<PAGE> PAGE 50
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SIGNATURE STEVE KEANE
TITLE GENERAL COUNSEL
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000845107
<NAME> INDEPENDENCE ONE MUTUAL FUNDS
<SERIES>
<NUMBER> 052
<NAME> Independence One Equity Plus Fund Class B Shares
<S> <C>
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<ACCUMULATED-NII-PRIOR> 114,169
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<OVERDIST-NET-GAINS-PRIOR> 0
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<PER-SHARE-NAV-END> 23.330
<EXPENSE-RATIO> 1.470
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000845107
<NAME> INDEPENDENCE ONE MUTUAL FUNDS
<SERIES>
<NUMBER> 051
<NAME> Independence One Equity Plus Fund Class Y Shares
<S> <C>
<PERIOD-TYPE> 6-mos
<FISCAL-YEAR-END> Apr-30-2000
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<GROSS-ADVISORY-FEES> 605,398
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<EXPENSE-RATIO> 0.470
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000845107
<NAME> INDEPENDENCE ONE MUTUAL FUNDS
<SERIES>
<NUMBER> 06
<NAME> Independence One Fixed Income Fund
<S> <C>
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<PERIOD-END> Oct-31-1999
<INVESTMENTS-AT-COST> 85,380,439
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<DISTRIBUTIONS-OF-INCOME> (2,607,617)
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<NUMBER-OF-SHARES-SOLD> 657,464
<NUMBER-OF-SHARES-REDEEMED> (342,024)
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<NET-CHANGE-IN-ASSETS> 2,501,681
<ACCUMULATED-NII-PRIOR> 14,520
<ACCUMULATED-GAINS-PRIOR> 52,280
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 331,450
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 451,575
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<PER-SHARE-NAV-BEGIN> 9.990
<PER-SHARE-NII> 0.290
<PER-SHARE-GAIN-APPREC> (0.280)
<PER-SHARE-DIVIDEND> (0.290)
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<PER-SHARE-NAV-END> 9.710
<EXPENSE-RATIO> 0.57
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000845107
<NAME> INDEPENDENCE ONE MUTUAL FUNDS
<SERIES>
<NUMBER> 04
<NAME> Independence One U.S. Gov't Securities Fund
<S> <C>
<PERIOD-TYPE> 6-mos
<FISCAL-YEAR-END> Apr-30-2000
<PERIOD-END> Oct-31-1999
<INVESTMENTS-AT-COST> 50,986,290
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<DISTRIBUTIONS-OF-INCOME> (1,483,759)
<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-SOLD> 246,867
<NUMBER-OF-SHARES-REDEEMED> (781,324)
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<NET-CHANGE-IN-ASSETS> (7,210,547)
<ACCUMULATED-NII-PRIOR> 5,154
<ACCUMULATED-GAINS-PRIOR> 7,711
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 194,520
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 292,024
<AVERAGE-NET-ASSETS> 55,275,188
<PER-SHARE-NAV-BEGIN> 10.410
<PER-SHARE-NII> 0.270
<PER-SHARE-GAIN-APPREC> (0.330)
<PER-SHARE-DIVIDEND> (0.270)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.080
<EXPENSE-RATIO> 0.65
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000845107
<NAME> INDEPENDENCE ONE MUTUAL FUNDS
<SERIES>
<NUMBER> 09
<NAME> Independence One International Equity Fund
<S> <C>
<PERIOD-TYPE> 6-mos
<FISCAL-YEAR-END> Apr-30-2000
<PERIOD-END> Oct-31-1999
<INVESTMENTS-AT-COST> 15,527,740
<INVESTMENTS-AT-VALUE> 16,901,246
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<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 15,482,750
<SHARES-COMMON-STOCK> 1,348,697
<SHARES-COMMON-PRIOR> 1,226,757
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,467,396
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,314,352
<NET-ASSETS> 18,264,498
<DIVIDEND-INCOME> 296,118
<INTEREST-INCOME> 48,209
<OTHER-INCOME> 0
<EXPENSES-NET> (129,634)
<NET-INVESTMENT-INCOME> 214,693
<REALIZED-GAINS-CURRENT> 230,190
<APPREC-INCREASE-CURRENT> 631,687
<NET-CHANGE-FROM-OPS> 1,076,570
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 130,068
<NUMBER-OF-SHARES-REDEEMED> (8,128)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 2,618,558
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 1,237,206
<OVERDISTRIB-NII-PRIOR> (375,528)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 83,636
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 202,511
<AVERAGE-NET-ASSETS> 16,636,214
<PER-SHARE-NAV-BEGIN> 12.750
<PER-SHARE-NII> 0.160
<PER-SHARE-GAIN-APPREC> 0.630
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 13.540
<EXPENSE-RATIO> 1.55
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000845107
<NAME> INDEPENDENCE ONE MUTUAL FUNDS
<SERIES>
<NUMBER> 07
<NAME> Independence One Michigan Muni Bond Fund
<S> <C>
<PERIOD-TYPE> 6-mos
<FISCAL-YEAR-END> Apr-30-2000
<PERIOD-END> Oct-31-1999
<INVESTMENTS-AT-COST> 17,201,001
<INVESTMENTS-AT-VALUE> 17,433,614
<RECEIVABLES> 343,810
<ASSETS-OTHER> 1,901
<OTHER-ITEMS-ASSETS> 5,957
<TOTAL-ASSETS> 17,785,282
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 67,171
<TOTAL-LIABILITIES> 67,171
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 17,477,887
<SHARES-COMMON-STOCK> 1,772,121
<SHARES-COMMON-PRIOR> 1,854,617
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (1,345)
<ACCUMULATED-NET-GAINS> 8,956
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 232,613
<NET-ASSETS> 17,718,111
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 469,893
<OTHER-INCOME> 0
<EXPENSES-NET> (101,348)
<NET-INVESTMENT-INCOME> 368,545
<REALIZED-GAINS-CURRENT> 2,010
<APPREC-INCREASE-CURRENT> (875,749)
<NET-CHANGE-FROM-OPS> (505,194)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (368,545)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 90,451
<NUMBER-OF-SHARES-REDEEMED> (173,685)
<SHARES-REINVESTED> 738
<NET-CHANGE-IN-ASSETS> (1,699,168)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 6,946
<OVERDISTRIB-NII-PRIOR> (1,345)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 70,888
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 157,114
<AVERAGE-NET-ASSETS> 18,800,680
<PER-SHARE-NAV-BEGIN> 10.470
<PER-SHARE-NII> 0.200
<PER-SHARE-GAIN-APPREC> (0.470)
<PER-SHARE-DIVIDEND> (0.200)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.000
<EXPENSE-RATIO> 1.07
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000845107
<NAME> INDEPENDENCE ONE MUTUAL FUNDS
<SERIES>
<NUMBER> 03
<NAME> Independence One Michigan Muni Cash Fund
<S> <C>
<PERIOD-TYPE> 6-mos
<FISCAL-YEAR-END> Apr-30-2000
<PERIOD-END> Oct-31-1999
<INVESTMENTS-AT-COST> 102,657,267
<INVESTMENTS-AT-VALUE> 102,657,267
<RECEIVABLES> 645,188
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 34,218
<TOTAL-ASSETS> 103,336,673
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 314,301
<TOTAL-LIABILITIES> 314,301
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 103,022,372
<SHARES-COMMON-STOCK> 103,022,372
<SHARES-COMMON-PRIOR> 86,949,705
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 103,022,372
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,619,504
<OTHER-INCOME> 0
<EXPENSES-NET> (246,721)
<NET-INVESTMENT-INCOME> 1,372,783
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 1,372,783
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,372,783)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 379,900,950
<NUMBER-OF-SHARES-REDEEMED> (364,736,653)
<SHARES-REINVESTED> 908,370
<NET-CHANGE-IN-ASSETS> 16,072,667
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 192,674
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 318,974
<AVERAGE-NET-ASSETS> 95,813,667
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.010
<PER-SHARE-GAIN-APPREC> 0.000
<PER-SHARE-DIVIDEND> (0.010)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 0.51
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000845107
<NAME> INDEPENDENCE ONE MUTUAL FUNDS
<SERIES>
<NUMBER> 021
<NAME> Independence One Prime Money Market Fund - Class K Shares
<S> <C>
<PERIOD-TYPE> 6-mos
<FISCAL-YEAR-END> Apr-30-2000
<PERIOD-END> Oct-31-1999
<INVESTMENTS-AT-COST> 661,674,606
<INVESTMENTS-AT-VALUE> 661,674,606
<RECEIVABLES> 1,875,025
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 3,097,382
<TOTAL-ASSETS> 666,647,013
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,143,435
<TOTAL-LIABILITIES> 3,143,435
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 663,503,578
<SHARES-COMMON-STOCK> 502,389,103
<SHARES-COMMON-PRIOR> 442,200,717
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 502,389,103
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 18,429,623
<OTHER-INCOME> 0
<EXPENSES-NET> (1,729,429)
<NET-INVESTMENT-INCOME> 16,700,194
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 16,700,194
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (11,501,912)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,007,910,203
<NUMBER-OF-SHARES-REDEEMED> (1,954,360,641)
<SHARES-REINVESTED> 6,638,824
<NET-CHANGE-IN-ASSETS> 29,929,992
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,428,834
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,622,451
<AVERAGE-NET-ASSETS> 496,574,070
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.020
<PER-SHARE-GAIN-APPREC> 0.000
<PER-SHARE-DIVIDEND> (0.020)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 0.56
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000845107
<NAME> INDEPENDENCE ONE MUTUAL FUNDS
<SERIES>
<NUMBER> 022
<NAME> Independence One Prime Money Market Fund - Class Y Shares
<S> <C>
<PERIOD-TYPE> 6-mos
<FISCAL-YEAR-END> Apr-30-2000
<PERIOD-END> Oct-31-1999
<INVESTMENTS-AT-COST> 661,674,606
<INVESTMENTS-AT-VALUE> 661,674,606
<RECEIVABLES> 1,875,025
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 3,097,382
<TOTAL-ASSETS> 666,647,013
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,143,435
<TOTAL-LIABILITIES> 3,143,435
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 663,503,578
<SHARES-COMMON-STOCK> 161,114,475
<SHARES-COMMON-PRIOR> 191,372,869
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 161,114,475
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 18,429,623
<OTHER-INCOME> 0
<EXPENSES-NET> (1,729,429)
<NET-INVESTMENT-INCOME> 16,700,194
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 16,700,194
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (5,198,282)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 941,539,786
<NUMBER-OF-SHARES-REDEEMED> (973,864,301)
<SHARES-REINVESTED> 2,066,121
<NET-CHANGE-IN-ASSETS> 29,929,992
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,428,834
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,622,451
<AVERAGE-NET-ASSETS> 213,960,401
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.020
<PER-SHARE-GAIN-APPREC> 0.000
<PER-SHARE-DIVIDEND> (0.020)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 0.31
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000845107
<NAME> INDEPENDENCE ONE MUTUAL FUNDS
<SERIES>
<NUMBER> 08
<NAME> Independence One Small Cap Fund
<S> <C>
<PERIOD-TYPE> 6-mos
<FISCAL-YEAR-END> Apr-30-2000
<PERIOD-END> Oct-31-1999
<INVESTMENTS-AT-COST> 32,566,801
<INVESTMENTS-AT-VALUE> 32,001,854
<RECEIVABLES> 714,117
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 32,715,971
<PAYABLE-FOR-SECURITIES> 736,752
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 44,195
<TOTAL-LIABILITIES> 780,947
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 30,789,882
<SHARES-COMMON-STOCK> 3,337,850
<SHARES-COMMON-PRIOR> 3,147,705
<ACCUMULATED-NII-CURRENT> (40,905)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,750,994
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (564,947)
<NET-ASSETS> 31,935,024
<DIVIDEND-INCOME> 98,261
<INTEREST-INCOME> 35,096
<OTHER-INCOME> 0
<EXPENSES-NET> (174,262)
<NET-INVESTMENT-INCOME> (40,905)
<REALIZED-GAINS-CURRENT> 510,751
<APPREC-INCREASE-CURRENT> 63,872
<NET-CHANGE-FROM-OPS> 533,718
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 290,254
<NUMBER-OF-SHARES-REDEEMED> (100,109)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 2,348,031
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 1,240,243
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 78,361
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 174,262
<AVERAGE-NET-ASSETS> 31,174,162
<PER-SHARE-NAV-BEGIN> 9.400
<PER-SHARE-NII> (0.010)
<PER-SHARE-GAIN-APPREC> 0.180
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.570
<EXPENSE-RATIO> 1.11
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000845107
<NAME> INDEPENDENCE ONE MUTUAL FUNDS
<SERIES>
<NUMBER> 01
<NAME> Independence One U.S. Treasury Money Market Fund
<S> <C>
<PERIOD-TYPE> 6-mos
<FISCAL-YEAR-END> Apr-30-2000
<PERIOD-END> Oct-31-1999
<INVESTMENTS-AT-COST> 206,626,038
<INVESTMENTS-AT-VALUE> 206,626,038
<RECEIVABLES> 16,371,538
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 26,708
<TOTAL-ASSETS> 223,024,284
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 973,081
<TOTAL-LIABILITIES> 973,081
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 222,051,203
<SHARES-COMMON-STOCK> 222,051,203
<SHARES-COMMON-PRIOR> 193,949,026
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 222,051,203
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 5,441,197
<OTHER-INCOME> 0
<EXPENSES-NET> (666,528)
<NET-INVESTMENT-INCOME> 4,774,669
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 4,774,669
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (4,774,669)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,217,896,370
<NUMBER-OF-SHARES-REDEEMED> (1,192,399,349)
<SHARES-REINVESTED> 2,605,156
<NET-CHANGE-IN-ASSETS> 28,102,177
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 441,032
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 666,528
<AVERAGE-NET-ASSETS> 219,317,386
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.020
<PER-SHARE-GAIN-APPREC> 0.000
<PER-SHARE-DIVIDEND> (0.020)
<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>
ITEM 77I
TERMS OF NEW OR AMENDED SECURITIES
A Special Meeting of the Board of Trustees (the "Trustees") for Independence
One Mutual Funds (the "Fund") was held on September 15, 1999. After full
discussion, on motion duly made and seconded, the Trustees unanimously
authorized and approved the following name changes to exisiting share classes
and the addition of Class B Shares to Independence One Equity Plus Fund and
Independence One U.S. Government Securities Fund.
Independence One Prime Money Market Fund designated its existing Class A
Shares and Class B Shares as Class K Shares and Class Y Shares, respectively.
Accordingly, all references to the Fund's Class A Shares and Class B Shares
throughout the Prospectus and Statement of Additional Information should be
replaced with Class K Shares and Class Y Shares.
Independence One U.S. Treasury Money Market Fund designated its existing class
of Shares as Class K Shares. Accordingly, all references to the Fund's Shares
throughout the Prospectus and Statement of Additional Information should be
replaced with Class K Shares.
Independence One Michigan Municipal Cash Fund designated its existing class of
Shares as Class K Shares. Accordingly, all references to the Fund's Shares
throughout the Prospectus and Statement of Additional Information should be
replaced with Class K Shares.
Independence One U.S. Government Securities Fund designated its existing class
of Shares as Class Y Shares. Accordingly, all references to the Fund's Shares
throughout the Prospectus and Statement of Additional Information should be
replaced with Class Y Shares. In addition, Class B Shares were established as
an additional class of Shares.
Independence One Fixed Income Fund designated its existing class of Shares as
Class Y Shares. Accordingly, all references to the Fund's Shares throughout
the Prospectus and Statement of Additional Information should be replaced with
Class Y Shares.
Independence One Michigan Municipal Bond Fund designated its existing class of
Shares as Class Y Shares. Accordingly, all references to the Fund's Shares
throughout the Prospectus and Statement of Additional Information should be
replaced with Class Y Shares.
Independence One Equity Plus Fund designated its existing class of Shares as
Class Y Shares. Accordingly, all references to the Fund's Shares throughout
the Prospectus and Statement of Additional Information should be replaced with
Class Y Shares. In addition, Class B Shares were established as an additional
class of Shares.
Independence One Small Cap Fund designated its existing class of Shares as
Class Y Shares. Accordingly, all references to the Fund's Shares throughout
the Prospectus and Statement of Additional Information should be replaced
with Class Y Shares.
Independence One International Equity Fund designated its existing class of
Shares as Class Y Shares. Accordingly, all references to the Fund's Shares
throughout the Prospectus and Statement of Additional Information should be
replaced with Class Y Shares.
Pursuant to Rule 485(a) of the Securities Act of 1933 and covering the
registration of Class B Shares of Independence One Equity Plus Fund and Class
B Shares of Indpendence One U.S. Government Securities Fund, the filing was
completed on September 22, 1999, and subsequently Class B Shares of
Independence One Equity Plus Fund and Independence One U.S. Government
Securities Fund became effective on October 1, 1999.
