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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 7
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<PAGE> PAGE 8
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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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<PAGE> PAGE 23
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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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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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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<PAGE> PAGE 37
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<PAGE> PAGE 38
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<PAGE> PAGE 39
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<PAGE> PAGE 40
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<PAGE> PAGE 41
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070 I020800 N
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070 L010800 N
070 L020800 N
070 M010800 N
070 M020800 N
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<PAGE> PAGE 42
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008 A000901 MICHIGAN NATIONAL BANK
008 B000901 A
008 C000901 801-0000
008 D010901 FARMINGTON HILLS
008 D020901 MI
<PAGE> PAGE 43
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
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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
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
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015 A000909 STANDARD CHARTERED BANK
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<PAGE> PAGE 44
015 C010909 HONG KONG
015 D010909 HONG KONG
015 E040909 X
015 A000910 BANK OF ORELAND
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
015 E040915 X
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
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015 A000919 DEVELOPMENT BANK OF SINGAPORE
015 B000919 S
015 C010919 SINGAPORE
<PAGE> PAGE 45
015 D010919 SINGAPORE
015 E040919 X
015 A000920 UNION BANK OF SWITZERLAND
015 B000920 S
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015 E040920 X
024 000900 Y
025 A000901 ABN-AMRO HOLDINGS NV
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<PAGE> PAGE 46
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048 K010900 0
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049 000900 N
050 000900 N
051 000900 N
052 000900 N
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058 A000900 N
058 B000900 N
058 C000900 N
058 D000900 N
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<PAGE> PAGE 47
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066 A000900 Y
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066 C000900 N
066 D000900 N
066 E000900 N
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068 A000900 N
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069 000900 N
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070 C020900 N
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070 D020900 Y
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<PAGE> PAGE 48
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<PAGE> PAGE 49
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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> 05
<NAME> Independence One Equity Plus Fund
<S> <C>
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<PERIOD-END> Apr-30-1999
<INVESTMENTS-AT-COST> 147,714,321
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<PER-SHARE-DIVIDEND> (0.180)
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<PER-SHARE-NAV-END> 22.020
<EXPENSE-RATIO> 0.48
[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>
<PERIOD-TYPE> 12-mos
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<NET-CHANGE-IN-ASSETS> 6,577,374
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (219,097)
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<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 608,131
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 838,299
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<PER-SHARE-NAV-BEGIN> 10.030
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<PER-SHARE-GAIN-APPREC> (0.030)
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<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> 12-mos
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<NUMBER-OF-SHARES-SOLD> 627,607
<NUMBER-OF-SHARES-REDEEMED> (1,754,179)
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<NET-CHANGE-IN-ASSETS> (11,408,240)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (487,076)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 467,877
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 678,156
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<PER-SHARE-NAV-BEGIN> 10.410
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<PER-SHARE-DIVIDEND> (0.560)
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<PER-SHARE-NAV-END> 10.410
<EXPENSE-RATIO> 0.60
[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> 7-mos
<FISCAL-YEAR-END> Apr-30-1999
<PERIOD-END> Apr-30-1999
<INVESTMENTS-AT-COST> 13,296,145
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<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (375,528)
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<EXPENSES-NET> 98,809
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<REALIZED-GAINS-CURRENT> 1,027,037
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<NET-CHANGE-FROM-OPS> 1,714,030
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (18,812)
<DISTRIBUTIONS-OF-GAINS> (150,875)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,223,342
<NUMBER-OF-SHARES-REDEEMED> (10,754)
<SHARES-REINVESTED> 14,169
<NET-CHANGE-IN-ASSETS> 15,645,940
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 63,745
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 197,178
<AVERAGE-NET-ASSETS> 10,722,099
<PER-SHARE-NAV-BEGIN> 10.000
<PER-SHARE-NII> 0.010
<PER-SHARE-GAIN-APPREC> 2.920
<PER-SHARE-DIVIDEND> (0.020)
<PER-SHARE-DISTRIBUTIONS> (0.160)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 12.750
<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> 12-mos
<FISCAL-YEAR-END> Apr-30-1999
<PERIOD-END> Apr-30-1999
<INVESTMENTS-AT-COST> 17,991,632
<INVESTMENTS-AT-VALUE> 19,099,994
<RECEIVABLES> 378,228
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 78,921
<TOTAL-LIABILITIES> 78,921
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 18,303,316
<SHARES-COMMON-STOCK> 1,854,617
<SHARES-COMMON-PRIOR> 2,041,080
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (1,345)
<ACCUMULATED-NET-GAINS> 6,946
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,108,362
<NET-ASSETS> 19,417,279
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 981,557
<OTHER-INCOME> 0
<EXPENSES-NET> (195,997)
<NET-INVESTMENT-INCOME> 785,560
<REALIZED-GAINS-CURRENT> 19,345
<APPREC-INCREASE-CURRENT> 366,068
<NET-CHANGE-FROM-OPS> 1,170,973
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (785,560)
<DISTRIBUTIONS-OF-GAINS> (35,310)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 124,438
<NUMBER-OF-SHARES-REDEEMED> (315,517)
<SHARES-REINVESTED> 4,616
<NET-CHANGE-IN-ASSETS> (1,609,239)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 22,530
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 152,659
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 344,080
<AVERAGE-NET-ASSETS> 20,354,493
<PER-SHARE-NAV-BEGIN> 10.300
<PER-SHARE-NII> 0.410
<PER-SHARE-GAIN-APPREC> 0.190
<PER-SHARE-DIVIDEND> (0.410)
<PER-SHARE-DISTRIBUTIONS> (0.020)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.470
<EXPENSE-RATIO> 0.96
[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> 12-mos
<FISCAL-YEAR-END> Apr-30-1999
<PERIOD-END> Apr-30-1999
<INVESTMENTS-AT-COST> 86,071,265
<INVESTMENTS-AT-VALUE> 86,071,265
<RECEIVABLES> 940,755
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 6,070
<TOTAL-ASSETS> 87,018,090
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 68,385
<TOTAL-LIABILITIES> 68,385
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 86,949,705
<SHARES-COMMON-STOCK> 86,949,705
<SHARES-COMMON-PRIOR> 102,769,725
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 86,949,705
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3,853,383
<OTHER-INCOME> 0
<EXPENSES-NET> (556,045)
<NET-INVESTMENT-INCOME> 3,297,338
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 3,297,338
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (3,297,338)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 887,345,373
<NUMBER-OF-SHARES-REDEEMED> (905,682,605)
<SHARES-REINVESTED> 2,517,212
<NET-CHANGE-IN-ASSETS> (15,820,020)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 467,103
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 731,208
<AVERAGE-NET-ASSETS> 116,773,464
<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>
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 A Shares
<S> <C>
<PERIOD-TYPE> 12-mos
<FISCAL-YEAR-END> Apr-30-1999
<PERIOD-END> Apr-30-1999
<INVESTMENTS-AT-COST> 648,244,865
<INVESTMENTS-AT-VALUE> 648,244,865
<RECEIVABLES> 1,687,058
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 31,867
<TOTAL-ASSETS> 649,963,790
<PAYABLE-FOR-SECURITIES> 14,989,861
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,400,343
<TOTAL-LIABILITIES> 16,390,204
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 633,573,586
<SHARES-COMMON-STOCK> 442,200,717
<SHARES-COMMON-PRIOR> 389,521,875
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 442,200,717
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 30,674,652
<OTHER-INCOME> 0
<EXPENSES-NET> (2,956,280)
<NET-INVESTMENT-INCOME> 27,718,372
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 27,718,372
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (21,765,197)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,673,759,787
<NUMBER-OF-SHARES-REDEEMED> (3,634,911,834)
<SHARES-REINVESTED> 13,830,889
<NET-CHANGE-IN-ASSETS> 162,328,517
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,307,358
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4,398,379
<AVERAGE-NET-ASSETS> 456,641,701
<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> 0.56
[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 B Shares
<S> <C>
<PERIOD-TYPE> 12-mos
<FISCAL-YEAR-END> Apr-30-1999
<PERIOD-END> Apr-30-1999
<INVESTMENTS-AT-COST> 648,244,865
<INVESTMENTS-AT-VALUE> 648,244,865
<RECEIVABLES> 1,687,058
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 31,867
<TOTAL-ASSETS> 649,963,790
<PAYABLE-FOR-SECURITIES> 14,989,861
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,400,343
<TOTAL-LIABILITIES> 16,390,204
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 633,573,586
<SHARES-COMMON-STOCK> 191,372,869
<SHARES-COMMON-PRIOR> 81,723,194
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 191,372,869
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 30,674,652
<OTHER-INCOME> 0
<EXPENSES-NET> (2,956,280)
<NET-INVESTMENT-INCOME> 27,718,372
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 27,718,372
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (5,953,175)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 964,330,227
<NUMBER-OF-SHARES-REDEEMED> (858,136,411)
<SHARES-REINVESTED> 3,455,859
<NET-CHANGE-IN-ASSETS> 162,328,517
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,307,358
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4,398,379
<AVERAGE-NET-ASSETS> 120,203,208
<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> 0.31
[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> 10-mos
<FISCAL-YEAR-END> Apr-30-1999
<PERIOD-END> Apr-30-1999
<INVESTMENTS-AT-COST> 29,471,594
<INVESTMENTS-AT-VALUE> 28,842,775
<RECEIVABLES> 828,453
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 7,127
<TOTAL-ASSETS> 29,678,355
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 91,362
<TOTAL-LIABILITIES> 91,362
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 28,975,569
<SHARES-COMMON-STOCK> 3,147,705
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,240,243
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (628,819)
<NET-ASSETS> 29,586,993
<DIVIDEND-INCOME> 88,751
<INTEREST-INCOME> 93,222
<OTHER-INCOME> 0
<EXPENSES-NET> 196,503
<NET-INVESTMENT-INCOME> (14,530)
<REALIZED-GAINS-CURRENT> 1,269,437
<APPREC-INCREASE-CURRENT> (628,819)
<NET-CHANGE-FROM-OPS> 626,088
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (10,998)
<DISTRIBUTIONS-OF-GAINS> (3,666)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,383,646
<NUMBER-OF-SHARES-REDEEMED> (237,198)
<SHARES-REINVESTED> 1,257
<NET-CHANGE-IN-ASSETS> 29,586,993
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 77,419
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 263,163
<AVERAGE-NET-ASSETS> 18,114,062
<PER-SHARE-NAV-BEGIN> 10.000
<PER-SHARE-NII> (0.010)
<PER-SHARE-GAIN-APPREC> (0.590)
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.400
<EXPENSE-RATIO> 1.27
[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 MMkt Fund
<S> <C>
<PERIOD-TYPE> 12-mos
<FISCAL-YEAR-END> Apr-30-1999
<PERIOD-END> Apr-30-1999
<INVESTMENTS-AT-COST> 192,900,391
<INVESTMENTS-AT-VALUE> 192,900,391
<RECEIVABLES> 1,389,231
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 11,033
<TOTAL-ASSETS> 194,300,655
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 351,629
<TOTAL-LIABILITIES> 351,629
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 193,949,026
<SHARES-COMMON-STOCK> 193,949,026
<SHARES-COMMON-PRIOR> 320,568,343
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 193,949,026
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 13,170,704
<OTHER-INCOME> 0
<EXPENSES-NET> (1,505,010)
<NET-INVESTMENT-INCOME> 11,665,694
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 11,665,694
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (11,665,694)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,423,407,738
<NUMBER-OF-SHARES-REDEEMED> (2,557,212,720)
<SHARES-REINVESTED> 7,185,665
<NET-CHANGE-IN-ASSETS> (126,619,317)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,028,200
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,505,010
<AVERAGE-NET-ASSETS> 257,050,013
<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> 0.59
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.000
</TABLE>
The Shareholders and Board of Trustees
Independence One Mutual Funds
In planning and performing our audit of the financial statements of
Independence One U.S. Government Securities Fund, Independence One Fixed
Income Fund, Independence One Michigan Municipal Bond Fund, Independence
One Prime Money Market Fund, Independence One U.S. Treasury Money Market
Fund, Independence One Michigan Municipal Cash Fund, Independence One
Equity Plus Fund, Independence One Small Cap Fund and Independence One
International Equity Fund, portfolios of Independence One Mutual Funds for
the year ended April 30, 1999, we considered its internal control,
including control activities for safeguarding securities, in order to
determine our auditing procedures for the purpose of expressing our opinion
on the financial statements and to comply with the requirements of Form N-
SAR, not to provide assurance on internal control.
The management of Independence One Mutual Funds is responsible for
establishing and maintaining internal control. In fulfilling this
responsibility, estimates and judgments by management are required to
assess the expected benefits and related costs of controls. Generally,
controls that are relevant to an audit pertain to the entity's objective of
preparing financial statements for external purposes that are fairly
presented in conformity with generally accepted accounting principles.
Those controls include the safeguarding of assets against unauthorized
acquisition, use or disposition.
Because of inherent limitations in internal control, errors or
irregularities may occur and not be detected. Also, projection of any
evaluation of internal control to future periods is subject to the risk
that it may become inadequate because of changes in conditions or that the
effectiveness of the design and operation may deteriorate.
Our consideration of internal control would not necessarily disclose all
matters in internal control that might be material weaknesses under
standards established by the American Institute of Certified Public
Accountants. A material weakness is a condition in which the design or
operation of one or more of the internal control components does not reduce
to a relatively low level the risk that errors or irregularities in amounts
that would be material in relation to the financial statements being
audited may occur and not be detected within a timely period by employees
in the normal course of performing their assigned functions. However, we
noted no matters involving internal control and its operation, including
controls for safeguarding securities, that we consider to be material
weaknesses as defined above as of April 30, 1999.
This report is intended solely for the information and use of management,
the Board of Trustees of Independence One Mutual Funds, and the Securities
and Exchange Commission and is not intended to be and should not be used by
anyone other than these specified parties.
Boston, Massachusetts
April 30, 1999
