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<PAGE> PAGE 2
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<PAGE> PAGE 4
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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 16
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<PAGE> PAGE 17
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<PAGE> PAGE 19
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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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011 A000601 HORNOR, TOWNSEND & KENT, INC.
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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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011 A000701 HORN0R, TOWNSEND & KENT, INC.
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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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011 A000801 HORNOR, TOWNSEND & KENT, INC.
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<PAGE> PAGE 40
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<PAGE> PAGE 41
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<PAGE> PAGE 42
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<PAGE> PAGE 43
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<PAGE> PAGE 44
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<PAGE> PAGE 45
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<PAGE> PAGE 46
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<PAGE> PAGE 47
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<PAGE> PAGE 48
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<PAGE> PAGE 49
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<PAGE> PAGE 50
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<PAGE> PAGE 51
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<PAGE> PAGE 52
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<PAGE> PAGE 53
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<PAGE> PAGE 54
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<PAGE> PAGE 55
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<PAGE> PAGE 56
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<PAGE> PAGE 57
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<PAGE> PAGE 58
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SIGNATURE WENDY MCGEE
TITLE LEGAL ASSISTANT
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000856070
<NAME> EX27.3 IND TAX FREE MONEY MARKET
<SERIES>
<NUMBER> 3
<NAME> INDEPENDENCE TAX FREE MONEY MARKET
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> DEC-31-1994
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<INVESTMENTS-AT-VALUE> 94107165
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000856070
<NAME> EX27.4 IND TOTAL RETURN GROWTH
<SERIES>
<NUMBER> 4
<NAME> INDEPENDENCE TOTAL RETURN GROWTH
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> DEC-31-1994
<INVESTMENTS-AT-COST> 22082855
<INVESTMENTS-AT-VALUE> 23715741
<RECEIVABLES> 459641
<ASSETS-OTHER> 259
<OTHER-ITEMS-ASSETS> 58444
<TOTAL-ASSETS> 24234085
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 24023
<TOTAL-LIABILITIES> 24023
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 22482174
<SHARES-COMMON-STOCK> 2324185
<SHARES-COMMON-PRIOR> 2796280
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 95062
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1632886
<NET-ASSETS> 24210062
<DIVIDEND-INCOME> 174079
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<EXPENSES-NET> 436361
<NET-INVESTMENT-INCOME> (43264)
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<APPREC-INCREASE-CURRENT> (5719233)
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<NUMBER-OF-SHARES-SOLD> 121875
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<SHARES-REINVESTED> 59448
<NET-CHANGE-IN-ASSETS> (11494974)
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<ACCUMULATED-GAINS-PRIOR> (123456)
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<GROSS-EXPENSE> 436361
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<PER-SHARE-NAV-BEGIN> 12.77
<PER-SHARE-NII> (0.019)
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<PER-SHARE-NAV-END> 10.42
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000856070
<NAME> EX27.5 IND OPPORTUNITIES
<SERIES>
<NUMBER> 5
<NAME> INDEPENDENCE OPPORTUNITIES
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> DEC-31-1994
<INVESTMENTS-AT-COST> 25162381
<INVESTMENTS-AT-VALUE> 25637695
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 561655
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<ACCUMULATED-NII-CURRENT> 599
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<ACCUM-APPREC-OR-DEPREC> 475314
<NET-ASSETS> 25452654
<DIVIDEND-INCOME> 400835
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<NET-INVESTMENT-INCOME> 287077
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<APPREC-INCREASE-CURRENT> (2707640)
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<NUMBER-OF-SHARES-SOLD> 26043
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<SHARES-REINVESTED> 30618
<NET-CHANGE-IN-ASSETS> (7423802)
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<ACCUMULATED-GAINS-PRIOR> (82555)
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<PER-SHARE-NAV-BEGIN> 11.23
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<PER-SHARE-NAV-END> 10.16
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000856070
<NAME> EX27.6 IND TOTAL RETURN BOND
<SERIES>
<NUMBER> 6
<NAME> INDEPENDENCE TOTAL RETURN BOND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> DEC-31-1994
<INVESTMENTS-AT-COST> 31430506
<INVESTMENTS-AT-VALUE> 30420072
<RECEIVABLES> 579637
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<TOTAL-ASSETS> 30999958
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<OTHER-ITEMS-LIABILITIES> 246799
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<PAID-IN-CAPITAL-COMMON> 33988213
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<ACCUMULATED-NII-CURRENT> 18114
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<ACCUMULATED-NET-GAINS> (2242734)
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<ACCUM-APPREC-OR-DEPREC> (1010434)
<NET-ASSETS> 30753159
<DIVIDEND-INCOME> 158770
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<NET-INVESTMENT-INCOME> 1815049
<REALIZED-GAINS-CURRENT> (2208992)
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<NET-CHANGE-FROM-OPS> (2167413)
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<DISTRIBUTIONS-OF-GAINS> 23512
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<NUMBER-OF-SHARES-SOLD> 205607
<NUMBER-OF-SHARES-REDEEMED> 268718
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<NET-CHANGE-IN-ASSETS> (3943937)
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<PER-SHARE-NAV-BEGIN> 10.38
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<PER-SHARE-GAIN-APPREC> (1.176)
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<PER-SHARE-NAV-END> 9.20
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000856070
<NAME> EX27.7 IND NEW YORK MUNICIPAL BOND
<SERIES>
<NUMBER> 7
<NAME> INDEPENDENCE NEW YORK MUNICIPAL BOND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> DEC-31-1994
<INVESTMENTS-AT-COST> 5537190
<INVESTMENTS-AT-VALUE> 5295403
<RECEIVABLES> 110239
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<OTHER-ITEMS-LIABILITIES> 30415
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<ACCUMULATED-NII-CURRENT> 0
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<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 1136
<ACCUM-APPREC-OR-DEPREC> (234499)
<NET-ASSETS> 5375339
<DIVIDEND-INCOME> 0
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<EXPENSES-NET> 56776
<NET-INVESTMENT-INCOME> 291263
<REALIZED-GAINS-CURRENT> 85899
<APPREC-INCREASE-CURRENT> (788709)
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<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 291263
<DISTRIBUTIONS-OF-GAINS> 85899
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<NUMBER-OF-SHARES-SOLD> 71797
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<SHARES-REINVESTED> 25865
<NET-CHANGE-IN-ASSETS> (480174)
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<ACCUMULATED-GAINS-PRIOR> 35
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<GROSS-EXPENSE> 83275
<AVERAGE-NET-ASSETS> 5677558
<PER-SHARE-NAV-BEGIN> 12.05
<PER-SHARE-NII> 0.577
<PER-SHARE-GAIN-APPREC> (1.387)
<PER-SHARE-DIVIDEND> 0.577
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<RETURNS-OF-CAPITAL> 0.002
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<EXPENSE-RATIO> 1.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000856070
<NAME> EX27.8 IND MUNICIPAL BOND FUND
<SERIES>
<NUMBER> 8
<NAME> INDEPENDENCE MUNICIPAL BOND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> DEC-31-1994
<INVESTMENTS-AT-COST> 4603320
<INVESTMENTS-AT-VALUE> 4380464
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<PAYABLE-FOR-SECURITIES> 98892
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<PAID-IN-CAPITAL-COMMON> 4631143
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<SHARES-COMMON-PRIOR> 462993
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<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 22486
<ACCUM-APPREC-OR-DEPREC> (217785)
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000856070
<NAME> EX27.9 IND SHORT-INTERMEDIATE GOVT
<SERIES>
<NUMBER> 9
<NAME> INDEPENDENCE SHORT-INTERMEDIATE GOVERNMENT
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> DEC-31-1994
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<OTHER-ITEMS-LIABILITIES> 41716
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<ACCUMULATED-NET-GAINS> (1009391)
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<ACCUM-APPREC-OR-DEPREC> (233645)
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000856070
<NAME> EX27.10 IND CAPITAL BALANCED
<SERIES>
<NUMBER> 10
<NAME> INDEPENDENCE CAPITAL BALANCED
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> DEC-31-1994
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<SHARES-COMMON-PRIOR> 10010
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<ACCUMULATED-NET-GAINS> (303450)
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<ACCUM-APPREC-OR-DEPREC> (32848)
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000856070
<NAME> EX27.11 IND SMALL CAP
<SERIES>
<NUMBER> 11
<NAME> INDEPENDENCE SMALL CAP
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1994
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<NUMBER-OF-SHARES-SOLD> 90000
<NUMBER-OF-SHARES-REDEEMED> 100010
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (100100)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 9498
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 16243
<AVERAGE-NET-ASSETS> 1005322
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.077
<PER-SHARE-GAIN-APPREC> 0.176
<PER-SHARE-DIVIDEND> 0.077
<PER-SHARE-DISTRIBUTIONS> 0.176
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.00
<EXPENSE-RATIO> 1.50
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
