<PAGE> PAGE 1
000 B000000 08/31/95
000 C000000 0000831809
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 TOWER MUTUAL FUNDS
001 B000000 811-5536
001 C000000 4122888260
002 A000000 FEDERATED INVESTORS TOWER
002 B000000 PITTSBURGH
002 C000000 PA
002 D010000 15222
002 D020000 3779
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 6
007 C010100 1
007 C020100 TOWER CAPITAL APPRECIATION FUND
007 C030100 N
007 C010200 2
007 C020200 TOWER CASH RESERVE FUND
007 C030200 N
007 C010300 3
007 C020300 TOWER LOUISIANA MUNICIPAL INCOME FUND
007 C030300 N
007 C010400 4
007 C020400 TOWER U.S. GOVERNMENT INCOME FUND
007 C030400 N
007 C010500 5
007 C020500 TOWER TOTAL RETURN BOND FUND
007 C030500 N
007 C010600 6
007 C020600 TOWER U.S. TREASURY MONEY MARKET FUND
007 C030600 N
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A00AA01 HIBERNIA NATIONAL BANK
008 B00AA01 A
008 C00AA01 801-0000
008 D01AA01 NEW ORLEANS
008 D02AA01 LA
008 D03AA01 70161
<PAGE> PAGE 2
010 A00AA01 FEDERATED ADMINISTRATIVE SERVICES
010 C01AA01 PITTSBURGH
010 C02AA01 PA
010 C03AA01 15222
010 C04AA01 3779
011 A00AA01 FEDERATED SECURITIES CORP.
011 B00AA01 8-15561
011 C01AA01 PITTSBURGH
011 C02AA01 PA
011 C03AA01 15222
011 C04AA01 3779
012 A00AA01 FEDERATED SERVICES COMPANY
012 B00AA01 84-1869
012 C01AA01 PITTSBURGH
012 C02AA01 PA
012 C03AA01 15222
012 C04AA01 3779
013 A00AA01 ERNST & YOUNG LLP
013 B01AA01 PITTSBURGH
013 B02AA01 PA
013 B03AA01 15219
015 A00AA01 HIBERNIA NATIONAL BANK
015 B00AA01 C
015 C01AA01 NEW ORLEANS
015 C02AA01 LA
015 C03AA01 70161
015 E01AA01 X
015 A00AA02 MELLON BANK
015 B00AA02 S
015 C01AA02 PITTSBURGH
015 C02AA02 PA
015 C03AA02 15219
015 E01AA02 X
018 00AA00 Y
019 A00AA00 N
019 B00AA00 0
020 A000001 EXECUTION SERVICES
020 B000001 13-2862329
020 C000001 132
020 A000002 AUTRANET, INC.
020 B000002 13-2961507
020 C000002 114
020 A000003 JOHNSON & RICE
020 B000003 72-1091382
020 C000003 49
020 A000004 DONALDSON, LUFKIN JENRETTE/PERSHING CO.
020 B000004 13-2741729
020 C000004 4
020 C000005 0
020 C000006 0
020 C000007 0
<PAGE> PAGE 3
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 299
022 A000001 HSBC SECURITIES, INC.
022 B000001 13-2650272
022 C000001 12811784
022 D000001 15439
022 A000002 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
022 B000002 13-5674085
022 C000002 4859604
022 D000002 43377
022 A000003 LEHMAN BROTHERS, INC.
022 B000003 13-2518466
022 C000003 1995676
022 D000003 11609
022 A000004 STATE STREET BANK AND TRUST CO.
022 B000004 04-1867445
022 C000004 1967312
022 D000004 0
022 A000005 MERRILL LYNCH GOV'T SECURITIES
022 B000005 13-5674085
022 C000005 976437
022 D000005 13872
022 A000006 CITICORP SECURITIES MARKETS, INC.
022 B000006 13-5266470
022 C000006 91148
022 D000006 0
022 A000007 SALOMON BROTHERS, INC.
022 B000007 13-3082694
022 C000007 63389
022 D000007 24182
022 A000008 DIRECT ACCESS BROKERAGE SERVICES, INC.
022 C000008 78991
022 D000008 0
022 A000009 TUCKER ANTHONY INC.
022 B000009 04-2566229
022 C000009 47272
022 D000009 5955
022 A000010 EXECUTION SERVICES, INC.
022 B000010 13-2862329
022 C000010 6900
022 D000010 39915
023 C000000 23262830
023 D000000 219988
026 A000000 N
026 B000000 Y
026 C000000 Y
026 D000000 N
026 E000000 Y
026 F000000 N
<PAGE> PAGE 4
026 G010000 N
026 G020000 N
026 H000000 Y
027 000000 Y
034 00AA00 N
035 00AA00 0
036 B00AA00 0
054 A00AA00 N
054 B00AA00 N
054 C00AA00 N
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 N
054 H00AA00 N
054 I00AA00 N
054 J00AA00 N
054 K00AA00 N
054 L00AA00 N
054 M00AA00 N
054 N00AA00 N
054 O00AA00 N
077 A000000 Y
077 B000000 Y
077 C000000 N
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 N
077 Q020000 N
077 Q030000 N
078 000000 N
080 A00AA00 THE AETNA CASUALTY AND SURETY COMPANY
080 B00AA00 ICI MUTUAL INSURANCE COMPANY
080 C00AA00 95000
081 A00AA00 Y
081 B00AA00 80
082 A00AA00 N
082 B00AA00 0
083 A00AA00 N
083 B00AA00 0
<PAGE> PAGE 5
084 A00AA00 N
084 B00AA00 0
085 A00AA00 Y
085 B00AA00 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
024 000100 Y
025 A000101 DEAN WITTER DISCOVER CO.
025 B000101 94-1671384
025 C000101 E
025 D000101 1524
025 A000102 AMERICAN EXPRESS CO.
025 B000102 11-1988350
025 C000102 E
025 D000102 1191
025 D000103 0
025 D000104 0
025 D000105 0
025 D000106 0
025 D000107 0
025 D000108 0
028 A010100 1060
028 A020100 211
028 A030100 0
028 A040100 9696
028 B010100 1019
028 B020100 0
028 B030100 0
028 B040100 1091
028 C010100 499
028 C020100 0
028 C030100 0
028 C040100 2428
028 D010100 468
028 D020100 207
028 D030100 0
028 D040100 7104
028 E010100 448
028 E020100 0
028 E030100 0
028 E040100 255
<PAGE> PAGE 6
028 F010100 2393
028 F020100 0
028 F030100 0
028 F040100 1120
028 G010100 5887
028 G020100 418
028 G030100 0
028 G040100 21694
028 H000100 5853
029 000100 Y
030 A000100 5
030 B000100 3.00
030 C000100 0.25
031 A000100 0
031 B000100 0
032 000100 5
033 000100 0
037 000100 N
038 000100 0
039 000100 N
040 000100 Y
041 000100 Y
042 A000100 0
042 B000100 0
042 C000100 100
042 D000100 0
042 E000100 0
042 F000100 0
042 G000100 0
042 H000100 0
043 000100 339
044 000100 0
045 000100 Y
046 000100 N
047 000100 Y
048 000100 0.750
048 A010100 0
048 A020100 0.000
048 B010100 0
048 B020100 0.000
048 C010100 0
048 C020100 0.000
048 D010100 0
048 D020100 0.000
048 E010100 0
048 E020100 0.000
048 F010100 0
048 F020100 0.000
048 G010100 0
048 G020100 0.000
048 H010100 0
<PAGE> PAGE 7
048 H020100 0.000
048 I010100 0
048 I020100 0.000
048 J010100 0
048 J020100 0.000
048 K010100 0
048 K020100 0.000
049 000100 N
050 000100 N
051 000100 N
052 000100 N
053 A000100 N
055 A000100 N
055 B000100 N
056 000100 Y
057 000100 N
058 A000100 N
059 000100 Y
060 A000100 Y
060 B000100 Y
061 000100 1000
062 A000100 N
062 B000100 0.0
062 C000100 0.0
062 D000100 0.0
062 E000100 0.0
062 F000100 0.0
062 G000100 0.0
062 H000100 0.0
062 I000100 0.0
062 J000100 0.0
062 K000100 0.0
062 L000100 0.0
062 M000100 0.0
062 N000100 0.0
062 O000100 0.0
062 P000100 0.0
062 Q000100 0.0
062 R000100 0.0
063 A000100 0
063 B000100 0.0
066 A000100 Y
066 B000100 N
066 C000100 N
066 D000100 N
066 E000100 Y
066 F000100 N
066 G000100 N
067 000100 N
068 A000100 N
068 B000100 N
<PAGE> PAGE 8
069 000100 N
070 A010100 Y
070 A020100 Y
070 B010100 Y
070 B020100 N
070 C010100 Y
070 C020100 N
070 D010100 N
070 D020100 N
070 E010100 N
070 E020100 N
070 F010100 N
070 F020100 N
070 G010100 Y
070 G020100 N
070 H010100 Y
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 Y
070 J020100 N
070 K010100 Y
070 K020100 N
070 L010100 Y
070 L020100 Y
070 M010100 N
070 M020100 N
070 N010100 Y
070 N020100 N
070 O010100 Y
070 O020100 N
070 P010100 Y
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 Y
070 R020100 N
071 A000100 91332
071 B000100 111236
071 C000100 133125
071 D000100 69
072 A000100 12
072 B000100 117
072 C000100 3559
072 D000100 0
072 E000100 0
072 F000100 1018
072 G000100 177
072 H000100 0
072 I000100 25
072 J000100 32
<PAGE> PAGE 9
072 K000100 0
072 L000100 6
072 M000100 9
072 N000100 13
072 O000100 0
072 P000100 0
072 Q000100 46
072 R000100 14
072 S000100 6
072 T000100 340
072 U000100 0
072 V000100 0
072 W000100 13
072 X000100 1699
072 Y000100 0
072 Z000100 1977
072AA000100 5776
072BB000100 0
072CC010100 17921
072CC020100 0
072DD010100 2030
072DD020100 0
072EE000100 2669
073 A010100 0.2100
073 A020100 0.0000
073 B000100 0.2700
073 C000100 0.0000
074 A000100 0
074 B000100 4075
074 C000100 0
074 D000100 0
074 E000100 0
074 F000100 140275
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 0
074 K000100 0
074 L000100 384
074 M000100 0
074 N000100 144734
074 O000100 0
074 P000100 0
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 258
074 S000100 0
074 T000100 144476
074 U010100 8978
<PAGE> PAGE 10
074 U020100 0
074 V010100 16.09
074 V020100 0.00
074 W000100 0.0000
074 X000100 702
074 Y000100 0
075 A000100 0
075 B000100 1766370
076 000100 0.00
024 000200 N
028 A010200 37955
028 A020200 146
028 A030200 0
028 A040200 35835
028 B010200 51754
028 B020200 130
028 B030200 0
028 B040200 31201
028 C010200 21305
028 C020200 137
028 C030200 0
028 C040200 59031
028 D010200 16798
028 D020200 104
028 D030200 0
028 D040200 23755
028 E010200 25093
028 E020200 109
028 E030200 0
028 E040200 32492
028 F010200 61068
028 F020200 111
028 F030200 0
028 F040200 58555
028 G010200 213973
028 G020200 737
028 G030200 0
028 G040200 240869
028 H000200 0
029 000200 N
030 A000200 0
030 B000200 0.00
030 C000200 0.00
031 A000200 0
031 B000200 0
032 000200 0
033 000200 0
037 000200 N
038 000200 0
039 000200 N
040 000200 Y
<PAGE> PAGE 11
041 000200 Y
042 A000200 0
042 B000200 0
042 C000200 100
042 D000200 0
042 E000200 0
042 F000200 0
042 G000200 0
042 H000200 0
043 000200 509
044 000200 0
045 000200 Y
046 000200 N
047 000200 Y
048 000200 0.400
048 A010200 0
048 A020200 0.000
048 B010200 0
048 B020200 0.000
048 C010200 0
048 C020200 0.000
048 D010200 0
048 D020200 0.000
048 E010200 0
048 E020200 0.000
048 F010200 0
048 F020200 0.000
048 G010200 0
048 G020200 0.000
048 H010200 0
048 H020200 0.000
048 I010200 0
048 I020200 0.000
048 J010200 0
048 J020200 0.000
048 K010200 0
048 K020200 0.000
049 000200 N
050 000200 N
051 000200 N
052 000200 N
053 A000200 N
055 A000200 Y
055 B000200 N
056 000200 Y
057 000200 N
058 A000200 N
059 000200 Y
060 A000200 Y
060 B000200 Y
061 000200 1000
<PAGE> PAGE 12
062 A000200 Y
062 B000200 0.0
062 C000200 20.8
062 D000200 6.8
062 E000200 0.0
062 F000200 0.0
062 G000200 0.0
062 H000200 0.0
062 I000200 72.8
062 J000200 0.0
062 K000200 0.0
062 L000200 0.0
062 M000200 0.0
062 N000200 0.0
062 O000200 0.0
062 P000200 0.0
062 Q000200 0.0
062 R000200 0.0
063 A000200 31
063 B000200 0.0
064 A000200 Y
064 B000200 N
066 A000200 N
067 000200 N
068 A000200 N
068 B000200 N
069 000200 N
070 A010200 Y
070 A020200 Y
070 B010200 N
070 B020200 N
070 C010200 N
070 C020200 N
070 D010200 N
070 D020200 N
070 E010200 N
070 E020200 N
070 F010200 N
070 F020200 N
070 G010200 N
070 G020200 N
070 H010200 N
070 H020200 N
070 I010200 N
070 I020200 N
070 J010200 N
070 J020200 N
070 K010200 N
070 K020200 N
070 L010200 Y
070 L020200 N
<PAGE> PAGE 13
070 M010200 N
070 M020200 N
070 N010200 N
070 N020200 N
070 O010200 Y
070 O020200 N
070 P010200 Y
070 P020200 N
070 Q010200 N
070 Q020200 N
070 R010200 N
070 R020200 N
071 A000200 0
071 B000200 0
071 C000200 0
071 D000200 0
072 A000200 12
072 B000200 11674
072 C000200 0
072 D000200 0
072 E000200 0
072 F000200 815
072 G000200 266
072 H000200 0
072 I000200 21
072 J000200 46
072 K000200 0
072 L000200 2
072 M000200 11
072 N000200 13
072 O000200 0
072 P000200 0
072 Q000200 45
072 R000200 18
072 S000200 1
072 T000200 509
072 U000200 0
072 V000200 0
072 W000200 14
072 X000200 1761
072 Y000200 0
072 Z000200 9913
072AA000200 0
072BB000200 0
072CC010200 0
072CC020200 0
072DD010200 9913
072DD020200 0
072EE000200 0
073 A010200 0.0500
073 A020200 0.0000
<PAGE> PAGE 14
073 B000200 0.0000
073 C000200 0.0000
074 A000200 0
074 B000200 12973
074 C000200 179056
074 D000200 0
074 E000200 0
074 F000200 0
074 G000200 0
074 H000200 0
074 I000200 0
074 J000200 0
074 K000200 0
074 L000200 2
074 M000200 0
074 N000200 192031
074 O000200 0
074 P000200 0
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 789
074 S000200 0
074 T000200 191242
074 U010200 191242
074 U020200 0
074 V010200 1.00
074 V020200 0.00
074 W000200 0.9997
074 X000200 849
074 Y000200 0
075 A000200 203681
075 B000200 0
076 000200 0.00
024 000300 N
028 A010300 1786
028 A020300 160
028 A030300 0
028 A040300 1403
028 B010300 368
028 B020300 157
028 B030300 0
028 B040300 713
028 C010300 340
028 C020300 156
028 C030300 0
028 C040300 1763
028 D010300 377
028 D020300 157
028 D030300 0
<PAGE> PAGE 15
028 D040300 1591
028 E010300 359
028 E020300 159
028 E030300 0
028 E040300 697
028 F010300 350
028 F020300 155
028 F030300 0
028 F040300 1595
028 G010300 3580
028 G020300 944
028 G030300 0
028 G040300 7762
028 H000300 3521
029 000300 Y
030 A000300 64
030 B000300 3.00
030 C000300 0.25
031 A000300 5
031 B000300 0
032 000300 59
033 000300 0
037 000300 N
038 000300 0
039 000300 N
040 000300 Y
041 000300 N
042 A000300 0
042 B000300 0
042 C000300 0
042 D000300 0
042 E000300 0
042 F000300 0
042 G000300 0
042 H000300 0
043 000300 0
044 000300 0
045 000300 Y
046 000300 N
047 000300 Y
048 000300 0.450
048 A010300 0
048 A020300 0.000
048 B010300 0
048 B020300 0.000
048 C010300 0
048 C020300 0.000
048 D010300 0
048 D020300 0.000
048 E010300 0
048 E020300 0.000
<PAGE> PAGE 16
048 F010300 0
048 F020300 0.000
048 G010300 0
048 G020300 0.000
048 H010300 0
048 H020300 0.000
048 I010300 0
048 I020300 0.000
048 J010300 0
048 J020300 0.000
048 K010300 0
048 K020300 0.000
049 000300 N
050 000300 N
051 000300 N
052 000300 N
053 A000300 Y
053 B000300 Y
053 C000300 N
055 A000300 Y
055 B000300 N
056 000300 Y
057 000300 N
058 A000300 N
059 000300 Y
060 A000300 N
060 B000300 N
061 000300 1000
062 A000300 Y
062 B000300 0.0
062 C000300 0.0
062 D000300 0.0
062 E000300 0.0
062 F000300 0.0
062 G000300 0.0
062 H000300 0.0
062 I000300 0.0
062 J000300 0.0
062 K000300 0.0
062 L000300 0.0
062 M000300 0.0
062 N000300 0.0
062 O000300 102.0
062 P000300 0.0
062 Q000300 0.0
062 R000300 0.0
063 A000300 0
063 B000300 19.1
064 A000300 Y
064 B000300 N
066 A000300 N
<PAGE> PAGE 17
067 000300 N
068 A000300 N
068 B000300 N
069 000300 N
070 A010300 Y
070 A020300 N
070 B010300 N
070 B020300 N
070 C010300 N
070 C020300 N
070 D010300 N
070 D020300 N
070 E010300 N
070 E020300 N
070 F010300 N
070 F020300 N
070 G010300 Y
070 G020300 N
070 H010300 N
070 H020300 N
070 I010300 N
070 I020300 N
070 J010300 Y
070 J020300 N
070 K010300 Y
070 K020300 N
070 L010300 N
070 L020300 N
070 M010300 N
070 M020300 N
070 N010300 Y
070 N020300 N
070 O010300 Y
070 O020300 N
070 P010300 Y
070 P020300 N
070 Q010300 N
070 Q020300 N
070 R010300 N
070 R020300 N
071 A000300 15035
071 B000300 24797
071 C000300 69702
071 D000300 22
072 A000300 12
072 B000300 4414
072 C000300 0
072 D000300 0
072 E000300 0
072 F000300 315
072 G000300 91
<PAGE> PAGE 18
072 H000300 0
072 I000300 42
072 J000300 27
072 K000300 0
072 L000300 9
072 M000300 5
072 N000300 14
072 O000300 0
072 P000300 0
072 Q000300 0
072 R000300 13
072 S000300 6
072 T000300 63
072 U000300 0
072 V000300 0
072 W000300 9
072 X000300 594
072 Y000300 56
072 Z000300 3876
072AA000300 0
072BB000300 644
072CC010300 1708
072CC020300 0
072DD010300 3802
072DD020300 0
072EE000300 564
073 A010300 0.5800
073 A020300 0.0000
073 B000300 0.0800
073 C000300 0.0000
074 A000300 5
074 B000300 0
074 C000300 0
074 D000300 0
074 E000300 68987
074 F000300 0
074 G000300 0
074 H000300 0
074 I000300 0
074 J000300 0
074 K000300 0
074 L000300 977
074 M000300 0
074 N000300 69969
074 O000300 1885
074 P000300 0
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 484
<PAGE> PAGE 19
074 S000300 0
074 T000300 67600
074 U010300 6151
074 U020300 0
074 V010300 10.99
074 V020300 0.00
074 W000300 0.0000
074 X000300 1064
074 Y000300 0
075 A000300 0
075 B000300 70303
076 000300 0.00
024 000400 N
028 A010400 113
028 A020400 90
028 A030400 0
028 A040400 2292
028 B010400 763
028 B020400 89
028 B030400 0
028 B040400 691
028 C010400 145
028 C020400 87
028 C030400 0
028 C040400 985
028 D010400 143
028 D020400 85
028 D030400 0
028 D040400 942
028 E010400 35
028 E020400 87
028 E030400 0
028 E040400 814
028 F010400 166
028 F020400 88
028 F030400 0
028 F040400 2432
028 G010400 1367
028 G020400 526
028 G030400 0
028 G040400 8156
028 H000400 1362
029 000400 Y
030 A000400 18
030 B000400 3.00
030 C000400 0.25
031 A000400 2
031 B000400 0
032 000400 16
033 000400 0
037 000400 N
<PAGE> PAGE 20
038 000400 0
039 000400 N
040 000400 Y
041 000400 N
042 A000400 0
042 B000400 0
042 C000400 0
042 D000400 0
042 E000400 0
042 F000400 0
042 G000400 0
042 H000400 0
043 000400 0
044 000400 0
045 000400 Y
046 000400 N
047 000400 Y
048 000400 0.450
048 A010400 0
048 A020400 0.000
048 B010400 0
048 B020400 0.000
048 C010400 0
048 C020400 0.000
048 D010400 0
048 D020400 0.000
048 E010400 0
048 E020400 0.000
048 F010400 0
048 F020400 0.000
048 G010400 0
048 G020400 0.000
048 H010400 0
048 H020400 0.000
048 I010400 0
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
053 B000400 Y
053 C000400 N
055 A000400 N
055 B000400 N
056 000400 Y
057 000400 N
<PAGE> PAGE 21
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 3.0
062 E000400 0.0
062 F000400 0.0
062 G000400 0.0
062 H000400 0.0
062 I000400 0.0
062 J000400 0.0
062 K000400 0.0
062 L000400 0.0
062 M000400 26.1
062 N000400 70.5
062 O000400 0.0
062 P000400 0.0
062 Q000400 0.0
062 R000400 0.0
063 A000400 0
063 B000400 13.1
064 A000400 N
064 B000400 N
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 Y
070 C020400 N
070 D010400 N
070 D020400 N
070 E010400 N
070 E020400 N
070 F010400 N
070 F020400 N
070 G010400 Y
070 G020400 N
070 H010400 N
070 H020400 N
070 I010400 N
070 I020400 N
070 J010400 Y
<PAGE> PAGE 22
070 J020400 N
070 K010400 Y
070 K020400 N
070 L010400 N
070 L020400 N
070 M010400 N
070 M020400 N
070 N010400 Y
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 2504
071 B000400 26925
071 C000400 47299
071 D000400 5
072 A000400 12
072 B000400 3897
072 C000400 0
072 D000400 0
072 E000400 0
072 F000400 224
072 G000400 65
072 H000400 0
072 I000400 29
072 J000400 12
072 K000400 0
072 L000400 10
072 M000400 5
072 N000400 14
072 O000400 0
072 P000400 0
072 Q000400 53
072 R000400 11
072 S000400 5
072 T000400 0
072 U000400 0
072 V000400 0
072 W000400 11
072 X000400 439
072 Y000400 30
072 Z000400 3488
072AA000400 0
072BB000400 2290
072CC010400 2760
072CC020400 0
<PAGE> PAGE 23
072DD010400 3395
072DD020400 0
072EE000400 0
073 A010400 0.6900
073 A020400 0.0000
073 B000400 0.0000
073 C000400 0.0000
074 A000400 0
074 B000400 1299
074 C000400 0
074 D000400 41158
074 E000400 0
074 F000400 0
074 G000400 0
074 H000400 0
074 I000400 0
074 J000400 0
074 K000400 0
074 L000400 334
074 M000400 0
074 N000400 42791
074 O000400 0
074 P000400 0
074 Q000400 0
074 R010400 0
074 R020400 0
074 R030400 0
074 R040400 198
074 S000400 0
074 T000400 42593
074 U010400 4200
074 U020400 0
074 V010400 10.14
074 V020400 0.00
074 W000400 0.0000
074 X000400 768
074 Y000400 0
075 A000400 0
075 B000400 49877
076 000400 0.00
024 000500 N
028 A010500 1434
028 A020500 285
028 A030500 0
028 A040500 11506
028 B010500 1036
028 B020500 276
028 B030500 0
028 B040500 813
028 C010500 105
028 C020500 279
<PAGE> PAGE 24
028 C030500 0
028 C040500 468
028 D010500 397
028 D020500 277
028 D030500 0
028 D040500 2828
028 E010500 174
028 E020500 281
028 E030500 0
028 E040500 197
028 F010500 1227
028 F020500 289
028 F030500 0
028 F040500 109
028 G010500 4373
028 G020500 1687
028 G030500 0
028 G040500 15921
028 H000500 4337
029 000500 Y
030 A000500 7
030 B000500 3.00
030 C000500 0.25
031 A000500 0
031 B000500 0
032 000500 7
033 000500 0
037 000500 N
038 000500 0
039 000500 N
040 000500 Y
041 000500 Y
042 A000500 0
042 B000500 0
042 C000500 100
042 D000500 0
042 E000500 0
042 F000500 0
042 G000500 0
042 H000500 0
043 000500 176
044 000500 0
045 000500 Y
046 000500 N
047 000500 Y
048 000500 0.700
048 A010500 0
048 A020500 0.000
048 B010500 0
048 B020500 0.000
048 C010500 0
<PAGE> PAGE 25
048 C020500 0.000
048 D010500 0
048 D020500 0.000
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 N
055 A000500 N
055 B000500 N
056 000500 Y
057 000500 N
058 A000500 N
059 000500 Y
060 A000500 Y
060 B000500 Y
061 000500 1000
062 A000500 Y
062 B000500 0.0
062 C000500 0.0
062 D000500 5.5
062 E000500 0.0
062 F000500 0.0
062 G000500 0.0
062 H000500 0.0
062 I000500 0.0
062 J000500 0.0
062 K000500 0.0
062 L000500 0.0
062 M000500 62.4
062 N000500 16.6
062 O000500 0.0
062 P000500 14.8
062 Q000500 0.0
062 R000500 0.0
063 A000500 0
063 B000500 12.1
<PAGE> PAGE 26
064 A000500 N
064 B000500 N
066 A000500 N
067 000500 N
068 A000500 N
068 B000500 N
069 000500 N
070 A010500 Y
070 A020500 Y
070 B010500 N
070 B020500 N
070 C010500 Y
070 C020500 N
070 D010500 N
070 D020500 N
070 E010500 N
070 E020500 N
070 F010500 N
070 F020500 N
070 G010500 Y
070 G020500 N
070 H010500 N
070 H020500 N
070 I010500 N
070 I020500 N
070 J010500 Y
070 J020500 N
070 K010500 Y
070 K020500 N
070 L010500 Y
070 L020500 N
070 M010500 N
070 M020500 N
070 N010500 N
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
071 A000500 58104
071 B000500 58186
071 C000500 63696
071 D000500 91
072 A000500 12
072 B000500 4919
072 C000500 0
072 D000500 0
<PAGE> PAGE 27
072 E000500 0
072 F000500 492
072 G000500 92
072 H000500 0
072 I000500 26
072 J000500 17
072 K000500 0
072 L000500 6
072 M000500 4
072 N000500 14
072 O000500 0
072 P000500 0
072 Q000500 53
072 R000500 12
072 S000500 7
072 T000500 176
072 U000500 0
072 V000500 0
072 W000500 14
072 X000500 913
072 Y000500 0
072 Z000500 4006
072AA000500 333
072BB000500 306
072CC010500 2863
072CC020500 0
072DD010500 3888
072DD020500 0
072EE000500 0
073 A010500 0.5400
073 A020500 0.0000
073 B000500 0.0000
073 C000500 0.0000
074 A000500 9
074 B000500 3828
074 C000500 0
074 D000500 65135
074 E000500 0
074 F000500 0
074 G000500 0
074 H000500 0
074 I000500 0
074 J000500 0
074 K000500 0
074 L000500 553
074 M000500 2
074 N000500 69527
074 O000500 0
074 P000500 0
074 Q000500 0
074 R010500 0
<PAGE> PAGE 28
074 R020500 0
074 R030500 0
074 R040500 72
074 S000500 0
074 T000500 69455
074 U010500 6911
074 U020500 0
074 V010500 10.05
074 V020500 0.00
074 W000500 0.0000
074 X000500 29
074 Y000500 0
075 A000500 0
075 B000500 70113
076 000500 0.00
024 000600 N
028 A010600 19975
028 A020600 69
028 A030600 0
028 A040600 16993
028 B010600 24662
028 B020600 72
028 B030600 0
028 B040600 13311
028 C010600 13723
028 C020600 87
028 C030600 0
028 C040600 16727
028 D010600 47388
028 D020600 134
028 D030600 0
028 D040600 25979
028 E010600 51053
028 E020600 251
028 E030600 0
028 E040600 40767
028 F010600 22774
028 F020600 198
028 F030600 0
028 F040600 32574
028 G010600 179575
028 G020600 811
028 G030600 0
028 G040600 146351
028 H000600 0
029 000600 N
030 A000600 0
030 B000600 0.00
030 C000600 0.00
031 A000600 0
031 B000600 0
<PAGE> PAGE 29
032 000600 0
033 000600 0
037 000600 N
038 000600 0
039 000600 N
040 000600 Y
041 000600 N
042 A000600 0
042 B000600 0
042 C000600 0
042 D000600 0
042 E000600 0
042 F000600 0
042 G000600 0
042 H000600 0
043 000600 0
044 000600 0
045 000600 Y
046 000600 N
047 000600 Y
048 000600 0.400
048 A010600 0
048 A020600 0.000
048 B010600 0
048 B020600 0.000
048 C010600 0
048 C020600 0.000
048 D010600 0
048 D020600 0.000
048 E010600 0
048 E020600 0.000
048 F010600 0
048 F020600 0.000
048 G010600 0
048 G020600 0.000
048 H010600 0
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
055 A000600 Y
<PAGE> PAGE 30
055 B000600 N
056 000600 Y
057 000600 N
058 A000600 N
059 000600 Y
060 A000600 Y
060 B000600 Y
061 000600 1000
062 A000600 Y
062 B000600 54.5
062 C000600 0.0
062 D000600 45.7
062 E000600 0.0
062 F000600 0.0
062 G000600 0.0
062 H000600 0.0
062 I000600 0.0
062 J000600 0.0
062 K000600 0.0
062 L000600 0.0
062 M000600 0.0
062 N000600 0.0
062 O000600 0.0
062 P000600 0.0
062 Q000600 0.0
062 R000600 0.0
063 A000600 27
063 B000600 0.0
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 N
070 B020600 N
070 C010600 N
070 C020600 N
070 D010600 N
070 D020600 N
070 E010600 N
070 E020600 N
070 F010600 N
070 F020600 N
070 G010600 N
070 G020600 N
070 H010600 N
070 H020600 N
<PAGE> PAGE 31
070 I010600 N
070 I020600 N
070 J010600 N
070 J020600 N
070 K010600 N
070 K020600 N
070 L010600 N
070 L020600 N
070 M010600 N
070 M020600 N
070 N010600 N
070 N020600 N
070 O010600 Y
070 O020600 N
070 P010600 Y
070 P020600 N
070 Q010600 N
070 Q020600 N
070 R010600 N
070 R020600 N
071 A000600 0
071 B000600 0
071 C000600 0
071 D000600 0
072 A000600 12
072 B000600 4792
072 C000600 0
072 D000600 0
072 E000600 0
072 F000600 342
072 G000600 111
072 H000600 0
072 I000600 23
072 J000600 18
072 K000600 0
072 L000600 5
072 M000600 3
072 N000600 18
072 O000600 0
072 P000600 0
072 Q000600 35
072 R000600 12
072 S000600 5
072 T000600 0
072 U000600 0
072 V000600 0
072 W000600 9
072 X000600 581
072 Y000600 188
072 Z000600 4399
072AA000600 0
<PAGE> PAGE 32
072BB000600 0
072CC010600 0
072CC020600 0
072DD010600 4399
072DD020600 0
072EE000600 0
073 A010600 0.0500
073 A020600 0.0000
073 B000600 0.0000
073 C000600 0.0000
074 A000600 0
074 B000600 53250
074 C000600 63543
074 D000600 0
074 E000600 0
074 F000600 0
074 G000600 0
074 H000600 0
074 I000600 0
074 J000600 0
074 K000600 0
074 L000600 8
074 M000600 1
074 N000600 116802
074 O000600 0
074 P000600 0
074 Q000600 0
074 R010600 0
074 R020600 0
074 R030600 0
074 R040600 313
074 S000600 0
074 T000600 116489
074 U010600 116489
074 U020600 0
074 V010600 1.00
074 V020600 0.00
074 W000600 0.9998
074 X000600 541
074 Y000600 0
075 A000600 85495
075 B000600 0
076 000600 0.00
SIGNATURE S. ELLIOTT COHAN
TITLE ASST GEN. COUNSEL
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 01
<NAME> Tower Mutual Funds
Tower Capital Appreciation Fund
<PERIOD-TYPE> 12 months
<FISCAL-YEAR-END> Aug-31-1995
<PERIOD-END> Aug-31-1995
<INVESTMENTS-AT-COST> 113,619,540
<INVESTMENTS-AT-VALUE> 144,350,012
<RECEIVABLES> 384,224
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 144,734,236
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 258,547
<TOTAL-LIABILITIES> 258,547
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 109,266,630
<SHARES-COMMON-STOCK> 8,977,933
<SHARES-COMMON-PRIOR> 10,068,611
<ACCUMULATED-NII-CURRENT> 104,739
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4,373,848
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 30,730,472
<NET-ASSETS> 144,475,689
<DIVIDEND-INCOME> 3,558,372
<INTEREST-INCOME> 117,338
<OTHER-INCOME> 0
<EXPENSES-NET> 1,698,876
<NET-INVESTMENT-INCOME> 1,976,834
<REALIZED-GAINS-CURRENT> 5,776,399
<APPREC-INCREASE-CURRENT> 17,920,887
<NET-CHANGE-FROM-OPS> 25,674,120
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,029,845
<DISTRIBUTIONS-OF-GAINS> 2,669,232
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,095,340
<NUMBER-OF-SHARES-REDEEMED> 2,437,091
<SHARES-REINVESTED> 251,073
<NET-CHANGE-IN-ASSETS> 5,394,899
<ACCUMULATED-NII-PRIOR> 157,750
<ACCUMULATED-GAINS-PRIOR> 1,234,495
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,018,267
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,698,876
<AVERAGE-NET-ASSETS> 136,181,477
<PER-SHARE-NAV-BEGIN> 13.810
<PER-SHARE-NII> 0.220
<PER-SHARE-GAIN-APPREC> 2.540
<PER-SHARE-DIVIDEND> 0.210
<PER-SHARE-DISTRIBUTIONS> 0.270
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 16.090
<EXPENSE-RATIO> 1.25
<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>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 02
<NAME> Tower Mutual Funds
Tower Cash Reserve Fund
<PERIOD-TYPE> 12 months
<FISCAL-YEAR-END> Aug-31-1995
<PERIOD-END> Aug-31-1995
<INVESTMENTS-AT-COST> 192,028,772
<INVESTMENTS-AT-VALUE> 192,028,772
<RECEIVABLES> 2,083
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 192,030,855
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 788,493
<TOTAL-LIABILITIES> 788,493
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 191,242,362
<SHARES-COMMON-STOCK> 191,242,362
<SHARES-COMMON-PRIOR> 183,921,983
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 191,242,362
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 11,673,867
<OTHER-INCOME> 0
<EXPENSES-NET> 1,760,402
<NET-INVESTMENT-INCOME> 9,913,465
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 9,913,465
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 9,913,465
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 372,472,324
<NUMBER-OF-SHARES-REDEEMED> 366,494,602
<SHARES-REINVESTED> 1,342,657
<NET-CHANGE-IN-ASSETS> 7,320,379
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 814,726
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,760,402
<AVERAGE-NET-ASSETS> 203,186,305
<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> 0.050
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 0.86
<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>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 03
<NAME> Tower Mutual Funds
Tower Louisiana Municipal Income Fund
<PERIOD-TYPE> 12 months
<FISCAL-YEAR-END> Aug-31-1995
<PERIOD-END> Aug-31-1995
<INVESTMENTS-AT-COST> 66,213,049
<INVESTMENTS-AT-VALUE> 68,986,693
<RECEIVABLES> 978,131
<ASSETS-OTHER> 4,651
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 69,969,439
<PAYABLE-FOR-SECURITIES> 1,885,510
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 483,718
<TOTAL-LIABILITIES> 2,369,228
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 65,404,573
<SHARES-COMMON-STOCK> 6,150,962
<SHARES-COMMON-PRIOR> 7,363,286
<ACCUMULATED-NII-CURRENT> 74,742
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (652,748)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,773,644
<NET-ASSETS> 67,600,211
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 4,413,947
<OTHER-INCOME> 0
<EXPENSES-NET> 538,256
<NET-INVESTMENT-INCOME> 3,875,691
<REALIZED-GAINS-CURRENT> (644,227)
<APPREC-INCREASE-CURRENT> 1,707,708
<NET-CHANGE-FROM-OPS> 4,939,172
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3,801,921
<DISTRIBUTIONS-OF-GAINS> 563,576
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 672,074
<NUMBER-OF-SHARES-REDEEMED> 2,118,527
<SHARES-REINVESTED> 234,129
<NET-CHANGE-IN-ASSETS> 12,097,691
<ACCUMULATED-NII-PRIOR> 1,143
<ACCUMULATED-GAINS-PRIOR> 554,884
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 314,904
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 594,239
<AVERAGE-NET-ASSETS> 70,303,328
<PER-SHARE-NAV-BEGIN> 10.820
<PER-SHARE-NII> 0.590
<PER-SHARE-GAIN-APPREC> 0.240
<PER-SHARE-DIVIDEND> 0.580
<PER-SHARE-DISTRIBUTIONS> 0.080
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.990
<EXPENSE-RATIO> 0.77
<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>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 04
<NAME> Tower Mutual Funds
Tower U.S. Government Income Fund
<PERIOD-TYPE> 12 months
<FISCAL-YEAR-END> Aug-31-1995
<PERIOD-END> Aug-31-1995
<INVESTMENTS-AT-COST> 42,399,311
<INVESTMENTS-AT-VALUE> 42,456,802
<RECEIVABLES> 334,198
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 42,791,000
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 197,870
<TOTAL-LIABILITIES> 197,870
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 45,464,583
<SHARES-COMMON-STOCK> 4,199,561
<SHARES-COMMON-PRIOR> 6,761,870
<ACCUMULATED-NII-CURRENT> 119,210
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (3,048,154)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 57,491
<NET-ASSETS> 42,593,130
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3,896,792
<OTHER-INCOME> 0
<EXPENSES-NET> 408,755
<NET-INVESTMENT-INCOME> 3,488,037
<REALIZED-GAINS-CURRENT> (2,290,190)
<APPREC-INCREASE-CURRENT> 2,760,429
<NET-CHANGE-FROM-OPS> 3,958,276
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3,395,460
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 265,325
<NUMBER-OF-SHARES-REDEEMED> 2,944,932
<SHARES-REINVESTED> 117,298
<NET-CHANGE-IN-ASSETS> (24,457,885)
<ACCUMULATED-NII-PRIOR> 26,633
<ACCUMULATED-GAINS-PRIOR> (757,964)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 223,677
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 438,579
<AVERAGE-NET-ASSETS> 49,876,589
<PER-SHARE-NAV-BEGIN> 9.920
<PER-SHARE-NII> 0.710
<PER-SHARE-GAIN-APPREC> 0.200
<PER-SHARE-DIVIDEND> 0.690
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.140
<EXPENSE-RATIO> 0.82
<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>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 05
<NAME> Tower Mutual Funds
Tower Total Return Bond Fund
<PERIOD-TYPE> 12 months
<FISCAL-YEAR-END> Aug-31-1995
<PERIOD-END> Aug-31-1995
<INVESTMENTS-AT-COST> 66,974,611
<INVESTMENTS-AT-VALUE> 68,963,487
<RECEIVABLES> 551,942
<ASSETS-OTHER> 11,129
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 69,526,558
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 71,916
<TOTAL-LIABILITIES> 71,916
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 68,704,364
<SHARES-COMMON-STOCK> 6,910,624
<SHARES-COMMON-PRIOR> 7,481,164
<ACCUMULATED-NII-CURRENT> 142,921
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,381,519)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,988,876
<NET-ASSETS> 69,454,642
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 4,918,845
<OTHER-INCOME> 0
<EXPENSES-NET> 912,550
<NET-INVESTMENT-INCOME> 4,006,295
<REALIZED-GAINS-CURRENT> 27,032
<APPREC-INCREASE-CURRENT> 2,863,184
<NET-CHANGE-FROM-OPS> 6,896,511
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3,888,156
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,340,601
<NUMBER-OF-SHARES-REDEEMED> 2,275,944
<SHARES-REINVESTED> 364,803
<NET-CHANGE-IN-ASSETS> 5,641,900
<ACCUMULATED-NII-PRIOR> 24,782
<ACCUMULATED-GAINS-PRIOR> (1,408,551)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 491,566
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 912,550
<AVERAGE-NET-ASSETS> 70,113,084
<PER-SHARE-NAV-BEGIN> 9.640
<PER-SHARE-NII> 0.560
<PER-SHARE-GAIN-APPREC> 0.390
<PER-SHARE-DIVIDEND> 0.540
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.050
<EXPENSE-RATIO> 1.30
<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>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 06
<NAME> Tower Mutual Funds
Tower U.S. Treasury Money Market Fund
<PERIOD-TYPE> 12 months
<FISCAL-YEAR-END> Aug-31-1995
<PERIOD-END> Aug-31-1995
<INVESTMENTS-AT-COST> 116,792,610
<INVESTMENTS-AT-VALUE> 116,792,610
<RECEIVABLES> 8,542
<ASSETS-OTHER> 945
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 116,802,097
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 313,025
<TOTAL-LIABILITIES> 313,025
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 116,489,072
<SHARES-COMMON-STOCK> 116,489,072
<SHARES-COMMON-PRIOR> 45,022,341
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 116,489,072
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 4,791,506
<OTHER-INCOME> 0
<EXPENSES-NET> 392,948
<NET-INVESTMENT-INCOME> 4,398,558
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 4,398,558
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4,398,558
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 307,600,098
<NUMBER-OF-SHARES-REDEEMED> 237,126,184
<SHARES-REINVESTED> 992,817
<NET-CHANGE-IN-ASSETS> 71,466,731
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 341,980
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 581,037
<AVERAGE-NET-ASSETS> 85,495,032
<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> 0.46
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
