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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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<PAGE> PAGE 21
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070 O020400 N
070 P010400 Y
070 P020400 N
070 Q010400 N
070 Q020400 N
070 R010400 N
070 R020400 N
071 A000400 3471
071 B000400 4389
071 C000400 41102
071 D000400 8
072 A000400 6
072 B000400 1575
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072 D000400 0
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<PAGE> PAGE 22
074 B000400 1112
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074 X000400 702
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076 000400 0.00
028 A010500 266
028 A020500 287
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028 A040500 714
028 B010500 1533
028 B020500 284
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028 B040500 1586
028 C010500 445
028 C020500 285
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028 D040500 1397
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<PAGE> PAGE 23
028 E040500 1096
028 F010500 1866
028 F020500 282
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028 F040500 1566
028 G010500 6114
028 G020500 1702
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028 G040500 6803
028 H000500 6117
029 000500 Y
030 A000500 1
030 B000500 3.00
030 C000500 0.25
031 A000500 0
031 B000500 0
032 000500 1
033 000500 0
037 000500 N
038 000500 0
039 000500 N
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041 000500 Y
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042 C000500 100
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042 E000500 0
042 F000500 0
042 G000500 0
042 H000500 0
043 000500 88
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045 000500 Y
046 000500 N
047 000500 Y
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048 C020500 0.000
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<PAGE> PAGE 24
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 8.1
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 52.2
062 N000500 27.6
062 O000500 0.0
062 P000500 11.7
062 Q000500 0.0
062 R000500 0.0
063 A000500 0
063 B000500 13.5
064 A000500 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
<PAGE> PAGE 25
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 8578
071 B000500 9389
071 C000500 66723
071 D000500 13
072 A000500 6
072 B000500 2369
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072 D000500 0
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<PAGE> PAGE 26
072 O000500 0
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072DD010500 1977
072DD020500 0
072EE000500 0
073 A010500 0.2900
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074 B000500 5736
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<PAGE> PAGE 27
074 X000500 31
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076 000500 0.00
028 A010600 8047
028 A020600 186
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028 F030600 0
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028 G010600 129033
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031 A000600 0
031 B000600 0
032 000600 0
033 000600 0
037 000600 N
038 000600 0
039 000600 N
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<PAGE> PAGE 28
042 E000600 0
042 F000600 0
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047 000600 Y
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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 N
055 B000600 N
056 000600 Y
057 000600 N
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059 000600 Y
060 A000600 Y
060 B000600 Y
061 000600 1000
062 A000600 Y
062 B000600 55.5
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<PAGE> PAGE 29
062 D000600 44.9
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062 O000600 0.0
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062 R000600 0.0
063 A000600 32
063 B000600 0.0
064 A000600 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
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
<PAGE> PAGE 30
070 O010600 Y
070 O020600 N
070 P010600 Y
070 P020600 N
070 Q010600 N
070 Q020600 N
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070 R020600 N
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<PAGE> PAGE 31
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SIGNATURE S. ELLIOTT COHAN
TITLE ASST. GEN. COUNSEL
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 01
<NAME> Tower Mutual Funds
Tower Capital Appreciation Fund
<PERIOD-TYPE> 6-mos
<FISCAL-YEAR-END> Aug-31-1996
<PERIOD-END> Feb-29-1996
<INVESTMENTS-AT-COST> 120,072,625
<INVESTMENTS-AT-VALUE> 157,045,722
<RECEIVABLES> 4,374,311
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<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 161,420,033
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 146,287
<TOTAL-LIABILITIES> 146,287
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 114,025,481
<SHARES-COMMON-STOCK> 9,276,491
<SHARES-COMMON-PRIOR> 8,977,933
<ACCUMULATED-NII-CURRENT> 57,067
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 10,218,101
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 36,973,097
<NET-ASSETS> 161,273,746
<DIVIDEND-INCOME> 1,700,603
<INTEREST-INCOME> 91,151
<OTHER-INCOME> 0
<EXPENSES-NET> 952,866
<NET-INVESTMENT-INCOME> 838,888
<REALIZED-GAINS-CURRENT> 13,358,230
<APPREC-INCREASE-CURRENT> 6,242,625
<NET-CHANGE-FROM-OPS> 20,439,743
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 886,560
<DISTRIBUTIONS-OF-GAINS> 7,513,977
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 779,704
<NUMBER-OF-SHARES-REDEEMED> 901,686
<SHARES-REINVESTED> 420,540
<NET-CHANGE-IN-ASSETS> 16,798,057
<ACCUMULATED-NII-PRIOR> 104,739
<ACCUMULATED-GAINS-PRIOR> 4,373,848
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 574,679
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 952,866
<AVERAGE-NET-ASSETS> 154,275,760
<PER-SHARE-NAV-BEGIN> 16.090
<PER-SHARE-NII> 0.090
<PER-SHARE-GAIN-APPREC> 2.150
<PER-SHARE-DIVIDEND> 0.100
<PER-SHARE-DISTRIBUTIONS> 0.840
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 17.390
<EXPENSE-RATIO> 1.24
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 02
<NAME> Tower Mutual Funds
Tower Cash Reserve Fund
<PERIOD-TYPE> 6-mos
<FISCAL-YEAR-END> Aug-31-1996
<PERIOD-END> Feb-29-1996
<INVESTMENTS-AT-COST> 190,800,414
<INVESTMENTS-AT-VALUE> 190,800,414
<RECEIVABLES> 3,253
<ASSETS-OTHER> 5,335
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 190,809,002
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 708,574
<TOTAL-LIABILITIES> 708,574
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 190,100,428
<SHARES-COMMON-STOCK> 190,100,428
<SHARES-COMMON-PRIOR> 191,242,362
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 190,100,428
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 5,606,301
<OTHER-INCOME> 0
<EXPENSES-NET> 844,817
<NET-INVESTMENT-INCOME> 4,761,484
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 4,761,484
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4,761,484
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 165,019,107
<NUMBER-OF-SHARES-REDEEMED> 166,764,674
<SHARES-REINVESTED> 603,633
<NET-CHANGE-IN-ASSETS> (1,141,934)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 389,934
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 844,817
<AVERAGE-NET-ASSETS> 183,092,423
<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> 0.87
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 03
<NAME> Tower Mutual Funds
Tower Louisiana Municipal Income Fund
<PERIOD-TYPE> 6-mos
<FISCAL-YEAR-END> Aug-31-1996
<PERIOD-END> Feb-29-1996
<INVESTMENTS-AT-COST> 62,070,206
<INVESTMENTS-AT-VALUE> 65,792,934
<RECEIVABLES> 948,921
<ASSETS-OTHER> 448,165
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 67,190,020
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 230,622
<TOTAL-LIABILITIES> 230,622
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 63,538,532
<SHARES-COMMON-STOCK> 5,982,941
<SHARES-COMMON-PRIOR> 6,150,962
<ACCUMULATED-NII-CURRENT> 57,633
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (359,495)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3,722,728
<NET-ASSETS> 66,959,398
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,036,807
<OTHER-INCOME> 0
<EXPENSES-NET> 249,053
<NET-INVESTMENT-INCOME> 1,787,754
<REALIZED-GAINS-CURRENT> 293,424
<APPREC-INCREASE-CURRENT> 949,084
<NET-CHANGE-FROM-OPS> 3,030,262
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,805,034
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 347,108
<NUMBER-OF-SHARES-REDEEMED> 594,145
<SHARES-REINVESTED> 79,016
<NET-CHANGE-IN-ASSETS> (640,813)
<ACCUMULATED-NII-PRIOR> 74,742
<ACCUMULATED-GAINS-PRIOR> (652,748)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 150,796
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 275,861
<AVERAGE-NET-ASSETS> 67,281,200
<PER-SHARE-NAV-BEGIN> 10.990
<PER-SHARE-NII> 0.300
<PER-SHARE-GAIN-APPREC> 0.200
<PER-SHARE-DIVIDEND> 0.300
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 11.190
<EXPENSE-RATIO> 0.74
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 04
<NAME> Tower Mutual Funds
Tower U.S. Government Income Fund
<PERIOD-TYPE> 6-mos
<FISCAL-YEAR-END> Aug-31-1996
<PERIOD-END> Feb-29-1996
<INVESTMENTS-AT-COST> 41,235,293
<INVESTMENTS-AT-VALUE> 41,382,346
<RECEIVABLES> 337,777
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 41,720,123
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 153,182
<TOTAL-LIABILITIES> 153,182
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 44,469,178
<SHARES-COMMON-STOCK> 4,102,506
<SHARES-COMMON-PRIOR> 4,199,561
<ACCUMULATED-NII-CURRENT> 57,687
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (3,106,977)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 147,053
<NET-ASSETS> 41,566,941
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,574,545
<OTHER-INCOME> 0
<EXPENSES-NET> 178,863
<NET-INVESTMENT-INCOME> 1,395,682
<REALIZED-GAINS-CURRENT> (58,823)
<APPREC-INCREASE-CURRENT> 89,562
<NET-CHANGE-FROM-OPS> 1,426,421
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,457,205
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 299,303
<NUMBER-OF-SHARES-REDEEMED> 444,501
<SHARES-REINVESTED> 48,144
<NET-CHANGE-IN-ASSETS> (1,026,189)
<ACCUMULATED-NII-PRIOR> 119,210
<ACCUMULATED-GAINS-PRIOR> (3,048,154)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 94,406
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 191,450
<AVERAGE-NET-ASSETS> 42,077,741
<PER-SHARE-NAV-BEGIN> 10.140
<PER-SHARE-NII> 0.350
<PER-SHARE-GAIN-APPREC> 0.000
<PER-SHARE-DIVIDEND> 0.360
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.130
<EXPENSE-RATIO> 0.85
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 05
<NAME> Tower Mutual Funds
Tower Total Return Bond Fund
<PERIOD-TYPE> 6-mos
<FISCAL-YEAR-END> Aug-31-1996
<PERIOD-END> Feb-29-1996
<INVESTMENTS-AT-COST> 68,345,035
<INVESTMENTS-AT-VALUE> 70,583,657
<RECEIVABLES> 574,074
<ASSETS-OTHER> 1,201
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 71,158,932
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 227,053
<TOTAL-LIABILITIES> 227,053
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 69,716,932
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</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 06
<NAME> Tower Mutual Funds
Tower U.S. Treasury Money Market Fund
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</TABLE>
