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<PAGE> PAGE 2
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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 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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062 I000400 0.0
062 J000400 0.0
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062 M000400 28.6
<PAGE> PAGE 21
062 N000400 69.8
062 O000400 0.0
062 P000400 0.0
062 Q000400 0.0
062 R000400 0.0
063 A000400 0
063 B000400 11.8
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
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 10884
<PAGE> PAGE 22
071 B000400 13887
071 C000400 39708
071 D000400 27
072 A000400 12
072 B000400 3068
072 C000400 0
072 D000400 0
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072 F000400 184
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072 R000400 13
072 S000400 3
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072 W000400 4
072 X000400 381
072 Y000400 25
072 Z000400 2712
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072CC020400 734
072DD010400 2790
072DD020400 0
072EE000400 0
073 A010400 0.6900
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073 B000400 0.0000
073 C000400 0.0000
074 A000400 2
074 B000400 395
074 C000400 0
074 D000400 36946
074 E000400 0
074 F000400 0
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<PAGE> PAGE 23
074 L000400 355
074 M000400 0
074 N000400 37698
074 O000400 0
074 P000400 0
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074 R010400 0
074 R020400 0
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074 R040400 154
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074 T000400 37544
074 U010400 3824
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074 V010400 9.82
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074 W000400 0.0000
074 X000400 651
074 Y000400 0
075 A000400 0
075 B000400 40744
076 000400 0.00
028 A010500 1679
028 A020500 285
028 A030500 0
028 A040500 1160
028 B010500 1391
028 B020500 286
028 B030500 0
028 B040500 231
028 C010500 4914
028 C020500 304
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028 C040500 288
028 D010500 402
028 D020500 303
028 D030500 0
028 D040500 1565
028 E010500 256
028 E020500 295
028 E030500 0
028 E040500 3972
028 F010500 741
028 F020500 280
028 F030500 0
028 F040500 1144
028 G010500 9383
028 G020500 1753
028 G030500 0
028 G040500 8360
028 H000500 9383
<PAGE> PAGE 24
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
040 000500 Y
041 000500 Y
042 A000500 0
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042 C000500 100
042 D000500 0
042 E000500 0
042 F000500 0
042 G000500 0
042 H000500 0
043 000500 179
044 000500 0
045 000500 Y
046 000500 N
047 000500 Y
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048 B010500 0
048 B020500 0.000
048 C010500 0
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
<PAGE> PAGE 25
051 000500 N
052 000500 N
053 A000500 N
055 A000500 Y
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 3.9
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 50.8
062 N000500 29.2
062 O000500 0.0
062 P000500 13.3
062 Q000500 0.0
062 R000500 0.0
063 A000500 0
063 B000500 12.6
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
<PAGE> PAGE 26
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 Y
070 P010500 Y
070 P020500 N
070 Q010500 N
070 Q020500 N
070 R010500 N
070 R020500 N
071 A000500 28643
071 B000500 25437
071 C000500 66950
071 D000500 38
072 A000500 12
072 B000500 4913
072 C000500 0
072 D000500 0
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072 M000500 4
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<PAGE> PAGE 27
072 X000500 923
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072BB000500 74
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072CC020500 2534
072DD010500 4074
072DD020500 0
072EE000500 0
073 A010500 0.5700
073 A020500 0.0000
073 B000500 0.0000
073 C000500 0.0000
074 A000500 0
074 B000500 2763
074 C000500 0
074 D000500 66378
074 E000500 0
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074 H000500 0
074 I000500 0
074 J000500 3000
074 K000500 0
074 L000500 732
074 M000500 1
074 N000500 72874
074 O000500 1495
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075 B000500 160589
076 000500 0.00
028 A010600 39567
028 A020600 371
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028 A040600 24388
<PAGE> PAGE 28
028 B010600 52173
028 B020600 198
028 B030600 0
028 B040600 28077
028 C010600 17919
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028 C030600 0
028 C040600 33179
028 D010600 15441
028 D020600 215
028 D030600 0
028 D040600 24116
028 E010600 27935
028 E020600 227
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028 E040600 21831
028 F010600 33604
028 F020600 249
028 F030600 0
028 F040600 36702
028 G010600 186639
028 G020600 1478
028 G030600 0
028 G040600 168293
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029 000600 N
030 A000600 0
030 B000600 0.00
030 C000600 0.00
031 A000600 0
031 B000600 0
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
<PAGE> PAGE 29
048 000600 0.400
048 A010600 0
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048 B010600 0
048 B020600 0.000
048 C010600 0
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048 E010600 0
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048 F010600 0
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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 N
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 55.8
062 C000600 0.0
062 D000600 45.2
062 E000600 0.0
062 F000600 0.0
062 G000600 0.0
062 H000600 0.0
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<PAGE> PAGE 30
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 41
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
070 O010600 Y
070 O020600 N
070 P010600 Y
070 P020600 N
070 Q010600 N
070 Q020600 N
070 R010600 N
070 R020600 N
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<PAGE> PAGE 31
071 B000600 0
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<PAGE> PAGE 32
074 L000600 236
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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> 12-MOS
<FISCAL-YEAR-END> Aug-31-1996
<PERIOD-END> Aug-31-1996
<INVESTMENTS-AT-COST> 136,126,092
<INVESTMENTS-AT-VALUE> 169,311,351
<RECEIVABLES> 415,352
<ASSETS-OTHER> 4,978
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 169,731,681
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 83,955
<TOTAL-LIABILITIES> 83,955
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 118,027,192
<SHARES-COMMON-STOCK> 9,491,485
<SHARES-COMMON-PRIOR> 8,977,933
<ACCUMULATED-NII-CURRENT> 91,333
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 18,343,942
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 33,185,259
<NET-ASSETS> 169,647,726
<DIVIDEND-INCOME> 3,523,749
<INTEREST-INCOME> 203,388
<OTHER-INCOME> 0
<EXPENSES-NET> 1,994,891
<NET-INVESTMENT-INCOME> 1,732,246
<REALIZED-GAINS-CURRENT> 21,484,071
<APPREC-INCREASE-CURRENT> 2,454,787
<NET-CHANGE-FROM-OPS> 25,671,104
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,745,652
<DISTRIBUTIONS-OF-GAINS> 7,513,977
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,892,875
<NUMBER-OF-SHARES-REDEEMED> 1,820,179
<SHARES-REINVESTED> 440,856
<NET-CHANGE-IN-ASSETS> 25,172,037
<ACCUMULATED-NII-PRIOR> 104,739
<ACCUMULATED-GAINS-PRIOR> 4,373,848
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,204,309
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,994,891
<AVERAGE-NET-ASSETS> 160,588,543
<PER-SHARE-NAV-BEGIN> 16.090
<PER-SHARE-NII> 0.190
<PER-SHARE-GAIN-APPREC> 2.620
<PER-SHARE-DIVIDEND> 0.190
<PER-SHARE-DISTRIBUTIONS> 0.840
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 17.870
<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 Funds
Tower Cash Reserve Fund
<PERIOD-TYPE> 12-mos
<FISCAL-YEAR-END> Aug-31-1996
<PERIOD-END> Aug-31-1996
<INVESTMENTS-AT-COST> 168,925,992
<INVESTMENTS-AT-VALUE> 168,925,992
<RECEIVABLES> 254,018
<ASSETS-OTHER> 3,988
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 169,183,998
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 840,130
<TOTAL-LIABILITIES> 840,130
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 168,343,868
<SHARES-COMMON-STOCK> 168,343,868
<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> 168,343,868
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 10,828,277
<OTHER-INCOME> 0
<EXPENSES-NET> 1,695,780
<NET-INVESTMENT-INCOME> 9,132,497
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 9,132,497
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 9,132,497
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 432,905,070
<NUMBER-OF-SHARES-REDEEMED> 457,274,889
<SHARES-REINVESTED> 1,471,325
<NET-CHANGE-IN-ASSETS> (22,898,494)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 778,592
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,695,780
<AVERAGE-NET-ASSETS> 194,647,891
<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> 0.87
<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> 12-MOS
<FISCAL-YEAR-END> Aug-31-1996
<PERIOD-END> Aug-31-1996
<INVESTMENTS-AT-COST> 66,803,432
<INVESTMENTS-AT-VALUE> 66,803,432
<RECEIVABLES> 1,051,932
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 67,855,364
<PAYABLE-FOR-SECURITIES> 1,900,429
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 238,269
<TOTAL-LIABILITIES> 2,138,698
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 63,791,872
<SHARES-COMMON-STOCK> 6,005,790
<SHARES-COMMON-PRIOR> 6,150,962
<ACCUMULATED-NII-CURRENT> 75,517
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (324,586)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,173,863
<NET-ASSETS> 65,716,666
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 4,055,332
<OTHER-INCOME> 0
<EXPENSES-NET> 492,821
<NET-INVESTMENT-INCOME> 3,562,511
<REALIZED-GAINS-CURRENT> 328,333
<APPREC-INCREASE-CURRENT> (599,781)
<NET-CHANGE-FROM-OPS> 3,291,063
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3,561,907
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 709,049
<NUMBER-OF-SHARES-REDEEMED> 1,009,008
<SHARES-REINVESTED> 154,787
<NET-CHANGE-IN-ASSETS> (1,883,545)
<ACCUMULATED-NII-PRIOR> 74,742
<ACCUMULATED-GAINS-PRIOR> (652,748)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 298,550
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 545,897
<AVERAGE-NET-ASSETS> 66,339,395
<PER-SHARE-NAV-BEGIN> 10.990
<PER-SHARE-NII> 0.600
<PER-SHARE-GAIN-APPREC> (0.050)
<PER-SHARE-DIVIDEND> 0.600
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.940
<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> 12-Mos
<FISCAL-YEAR-END> Aug-31-1996
<PERIOD-END> Aug-31-1996
<INVESTMENTS-AT-COST> 38,017,661
<INVESTMENTS-AT-VALUE> 37,340,834
<RECEIVABLES> 355,655
<ASSETS-OTHER> 1,805
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 37,698,294
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 154,419
<TOTAL-LIABILITIES> 154,419
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 41,702,183
<SHARES-COMMON-STOCK> 3,823,561
<SHARES-COMMON-PRIOR> 4,199,561
<ACCUMULATED-NII-CURRENT> 41,122
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (3,522,603)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (676,827)
<NET-ASSETS> 37,543,875
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3,067,843
<OTHER-INCOME> 0
<EXPENSES-NET> 356,172
<NET-INVESTMENT-INCOME> 2,711,671
<REALIZED-GAINS-CURRENT> (474,449)
<APPREC-INCREASE-CURRENT> (734,318)
<NET-CHANGE-FROM-OPS> 1,502,904
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,789,759
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 465,362
<NUMBER-OF-SHARES-REDEEMED> 931,881
<SHARES-REINVESTED> 90,519
<NET-CHANGE-IN-ASSETS> (5,049,255)
<ACCUMULATED-NII-PRIOR> 119,210
<ACCUMULATED-GAINS-PRIOR> (3,048,154)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 183,788
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 380,677
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</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 05
<NAME> Tower Mutual Funds
Tower Total Return Bond Fund
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Aug-31-1996
<PERIOD-END> Aug-31-1996
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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
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Aug-31-1996
<PERIOD-END> Aug-31-1996
<INVESTMENTS-AT-COST> 136,173,706
<INVESTMENTS-AT-VALUE> 136,173,706
<RECEIVABLES> 235,555
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<OVERDISTRIBUTION-GAINS> 0
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<NET-ASSETS> 136,068,361
<DIVIDEND-INCOME> 0
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<OTHER-INCOME> 0
<EXPENSES-NET> 545,304
<NET-INVESTMENT-INCOME> 6,194,608
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<NET-CHANGE-FROM-OPS> 6,194,608
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</TABLE>
