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<PAGE> PAGE 11
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<PAGE> PAGE 13
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<PAGE> PAGE 20
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<PAGE> PAGE 21
062 I000400 0.0
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062 M000400 23.4
062 N000400 74.9
062 O000400 0.0
062 P000400 0.0
062 Q000400 0.0
062 R000400 0.0
063 A000400 0
063 B000400 11.1
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
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
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070 P020400 N
<PAGE> PAGE 22
070 Q010400 N
070 Q020400 N
070 R010400 N
070 R020400 N
071 A000400 30964
071 B000400 29816
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072 A000400 12
072 B000400 3040
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<PAGE> PAGE 23
074 G000400 0
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076 000400 0.00
028 A010500 4279
028 A020500 258
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028 A040500 2338
028 B010500 3301
028 B020500 269
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028 B040500 651
028 C010500 581
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028 D040500 1158
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<PAGE> PAGE 24
028 G010500 10294
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<PAGE> PAGE 25
048 I010500 0
048 I020500 0.000
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049 000500 N
050 000500 N
051 000500 N
052 000500 N
053 A000500 N
058 A000500 N
059 000500 Y
060 A000500 Y
060 B000500 Y
061 000500 1000
062 A000500 Y
062 B000500 0.0
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062 D000500 8.7
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062 M000500 46.8
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063 A000500 0
063 B000500 6.8
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
<PAGE> PAGE 26
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 42545
071 B000500 45992
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<PAGE> PAGE 27
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<PAGE> PAGE 28
028 A010600 38030
028 A020600 509
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028 B010600 34735
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028 B040600 49145
028 C010600 35467
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028 D010600 26491
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028 F010600 35268
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028 F030600 0
028 F040600 39415
028 G010600 211560
028 G020600 1834
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032 000600 0
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035 000600 0
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<PAGE> PAGE 29
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050 000600 N
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052 000600 N
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058 A000600 N
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<PAGE> PAGE 30
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063 A000600 37
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
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070 C020600 N
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070 D020600 N
070 E010600 N
070 E020600 N
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070 F020600 N
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070 I020600 N
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070 J020600 N
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070 K020600 N
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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SIGNATURE S. ELLIOTT COHAN
TITLE ASST. GEN. COUNSEL
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 011
<NAME> Tower Mutual Funds
Tower Capital Appreciation Fund
Class A Shares
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<PERIOD-END> Aug-31-1997
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<OVERDISTRIBUTION-GAINS> 0
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<NET-ASSETS> 283,039,690
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<NET-CHANGE-FROM-OPS> 90,301,968
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<DISTRIBUTIONS-OF-GAINS> 19,032,852
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<NUMBER-OF-SHARES-SOLD> 2,060,360
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</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 012
<NAME> Tower Mutual Funds
Tower Capital Appreciation Fund
Class B Shares
<PERIOD-TYPE> 12-mos
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<PERIOD-END> Aug-31-1997
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<RECEIVABLES> 891,491
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<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 10,427
<ACCUMULATED-NET-GAINS> 25,830,431
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 95,375,337
<NET-ASSETS> 0
<DIVIDEND-INCOME> 4,157,778
<INTEREST-INCOME> 209,578
<OTHER-INCOME> 0
<EXPENSES-NET> 2,774,807
<NET-INVESTMENT-INCOME> 1,592,549
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<NET-CHANGE-FROM-OPS> 90,301,968
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<DISTRIBUTIONS-OF-INCOME> 2,466
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 211,458
<NUMBER-OF-SHARES-REDEEMED> 3,948
<SHARES-REINVESTED> 113
<NET-CHANGE-IN-ASSETS> 118,026,800
<ACCUMULATED-NII-PRIOR> 91,333
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<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,674,455
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,774,807
<AVERAGE-NET-ASSETS> 222,076,718
<PER-SHARE-NAV-BEGIN> 18.900
<PER-SHARE-NII> (0.010)
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<RETURNS-OF-CAPITAL> 0.050
<PER-SHARE-NAV-END> 22.320
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</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-31-1997
<PERIOD-END> Aug-31-1997
<INVESTMENTS-AT-COST> 150,536,109
<INVESTMENTS-AT-VALUE> 150,536,109
<RECEIVABLES> 62,011
<ASSETS-OTHER> 0
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<TOTAL-ASSETS> 151,188,105
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<OTHER-ITEMS-LIABILITIES> 810,737
<TOTAL-LIABILITIES> 810,737
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 150,377,368
<SHARES-COMMON-STOCK> 150,377,368
<SHARES-COMMON-PRIOR> 168,343,868
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<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
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<NET-ASSETS> 150,377,368
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 9,338,985
<OTHER-INCOME> 0
<EXPENSES-NET> 1,513,214
<NET-INVESTMENT-INCOME> 7,825,771
<REALIZED-GAINS-CURRENT> 0
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<NET-CHANGE-FROM-OPS> 7,825,771
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<DISTRIBUTIONS-OF-INCOME> 7,825,771
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 462,383,174
<NUMBER-OF-SHARES-REDEEMED> 482,092,964
<SHARES-REINVESTED> 1,743,290
<NET-CHANGE-IN-ASSETS> (17,966,500)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 682,458
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,513,214
<AVERAGE-NET-ASSETS> 170,614,908
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.050
<PER-SHARE-GAIN-APPREC> 0.000
<PER-SHARE-DIVIDEND> 0.050
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<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 0.89
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 03
<NAME> Tower Funds
Tower Louisiana Municipal Income Fund
<PERIOD-TYPE> 12-mos
<FISCAL-YEAR-END> Aug-31-1997
<PERIOD-END> Aug-31-1997
<INVESTMENTS-AT-COST> 95,816,585
<INVESTMENTS-AT-VALUE> 100,518,440
<RECEIVABLES> 1,512,308
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 102,030,748
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 589,285
<TOTAL-LIABILITIES> 589,285
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 96,490,519
<SHARES-COMMON-STOCK> 9,052,425
<SHARES-COMMON-PRIOR> 6,005,790
<ACCUMULATED-NII-CURRENT> 19,227
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 229,862
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4,701,855
<NET-ASSETS> 101,441,463
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 4,534,425
<OTHER-INCOME> 0
<EXPENSES-NET> 532,266
<NET-INVESTMENT-INCOME> 4,002,159
<REALIZED-GAINS-CURRENT> 774,842
<APPREC-INCREASE-CURRENT> 2,527,992
<NET-CHANGE-FROM-OPS> 7,304,993
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4,058,449
<DISTRIBUTIONS-OF-GAINS> 220,394
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,884,031
<NUMBER-OF-SHARES-REDEEMED> 992,694
<SHARES-REINVESTED> 155,298
<NET-CHANGE-IN-ASSETS> 35,724,797
<ACCUMULATED-NII-PRIOR> 75,517
<ACCUMULATED-GAINS-PRIOR> (324,586)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 346,773
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 593,915
<AVERAGE-NET-ASSETS> 77,088,350
<PER-SHARE-NAV-BEGIN> 10.940
<PER-SHARE-NII> 0.570
<PER-SHARE-GAIN-APPREC> 0.280
<PER-SHARE-DIVIDEND> 0.580
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 11.210
<EXPENSE-RATIO> 0.69
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 04
<NAME> Tower Funds
Tower U.S. Government Income Fund
<PERIOD-TYPE> 12-Mos
<FISCAL-YEAR-END> Aug-31-1997
<PERIOD-END> Aug-31-1997
<INVESTMENTS-AT-COST> 58,274,936
<INVESTMENTS-AT-VALUE> 58,951,195
<RECEIVABLES> 846,303
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 59,797,498
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 359,625
<TOTAL-LIABILITIES> 359,625
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 62,683,937
<SHARES-COMMON-STOCK> 5,958,120
<SHARES-COMMON-PRIOR> 3,823,561
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 29,805
<ACCUMULATED-NET-GAINS> (3,892,518)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 676,259
<NET-ASSETS> 59,437,873
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3,040,193
<OTHER-INCOME> 0
<EXPENSES-NET> 372,340
<NET-INVESTMENT-INCOME> 2,667,853
<REALIZED-GAINS-CURRENT> (369,915)
<APPREC-INCREASE-CURRENT> 1,353,086
<NET-CHANGE-FROM-OPS> 3,651,024
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,738,780
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,222,775
<NUMBER-OF-SHARES-REDEEMED> 1,151,003
<SHARES-REINVESTED> 62,787
<NET-CHANGE-IN-ASSETS> 20,981,754
<ACCUMULATED-NII-PRIOR> 41,122
<ACCUMULATED-GAINS-PRIOR> (3,522,603)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 190,313
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 397,715
<AVERAGE-NET-ASSETS> 42,343,351
<PER-SHARE-NAV-BEGIN> 9.820
<PER-SHARE-NII> 0.620
<PER-SHARE-GAIN-APPREC> 0.180
<PER-SHARE-DIVIDEND> 0.640
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.980
<EXPENSE-RATIO> 0.88
<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> 12-Mos
<FISCAL-YEAR-END> Aug-31-1997
<PERIOD-END> Aug-31-1997
<INVESTMENTS-AT-COST> 70,614,023
<INVESTMENTS-AT-VALUE> 71,047,539
<RECEIVABLES> 942,077
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 71,989,616
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 122,797
<TOTAL-LIABILITIES> 122,797
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 71,366,086
<SHARES-COMMON-STOCK> 7,190,338
<SHARES-COMMON-PRIOR> 7,286,550
<ACCUMULATED-NII-CURRENT> 1,714
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 65,503
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 433,516
<NET-ASSETS> 71,866,819
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 5,091,457
<OTHER-INCOME> 0
<EXPENSES-NET> 902,860
<NET-INVESTMENT-INCOME> 4,188,597
<REALIZED-GAINS-CURRENT> 884,814
<APPREC-INCREASE-CURRENT> 978,557
<NET-CHANGE-FROM-OPS> 6,051,968
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4,245,320
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,596,634
<NUMBER-OF-SHARES-REDEEMED> 2,022,793
<SHARES-REINVESTED> 329,947
<NET-CHANGE-IN-ASSETS> 678,564
<ACCUMULATED-NII-PRIOR> 58,437
<ACCUMULATED-GAINS-PRIOR> (819,311)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 488,596
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 902,860
<AVERAGE-NET-ASSETS> 69,856,339
<PER-SHARE-NAV-BEGIN> 9.770
<PER-SHARE-NII> 0.600
<PER-SHARE-GAIN-APPREC> 0.230
<PER-SHARE-DIVIDEND> 0.610
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.990
<EXPENSE-RATIO> 1.29
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 06
<NAME> Tower Funds
Tower U.S. Treasury Money Market Fund
<PERIOD-TYPE> 12-Mos
<FISCAL-YEAR-END> Aug-31-1997
<PERIOD-END> Aug-31-1997
<INVESTMENTS-AT-COST> 154,523,117
<INVESTMENTS-AT-VALUE> 154,523,117
<RECEIVABLES> 500,093
<ASSETS-OTHER> 484
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 155,023,694
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 399,547
<TOTAL-LIABILITIES> 399,547
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 154,624,147
<SHARES-COMMON-STOCK> 154,624,147
<SHARES-COMMON-PRIOR> 136,068,361
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 154,624,147
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 7,954,368
<OTHER-INCOME> 0
<EXPENSES-NET> 750,744
<NET-INVESTMENT-INCOME> 7,203,624
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 7,203,624
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 7,203,624
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 396,797,192
<NUMBER-OF-SHARES-REDEEMED> 381,500,330
<SHARES-REINVESTED> 3,258,924
<NET-CHANGE-IN-ASSETS> 19,579,289
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 598,805
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 964,843
<AVERAGE-NET-ASSETS> 149,701,141
<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> 0.50
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
