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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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<PAGE> PAGE 22
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070 F010400 N
070 F020400 N
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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
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070 N020400 N
070 O010400 Y
070 O020400 N
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070 Q020400 N
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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<PAGE> PAGE 25
031 B000500 0
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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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<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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<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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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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<OTHER-ITEMS-LIABILITIES> 279,071
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<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 68,074,946
<NET-ASSETS> 279,777,713
<DIVIDEND-INCOME> 4,772,233
<INTEREST-INCOME> 172,095
<OTHER-INCOME> 0
<EXPENSES-NET> 3,976,620
<NET-INVESTMENT-INCOME> 967,708
<REALIZED-GAINS-CURRENT> 41,697,078
<APPREC-INCREASE-CURRENT> (27,300,391)
<NET-CHANGE-FROM-OPS> 15,364,395
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 935,011
<DISTRIBUTIONS-OF-GAINS> 30,066,368
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,944,199
<NUMBER-OF-SHARES-REDEEMED> 2,499,674
<SHARES-REINVESTED> 1,143,415
<NET-CHANGE-IN-ASSETS> 2,942,963
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<OVERDISTRIB-NII-PRIOR> (10,427)
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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
<FISCAL-YEAR-END> Aug-31-1998
<PERIOD-END> Aug-31-1998
<INVESTMENTS-AT-COST> 221,946,588
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<SENIOR-EQUITY> 0
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<SHARES-COMMON-STOCK> 516,474
<SHARES-COMMON-PRIOR> 207,623
<ACCUMULATED-NII-CURRENT> 22,270
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 36,851,536
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 68,074,946
<NET-ASSETS> 10,839,776
<DIVIDEND-INCOME> 4,772,233
<INTEREST-INCOME> 172,095
<OTHER-INCOME> 0
<EXPENSES-NET> 3,976,620
<NET-INVESTMENT-INCOME> 967,708
<REALIZED-GAINS-CURRENT> 41,697,078
<APPREC-INCREASE-CURRENT> (27,300,391)
<NET-CHANGE-FROM-OPS> 15,364,395
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 609,605
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 311,166
<NUMBER-OF-SHARES-REDEEMED> 30,789
<SHARES-REINVESTED> 28,474
<NET-CHANGE-IN-ASSETS> 2,942,963
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 25,830,431
<OVERDISTRIB-NII-PRIOR> (10,427)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,417,253
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,976,620
<AVERAGE-NET-ASSETS> 317,070,142
<PER-SHARE-NAV-BEGIN> 22.320
<PER-SHARE-NII> (0.060)
<PER-SHARE-GAIN-APPREC> 1.070
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> 2.340
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 20.990
<EXPENSE-RATIO> 1.96
<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> 12-mos
<FISCAL-YEAR-END> Aug-31-1998
<PERIOD-END> Aug-31-1998
<INVESTMENTS-AT-COST> 149,493,187
<INVESTMENTS-AT-VALUE> 149,493,187
<RECEIVABLES> 7,205,579
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 156,698,766
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 7,479,417
<TOTAL-LIABILITIES> 7,479,417
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 149,219,349
<SHARES-COMMON-STOCK> 149,219,349
<SHARES-COMMON-PRIOR> 150,377,368
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 149,219,349
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 9,232,687
<OTHER-INCOME> 0
<EXPENSES-NET> 1,472,134
<NET-INVESTMENT-INCOME> 7,760,553
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 7,760,553
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 7,760,553
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 506,085,291
<NUMBER-OF-SHARES-REDEEMED> 509,140,899
<SHARES-REINVESTED> 1,897,589
<NET-CHANGE-IN-ASSETS> (1,158,019)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 658,507
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,472,134
<AVERAGE-NET-ASSETS> 164,584,799
<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> 0.89
<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-31-1998
<PERIOD-END> Aug-31-1998
<INVESTMENTS-AT-COST> 92,276,897
<INVESTMENTS-AT-VALUE> 98,982,186
<RECEIVABLES> 1,349,287
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 100,331,473
<PAYABLE-FOR-SECURITIES> 1,206,065
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 414,150
<TOTAL-LIABILITIES> 1,620,215
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 91,401,291
<SHARES-COMMON-STOCK> 8,604,069
<SHARES-COMMON-PRIOR> 9,052,425
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (25,155)
<ACCUMULATED-NET-GAINS> 629,833
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 6,705,289
<NET-ASSETS> 98,711,258
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 5,601,004
<OTHER-INCOME> 0
<EXPENSES-NET> 662,319
<NET-INVESTMENT-INCOME> 4,938,685
<REALIZED-GAINS-CURRENT> 860,440
<APPREC-INCREASE-CURRENT> 2,003,434
<NET-CHANGE-FROM-OPS> 7,802,559
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4,957,912
<DISTRIBUTIONS-OF-GAINS> 460,469
<DISTRIBUTIONS-OTHER> 25,155
<NUMBER-OF-SHARES-SOLD> 767,090
<NUMBER-OF-SHARES-REDEEMED> 1,379,228
<SHARES-REINVESTED> 163,782
<NET-CHANGE-IN-ASSETS> (2,730,205)
<ACCUMULATED-NII-PRIOR> 19,227
<ACCUMULATED-GAINS-PRIOR> 229,862
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 450,310
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 742,374
<AVERAGE-NET-ASSETS> 99,956,025
<PER-SHARE-NAV-BEGIN> 11.210
<PER-SHARE-NII> 0.560
<PER-SHARE-GAIN-APPREC> 0.320
<PER-SHARE-DIVIDEND> 0.570
<PER-SHARE-DISTRIBUTIONS> 0.050
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 11.470
<EXPENSE-RATIO> 0.66
<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-31-1998
<PERIOD-END> Aug-31-1998
<INVESTMENTS-AT-COST> 80,647,606
<INVESTMENTS-AT-VALUE> 83,079,868
<RECEIVABLES> 773,365
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 83,853,233
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 318,032
<TOTAL-LIABILITIES> 318,032
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 84,440,906
<SHARES-COMMON-STOCK> 8,085,229
<SHARES-COMMON-PRIOR> 5,958,120
<ACCUMULATED-NII-CURRENT> 26,452
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (3,364,419)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,432,262
<NET-ASSETS> 83,535,201
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 4,319,256
<OTHER-INCOME> 0
<EXPENSES-NET> 471,157
<NET-INVESTMENT-INCOME> 3,848,099
<REALIZED-GAINS-CURRENT> 528,099
<APPREC-INCREASE-CURRENT> 1,756,003
<NET-CHANGE-FROM-OPS> 6,132,201
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3,791,842
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,009,055
<NUMBER-OF-SHARES-REDEEMED> 947,489
<SHARES-REINVESTED> 65,543
<NET-CHANGE-IN-ASSETS> 24,097,328
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (3,892,518)
<OVERDISTRIB-NII-PRIOR> (29,805)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 289,526
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 509,760
<AVERAGE-NET-ASSETS> 64,710,528
<PER-SHARE-NAV-BEGIN> 9.980
<PER-SHARE-NII> 0.610
<PER-SHARE-GAIN-APPREC> 0.340
<PER-SHARE-DIVIDEND> 0.600
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.330
<EXPENSE-RATIO> 0.73
<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-31-1998
<PERIOD-END> Aug-31-1998
<INVESTMENTS-AT-COST> 77,331,890
<INVESTMENTS-AT-VALUE> 79,664,992
<RECEIVABLES> 1,209,419
<ASSETS-OTHER> 73
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 80,874,484
<PAYABLE-FOR-SECURITIES> 714,159
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 203,049
<TOTAL-LIABILITIES> 917,208
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 77,453,581
<SHARES-COMMON-STOCK> 7,787,517
<SHARES-COMMON-PRIOR> 7,190,338
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (10,481)
<ACCUMULATED-NET-GAINS> 181,074
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,333,102
<NET-ASSETS> 79,957,276
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 5,126,398
<OTHER-INCOME> 0
<EXPENSES-NET> 821,445
<NET-INVESTMENT-INCOME> 4,304,953
<REALIZED-GAINS-CURRENT> 588,562
<APPREC-INCREASE-CURRENT> 1,899,586
<NET-CHANGE-FROM-OPS> 6,793,101
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4,306,667
<DISTRIBUTIONS-OF-GAINS> 472,991
<DISTRIBUTIONS-OTHER> 10,481
<NUMBER-OF-SHARES-SOLD> 1,917,601
<NUMBER-OF-SHARES-REDEEMED> 1,660,779
<SHARES-REINVESTED> 340,357
<NET-CHANGE-IN-ASSETS> 8,090,457
<ACCUMULATED-NII-PRIOR> 1,714
<ACCUMULATED-GAINS-PRIOR> 65,503
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 532,051
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 952,508
<AVERAGE-NET-ASSETS> 75,826,797
<PER-SHARE-NAV-BEGIN> 9.990
<PER-SHARE-NII> 0.580
<PER-SHARE-GAIN-APPREC> 0.350
<PER-SHARE-DIVIDEND> 0.580
<PER-SHARE-DISTRIBUTIONS> 0.070
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.270
<EXPENSE-RATIO> 1.08
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</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-31-1998
<PERIOD-END> Aug-31-1998
<INVESTMENTS-AT-COST> 175,136,107
<INVESTMENTS-AT-VALUE> 175,136,107
<RECEIVABLES> 801,437
<ASSETS-OTHER> 9,645
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 175,947,189
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 814,269
<TOTAL-LIABILITIES> 814,269
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 175,132,920
<SHARES-COMMON-STOCK> 175,132,920
<SHARES-COMMON-PRIOR> 154,624,147
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 175,132,920
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 9,706,745
<OTHER-INCOME> 0
<EXPENSES-NET> 1,128,710
<NET-INVESTMENT-INCOME> 8,578,035
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 8,578,035
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 8,578,035
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 858,263,159
<NUMBER-OF-SHARES-REDEEMED> 840,690,877
<SHARES-REINVESTED> 2,936,491
<NET-CHANGE-IN-ASSETS> 20,508,773
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 718,045
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,128,710
<AVERAGE-NET-ASSETS> 179,511,165
<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> 0.63
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 071
<NAME> Tower Mutual Funds
Tower Mid-Cap Equity Fund
Class A Shares
<PERIOD-TYPE> 2-mos
<FISCAL-YEAR-END> Aug-31-1998
<PERIOD-END> Aug-31-1998
<INVESTMENTS-AT-COST> 17,073,275
<INVESTMENTS-AT-VALUE> 13,941,941
<RECEIVABLES> 21,135
<ASSETS-OTHER> 35,099
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 13,998,175
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 9,798
<TOTAL-LIABILITIES> 9,798
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 17,119,711
<SHARES-COMMON-STOCK> 1,648,740
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (3,131,334)
<NET-ASSETS> 13,421,824
<DIVIDEND-INCOME> 20,776
<INTEREST-INCOME> 9,178
<OTHER-INCOME> 0
<EXPENSES-NET> 40,596
<NET-INVESTMENT-INCOME> (10,642)
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> (3,131,334)
<NET-CHANGE-FROM-OPS> (3,141,976)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 88,819
<NUMBER-OF-SHARES-REDEEMED> 32,017
<SHARES-REINVESTED> 1,591,938
<NET-CHANGE-IN-ASSETS> 13,988,377
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 15,872
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 44,889
<AVERAGE-NET-ASSETS> 15,226,230
<PER-SHARE-NAV-BEGIN> 10.000
<PER-SHARE-NII> (0.010)
<PER-SHARE-GAIN-APPREC> (1.850)
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 8.140
<EXPENSE-RATIO> 1.89
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 072
<NAME> Tower Mutual Funds
Tower Mid-Cap Equity Fund
Class B Shares
<PERIOD-TYPE> 2-mos
<FISCAL-YEAR-END> Aug-31-1998
<PERIOD-END> Aug-31-1998
<INVESTMENTS-AT-COST> 17,073,275
<INVESTMENTS-AT-VALUE> 13,941,941
<RECEIVABLES> 21,135
<ASSETS-OTHER> 35,099
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 13,998,175
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 9,798
<TOTAL-LIABILITIES> 9,798
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 17,119,711
<SHARES-COMMON-STOCK> 69,652
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (3,131,334)
<NET-ASSETS> 566,553
<DIVIDEND-INCOME> 20,776
<INTEREST-INCOME> 9,178
<OTHER-INCOME> 0
<EXPENSES-NET> 40,596
<NET-INVESTMENT-INCOME> (10,642)
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> (3,131,334)
<NET-CHANGE-FROM-OPS> (3,141,976)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 69,657
<NUMBER-OF-SHARES-REDEEMED> 5
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 13,988,377
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 15,872
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 44,889
<AVERAGE-NET-ASSETS> 15,226,230
<PER-SHARE-NAV-BEGIN> 10.000
<PER-SHARE-NII> (0.010)
<PER-SHARE-GAIN-APPREC> (1.860)
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 8.130
<EXPENSE-RATIO> 2.76
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
