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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 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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070 E010400 N
070 E020400 N
070 F010400 N
070 F020400 N
070 G010400 Y
070 G020400 N
<PAGE> PAGE 21
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 11879
071 B000400 9358
071 C000400 58939
071 D000400 16
072 A000400 6
072 B000400 2037
072 C000400 0
072 D000400 0
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<PAGE> PAGE 22
072 Z000400 1809
072AA000400 252
072BB000400 18
072CC010400 844
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074 A000400 0
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074 C000400 0
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074 E000400 0
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074 L000400 906
074 M000400 0
074 N000400 62792
074 O000400 997
074 P000400 0
074 Q000400 0
074 R010400 0
074 R020400 0
074 R030400 0
074 R040400 595
074 S000400 0
074 T000400 61200
074 U010400 6024
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074 W000400 0.0000
074 X000400 781
074 Y000400 0
075 A000400 0
075 B000400 60088
076 000400 0.00
028 A010500 753
028 A020500 245
028 A030500 0
028 A040500 2136
028 B010500 1591
028 B020500 252
<PAGE> PAGE 23
028 B030500 0
028 B040500 661
028 C010500 1805
028 C020500 660
028 C030500 0
028 C040500 2585
028 D010500 1983
028 D020500 207
028 D030500 0
028 D040500 1795
028 E010500 630
028 E020500 290
028 E030500 0
028 E040500 708
028 F010500 2480
028 F020500 255
028 F030500 0
028 F040500 533
028 G010500 9242
028 G020500 1909
028 G030500 0
028 G040500 8418
028 H000500 9199
029 000500 Y
030 A000500 0
030 B000500 3.00
030 C000500 0.25
031 A000500 0
031 B000500 0
032 000500 0
033 000500 0
034 000500 N
035 000500 0
036 B000500 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 91
044 000500 0
045 000500 Y
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<PAGE> PAGE 24
047 000500 Y
048 000500 0.700
048 A010500 0
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048 B010500 0
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048 C010500 0
048 C020500 0.000
048 D010500 0
048 D020500 0.000
048 E010500 0
048 E020500 0.000
048 F010500 0
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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 Y
053 B000500 Y
053 C000500 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 1.4
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 49.8
062 N000500 17.1
062 O000500 2.7
<PAGE> PAGE 25
062 P000500 27.6
062 Q000500 0.0
062 R000500 0.0
063 A000500 0
063 B000500 7.3
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 16331
071 B000500 9037
071 C000500 67412
<PAGE> PAGE 26
071 D000500 13
072 A000500 6
072 B000500 2525
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072 Z000500 2079
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072BB000500 24
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072DD010500 2073
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072EE000500 473
073 A010500 0.2900
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074 B000500 1054
074 C000500 0
074 D000500 73435
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<PAGE> PAGE 27
074 N000500 75621
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075 A000500 0
075 B000500 72988
076 000500 0.00
028 A010600 35644
028 A020600 243
028 A030600 0
028 A040600 36978
028 B010600 68414
028 B020600 260
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028 B040600 53578
028 C010600 24715
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028 D010600 60701
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028 D040600 59049
028 E010600 66289
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028 E040600 61387
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028 G010600 300389
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028 G040600 295416
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<PAGE> PAGE 28
030 B000600 0.00
030 C000600 0.00
031 A000600 0
031 B000600 0
032 000600 0
033 000600 0
034 000600 N
035 000600 0
036 B000600 0
037 000600 N
038 000600 0
039 000600 N
040 000600 Y
041 000600 N
042 A000600 0
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042 D000600 0
042 E000600 0
042 F000600 0
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042 H000600 0
043 000600 0
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045 000600 Y
046 000600 N
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<PAGE> PAGE 29
050 000600 N
051 000600 N
052 000600 N
053 A000600 N
058 A000600 N
059 000600 Y
060 A000600 Y
060 B000600 Y
061 000600 1000
062 A000600 Y
062 B000600 59.9
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062 D000600 46.3
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062 O000600 0.0
062 P000600 0.0
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062 R000600 0.0
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 B020600 N
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070 C020600 N
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070 E020600 N
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<PAGE> PAGE 30
070 H020600 N
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070 J020600 N
070 K010600 N
070 K020600 N
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070 L020600 N
070 M010600 N
070 M020600 N
070 N010600 N
070 N020600 N
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070 Q020600 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> 011
<NAME> Tower Funds
Tower Capital Appreciation Fund
Class A Shares
<PERIOD-TYPE> 6-mos
<FISCAL-YEAR-END> Aug-31-1998
<PERIOD-END> Feb-28-1998
<INVESTMENTS-AT-COST> 205,794,063
<INVESTMENTS-AT-VALUE> 324,231,872
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<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 325,249,333
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<OTHER-ITEMS-LIABILITIES> 858,573
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<SHARES-COMMON-STOCK> 13,486,673
<SHARES-COMMON-PRIOR> 12,648,630
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (18,769)
<ACCUMULATED-NET-GAINS> 17,813,012
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 118,437,809
<NET-ASSETS> 316,070,974
<DIVIDEND-INCOME> 2,444,834
<INTEREST-INCOME> 90,226
<OTHER-INCOME> 0
<EXPENSES-NET> 1,875,963
<NET-INVESTMENT-INCOME> 659,097
<REALIZED-GAINS-CURRENT> 22,658,509
<APPREC-INCREASE-CURRENT> 23,062,472
<NET-CHANGE-FROM-OPS> 46,380,078
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 667,439
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 934,044
<NUMBER-OF-SHARES-REDEEMED> 1,236,122
<SHARES-REINVESTED> 1,140,121
<NET-CHANGE-IN-ASSETS> 36,716,234
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 25,830,431
<OVERDISTRIB-NII-PRIOR> (10,427)
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</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 012
<NAME> Tower Funds
Tower Capital Appreciation Fund
Class B Shares
<PERIOD-TYPE> 6-mos
<FISCAL-YEAR-END> Aug-31-1998
<PERIOD-END> Feb-28-1998
<INVESTMENTS-AT-COST> 205,794,063
<INVESTMENTS-AT-VALUE> 324,231,872
<RECEIVABLES> 1,017,461
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
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<OTHER-ITEMS-LIABILITIES> 858,573
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<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 188,158,708
<SHARES-COMMON-STOCK> 356,468
<SHARES-COMMON-PRIOR> 207,623
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (18,769)
<ACCUMULATED-NET-GAINS> 17,813,012
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 118,437,809
<NET-ASSETS> 8,319,786
<DIVIDEND-INCOME> 2,444,834
<INTEREST-INCOME> 90,226
<OTHER-INCOME> 0
<EXPENSES-NET> 1,875,963
<NET-INVESTMENT-INCOME> 659,097
<REALIZED-GAINS-CURRENT> 22,658,509
<APPREC-INCREASE-CURRENT> 23,062,472
<NET-CHANGE-FROM-OPS> 46,380,078
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 30,675,928
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 130,570
<NUMBER-OF-SHARES-REDEEMED> 10,196
<SHARES-REINVESTED> 28,471
<NET-CHANGE-IN-ASSETS> 36,716,234
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 25,830,431
<OVERDISTRIB-NII-PRIOR> (10,427)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,131,216
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,875,963
<AVERAGE-NET-ASSETS> 302,953,856
<PER-SHARE-NAV-BEGIN> 22.320
<PER-SHARE-NII> (0.020)
<PER-SHARE-GAIN-APPREC> 3.380
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> 2.340
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 23.340
<EXPENSE-RATIO> 1.98
<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> 6-mos
<FISCAL-YEAR-END> Aug-31-1998
<PERIOD-END> Feb-28-1998
<INVESTMENTS-AT-COST> 155,529,303
<INVESTMENTS-AT-VALUE> 155,529,303
<RECEIVABLES> 265,112
<ASSETS-OTHER> 295,571
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 156,089,986
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 598,862
<TOTAL-LIABILITIES> 598,862
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 155,491,124
<SHARES-COMMON-STOCK> 155,491,124
<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> 155,491,124
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 4,881,765
<OTHER-INCOME> 0
<EXPENSES-NET> 767,431
<NET-INVESTMENT-INCOME> 4,114,334
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<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 4,114,334
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4,114,334
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 280,870,210
<NUMBER-OF-SHARES-REDEEMED> 276,598,180
<SHARES-REINVESTED> 841,726
<NET-CHANGE-IN-ASSETS> 5,113,756
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 346,500
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 767,431
<AVERAGE-NET-ASSETS> 174,688,208
<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> 0.89
<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> 6-mos
<FISCAL-YEAR-END> Aug-31-1998
<PERIOD-END> Feb-28-1998
<INVESTMENTS-AT-COST> 93,047,001
<INVESTMENTS-AT-VALUE> 99,397,648
<RECEIVABLES> 1,414,086
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 100,811,734
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 738,486
<TOTAL-LIABILITIES> 738,486
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 93,352,198
<SHARES-COMMON-STOCK> 8,776,127
<SHARES-COMMON-PRIOR> 9,052,425
<ACCUMULATED-NII-CURRENT> 35,927
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 334,476
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 6,350,647
<NET-ASSETS> 100,073,248
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,849,233
<OTHER-INCOME> 0
<EXPENSES-NET> 337,899
<NET-INVESTMENT-INCOME> 2,511,334
<REALIZED-GAINS-CURRENT> 565,081
<APPREC-INCREASE-CURRENT> 1,648,792
<NET-CHANGE-FROM-OPS> 4,725,207
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,494,634
<DISTRIBUTIONS-OF-GAINS> 460,469
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 280,994
<NUMBER-OF-SHARES-REDEEMED> 652,839
<SHARES-REINVESTED> 95,547
<NET-CHANGE-IN-ASSETS> (1,368,215)
<ACCUMULATED-NII-PRIOR> 19,227
<ACCUMULATED-GAINS-PRIOR> 229,862
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 226,208
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 378,114
<AVERAGE-NET-ASSETS> 100,964,562
<PER-SHARE-NAV-BEGIN> 11.210
<PER-SHARE-NII> 0.280
<PER-SHARE-GAIN-APPREC> 0.240
<PER-SHARE-DIVIDEND> 0.280
<PER-SHARE-DISTRIBUTIONS> 0.050
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 11.400
<EXPENSE-RATIO> 0.67
<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> 6-mos
<FISCAL-YEAR-END> Aug-31-1998
<PERIOD-END> Feb-28-1998
<INVESTMENTS-AT-COST> 60,365,291
<INVESTMENTS-AT-VALUE> 61,885,651
<RECEIVABLES> 906,698
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 62,792,349
<PAYABLE-FOR-SECURITIES> 997,500
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 595,158
<TOTAL-LIABILITIES> 1,592,658
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<PAID-IN-CAPITAL-COMMON> 63,361,504
<SHARES-COMMON-STOCK> 6,023,843
<SHARES-COMMON-PRIOR> 5,958,120
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (23,238)
<ACCUMULATED-NET-GAINS> (3,658,935)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,520,360
<NET-ASSETS> 61,199,691
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,037,381
<OTHER-INCOME> 0
<EXPENSES-NET> 228,358
<NET-INVESTMENT-INCOME> 1,809,023
<REALIZED-GAINS-CURRENT> 233,583
<APPREC-INCREASE-CURRENT> 844,101
<NET-CHANGE-FROM-OPS> 2,886,707
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,802,456
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 400,213
<NUMBER-OF-SHARES-REDEEMED> 361,529
<SHARES-REINVESTED> 27,039
<NET-CHANGE-IN-ASSETS> 1,761,818
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (3,892,518)
<OVERDISTRIB-NII-PRIOR> 29,805
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 134,034
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 246,229
<AVERAGE-NET-ASSETS> 60,088,430
<PER-SHARE-NAV-BEGIN> 9.980
<PER-SHARE-NII> 0.300
<PER-SHARE-GAIN-APPREC> 0.180
<PER-SHARE-DIVIDEND> 0.300
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.160
<EXPENSE-RATIO> 0.77
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 05
<NAME> Tower Funds
Tower Total Return Bond Fund
<PERIOD-TYPE> 6-mos
<FISCAL-YEAR-END> Aug-31-1998
<PERIOD-END> Feb-28-1998
<INVESTMENTS-AT-COST> 73,098,563
<INVESTMENTS-AT-VALUE> 74,488,730
<RECEIVABLES> 1,123,976
<ASSETS-OTHER> 8,179
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 75,620,885
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 141,747
<TOTAL-LIABILITIES> 141,747
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 74,098,653
<SHARES-COMMON-STOCK> 7,456,938
<SHARES-COMMON-PRIOR> 7,190,338
<ACCUMULATED-NII-CURRENT> 7,613
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (17,295)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,390,167
<NET-ASSETS> 75,479,138
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,524,658
<OTHER-INCOME> 0
<EXPENSES-NET> 445,654
<NET-INVESTMENT-INCOME> 2,079,004
<REALIZED-GAINS-CURRENT> 390,193
<APPREC-INCREASE-CURRENT> 956,651
<NET-CHANGE-FROM-OPS> 3,425,848
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,073,105
<DISTRIBUTIONS-OF-GAINS> 472,991
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 910,191
<NUMBER-OF-SHARES-REDEEMED> 832,645
<SHARES-REINVESTED> 189,054
<NET-CHANGE-IN-ASSETS> 3,612,319
<ACCUMULATED-NII-PRIOR> 1,714
<ACCUMULATED-GAINS-PRIOR> 65,503
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 253,442
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 457,313
<AVERAGE-NET-ASSETS> 72,988,487
<PER-SHARE-NAV-BEGIN> 9.990
<PER-SHARE-NII> 0.290
<PER-SHARE-GAIN-APPREC> 0.200
<PER-SHARE-DIVIDEND> 0.290
<PER-SHARE-DISTRIBUTIONS> 0.070
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.120
<EXPENSE-RATIO> 1.23
<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> 6-mos
<FISCAL-YEAR-END> Aug-31-1998
<PERIOD-END> Feb-28-1998
<INVESTMENTS-AT-COST> 170,834,644
<INVESTMENTS-AT-VALUE> 170,834,644
<RECEIVABLES> 544,114
<ASSETS-OTHER> 9,379
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 171,388,137
<PAYABLE-FOR-SECURITIES> 4,967,244
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 5,587,933
<TOTAL-LIABILITIES> 10,555,177
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 160,832,960
<SHARES-COMMON-STOCK> 160,832,960
<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> 160,832,960
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 4,227,071
<OTHER-INCOME> 0
<EXPENSES-NET> 508,349
<NET-INVESTMENT-INCOME> 3,718,722
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 3,718,722
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3,718,722
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 300,388,897
<NUMBER-OF-SHARES-REDEEMED> 295,415,928
<SHARES-REINVESTED> 1,235,844
<NET-CHANGE-IN-ASSETS> 6,208,813
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 312,040
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 508,349
<AVERAGE-NET-ASSETS> 157,312,707
<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> 0.65
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
