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<PAGE> PAGE 2
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<PAGE> PAGE 3
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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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050 000400 N
051 000400 N
052 000400 N
053 A000400 Y
053 B000400 Y
053 C000400 N
055 A000400 N
055 B000400 N
056 000400 Y
057 000400 N
<PAGE> PAGE 21
058 A000400 N
059 000400 Y
060 A000400 Y
060 B000400 Y
061 000400 1000
062 A000400 Y
062 B000400 0.0
062 C000400 0.0
062 D000400 2.4
062 E000400 0.0
062 F000400 0.0
062 G000400 0.0
062 H000400 0.0
062 I000400 0.0
062 J000400 0.0
062 K000400 0.0
062 L000400 0.0
062 M000400 39.8
062 N000400 52.8
062 O000400 0.0
062 P000400 0.0
062 Q000400 4.5
062 R000400 0.0
063 A000400 0
063 B000400 13.7
064 A000400 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
<PAGE> PAGE 22
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 19820
071 B000400 33005
071 C000400 75957
071 D000400 26
072 A000400 12
072 B000400 5842
072 C000400 0
072 D000400 0
072 E000400 0
072 F000400 354
072 G000400 104
072 H000400 0
072 I000400 40
072 J000400 46
072 K000400 0
072 L000400 14
072 M000400 4
072 N000400 11
072 O000400 0
072 P000400 0
072 Q000400 26
072 R000400 14
072 S000400 7
072 T000400 0
072 U000400 0
072 V000400 0
072 W000400 11
072 X000400 631
072 Y000400 47
072 Z000400 5258
072AA000400 4
072BB000400 643
072CC010400 0
072CC020400 2703
072DD010400 5208
<PAGE> PAGE 23
072DD020400 0
072EE000400 286
073 A010400 0.6890
073 A020400 0.0000
073 B000400 0.0353
073 C000400 0.0000
074 A000400 0
074 B000400 1625
074 C000400 0
074 D000400 65109
074 E000400 0
074 F000400 0
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074 L000400 607
074 M000400 0
074 N000400 67341
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074 R010400 0
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074 R040400 290
074 S000400 0
074 T000400 67051
074 U010400 6762
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074 W000400 0.0000
074 X000400 1160
074 Y000400 0
075 A000400 0
075 B000400 78593
076 000400 0.00
015 A000501 HIBERNIA NATIONAL BANK
015 B000501 C
015 C010501 NEW ORLEANS
015 C020501 LA
015 C030501 70130
015 E030501 X
015 A000502 MARINE MIDLAND BANK
015 B000502 S
015 C010502 NEW YORK
015 C020502 NY
015 C030502 10015
015 E010502 X
<PAGE> PAGE 24
028 A010500 4776
028 A020500 415
028 A030500 0
028 A040500 396
028 B010500 856
028 B020500 279
028 B030500 0
028 B040500 310
028 C010500 8547
028 C020500 278
028 C030500 0
028 C040500 187
028 D010500 452
028 D020500 311
028 D030500 0
028 D040500 1658
028 E010500 601
028 E020500 310
028 E030500 0
028 E040500 2181
028 F010500 1267
028 F020500 297
028 F030500 0
028 F040500 1931
028 G010500 16499
028 G020500 1890
028 G030500 0
028 G040500 6663
028 H000500 0
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
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042 B000500 0
042 C000500 100
042 D000500 0
042 E000500 0
042 F000500 0
042 G000500 0
042 H000500 0
043 000500 60
<PAGE> PAGE 25
044 000500 0
045 000500 Y
046 000500 N
047 000500 Y
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048 A010500 0
048 A020500 0.000
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
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 13.4
062 E000500 0.0
062 F000500 0.0
062 G000500 0.0
062 H000500 0.0
062 I000500 0.0
062 J000500 0.0
<PAGE> PAGE 26
062 K000500 0.0
062 L000500 0.0
062 M000500 59.4
062 N000500 13.4
062 O000500 0.0
062 P000500 13.2
062 Q000500 0.0
062 R000500 0.0
063 A000500 0
063 B000500 10.9
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
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
<PAGE> PAGE 27
070 R020500 N
071 A000500 63780
071 B000500 59621
071 C000500 62340
071 D000500 96
072 A000500 12
072 B000500 4401
072 C000500 0
072 D000500 0
072 E000500 0
072 F000500 451
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072 H000500 0
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072 J000500 53
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072 M000500 4
072 N000500 20
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072 R000500 14
072 S000500 6
072 T000500 61
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072 W000500 11
072 X000500 780
072 Y000500 0
072 Z000500 3621
072AA000500 0
072BB000500 1408
072CC010500 0
072CC020500 3658
072DD010500 3663
072DD020500 0
072EE000500 136
073 A010500 0.5740
073 A020500 0.0000
073 B000500 0.0240
073 C000500 0.0000
074 A000500 1
074 B000500 9660
074 C000500 0
074 D000500 62029
074 E000500 0
074 F000500 0
074 G000500 0
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<PAGE> PAGE 28
074 J000500 0
074 K000500 0
074 L000500 469
074 M000500 3
074 N000500 72162
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074 P000500 0
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074 R030500 0
074 R040500 74
074 S000500 0
074 T000500 72088
074 U010500 7481
074 U020500 0
074 V010500 9.64
074 V020500 0.00
074 W000500 0.0000
074 X000500 34
074 Y000500 0
075 A000500 0
075 B000500 65146
076 000500 0.00
015 A000601 HIBERNIA NATIONAL BANK
015 B000601 C
015 C010601 NEW ORLEANS
015 C020601 LA
015 C030601 70130
015 E030601 X
028 A010600 11104
028 A020600 4
028 A030600 0
028 A040600 8893
028 B010600 13147
028 B020600 8
028 B030600 0
028 B040600 7890
028 C010600 10722
028 C020600 9
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028 C040600 12783
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028 D040600 14536
028 E010600 19411
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028 E040600 14249
028 F010600 8264
<PAGE> PAGE 29
028 F020600 15
028 F030600 0
028 F040600 9419
028 G010600 70837
028 G020600 60
028 G030600 0
028 G040600 67770
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029 000600 N
030 A000600 0
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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
048 000600 0.400
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048 B010600 0
048 B020600 0.000
048 C010600 0
048 C020600 0.000
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048 D020600 0.000
048 E010600 0
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<PAGE> PAGE 30
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 Y
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 60.7
062 C000600 0.0
062 D000600 39.6
062 E000600 0.0
062 F000600 0.0
062 G000600 0.0
062 H000600 0.0
062 I000600 0.0
062 J000600 0.0
062 K000600 0.0
062 L000600 0.0
062 M000600 0.0
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062 O000600 0.0
062 P000600 0.0
062 Q000600 0.0
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
<PAGE> PAGE 31
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
071 A000600 0
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072 B000600 1444
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<PAGE> PAGE 32
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074 B000600 17849
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<PAGE> PAGE 33
074 X000600 72
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075 A000600 41028
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SIGNATURE S. ELLIOTT COHAN
TITLE ASST. GEN. COUNSEL
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 1
<NAME> TOWER LOUISANA MUNICPAL INCOME FUND
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> AUG-31-1994
<PERIOD-END> AUG-31-1994
<INVESTMENTS-AT-COST> 76,558,042
<INVESTMENTS-AT-VALUE> 77,623,978
<RECEIVABLES> 1,541,883
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<TOTAL-ASSETS> 79,968,439
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 270,537
<TOTAL-LIABILITIES> 270,537
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 78,075,939
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<SHARES-COMMON-PRIOR> 7,404,215
<ACCUMULATED-NII-CURRENT> 1,143
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 554,884
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,065,936
<NET-ASSETS> 79,697,902
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 5,085,444
<OTHER-INCOME> 0
<EXPENSES-NET> 608,881
<NET-INVESTMENT-INCOME> 4,476,563
<REALIZED-GAINS-CURRENT> 563,347
<APPREC-INCREASE-CURRENT> (5,870,977)
<NET-CHANGE-FROM-OPS> (831,067)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4,509,430
<DISTRIBUTIONS-OF-GAINS> 789,175
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,535,457
<NUMBER-OF-SHARES-REDEEMED> 1,823,703
<SHARES-REINVESTED> 247,317
<NET-CHANGE-IN-ASSETS> (6,216,189)
<ACCUMULATED-NII-PRIOR> 34,010
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<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 384,286
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 677,199
<AVERAGE-NET-ASSETS> 85,078,380
<PER-SHARE-NAV-BEGIN> 11.600
<PER-SHARE-NII> .590
<PER-SHARE-GAIN-APPREC> (.680)
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 2
<NAME> TOWER CASH RESERVE FUND
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> AUG-31-1994
<PERIOD-END> AUG-31-1994
<INVESTMENTS-AT-COST> 184,476,545
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<TOTAL-ASSETS> 184,502,676
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<OTHER-ITEMS-LIABILITIES> 580,693
<TOTAL-LIABILITIES> 580,693
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 183,921,983
<SHARES-COMMON-STOCK> 183,921,983
<SHARES-COMMON-PRIOR> 154,051,676
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 183,921,983
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 6,166,995
<OTHER-INCOME> 0
<EXPENSES-NET> 1,543,777
<NET-INVESTMENT-INCOME> 4,623,218
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 4,623,218
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4,623,218
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 356,956,748
<NUMBER-OF-SHARES-REDEEMED> 327,702,458
<SHARES-REINVESTED> 616,017
<NET-CHANGE-IN-ASSETS> 29,870,307
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 681,321
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,543,777
<AVERAGE-NET-ASSETS> 170,330,263
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> .030
<PER-SHARE-GAIN-APPREC> .000
<PER-SHARE-DIVIDEND> .030
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 91
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 3
<NAME> TOWER CAPITAL APPRECIATION FUND
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> AUG-31-1994
<PERIOD-END> AUG-31-1994
<INVESTMENTS-AT-COST> 125,926,892
<INVESTMENTS-AT-VALUE> 138,768,663
<RECEIVABLES> 435,189
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 139,203,852
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 123,062
<TOTAL-LIABILITIES> 123,062
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 124,846,774
<SHARES-COMMON-STOCK> 10,068,611
<SHARES-COMMON-PRIOR> 9,642,355
<ACCUMULATED-NII-CURRENT> 157,750
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,234,495
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 12,841,771
<NET-ASSETS> 139,080,790
<DIVIDEND-INCOME> 3,756,293
<INTEREST-INCOME> 92,459
<OTHER-INCOME> 0
<EXPENSES-NET> 1,517,807
<NET-INVESTMENT-INCOME> 2,330,945
<REALIZED-GAINS-CURRENT> 5,052,026
<APPREC-INCREASE-CURRENT> (1,535,597)
<NET-CHANGE-FROM-OPS> 5,847,374
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,486,403
<DISTRIBUTIONS-OF-GAINS> 10,874,905
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,813,334
<NUMBER-OF-SHARES-REDEEMED> 2,161,249
<SHARES-REINVESTED> 774,171
<NET-CHANGE-IN-ASSETS> (1,726,881)
<ACCUMULATED-NII-PRIOR> 313,208
<ACCUMULATED-GAINS-PRIOR> 7,057,374
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,048,592
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,517,807
<AVERAGE-NET-ASSETS> 139,384,195
<PER-SHARE-NAV-BEGIN> 14.600
<PER-SHARE-NII> .230
<PER-SHARE-GAIN-APPREC> .360
<PER-SHARE-DIVIDEND> .250
<PER-SHARE-DISTRIBUTIONS> 1.130
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 13.810
<EXPENSE-RATIO> 109
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 4
<NAME> TOWER TOTAL RETURN BOND FUND
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> AUG-31-1994
<PERIOD-END> AUG-31-1994
<INVESTMENTS-AT-COST> 72,563,316
<INVESTMENTS-AT-VALUE> 71,689,008
<RECEIVABLES> 469,185
<ASSETS-OTHER> 3,610
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 72,161,803
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 73,616
<TOTAL-LIABILITIES> 73,616
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 74,346,264
<SHARES-COMMON-STOCK> 7,481,164
<SHARES-COMMON-PRIOR> 6,064,841
<ACCUMULATED-NII-CURRENT> 24,782
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,408,551)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (874,308)
<NET-ASSETS> 72,088,187
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 4,400,306
<OTHER-INCOME> 0
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<NAME> TOWER U.S. GOVERNMENT INCOME FUND
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<SERIES>
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<NAME> TOWER U.S. TREASURY MONEY MARKET FUND
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