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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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041 000400 N
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042 C000400 0
042 D000400 0
042 E000400 0
042 F000400 0
<PAGE> PAGE 21
042 G000400 0
042 H000400 0
043 000400 0
044 000400 0
045 000400 Y
046 000400 N
047 000400 Y
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048 A020400 0.000
048 B010400 0
048 B020400 0.000
048 C010400 0
048 C020400 0.000
048 D010400 0
048 D020400 0.000
048 E010400 0
048 E020400 0.000
048 F010400 0
048 F020400 0.000
048 G010400 0
048 G020400 0.000
048 H010400 0
048 H020400 0.000
048 I010400 0
048 I020400 0.000
048 J010400 0
048 J020400 0.000
048 K010400 0
048 K020400 0.000
049 000400 N
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
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 9.6
062 E000400 0.0
<PAGE> PAGE 22
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 21.6
062 N000400 63.9
062 O000400 0.0
062 P000400 0.0
062 Q000400 0.0
062 R000400 0.0
063 A000400 0
063 B000400 13.6
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
<PAGE> PAGE 23
070 O020400 N
070 P010400 Y
070 P020400 N
070 Q010400 N
070 Q020400 N
070 R010400 N
070 R020400 N
071 A000400 0
071 B000400 21246
071 C000400 56175
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072 A000400 6
072 B000400 2144
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072 R000400 7
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072 Z000400 1916
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<PAGE> PAGE 24
074 D000400 40709
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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 DEPOSITORY TRUST COMPANY
015 B000502 S
015 C010502 NEW YORK
015 C020502 NY
015 C030502 10041
015 E010502 X
015 A000503 MARINE MIDLAND BANK
015 B000503 S
015 C010503 NEW YORK
015 C020503 NY
015 C030503 10015
015 E010503 X
015 A000504 FEDERAL RESERVE BANK
015 B000504 S
015 C010504 NASHVILLE
<PAGE> PAGE 25
015 C020504 TN
015 C030504 37203
015 E010504 X
024 000500 N
025 D000501 0
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028 G020500 1839
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028 G040500 6060
028 H000500 8453
029 000500 Y
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031 B000500 0
032 000500 0
033 000500 0
037 000500 N
038 000500 0
<PAGE> PAGE 26
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 89
044 000500 0
045 000500 Y
046 000500 N
047 000500 Y
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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
<PAGE> PAGE 27
060 B000500 Y
061 000500 1000
062 A000500 Y
062 B000500 0.0
062 C000500 0.0
062 D000500 13.1
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 59.7
062 N000500 12.3
062 O000500 0.0
062 P000500 14.4
062 Q000500 0.0
062 R000500 0.0
063 A000500 0
063 B000500 10.6
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
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
<PAGE> PAGE 28
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 24917
071 B000500 21182
071 C000500 65000
071 D000500 32
072 A000500 6
072 B000500 2520
072 C000500 0
072 D000500 0
072 E000500 0
072 F000500 250
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072 J000500 9
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072 L000500 8
072 M000500 2
072 N000500 7
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072 R000500 7
072 S000500 3
072 T000500 89
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072BB000500 992
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072DD010500 0
072DD020500 1995
072EE000500 0
<PAGE> PAGE 29
073 A010500 0.2600
073 A020500 0.0000
073 B000500 0.0000
073 C000500 0.0000
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074 B000500 10007
074 C000500 0
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074 M000500 2
074 N000500 76411
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074 X000500 30
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075 A000500 0
075 B000500 71773
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
015 A000602 FEDERAL RESERVE BANK
015 B000602 S
015 C010602 NASHVILLE
015 C020602 TN
015 C030602 37203
015 E010602 X
024 000600 N
025 D000601 0
<PAGE> PAGE 30
025 D000602 0
025 D000603 0
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025 D000606 0
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028 F040600 9270
028 G010600 128025
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028 G040600 90775
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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
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<PAGE> PAGE 31
042 C000600 0
042 D000600 0
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046 000600 N
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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 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
<PAGE> PAGE 32
062 B000600 55.2
062 C000600 0.0
062 D000600 45.2
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
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062 M000600 0.0
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062 O000600 0.0
062 P000600 0.0
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063 A000600 39
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
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
<PAGE> PAGE 33
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 34
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SIGNATURE S. ELLIOTT COHAN
TITLE ASST. GEN. COUNSEL
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 1
<NAME> TOWER CAPITAL APPRECIATION FUND
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<PERIOD-END> Feb-28-1995
<INVESTMENTS-AT-COST> 123,742,466
<INVESTMENTS-AT-VALUE> 137,832,143
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<DISTRIBUTIONS-OF-GAINS> (2,669,232)
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</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 2
<NAME> TOWER CASH RESERVE FUND
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<FISCAL-YEAR-END> Aug-31-1995
<PERIOD-END> Feb-28-1995
<INVESTMENTS-AT-COST> 223,002,053
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<SHARES-COMMON-STOCK> 217,400,539
<SHARES-COMMON-PRIOR> 183,921,983
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<OVERDISTRIBUTION-NII> 0
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<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 217,400,539
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 5,415,910
<OTHER-INCOME> 0
<EXPENSES-NET> 872,888
<NET-INVESTMENT-INCOME> 4,543,022
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<NET-CHANGE-FROM-OPS> 4,543,022
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<DISTRIBUTIONS-OF-INCOME> 4,543,022
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<NUMBER-OF-SHARES-SOLD> 158,499,135
<NUMBER-OF-SHARES-REDEEMED> 125,626,360
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<ACCUMULATED-NII-PRIOR> 0
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<OVERDIST-NET-GAINS-PRIOR> 0
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<GROSS-EXPENSE> 872,888
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<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.020
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<EXPENSE-RATIO> 87
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</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 3
<NAME> TOWER LOUISIANA MUNICIPAL INCOME FUND
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<FISCAL-YEAR-END> Aug-31-1995
<PERIOD-END> Feb-28-1995
<INVESTMENTS-AT-COST> 66,577,840
<INVESTMENTS-AT-VALUE> 68,000,775
<RECEIVABLES> 996,885
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<TOTAL-LIABILITIES> 200,206
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 68,641,656
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<ACCUMULATED-NII-CURRENT> 46,439
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<ACCUMULATED-NET-GAINS> (607,632)
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<EXPENSES-NET> 279,283
<NET-INVESTMENT-INCOME> 2,000,437
<REALIZED-GAINS-CURRENT> (598,940)
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<DISTRIBUTIONS-OF-GAINS> 563,576
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<SHARES-REINVESTED> 147,557
<NET-CHANGE-IN-ASSETS> (10,194,504)
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<ACCUMULATED-GAINS-PRIOR> 554,884
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<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 158,045
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<GROSS-EXPENSE> 307,380
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<PER-SHARE-NAV-BEGIN> 10.820
<PER-SHARE-NII> 0.300
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<EXPENSE-RATIO> 80
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<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 4
<NAME> TOWER TOTAL RETURN BOND FUND
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> Aug-31-1995
<PERIOD-END> Feb-28-1995
<INVESTMENTS-AT-COST> 75,883,913
<INVESTMENTS-AT-VALUE> 75,984,632
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</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 5
<NAME> TOWER U.S. GOVERNMENT INCOME FUND
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> Aug-31-1995
<PERIOD-END> Feb-28-1995
<INVESTMENTS-AT-COST> 46,565,312
<INVESTMENTS-AT-VALUE> 45,299,420
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<NET-INVESTMENT-INCOME> 1,915,914
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<NUMBER-OF-SHARES-SOLD> 128,916
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<ACCUMULATED-GAINS-PRIOR> (757,964)
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<PER-SHARE-NII> 0.360
<PER-SHARE-GAIN-APPREC> (0.060)
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<AVG-DEBT-OUTSTANDING> 0
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</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 6
<NAME> TOWER U.S. TREASURY MONEY MARKET FUND
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<FISCAL-YEAR-END> Aug-31-1995
<PERIOD-END> Feb-28-1995
<INVESTMENTS-AT-COST> 82,725,666
<INVESTMENTS-AT-VALUE> 82,725,666
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<SENIOR-LONG-TERM-DEBT> 0
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<TOTAL-LIABILITIES> 289,553
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<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 82,454,053
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<NET-INVESTMENT-INCOME> 1,632,930
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<OVERDIST-NET-GAINS-PRIOR> 0
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<GROSS-EXPENSE> 248,291
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<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.020
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<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 50
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<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
