TOWER MUTUAL FUNDS
SUPPLEMENT TO THE COMBINED PROSPECTUS DATED DECEMBER 31, 1994
We are pleased to announce that Jeffrey R. Tanguis is now the portfolio
manager of the Tower Total Return Bond Fund. Accordingly, please delete the
fifth and sixth paragraphs of the sub-section entitled "Adviser's
Background" which begins on page 30 and insert the following as the fifth
paragraph:
Jeffrey R. Tanguis has been the Louisiana Municipal Income Bond Fund's and
the U.S. Government Income Fund's portfolio manager since 1988 and 1992,
respectively. Mr. Tanguis began to manage the Total Return Bond Fund in
1995. Mr. Tanguis joined Hibernia in 1984 and is currently a Vice-President
and Trust Investment Officer of Hibernia. During the period 1982 to 1984,
Mr. Tanguis worked for a major Wall Street brokerage firm. Mr. Tanguis
received a B.S. from Louisiana State University.
May 25, 1995
FEDERATED SECURITIES CORP.
Distributor
A subsidiary of Federated Investors
Federated Investors Tower
Pittsburgh, PA 15222-3779
891836108
891836207
891836306
891836504
891836405
891836603
G01034-02(5/95)
