Tower Mutual Funds
Supplement to the Combined Prospectus dated December 31, 1994
Please delete the fourth paragraph of the sub-section entitled "Adviser's
Background" which begins on page 30 and replace it with the following
information:
John A. Cain became the Tower Capital Appreciation Fund's portfolio manager
on March 1, 1995. Mr. Cain is a Vice President and Trust Investment Officer
specializing in equity and balanced account management. Mr. Cain is the
investment manager of Hibernia Trust's Growth Stock Fund. He has 36 years
of investment management experience both in the brokerage and trust
industries. He earned his B.B.A. from the University of Mississippi.
March 1, 1995
FEDERATED SECURITIES CORP.
Distributor
A subsidiary of Federated Investors
Federated Investors Tower
Pittsburgh, PA 15222-3779
891836108
891836207
891836306
891836504
891836405
891836603
G01034-01(3/95)
