111 CORCORAN FUNDS, 497, 1994-12-29

111 CORCORAN FUNDS
497, 1994-12-29

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111 CORCORAN EQUITY FUND
(A PORTFOLIO OF THE 111 CORCORAN FUNDS)
Supplement to Prospectus dated December 2, 1994
      The Fund will implement a special offering period during which
      shares of the Fund may be purchased with a reduced sales charge.
      This offering period will be effective from January 15, 1995
      through April 30, 1995.  The following table will replace the
      table on page 13 of the Prospectus, only for the aforementioned
      time period.
                                       Sales Charge as          Sales Charge as
                                       a Percentage of          a Percentage of
      Amount of Transaction       Public Offering Price      Net Amount Invested
      Less than $100,000                  2.25%                      2.30%
      $100,000 but less than $250,000      1.875%                    1.91%
      $250,000 but less than $500,000     1.25%                      1.27%
      $500,000 but less than $750,000     1.00%                      1.01%
      $750,000 but less than $1 million   0.50%                      0.50%
      $1 million but less than $2 million  0.125%                     0.125%
      $2 million or more                  0.00%                      0.00%
      
                                                           December 30, 1994


    FEDERATED SECURITIES CORP.

    Distributor
    A subsidiary of Federated Investors
    Federated Investors Tower
    Pittsburgh, PA  15222-3779
    682365309
    007471 (12/94)