111 CORCORAN FUNDS, 497, 1995-05-30

111 CORCORAN FUNDS
497, 1995-05-30

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111 CORCORAN BOND FUND

111 CORCORAN EQUITY FUND

111 CORCORAN NORTH CAROLINA MUNICIPAL SECURITIES FUND
(PORTFOLIOS OF THE 111 CORCORAN FUNDS)
SUPPLEMENT TO PROSPECTUSES DATED JULY 31, 1994 AND DECEMBER 2, 1994
Please delete the fifth sentence of the section entitled "Through Central
Carolina Bank." under "Investing in the Fund" and replace with the
following:
            "Payment is normally required in three business days."

May 30, 1995


    FEDERATED SECURITIES CORP.

    Distributor
    A subsidiary of Federated Investors
    Federated Investors Tower
    Pittsburgh, PA  15222-3779
    682365200
    682365309
    682365101
    G01197-01 (5/95)
    CCB505101