111 CORCORAN FUNDS
NSAR-A, 1995-01-30
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<PAGE>      PAGE  1
000 A000000 11/30/94
000 C000000 0000883496
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 111 CORCORAN FUNDS
001 B000000 811-6561
001 C000000 4122888160
002 A000000 FEDERATED INVESTORS TOWER
002 B000000 PITTSBURGH
002 C000000 PA
002 D010000 15222
002 D020000 3779
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 Y
007 B000000  2
007 C010100  1
007 C020100 111 CORCORAN BOND FUND
007 C030100 N
007 C010200  2
007 C020200 111 CORCORAN N. CAROLINA MUNI. SECURITIES FD
007 C030200 N
007 C010300  3
007 C010400  4
007 C010500  5
007 C010600  6
007 C010700  7
007 C010800  8
007 C010900  9
007 C011000 10
008 A00AA01 CENTRAL CAROLINA BANK AND TRUST COMPANY
008 B00AA01 A
008 C00AA01 801-0000
008 D01AA01 DURHAM
008 D02AA01 NC
008 D03AA01 27702
010 A00AA01 FEDERATED ADMINISTRATIVE SERVICES
010 C01AA01 PITTSBURGH
010 C02AA01 PA
010 C03AA01 15222
010 C04AA01 3779
011 A00AA01 FEDERATED SECURITIES CORP.
011 B00AA01 8-15561
011 C01AA01 PITTSBURGH
<PAGE>      PAGE  2
011 C02AA01 PA
011 C03AA01 15222
011 C04AA01 3779
012 A00AA01 FEDERATED SERVICES COMPANY
012 B00AA01 84-1869
012 C01AA01 PITTSBURGH
012 C02AA01 PA
012 C03AA01 15222
012 C04AA01 3779
013 A00AA01 ARTHUR ANDERSEN & CO. LLP
013 B01AA01 PITTSBURGH
013 B02AA01 PA
013 B03AA01 15222
015 A00AA01 STATE STREET BANK AND TRUST COMPANY
015 B00AA01 C
015 C01AA01 BOSTON
015 C02AA01 MA
015 C03AA01 02266
015 C04AA01 8602
015 E01AA01 X
015 A00AA02 BANKERS TRUST CO.
015 B00AA02 S
015 C01AA02 NEW YORK
015 C02AA02 NY
015 C03AA02 10015
015 E01AA02 X
015 A00AA03 BANK OF NEW YORK
015 B00AA03 S
015 C01AA03 NEW YORK
015 C02AA03 NY
015 C03AA03 10006
015 E01AA03 X
015 A00AA04 CHEMICAL BANK & TRUST CO.
015 B00AA04 S
015 C01AA04 NEW YORK
015 C02AA04 NY
015 C03AA04 10006
015 E01AA04 X
015 A00AA05 MORGAN GUARANTY BANK & TRUST CO.
015 B00AA05 S
015 C01AA05 NEW YORK
015 C02AA05 NY
015 C03AA05 10015
015 E01AA05 X
015 A00AA06 NATIONSBANK OF NORTH CAROLINA
015 B00AA06 S
015 C01AA06 CHARLOTTE
015 C02AA06 NC
015 C03AA06 28255
015 E01AA06 X
015 A00AA07 NATIONSBANC CAPITAL MARKETS, INC.
<PAGE>      PAGE  3
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015 C02AA07 VA
015 C03AA07 23261
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022 D000003      8129
022 A000004 PNC SECURITIES CORP.
022 B000004 25-1471636
022 C000004      6421
022 D000004      7007
022 A000005 FIRST WINSTON CORP.
022 B000005 56-1589158
022 C000005      5186
022 D000005      4963
022 A000006 INTERSTATE/JOHNSON LANE CORP.
022 B000006 56-0276690
022 C000006      3951
022 D000006      5733
022 A000007 SMITH BARNEY, INC.
022 B000007 13-1912900
<PAGE>      PAGE  4
022 C000007      3865
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022 A000008 FREEMAN SECURITIES
022 B000008 13-2662313
022 C000008      3459
022 D000008      2911
022 A000009 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
022 B000009 13-5674085
022 C000009      1808
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022 A000010 REICH & TANG, INC.
022 B000010 59-1237041
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<PAGE>      PAGE  5
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054 B00AA00 N
054 C00AA00 N
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
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054 H00AA00 N
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025 C000101 D
<PAGE>      PAGE  6
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<PAGE>      PAGE  7
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063 B000100  9.2
064 A000100 N
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<PAGE>      PAGE  8
070 G010100 Y
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070 I010100 N
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070 K020100 Y
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070 R010100 Y
070 R020100 N
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<PAGE>      PAGE  9
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<PAGE>      PAGE  10
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055 A000200 Y
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<PAGE>      PAGE  11
062 A000200 Y
062 B000200   0.0
062 C000200   0.0
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062 O000200  97.1
062 P000200   0.0
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064 A000200 Y
064 B000200 N
070 A010200 Y
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070 B020200 N
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070 C020200 N
070 D010200 N
070 D020200 N
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070 E020200 N
070 F010200 N
070 F020200 N
070 G010200 Y
070 G020200 N
070 H010200 N
070 H020200 N
070 I010200 N
070 I020200 N
070 J010200 Y
070 J020200 N
070 K010200 Y
070 K020200 Y
070 L010200 N
070 L020200 N
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070 O010200 Y
<PAGE>      PAGE  12
070 O020200 N
070 P010200 Y
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070 Q020200 N
070 R010200 N
070 R020200 N
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SIGNATURE   S. ELLIOT COHEN                              
TITLE       ASST. GEN. COUNSEL  
 


<TABLE> <S> <C>

                                                                               
<S>                             <C>                                            
                                                                               
<ARTICLE>                       6                                              
<SERIES>                                                                       
     <NUMBER>                   1                                              
     <NAME>                     111 Corcoran Bond Fund                         
                                                                               
                                                                               
<PERIOD-TYPE>                   6-MOS                                          
<FISCAL-YEAR-END>               May-31-1995                                    
<PERIOD-END>                    Nov-30-1994                                    
<INVESTMENTS-AT-COST>           92,134,745                                     
<INVESTMENTS-AT-VALUE>          85,414,110                                     
<RECEIVABLES>                   1,228,862                                      
<ASSETS-OTHER>                  12,426                                         
<OTHER-ITEMS-ASSETS>            0                                              
<TOTAL-ASSETS>                  86,655,398                                     
<PAYABLE-FOR-SECURITIES>        0                                              
<SENIOR-LONG-TERM-DEBT>         0                                              
<OTHER-ITEMS-LIABILITIES>       1,646,579                                      
<TOTAL-LIABILITIES>             1,646,579                                      
<SENIOR-EQUITY>                 0                                              
<PAID-IN-CAPITAL-COMMON>        95,466,491                                     
<SHARES-COMMON-STOCK>           9,210,819                                      
<SHARES-COMMON-PRIOR>           10,160,648                                     
<ACCUMULATED-NII-CURRENT>       1,271                                          
<OVERDISTRIBUTION-NII>          0                                              
<ACCUMULATED-NET-GAINS>         (3,738,308)                                    
<OVERDISTRIBUTION-GAINS>        0                                              
<ACCUM-APPREC-OR-DEPREC>        (6,720,635)                                    
<NET-ASSETS>                    85,008,819                                     
<DIVIDEND-INCOME>               0                                              
<INTEREST-INCOME>               3,431,463                                      
<OTHER-INCOME>                  0                                              
<EXPENSES-NET>                  158,243                                        
<NET-INVESTMENT-INCOME>         3,273,220                                      
<REALIZED-GAINS-CURRENT>        (2,378,609)                                    
<APPREC-INCREASE-CURRENT>       (1,578,395)                                    
<NET-CHANGE-FROM-OPS>           (683,784)                                      
<EQUALIZATION>                  0                                              
<DISTRIBUTIONS-OF-INCOME>       3,273,220                                      
<DISTRIBUTIONS-OF-GAINS>        0                                              
<DISTRIBUTIONS-OTHER>           0                                              
<NUMBER-OF-SHARES-SOLD>         533,150                                        
<NUMBER-OF-SHARES-REDEEMED>     1,498,518                                      
<SHARES-REINVESTED>             15,539                                         
<NET-CHANGE-IN-ASSETS>          (12,814,226)                                   
<ACCUMULATED-NII-PRIOR>         1,271                                          
<ACCUMULATED-GAINS-PRIOR>       (1,359,698)                                    
<OVERDISTRIB-NII-PRIOR>         0                                              
<OVERDIST-NET-GAINS-PRIOR>      0                                              
<GROSS-ADVISORY-FEES>           354,787                                        
<INTEREST-EXPENSE>              0                                              
<GROSS-EXPENSE>                 513,030                                        
<AVERAGE-NET-ASSETS>            93,883,396                                     
<PER-SHARE-NAV-BEGIN>           9.630                                          
<PER-SHARE-NII>                 0.330                                          
<PER-SHARE-GAIN-APPREC>         (0.400)                                        
<PER-SHARE-DIVIDEND>            0.330                                          
<PER-SHARE-DISTRIBUTIONS>       0.000                                          
<RETURNS-OF-CAPITAL>            0.000                                          
<PER-SHARE-NAV-END>             9.230                                          
<EXPENSE-RATIO>                 33                                             
<AVG-DEBT-OUTSTANDING>          0                                              
<AVG-DEBT-PER-SHARE>            0.000                                          
                                                                               

</TABLE>

<TABLE> <S> <C>

                                                                               
<S>                             <C>                                            
                                                                               
<ARTICLE>                       6                                              
<SERIES>                                                                       
     <NUMBER>                   2                                              
     <NAME>                     111 North Carolina Municipal Securities Fund   
                                                                               
                                                                               
<PERIOD-TYPE>                   6-MOS                                          
<FISCAL-YEAR-END>               May-31-1995                                    
<PERIOD-END>                    Nov-30-1994                                    
<INVESTMENTS-AT-COST>           42,055,953                                     
<INVESTMENTS-AT-VALUE>          38,705,956                                     
<RECEIVABLES>                   1,716,569                                      
<ASSETS-OTHER>                  11,850                                         
<OTHER-ITEMS-ASSETS>            0                                              
<TOTAL-ASSETS>                  40,434,375                                     
<PAYABLE-FOR-SECURITIES>        0                                              
<SENIOR-LONG-TERM-DEBT>         0                                              
<OTHER-ITEMS-LIABILITIES>       770,646                                        
<TOTAL-LIABILITIES>             770,646                                        
<SENIOR-EQUITY>                 0                                              
<PAID-IN-CAPITAL-COMMON>        43,557,179                                     
<SHARES-COMMON-STOCK>           4,197,866                                      
<SHARES-COMMON-PRIOR>           4,508,900                                      
<ACCUMULATED-NII-CURRENT>       0                                              
<OVERDISTRIBUTION-NII>          0                                              
<ACCUMULATED-NET-GAINS>         (543,453)                                      
<OVERDISTRIBUTION-GAINS>        0                                              
<ACCUM-APPREC-OR-DEPREC>        (3,349,997)                                    
<NET-ASSETS>                    39,663,729                                     
<DIVIDEND-INCOME>               0                                              
<INTEREST-INCOME>               1,211,567                                      
<OTHER-INCOME>                  0                                              
<EXPENSES-NET>                  122,696                                        
<NET-INVESTMENT-INCOME>         1,088,871                                      
<REALIZED-GAINS-CURRENT>        (534,713)                                      
<APPREC-INCREASE-CURRENT>       (2,745,843)                                    
<NET-CHANGE-FROM-OPS>           (2,191,685)                                    
<EQUALIZATION>                  0                                              
<DISTRIBUTIONS-OF-INCOME>       1,088,871                                      
<DISTRIBUTIONS-OF-GAINS>        0                                              
<DISTRIBUTIONS-OTHER>           0                                              
<NUMBER-OF-SHARES-SOLD>         293,505                                        
<NUMBER-OF-SHARES-REDEEMED>     620,036                                        
<SHARES-REINVESTED>             15,497                                         
<NET-CHANGE-IN-ASSETS>          (6,200,675)                                    
<ACCUMULATED-NII-PRIOR>         0                                              
<ACCUMULATED-GAINS-PRIOR>       (8,740)                                        
<OVERDISTRIB-NII-PRIOR>         0                                              
<OVERDIST-NET-GAINS-PRIOR>      0                                              
<GROSS-ADVISORY-FEES>           168,222                                        
<INTEREST-EXPENSE>              0                                              
<GROSS-EXPENSE>                 290,918                                        
<AVERAGE-NET-ASSETS>            44,468,781                                     
<PER-SHARE-NAV-BEGIN>           10.170                                         
<PER-SHARE-NII>                 0.240                                          
<PER-SHARE-GAIN-APPREC>         (0.720)                                        
<PER-SHARE-DIVIDEND>            0.240                                          
<PER-SHARE-DISTRIBUTIONS>       0.000                                          
<RETURNS-OF-CAPITAL>            0.000                                          
<PER-SHARE-NAV-END>             9.450                                          
<EXPENSE-RATIO>                 55                                             
<AVG-DEBT-OUTSTANDING>          0                                              
<AVG-DEBT-PER-SHARE>            0.000                                          
                                                                               

</TABLE>


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