111 CORCORAN FUNDS
NSAR-BT, 1995-07-31
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<PAGE>      PAGE  1
000 B000000 05/31/95
000 C000000 0000883496
000 D000000 Y
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  3
007 C010100  1
007 C020100 111 CORCORAN BOND FUND
007 C030100 N
007 C010200  2
007 C020200 111 CORCORAN N. CAROLINA MUNI SECURITIES FUND
007 C030200 N
007 C010300  3
007 C020300 111 CORCORAN EQUITY FUND
007 C030300 N
007 C010400  4
007 C010500  5
007 C010600  6
007 C010700  7
007 C010800  8
007 C010900  9
007 C011000 10
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
011 C02AA01 PA
011 C03AA01 15222
011 C04AA01 3779
012 A00AA01 FEDERATED SERVICES COMPANY
<PAGE>      PAGE  2
012 B00AA01 84-1869
012 C01AA01 PITTSBURGH
012 C02AA01 PA
012 C03AA01 15222
012 C04AA01 3779
013 A00AA01 ARTHUR ANDERSEN LLP
013 B01AA01 PITTSBURGH
013 B02AA01 PA
013 B03AA01 15222
013 B04AA01 3779
015 A00AA01 STATE STREET BANK AND TRUST COMPANY
015 B00AA01 C
015 C01AA01 BOSTON
015 C02AA01 MA
015 C03AA01 02266
015 C04AA01 8600
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.
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015 C02AA05 NY
015 C03AA05 10015
015 E01AA05 X
015 A00AA06 NATIONSBANC CAPITAL MARKETS, INC.
015 B00AA06 S
015 C01AA06 RICHMOND
015 C02AA06 VA
015 C03AA06 23261
015 E01AA06 X
015 A00AA07 NATIONSBANK OF NORTH CAROLINA
015 B00AA07 S
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<PAGE>      PAGE  3
015 C03AA07 28255
015 E01AA07 X
015 A00AA08 PNC BANK, N.A.
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020 B000003 95-2622900
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020 B000004 13-2638166
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022 A000001 MORGAN, KEEGAN & COMPANY, INC.
022 B000001 64-0474907
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022 D000001     14442
022 A000002 GOLDMAN SACHS & CO.
022 B000002 13-5108880
022 C000002     38629
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022 A000003 MCDONALD & CO. SECURITIES, INC.
022 B000003 34-0642435
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022 A000004 PNC SECURITIES CORP.
022 B000004 25-1471636
022 C000004     12194
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022 A000005 FIRST WINSTON CORP.
022 B000005 56-1589158
022 C000005      9130
<PAGE>      PAGE  4
022 D000005     10120
022 A000006 DEAN WITTER REYNOLDS, INC.
022 B000006 94-1671384
022 C000006     16975
022 D000006       786
022 A000007 INTERSTATE/JOHNSON LANE CORP.
022 B000007 56-0276690
022 C000007      6797
022 D000007     10461
022 A000008 SMITH BARNEY, INC.
022 B000008 13-1912900
022 C000008      4682
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022 A000009 FREEMAN SECURITIES
022 B000009 13-2662313
022 C000009      4477
022 D000009      3925
022 A000010 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
022 B000010 13-5674085
022 C000010      4636
022 D000010      3033
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023 D000000     123325
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042 F00AA00   0
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044  00AA00      0
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050  00AA00 N
051  00AA00 N
052  00AA00 N
053 A00AA00 Y
<PAGE>      PAGE  5
053 B00AA00 Y
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054 B00AA00 N
054 C00AA00 N
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 N
054 H00AA00 N
054 I00AA00 N
054 J00AA00 N
054 K00AA00 N
054 L00AA00 N
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055 B00AA00 N
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057  00AA00 N
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080 A00AA00 THE AETNA CASUALTY AND SURETY COMPANY
080 B00AA00 ICI MUTUAL INSURANCE COMPANY
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<PAGE>      PAGE  6
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<PAGE>      PAGE  7
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030 B000100  4.50
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037  000100 N
038  000100      0
039  000100 N
040  000100 N
045  000100 Y
046  000100 N
047  000100 Y
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<PAGE>      PAGE  8
062 A000100 Y
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062 H000100   0.0
062 I000100   0.0
062 J000100   0.0
062 K000100   0.0
062 L000100   0.0
062 M000100   0.0
062 N000100  62.9
062 O000100   0.0
062 P000100  33.1
062 Q000100   0.0
062 R000100   3.3
063 A000100   0
063 B000100  8.8
064 A000100 N
066 A000100 N
067  000100 N
068 A000100 N
068 B000100 N
069  000100 N
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070 A020100 N
070 B010100 N
070 B020100 N
070 C010100 Y
070 C020100 N
070 D010100 N
070 D020100 N
070 E010100 Y
070 E020100 N
070 F010100 N
070 F020100 N
070 G010100 Y
070 G020100 N
070 H010100 N
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 Y
070 J020100 N
070 K010100 Y
070 K020100 Y
070 L010100 Y
070 L020100 Y
070 M010100 N
<PAGE>      PAGE  9
070 M020100 N
070 N010100 Y
070 N020100 N
070 O010100 Y
070 O020100 N
070 P010100 Y
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 Y
070 R020100 N
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072 Z000100     6246
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072DD020100        0
072EE000100        0
073 A010100   0.6624
073 A020100   0.0000
073 B000100   0.0000
<PAGE>      PAGE  10
073 C000100   0.0000
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074 C000100        0
074 D000100    83594
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074 L000100     1110
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074 U010100     8711
074 U020100        0
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074 W000100   0.0000
074 X000100      254
074 Y000100        0
075 A000100        0
075 B000100    89590
076  000100     0.00
008 A000201 CENTRAL CAROLINA BANK AND TRUST COMPANY
008 B000201 A
008 C000201 801-0000
008 D010201 DURHAM
008 D020201 NC
008 D030201 27702
024  000200 N
025 D000201       0
025 D000202       0
025 D000203       0
025 D000204       0
025 D000205       0
025 D000206       0
025 D000207       0
025 D000208       0
028 A010200       308
028 A020200        27
<PAGE>      PAGE  11
028 A030200         0
028 A040200      1778
028 B010200       787
028 B020200        26
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028 B040200       869
028 C010200       156
028 C020200        26
028 C030200         0
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028 D020200        24
028 D030200         0
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028 G010200      1833
028 G020200       150
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028 H000200      1774
029  000200 Y
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030 B000200  4.50
030 C000200  0.00
031 A000200     16
031 B000200      0
032  000200    127
033  000200      0
037  000200 N
038  000200      0
039  000200 N
040  000200 N
045  000200 Y
046  000200 N
047  000200 Y
048  000200  0.750
048 A010200        0
048 A020200 0.000
048 B010200        0
048 B020200 0.000
048 C010200        0
048 C020200 0.000
048 D010200        0
048 D020200 0.000
<PAGE>      PAGE  12
048 E010200        0
048 E020200 0.000
048 F010200        0
048 F020200 0.000
048 G010200        0
048 G020200 0.000
048 H010200        0
048 H020200 0.000
048 I010200        0
048 I020200 0.000
048 J010200        0
048 J020200 0.000
048 K010200        0
048 K020200 0.000
058 A000200 N
059  000200 Y
060 A000200 N
060 B000200 N
061  000200     1000
062 A000200 Y
062 B000200   0.0
062 C000200   0.0
062 D000200   0.0
062 E000200   0.0
062 F000200   0.0
062 G000200   0.0
062 H000200   0.0
062 I000200   0.0
062 J000200   0.0
062 K000200   0.0
062 L000200   0.0
062 M000200   0.0
062 N000200   0.0
062 O000200  96.9
062 P000200   0.0
062 Q000200   0.0
062 R000200   0.9
063 A000200   0
063 B000200 10.4
064 A000200 Y
064 B000200 N
066 A000200 N
067  000200 N
068 A000200 N
068 B000200 N
069  000200 N
070 A010200 Y
070 A020200 N
070 B010200 N
070 B020200 N
070 C010200 Y
<PAGE>      PAGE  13
070 C020200 N
070 D010200 N
070 D020200 N
070 E010200 Y
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 Y
070 M010200 N
070 M020200 N
070 N010200 Y
070 N020200 N
070 O010200 Y
070 O020200 N
070 P010200 Y
070 P020200 N
070 Q010200 N
070 Q020200 N
070 R010200 N
070 R020200 N
071 A000200     19234
071 B000200     24082
071 C000200     40762
071 D000200   47
072 A000200 12
072 B000200     2278
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<PAGE>      PAGE  14
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<PAGE>      PAGE  15
075 A000200        0
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008 A000301 CENTRAL CAROLINA BANK AND TRUST COMPANY
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008 A000302 FRANKLIN STREET ADVISORS, INC.
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<PAGE>      PAGE  16
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030 B000300  4.50
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033  000300      0
037  000300 N
038  000300      0
039  000300 N
040  000300 Y
041  000300 N
045  000300 Y
046  000300 N
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<PAGE>      PAGE  17
062 F000300   0.0
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066 A000300 Y
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066 C000300 N
066 D000300 N
066 E000300 N
066 F000300 N
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067  000300 N
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070 B020300 N
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070 C020300 N
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070 D020300 N
070 E010300 N
070 E020300 N
070 F010300 N
070 F020300 N
070 G010300 N
070 G020300 N
070 H010300 N
070 H020300 N
070 I010300 N
070 I020300 N
070 J010300 N
070 J020300 N
070 K010300 N
070 K020300 N
070 L010300 N
070 L020300 Y
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<PAGE>      PAGE  18
070 M020300 N
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073 B000300   0.0000
<PAGE>      PAGE  19
073 C000300   0.0000
074 A000300        0
074 B000300        0
074 C000300     4800
074 D000300        0
074 E000300        0
074 F000300    20946
074 G000300        0
074 H000300        0
074 I000300      972
074 J000300        0
074 K000300        0
074 L000300      179
074 M000300        0
074 N000300    26897
074 O000300     2286
074 P000300        0
074 Q000300        0
074 R010300        0
074 R020300        0
074 R030300        0
074 R040300       30
074 S000300        0
074 T000300    24581
074 U010300     2140
074 U020300        0
074 V010300    11.48
074 V020300     0.00
074 W000300   0.0000
074 X000300       50
074 Y000300        0
075 A000300        0
075 B000300     9714
076  000300     0.00
SIGNATURE   S. ELLIOTT COHAN                             
TITLE       ASST. GEN. COUNSEL  
 


<TABLE> <S> <C>

                                                                               
<S>                             <C>                                            
                                                                               
<ARTICLE>                       6                                              
<SERIES>                                                                       
     <NUMBER>                   1                                              
     <NAME>                     111 Corcoran Bond Fund                         
                                                                               
                                                                               
<PERIOD-TYPE>                   12-MOS                                         
<FISCAL-YEAR-END>               May-31-1995                                    
<PERIOD-END>                    May-31-1995                                    
<INVESTMENTS-AT-COST>           85,908,839                                     
<INVESTMENTS-AT-VALUE>          86,530,257                                     
<RECEIVABLES>                   1,110,253                                      
<ASSETS-OTHER>                  9,835                                          
<OTHER-ITEMS-ASSETS>            0                                              
<TOTAL-ASSETS>                  87,650,345                                     
<PAYABLE-FOR-SECURITIES>        0                                              
<SENIOR-LONG-TERM-DEBT>         0                                              
<OTHER-ITEMS-LIABILITIES>       535,603                                        
<TOTAL-LIABILITIES>             535,603                                        
<SENIOR-EQUITY>                 0                                              
<PAID-IN-CAPITAL-COMMON>        90,754,329                                     
<SHARES-COMMON-STOCK>           8,710,648                                      
<SHARES-COMMON-PRIOR>           10,160,648                                     
<ACCUMULATED-NII-CURRENT>       9,544                                          
<OVERDISTRIBUTION-NII>          0                                              
<ACCUMULATED-NET-GAINS>         (4,270,549)                                    
<OVERDISTRIBUTION-GAINS>        0                                              
<ACCUM-APPREC-OR-DEPREC>        621,418                                        
<NET-ASSETS>                    87,114,742                                     
<DIVIDEND-INCOME>               0                                              
<INTEREST-INCOME>               6,548,353                                      
<OTHER-INCOME>                  0                                              
<EXPENSES-NET>                  302,602                                        
<NET-INVESTMENT-INCOME>         6,245,751                                      
<REALIZED-GAINS-CURRENT>        (2,910,851)                                    
<APPREC-INCREASE-CURRENT>       5,763,658                                      
<NET-CHANGE-FROM-OPS>           9,098,558                                      
<EQUALIZATION>                  0                                              
<DISTRIBUTIONS-OF-INCOME>       6,237,478                                      
<DISTRIBUTIONS-OF-GAINS>        0                                              
<DISTRIBUTIONS-OTHER>           0                                              
<NUMBER-OF-SHARES-SOLD>         936,690                                        
<NUMBER-OF-SHARES-REDEEMED>     2,416,497                                      
<SHARES-REINVESTED>             29,807                                         
<NET-CHANGE-IN-ASSETS>          (10,708,303)                                   
<ACCUMULATED-NII-PRIOR>         1,271                                          
<ACCUMULATED-GAINS-PRIOR>       (1,359,698)                                    
<OVERDISTRIB-NII-PRIOR>         0                                              
<OVERDIST-NET-GAINS-PRIOR>      0                                              
<GROSS-ADVISORY-FEES>           670,819                                        
<INTEREST-EXPENSE>              0                                              
<GROSS-EXPENSE>                 973,421                                        
<AVERAGE-NET-ASSETS>            89,590,004                                     
<PER-SHARE-NAV-BEGIN>           9.630                                          
<PER-SHARE-NII>                 0.660                                          
<PER-SHARE-GAIN-APPREC>         0.370                                          
<PER-SHARE-DIVIDEND>            0.660                                          
<PER-SHARE-DISTRIBUTIONS>       0.000                                          
<RETURNS-OF-CAPITAL>            0.000                                          
<PER-SHARE-NAV-END>             10.000                                         
<EXPENSE-RATIO>                 34                                             
<AVG-DEBT-OUTSTANDING>          0                                              
<AVG-DEBT-PER-SHARE>            0.000                                          
                                                                               

</TABLE>

<TABLE> <S> <C>

                                                                               
<S>                             <C>                                            
                                                                               
<ARTICLE>                       6                                              
<SERIES>                                                                       
     <NUMBER>                   2                                              
     <NAME>                     111 Corcoran North Carolina Municipal Securiti 
                                                                               
                                                                               
<PERIOD-TYPE>                   12-MOS                                         
<FISCAL-YEAR-END>               May-31-1995                                    
<PERIOD-END>                    May-31-1995                                    
<INVESTMENTS-AT-COST>           38,101,373                                     
<INVESTMENTS-AT-VALUE>          38,942,903                                     
<RECEIVABLES>                   2,425,087                                      
<ASSETS-OTHER>                  9,410                                          
<OTHER-ITEMS-ASSETS>            0                                              
<TOTAL-ASSETS>                  41,377,400                                     
<PAYABLE-FOR-SECURITIES>        1,406,771                                      
<SENIOR-LONG-TERM-DEBT>         0                                              
<OTHER-ITEMS-LIABILITIES>       167,559                                        
<TOTAL-LIABILITIES>             1,574,330                                      
<SENIOR-EQUITY>                 0                                              
<PAID-IN-CAPITAL-COMMON>        39,741,362                                     
<SHARES-COMMON-STOCK>           3,814,335                                      
<SHARES-COMMON-PRIOR>           4,508,900                                      
<ACCUMULATED-NII-CURRENT>       1,040                                          
<OVERDISTRIBUTION-NII>          0                                              
<ACCUMULATED-NET-GAINS>         (780,862)                                      
<OVERDISTRIBUTION-GAINS>        0                                              
<ACCUM-APPREC-OR-DEPREC>        841,530                                        
<NET-ASSETS>                    39,803,070                                     
<DIVIDEND-INCOME>               0                                              
<INTEREST-INCOME>               2,277,946                                      
<OTHER-INCOME>                  0                                              
<EXPENSES-NET>                  239,198                                        
<NET-INVESTMENT-INCOME>         2,038,748                                      
<REALIZED-GAINS-CURRENT>        (772,122)                                      
<APPREC-INCREASE-CURRENT>       1,445,684                                      
<NET-CHANGE-FROM-OPS>           2,712,310                                      
<EQUALIZATION>                  0                                              
<DISTRIBUTIONS-OF-INCOME>       2,037,708                                      
<DISTRIBUTIONS-OF-GAINS>        0                                              
<DISTRIBUTIONS-OTHER>           0                                              
<NUMBER-OF-SHARES-SOLD>         478,316                                        
<NUMBER-OF-SHARES-REDEEMED>     1,203,315                                      
<SHARES-REINVESTED>             30,434                                         
<NET-CHANGE-IN-ASSETS>          (6,061,334)                                    
<ACCUMULATED-NII-PRIOR>         0                                              
<ACCUMULATED-GAINS-PRIOR>       (8,740)                                        
<OVERDISTRIB-NII-PRIOR>         0                                              
<OVERDIST-NET-GAINS-PRIOR>      0                                              
<GROSS-ADVISORY-FEES>           317,233                                        
<INTEREST-EXPENSE>              0                                              
<GROSS-EXPENSE>                 556,431                                        
<AVERAGE-NET-ASSETS>            42,283,086                                     
<PER-SHARE-NAV-BEGIN>           10.170                                         
<PER-SHARE-NII>                 0.480                                          
<PER-SHARE-GAIN-APPREC>         0.270                                          
<PER-SHARE-DIVIDEND>            0.480                                          
<PER-SHARE-DISTRIBUTIONS>       0.000                                          
<RETURNS-OF-CAPITAL>            0.000                                          
<PER-SHARE-NAV-END>             10.440                                         
<EXPENSE-RATIO>                 57                                             
<AVG-DEBT-OUTSTANDING>          0                                              
<AVG-DEBT-PER-SHARE>            0.000                                          
                                                                               

</TABLE>

<TABLE> <S> <C>

                                                                               
<S>                             <C>                                            
                                                                               
<ARTICLE>                       6                                              
<SERIES>                                                                       
     <NUMBER>                   3                                              
     <NAME>                     111 Corcoran Equity Fund                       
                                                                               
                                                                               
<PERIOD-TYPE>                   6-MOS                                          
<FISCAL-YEAR-END>               May-31-1995                                    
<PERIOD-END>                    May-31-1995                                    
<INVESTMENTS-AT-COST>           25,583,189                                     
<INVESTMENTS-AT-VALUE>          26,718,402                                     
<RECEIVABLES>                   178,863                                        
<ASSETS-OTHER>                  0                                              
<OTHER-ITEMS-ASSETS>            0                                              
<TOTAL-ASSETS>                  26,897,265                                     
<PAYABLE-FOR-SECURITIES>        2,286,218                                      
<SENIOR-LONG-TERM-DEBT>         0                                              
<OTHER-ITEMS-LIABILITIES>       30,171                                         
<TOTAL-LIABILITIES>             2,316,389                                      
<SENIOR-EQUITY>                 0                                              
<PAID-IN-CAPITAL-COMMON>        23,316,429                                     
<SHARES-COMMON-STOCK>           2,140,292                                      
<SHARES-COMMON-PRIOR>           0                                              
<ACCUMULATED-NII-CURRENT>       89,500                                         
<OVERDISTRIBUTION-NII>          0                                              
<ACCUMULATED-NET-GAINS>         39,734                                         
<OVERDISTRIBUTION-GAINS>        0                                              
<ACCUM-APPREC-OR-DEPREC>        1,135,213                                      
<NET-ASSETS>                    24,580,876                                     
<DIVIDEND-INCOME>               102,184                                        
<INTEREST-INCOME>               79,628                                         
<OTHER-INCOME>                  0                                              
<EXPENSES-NET>                  53,500                                         
<NET-INVESTMENT-INCOME>         128,312                                        
<REALIZED-GAINS-CURRENT>        39,734                                         
<APPREC-INCREASE-CURRENT>       1,135,213                                      
<NET-CHANGE-FROM-OPS>           1,303,259                                      
<EQUALIZATION>                  0                                              
<DISTRIBUTIONS-OF-INCOME>       38,812                                         
<DISTRIBUTIONS-OF-GAINS>        0                                              
<DISTRIBUTIONS-OTHER>           0                                              
<NUMBER-OF-SHARES-SOLD>         2,229,814                                      
<NUMBER-OF-SHARES-REDEEMED>     89,732                                         
<SHARES-REINVESTED>             210                                            
<NET-CHANGE-IN-ASSETS>          24,580,876                                     
<ACCUMULATED-NII-PRIOR>         0                                              
<ACCUMULATED-GAINS-PRIOR>       0                                              
<OVERDISTRIB-NII-PRIOR>         0                                              
<OVERDIST-NET-GAINS-PRIOR>      0                                              
<GROSS-ADVISORY-FEES>           36,380                                         
<INTEREST-EXPENSE>              0                                              
<GROSS-EXPENSE>                 114,127                                        
<AVERAGE-NET-ASSETS>            9,713,778                                      
<PER-SHARE-NAV-BEGIN>           10.000                                         
<PER-SHARE-NII>                 0.110                                          
<PER-SHARE-GAIN-APPREC>         1.440                                          
<PER-SHARE-DIVIDEND>            0.070                                          
<PER-SHARE-DISTRIBUTIONS>       0.000                                          
<RETURNS-OF-CAPITAL>            0.000                                          
<PER-SHARE-NAV-END>             11.480                                         
<EXPENSE-RATIO>                 125                                            
<AVG-DEBT-OUTSTANDING>          0                                              
<AVG-DEBT-PER-SHARE>            0.000                                          
                                                                               

</TABLE>


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