CONVERSION OF NET REDEMPTIONS ON
FORM 24F-2 TO FILING
UNDER RULE 24e-2
When a negative amount appears on line 12 - Calculation of registration fee,
(v), the following calculation should be made to determine the share
information needed to file under Rule 24e-2:
1.Total redemptions (per annual report) 2,595,803
2.Less: Line 10 - Form 24F-2 (share amount)Total number of securities
sold during
the period pursuant to Rule 24f-2 2,537,033
3.Shares available to register under Rule 24e-2 58,770 (a)
4.Fund's Current Net Asset Value $10.71(b)
5.Multiply: Shares available to register
under Rule 24e-2 by the fund's current
net asset value (a x b) to obtain Proposed
Maximum Aggregate Offering Price $629,427
CALCULATION OF REGISTRATION FEE UNDER THE SECURITIES ACT OF 1933
Proposed
Title of Proposed Maximum
Securities Amount Maximum Aggregate Amount of
Being Being Offering Price Offering Registration
Registered Registered Per Unit Price* Fee
Shares of
beneficial 58,770 $10.71 $629,427 $100.00
interest
(no par value)
*Registrant has elected to calculate its filing fee in the manner described in
Rule 24e-2 of the Investment Company Act of 1940. The total amount of
securities redeemed during the previous fiscal year was 2,595,803. The total
amount of redeemed securities used for reductions pursuant to paragraph (a) of
Rule 24e-2 or paragraph (c) of Rule 24f-2 during the current year was 2,537,033.
The amount of redeemed securities being used for reduction of the registration
fee in this Amendment is 58,770.
CONTENTS OF AMENDMENT
This Post-Effective Amendment No. 9 to the Registration Statement of 111
Corcoran Funds is comprised of the following papers and documents:
1.The facing sheet to register a definite
number of shares of beneficial interest,
no par value, of 111 Corcoran Funds;
2.The legal opinion of counsel for the Registrant, as
to the legality of shares being offered; and as to
the eligibility to become effective pursuant to
Paragraph (b) of Rule 485; and
3.Signature page.
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933 and the Investment
Company Act of 1940, the Registrant, 111 Corcoran Funds certifies that it meets
all of the requirements for effectiveness of this Amendment to its Registration
Statement pursuant to Rule 485(b) under the Securities Act of 1933 and has duly
caused this Amendment to its Registration Statement to be signed on its behalf
by the undersigned, thereunto duly authorized, in the City of Pittsburgh and
Commonwealth of Pennsylvania on the 15th day of July, 1996.
111 Corcoran Funds
BY: /s/ &&PIN
C. Grant Anderson , Assistant Secretary
Attorney in Fact for John F. Donahue
July 15, 1996
Pursuant to the requirements of the Securities Act of 1933, this Amendment to
its Registration Statement has been signed below by the following person in the
capacity and on the date indicated:
NAME TITLE DATE
By: /s/ &&PIN
C. Grant Anderson Attorney In Fact July 15, 1996
Assistant Secretary For the Persons
Listed Below
NAME TITLE
John F. Donahue* Chairman and Trustee
Edward C. Gonzales* President, Treasurer and Trustee
Edward L. Flaherty, Jr.* Trustee
Gregor F. Meyer* Trustee
Marjorie P. Smuts* Trustee
William J. Copeland* Trustee
James E. Dowd* Trustee
Lawrence D. Ellis, M.D.* Trustee
Wesley W. Posvar* Trustee
Peter E. Madden* Trustee
John T. Conroy, Jr.* Trustee
Thomas G. Bigley* Trustee
John E. Murray, Jr.* Trustee
* By Power of Attorney
1933 Act File No.33-45753
1940 Act File No.811-6561
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form N-1A
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
Pre-Effective Amendment No. ..............
Post-Effective Amendment No. 9 ................ x
and/or
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940
Amendment No. ............................
111 Corcoran Funds
(Exact Name of Registrant as Specified in Charter)
Federated Investors Tower
Pittsburgh, Pennsylvania 15222-3779
(Address of Principal Executive Offices)
(412) 288-1900
(Registrant's Telephone Number)
John W. McGonigle, Esquire, Federated Investors Tower,
Pittsburgh, Pennsylvania 15222-3779
(Name and Address of Agent for Service)
It is proposed that this filing will become effective:
X immediately upon filing pursuant to paragraph (b)
on pursuant to paragraph (b)
-----------------
60 days after filing pursuant to paragraph (a)
on pursuant to paragraph (a) of Rule 485.
Registrant has filed with the Securities and Exchange Commission a declaration
pursuant to Rule 24f-2 under the Investment Company Act of 1940, and:
X filed the Notice required by that Rule on July 15, 1996; or
intends to file the Notice required by that Rule on or about
; or
-----------
during the most recent fiscal year did not sell any securities pursuant to
Rule 24f-2 under the Investment Company Act of 1940, and, pursuant to
Rule 24f-2(b)(2), need not file the Notice.
Copies to:
Charles H. Morin, Esquire
Dickstein, Shapiro & Morin, L.L.P.
2101 L Street, N.W.
Washington, D.C. 20037
FEDERATED ADMINISTRATIVE
SERVICES
FEDERATED INVESTORS TOWER
PITTSBURGH, PA 15222-3779
412-288-1900
July 15, 1996
111 Corcoran Funds
Federated Investors Tower
Pittsburgh, PA 15222-3779
Gentlemen:
You have requested my opinion in connection with the registration by 111
Corcoran Funds ("Trust") of an additional 58,770 Shares of Beneficial Interest
("Shares") pursuant to Post-effective Amendment No. 9 to the Trust's
registration statement filed with the Securities and Exchange Commission under
the Securities Act of 1933 (File No. 33-45753). The subject Post-effective
Amendment will be filed pursuant to Paragraph (b) of Rule 485 and become
effective pursuant to said Rule immediately upon filing.
As counsel I have participated in the preparation and filing of the Trust's
amended registration statement under the Securities Act of 1933 referred to
above. Further, I have examined and am familiar with the provisions of the
Declaration of Trust dated December 11, 1991, ("Declaration of Trust"), the
Bylaws of the Trust and such other documents and records deemed relevant. I have
also reviewed questions of law and consulted with counsel thereon as deemed
necessary or appropriate by me for the purposes of this opinion.
On the basis of the foregoing, it is my opinion that:
1. The Trust is duly organized and validly existing under the laws of the
Commonwealth of Massachusetts.
2. The Shares which are currently being registered by the Registration
Statement referred to above may be legally and validly issued from time to time
in accordance with the Declaration of Trust upon receipt of consideration
sufficient to comply with the Declaration of Trust and subject to compliance
with the Securities Act of 1933, as amended, the Investment Company Act of 1940,
as amended, and applicable state laws regulating the sale of securities. Such
Shares, when so issued, will be fully paid and non-assessable by the Trust.
I hereby consent to the filing of this opinion as a part of the Trust's
registration statement referred to above and as a part of any application or
registration statement filed under the securities laws of the States of the
United States.
The foregoing opinion is limited to the Federal laws of the United States
and the laws of the Commonwealth of Massachusetts, and I am expressing no
opinion as to the effect of the laws of any other jurisdiction.
Very truly yours,
/s/ C. Grant Anderson
C. Grant Anderson
Corporate Counsel
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 01
<NAME> 111 Corcoran Funds
111 Corcoran Bond Fund
<PERIOD-TYPE> 12-mos
<FISCAL-YEAR-END> May-31-1996
<PERIOD-END> May-31-1996
<INVESTMENTS-AT-COST> 88,667,296
<INVESTMENTS-AT-VALUE> 87,198,949
<RECEIVABLES> 1,270,852
<ASSETS-OTHER> 4,652
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 88,474,453
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 591,052
<TOTAL-LIABILITIES> 591,052
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 93,515,287
<SHARES-COMMON-STOCK> 8,988,614
<SHARES-COMMON-PRIOR> 8,710,648
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (4,163,539)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (1,468,347)
<NET-ASSETS> 87,883,401
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 6,171,614
<OTHER-INCOME> 0
<EXPENSES-NET> 279,067
<NET-INVESTMENT-INCOME> 5,892,547
<REALIZED-GAINS-CURRENT> 107,010
<APPREC-INCREASE-CURRENT> (2,089,765)
<NET-CHANGE-FROM-OPS> 3,909,792
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 5,902,091
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,440,835
<NUMBER-OF-SHARES-REDEEMED> 1,187,303
<SHARES-REINVESTED> 24,434
<NET-CHANGE-IN-ASSETS> 768,659
<ACCUMULATED-NII-PRIOR> 9,544
<ACCUMULATED-GAINS-PRIOR> (4,270,549)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 664,154
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 943,221
<AVERAGE-NET-ASSETS> 88,491,709
<PER-SHARE-NAV-BEGIN> 10.000
<PER-SHARE-NII> 0.660
<PER-SHARE-GAIN-APPREC> (0.220)
<PER-SHARE-DIVIDEND> 0.660
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.780
<EXPENSE-RATIO> 0.32
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 03
<NAME> 111 Corcoran Funds
111 Corcoran Equity Fund
<PERIOD-TYPE> 12-mos
<FISCAL-YEAR-END> May-31-1996
<PERIOD-END> May-31-1996
<INVESTMENTS-AT-COST> 25,526,540
<INVESTMENTS-AT-VALUE> 30,199,993
<RECEIVABLES> 345,486
<ASSETS-OTHER> 5,599
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 30,551,078
<PAYABLE-FOR-SECURITIES> 1,319,123
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 37,559
<TOTAL-LIABILITIES> 1,356,682
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 22,940,810
<SHARES-COMMON-STOCK> 2,115,744
<SHARES-COMMON-PRIOR> 2,140,292
<ACCUMULATED-NII-CURRENT> 46,211
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,533,922
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4,673,453
<NET-ASSETS> 29,194,396
<DIVIDEND-INCOME> 538,284
<INTEREST-INCOME> 96,217
<OTHER-INCOME> 0
<EXPENSES-NET> 340,469
<NET-INVESTMENT-INCOME> 294,032
<REALIZED-GAINS-CURRENT> 1,973,979
<APPREC-INCREASE-CURRENT> 3,538,240
<NET-CHANGE-FROM-OPS> 5,806,251
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 337,321
<DISTRIBUTIONS-OF-GAINS> 479,791
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 457,100
<NUMBER-OF-SHARES-REDEEMED> 485,448
<SHARES-REINVESTED> 3,800
<NET-CHANGE-IN-ASSETS> 4,613,520
<ACCUMULATED-NII-PRIOR> 89,500
<ACCUMULATED-GAINS-PRIOR> 39,734
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 231,522
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 394,945
<AVERAGE-NET-ASSETS> 27,096,633
<PER-SHARE-NAV-BEGIN> 11.480
<PER-SHARE-NII> 0.140
<PER-SHARE-GAIN-APPREC> 2.570
<PER-SHARE-DIVIDEND> 0.160
<PER-SHARE-DISTRIBUTIONS> 0.230
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 13.800
<EXPENSE-RATIO> 1.25
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 02
<NAME> 111 Corcoran Funds
111 Corcoran North Carolina Municipal
Securities
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> May-31-1996
<PERIOD-END> May-31-1996
<INVESTMENTS-AT-COST> 36,987,317
<INVESTMENTS-AT-VALUE> 37,047,859
<RECEIVABLES> 998,269
<ASSETS-OTHER> 4,532
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 38,050,660
<PAYABLE-FOR-SECURITIES> 1,005,298
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 173,365
<TOTAL-LIABILITIES> 1,178,663
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 37,139,566
<SHARES-COMMON-STOCK> 3,566,869
<SHARES-COMMON-PRIOR> 3,814,335
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (328,111)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 60,542
<NET-ASSETS> 36,871,997
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,960,531
<OTHER-INCOME> 0
<EXPENSES-NET> 194,999
<NET-INVESTMENT-INCOME> 1,765,532
<REALIZED-GAINS-CURRENT> 452,751
<APPREC-INCREASE-CURRENT> (780,988)
<NET-CHANGE-FROM-OPS> 1,437,295
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,766,573
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 651,305
<NUMBER-OF-SHARES-REDEEMED> 923,053
<SHARES-REINVESTED> 24,282
<NET-CHANGE-IN-ASSETS> (2,931,073)
<ACCUMULATED-NII-PRIOR> 1,040
<ACCUMULATED-GAINS-PRIOR> (780,862)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 279,921
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 474,920
<AVERAGE-NET-ASSETS> 37,436,954
<PER-SHARE-NAV-BEGIN> 10.440
<PER-SHARE-NII> 0.490
<PER-SHARE-GAIN-APPREC> (0.100)
<PER-SHARE-DIVIDEND> 0.490
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.340
<EXPENSE-RATIO> 0.52
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
