<PAGE> PAGE 1
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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SIGNATURE S. ELLIOTT COHAN
TITLE ASST. GEN. COUNSEL
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111 Corcoran Bond Fund
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<SERIES>
<NUMBER> 03
<NAME> 111 Corcoran Funds
111 Corcoran Equity Fund
<PERIOD-TYPE> 6-Mos
<FISCAL-YEAR-END> May-31-1997
<PERIOD-END> Nov-30-1996
<INVESTMENTS-AT-COST> 136,641,584
<INVESTMENTS-AT-VALUE> 152,304,293
<RECEIVABLES> 2,932,256
<ASSETS-OTHER> 4,818
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 155,241,367
<PAYABLE-FOR-SECURITIES> 1,787,773
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 693,902
<TOTAL-LIABILITIES> 2,481,675
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 134,484,763
<SHARES-COMMON-STOCK> 9,822,462
<SHARES-COMMON-PRIOR> 2,115,744
<ACCUMULATED-NII-CURRENT> 222,412
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2,467,465
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 15,585,052
<NET-ASSETS> 152,759,692
<DIVIDEND-INCOME> 622,296
<INTEREST-INCOME> 30,295
<OTHER-INCOME> 0
<EXPENSES-NET> 326,423
<NET-INVESTMENT-INCOME> 326,168
<REALIZED-GAINS-CURRENT> 933,543
<APPREC-INCREASE-CURRENT> 10,911,599
<NET-CHANGE-FROM-OPS> 12,171,310
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 149,967
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 7,894,778
<NUMBER-OF-SHARES-REDEEMED> 189,040
<SHARES-REINVESTED> 980
<NET-CHANGE-IN-ASSETS> 123,565,296
<ACCUMULATED-NII-PRIOR> 46,211
<ACCUMULATED-GAINS-PRIOR> 1,533,922
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 248,489
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 377,388
<AVERAGE-NET-ASSETS> 62,659,049
<PER-SHARE-NAV-BEGIN> 13.800
<PER-SHARE-NII> 0.070
<PER-SHARE-GAIN-APPREC> 1.750
<PER-SHARE-DIVIDEND> 0.070
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 15.550
<EXPENSE-RATIO> 1.12
<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 Securiti
<PERIOD-TYPE> 6-mos
<FISCAL-YEAR-END> May-31-1997
<PERIOD-END> Nov-30-1996
<INVESTMENTS-AT-COST> 35,715,189
<INVESTMENTS-AT-VALUE> 36,990,341
<RECEIVABLES> 583,067
<ASSETS-OTHER> 2,499
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 37,575,907
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 169,991
<TOTAL-LIABILITIES> 169,991
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 36,404,267
<SHARES-COMMON-STOCK> 3,496,985
<SHARES-COMMON-PRIOR> 3,566,869
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (273,503)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,275,152
<NET-ASSETS> 37,405,916
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 968,901
<OTHER-INCOME> 0
<EXPENSES-NET> 113,432
<NET-INVESTMENT-INCOME> 855,469
<REALIZED-GAINS-CURRENT> 54,608
<APPREC-INCREASE-CURRENT> 1,214,610
<NET-CHANGE-FROM-OPS> 2,124,687
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 855,469
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 258,614
<NUMBER-OF-SHARES-REDEEMED> 337,098
<SHARES-REINVESTED> 8,600
<NET-CHANGE-IN-ASSETS> 533,919
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (328,111)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 139,726
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 253,158
<AVERAGE-NET-ASSETS> 18,579,246
<PER-SHARE-NAV-BEGIN> 10.340
<PER-SHARE-NII> 0.240
<PER-SHARE-GAIN-APPREC> 0.360
<PER-SHARE-DIVIDEND> 0.240
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.700
<EXPENSE-RATIO> 0.61
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
