<PAGE> PAGE 1
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007 C020200 CCB NORTH CAROLINA MUNI SEC. FUND
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007 C010500 5
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011 A00AA01 FEDERATED SECURITIES CORP.
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011 C01AA01 PITTSBURGH
011 C02AA01 PA
011 C03AA01 15222
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012 A00AA01 FEDERATED SHAREHOLDER SERVICES COMPANY
<PAGE> PAGE 2
012 B00AA01 84-1869
012 C01AA01 PITTSBURGH
012 C02AA01 PA
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012 C04AA01 3779
013 A00AA01 ARTHUR ANDERSEN LLP
013 B01AA01 PITTSBURGH
013 B02AA01 PA
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015 A00AA01 FIFTH THIRD BANK
015 B00AA01 C
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<PAGE> PAGE 3
022 D000002 15105
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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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<PAGE> PAGE 19
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SIGNATURE S. ELLIOTT COHAN
TITLE ASST. GEN. COUNSEL
<TABLE> <S> <C>
<S> <C>
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<SERIES>
<NUMBER> 01
<NAME> CCB Funds
CCB Bond Fund
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<GROSS-EXPENSE> 900,709
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<PER-SHARE-NII> 0.660
<PER-SHARE-GAIN-APPREC> 0.260
<PER-SHARE-DIVIDEND> 0.640
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<PER-SHARE-NAV-END> 10.200
<EXPENSE-RATIO> 0.31
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 02
<NAME> CCB Funds
CCB North Carolina Municipal Securities Fund
<PERIOD-TYPE> 12-mos
<FISCAL-YEAR-END> May-31-1998
<PERIOD-END> May-31-1998
<INVESTMENTS-AT-COST> 34,205,895
<INVESTMENTS-AT-VALUE> 35,625,575
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<OTHER-ITEMS-ASSETS> 92
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<OTHER-ITEMS-LIABILITIES> 127,653
<TOTAL-LIABILITIES> 127,653
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<SHARES-COMMON-PRIOR> 3,395,875
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<ACCUMULATED-NET-GAINS> 242,175
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,419,680
<NET-ASSETS> 36,012,693
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,846,012
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<NET-INVESTMENT-INCOME> 1,656,571
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<NET-CHANGE-FROM-OPS> 2,761,716
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<NUMBER-OF-SHARES-SOLD> 501,030
<NUMBER-OF-SHARES-REDEEMED> 605,325
<SHARES-REINVESTED> 15,643
<NET-CHANGE-IN-ASSETS> 2,761,716
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 319,901
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
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<GROSS-EXPENSE> 465,445
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<PER-SHARE-NII> 0.450
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</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 03
<NAME> CCB Funds
CCB Equity Fund
<PERIOD-TYPE> 12-mos
<FISCAL-YEAR-END> May-31-1998
<PERIOD-END> May-31-1998
<INVESTMENTS-AT-COST> 170,938,457
<INVESTMENTS-AT-VALUE> 219,545,942
<RECEIVABLES> 483,746
<ASSETS-OTHER> 13,191
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<TOTAL-ASSETS> 220,042,879
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 349,223
<TOTAL-LIABILITIES> 349,223
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 154,164,564
<SHARES-COMMON-STOCK> 10,854,836
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<ACCUMULATED-NII-CURRENT> 305,070
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<ACCUMULATED-NET-GAINS> 16,503,028
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 48,720,994
<NET-ASSETS> 219,693,656
<DIVIDEND-INCOME> 2,577,712
<INTEREST-INCOME> 221,884
<OTHER-INCOME> 0
<EXPENSES-NET> 2,015,397
<NET-INVESTMENT-INCOME> 784,199
<REALIZED-GAINS-CURRENT> 21,189,873
<APPREC-INCREASE-CURRENT> 19,481,961
<NET-CHANGE-FROM-OPS> 41,456,033
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<DISTRIBUTIONS-OF-INCOME> 721,356
<DISTRIBUTIONS-OF-GAINS> 10,530,395
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 986,350
<NUMBER-OF-SHARES-REDEEMED> 338,851
<SHARES-REINVESTED> 541,306
<NET-CHANGE-IN-ASSETS> 52,190,423
<ACCUMULATED-NII-PRIOR> 242,227
<ACCUMULATED-GAINS-PRIOR> 5,843,550
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,713,011
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<GROSS-EXPENSE> 2,156,469
<AVERAGE-NET-ASSETS> 200,609,481
<PER-SHARE-NAV-BEGIN> 17.330
<PER-SHARE-NII> 0.070
<PER-SHARE-GAIN-APPREC> 3.930
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<PER-SHARE-NAV-END> 20.240
<EXPENSE-RATIO> 1.00
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<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
