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CCB INTRODUCES BANK-MANAGED MUTUAL FUNDS

 CCB INTRODUCES BANK-MANAGED MUTUAL FUNDS
 DURHAM, N.C., Aug. 17 /PRNewswire/ -- CCB Investment and Insurance


Service Corporation, a division of Central Carolina Bank and Trust Company, has introduced two bank-managed mutual funds, the "111 Corcoran Funds," W.L. Burns, Jr., president and CEO of CCB, announced today. The funds were named after the street address of CCB's headquarters in Durham. "Making mutual funds available is just one more way CCB is meeting the changing financial needs of our customers," Burns said.
 The 111 Corcoran Funds will be managed by James S. Agnew, CCB vice president and senior trust investment officer. The two funds are the "111 Corcoran Bond Fund" and the "111 Corcoran North Carolina Municipal Securities Fund." The "111 Corcoran Bond Fund" is a mutual fund consisting of a portfolio of U.S. government bonds, federal agency bonds, and corporate debt securities rated A or better by national independent rating organizations. The "111 Corcoran North Carolina Municipal Securities Fund" is the first, and as yet only, open-end, tax- exempt municipal securities mutual fund that is managed in North Carolina. An open-end fund is one that continually issues new shares.
 The "111 Corcoran North Carolina Municipal Securities Fund" primarily invests in securities that are issued by North Carolina municipalities to fund public works, such as airports, highways and schools. This mutual fund pays dividends to North Carolina residents that are free from federal income tax and N.C. state income tax. The fund intends to qualify as an investment substantially exempt from the N.C. intangibles tax. Income may be subject to the federal alternative minimum tax and the fund may generate a small portion of income subject to taxes as a result of investing in non-municipal securities.
 "It's exciting to be able to give our customers something they have been asking for, especially the tax-exempt municipal securities fund," Agnew said. "As an in-state adviser, we have an insider's point of view of the local municipal securities market. Investors can be assured that we're familiar with the yield potential, local economic influences, and the issuers' credit histories."
 The bank also is making available two mutual funds that are managed by subsidiaries of Federated Investors of Pittsburgh. These include the American Leaders Fund, Inc., a mutual fund consisting of a portfolio of blue-chip stocks, and the Liberty U.S. Government Money Market Trust, a mutual fund consisting of a portfolio of securities issued by the U.S. government or its agencies. Federated Securities Corporation is the distributor of these funds, as well as the 111 Corcoran Funds.
 The funds are being sold by trained and licensed investment specialists from CCB Investment and Insurance Service Corporation. CCB Trust and Investment Management Division business development officers also are making the funds available to their customers.
 These funds are not deposits or obligations of CCB and, unlike traditional bank products, are not insured by the FDIC.
 For more complete information, call 1-800-422-2080. CCB will send you prospectuses that detail the 111 Corcoran Funds' charges and expenses. Potential investors should read the prospectus carefully.
 -0- 8/17/92
 /CONTACT: Carolyn Paige, CCB Vice President and CCB Investment and Insurance Service Corporation Manager, 919-683-6582, or Jim Agnew, CCB Vice President, Senior Trust Investment Officer, and 111 Corcoran Funds Mgr., 919-683-7542/
 (CCBF) CO: CCB Investment and Insurance Service Corporation; Central Carolina
 Bank and Trust Company ST: North Carolina IN: FIN SU: PDT


JZ-DF -- CH004 -- 0463 08/17/92 11:27 EDT
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Publication:PR Newswire
Date:Aug 17, 1992
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