A mutual fund managed by Central Carolina Bank was the top-performing North Carolina tax-free bond fund in the 12 months ending March 31, the bank announced.

The North Carolina Municipal Securities Fund, part of the 111 Corcoran family of funds, returned 2.66% in the year, better than any of the other 16 funds in its class, according to data supplied to the Durham, N.C., bank by Lipper Analytical Services, Summit, N.J.

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