CMC SMALL CAP FUND
CMC INTERNATIONAL STOCK FUND
Portfolios of CMC Fund Trust
SEMI-ANNUAL REPORT
(Unaudited)
April 30, 1995
1300 S.W. Sixth, P.O. Box 1350, Portland, OR 97207
<PAGE>
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CMC Fund Trust
FINANCIAL HIGHLIGHTS
For a Share Outstanding Throughout the Period
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CMC SMALL CAP FUND
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<TABLE>
<CAPTION>
Six Months
Ended Fiscal Year Ended October 31,
April 30, 1995 ----------- ----------- ---------- ---------- ----------
(Unaudited)(1) 1994 1993 1992 1991 1990
-------------- ----------- ----------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period............. $49.35 $56.44 $50.68 $49.53 $30.66 $40.12
Income from investment operations: -------------- ----------- ----------- ---------- ---------- ----------
Net investment income....................... 0.17 0.18 0.10 0.03 0.05(2) 0.08(2)
Net realized and unrealized gains (losses)
on investments............................ 2.04 1.99 15.50 2.72 20.00 (9.43)
-------------- ----------- ----------- ---------- ---------- ----------
Total from investment operations....... 2.21 2.17 15.60 2.75 20.05 (9.35)
-------------- ----------- ----------- ---------- ---------- ----------
Less distributions:
Dividends (from net investment income)..... (0.06) (0.17) (0.10) (0.03) (0.06) (0.11)
Dividends (in excess of net
investment income)...................... (0.01)
Distributions (from capital gains)......... (8.99) (9.74) (1.57) (1.12)
Distributions (in excess of capital gains). (0.09)
-------------- ----------- ----------- ---------- ---------- ----------
Total distributions.................... (0.06) (9.26) (9.84) (1.60) (1.18) (0.11)
-------------- ----------- ----------- ---------- ---------- ----------
Net asset value, end of period................... $51.50 $49.35 $56.44 $50.68 $49.53 $30.66
============== =========== =========== ========== ========== ==========
Total return .................................... 4.49%(3) 3.87% 30.87% 5.54% 65.44% -23.35%
Ratios/Supplemental data
Net assets, end of period (in thousands)......... $408,151 $467,952 $492,905 $411,263 $276,279 $127,537
Ratio of expenses to average net assets.......... 0.76% 0.78% 0.79% 0.80% 0.81% 0.91%
Ratio of net investment income to
average net assets............................ 0.65% 0.29% 0.17% 0.06% 0.12% 0.21%
Portfolio turnover rate.......................... 107.79% 97.24% 64.39% 56.02% 69.65% 59.42%
<FN>
(1) Ratios and portfolio turnover rates are annualized.
(2) Based on average number of shares outstanding during the period.
(3) Not annualized.
</FN>
</TABLE>
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CMC Fund Trust
FINANCIAL HIGHLIGHTS
For a Share Outstanding Throughout the Period
- - ---------------------------------------------------------------------------
CMC INTERNATIONAL STOCK FUND
- - ---------------------------------------------------------------------------
<TABLE>
<CAPTION>
Six Months Fiscal Year
Ended Ended
April 30, 1995 October 31,
(Unaudited)(1) 1994(1)(2)
-------------- -----------
<S> <C> <C>
Net asset value, beginning of period.......................... $39.51 $40.00
-------------- -----------
Loss from investment operations:
Net investment income.................................... 0.15 0.10
Net realized and unrealized loss
on investments and foreign currency
transactions........................................... (3.86) (0.59)
-------------- -----------
Total from investment operations.................... (3.71) (0.49)
-------------- -----------
Net asset value, end of period................................ $35.80 $39.51
============== ===========
Total return.................................................. -9.39%(3) -1.23%(3)
Ratios/Supplemental data
Net assets, end of period (in thousands)...................... $72,759 $84,298
Ratio of expenses to average net assets....................... 0.97% 1.16%
Ratio of net investment income to
average net assets......................................... 0.82% 0.53%
Portfolio turnover rate....................................... 135.48% 123.80%
<FN>
(1) Ratios and portfolio turnover rates are annualized.
(2) From inception of operations on February 1, 1994.
(3) Not annualized.
</FN>
</TABLE>
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CMC SMALL CAP FUND
A Portfolio of CMC Fund Trust
SCHEDULE OF INVESTMENTS
- - -------------------------------------------------------------------------------
April 30, 1995
(Unaudited)
<TABLE>
<CAPTION>
Shares or
Face Value Value(1)
-------------- ------------
COMMON STOCKS (91.9%)
<S> <C> <C>
Aerospace (1.6%)
* BE Aerospace, Inc........................ 385,000 $ 2,743,125
* Orbital Sciences Corp.................... 220,000 3,685,000
------------
6,428,125
------------
Banking & Finance (11.2%)
Amfed Financial, Inc....................... 37,500 843,750
Bay View Capital Corp. (Del.).............. 120,000 2,970,000
* California Federal Bank (Class A).......... 150,000 1,837,500
Community First Bankshares, Inc............ 265,000 3,842,500
Edwards (A.G.), Inc........................ 140,000 3,202,500
First Security Corp. (Del.)................ 144,000 3,438,000
Green Tree Financial Corp.................. 70,300 2,873,512
North Fork Bancorp, Inc.................... 96,000 1,680,000
SFFed Corp................................. 60,000 1,102,500
U.S. Bancorp (Ore.)........................ 278,000 7,679,750
Washington Mutual, Inc..................... 123,000 2,521,500
West One Bancorp........................... 252,000 6,961,500
Zions Bancorp.............................. 156,000 6,649,500
------------
45,602,512
------------
Building & Forestry Products (0.8%)
Consolidated Papers, Inc................... 70,000 3,430,000
------------
Business Services (2.2%)
Danka Business Systems plc ADR............. 150,000 4,106,250
* Protection One, Inc........................ 366,000 1,692,750
* Westcott Communications, Inc............... 225,000 3,150,000
------------
8,949,000
------------
Chemical (3.2%)
IMC Global, Inc............................. 47,700 2,343,263
Minerals Technologies, Inc.................. 40,000 1,330,000
* Mississippi Chemical Corp................... 217,800 4,138,200
Potash Corp. of Saskatchewan, Inc........... 99,000 5,259,375
------------
13,070,838
------------
Consumer Durable (5.5%)
* Cobra Golf, Inc.............................. 150,000 3,262,500
* Custom Chrome, Inc........................... 256,600 4,939,550
Harley-Davidson, Inc........................... 225,000 5,371,875
* Roberds, Inc................................. 280,000 2,520,000
* Toy Biz, Inc................................. 60,400 1,132,500
</TABLE>
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CMC SMALL CAP FUND
A Portfolio of CMC Fund Trust
SCHEDULE OF INVESTMENTS
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<TABLE>
<CAPTION>
Shares or
Face Value Value(1)
-------------- ------------
<S> <C> <C>
COMMON STOCKS (Continued)
Consumer Durable (Continued)
* Ultralife Batteries, Inc..................... 165,000 $ 2,763,750
* Zenith Electronics Corp...................... 317,700 2,382,750
------------
22,372,925
------------
Consumer Non-Durable (7.4%)
* Bed, Bath & Beyond, Inc...................... 150,000 3,131,250
Big B, Inc................................... 237,500 3,443,750
* Boston Chicken, Inc.......................... 100,000 1,987,500
* Egghead, Inc................................. 130,000 1,235,000
* Gymboree Corp................................ 129,500 3,043,250
Harman International Industries, Inc......... 50,000 1,825,000
* Meyer (Fred), Inc. (Del.).................... 287,300 8,978,125
Quality Food Centers, Inc.................... 31,722 644,353
* Stop & Shop Cos., Inc. (The)................. 220,000 5,857,500
------------
30,145,728
------------
Energy (5.8%)
* Barrett Resources Corp........................ 171,500 4,030,250
* Box Energy Corp. (Class B).................... 44,200 370,175
* Cabre Exploration Ltd......................... 100,000 1,047,409
* Cairn Energy USA, Inc......................... 402,500 3,924,375
* Flores & Rucks, Inc........................... 250,000 3,312,500
* Global Natural Resources, Inc................. 330,000 3,258,750
* Gulf Canada Resources Ltd..................... 280,000 1,190,000
* HS Resources, Inc............................. 109,000 1,798,500
* Northstar Energy Corp......................... 280,000 2,521,131
* Tide West Oil Co., Inc........................ 237,700 2,406,713
------------
23,859,803
------------
Energy Services (5.4%)
* BJ Services Co................................ 135,000 3,088,125
* Dreco Energy Services Ltd. (Class A).......... 200,600 2,758,250
* Global Industries Ltd......................... 126,400 3,223,200
* Input/Output, Inc............................. 90,000 3,048,750
* Oceaneering International, Inc................ 230,000 2,300,000
* Offshore Logistics, Inc....................... 310,000 4,204,375
* Pride Petroleum Services, Inc................. 330,000 2,640,000
* Tuboscope Vetco International Corp............ 100,000 700,000
------------
21,962,700
------------
Entertainment & Media (1.9%)
* Children's Broadcasting Corp................... 260,000 1,576,250
* Educational Insights, Inc...................... 202,000 1,060,500
</TABLE>
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CMC SMALL CAP FUND
A Portfolio of CMC Fund Trust
SCHEDULE OF INVESTMENTS
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<TABLE>
<CAPTION>
Shares or
Face Value Value(1)
-------------- ------------
<S> <C> <C>
COMMON STOCKS (Continued)
Entertainment & Media (Continued)
* Marvel Entertainment Group, Inc................ 125,000 $ 1,953,125
* Scholastic Corp................................ 53,000 2,968,000
------------
7,557,875
------------
Health (10.2%)
* AMSCO International, Inc........................ 100,000 1,262,500
* Assisted Living Concepts, Inc................... 175,000 1,968,750
Ballard Medical Products........................ 245,333 2,943,996
* Genesis Health Ventures, Inc.................... 59,800 1,629,550
* Haemonetics Corp................................ 150,000 2,325,000
* Health Care & Retirement Corp. (Del.)........... 85,000 2,401,250
* Heart Technology, Inc........................... 75,000 1,303,125
* Infrasonics, Inc................................ 264,600 727,650
* Lincare Holdings, Inc........................... 102,000 3,149,250
* Medic Computer Systems, Inc..................... 100,000 4,400,000
Medicus Systems Corp............................ 120,000 1,320,000
* SpaceLabs Medical, Inc.......................... 200,000 4,900,000
* STERIS Corp..................................... 50,000 1,975,000
* Sullivan Dental Products, Inc................... 112,000 1,512,000
* Target Therapeutics, Inc........................ 64,000 2,336,000
Teva Pharmaceutical Industries Ltd. ADR......... 100,000 3,425,000
* Thermedics, Inc................................. 180,000 3,397,500
* UroMed Corp..................................... 120,000 840,000
------------
41,816,571
------------
Insurance (1.9%)
Equitable of Iowa Cos.......................... 50,200 1,838,575
Executive Risk, Inc............................ 70,300 1,239,037
Protective Life Corp........................... 38,500 1,746,938
* Transnational Re Corp. (Class A)................ 155,000 3,138,750
------------
7,963,300
------------
Machinery & Capital Spending (7.9%)
Albany International Corp. (Class A)............ 234,000 5,118,750
Applied Power, Inc. (Class A)................... 168,100 4,433,637
* Baldwin Technology Co., Inc. (Class A).......... 342,900 2,014,538
* Elsag Bailey Process Automation N.V............. 92,000 2,369,000
* Farr Co......................................... 140,000 927,500
Harnischfeger Industries, Inc................... 120,000 3,540,000
* Jacobs Engineering Group, Inc................... 150,000 2,962,500
* Larsen & Toubro Ltd. GDS (144A)................. 112,000 1,932,000
Roper Industries, Inc........................... 84,000 2,268,000
</TABLE>
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CMC SMALL CAP FUND
A Portfolio of CMC Fund Trust
SCHEDULE OF INVESTMENTS
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<TABLE>
<CAPTION>
Shares or
Face Value Value(1)
-------------- ------------
COMMON STOCKS (Continued)
<S> <C> <C>
Machinery & Capital Spending (Continued)
* Stevens Graphics Corp. (Series A)............... 237,000 $ 1,747,875
* Stimsonite Corp................................. 185,000 2,381,875
Titan Wheel International, Inc.................. 110,000 2,543,750
------------
32,239,425
------------
Metal Mining & Steel (3.5%)
Cambior, Inc.................................... 127,900 1,454,863
* Santa Fe Pacific Gold Corp...................... 250,000 3,156,250
Schnitzer Steel Industries, Inc. (Class A)...... 167,000 3,632,250
* TVX Gold, Inc................................... 621,000 4,502,250
* WHX Corp........................................ 156,000 1,677,000
------------
14,422,613
------------
Pollution Control (3.5%)
* Air & Water Technologies Corp. (Class A)........ 406,625 1,855,227
* Osmonics, Inc................................... 276,550 4,632,212
* TETRA Technologies, Inc......................... 186,250 3,794,844
* U.S. Filter Corp................................ 250,300 3,973,512
------------
14,255,795
------------
Real Estate Securities (6.9%)
Associated Estates Realty Corp.................. 110,000 2,172,500
Avalon Properties, Inc.......................... 136,000 2,669,000
Cali Realty Corp................................ 170,600 2,857,550
Equity Residential Properties Trust.10.......... 85,000 2,273,750
Evans Withycombe Residential, Inc............... 80,600 1,511,250
First Industrial Realty Trust, Inc.............. 135,000 2,362,500
Franchise Finance Corp. of America.............. 147,000 2,903,250
Glimcher Realty Trust........................... 150,000 2,906,250
Manufactured Home Communities, Inc.............. 170,000 2,677,500
ROC Communities, Inc............................ 132,000 2,656,500
Shurgard Storage Centers, Inc. (Class A)........ 130,000 2,990,000
------------
27,980,050
------------
Technology (10.3%)
* Actel Corp...................................... 357,800 4,159,425
* American Management Systems, Inc................ 116,900 2,469,512
* ANTEC Corp...................................... 121,000 2,994,750
* Applied Voice Technology, Inc................... 30,400 475,000
* Cambridge Technology Partners, Inc. (Mass.)..... 72,000 2,475,000
* Checkpoint Systems, Inc......................... 96,000 2,028,000
* Cherry Corp. (Class A).......................... 153,100 2,219,950
Communications Systems, Inc..................... 104,500 1,502,188
</TABLE>
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CMC SMALL CAP FUND
A Portfolio of CMC Fund Trust
SCHEDULE OF INVESTMENTS
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<TABLE>
<CAPTION>
Shares or
Face Value Value(1)
-------------- ------------
COMMON STOCKS (Continued)
<S> <C> <C>
Technology (Continued)
* Delrina Corp.................................... 82,000 $ 1,066,000
* General Magic, Inc.............................. 28,000 388,500
* Geoworks........................................ 37,300 345,025
* Hyperion Software Corp.......................... 35,000 1,505,000
* Integrated Silicon Systems, Inc................. 78,100 2,108,700
* Intersolv, Inc.................................. 180,000 2,475,000
* Itron, Inc...................................... 90,300 2,280,075
* ParcPlace Systems, Inc.......................... 131,000 1,539,250
* S3, Inc......................................... 90,000 2,081,250
* Spectrian Corp.................................. 91,000 2,650,375
* Structural Dynamics Research Corp............... 382,000 4,631,750
* ThrustMaster, Inc............................... 20,000 140,000
* Tower Semiconductor Ltd......................... 100,000 2,137,500
* Transaction Systems Architects, Inc............. 20,000 412,500
------------
42,084,750
------------
Transportation (0.6%)
* Alaska Air Group, Inc........................... 135,000 2,311,875
------------
Utilities/Communications (2.1%)
* Intermedia Communications of Florida, Inc....... 345,000 3,622,500
* Mobile Telecommunication Technologies Corp...... 204,000 4,819,500
------------
8,442,000
------------
Total Common Stocks
(Cost $346,543,666)...................... 374,895,885
-------------
REPURCHASE AGREEMENTS (7.8%)
Goldman Sachs Corp.
5.974% dated 04/28/1995,
due 05/01/1995 in the
amount of $20,462,708.
Collateralized by U.S. Treasury Strips
due 11/15/1997 to 11/15/2021.................. 20,452,665 20,452,665
J.P. Morgan Securities, Inc.
6.172% dated 04/28/1995,
due 05/01/1995 in the
amount of $11,405,783.
Collateralized by U.S. Treasury Bills
due 08/03/1995 to 10/19/1995.................. 11,400,000 11,400,000
------------
</TABLE>
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CMC SMALL CAP FUND
A Portfolio of CMC Fund Trust
SCHEDULE OF INVESTMENTS
- - --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares or
Face Value Value(1)
-------------- ------------
REPURCHASE AGREEMENTS (Continued)
<S> <C> <C>
Total Repurchase Agreements
(Cost $31,852,665)............................ $ 31,852,665
-----------
Total Investments (99.7%)
(Cost $378,396,331)........................... 406,748,550
Receivables less liabilities (0.3%)........... 1,402,720
-----------
Net Assets (100.0%)........................... $408,151,270
===========
(1) See Note 1 of Notes to Financial Statements.
*Non-Income Producing.
The accompanying notes are an integral part of the financial statements.
</TABLE>
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CMC INTERNATIONAL STOCK FUND
A Portfolio of CMC Fund Trust
SCHEDULE OF INVESTMENTS
- - -------------------------------------------------------------------------------
April 30, 1995
(Unaudited)
<TABLE>
<CAPTION>
Shares or
Face Value Value(1)
-------------- ------------
COMMON STOCKS (94.2%)
<S> <C> <C>
Australia (3.5%)
Amcor Ltd. (Consumer Products)................. 50,000 $ 368,115
* Ampolex Ltd. (Oil Exploration & Production).... 200,000 577,635
Broken Hill Proprietary Co., Ltd.
(Metals, Mining & Steel)...................... 25,000 364,478
National Australia Bank Ltd. (Banking).......... 70,000 604,989
* Newcrest Mining Ltd. (Metals, Mining & Steel)... 140,000 598,878
------------
2,514,095
------------
Brazil (1.5%)
Companhia Energetica de Minas Gerais ADR
(Utilities-Electric).......................... 30,368 702,260
Usinas Siderurgicas de Minas Gerais SA ADR
(Metals, Mining & Steel)...................... 30,000 352,500
------------
1,054,760
------------
Canada (3.5%)
Bombardier, Inc. (Class B)
(Manufacturing-Diversified Industries)........ 80,000 1,742,007
* Future Shop Ltd., The (Retail)................. 66,500 794,285
------------
2,536,292
------------
Finland (3.1%)
Finnair Oy (Transportation)..................... 78,000 614,534
Kesko Oy (Retail)............................... 50,000 517,404
Stockmann AB (Class A) (Retail)................. 8,000 442,145
Stockmann AB (Class B Free) (Retail)............ 1,000 47,272
* Valmet Oy (Class A) (Machinery & Capital Spending) 27,000 614,040
------------
2,235,395
------------
France (14.9%)
Alcatel Alsthom SA (Electrical Equipment)....... 8,000 743,352
Banque National de Paris SA (Banking)........... 16,000 779,215
Brioche Pasquier SA (Food Processing)........... 4,000 450,739
Carrefour SA (Retail).......................... 2,000 1,004,585
* Coflexip SA (Oil Equipment & Services).......... 14,000 847,275
Compagnie Bancaire SA (Financial Services)..... 6,500 719,205
Compagnie de Saint Gobain SA (Building Materials) 2,750 356,393
Compagnie Francaise de Petroleum Total SA
(Class B) (Oil Exploration & Production)...... 14,000 876,373
Groupe Danone (Food Processing)................. 4,000 662,659
L'oreal (Consumer Products)..................... 2,400 632,827
LVMH Moet Hennessy Louis Vuitton SA
(Food & Beverages)............................ 4,400 838,309
</TABLE>
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CMC INTERNATIONAL STOCK FUND
A Portfolio of CMC Fund Trust
SCHEDULE OF INVESTMENTS
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<TABLE>
<CAPTION>
Shares or
Face Value Value(1)
-------------- ------------
COMMON STOCKS (Continued)
<S> <C> <C>
France (Continued)
* Michelin (CGDE) (Class B)
(Tire & Rubber Goods).......................... 7,500 $ 336,984
Rhone-Poulenc SA (Series A) (Chemicals)........... 32,500 793,377
Schneider SA (Electrical Equipment)............... 7,000 538,889
Societe Nationale d'Exploitation Industrielle des
Tabacs et Allumettes (Consumer Products).......... 15,000 457,871
Societe Generale SA (Banking)..................... 7,000 770,250
------------
10,808,303
------------
Germany (6.1%)
Dresdner Bank AG (Banking)...................... 2,500 695,802
Gehe AG (Pharmaceutical)........................ 1,100 474,557
Karstadt AG (Retail)............................ 2,300 993,087
Mannesmann AG (Machinery & Capital Spending).... 4,000 1,088,672
Schering AG (Pharmaceutical).................... 850 632,808
Siemens AG (Electrical Equipment)............... 1,200 584,582
------------
4,469,508
------------
India (3.2%)
* Bajaj Auto Ltd., GDR (Motor Vehicles & Parts) 7,800 196,950
I.T.C. Ltd., GDR (Consumer Products)............ 40,000 260,000
* Indian Hotels Co. Ltd., The, GDS
(Entertainment and Leisure)................. 36,000 594,000
* Larsen & Toubro Ltd., GDS
(Engineering & Construction)................ 40,000 690,000
* Tata Electric Cos., GDR (Utilities-Electric).. 400 150,000
* Tata Engineering & Locomotive Co., Ltd., GDS
(Motor Vehicles & Parts).................... 27,500 460,625
------------
2,351,575
------------
Japan (28.4%)
Canon, Inc. (Electronics)....................... 60,000 993,094
DDI Corp. (Utilities-Communication)............. 75 660,872
Enplas Corp. (Electronics)...................... 6,000 140,033
Fujicopian Co., Ltd. (Machinery & Capital Spending) 24,000 254,346
Ito-Yokado Co., Ltd. (Retail)................... 10,000 539,414
Keyence Corp. (Electronics)..................... 7,000 746,845
Marubeni Corp. (Wholesale Distributor).......... 180,000 992,379
Mitsubishi Bank Ltd., The (Banking)............. 40,000 981,186
Mitsubishi Heavy Inds., Ltd.
(Machinery & Capital Spending)................ 120,000 871,636
Mr. Max Corp. (Retail).......................... 25,080 561,448
NEC Corp. (Electronics)......................... 75,000 830,555
</TABLE>
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CMC INTERNATIONAL STOCK FUND
A Portfolio of CMC Fund Trust
SCHEDULE OF INVESTMENTS
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<TABLE>
<CAPTION>
Shares or
Face Value Value(1)
-------------- ------------
COMMON STOCKS (Continued)
<S> <C> <C>
Japan (Continued)
Nippon Telegraph & Telephone Corp.
(Utilities-Communication)........................................ 180 $ 1,592,522
Nippon Yusen Kabushiki Kaisha (Transportation)..................... 100,000 645,392
Nippondenso Co., Ltd. (Motor Vehicle & Parts)..................... 60,000 1,207,430
Nomura Securities Co., Ltd. (Financial Services)................... 65,000 1,315,790
Omron Corp. (Electronics).......................................... 40,000 785,901
Raito Kogyo Co., Ltd. (Construction)............................... 2,000 50,012
Rohm Co., Ltd. (Electronics)....................................... 20,000 921,648
Sakura Bank Ltd. (Banking)......................................... 40,000 533,460
Sanwa Bank Ltd. (Banking).......................................... 50,000 1,083,591
Sharp Corp. (Electronics).......................................... 65,000 1,068,112
Shimamura Co., Ltd. (Retail)....................................... 1,000 37,509
Shin-Etsu Chemical Co., Ltd. (Chemicals)........................... 35,000 679,328
Sony Corp. (Electronics)........................................... 12,000 605,859
Toyo Communication Equipment Co., Ltd. (Electronics)............... 17,000 414,980
Toyota Motor Corp. (Motor Vehicles & Parts)........................ 66,000 1,343,891
Yokohama Rubber Co., Ltd. (Tire & Rubber Goods).................... 138,000 841,343
------------
20,698,576
------------
Korea (1.0%)
* CITC Seoul Excel Trust, IDR (Investment Trust).................... 70,000 744,800
------------
Netherlands (4.5%)
Aegon NV (Insurance)................................................ 20,000 1,556,847
CSM NV (Certificates) (Food Processing)............................. 9,214 423,201
Elsevier NV (Publishing)............................................ 50,000 549,096
Royal PTT Nederland NV (Utilities-Communication).................... 21,000 733,915
------------
3,263,059
------------
Singapore (1.8%)
City Developments Ltd. (Real Estate)................................ 130,000 765,255
Cycle & Carriage Ltd. (Motor Vehicles & Parts)...................... 70,000 572,864
------------
1,338,119
------------
Spain (2.2%)
Repsol SA (Oil Exploration & Production)............................ 50,000 1,593,496
------------
Switzerland (5.1%)
BBC AG (Brown Boveri & Cie) (Series A)
(Bearer) (Electronics)............................................ 700 693,561
Ciba-Geigy AG (Bearer) (Pharmaceutical)............................. 1,000 685,063
Magazine Zum Globus AG (PC) (Retail)................................ 1,000 665,791
Nestle SA (Namen) (Consumer Products)............................... 800 784,231
</TABLE>
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CMC INTERNATIONAL STOCK FUND
A Portfolio of CMC Fund Trust
SCHEDULE OF INVESTMENTS
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<TABLE>
<CAPTION>
Shares or
Face Value Value(1)
-------------- -----------
COMMON STOCKS (Continued)
<S> <C> <C>
Switzerland (Continued)
Roche Holding AG (Genussshein) (Pharmaceutical)........... 150 $ 904,731
----------
3,733,377
----------
United Kingdom (15.4%)
Abbey National plc (Financial Services).................... 160,000 1,197,468
British Gas plc (Utilities-Gas)............................ 200,000 968,919
British Petroleum Co. plc (Energy)......................... 171,021 1,231,781
* British Sky Broadcasting Group plc
(Utilities-Communication).............................. 200,000 798,312
De La Rue plc (Technology)................................. 36,000 519,160
General Electric Co. plc (Electrical)...................... 150,000 736,346
Glaxo plc (Pharmaceutical)................................. 138,000 1,631,405
Marks & Spencer plc (Retail)............................... 150,000 1,015,192
National Westminster Bank plc (Banking).................... 95,101 827,317
Next plc (Retail).......................................... 100,000 509,407
Siebe plc (Machinery & Capital Spending)................... 61,247 554,989
Tomkins plc (Industrials).................................. 106,659 401,702
Unilever plc (Food & Beverages)............................ 40,000 789,943
------------
11,181,941
------------
Total Common Stocks ------------
(Cost $66,912,023)................................ 68,523,296
------------
PREFERRED STOCKS (1.6%)
Brazil (0.4%)
Companhia Tecidos Norte de Minas (Textiles)............. 1,200,000 317,466
------------
Germany (1.2%)
Friedrich Grohe AG (Consumer Products).................. 1,500 496,200
Jil Sander AG (Retail).................................. 545 355,049
------------
851,249
------------
Total Preferred Stocks
(Cost $1,121,958)....................................... 1,168,715
------------
WARRANTS (1.8%)
France (0.2%)
* Schneider SA (06/30/1997) (Electrical Equipment)...... 20,000 141,213
------------
Germany (0.6%)
* Veba International Finance AG (04/06/1998)
(Utilities - Electric).............................. 4,000 474,846
------------
</TABLE>
<PAGE>
- - --------------------------------------------------------------------------------
CMC INTERNATIONAL STOCK FUND
A Portfolio of CMC Fund Trust
SCHEDULE OF INVESTMENTS
- - --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares or
Face Value Value(1)
-------------- ------------
WARRANTS (Continued)
<S> <C> <C>
India (0.1%)
* Tata Engineering & Locomotive Co., Ltd., GDS
(03/08/1996) (Motor Vehicles & Parts)............... 27,500 $ 82,500
------------
Japan (0.9%)
* Kyocera Corp. #2 (01/23/1998) (Electronics)........... 560 469,000
* Mr. Max Corp. (02/17/1998) (Retail)................... 6,000 173,456
------------
642,456
------------
Total Warrants
(Cost $1,706,931)................................. 1,341,015
------------
Total investments, excluding temporary cash investments
(Cost $69,740,912)................................ 71,033,026
------------
REPURCHASE AGREEMENTS (6.8%)
Goldman Sachs Corp.
5.974% dated 04/28/1995,
due 05/01/1995 in the
amount of $3,502,375
Collateralized by U.S. Treasury Strips
due 11/15/1997 to 11/15/2021........................... 3,500,656 3,500,656
J.P. Morgan Securities, Inc.
6.172% dated 04/28/1995,
due 05/01/1995 in the
amount of $1,400,710
Collateralized by U.S. Treasury Bills
due 08/03/1995 to 10/19/1995........................... 1,400,000 1,400,000
------------
Total Repurchase Agreements
(Cost $4,900,656)................................. 4,900,656
------------
Total Investments (104.4%)
(Cost $74,641,568)................................ 75,933,682
Cash and receivables less liabilities (-4.4%)..... (3,174,393)
------------
Net Assets (100.0%)............................... $ 72,759,289
===========
<FN>
(1) See Note 1 of Notes to Financial Statements.
*Non-Income Producing
</FN>
The accompanying notes are an integral part of the financial statements.
</TABLE>
<PAGE>
- - --------------------------------------------------------------------------------
CMC SMALL CAP FUND
CMC INTERNATIONAL STOCK FUND
Portfolios of CMC Fund Trust
STATEMENTS OF ASSETS AND LIABILITIES
- - -------------------------------------------------------------------------------
April 30, 1995
(Unaudited)
<TABLE>
<CAPTION>
CMC Small CMC International
Cap Fund Stock Fund
------------------ -------------------------
<S> <C> <C>
ASSETS:
Investments at identified cost ......................... $ 346,543,666 $ 69,740,912
- - ---------------------------------------------------------- ------------------ -------------------------
Investments at value (Notes 1 and 2).................... $ 374,895,885 $ 71,033,026
Temporary cash investments, at cost (Note 1)............ 31,852,665 4,900,656
Cash.................................................... 109,219
Cash denominated in foreign currencies
(cost $ 31,046)(Note 1)............................... 31,129
Receivable for:
Interest.............................................. 106,389 32,537
Dividends............................................. 189,901 142,319
Investments sold...................................... 10,219,831 630,490
Capital stock sold.................................... 41,160
Forward foreign currency exchange contracts held
at market........................................... 16,568,994
------------------ -------------------------
Total assets............................................ 417,305,831 93,448,370
------------------ -------------------------
LIABILITIES:
Payable for:
Investments purchased................................. 8,884,570 4,169,962
Investment management fee (Note 4).................... 252,680 43,452
Accrued expenses ..................................... 17,311 31,642
Forward foreign currency exchange contracts held
at market .......................................... 16,444,025
------------------ -------------------------
Total liabilities...................................... 9,154,561 20,689,081
------------------ -------------------------
Net assets applicable to outstanding shares............. $ 408,151,270 $ 72,759,289
================== =========================
Net assets consist of:
Undistributed net investment income .................. $ 859,340 $ 306,405
Unrealized appreciation on:
Investments......................................... 28,352,219 1,292,114
Translation of assets and liabilities
in foreign currencies............................ 122,782
Undistributed net realized gain (loss) from:
Investments...................................... 18,474,255 (5,726,631)
Foreign currency transactions..................... (1,588,598)
Capital paid in (Note 3).............................. 360,465,456 78,353,217
------------------ -------------------------
$ 408,151,270 $ 72,759,289
================== =========================
Shares of capital stock outstanding (Note 3).............. 7,925,992 2,032,447
=================== =========================
Net asset value, offering and
redemption price per share (1)......................... $ 51.50 $ 35.80
=================== =========================
<FN>
(1) The net asset value per share is computed by dividing net assets
applicable to outstanding shares by shares of capital stock
outstanding.
</FN>
The accompanying notes are an integral part of the financial statements.
</TABLE>
<PAGE>
- - --------------------------------------------------------------------------------
CMC SMALL CAP FUND
CMC INTERNATIONAL STOCK FUND
Portfolios of CMC Fund Trust
STATEMENTS OF OPERATIONS
- - -------------------------------------------------------------------------------
Six Months Ended April 30, 1995
(Unaudited)
<TABLE>
<CAPTION>
CMC Small CMC International
Cap Fund Stock Fund
----------------- -----------------------
<S> <C> <C>
INVESTMENT INCOME:
Income:
Interest............................................. $ 667,586 $ 382,685
Dividends............................................ 2,472,581 339,523
Foreign taxes withheld............................... (49,349)
----------------- -----------------------
Total income....................................... 3,140,167 672,859
----------------- -----------------------
Expenses:
Investment management fees (Note 4).................. 1,632,714 276,456
Shareholder servicing costs (Note 4)................. 15,466 19,064
Reports to shareholders ............................. 100 33
Accounting service fees.............................. 13,471
Custodian fees....................................... 7,324 29,310
Bank transaction and checking fees................... 12,435 9,248
Registration fees.................................... 252 1,304
Legal, insurance and auditing fees................... 18,295 13,128
Other (Note 4)....................................... 3,334 4,440
----------------- -----------------------
Total expenses..................................... 1,689,920 366,454
----------------- -----------------------
Net investment income (Note 1)....................... 1,450,247 306,405
----------------- -----------------------
Realized gain (loss) and unrealized appreciation
(depreciation) from investment and foreign
currency transactions:
Net realized gain (loss) from:
Investments (Note 2).................................... 19,126,280 (4,870,935)
Foreign currency transactions (Note 1).................. (1,588,598)
----------------- -----------------------
Net realized gain (loss)............................. 19,126,280 (6,459,533)
----------------- -----------------------
Net unrealized appreciation (depreciation) on:
Investments (Note 1)................................. (1,810,710) (2,141,914)
Translation of assets and liabilities in foreign
currencies (Note 1)............................... 108,528
----------------- -----------------------
Net unrealized depreciation during the period..... (1,810,710) (2,033,386)
----------------- -----------------------
Net gain (loss) on investment and foreign currency
transactions (Note 1)................................. 17,315,570 (8,492,919)
----------------- -----------------------
Net increase (decrease) in net assets resulting
from operations....................................... $ 18,765,817 $ (8,186,514)
================= =======================
The accompanying notes are an integral part of the financial statements.
</TABLE>
<PAGE>
- - --------------------------------------------------------------------------------
CMC SMALL CAP FUND
CMC INTERNATIONAL STOCK FUND
Portfolios of CMC Fund Trust
STATEMENTS OF CHANGES IN NET ASSETS
- - --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CMC Small CMC International
Cap Fund Stock Fund
----------------------------------- ----------------------------------
Six Months Six Months
Ended Fiscal Year Ended Fiscal Year
April 30, 1995 Ended April 30, 1995 Ended
(Unaudited) October 31, 1994 (Unaudited) October 31, 1994(1)
-------------- ---------------- -------------- ------------------
INCREASE (DECREASE) IN NET ASSETS:
Operations:
<S> <C> <C> <C> <C>
Net investment income ........................ $ 1,450,247 $ 1,422,157 $ 306,405 $ 203,060
Net realized gain (loss) from:
Investments (Note 2)..................... 19,126,280 72,071,990 (4,870,935) (757,696)
Foreign currency transactions............ (1,588,598) (1,676,385)
Change in net unrealized appreciation
(depreciation) on:
Investments.............................. (1,810,710) (59,064,003) (2,141,914) 3,434,028
Translation of assets and liabilities in
foreign currencies (Note 1).............. 108,528 14,254
------------- ------------- ------------- -------------
Net increase (decrease) in net assets
resulting from operations................. 18,765,817 14,430,144 (8,186,514) 1,217,261
Distributions to shareholders:
From net investment income.................... (560,817) (1,422,157)**
In excess of net investment income............ (37,501)*
From net realized gain from investment
transactions.............................. (72,071,990)
In excess of net realized gain from
investment transactions................... (578,709)*
Capital share transactions, net (Note 3).............. (78,005,685) 34,727,293 (3,352,377) 83,080,919
------------- ------------- ------------- -------------
Net increase (decrease) in net assets................. (59,800,685) (24,952,920) (11,538,891) 84,298,180
NET ASSETS:
Beginning of period................................... 467,951,955 492,904,875 84,298,180 0
------------- ------------- ------------- -------------
End of period ........................................ $ 408,151,270(2) $ 467,951,955(3) $ 72,759,289(4) $ 84,298,180
============= ============= ============= =============
<FN>
(1) From inception of operations on February 1, 1994.
(2) Includes undistributed net investment income of $859,340.
(3) Includes undistributed net investment loss of $30,090.
(4) Includes undistributed net investment income of $306,405.
* On a tax basis, there was no return of capital.
** On a tax basis, $145,012 of the distributions to shareholders
consisted of a return of capital.
</FN>
The accompanying notes are an integral part of the financial statements.
</TABLE>
<PAGE>
- - --------------------------------------------------------------------------------
CMC SMALL CAP FUND
CMC INTERNATIONAL STOCK FUND
Portfolios of CMC Fund Trust
NOTES TO FINANCIAL STATEMENTS
(Information for the six months ended April 30, 1995 is unaudited)
- - --------------------------------------------------------------------------------
1. Significant accounting policies:
CMC Small Cap Fund and CMC International Stock Fund (the
Funds) are portfolios of CMC Fund Trust (the Trust), an open-end
diversified investment company registered under the Investment
Company Act of 1940, as amended. The Trust has established one
other portfolio, CMC High Yield Fund, which began operations on
July 6, 1994. Each portfolio issues a separate series of the
Trust's shares and maintains a separate investment portfolio.
The policies described below are consistently followed by the
Funds for the preparation of their financial statements in
conformity with generally accepted accounting principles.
Investment valuation - The values of the Funds' equity
investments are based on the last sale prices reported by the
principal securities exchanges on which the investments are
traded, or, in the absence of recorded sales, at the closing bid
prices on such exchanges or over-the-counter markets. Temporary
investments in short-term securities, principally repurchase
agreements, are valued at cost, which approximates market.
Forward foreign currency exchange contracts - In connection
with portfolio purchases and sales of securities denominated in
a foreign currency, the CMC International Stock Fund enters into
forward foreign currency exchange contracts (contracts).
Additionally, the CMC International Stock Fund enters into
contracts to hedge certain other foreign currency denominated
assets. Contracts are recorded at market value. The CMC
International Stock Fund could be exposed to risks if
counterparties to the contracts are unable to meet the terms of
their contracts or if the value of the foreign currency changes
unfavorably. Realized losses arising from such transactions
amounted to $1,755,044 and are included in net realized loss
from foreign currency related transactions. As of April 30,
1995, the CMC International Stock Fund had entered into the
following forward currency exchange contracts resulting in net
unrealized appreciation of $124,969.
<TABLE>
<CAPTION>
Net Unrealized
Currency to Currency to Settlement Appreciation
be Delivered be Received Date (U.S. $)
- - ------------------------ ---------------------- ---------- --------------
<C> <C> <C> <C>
16,000,000 French Francs 3,336,044 U.S. Dollars 5/26/95 $ 79,135
14,671,500 French Francs 3,000,000 U.S. Dollars 5/26/95 13,516
850,000,000 Japanese Yen 10,232,950 U.S. Dollars 6/22/95 32,318
--------------
$124,969
==============
</TABLE>
Foreign currency translations - The books and records of the
CMC International Stock Fund are maintained in U.S. dollars.
Foreign currency transactions are translated into U.S. dollars
on the following basis:
(i) market value of investment securities, other assets, and
liabilities at the daily rates of exchange, and
(ii) purchases and sales of investment securities, dividend
and interest income and certain expenses at the rates of
exchange prevailing on the respective dates of such
transactions.
The CMC International Stock Fund does not isolate that
portion of the results of operations resulting from changes in
foreign exchange rates on investments from the fluctuations
arising from changes in market prices of securities held. Such
fluctuations are included with the net realized and unrealized
gain or loss from investments.
Reported net realized foreign exchange gains or losses arise
from sales and maturities of short-term securities, sales of
foreign currencies, currency gains or losses realized between
the trade and settlement dates on securities transactions, and
the difference between the amounts of dividends, interest, and
foreign withholding taxes recorded on the CMC International
Stock Fund's books and the U.S. dollar equivalent of the amounts
actually received or paid. Net unrealized foreign exchange gains
and losses arise from changes in the value of assets and
liabilities (other than investments in securities) at April 30,
1995 resulting from changes in the exchange rate.
<PAGE>
- - --------------------------------------------------------------------------------
CMC SMALL CAP FUND
CMC INTERNATIONAL STOCK FUND
Portfolios of CMC Fund Trust
NOTES TO FINANCIAL STATEMENTS, CONTINUED
(Information for the six months ended April 30, 1995 is unaudited)
- - --------------------------------------------------------------------------------
1. Significant accounting policies (Continued):
Shareholder distributions - The Funds distribute net
investment income twice a year and any net realized gains from
investment transactions annually. Distributions to shareholders
are recorded on the record date.
Income and capital gain distributions are determined in
accordance with income tax regulations which may differ from
generally accepted accounting principles. These differences are
primarily due to differing treatments for foreign currency
transactions, net operating losses, deferral of wash sales and
return of capital received from Real Estate Investment Trusts.
Federal income taxes - The Funds have made no provision for
federal income taxes on net investment income or net realized
gains from sales of securities, since it is the intention of the
Funds to comply with the provisions of the Internal Revenue Code
available to certain regulated investment companies, and to make
distributions of income and security profits sufficient to
relieve them from substantially all federal income taxes.
Other - Investment transactions are accounted for on the date
the investments are purchased or sold. The cost of investments
sold is determined by the use of the specific identification
method for both financial reporting and income tax purposes.
Interest income is recorded on the accrual basis and dividend
income is recorded on the ex-dividend date. Realized gains and
losses from investment transactions and unrealized appreciation
or depreciation of investments are reported on the basis of
identified costs. The Funds, through their custodians, receive
delivery of underlying securities collateralizing repurchase
agreements (included in temporary cash investments). Market
values of these securities are required to be at least 100% of
the cost of the repurchase agreements. The Funds' investment
advisor determines that the value of the underlying securities
is at all times at least equal to the resale price. In the
event of default or bankruptcy by the other party to the
agreement, realization and/or retention of the collateral may be
subject to legal proceedings.
2. Investment transactions:
Aggregate purchases, sales and maturities, net realized loss and
unrealized appreciation (depreciation) of securities, excluding
temporary cash investments, for the period ended April 30, 1995
were as follows:
<TABLE>
<CAPTION>
CMC Small CMC International
Cap Fund Stock Fund
----------------- -----------------
<S> <C> <C>
Purchases:
Investment securities other
than U.S. Government obligations....................... $ 226,390,208 $ 50,960,704
================= =================
Sales and Maturities:
Investment securities other
than U.S. Government obligations....................... $ 322,533,087 $ 42,368,758
================= =================
Net Realized Gain:
Investment securities other
than U.S. Government obligations....................... $ 19,126,280 $ (4,870,935)
================= =================
Unrealized Appreciation (Depreciation) (1):
Appreciation............................................. $ 51,293,492 $ 3,841,246
Depreciation............................................. (22,941,273) (2,549,132)
----------------- -----------------
Net unrealized appreciation............................ $ 28,352,219 $ 1,292,114
================= =================
For federal income tax purposes, the cost of
investments owned at April 30,1995....................... $ 346,630,116 $ 69,841,230
================= =================
<FN>
(1) For federal income tax purposes, CMC Small Cap Fund
appreciation and depreciation was $50,940,811 and $22,675,042,
respectively, and CMC International Stock Fund appreciation and
depreciation was $3,838,928 and $2,647,132, respectively.
</FN>
</TABLE>
<PAGE>
- - --------------------------------------------------------------------------------
CMC SMALL CAP FUND
CMC INTERNATIONAL STOCK FUND
Portfolios of CMC Fund Trust
NOTES TO FINANCIAL STATEMENTS, CONTINUED
(Information for the six months ended April 30, 1995 is unaudited)
- - -------------------------------------------------------------------------------
3. Capital Stock:
<TABLE>
<CAPTION>
CMC Small CMC International
Cap Fund Stock Fund
--------------------------------- ------------------------------------
Six Months Fiscal Year Six Months Fiscal Year
Ended Ended Ended Ended
April 30, 1995 October 31, 1994 April 30, 1995 October 31, 1994(1)
-------------- ---------------- -------------- -------------------
Shares:
<S> <C> <C> <C> <C>
Shares sold.................................. 161,642 1,163,894 212,149 2,135,887
Shares issued for reinvestment
of dividends............................... 10,898 1,423,895 0 0
-------------- ---------------- -------------- -------------------
172,540 2,587,789 212,149 2,135,887
Less shares redeemed......................... (1,729,443) (1,837,782) (313,381) (2,208)
-------------- ---------------- -------------- -------------------
Net increase (decrease) in shares............ (1,556,903) 750,007 (101,232) 2,133,679
============== ================ ============== ===================
Amounts:
Sales........................................ $ 7,659,577 $ 66,830,285 $ 7,729,300 $ 83,168,219
Reinvestment of dividends.................... 523,666 70,176,278 0 0
-------------- ---------------- -------------- -------------------
8,183,243 137,006,563 7,729,300 83,168,219
Less redemptions............................. (86,188,928) (102,279,270) (11,081,677) (87,300)
-------------- ---------------- -------------- -------------------
Net increase (decrease)...................... $ (78,005,685) $ 34,727,293 $ (3,352,377) $ 83,080,919
============= ============== ============= =================
Capital stock authorized (shares) 100,000,000 100,000,000
<FN>
(1) From inception of operations on February 1, 1994
</FN>
</TABLE>
4. Transactions with affiliates and related parties:
<TABLE>
<CAPTION>
CMC Small CMC International
Cap Fund Stock Fund
------------- ----------------------
<S> <C> <C>
Investment management fees incurred............................... $1,632,714 $276,456
Investment management fee computation basis
(percentage of daily net assets per annum)..................... .75 of 1% .75 of 1%
Expenses reimbursed to investment advisor.........................
Transfer agent fee (included in shareholder servicing costs)...... $9,000 $9,000
Fees earned by trustees not affiliated with the Fund's investment
advisor or transfer agent (included in other expenses)........... $3,259 $560
</TABLE>
The investment advisor of the Funds is Columbia Management Co.
The transfer agent for the Funds is Columbia Trust Company, a
subsidiary of Columbia Funds Management Company. The transfer
agent is compensated based on a per account fee or a minimum of
$1,500 per month.
<PAGE>
- - --------------------------------------------------------------------------------
CMC SMALL CAP FUND
CMC INTERNATIONAL STOCK FUND
Portfolios of CMC Fund Trust
NOTES TO FINANCIAL STATEMENTS, CONTINUED
(Information for the six months ended April 30, 1995 is unaudited)
- - --------------------------------------------------------------------------------
4. Transactions with affiliates and related parties (Continued):
The contracts for investment advisory and transfer agent services for
the CMC Small Cap Fund and the CMC International Stock Fund must be
renewed annually by a majority vote of the Fund's shareholders or by
the Trustees of CMC Fund Trust.
Certain officers and Trustees of CMC Fund Trust are also officers and
directors of Columbia Management Co., Columbia Trust Company and Columbia
Funds Management Company. They did not receive any direct payments from the
Funds. At April 30, 1995, CMC Small Cap Fund had investments in securities
of U.S. Bancorp. This bank performed services for CMC Small Cap Fund.
<PAGE>
CMC HIGH YIELD FUND
A Portfolio of CMC Fund Trust
SEMI-ANNUAL REPORT
(Unaudited)
April 30, 1995
1300 S.W. Sixth, P.O. Box 1350, Portland, OR 97207
<PAGE>
- - ---------------------------------------------------------------------------
CMC HIGH YIELD FUND
A Portfolio of CMC Fund Trust
FINANCIAL HIGHLIGHTS
For a Share Outstanding Throughout the Period
- - ---------------------------------------------------------------------------
<TABLE>
<CAPTION>
Six Months
Ended Fiscal Year
April 30, 1995 Ended
(Unaudited)(1) October 31, 1994(1),(2)
----------- ----------------
<S> <C> <C>
Net asset value, beginning of period....................... $34.48 $35.00
----------- ----------------
Income from investment operations:
Net investment income.................................... 1.63 0.94
Net realized and unrealized gain (loss)
on investments........................................ 0.94 (0.52)
----------- ----------------
Total from investment operations................. 2.57 0.42
----------- ----------------
Less distributions:
Dividends (from net investment income)............... (1.63) (0.94)
----------- ----------------
Total distributions..................... (1.63) (0.94)
----------- ----------------
Net asset value, end of period............................. $35.42 $34.48
=========== ================
Total return............................................... 7.68%(3) 1.21%(3)
Ratios/Supplemental data
Net assets, end of period (in thousands)................... $27,945 $9,602
Ratio of expenses to average net assets.................... 0.54% 0.54%
Ratio of net investment income to
average net assets...................................... 9.71% 9.86%
Portfolio turnover rate..................................... 68.13% 72.67%
<FN>
(1) Ratios and portfolio turnover rates are annualized.
(2) From inception of operations on July 6, 1994.
(3) Not annualized.
</FN>
</TABLE>
<PAGE>
- - ---------------------------------------------------------------------------
CMC HIGH YIELD FUND
A Portfolio of CMC Fund Trust
SCHEDULE OF INVESTMENTS
- - ---------------------------------------------------------------------------
April 30, 1995
(Unaudited)
<TABLE>
<CAPTION>
Principal
Amount Value (1)
CORPORATE BONDS (91.2%) ------------- -----------------
<S> <C> <C>
Basic Industry
Chemicals (2.4%)
Freeport-McMoran Resource Partners L.P.
Senior Subordinated Notes
8.750% 02/15/2004.............................. 700,000 $ 658,000
Forest Products (7.7%) --------------
Domtar, Inc.
Senior Notes
12.000% 04/15/2001............................. 500,000 566,250
Riverwood International Corp.
Senior Note
10.750% 06/15/2000............................. 750,000 791,250
Stone Container Corp.
First Mortgage Note
10.750% 10/01/2002............................. 750,000 791,250
--------------
2,148,750
--------------
Metals/Mining (6.8%)
Armco, Inc.
Senior Notes
9.375% 11/01/2000.............................. 600,000 564,000
Inland Steel Industries, Inc.
Notes
12.750% 12/15/2002............................. 750,000 817,500
Magma Copper Co.
Senior Subordinated Notes
12.000% 12/15/2001............................. 250,000 273,750
P.T. ALatieF Freeport Finance Co.
Senior Notes
9.750% 04/15/2001.............................. 250,000 255,000
--------------
1,910,250
--------------
Consumer Related
Hotel/Gaming (10.9%)
Promus (Embassy Suites), Inc.
Senior Subordinated Notes
10.875% 04/15/2002............................ 750,000 806,250
GNS Finance Corp.
Senior Subordinated Notes
9.250% 03/15/2003............................. 725,000 739,500
MGM Grand Hotel Financial Corp.
First Mortgage
12.000% 05/01/2002............................ 750,000 828,750
</TABLE>
<PAGE>
- - ---------------------------------------------------------------------------
CMC HIGH YIELD FUND
A Portfolio of CMC Fund Trust
SCHEDULE OF INVESTMENTS
- - ---------------------------------------------------------------------------
<TABLE>
<CAPTION>
Principal
Amount Value (1)
CORPORATE BONDS (Continued) ------------- -----------------
<S> <C> <C>
Consumer Related (Continued)
Hotel/Gaming (Continued)
Station Casinos, Inc.
Senior Subordinated Note
9.625% 06/01/2003.............................. 750,000 $ 663,750
--------------
3,038,250
--------------
Healthcare (8.5%)
Community Health Systems, Inc.
Senior Subordinated Debenture
10.250% 11/30/2003............................. 850,000 875,500
HEALTHSOUTH Rehabilitation Corp.
Senior Subordinated Notes
9.500% 04/01/2001............................. 700,000 714,000
National Medical Enterprises, Inc.
Senior Note
9.625% 09/01/2002............................. 750,000 774,375
--------------
2,363,875
--------------
Other (3.5%)
Royal Caribbean Cruises Ltd.
Senior Subordinated Notes
11.375% 05/15/2002............................. 675,000 739,125
Rykoff Sexton, Inc.
Senior Subordinated Notes
8.875% 11/01/2003.............................. 250,000 243,750
--------------
982,875
--------------
Energy (14.7%)
Global Marine, Inc.
Notes
12.750% 12/15/1999............................. 715,000 782,031
Gulf Canada Resources, Ltd.
Senior Subordinated Debenture
9.250% 01/15/2004.............................. 750,000 720,000
Louis Dreyfus Natural Gas Corp.
Senior Subordinated Notes
9.250% 06/15/2004.............................. 750,000 751,673
Maxus Energy Corp.
Notes
9.875% 10/15/2002.............................. 350,000 322,875
</TABLE>
<PAGE>
- - ---------------------------------------------------------------------------
CMC HIGH YIELD FUND
A Portfolio of CMC Fund Trust
SCHEDULE OF INVESTMENTS
- - ---------------------------------------------------------------------------
<TABLE>
<CAPTION>
Principal
Amount Value (1)
CORPORATE BONDS (Continued) ------------- -----------------
<S> <C> <C>
Energy (Continued)
Noble Drilling Corp.
Senior Notes
9.250% 10/01/2003.............................. 285,000 $ 283,575
Santa Fe Energy Resource, Inc.
Senior Subordinated Debentures
11.000% 05/15/2004............................. 750,000 776,250
Seagull Energy Corp.
Senior Subordinated Notes
8.625% 08/01/2005.............................. 500,000 466,250
--------------
4,102,654
--------------
Housing Related (2.3%)
Webb (Del E.) Corp.
Senior Subordinated Debenture
9.750% 03/01/2003.............................. 700,000 642,250
Manufacturing (10.4%)
American Standard, Inc.
Senior Subordinated Discount Debenture
Step-Up Coupon
0.000% to 06/01/1998, then 10.500% to 06/01/2005 400,000 293,000
Coltec Industries, Inc.
Senior Note
9.750% 04/01/2000............................... 700,000 707,000
Exide Corp.
Senior Note
10.000% 04/15/2005............................. 400,000 406,000
Hayes Wheels International, Inc.
Notes
9.250% 11/15/2002.............................. 300,000 304,500
Mark IV Industries, Inc.
Subordinated Notes
8.750% 04/01/2003.............................. 250,000 246,250
SPX Corp.
Senior Subordinated Notes
11.750% 06/01/2002.............................. 650,000 692,250
Wolverine Tube, Inc.
Senior Subordinated Notes
10.125% 09/01/2002.............................. 250,000 257,500
--------------
2,906,500
--------------
</TABLE>
<PAGE>
- - ---------------------------------------------------------------------------
CMC HIGH YIELD FUND
A Portfolio of CMC Fund Trust
SCHEDULE OF INVESTMENTS
- - ---------------------------------------------------------------------------
<TABLE>
<CAPTION>
Principal
Amount Value (1)
CORPORATE BONDS (Continued) ------------- -----------------
<S> <C> <C>
Media (13.1%)
Cablevision Industries Corp.
Senior Note
10.750% 01/30/2002............................. 500,000 $ 532,500
Continental Cablevision, Inc.
Debentures
9.000% 09/01/2008.............................. 500,000 496,250
Jones Intercable, Inc.
Senior Note
9.625% 03/15/2002.............................. 750,000 757,500
Rogers Cantel Mobile, Inc.
Notes
10.750% 11/01/2001............................. 650,000 674,375
Rogers Communications, Inc.
Debenture
10.875% 04/15/2004............................. 350,000 357,875
United International Holdings, Inc.
Senior Note with Warrants
0.000% 11/15/1999.............................. 1,500,000 840,000
--------------
3,658,500
--------------
Retail
Supermarkets (4.8%)
Safeway, Inc.
Debenture
10.000% 12/01/2001............................. 700,000 761,250
Stop & Shop Cos., Inc.
Senior Subordinated Notes
9.750% 02/01/2002.............................. 250,000 265,000
Vons Companies, Inc.
Senior Subordinated Notes
9.625% 04/01/2002............................... 300,000 312,750
--------------
1,339,000
--------------
Other (5.2%)
AnnTaylor, Inc.
Subordinated Notes
8.750% 06/15/2000.............................. 400,000 386,000
Ethan Allen, Inc.
Senior Note
8.750% 03/15/2001.............................. 300,000 288,000
</TABLE>
<PAGE>
- - ---------------------------------------------------------------------------
CMC HIGH YIELD FUND
A Portfolio of CMC Fund Trust
SCHEDULE OF INVESTMENTS
- - ---------------------------------------------------------------------------
<TABLE>
<CAPTION>
Principal
Amount Value (1)
CORPORATE BONDS (Continued) ------------- -----------------
<S> <C> <C>
Retail (Continued)
Other (Continued)
Federated Department Stores, Inc.
Senior Note
10.000% 02/15/2001............................. 750,000 $ 793,125
--------------
1,467,125
--------------
Transportation
Other (0.9%)
Southern Pacific Rail Corp.
Senior Note
9.375% 08/15/2005.............................. 250,000 252,500
--------------
Total Corporate Bonds
(Cost $24,810,438)............................... 25,470,529
--------------
Repurchase Agreements (8.0%)
Goldman Sachs Corp.
5.974% dated 04/28/1995,
due 05/01/1995 in the
amount of $1,339,884.
Collateralized by U.S. Treasury Strips
due 11/15/1997 to 11/15/2021..................... 1,339,226 1,339,226
J.P. Morgan Securities, Inc.
6.172% dated 04/28/1995,
due 05/01/1995 in the
amount of $900,457.
Collateralized by U.S. Treasury Bills
due 08/03/1995 to 10/19/1995..................... 900,000 900,000
--------------
Total Repurchase Agreements
(Cost $2,239,226)................................ 2,239,226
--------------
Total Investments (99.2%)
(Cost $27,049,664)..................................... 27,709,755
Receivables less liabilities (0.8%)........................ 235,457
--------------
Net Assets (100.0%)........................................ $ 27,945,212
==============
<FN>
(1) See Note 1 of Notes to Financial Statements.
</FN>
The accompanying notes are an integral part of the financial statements.
</TABLE>
<PAGE>
- - ---------------------------------------------------------------------------
CMC HIGH YIELD FUND
A Portfolio of CMC Fund Trust
STATEMENT OF ASSETS AND LIABILITIES
- - ---------------------------------------------------------------------------
April 30, 1995
(Unaudited)
<TABLE>
<CAPTION>
ASSETS:
<S> <C>
Investments at identified cost .................................... $ 24,810,438
Investments at value (Notes 1 and 2)............................... $ 25,470,529
Temporary cash investment, at cost (Note 1)......................... 2,239,226
Receivable for:
Interest......................................................... 666,591
Expense reimbursement from investment advisor (Note 4)........... 13,038
--------------
Total assets....................................................... 28,389,384
--------------
LIABILITIES:
Payable for:
Dividends and distributions....................................... 15,211
Investments purchased............................................ 406,444
Investment management fee (Note 4)............................... 9,447
Accrued expenses ................................................ 13,070
--------------
Total liabilities................................................. 444,172
--------------
Net assets applicable to outstanding shares........................ $ 27,945,212
==============
Net assets consist of:
Unrealized appreciation on investments........................... $ 660,091
Undistributed net realized gain from investments................. 121,357
Capital paid in ................................................. 27,163,764
--------------
$ 27,945,212
==============
Shares of capital stock outstanding (Note 3)......................... 788,882
==============
Net asset value, offering and
redemption price per share (1).................................... $ 35.42
==============
<FN>
(1) The net asset value per share is computed by dividing net assets
applicable to outstanding shares by shares of capital stock outstanding.
</FN>
The accompanying notes are an integral part of the financial statements.
</TABLE>
<PAGE>
- - ---------------------------------------------------------------------------
CMC HIGH YIELD FUND
A Portfolio of CMC Fund Trust
STATEMENT OF OPERATIONS
- - ---------------------------------------------------------------------------
Six Months Ended April 30, 1995
(Unaudited)
<TABLE>
<CAPTION>
INVESTMENT INCOME:
<S> <C>
Income:
Interest.................................................... $ 1,009,341
--------------
Total income............................................. 1,009,341
--------------
Expenses:
Investment management fees (Note 4)......................... 40,170
Shareholder servicing costs (Note 4)........................ 9,617
Financial information and subscriptions..................... 1,489
Custodian fees.............................................. 344
Bank transaction and checking fees.......................... 1,440
Registration fees........................................... 3,850
Legal, insurance and auditing fees.......................... 9,539
Other (Note 4).............................................. 182
--------------
66,631
Expenses reimbursed by investment advisor (Note 4).......... (13,038)
--------------
Total expenses........................................... 53,593
--------------
Net investment income (Note 1)................................... 955,748
--------------
Realized gain and unrealized appreciation on investments:
Net realized gain from investment transactions (Note 2).......... 130,481
Net unrealized appreciation of investments during the
period (Note 1)................................................ 759,189
--------------
Net gain on investments (Note 1)................................. 889,670
--------------
Net increase in net assets resulting from operations............. $ 1,845,418
==============
The accompanying notes are an integral part of the financial statements.
</TABLE>
<PAGE>
- - ---------------------------------------------------------------------------
CMC HIGH YIELD FUND
A Portfolio of CMC Fund Trust
STATEMENT OF CHANGES IN NET ASSETS
- - ---------------------------------------------------------------------------
<TABLE>
<CAPTION>
Six Months
Ended Fiscal Year
April 30, 1995 Ended
(Unaudited) October 31, 1994(1)
----------- -------------------
<S> <C> <C>
INCREASE IN NET ASSETS:
Operations:
Net investment income ............................... $ 955,748 $ 190,326
Net realized gain (loss) from
investment transactions (Note 2).................... 130,481 (9,124)
Change in net unrealized appreciation (depreciation)
on investments...................................... 759,189 (99,098)
----------- ----------------
Net increase in net assets resulting from operations...... 1,845,418 82,104
Distributions to shareholders from net investment income.. (955,748) (190,326)
Capital share transactions-net (Note 3)................... 17,454,025 9,709,739
----------- ----------------
Net increase in net assets................................ 18,343,695 9,601,517
NET ASSETS:
Beginning of period....................................... 9,601,517 0
----------- ----------------
End of period ............................................ $ 27,945,212 $ 9,601,517
=========== ================
<FN>
(1) From inception of operations on July 6, 1994.
</FN>
The accompanying notes are an integral part of the financial statements.
</TABLE>
<PAGE>
- - ---------------------------------------------------------------------------
CMC HIGH YIELD FUND
A Portfolio of CMC Fund Trust
NOTES TO FINANCIAL STATEMENTS
(Information for the six months ended April 30, 1995 is unaudited)
- - ---------------------------------------------------------------------------
1. Significant accounting policies:
CMC High Yield Fund (the Fund) is a portfolio of CMC
Fund Trust (the Trust), an open-end diversified investment
company registered under the Investment Company Act of 1940,
as amended. The Trust has established two other portfolios,
CMC Small Cap Fund and CMC International Stock Fund. Each
portfolio issues a separate series of the Trust's shares and
maintains a separate investment portfolio. The policies
described below are consistently followed by the Fund for
the preparation of its financial statements in conformity
with generally accepted accounting principles.
Investment valuation - The Fund's investments are
carried at values deemed best to reflect their fair values
as determined in good faith by or under the supervision of
the Trustees. These values are based on market value as
quoted by dealers who are market makers in these securities
or by an independent pricing service unless unusual
circumstances indicate that another method of determining
fair value should be considered. Market values are based on
the average of bid and ask prices, or by reference to other
securities with comparable ratings, interest rates and
maturities. Temporary investments in short-term securities,
principally repurchase agreements, are valued at cost, which
approximates market.
Shareholder distributions - The Fund distributes net
investment income monthly and any net realized gains from
investment transactions annually. Distributions to
shareholders are recorded on the record date.
Income and capital gain distributions are determined in
accordance with income tax regulations which may differ from
generally accepted accounting principles. These differences
are primarily due to differing treatments for net operating
losses and deferral of wash sales.
Federal income taxes - The Fund has made no provisions
for federal income taxes on net investment income or net
realized gains from sales of securities, since it is the
intention of the Fund to comply with the provisions of the
Internal Revenue Code available to certain regulated
investment companies, and to make distributions of income
and security profits sufficient to relieve it from
substantially all federal income taxes.
Other - Investment transactions are accounted for on
the date the investments are purchased or sold. The cost of
investments sold is determined by the use of the specific
identification method for both financial reporting and
income tax purposes. Interest income is recorded on the
accrual basis. Realized gains and losses from investment
transactions and unrealized appreciation or depreciation of
investments are reported on the basis of identified costs.
The Fund, through its custodian, receives delivery of
underlying securities collateralizing repurchase agreements
(included in temporary cash investments). Market values of
these securities are required to be at least 100% of the
cost of the repurchase agreement. The Fund's investment
advisor determines that the value of the underlying
securities is at all times at least equal to the resale
price. In the event of default or bankruptcy by the other
party to the agreement, realization and/or retention of the
collateral may be subject to legal proceedings.
The Fund invests in lower rated debt securities, which
may be more susceptible to adverse economic conditions than
other investment grade holdings. These securities are often
subordinated to the prior claims of other senior lenders,
and uncertainties exist as to an issuer's ability to meet
principal and interest payments. At April 30, 1995, 100% of
the Fund's portfolio was invested in securities rated Ba
(60%) or B (40%) by Moody's Investor Services, Inc.
<PAGE>
- - ---------------------------------------------------------------------------
CMC HIGH YIELD FUND
A Portfolio of CMC Fund Trust
NOTES TO FINANCIAL STATEMENTS, CONTINUED
(Information for the six months ended April 30, 1995 is unaudited)
- - ---------------------------------------------------------------------------
2. Investment transactions:
Aggregate purchases, sales and maturities, net realized loss and
unrealized appreciation (depreciation) of securities, excluding
temporary cash investments, for the period ended April 30, 1995
were as follows:
<TABLE>
<CAPTION>
Purchases:
<S> <C> <C>
Investment securities other
than U.S. Government obligations....................... $ 21,500,244
===========
Sales and Maturities:
Investment securities other
than U.S. Government obligations....................... $ 6,299,564
===========
Net Realized Gain:
Investment securities other
than U.S. Government obligations....................... $ 130,481
===========
Unrealized Appreciation (Depreciation) (1):
Appreciation............................................. $ 668,218
Depreciation............................................. (8,127)
===========
Net unrealized appreciation............................ $ 660,091
===========
For federal income tax purposes, the cost of
investments owned at April 30, 1995........................ $ 24,810,438
===========
<FN>
(1) For federal income tax purposes, appreciation and depreciation
was $668,218 and $8,127, respectively.
</FN>
</TABLE>
3. Capital Stock:
<TABLE>
<CAPTION>
Six Months Fiscal Year
Ended Ended
April 30, 1995 October 31, 1994(1)
-------------- -------------------
<S> <C> <C>
Shares:
Shares sold........................................... 725,961 274,764
Shares issued for reinvestment of dividends........... 24,590 4,299
---------- ----------
750,551 279,063
Less shares redeemed.................................. (240,167) (565)
---------- ----------
Net increase in shares................................ 510,384 278,498
========== ==========
Amounts:
Sales.................................................. $ 24,825,000 $ 9,580,377
Reinvestment of dividends.............................. 854,025 149,023
---------- ----------
25,679,025 9,729,400
Less redemptions....................................... (8,225,000) (19,661)
---------- ----------
Net increase........................................... $ 17,454,025 $ 9,709,739
---------- ----------
Capital stock authorized (shares) 100,000,000
<FN>
(1) From inception of operations on July 6, 1994.
</FN>
</TABLE>
<PAGE>
- - ---------------------------------------------------------------------------
CMC HIGH YIELD FUND
A Portfolio of CMC Fund Trust
NOTES TO FINANCIAL STATEMENTS, CONTINUED
(Information for the six months ended April 30, 1995 is unaudited)
- - ---------------------------------------------------------------------------
4. Transactions with affiliates and related parties:
Investment management fees incurred........................ $40,170
Investment management fee
computation basis (percentage of daily net assets
per annum)............................................... .40 of 1%
Transfer agent fee (included in shareholder
servicing costs)......................................... $9,000
Fees earned by trustees not affiliated with the Fund's
investment advisor or transfer agent (included in
other expenses).......................................... $182
The investment advisor of the Fund is Columbia Management Co.
The advisor, at its discretion, reimbursed certain operating
expenses for the Fund in the amount of $13,038.
The transfer agent for the Fund is Columbia Trust Company, a
subsidiary of Columbia Funds Management Company. The transfer
agent is compensated based on a per account fee or a minimum of
$1,500 per month.
The contracts for investment advisory and transfer agent
services must be renewed annually by a majority vote of the
Fund's shareholders or by the Trustees of CMC Fund Trust.
Certain officers and trustees of CMC Fund Trust are also
officers and directors of Columbia Management Co., Columbia
Trust Company and Columbia Funds Management Company. They did
not receive any direct payments from the Fund.
