CMC HIGH YIELD FUND
A Portfolio of CMC Fund Trust
SEMI-ANNUAL REPORT
(Unaudited)
April 30, 1996
1300 S.W. Sixth, P.O. Box 1350, Portland, OR 97207
<PAGE>
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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 Ended October 31,
April 30, 1996 -------------- --------------
(Unaudited) (1) 1995 1994(1)(2)
--------------- -------------- --------------
<S> <C> <C> <C>
Net asset value, beginning of period.......................... $36.24 $34.48 $35.00
--------------- -------------- --------------
Income from investment operations:
Net investment income.................................... 1.62 3.31 0.94
Net realized and unrealized gain (loss)
on investments......................................... (0.39) 2.11 (0.52)
--------------- -------------- --------------
Total from investment operations.................. 1.23 5.42 0.42
--------------- -------------- --------------
Less distributions:
Dividends (from net investment income).................. (1.62) (3.31) (0.94)
Distributions (from capital gains)...................... (0.35)
--------------- -------------- --------------
Total distributions............................... (1.62) (3.66) (0.94)
--------------- -------------- --------------
Net asset value, end of period................................ $35.85 $36.24 $34.48
=============== ============== ==============
Total return.................................................. 3.41%(3) 16.49% 1.21%(3)
Ratios/Supplemental data
Net assets, end of period (in thousands)...................... $49,852 $42,192 $9,602
Ratio of expenses to average net assets....................... .51% .54% .54%
Ratio of net investment income to
average net assets......................................... 8.85% 9.36% 9.86%
Portfolio turnover rate....................................... 43.48% 45.64% 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>
1
<PAGE>
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CMC HIGH YIELD FUND
A Portfolio of CMC Fund Trust
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
April 30, 1996
(Unaudited)
<TABLE>
<CAPTION>
Principal
Amount Value (1)
------------ -------------
<S> <C> <C>
CORPORATE BONDS (94.6%)
Basic Industry (10.4%)
Chemicals (3.7%)
Freeport-McMoRan Resource Partners L. P.
Senior Subordinated Notes
8.750% 02/15/2004.................................. $ 1,250,000 $ 1,262,500
IMC Global, Inc.
Series B Senior Note
10.125% 06/15/2001.................................. 550,000 588,500
------------
1,851,000
------------
Forest Products (1.7%)
Domtar, Inc.
Senior Notes
12.000% 04/15/2001.................................. 750,000 855,000
------------
Metals/Mining (5.0%)
AK Steel Corp.
Senior Note
10.750% 04/01/2004.................................. 1,000,000 1,092,500
Armco, Inc.
Senior Notes
9.375% 11/01/2000.................................. 600,000 585,000
Inland Steel Industries, Inc.
Notes
12.750% 12/15/2002.................................. 750,000 825,000
------------
2,502,500
------------
Total Basic Industry.................................. 5,208,500
------------
Consumer Related (24.2%)
Hotel/Gaming (8.0%)
HMH Properties, Inc.
Senior Secured Note
9.500% 05/15/2005.................................. 1,000,000 970,000
Harrahs Operating, Inc.
Senior Subordinated Notes
10.875% 04/15/2002.................................. 800,000 864,000
Host Marriott Travel Plazas, Inc.
Senior Secured Notes
9.500% 05/15/2005.................................. 300,000 291,000
La Quinta Inns, Inc.
Senior Subordinated Notes
9.250% 05/15/2003.................................. 650,000 672,750
</TABLE>
2
<PAGE>
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CMC HIGH YIELD FUND
A Portfolio of CMC Fund Trust
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Principal
Amount Value (1)
------------ -------------
<S> <C> <C>
CORPORATE BONDS (Continued)
Consumer Related (Continued)
Hotel/Gaming (Continued)
Station Casinos, Inc.
Senior Subordinated Notes
9.625% 06/01/2003.................................. $ 1,250,000 $ 1,206,250
------------
4,004,000
------------
Healthcare (12.0%)
Abbey Healthcare Group, Inc.
Senior Subordinated Notes
9.500% 11/01/2002.................................. 1,000,000 1,030,000
Community Health Systems, Inc.
Senior Subordinated Debenture
10.250% 11/30/2003.................................. 850,000 892,500
Genesis Health Ventures, Inc.
Senior Subordinated Notes
9.750% 06/15/2005.................................. 1,000,000 1,035,000
HEALTHSOUTH Rehabilitation Corp.
Senior Subordinated Notes
9.500% 04/01/2001.................................. 700,000 728,000
Quorum Health Group, Inc.
Senior Subordinated Notes
8.750% 11/01/2005.................................. 1,500,000 1,485,000
Tenet Healthcare Corp.
Senior Note
9.625% 09/01/2002.................................. 750,000 802,500
------------
5,973,000
------------
Other (4.2%)
Rykoff Sexton, Inc.
Senior Subordinated Notes
8.875% 11/01/2003.................................. 1,000,000 955,000
Westpoint Stevens, Inc.
Senior Note
8.750% 12/15/2001.................................. 650,000 645,125
Westpoint Stevens, Inc.
Senior Subordinated Debenture
9.375% 12/15/2005.................................. 500,000 490,000
------------
2,090,125
------------
Total Consumer Related................................ 12,067,125
------------
</TABLE>
3
<PAGE>
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CMC HIGH YIELD FUND
A Portfolio of CMC Fund Trust
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Principal
Amount Value (1)
------------ -------------
<S> <C> <C>
CORPORATE BONDS (Continued)
Energy (16.0%)
Chesapeake Energy Corp.
Senior Notes
9.125% 04/15/2006.................................. $ 1,500,000 $ 1,500,000
Global Marine, Inc.
Notes
12.750% 12/15/1999.................................. 715,000 768,625
Gulf Canada Resources Ltd.
Subordinated Debentures
9.625% 07/01/2005.................................. 1,100,000 1,116,500
Louis Dreyfus Natural Gas Corp.
Senior Subordinated Notes
9.250% 06/15/2004.................................. 750,000 769,155
Maxus Energy Corp.
Notes
9.875% 10/15/2002.................................. 750,000 742,500
Noble Drilling Corp.
Senior Notes
9.250% 10/01/2003.................................. 785,000 788,925
Nuevo Energy Co.
Senior Subordinated Notes
9.500% 04/15/2006.................................. 1,000,000 1,002,500
Santa Fe Energy Resource, Inc.
Senior Subordinated Debentures
11.000% 05/15/2004.................................. 750,000 802,500
Seagull Energy Corp.
Senior Subordinated Notes
8.625% 08/01/2005.................................. 500,000 478,750
------------
Total Energy.......................................... 7,969,455
------------
Housing Related (1.8%)
USG Corp.
Senior Note
8.500% 08/01/2005.................................. 900,000 909,000
-----------
Manufacturing (13.5%)
American Standard, Inc.
Senior Subordinated Discount
Debenture Step-Up Coupon
0.000% to 06/01/1998, then 10.500% to 06/01/2005.... 1,500,000 1,275,000
Coltec Industries, Inc.
Senior Notes
9.750% 04/01/2000.................................. 700,000 721,000
</TABLE>
4
<PAGE>
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CMC HIGH YIELD FUND
A Portfolio of CMC Fund Trust
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Principal
Amount Value (1)
------------ -------------
<S> <C> <C>
CORPORATE BONDS (Continued)
Manufacturing (Continued)
Easco Corp.
Series B Senior Notes
10.000% 03/15/2001.................................. $ 950,000 $ 952,375
Exide Corp.
Senior Notes
10.000% 04/15/2005.................................. 400,000 409,000
Hayes Wheels International, Inc.
Notes
9.250% 11/15/2002.................................. 300,000 318,000
Mark IV Industries, Inc.
Senior Subordinated Notes (144A)
7.750% 04/01/2006.................................. 1,500,000 1,413,030
Rohr, Inc.
Senior Note
11.625% 05/15/2003.................................. 600,000 660,000
SPX Corp.
Senior Subordinated Notes
11.750% 06/01/2002.................................. 650,000 698,750
Wolverine Tube, Inc.
Senior Subordinated Notes
10.125% 09/01/2002.................................. 250,000 262,500
------------
Total Manufacturing................................... 6,709,655
------------
Media (16.2%)
American Radio Systems, Corp.
Senior Subordinated Notes
9.000% 02/01/2006.................................. 750,000 729,375
Continental Cablevision, Inc.
Debentures
9.000% 09/01/2008.................................. 1,000,000 1,075,000
Heritage Media Corp.
Senior Subordinated Notes
8.750% 02/15/2006.................................. 1,000,000 950,000
Jones Intercable, Inc.
Senior Notes
9.625% 03/15/2002.................................. 1,150,000 1,175,875
Lenfest Communications, Inc.
Senior Secured Notes
8.375% 11/01/2005.................................. 1,000,000 941,250
Rogers Communications, Inc.
Debenture
10.875% 04/15/2004.................................. 1,250,000 1,284,375
</TABLE>
5
<PAGE>
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CMC HIGH YIELD FUND
A Portfolio of CMC Fund Trust
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Principal
Amount Value (1)
------------ -------------
<S> <C> <C>
CORPORATE BONDS (Continued)
Media (Continued)
United International Holdings, Inc.
Senior Note with Warrants
0.000% 11/15/1999.................................. $ 1,850,000 $ 1,221,000
Viacom, Inc.
Subordinated Debenture
8.000% 07/07/2006.................................. 750,000 701,250
------------
Total Media........................................... 8,078,125
------------
Retail (4.8%)
Supermarkets (0.6%)
Stop & Shop Cos., Inc.
Senior Subordinated Notes
9.750% 02/01/2002.................................. 250,000 275,000
------------
Other (4.2%)
Ethan Allen, Inc.
Senior Notes
8.750% 03/15/2001.................................. 800,000 808,000
Federated Department Stores, Inc.
Senior Notes
10.000% 02/15/2001.................................. 1,200,000 1,275,000
------------
2,083,000
------------
Total Retail.......................................... 2,358,000
------------
Utility (7.7%)
Electrics (2.9%)
California Energy, Inc.
Senior Secured Note
9.875% 06/30/2003.................................. 1,400,000 1,428,000
------------
Telecommunications (4.8%)
MFS Communications, Inc.
Senior Discount Notes
Step-Up Coupon
0.000% to 01/15/2001, then 8.875% to 01/15/2006..... 2,000,000 1,255,000
Mobilemedia Corp.
Senior Subordinated Notes
9.375% 11/01/2007.................................. 500,000 480,000
Rogers Cantel Mobile, Inc.
Notes
10.750% 11/01/2001.................................. 650,000 682,500
------------
2,417,500
------------
Total Utility......................................... 3,845,500
------------
</TABLE>
6
<PAGE>
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CMC HIGH YIELD FUND
A Portfolio of CMC Fund Trust
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Principal
Amount Value (1)
------------ -------------
<S> <C> <C>
CORPORATE BONDS (Continued)
Total Corporate Bonds
(Cost $46,719,883)................................. $ 47,145,360
-------------
Repurchase Agreement (3.3%)
Goldman Sachs Corp.
5.287% dated 04/30/1996,
due 05/01/1996 in the
amount of $1,631,328.
Collateralized by U.S. Treasury Note
7.750% due 01/31/2000, U.S. Treasury Bonds
8.500% - 11.625% due 11/15/2004 to 02/15/2020.
(Cost $1,631,092).................................. $ 1,631,092 1,631,092
------------
Total Investments (97.9%)
(Cost $48,350,975)..................................... 48,776,452
Receivables less liabilities (2.1%)......................... 1,075,357
============
Net Assets (100.0%)......................................... $ 49,851,809
============
<FN>
(1) See Note 1 of Notes to Financial Statements.
</FN>
</TABLE>
The accompanying notes are an integral part of the financial statements.
7
<PAGE>
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CMC HIGH YIELD FUND
A Portfolio of CMC Fund Trust
STATEMENT OF ASSETS AND LIABILITIES
- --------------------------------------------------------------------------------
April 30, 1996
(Unaudited)
<TABLE>
<CAPTION>
<S> <C>
ASSETS:
Investments at identified cost ........................... $ 46,719,883
-------------
Investments at value (Notes 1 and 2)...................... $ 47,145,360
Temporary cash investment, at cost (Note 1)............... 1,631,092
Receivable for:
Interest................................................ 1,122,268
-------------
Total assets............................................ 49,898,720
-------------
LIABILITIES:
Payable for:
Dividends and distributions............................. 17,608
Investment management fee (Note 4)...................... 15,947
Accrued expenses ....................................... 13,356
-------------
Total liabilities....................................... 46,911
-------------
Net assets applicable to outstanding shares............... $ 49,851,809
=============
Net assets consist of:
Unrealized appreciation on investments.................. $ 425,477
Undistributed net realized gain from investments........ 446,627
Capital paid in (Note 3)................................ 48,979,705
-------------
$ 49,851,809
=============
Shares of capital stock outstanding (Note 3)................ 1,390,718
=============
Net asset value, offering and
redemption price per share (1)........................... $ 35.85
=============
<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>
</TABLE>
The accompanying notes are an integral part of the financial statements.
8
<PAGE>
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CMC HIGH YIELD FUND
A Portfolio of CMC Fund Trust
STATEMENT OF OPERATIONS
- --------------------------------------------------------------------------------
Six Months Ended April 30, 1996
(Unaudited)
<TABLE>
<CAPTION>
<S> <C>
INVESTMENT INCOME:
Income:
Interest.............................................. $ 2,101,184
------------
Total income..................................... 2,101,184
------------
Expenses:
Investment management fees (Note 4)................... 89,254
Shareholder servicing costs (Note 4).................. 9,977
Reports to shareholders............................... 33
Financial information and subscriptions............... 1,476
Custodian fees........................................ 831
Bank transaction and checking fees.................... 477
Registration fees..................................... 2,264
Legal, insurance and auditing fees.................... 9,395
Other (Note 4)........................................ 290
------------
Total expenses................................... 113,997
------------
Net investment income (Note 1)........................... 1,987,187
------------
Realized gain and unrealized appreciation (depreciation)
from investment transactions:
Net realized gain from investments (Note 2).............. 454,094
Net unrealized depreciation on investments during
the period (Note 1).................................... (982,893)
------------
Net loss on investments (Note 1)......................... (528,799)
------------
Net increase in net assets resulting from operations..... $ 1,458,388
============
</TABLE>
The accompanying notes are an integral part of the financial statements.
9
<PAGE>
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CMC HIGH YIELD FUND
A Portfolio of CMC Fund Trust
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Six Months
Ended Fiscal Year
April 30,1996 Ended
(Unaudited) October 31, 1995
-------------- ----------------
<S> <C> <C>
INCREASE IN NET ASSETS:
Operations:
Net investment income .......................................... $ 1,987,187 $ 2,471,065
Net realized gain from
investment transactions (Note 2)............................. 454,094 402,706
Change in net unrealized appreciation (depreciation)
on investments............................................... (982,893) 1,507,468
------------- -------------
Net increase in net assets resulting from operations............ 1,458,388 4,381,239
Distributions to shareholders:
From net investment income...................................... (1,987,187) (2,471,065)
From net realized gain from investment transactions............. (401,049)
Capital share transactions, net (Note 3)........................... 8,189,095 31,080,871
------------- -------------
Net increase in net assets......................................... 7,660,296 32,589,996
NET ASSETS:
Beginning of period................................................ 42,191,513 9,601,517
------------- -------------
End of period ..................................................... $ 49,851,809 $ 42,191,513
============= =============
</TABLE>
The accompanying notes are an integral part of the financial statements.
10
<PAGE>
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CMC HIGH YIELD FUND
A Portfolio of CMC Fund Trust
NOTES TO FINANCIAL STATEMENTS
(Information for the six months ended April 30, 1996 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 investments 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 losses from 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
investment 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, 1996, 100% of the Fund's
portfolio was invested in securities rated Ba (51%) or B (49%) by Moody's
Investor Services, Inc.
11
<PAGE>
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CMC HIGH YIELD FUND
A Portfolio of CMC Fund Trust
NOTES TO FINANCIAL STATEMENTS, CONTINUED
(Information for the six months ended April 30, 1996 is unaudited)
- --------------------------------------------------------------------------------
2. Investment transactions:
Aggregate purchases, sales and maturities, net realized gain and unrealized
appreciation of investments, excluding temporary cash investments, for the
period ended April 30, 1996 were as follows:
<TABLE>
<CAPTION>
<S> <C>
Purchases:
Investment securities other than U.S. Government obligations....... $ 14,189,695
U.S. Government obligations........................................ 1,805,141
-------------
Total purchases............................................... $ 15,994,836
=============
Sales and Maturities:
Investment securities other than U.S. Government obligations....... $ 7,560,626
U.S. Government obligations........................................ 1,823,434
-------------
Total sales and maturities.................................... $ 9,384,060
=============
Net Realized Gain:
Investment securities other than U.S. Government obligations....... $ 435,801
U.S. Government obligations........................................ 18,293
-------------
Total net realized gain....................................... $ 454,094
=============
Unrealized Appreciation (Depreciation) as of April 30, 1996:
Appreciation........................................................ $ 855,805
Depreciation........................................................ (430,328)
-------------
Net unrealized appreciation................................... $ 425,477
=============
For federal income tax purposes, the cost of
investments owned at April 30, 1996................................... $ 46,719,883
=============
</TABLE>
3. Capital Stock:
<TABLE>
<CAPTION>
Six Months Fiscal Year
Ended Ended
April 30,1996 October 31, 1995
------------- ----------------
<S> <C> <C>
Shares:
Shares sold...................................................... 446,830 1,184,564
Shares issued for reinvestment of dividends...................... 51,097 73,708
-------------- ----------------
497,927 1,258,272
Less shares redeemed............................................. (271,478) (372,501)
-------------- ----------------
Net increase in shares........................................... 226,449 885,771
============== ================
Amounts:
Sales............................................................ $ 16,205,000 $ 41,440,000
Reinvestment of dividends........................................ 1,864,095 2,630,871
-------------- ----------------
18,069,095 44,070,871
Less redemptions................................................. (9,880,000) (12,990,000)
-------------- ----------------
Net increase..................................................... $ 8,189,095 $ 31,080,871
============== ================
Capital stock authorized (shares) 100,000,000
</TABLE>
12
<PAGE>
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CMC HIGH YIELD FUND
A Portfolio of CMC Fund Trust
NOTES TO FINANCIAL STATEMENTS, CONTINUED
(Information for the six months ended April 30, 1996 is unaudited)
- --------------------------------------------------------------------------------
4. Transactions with affiliates and related parties:
<TABLE>
<CAPTION>
<S> <C>
Investment management fees incurred................................... $ 89,254
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)... $ 290
</TABLE>
The investment advisor of the Fund is Columbia Management Co.
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.
13
<PAGE>
CMC SMALL CAP FUND
CMC INTERNATIONAL STOCK FUND
Portfolios of CMC Fund Trust
SEMI-ANNUAL REPORT
(Unaudited)
April 30, 1996
1300 S.W. Sixth, P.O. Box 1350, Portland, OR 97207
<PAGE>
- --------------------------------------------------------------------------------
CMC Fund Trust
FINANCIAL HIGHLIGHTS
For a Share Outstanding Throughout the Period
- --------------------------------------------------------------------------------
CMC SMALL CAP FUND
<TABLE>
<CAPTION>
Six Months
Ended Fiscal Year Ended October 31,
April 30, 1996 ---------- ---------- ---------- ---------- ----------
(Unaudited) (1) 1995 1994 1993 1992 1991
--------------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period............. $56.00 $49.35 $56.44 $50.68 $49.53 $30.66
---------- ---------- ---------- ---------- ---------- ----------
Income from investment operations:
Net investment income (loss).................. (0.09) 0.22 0.18 0.10 0.03 0.05(2)
Net realized and unrealized gains
on investments.............................. 15.68 10.88 1.99 15.50 2.72 20.00
---------- ---------- ---------- ---------- ---------- ----------
Total from investment operations......... 15.59 11.10 2.17 15.60 2.75 20.05
---------- ---------- ---------- ---------- ---------- ----------
Less distributions:
Dividends (from net investment income)........ (0.16) (0.17) (0.10) (0.03) (0.06)
Dividends (in excess of net
investment income).......................... (0.01)
Distributions (from capital gains)............ (4.25) (8.99) (9.74) (1.57) (1.12)
Distributions (in excess of capital gains).... (0.04) (0.09)
---------- ---------- ---------- ---------- ---------- ----------
Total distributions...................... 0.00 (4.45) (9.26) (9.84) (1.60) (1.18)
---------- ---------- ---------- ---------- ---------- ----------
Net asset value, end of period................... $71.59 $56.00 $49.35 $56.44 $50.68 $49.53
========== ========== ========== ========== ========== ==========
Total return .................................... 27.84(3) 22.55% 3.87% 30.87% 5.54% 65.44%
Ratios/Supplemental data
Net assets, end of period (in thousands)......... $602,110 $537,167 $467,952 $492,905 $411,263 $276,279
Ratio of expenses to average net assets.......... .77% .77% .78% .79% .80% .81%
Ratio of net investment income (loss) to
average net assets............................ (.28)% .43% .29% .17% .06% .12%
Portfolio turnover rate.......................... 150.10% 125.80% 97.24% 64.39% 56.02% 69.65%
Average commission rate paid on
portfolio transactions (4) ................... $0.0540
<FN>
(1) Ratios and portfolio turnover rates are annualized .
(2) Based on average number of shares outstanding during the period.
(3) Not annualized.
(4) The average commission rate paid by the fund is computed by dividing
the total dollar amount of commissions paid during the period by the total
number of shares purchased and sold during the period for which commissions
were charged.
</FN>
</TABLE>
1
<PAGE>
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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 October 31,
April 30, 1996 ---------- ----------
(Unaudited) (1) 1995 1994(1)(2)
-------------- ---------- ----------
<S> <C> <C> <C>
Net asset value, beginning of period....................... $37.06 $39.51 $40.00
---------- ---------- ----------
Income from investment operations:
Net investment income................................... 0.15 0.39 0.10
Net realized and unrealized gains (losses)
on investments and foreign currency
related transactions.................................. 5.18 (2.64) (0.59)
---------- ---------- ----------
Total from investment operations.................... 5.33 (2.25) (0.49)
---------- ---------- ----------
Less distributions:
Dividends (from net investment income).................. (0.19)
Dividends (in excess of net
investment income).................................... (0.01)
---------- ---------- ----------
Total distributions................................. 0.00 (0.20) 0.00
---------- ---------- ----------
Net asset value, end of period............................. $42.39 $37.06 $39.51
========== ========== ==========
Total return............................................... 14.38%(3) -5.69% -1.23%(3)
Ratios/Supplemental data
Net assets, end of period (in thousands)................... $64,376 $68,758 $84,298
Ratio of expenses to average net assets.................... .97% .98% 1.16%
Ratio of net investment income to
average net assets...................................... .67% .99% .53%
Portfolio turnover rate.................................... 114.52% 158.32% 123.80%
Average commission rate paid on
portfolio transactions (4) ............................. $0.0016
<FN>
(1) Ratios and portfolio turnover rates are annualized .
(2) From inception of operations on February 1, 1994.
(3) Not annualized.
(4) The average commission rate paid by the fund is computed by dividing
the total dollar amount of commissions paid during the period by the total
number of shares purchased and sold during the period for which commissions
were charged.
</FN>
</TABLE>
2
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A Portfolio of CMC Fund Trust
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
April 30, 1996
(Unaudited)
<TABLE>
<CAPTION>
Shares or
Face Value Value (1)
------------ ------------
<S> <C> <C>
COMMON STOCKS (96.1%)
Aerospace (1.2%)
* Orbital Sciences Corp............................. 541,000 $ 7,303,500
------------
Banking & Finance (2.6%)
Charter One Financial, Inc........................ 103,900 3,623,512
* Insignia Financial Group, Inc. (Class A).......... 304,000 6,688,000
North Fork Bancorp................................ 224,000 5,320,000
------------
15,631,512
------------
Business & Consumer Services (13.0%)
* AccuStaff, Inc.................................... 403,800 12,013,050
* American Medical Response, Inc.................... 100,000 3,700,000
* Career Horizons, Inc.............................. 200,800 7,078,200
* Caribiner International, Inc...................... 24,000 684,000
* CorVel Corp....................................... 57,300 1,711,837
* CUC International, Inc............................ 100,000 3,287,500
Danka Business Systems plc ADR.................... 309,500 14,856,000
* Envoy Corp........................................ 120,000 3,465,000
* Guest Supply, Inc................................. 36,500 556,625
Harland (John H.) Co.............................. 180,000 4,725,000
* On Assignment, Inc................................ 92,600 3,067,375
* Protection One, Inc............................... 446,000 7,024,500
* Robert Half International, Inc.................... 120,000 6,900,000
* Thermo Electron Corp.............................. 40,000 2,465,000
* Walsh International, Inc.......................... 80,000 990,000
* Westcott Communications, Inc...................... 265,000 5,631,250
------------
78,155,337
------------
Chemical (1.1%)
* Mycogen Corp...................................... 120,000 2,070,000
* TETRA Technologies, Inc. (Del.)................... 240,000 4,740,000
------------
6,810,000
------------
Consumer Non-Durable (6.4%)
* Borders Group, Inc................................ 276,500 8,848,000
Claire's Stores, Inc.............................. 150,000 3,262,500
Harman International Industries, Inc.............. 212,775 10,053,619
* HFS, Inc.......................................... 43,100 2,214,262
* Home Shopping Network, Inc........................ 200,000 2,350,000
* Rexall Sundown, Inc............................... 195,450 5,570,325
* ThermoLase Corp................................... 107,000 3,544,375
* Williams-Sonoma, Inc.............................. 100,000 2,500,000
------------
38,343,081
------------
Consumer Staples (0.7%)
* Mondavi (Robert) Corp. (Class A).................. 153,000 4,207,500
------------
Energy (4.4%)
* Barrett Resources Corp............................ 185,500 5,147,625
</TABLE>
3
<PAGE>
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A Portfolio of CMC Fund Trust
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares or
Face Value Value (1)
------------ ------------
<S> <C> <C>
COMMON STOCKS (Continued)
Energy (Continued)
* Cairn Energy USA, Inc............................. 400,500 $ 4,956,187
* Flores & Rucks, Inc............................... 320,000 6,680,000
* Gulf Canada Resources Ltd......................... 680,000 3,740,000
* Swift Energy Co................................... 240,000 3,720,000
USX-Delhi Group................................... 137,700 1,910,588
------------
26,154,400
------------
Energy Services (1.6%)
* BJ Services Co.................................... 179,000 6,869,125
* Digicon, Inc...................................... 100,000 1,537,500
* Lone Star Technologies, Inc....................... 80,000 980,000
------------
9,386,625
------------
Entertainment & Media (4.5%)
* Scholastic Corp................................... 149,500 9,792,250
* Sierra On-Line, Inc............................... 363,300 14,259,525
* United International Holdings, Inc. (Class A)..... 229,300 3,296,187
------------
27,347,962
------------
Health (23.6%)
* ArthroCare Corp................................... 11,500 290,375
* Assisted Living Concepts, Inc..................... 175,000 3,456,250
Ballard Medical Products.......................... 274,333 5,452,368
* Biomet, Inc....................................... 200,000 2,950,000
* Community Health Systems, Inc..................... 164,400 7,130,850
* Conceptus, Inc.................................... 33,600 663,600
* CyCare Systems, Inc............................... 88,200 3,219,300
* Elan Corp. plc ADR................................ 295,000 19,506,875
* HEALTHSOUTH Corp.................................. 257,972 9,577,210
* ICOS Corp......................................... 100,000 881,250
* IDEXX Laboratories, Inc........................... 81,000 3,604,500
* Ligand Pharmaceuticals, Inc. (Class B)............ 346,200 5,063,175
* OccuSystems, Inc.................................. 212,000 6,148,000
* Phamis, Inc....................................... 226,000 3,333,500
* Protein Design Labs, Inc.......................... 100,000 2,650,000
* Target Therapeutics, Inc.......................... 177,400 9,623,950
* Tenet Healthcare Corp............................. 125,000 2,562,500
Teva Pharmaceutical Industries Ltd. ADR........... 230,500 10,343,688
* Thermedics, Inc................................... 495,600 14,991,900
* Thermotrex Corp................................... 100,000 5,237,500
* UroMed Corp....................................... 397,500 4,173,750
* Value Health, Inc................................. 100,000 2,912,500
* Vencor, Inc....................................... 190,000 6,412,500
* Vidamed, Inc...................................... 100,000 1,087,500
Vital Signs, Inc.................................. 170,000 3,580,625
</TABLE>
4
<PAGE>
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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)
------------ ------------
<S> <C> <C>
COMMON STOCKS (Continued)
Health (Continued)
* Watson Pharmaceuticals, Inc....................... 150,000 $ 7,125,000
------------
141,978,666
------------
Insurance (1.7%)
Executive Risk, Inc............................... 159,300 4,938,300
Protective Life Corp.............................. 113,000 3,926,750
* RISCORP, Inc. (Class A)........................... 67,500 1,594,688
------------
10,459,738
------------
Machinery & Capital Spending (2.7%)
Far East Levingston Shipbuilding Ltd.............. 500,000 2,917,110
Giddings & Lewis, Inc............................. 100,000 1,856,250
* J. Ray McDermott, S.A............................. 42,300 1,031,062
* Jacobs Engineering Group, Inc..................... 179,000 4,967,250
Roper Industries, Inc............................. 57,000 2,650,500
Titan Wheel International, Inc.................... 177,500 2,862,188
------------
16,284,360
------------
Metal Mining & Steel (1.4%)
* FirstMiss Gold, Inc............................... 136,000 4,182,000
Schnitzer Steel Industries, Inc. (Class A)........ 167,000 4,425,500
------------
8,607,500
------------
Pollution Control (3.2%)
* Osmonics, Inc..................................... 276,550 5,738,413
* U.S. Filter Corp.................................. 325,300 10,002,975
* United Waste Systems, Inc......................... 66,500 3,657,500
------------
19,398,888
------------
Technology (20.4%)
* Actel Corp........................................ 302,800 5,601,800
* Activision, Inc................................... 138,400 1,868,400
* Acxiom Corp....................................... 100,000 2,750,000
* ADC Telecommunications, Inc....................... 233,600 9,811,200
* American Management Systems, Inc.................. 265,350 7,064,944
* BroadBand Technologies, Inc....................... 137,500 3,506,250
* Broderbund Software, Inc.......................... 200,000 8,800,000
* Cambridge Technology Partners, Inc. (Mass.)....... 74,000 4,976,500
* Comverse Technology, Inc.......................... 220,000 5,142,500
* Engineering Animation, Inc........................ 97,500 2,266,875
* Gandalf Technologies, Inc......................... 172,600 3,063,650
* Geotek Communications, Inc........................ 400,000 4,150,000
* Geoworks.......................................... 155,000 5,812,500
* Glenayre Technologies, Inc........................ 220,000 10,230,000
* InterVoice, Inc................................... 200,000 5,600,000
* Itron, Inc........................................ 60,300 3,542,625
* JDA Software Group, Inc........................... 76,000 1,558,000
</TABLE>
5
<PAGE>
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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)
------------ ------------
<S> <C> <C>
COMMON STOCKS (Continued)
Technology (Continued)
* Madge N.V......................................... 100,000 $ 2,950,000
* MDL Information Systems, Inc...................... 128,000 3,552,000
* MICROS Systems, Inc............................... 262,200 7,472,700
* OrCAD, Inc........................................ 100,000 1,337,500
* Proxima Corp...................................... 200,000 2,875,000
* RadiSys Corp...................................... 148,700 3,866,200
* Spectrum HoloByte, Inc............................ 400,000 2,850,000
* SPSS, Inc......................................... 110,000 2,172,500
* Symantec Corp..................................... 320,000 5,160,000
* Transaction Systems Architects, Inc. (Class A).... 90,000 4,815,000
------------
122,796,144
------------
Transportation (1.4%)
* America West Airlines, Inc. (Class B)............. 200,000 4,200,000
* Landstar System, Inc.............................. 50,000 1,375,000
TNT Freightways Corp.............................. 62,300 1,409,538
Werner Enterprises, Inc........................... 60,000 1,455,000
------------
8,439,538
------------
Utilities/Communications (6.2%)
* Anicom, Inc....................................... 288,500 4,399,625
* Arch Communications Group, Inc.................... 229,400 5,448,250
* GST Telecommunications, Inc....................... 200,000 2,150,000
* Intermedia Communications of Florida, Inc......... 500,000 12,375,000
* MFS Communications Co., Inc....................... 160,000 5,550,000
* MobileMedia Corp.................................. 355,000 7,100,000
------------
37,022,875
------------
Total Common Stocks
(Cost $444,030,353)............................ 578,327,626
------------
Repurchase Agreement (3.6%)
Goldman Sachs Corp.
5.287% dated 04/30/1996,
due 05/01/1996 in the
amount of $22,047,774.
Collateralized by U.S. Treasury Note
7.750% due 01/31/2000, U.S. Treasury Bonds
8.500% - 11.625% due 11/15/2004 to 02/15/2020.
(Cost $22,044,590)................................. $ 22,044,590 22,044,590
------------
</TABLE>
6
<PAGE>
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CMC SMALL CAP FUND
A Portfolio of CMC Fund Trust
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Value (1)
------------
<S> <C>
Total Investments (99.7%)
(Cost $466,074,943)...................................... $600,372,216
Cash and receivables less liabilities (0.3%)................ 1,737,735
------------
Net Assets (100.0%)......................................... $602,109,951
============
<FN>
(1) See Note 1 of Notes to Financial Statements.
*Non-Income Producing.
</FN>
</TABLE>
The accompanying notes are an integral part of the financial statements.
7
<PAGE>
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CMC INTERNATIONAL STOCK FUND
A Portfolio of CMC Fund Trust
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
April 30,1996
(Unaudited)
<TABLE>
<CAPTION>
Shares or
Face Value Value (1)
------------ ------------
<S> <C> <C>
COMMON STOCKS (90.3%)
Australia (1.4%)
Broken Hill Proprietary Co., Ltd.
(Metals, Mining & Steel).................................... 22,000 $ 338,750
Reinsurance Australia Corp., Ltd. (Insurance)................. 222,000 574,079
------------
912,829
------------
Brazil (1.0%)
Companhia Energetica de Minas Gerais SA, ADR
(Utilities-Electric)........................................ 12,368 321,506
Usinas Siderurgicas de Minas Gerais SA, ADR
(Metals, Mining & Steel).................................... 25,000 287,375
------------
608,881
------------
Canada (2.2%)
Bombardier, Inc. (Class B)
(Manufacturing - Diversified Inds.)........................ 70,000 984,793
* QLT Phototherapeutics, Inc. (Pharmaceuticals)................ 5,600 115,192
* Skyjack, Inc. (Machinery & Capital Spending)................. 10,000 323,244
------------
1,423,229
------------
Finland (1.0%)
Finnair Oy (Transportation)................................... 40,000 325,163
Finnlines Oy (Transportation).................................. 20,000 346,620
------------
671,783
------------
France (7.7%)
BIC SA (Consumer Products)................................... 6,000 660,423
Cardif SA (Insurance)........................................ 2,800 500,686
Carrefour SA (Retail)........................................ 1,500 1,169,644
Guilbert SA (Business Services).............................. 3,000 491,841
Legrand (Electrical Equipment)............................... 2,500 485,179
LVMH Moet Hennessy Louis Vuitton SA
(Consumer Products)........................................ 1,650 421,222
SEB SA (Consumer Products)................................... 2,500 420,006
* SGS-THOMSON Microelectronics NV (Electronics)................ 8,600 404,200
Societe Nationale d'Exploitation Industrielle des Tabacs
et Allumettes (Consumer Products).......................... 10,000 384,281
------------
4,937,482
------------
Germany (7.3%)
* Adidas AG (Consumer Products)................................ 4,600 349,576
Bayer AG (Chemicals)......................................... 3,000 964,775
Daimler-Benz AG (Motor Vehicles & Parts)..................... 1,000 546,967
Gehe AG (Wholesale Distributor).............................. 920 530,515
Mannesmann AG (Machinery & Capital Spending)............... 1,670 569,739
* SGL Carbon AG (Metals, Mining & Steel)...................... 12,200 1,149,967
Siemens AG (Electrical Equipment)............................ 1,100 601,520
------------
4,713,059
------------
</TABLE>
8
<PAGE>
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A Portfolio of CMC Fund Trust
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares or
Face Value Value (1)
------------ ------------
<S> <C> <C>
COMMON STOCKS (Continued)
Hong Kong (3.9%)
Cheung Kong Holdings Ltd. (Real Estate)....................... 110,000 $ 785,714
COSCO Pacific Ltd. (Container Leasing)........................ 726,000 511,532
Guangnan Holdings (Wholesale Distributor)..................... 1,300,000 739,496
HSBC Holdings plc (Banking)................................... 31,000 462,896
------------
2,499,638
------------
India (2.7%)
Bajaj Auto Ltd., GDR (Motor Vehicles & Parts)................. 6,500 232,375
* Indian Hotels Co., Ltd., The, GDR
(Entertainment & Leisure)................................... 16,650 491,175
Larsen & Toubro Ltd., GDR
(Engineering & Construction)................................ 16,650 312,188
Tata Engineering & Locomotive Co., Ltd., GDS
(Motor Vehicles & Parts).................................... 36,700 660,600
------------
1,696,338
------------
Italy (2.8%)
* De Rigo S.p.A., ADS (Consumer Products)....................... 13,000 399,750
Fila Holding S.p.A., ADR (Consumer Products).................. 4,200 286,650
* Gucci Group N.V. (Consumer Products).......................... 20,000 1,087,500
------------
1,773,900
------------
Japan (24.9%)
Bank of Tokyo-Mitsubishi Ltd., The (Banking).................. 10,500 242,693
BRIDGESTONE CORP. (Motor Vehicles & Parts).................... 13,000 240,879
CANON, INC. (Electronics)..................................... 17,000 337,727
Daiwa Securities Co., Ltd. (Financial Services)............... 18,000 276,791
Daiwabo Information System Co., Ltd.
(Business Services)......................................... 200 4,489
East Japan Railway Co. (Transportation)....................... 53 282,970
Fuji Bank Ltd., The (Banking)................................. 10,000 218,720
Fuji Photo Film Co., Ltd. (Entertainment & Leisure)........... 7,000 217,956
Industrial Bank of Japan Ltd., The (Banking).................. 10,000 267,431
ITO-YOKADO CO., LTD. (Retail)................................. 5,000 294,651
KAJIMA CORP. (Construction)................................... 22,000 247,947
Kao Corp. (Consumer Products)................................. 14,000 187,202
Kel Corp. (Electronics)....................................... 12,000 183,381
KEYENCE CORP. (Electronics)................................... 2,000 263,610
Kinki Nippon Railway Co., Ltd. (Transportation)............... 28,840 224,219
KOMATSU LTD. (Machinery & Capital Spending)................... 22,000 212,225
KUBOTA CORP. (Machinery & Capital Spending)................... 25,000 174,069
Laox Co., Ltd. (Retail)....................................... 16,000 334,670
Mitsubishi Chemical Corp. (Chemicals)......................... 54,000 296,046
Mitsubishi Estate Co., Ltd. (Real Estate)..................... 50,000 702,006
</TABLE>
9
<PAGE>
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A Portfolio of CMC Fund Trust
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares or
Face Value Value (1)
------------ ------------
<S> <C> <C>
COMMON STOCKS (Continued)
Japan (Continued)
Mitsubishi Heavy Inds., Ltd.
(Machinery & Capital Spending).............................. 43,000 $ 383,591
Mitsubishi Trust & Banking Corp., The (Banking)............... 17,000 293,887
NEC Corp. (Electronics)....................................... 21,000 266,762
Nintendo Co., Ltd. (Entertainment & Leisure).................. 2,000 152,818
NIPPON STEEL CORP. (Metals, Mining & Steel)................... 125,000 451,289
NIPPON TELEGRAPH & TELEPHONE CORP.
(Utilities-Communication).................................. 42 325,330
Nippon Television Network Corp. (Media)....................... 1,100 345,654
NIPPONDENSO CO., LTD. (Motor Vehicles & Parts)................ 17,000 370,201
NISSAN MOTOR CO., LTD. (Motor Vehicles & Parts)............... 33,000 278,625
Nomura Securities Co., Ltd., The (Financial Services)......... 27,000 587,966
NSK Ltd. (Machinery & Capital Spending)....................... 97,000 782,856
NTN CORP. (Machinery & Capital Spending)...................... 95,000 696,848
NTT Data Communications Systems Corp.
(Business Services)......................................... 23 804,012
ROHM CO., LTD. (Electronics).................................. 5,000 318,052
SANKYO CO., LTD. (Pharmaceuticals)............................ 8,000 194,078
Sanwa Bank Ltd., The (Banking)................................ 12,000 242,978
* Sawako Corp. (Construction)................................... 6,000 189,112
Sekisui Chemical Co., Ltd. (Chemicals)........................ 40,000 504,298
Sharp Corp. (Electronics)..................................... 20,000 347,660
SHIMIZU CORP. (Construction).................................. 22,000 252,149
SONY CORP. (Electronics)...................................... 10,000 649,475
Takeda Chemical Inds., Ltd. (Pharmaceuticals)................. 19,000 328,462
Tokio Marine & Fire Insurance Co., Ltd., The (Insurance)...... 42,000 577,651
TORAY INDUSTRIES, INC. (Chemicals)............................ 46,000 312,818
TOYOTA MOTOR CORP. (Motor Vehicles & Parts)................... 26,000 593,505
TRANS COSMOS, INC. (Business Services)........................ 3,300 179,656
YOKOGAWA ELECTRIC CORP. (Electronics)......................... 34,000 396,180
------------
16,035,595
------------
Korea (1.0%)
* CITC Seoul Excel Trust, IDR (Investment Trust)................ 58,000 661,200
------------
Malaysia (2.1%)
Malayan Banking Berhad (Banking).............................. 75,000 730,959
Malaysian Assurance Alliance Berhad (Insurance)............... 30,000 179,280
YTL Corp. Berhad (Construction)............................... 90,000 451,209
------------
1,361,448
------------
Mexico (0.3%)
Panamerican Beverages, Inc. (Class A)
(Food & Beverages).......................................... 5,000 219,375
------------
</TABLE>
10
<PAGE>
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CMC INTERNATIONAL STOCK FUND
A Portfolio of CMC Fund Trust
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares or
Face Value Value (1)
------------ ------------
<S> <C> <C>
COMMON STOCKS (Continued)
Netherlands (5.3%)
Aegon NV (Insurance).......................................... 17,210 $ 818,616
Elsevier NV (Publishing)...................................... 42,000 631,653
Getronics NV (Business Services).............................. 9,500 658,991
Heineken NV (Food & Beverages)................................ 3,000 627,106
Randstad Holdings NV (Business Services)...................... 10,800 691,250
------------
3,427,616
------------
Norway (2.2%)
Kvaerner AS (Class B) (Engineering & Construction)............ 20,000 770,716
Kverneland Gruppen AS
(Machinery & Capital Spending).............................. 13,000 288,524
UNI Storebrand AS (Class A) (Insurance)....................... 70,000 333,065
------------
1,392,305
------------
Sweden (2.4%)
* Frontec AB (Class B) (Business Services)..................... 8,400 377,292
Getinge Industrier AB (Class B) (Consumer Products).......... 9,800 515,220
Hoganas AB (Class B) (Metals, Mining & Steel)................ 14,000 463,883
WM-Data AB (Class B) (Business Services)..................... 4,000 200,869
------------
1,557,264
------------
Switzerland (3.9%)
Alusuisse-Lonza Holding AG (Bearer)
(Metals, Mining & Steel).................................... 790 634,158
BBC Brown Boveri Ltd. (Series A) (Bearer)
(Electrical Equipment)...................................... 460 552,961
Ciba-Geigy AG (Bearer) (Pharmaceuticals)...................... 600 690,880
Roche Holding Ltd. (Genusssheine)
(Pharmaceuticals)........................................... 80 627,722
------------
2,505,721
------------
Taiwan (1.2%)
Taiwan Fund, Inc., The (Investment Company)................... 33,500 774,688
------------
Thailand (1.8%)
PTT Exploration & Production Public Co., Ltd.
(Oil Exploration & Production).............................. 48,000 669,414
Thai Fund, Inc., The (Investment Company)..................... 20,000 497,500
-------------
1,166,914
-------------
United Kingdom (14.7%)
Airtours plc (Entertainment & Leisure)....................... 47,700 370,654
BOC Group plc, The (Chemicals)............................... 34,000 471,271
British Aerospace plc (Aircraft & Aerospace)................. 56,482 737,563
British Petroleum Co. plc (Energy)........................... 56,000 503,614
British Sky Broadcasting Group plc (Media)................... 58,400 418,756
Compass Group plc (Restaurants).............................. 62,000 508,744
Electrocomponents plc (Electronics).......................... 56,000 334,762
</TABLE>
11
<PAGE>
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A Portfolio of CMC Fund Trust
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares or
Face Value Value (1)
------------ ------------
<S> <C> <C>
COMMON STOCKS (Continued)
United Kingdom (Continued)
Fairey Group plc (Manufacturing - Diversified Inds.).......... 22,000 $ 219,135
Granada Group plc (Entertainment & Leisure)................... 40,000 494,133
Great Universal Stores plc (Retail)........................... 36,000 391,256
Hays plc (Business Services).................................. 68,400 440,696
Next plc (Retail)............................................. 70,900 563,693
Provident Financial plc (Financial Services).................. 47,903 689,849
Prudential Corp. (Insurance).................................. 42,322 290,454
Reuters Holdings plc (Business Services)...................... 32,000 360,984
RTZ Corp. plc (Metals, Mining & Steel)........................ 35,307 554,004
Sage Group plc (Business Services)............................ 99,200 683,038
Siebe plc (Machinery & Capital Spending)...................... 37,729 486,171
THORN EMI plc (Entertainment & Leisure)....................... 18,000 497,508
Wetherspoon, J.D. (Restaurants)............................... 13,000 172,586
Zeneca Group plc (Pharmaceuticals)............................ 14,000 292,444
------------
9,481,315
------------
United States (0.5%)
* Cellular Communications International, Inc.
(Utilities-Communication)............................... 8,000 292,000
------------
Total Common Stocks
(Cost $49,059,941)...................................... 58,112,580
------------
PREFERRED STOCKS (4.5%)
Brazil (3.9%)
Bardella Industrias Mecanicas SA
(Manufacturing - Diversified Inds.)......................... 3,000 257,030
Companhia Cervejaria Brahma SA (Food & Beverages)............. 1,309,000 629,365
* Companhia Tecidos do Norte de Minas SA (Textiles)............. 1,000,000 419,312
Refrigeracao Parana SA (Consumer Products).................... 202,353,000 503,792
Telecomunicacoes Brasileiras SA
(Utilities-Communication)................................... 13,100,000 709,072
------------
2,518,571
------------
Germany (0.6%)
Jil Sander AG (Consumer Products)............................. 455 385,845
------------
Total Preferred Stocks
(Cost $2,491,791)........................................... 2,904,416
------------
WARRANTS (1.7%)
Germany (0.6%)
* Veba AG (04/06/1998) (Utilities-Electric)..................... 1,650 395,010
-------------
</TABLE>
12
<PAGE>
- --------------------------------------------------------------------------------
CMC INTERNATIONAL STOCK FUND
A Portfolio of CMC Fund Trust
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares or
Face Value Value (1)
------------ ------------
<S> <C> <C>
WARRANTS (Continued)
Japan (1.1%)
* Kyocera Corp. #2 (01/23/1998) (Electronics)................... 470 $ 564,000
* Mr. Max Corp. (02/17/1998) (Retail)........................... 5,000 128,566
------------
692,566
------------
Total Warrants
(Cost $977,138)............................................. 1,087,576
------------
Total investments, excluding temporary cash investment
(Cost $52,528,870).......................................... 62,104,572
------------
REPURCHASE AGREEMENT (2.9%)
Goldman Sachs Corp.
5.287% dated 04/30/1996,
due 05/01/1996 in the
amount of $1,903,392
Collateralized by U.S. Treasury Note
7.750% due 01/31/2000,
U.S. Treasury Bonds
8.500% - 11.625% due 11/15/2004 to 02/15/2020
(Cost $1,903,117)............................................ $ 1,903,117 1,903,117
------------
Total Investments (99.4%)
(Cost $54,431,987).................................................. 64,007,689
Cash and receivables less liabilities (0.6%).......................... 367,841
------------
Net Assets (100.0%)................................................... $ 64,375,530
============
<FN>
(1) See Note 1 of Notes to Financial Statements.
*Non-Income Producing
</FN>
</TABLE>
The accompanying notes are an integral part of the financial statements.
13
<PAGE>
- --------------------------------------------------------------------------------
CMC SMALL CAP FUND
CMC INTERNATIONAL STOCK FUND
Portfolios of CMC Fund Trust
STATEMENTS OF ASSETS AND LIABILITIES
- --------------------------------------------------------------------------------
April 30, 1996
(Unaudited)
<TABLE>
<CAPTION>
CMC Small CMC International
Cap Fund Stock Fund
------------ ------------
<S> <C> <C>
ASSETS:
Investments at identified cost ...................................... $444,030,353 $ 52,528,870
Investments at value (Notes 1 and 2)................................. $578,327,626 $ 62,104,572
Temporary cash investments, at cost (Note 1)......................... 22,044,590 1,903,117
Cash................................................................. 231 351,734
Cash denominated in foreign currencies
(cost $277,792)(Note 1)............................................ 275,244
Receivable for:
Interest........................................................... 157,620 1,796
Dividends.......................................................... 49,615 226,650
Investments sold................................................... 11,194,786 373,853
Capital stock sold................................................. 3,289,000
Forward foreign currency exchange contracts held at market......... 14,042,040
------------ ------------
Total assets......................................................... 615,063,468 79,279,006
------------ ------------
LIABILITIES:
Payable for:
Capital stock redeemed............................................. 660,000
Investments purchased.............................................. 11,916,011 970,205
Investment management fee (Note 4)................................. 346,342 39,009
Accrued expenses .................................................. 31,164 19,205
Forward foreign currency exchange contracts held at market......... 13,875,057
------------ ------------
Total liabilities................................................... 12,953,517 14,903,476
------------ ------------
Net assets applicable to outstanding shares.......................... $602,109,951 $ 64,375,530
============ ============
Net assets consist of:
Undistributed net investment income (loss) ........................ $ (764,754) $ 215,468
Unrealized appreciation on:
Investments...................................................... 134,297,273 9,575,702
Translation of assets and liabilities in foreign currencies...... 164,886
Undistributed net realized gain (loss) from:
Investments.................................................... 87,055,264 (4,744,122)
Foreign currency transactions.................................. 239,370
Capital paid in (Note 3)........................................... 381,522,168 58,924,226
------------ ------------
$602,109,951 $ 64,375,530
============ ============
Shares of capital stock outstanding (Note 3)........................... 8,410,708 1,518,715
============ ============
Net asset value, offering and
redemption price per share (1)...................................... $ 71.59 $ 42.39
============ ============
<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>
</TABLE>
The accompanying notes are an integral part of the financial statements.
14
<PAGE>
- --------------------------------------------------------------------------------
CMC SMALL CAP FUND
CMC INTERNATIONAL STOCK FUND
Portfolios of CMC Fund Trust
STATEMENTS OF OPERATIONS
- --------------------------------------------------------------------------------
Six Months Ended April 30, 1996
(Unaudited)
<TABLE>
<CAPTION>
CMC Small CMC International
Cap Fund Stock Fund
----------- -----------------
<S> <C> <C>
INVESTMENT INCOME:
Income:
Interest .................................................. $ 780,612 $ 68,048
Dividends ................................................. 528,498 552,167
Foreign taxes withheld .................................... (69,504)
----------- ----------
Total income ......................................... 1,309,110 550,711
----------- ----------
Expenses:
Investment management fees (Note 4) ....................... 2,000,073 245,492
Shareholder servicing costs (Note 4) ...................... 9,000 9,000
Reports to shareholders ................................... 100 33
Financial information and subscriptions ................... 150 1,000
Accounting service fees ................................... 11,723
Custodian fees ............................................ 10,732 28,558
Bank transaction and checking fees ........................ 12,924 16,278
Registration fees ......................................... 1,180 152
Legal, insurance and auditing fees ........................ 17,488 12,495
Other (Note 4) ............................................ 3,333 1,042
----------- ----------
Total expenses ....................................... 2,054,980 325,773
----------- ----------
Net investment income (loss) (Note 1) ........................ (745,870) 224,938
----------- ----------
Realized gain and unrealized appreciation (depreciation)
from investments and foreign currency transactions:
Net realized gain from:
Investments (Note 2) ...................................... 87,315,180 1,675,404
Foreign currency transactions (Note 1) .................... 533,798
----------- ----------
Net realized gain ..................................... 87,315,180 2,209,202
----------- ----------
Net unrealized appreciation (depreciation) on:
Investments (Note 1) ...................................... 49,958,786 6,347,419
Translation of assets and liabilities in foreign
currencies (Note 1) ..................................... (106,775)
----------- ----------
Net unrealized appreciation during the period ......... 49,958,786 6,240,644
----------- ----------
Net gain on investment and foreign currency
transactions (Note 1) ..................................... 137,273,966 8,449,846
----------- ----------
Net increase in net assets resulting from operations ........ $136,528,096 $ 8,674,784
=========== ==========
</TABLE>
The accompanying notes are an integral part of the financial statements.
15
<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, 1996 Ended April 30, 1996 Ended
(Unaudited) October 31, 1995 (Unaudited) October 31, 1995
-------------- ---------------- -------------- ----------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income (loss) ................... $ (745,870) $ 2,027,457 $ 224,938 $ 720,782
Net realized gain (loss) from:
Investments (Note 2) ......................... 87,315,180 37,975,837 1,675,404 (5,546,911)
Foreign currency transactions ................ 533,798 (672,552)
Change in net unrealized appreciation
(depreciation) on:
Investments ............................... 49,958,786 54,175,558 6,347,419 (205,745)
Translation of assets and liabilities
in foreign currencies (Note 1 ) ......... (106,775) 257,407
------------ ------------ ------------ ------------
Net increase (decrease) in net assets
resulting from operations .................... 136,528,096 94,178,852 8,674,784 (5,447,019)
Distributions to shareholders:
From net investment income ..................... (1,453,395) (359,577)
In excess of net investment income ............. (9,470)*
From net realized gain from
investments .................................. (37,975,837)
In excess of net realized gain from
investments .................................. (315,760)*
Capital share transactions, net (Note 3) .......... (71,585,504) 14,781,544 (13,056,806) (9,724,562)
------------ ------------ ------------ ------------
Net increase (decrease) in net assets ............. 64,942,592 69,215,404 (4,382,022) (15,540,628)
NET ASSETS:
Beginning of period ............................... 537,167,359 467,951,955 68,757,552 84,298,180
------------ ------------ ------------ ------------
End of period ..................................... $ 602,109,951(1) $ 537,167,359(2) $ 64,375,530(3) $ 68,757,552(4)
============ ============ ============ ============
<FN>
(1) Includes undistributed net investment loss of $764,754
(2) Includes undistributed net investment loss of $18,884.
(3) Includes undistributed net investment income of $215,468
(4) Includes undistributed net investment loss of $9,470.
* On a tax basis, there was no return of capital.
</FN>
</TABLE>
The accompanying notes are an integral part of the financial statements.
16
<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, 1996 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. 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 foreign currency
exchange contracts (contracts). Additionally, the CMC International Stock
Fund enters into forward 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. Net realized gains arising
from such transactions amounted to $ 625,944 and are included in net
realized gain from foreign currency transactions. As of April 30, 1996, the
CMC International Stock Fund had entered into the following forward
contracts resulting in net unrealized appreciation of $ 166,983.
<TABLE>
<CAPTION>
Net Unrealized
Currency to Currency to Settlement Appreciation
be Delivered be Received Date (U.S. $)
- -------------------------------- ----------------------------- ------------ ----------------
<S> <C> <C> <C>
2,000,000 Switzerland Franc 1,621,534 U.S. Dollars 05/22/96 $ 11,047
4,400,000 German Mark 2,992,994 U.S. Dollars 05/22/96 119,093
2,000,000 German Mark 1,310,015 U.S. Dollars 05/22/96 3,696
5,639,628 U.S. Dollars 600,000,000 Japanese Yen 05/22/96 108,747
1,200,000,000 Japanese Yen 11,414,656 U.S. Dollars 05/22/96 (82,093)
4,000,000 Netherland Guilder 2,342,469 U.S. Dollars 05/22/96 6,493
=========
$ 166,983
=========
</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
investments 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, resulting from changes in the exchange
rates.
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 losses from wash sales, redemptions in kind and return of
capital received from Real Estate Investment Trusts.
17
<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, 1996 is unaudited)
- --------------------------------------------------------------------------------
1. Significant accounting policies (Continued):
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 gain and unrealized
appreciation (depreciation) of investments, excluding temporary cash
investments, as of and for the period ended April 30, 1996 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.................. $ 391,243,111 $ 36,352,060
=============== ===============
Sales and Maturities(1):
Investment securities other than
U.S. Government obligations.................. $ 436,328,716 $ 48,674,493
=============== ===============
Net Realized Gain (1):
Investment securities other than
U.S. Government obligations.................. $ 87,315,180 $ 1,675,404
=============== ===============
Unrealized Appreciation (Depreciation)
as of April 30, 1996:
Appreciation................................... $ 147,636,474 $ 10,092,189
Depreciation................................... $ (13,339,201) $ (516,487)
--------------- ---------------
Net unrealized appreciation ................. $ 134,297,273 $ 9,575,702
=============== ===============
Unrealized Appreciation (Depreciation)
for federal income tax purposes as of
April 30, 1996:
Appreciation................................... $ 147,601,994 $ 10,022,346
Depreciation................................... $ (13,395,751) $ (574,487)
--------------- ---------------
Net unrealized appreciation ................. $ 134,206,243 $ 9,447,859
=============== ===============
For federal income tax purposes, the cost
of investments owned at April 30, 1996 .......... $ 444,121,383 $ 52,656,713
=============== ===============
<FN>
(1) Includes transfers of investment securities to a shareholder in order
to satisfy redemptions in kind. The market value of investment securities
transferred during the period for CMC Small Cap Fund and CMC International
Stock Fund was $102,520,229 and $11,883,536, respectively. As a result of
the redemption in kind, CMC Small Cap Fund and CMC International Stock Fund
recognized net realized gains of $20,978,577 and $971,748, respectively.
</FN>
</TABLE>
18
<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, 1996 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, 1996 October 31, 1995 April 30, 1996 October 31, 1995
-------------- ---------------- -------------- ----------------
<S> <C> <C> <C> <C>
Shares:
Shares sold .................................. 866,005 1,462,141 244,330 310,371
Shares issued for reinvestment
of dividends ............................... 678,136 9,854
-------------- ---------------- -------------- ----------------
866,005 2,140,277 244,330 320,225
Less shares redeemed ......................... (2,048,315) (2,030,154) (580,703) (598,816)
-------------- ---------------- -------------- ----------------
Net increase (decrease) in shares ............ (1,182,310) 110,123 (336,373) (278,591)
============== ================ ============== ================
Amounts:
Sales ........................................ $ 54,213,261 $ 80,911,048 $ 9,550,371 $ 11,344,299
Reinvestment of dividends .................... 37,788,898 362,247
-------------- ---------------- -------------- ----------------
54,213,261 118,699,946 9,550,371 11,706,546
Less redemptions ............................. (125,798,765) (103,918,402) (22,607,177) (21,431,108)
-------------- ---------------- -------------- ----------------
Net increase (decrease) ...................... $ (71,585,504) $ 14,781,544 $ (13,056,806) $ (9,724,562)
============== ================ ============== ================
Capital stock authorized (shares) 100,000,000 100,000,000
</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 .............. $2,000,073 $245,492
Investment management fee computation basis
(percentage of daily net assets per annum) .... .75 of 1% .75 of 1%
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) ................... $3,333 $377
</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.
19
<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, 1996 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.
20
