<PAGE> PAGE 1
000 B000000 10/31/98
000 C000000 0000854126
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 U
001 A000000 CMC FUND TRUST
001 B000000 811-5857
001 C000000 5032223600
002 A000000 1300 S.W. SIXTH AVENUE
002 B000000 PORTLAND
002 C000000 OR
002 D010000 97201
003 000000 N
004 000000 N
005 000000 N
006 000000 N
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007 B000000 4
007 C010100 1
007 C020100 CMC SMALL CAP FUND
007 C030100 N
007 C010200 2
007 C020200 CMC INTERNATIONAL STOCK FUND
007 C030200 N
007 C010300 3
007 C020300 CMC HIGH YIELD FUND
007 C030300 N
007 C010400 4
007 C020400 CMC SHORT TERM BOND FUND
007 C030400 N
007 C010500 5
007 C010600 6
007 C010700 7
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013 A00AA01 PRICE WATERHOUSE COOPERS LLP
013 B01AA01 PORTLAND
013 B02AA01 OR
013 B03AA01 97201
018 00AA00 Y
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019 B00AA00 0
020 A000001 LEHMAN BROTHERS, INC.
020 B000001 132518466
020 C000001 123
020 A000002 MORGAN STANLEY & CO., INC.
<PAGE> PAGE 2
020 B000002 132655998
020 C000002 104
020 A000003 DONALDSON LUFKIN & JENRETTE
020 B000003 132741729
020 C000003 97
020 A000004 FIRST BOSTON (CREDIT SUISSE) CORP
020 B000004 135659485
020 C000004 89
020 A000005 INSTINET CORP
020 B000005 133443395
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020 A000006 MONTGOMERY SECURITIES
020 B000006 941701676
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020 A000007 WEEDEN & CO.
020 B000007 133364318
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020 A000008 SMITH BARNEY, INC.
020 B000008 131912900
020 C000008 49
020 A000009 GOLDMAN SACHS & CO
020 B000009 135108880
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020 A000010 ABN AMRO SECURITIES (USA), INC.
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<PAGE> PAGE 3
022 A000007 PIPER JAFFRAY, INC.
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<PAGE> PAGE 4
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<PAGE> PAGE 5
070 E020100 N
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
070 Q010200 N
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
070 I020300 N
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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SIGNATURE J. JERRY INSKEEP JR.
TITLE PRESIDENT
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
AUDITED ANNUAL REPORT OF CMC SMALL CAP FUND (A PORTFOLIO OF CMC FUND TRUST)
DATED OCTOBER 31, 1998, AND THE AUDITED ANNUAL REPORT OF CMC SMALL CAP
FUND (A PORTFOLIO OF CMC FUND TRUST) DATED OCTOBER 31, 1997, AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000854126
<NAME> CMC FUND TRUST
<SERIES>
<NUMBER> 01
<NAME> CMC SMALL CAP FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-START> NOV-01-1997
<PERIOD-END> OCT-31-1998
<INVESTMENTS-AT-COST> 223,072,984
<INVESTMENTS-AT-VALUE> 236,961,007
<RECEIVABLES> 6,464,571
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 32,279,171
<TOTAL-ASSETS> 275,704,749
<PAYABLE-FOR-SECURITIES> 6,207,678
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,707,908
<TOTAL-LIABILITIES> 7,915,586
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 256,640,683
<SHARES-COMMON-STOCK> 6,723,234
<SHARES-COMMON-PRIOR> 9,590,639
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (2,739,543)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 13,888,023
<NET-ASSETS> 267,789,163
<DIVIDEND-INCOME> 503,240
<INTEREST-INCOME> 1,358,170
<OTHER-INCOME> 0
<EXPENSES-NET> 2,530,754
<NET-INVESTMENT-INCOME> (669,344)
<REALIZED-GAINS-CURRENT> 31,308,474
<APPREC-INCREASE-CURRENT> (61,700,383)
<NET-CHANGE-FROM-OPS> (31,061,253)
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<NET-CHANGE-IN-ASSETS> (253,981,328)
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<ACCUMULATED-GAINS-PRIOR> (244,012)
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,530,754
<AVERAGE-NET-ASSETS> 328,648,098
<PER-SHARE-NAV-BEGIN> 54.40
<PER-SHARE-NII> (0.10)
<PER-SHARE-GAIN-APPREC> (8.87)
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
AUDITED ANNUAL REPORT OF CMC INTERNATIONAL STOCK FUND (A PORTFOLIO OF CMC
FUND TRUST) DATED OCTOBER 31, 1998, AND THE AUDITED ANNUAL REPORT OF CMC
INTERNATIONAL STOCK FUND (A PORTFOLIO OF CMC FUND TRUST) DATED OCTOBER 31, 1997
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000854126
<NAME> CMC FUND TRUST
<SERIES>
<NUMBER> 02
<NAME> CMC INTERNATIONAL STOCK FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-START> NOV-01-1997
<PERIOD-END> OCT-31-1998
<INVESTMENTS-AT-COST> 11,504,158
<INVESTMENTS-AT-VALUE> 13,414,884
<RECEIVABLES> 317,766
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 1,692,524
<TOTAL-ASSETS> 15,425,174
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 48,146
<TOTAL-LIABILITIES> 48,146
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 13,478,117
<SHARES-COMMON-STOCK> 1,226,288
<SHARES-COMMON-PRIOR> 1,907,431
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (13,430)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,912,341
<NET-ASSETS> 15,377,028
<DIVIDEND-INCOME> 620,673
<INTEREST-INCOME> 221,667
<OTHER-INCOME> 0
<EXPENSES-NET> 535,110
<NET-INVESTMENT-INCOME> 307,230
<REALIZED-GAINS-CURRENT> 10,165,801
<APPREC-INCREASE-CURRENT> (4,754,166)
<NET-CHANGE-FROM-OPS> 5,718,865
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 10,805,915
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 140,622
<NUMBER-OF-SHARES-REDEEMED> 1,683,481
<SHARES-REINVESTED> 861,716
<NET-CHANGE-IN-ASSETS> (66,093,620)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (9,692)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 395,072
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 535,110
<AVERAGE-NET-ASSETS> 51,492,938
<PER-SHARE-NAV-BEGIN> 42.71
<PER-SHARE-NII> 0.25
<PER-SHARE-GAIN-APPREC> (0.78)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 29.64
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.54
<EXPENSE-RATIO> 1.04
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
AUDITED ANNUAL REPORT OF CMC HIGH YIELD FUND (A PORTFOLIO OF CMC FUND TRUST)
DATED OCTOBER 31, 1998, AND THE AUDITED ANNUAL REPORT OF CMC HIGH YIELD
FUND (A PORTFOLIO OF CMC FUND TRUST) DATED OCTOBER 31, 1997, AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000854126
<NAME> CMC FUND TRUST
<SERIES>
<NUMBER> 03
<NAME> CMC HIGH YIELD FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-START> NOV-01-1997
<PERIOD-END> OCT-31-1998
<INVESTMENTS-AT-COST> 265,477,553
<INVESTMENTS-AT-VALUE> 258,205,292
<RECEIVABLES> 5,765,219
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 442,949
<TOTAL-ASSETS> 264,413,460
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 501,904
<TOTAL-LIABILITIES> 501,904
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 271,141,487
<SHARES-COMMON-STOCK> 7,373,471
<SHARES-COMMON-PRIOR> 3,234,971
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 42,330
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (7,272,261)
<NET-ASSETS> 263,911,556
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 18,388,321
<OTHER-INCOME> 0
<EXPENSES-NET> 941,062
<NET-INVESTMENT-INCOME> 17,447,259
<REALIZED-GAINS-CURRENT> 1,542,274
<APPREC-INCREASE-CURRENT> (9,721,765)
<NET-CHANGE-FROM-OPS> 9,267,768
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 17,447,259
<DISTRIBUTIONS-OF-GAINS> 1,530,874
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5,056,688
<NUMBER-OF-SHARES-REDEEMED> 1,367,967
<SHARES-REINVESTED> 449,779
<NET-CHANGE-IN-ASSETS> 144,715,159
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 30,930
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 853,566
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 941,062
<AVERAGE-NET-ASSETS> 210,641,462
<PER-SHARE-NAV-BEGIN> 36.85
<PER-SHARE-NII> 3.03
<PER-SHARE-GAIN-APPREC> (0.85)
<PER-SHARE-DIVIDEND> 3.03
<PER-SHARE-DISTRIBUTIONS> .21
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 35.79
<EXPENSE-RATIO> 0.45
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
AUDITED ANNUAL REPORT OF CMC SHORT TERM BOND FUND (A PORTFOLIO OF
CMC FUND TRUST) DATED OCTOBER 31, 1998, AND IS QUALIFIED IN ITS ENTIRETY
BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000854126
<NAME> CMC FUND TRUST
<SERIES>
<NUMBER> 04
<NAME> CMC SHORT TERM BOND FUND
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-START> FEB-02-1998
<PERIOD-END> OCT-31-1998
<INVESTMENTS-AT-COST> 40,569,869
<INVESTMENTS-AT-VALUE> 40,886,251
<RECEIVABLES> 434,112
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 1,461,175
<TOTAL-ASSETS> 42,781,538
<PAYABLE-FOR-SECURITIES> 70,298
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 19,002
<TOTAL-LIABILITIES> 89,300
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 42,360,649
<SHARES-COMMON-STOCK> 3,530,582
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 15,207
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 316,382
<NET-ASSETS> 42,692,238
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,692,247
<OTHER-INCOME> 0
<EXPENSES-NET> 67,352
<NET-INVESTMENT-INCOME> 1,624,895
<REALIZED-GAINS-CURRENT> 15,207
<APPREC-INCREASE-CURRENT> 316,382
<NET-CHANGE-FROM-OPS> 1,956,484
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,624,895
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,541,453
<NUMBER-OF-SHARES-REDEEMED> 1,146,083
<SHARES-REINVESTED> 135,212
<NET-CHANGE-IN-ASSETS> 42,692,238
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 67,403
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 102,753
<AVERAGE-NET-ASSETS> 36,494,163
<PER-SHARE-NAV-BEGIN> 12.00
<PER-SHARE-NII> 0.54
<PER-SHARE-GAIN-APPREC> 0.09
<PER-SHARE-DIVIDEND> 0.54
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.09
<EXPENSE-RATIO> 0.25
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Shareholders and Trustees of CMC Fund Trust:
In planning and performing our audit of the financial
statements of CMC Small Cap Fund, a
portfolio of CMC Fund Trust, for the year ended
October 31, 1998, we considered its internal
control, including control activities for safeguarding
securities, in order to determine our auditing
procedures for the purpose of expressing our opinion
on the financial statements and to comply
with the requirements of Form N-SAR, not to provide
assurance on internal control.
The management of CMC Small Cap Fund, a portfolio of
CMC Fund Trust, is responsible for
establishing and maintaining internal control. In
fulfilling this responsibility, estimates and
judgments by management are required to assess the
expected benefits and related costs of
controls. Generally, controls that are relevant to an
audit pertain to the entity's objective of
preparing financial statements for external purposes
that are fairly presented in conformity with
generally accepted accounting principles. Those
controls include the safeguarding of assets
against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control,
error or fraud may occur and not be detected.
Also, projection of any evaluation of internal control
to future periods is subject to the risk that it
may become inadequate because of changes in conditions
or that the effectiveness of the design
and operation may deteriorate.
Our consideration of internal control would not
necessarily disclose all matters in internal control
that might be material weaknesses under standards
established by the American Institute of
Certified Public Accountants. A material weakness is
a condition in which the design or
operation of one or more of the internal control
components does not reduce to a relatively low
level the risk that misstatements caused by error or
fraud in amounts that would be material in
relation to the financial statements being audited may
occur and not be detected within a timely
period by employees in the normal course of performing
their assigned functions. However, we
noted no matters involving internal control and its
operation, including controls over
safeguarding securities, that we consider to be
material weaknesses as defined above as of
October 31, 1998.
This report is intended solely for the information and
use of management, the Board of Trustees
of CMC Small Cap Fund, a portfolio of CMC Fund Trust,
and the Securities and Exchange
Commission.
PricewaterhouseCoopers LLP
Portland, Oregon
December 4, 1998
REPORT OF INDEPENDENT ACCOUNTANTS
To the Shareholders and Trustees of CMC Fund Trust:
In planning and performing our audit of the financial
statements of CMC International Fund, a
portfolio of CMC Fund Trust, for the year ended
October 31, 1998, we considered its internal
control, including control activities for
safeguarding securities, in order to determine our
auditing
procedures for the purpose of expressing our opinion
on the financial statements and to comply
with the requirements of Form N-SAR, not to provide
assurance on internal control.
The management of CMC International Fund, a portfolio
of CMC Fund Trust, is responsible for
establishing and maintaining internal control. In
fulfilling this responsibility, estimates and
judgments by management are required to assess the
expected benefits and related costs of
controls. Generally, controls that are relevant to
an audit pertain to the entity's objective of
preparing financial statements for external purposes
that are fairly presented in conformity with
generally accepted accounting principles. Those
controls include the safeguarding of assets
against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control,
error or fraud may occur and not be detected.
Also, projection of any evaluation of internal
control to future periods is subject to the risk that
it
may become inadequate because of changes in
conditions or that the effectiveness of the design
and operation may deteriorate.
Our consideration of internal control would not
necessarily disclose all matters in internal control
that might be material weaknesses under standards
established by the American Institute of
Certified Public Accountants. A material weakness is
a condition in which the design or
operation of one or more of the internal control
components does not reduce to a relatively low
level the risk that misstatements caused by error or
fraud in amounts that would be material in
relation to the financial statements being audited
may occur and not be detected within a timely
period by employees in the normal course of
performing their assigned functions. However, we
noted no matters involving internal control and its
operation, including controls over
safeguarding securities, that we consider to be
material weaknesses as defined above as of
October 31, 1998.
This report is intended solely for the information
and use of management, the Board of Trustees
of CMC International Fund, a portfolio of CMC Fund
Trust, and the Securities and Exchange
Commission.
PricewaterhouseCoopers LLP
Portland, Oregon
December 4, 1998
REPORT OF INDEPENDENT ACCOUNTANTS
To the Shareholders and Trustees of CMC Fund Trust:
In planning and performing our audit of the financial
statements of CMC High Yield Fund, a
portfolio of CMC Fund Trust, for the year ended
October 31, 1998, we considered its internal
control, including control activities for
safeguarding securities, in order to determine our
auditing
procedures for the purpose of expressing our opinion
on the financial statements and to comply
with the requirements of Form N-SAR, not to provide
assurance on internal control.
The management of CMC High Yield Fund, a portfolio of
CMC Fund Trust, is responsible for
establishing and maintaining internal control. In
fulfilling this responsibility, estimates and
judgments by management are required to assess the
expected benefits and related costs of
controls. Generally, controls that are relevant to
an audit pertain to the entity's objective of
preparing financial statements for external purposes
that are fairly presented in conformity with
generally accepted accounting principles. Those
controls include the safeguarding of assets
against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control,
error or fraud may occur and not be detected.
Also, projection of any evaluation of internal
control to future periods is subject to the risk that
it
may become inadequate because of changes in
conditions or that the effectiveness of the design
and operation may deteriorate.
Our consideration of internal control would not
necessarily disclose all matters in internal control
that might be material weaknesses under standards
established by the American Institute of
Certified Public Accountants. A material weakness is
a condition in which the design or
operation of one or more of the internal control
components does not reduce to a relatively low
level the risk that misstatements caused by error or
fraud in amounts that would be material in
relation to the financial statements being audited
may occur and not be detected within a timely
period by employees in the normal course of
performing their assigned functions. However, we
noted no matters involving internal control and its
operation, including controls over
safeguarding securities, that we consider to be
material weaknesses as defined above as of
October 31, 1998.
This report is intended solely for the information
and use of management, the Board of Trustees
of CMC High Yield Fund, a portfolio of CMC Fund
Trust, and the Securities and Exchange
Commission.
PricewaterhouseCoopers LLP
Portland, Oregon
December 4, 1998
REPORT OF INDEPENDENT ACCOUNTANTS
To the Shareholders and Trustees of CMC Fund Trust:
In planning and performing our audit of the financial
statements of CMC Short Term Bond Fund,
a portfolio of CMC Fund Trust, for the period ended
October 31, 1998, we considered its internal
control, including control activities for
safeguarding securities, in order to determine our
auditing
procedures for the purpose of expressing our opinion
on the financial statements and to comply
with the requirements of Form N-SAR, not to provide
assurance on internal control.
The management of CMC Short Term Bond Fund, a
portfolio of CMC Fund Trust, is responsible
for establishing and maintaining internal control.
In fulfilling this responsibility, estimates and
judgments by management are required to assess the
expected benefits and related costs of
controls. Generally, controls that are relevant to
an audit pertain to the entity's objective of
preparing financial statements for external purposes
that are fairly presented in conformity with
generally accepted accounting principles. Those
controls include the safeguarding of assets
against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control,
error or fraud may occur and not be detected.
Also, projection of any evaluation of internal
control to future periods is subject to the risk that
it
may become inadequate because of changes in
conditions or that the effectiveness of the design
and operation may deteriorate.
Our consideration of internal control would not
necessarily disclose all matters in internal control
that might be material weaknesses under standards
established by the American Institute of
Certified Public Accountants. A material weakness is
a condition in which the design or
operation of one or more of the internal control
components does not reduce to a relatively low
level the risk that misstatements caused by error or
fraud in amounts that would be material in
relation to the financial statements being audited
may occur and not be detected within a timely
period by employees in the normal course of
performing their assigned functions. However, we
noted no matters involving internal control and its
operation, including controls over
safeguarding securities, that we consider to be
material weaknesses as defined above as of
October 31, 1998.
This report is intended solely for the information
and use of management, the Board of Trustees
of CMC Short Term Bond Fund, a portfolio of CMC Fund
Trust, and the Securities and
Exchange Commission.
PricewaterhouseCoopers LLP
Portland, Oregon
December 4, 1998
