<PAGE> PAGE 1
000 B000000 10/31/1999
000 C000000 0000854126
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 6.1
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
007 A000000 Y
007 B000000 4
018 00AA00 Y
019 A00AA00 N
019 B00AA00 0
020 A000001 INSTINET CORP
020 B000001 133443395
020 C000001 83
020 A000002 LEHMAN BROTHERS, INC.
020 B000002 132518466
020 C000002 73
020 A000003 MERRILL LYNCH
020 B000003 135674085
020 C000003 70
020 A000004 WEEDEN & CO.
020 B000004 133364318
020 C000004 48
020 A000005 FIRST BOSTON (CREDIT SUISSE) CORP
020 B000005 135659485
020 C000005 46
020 A000006 BEAR STEARNS SECURITIES CORP
020 B000006 133299429
020 C000006 43
020 A000007 GOLDMAN SACHS & CO.
020 B000007 135108880
020 C000007 39
020 A000008 MONTGOMERY SECURITIES
020 B000008 941701676
020 C000008 37
020 A000009 ROBERTSON, STEPHENS & CO
020 B000009 942524501
<PAGE> PAGE 2
020 C000009 30
020 A000010 DONALDSON LUFKIN & JENRETTE
020 B000010 132741729
020 C000010 24
021 000000 903
022 A000001 SALOMON BROTHERS, INC.
022 B000001 133082694
022 C000001 61818
022 D000001 57509
022 A000002 BEAR STEARNS & CO.
022 B000002 133299429
022 C000002 49726
022 D000002 44097
022 A000003 MERRILL LYNCH
022 B000003 135674085
022 C000003 54966
022 D000003 34334
022 A000004 GOLDMAN SACHS & CO.
022 B000004 135108880
022 C000004 44157
022 D000004 40607
022 A000005 LEHMAN GOVERNMENT
022 B000005 132726611
022 C000005 48508
022 D000005 17309
022 A000006 FIRST BOSTON (CREDIT SUISSE) CORP
022 B000006 135659485
022 C000006 31115
022 D000006 26084
022 A000007 MORGAN STANLEY & CO.
022 B000007 132655998
022 C000007 25558
022 D000007 17279
022 A000008 DONALDSON LUFKIN & JENRETTE
022 B000008 132741729
022 C000008 24458
022 D000008 18000
022 A000009 MONTGOMERY SECURITIES
022 B000009 941701676
022 C000009 21296
022 D000009 20162
022 A000010 LEHMAN BROTHERS
022 B000010 132518466
022 C000010 15905
022 D000010 17524
023 C000000 645930
023 D000000 541380
077 A000000 Y
077 B000000 Y
077 H000000 Y
077 O000000 Y
<PAGE> PAGE 3
078 000000 N
080 A00AA00 ICI MUTUAL INSURANCE COMPANY
080 C00AA00 15000
081 A00AA00 Y
081 B00AA00 14
082 A00AA00 Y
082 B00AA00 100
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 Y
085 B00AA00 N
015 A000101 U.S. BANK NATIONAL ASSOCIATION
015 B000101 C
015 C010101 PORTLAND
015 C020101 OR
015 C030101 97201
015 E010101 X
024 000100 N
028 A010100 8996
028 A020100 0
028 A030100 0
028 A040100 10052
028 B010100 8759
028 B020100 0
028 B030100 0
028 B040100 6616
028 C010100 0
028 C020100 0
028 C030100 0
028 C040100 1228
028 D010100 4357
028 D020100 0
028 D030100 0
028 D040100 649
028 E010100 2127
028 E020100 0
028 E030100 0
028 E040100 41
028 F010100 3758
028 F020100 385
028 F030100 0
028 F040100 6479
028 G010100 27997
028 G020100 385
028 G030100 0
028 G040100 25065
028 H000100 0
055 A000100 N
055 B000100 N
<PAGE> PAGE 4
056 000100 Y
057 000100 Y
062 A000100 N
062 B000100 0.0
062 C000100 0.0
062 D000100 0.0
062 E000100 0.0
062 F000100 0.0
062 G000100 0.0
062 H000100 0.0
062 I000100 0.0
062 J000100 0.0
062 K000100 0.0
062 L000100 0.0
062 M000100 0.0
062 N000100 0.0
062 O000100 0.0
062 P000100 0.0
062 Q000100 0.0
062 R000100 0.0
071 A000100 414917
071 B000100 490087
071 C000100 222988
071 D000100 186
072 A000100 12
072 B000100 741
072 C000100 367
072 D000100 0
072 E000100 0
072 F000100 1785
072 G000100 0
072 H000100 1
072 I000100 18
072 J000100 38
072 K000100 0
072 L000100 0
072 M000100 10
072 N000100 0
072 O000100 0
072 P000100 0
072 Q000100 0
072 R000100 24
072 S000100 4
072 T000100 0
072 U000100 0
072 V000100 0
072 W000100 10
072 X000100 1890
072 Y000100 0
072 Z000100 -782
072AA000100 94186
<PAGE> PAGE 5
072BB000100 60394
072CC010100 37006
072CC020100 0
072DD010100 0
072DD020100 0
072EE000100 383
073 A010100 0.0000
073 A020100 0.0000
073 B000100 0.0218
073 C000100 0.0000
074 A000100 0
074 B000100 9255
074 C000100 0
074 D000100 0
074 E000100 0
074 F000100 228808
074 G000100 0
074 H000100 0
074 I000100 3683
074 J000100 4966
074 K000100 0
074 L000100 98
074 M000100 0
074 N000100 246810
074 O000100 6484
074 P000100 144
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 53
074 S000100 0
074 T000100 240129
074 U010100 17669
074 U020100 0
074 V010100 13.59
074 V020100 0.00
074 W000100 0.0000
074 X000100 51
074 Y000100 0
075 A000100 0
075 B000100 235207
076 000100 0.00
015 A000201 CHASE MANHATTAN BANK, THE
015 B000201 C
015 C010201 BROOKLYN
015 C020201 NY
015 C030201 11245
015 E040201 X
015 A000202 U.S. BANK NATIONAL ASSOCIATION
015 B000202 C
<PAGE> PAGE 6
015 C010202 PORTLAND
015 C020202 OR
015 C030202 97201
015 E010202 X
024 000200 N
028 A010200 0
028 A020200 0
028 A030200 0
028 A040200 0
028 B010200 0
028 B020200 0
028 B030200 0
028 B040200 0
028 C010200 0
028 C020200 0
028 C030200 0
028 C040200 0
028 D010200 2764
028 D020200 0
028 D030200 0
028 D040200 0
028 E010200 4350
028 E020200 0
028 E030200 0
028 E040200 0
028 F010200 2868
028 F020200 3
028 F030200 0
028 F040200 0
028 G010200 9982
028 G020200 3
028 G030200 0
028 G040200 0
028 H000200 0
062 A000200 N
062 B000200 0.0
062 C000200 0.0
062 D000200 0.0
062 E000200 0.0
062 F000200 0.0
062 G000200 0.0
062 H000200 0.0
062 I000200 0.0
062 J000200 0.0
062 K000200 0.0
062 L000200 0.0
062 M000200 0.0
062 N000200 0.0
062 O000200 0.0
062 P000200 0.0
062 Q000200 0.0
<PAGE> PAGE 7
062 R000200 0.0
071 A000200 21281
071 B000200 16109
071 C000200 16720
071 D000200 96
072 A000200 12
072 B000200 76
072 C000200 141
072 D000200 0
072 E000200 0
072 F000200 139
072 G000200 0
072 H000200 9
072 I000200 18
072 J000200 34
072 K000200 0
072 L000200 0
072 M000200 1
072 N000200 0
072 O000200 0
072 P000200 0
072 Q000200 0
072 R000200 27
072 S000200 4
072 T000200 0
072 U000200 0
072 V000200 0
072 W000200 12
072 X000200 244
072 Y000200 0
072 Z000200 -27
072AA000200 4209
072BB000200 1199
072CC010200 3537
072CC020200 0
072DD010200 0
072DD020200 0
072EE000200 3
073 A010200 0.0000
073 A020200 0.0000
073 B000200 0.0019
073 C000200 0.0000
074 A000200 302
074 B000200 4629
074 C000200 1989
074 D000200 0
074 E000200 137
074 F000200 25011
074 G000200 0
074 H000200 0
074 I000200 0
<PAGE> PAGE 8
074 J000200 276
074 K000200 0
074 L000200 80
074 M000200 0
074 N000200 32424
074 O000200 1842
074 P000200 18
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 72
074 S000200 0
074 T000200 30492
074 U010200 1707
074 U020200 0
074 V010200 17.86
074 V020200 0.00
074 W000200 0.0000
074 X000200 10
074 Y000200 0
075 A000200 0
075 B000200 18685
076 000200 0.00
015 A000301 U.S. BANK NATIONAL ASSOCIATION
015 B000301 C
015 C010301 PORTLAND
015 C020301 OR
015 C030301 97208
015 E010301 X
024 000300 N
028 A010300 4770
028 A020300 1938
028 A030300 0
028 A040300 120
028 B010300 175
028 B020300 1791
028 B030300 0
028 B040300 29145
028 C010300 965
028 C020300 1723
028 C030300 0
028 C040300 375
028 D010300 275
028 D020300 1805
028 D030300 0
028 D040300 35295
028 E010300 225
028 E020300 1457
028 E030300 0
028 E040300 3775
<PAGE> PAGE 9
028 F010300 33545
028 F020300 1667
028 F030300 0
028 F040300 1673
028 G010300 39955
028 G020300 10381
028 G030300 0
028 G040300 70383
028 H000300 0
055 A000300 N
055 B000300 N
056 000300 Y
057 000300 Y
062 A000300 Y
062 B000300 0.0
062 C000300 0.0
062 D000300 3.3
062 E000300 0.0
062 F000300 0.0
062 G000300 0.0
062 H000300 0.0
062 I000300 0.0
062 J000300 0.0
062 K000300 0.0
062 L000300 0.0
062 M000300 0.0
062 N000300 0.0
062 O000300 0.0
062 P000300 96.3
062 Q000300 0.0
062 R000300 0.4
063 A000300 0
063 B000300 4.7
064 A000300 N
064 B000300 N
071 A000300 170827
071 B000300 152655
071 C000300 245134
071 D000300 62
072 A000300 12
072 B000300 24949
072 C000300 0
072 D000300 0
072 E000300 0
072 F000300 1141
072 G000300 0
072 H000300 6
072 I000300 18
072 J000300 13
072 K000300 0
072 L000300 0
<PAGE> PAGE 10
072 M000300 9
072 N000300 0
072 O000300 0
072 P000300 0
072 Q000300 0
072 R000300 18
072 S000300 4
072 T000300 0
072 U000300 0
072 V000300 0
072 W000300 11
072 X000300 1220
072 Y000300 0
072 Z000300 23729
072AA000300 1550
072BB000300 9746
072CC010300 0
072CC020300 5232
072DD010300 23729
072DD020300 0
072EE000300 67
073 A010300 0.7447
073 A020300 0.0000
073 B000300 0.0022
073 C000300 0.0000
074 A000300 0
074 B000300 8937
074 C000300 0
074 D000300 261597
074 E000300 0
074 F000300 0
074 G000300 0
074 H000300 0
074 I000300 0
074 J000300 15
074 K000300 0
074 L000300 6540
074 M000300 0
074 N000300 277089
074 O000300 5176
074 P000300 87
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 275
074 S000300 0
074 T000300 271551
074 U010300 31812
074 U020300 0
074 V010300 8.54
<PAGE> PAGE 11
074 V020300 0.00
074 W000300 0.0000
074 X000300 50
074 Y000300 0
075 A000300 0
075 B000300 282917
076 000300 0.00
015 A000401 U.S. BANK NATIONAL ASSOCIATION
015 B000401 C
015 C010401 PORTLAND
015 C020401 OR
015 C030401 97201
015 E010401 X
024 000400 Y
025 A000401 MORGAN STANLEY & CO
025 B000401 132655998
025 C000401 D
025 D000401 2656
025 A000402 SALOMON SMITH BARNEY
025 B000402 133082694
025 C000402 D
025 D000402 2242
025 A000403 BEAR STEARNS & CO
025 B000403 133299429
025 C000403 D
025 D000403 983
025 D000404 0
025 D000405 0
025 D000406 0
025 D000407 0
025 D000408 0
028 A010400 728
028 A020400 505
028 A030400 0
028 A040400 0
028 B010400 35115
028 B020400 627
028 B030400 0
028 B040400 4548
028 C010400 6051
028 C020400 706
028 C030400 0
028 C040400 11
028 D010400 5041
028 D020400 729
028 D030400 0
028 D040400 933
028 E010400 69
028 E020400 738
028 E030400 0
028 E040400 2520
<PAGE> PAGE 12
028 F010400 5944
028 F020400 770
028 F030400 0
028 F040400 2571
028 G010400 52948
028 G020400 4075
028 G030400 0
028 G040400 10583
028 H000400 0
049 000400 N
050 000400 N
051 000400 N
052 000400 N
053 A000400 Y
053 B000400 Y
053 C000400 N
062 A000400 Y
062 B000400 0.0
062 C000400 0.0
062 D000400 10.7
062 E000400 0.0
062 F000400 0.0
062 G000400 0.0
062 H000400 0.0
062 I000400 0.0
062 J000400 0.0
062 K000400 0.0
062 L000400 0.0
062 M000400 1.9
062 N000400 20.8
062 O000400 0.0
062 P000400 34.6
062 Q000400 31.0
062 R000400 1.0
063 A000400 0
063 B000400 2.8
064 A000400 N
064 B000400 N
071 A000400 176665
071 B000400 98477
071 C000400 76831
071 D000400 128
072 A000400 12
072 B000400 6554
072 C000400 0
072 D000400 0
072 E000400 0
072 F000400 260
072 G000400 0
072 H000400 5
072 I000400 18
<PAGE> PAGE 13
072 J000400 10
072 K000400 0
072 L000400 0
072 M000400 6
072 N000400 4
072 O000400 0
072 P000400 0
072 Q000400 0
072 R000400 21
072 S000400 4
072 T000400 0
072 U000400 0
072 V000400 0
072 W000400 3
072 X000400 331
072 Y000400 71
072 Z000400 6294
072AA000400 129
072BB000400 1595
072CC010400 0
072CC020400 1626
072DD010400 6294
072DD020400 0
072EE000400 23
073 A010400 0.7154
073 A020400 0.0000
073 B000400 0.0019
073 C000400 0.0000
074 A000400 0
074 B000400 15552
074 C000400 8687
074 D000400 119082
074 E000400 0
074 F000400 0
074 G000400 0
074 H000400 0
074 I000400 0
074 J000400 1169
074 K000400 29
074 L000400 1465
074 M000400 0
074 N000400 145984
074 O000400 1104
074 P000400 30
074 Q000400 0
074 R010400 0
074 R020400 0
074 R030400 0
074 R040400 29
074 S000400 0
074 T000400 144821
<PAGE> PAGE 14
074 U010400 12359
074 U020400 0
074 V010400 11.72
074 V020400 0.00
074 W000400 0.0000
074 X000400 31
074 Y000400 0
075 A000400 0
075 B000400 101219
076 000400 0.00
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, 1999, AND THE AUDITED ANNUAL REPORT OF CMC SMALL CAP
FUND (A PORTFOLIO OF CMC FUND TRUST) DATED OCTOBER 31, 1998, ADN 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-31-1999
<PERIOD-START> NOV-01-1998
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 181,597,471
<INVESTMENTS-AT-VALUE> 232,491,010
<RECEIVABLES> 5,064,146
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 9,254,548
<TOTAL-ASSETS> 246,809,704
<PAYABLE-FOR-SECURITIES> 6,484,595
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 196,346
<TOTAL-LIABILITIES> 6,680,941
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 159,349,241
<SHARES-COMMON-STOCK> 17,668,929
<SHARES-COMMON-PRIOR> 6,723,234
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 29,885,983
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 50,893,539
<NET-ASSETS> 240,128,763
<DIVIDEND-INCOME> 367,347
<INTEREST-INCOME> 740,749
<OTHER-INCOME> 0
<EXPENSES-NET> 1,889,654
<NET-INVESTMENT-INCOME> (781,558)
<REALIZED-GAINS-CURRENT> 33,791,649
<APPREC-INCREASE-CURRENT> 37,005,516
<NET-CHANGE-FROM-OPS> 70,015,607
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 383,387
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,948,298
<NUMBER-OF-SHARES-REDEEMED> 4,284,571
<SHARES-REINVESTED> 13,281,968
<NET-CHANGE-IN-ASSETS> 10,945,695
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (2,739,543)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,784,355
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,889,654
<AVERAGE-NET-ASSETS> 238,206,911
<PER-SHARE-NAV-BEGIN> 9.96
<PER-SHARE-NII> (0.04)
<PER-SHARE-GAIN-APPREC> 3.69
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0.02
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.59
<EXPENSE-RATIO> 0.79
</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, 1999, AND THE AUDITED ANNUAL REPORT OF CMC
INTERNATIONAL STOCK 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> 02
<NAME> CMC INTERNATIONAL STOCK FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1999
<PERIOD-START> NOV-01-1998
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 19,686,821
<INVESTMENTS-AT-VALUE> 25,147,773
<RECEIVABLES> 356,093
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 6,920,495
<TOTAL-ASSETS> 32,424,361
<PAYABLE-FOR-SECURITIES> 1,842,331
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 90,382
<TOTAL-LIABILITIES> 1,932,713
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 22,220,681
<SHARES-COMMON-STOCK> 1,707,360
<SHARES-COMMON-PRIOR> 1,226,288
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2,822,061
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 5,448,906
<NET-ASSETS> 30,491,648
<DIVIDEND-INCOME> 140,681
<INTEREST-INCOME> 76,419
<OTHER-INCOME> 0
<EXPENSES-NET> 244,056
<NET-INVESTMENT-INCOME> (26,956)
<REALIZED-GAINS-CURRENT> 2,865,691
<APPREC-INCREASE-CURRENT> 3,536,565
<NET-CHANGE-FROM-OPS> 6,375,300
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 3,136
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 869,316
<NUMBER-OF-SHARES-REDEEMED> 388,425
<SHARES-REINVESTED> 181
<NET-CHANGE-IN-ASSETS> 15,114,620
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (13,430)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 139,065
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 244,056
<AVERAGE-NET-ASSETS> 18,684,731
<PER-SHARE-NAV-BEGIN> 12.54
<PER-SHARE-NII> (0.02)
<PER-SHARE-GAIN-APPREC> 5.34
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0.002
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 17.86
<EXPENSE-RATIO> 1.31
</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, 1999, AND THE AUDITED ANNUAL REPORT OF CMC HIGH
YIELD 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> 03
<NAME> CMC HIGH YIELD FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1999
<PERIOD-START> NOV-01-1998
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 274,101,710
<INVESTMENTS-AT-VALUE> 261,597,356
<RECEIVABLES> 6,555,076
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 8,936,637
<TOTAL-ASSETS> 277,089,069
<PAYABLE-FOR-SECURITIES> 5,175,930
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 362,559
<TOTAL-LIABILITIES> 5,538,489
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 292,275,527
<SHARES-COMMON-STOCK> 31,812,170
<SHARES-COMMON-PRIOR> 7,373,471
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (8,220,593)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (12,504,354)
<NET-ASSETS> 271,550,580
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 24,949,219
<OTHER-INCOME> 0
<EXPENSES-NET> 1,220,454
<NET-INVESTMENT-INCOME> 23,728,765
<REALIZED-GAINS-CURRENT> (8,196,069)
<APPREC-INCREASE-CURRENT> (5,232,093)
<NET-CHANGE-FROM-OPS> 10,300,603
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 23,728,765
<DISTRIBUTIONS-OF-GAINS> 66,855
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5,902,583
<NUMBER-OF-SHARES-REDEEMED> 3,424,068
<SHARES-REINVESTED> 21,960,184
<NET-CHANGE-IN-ASSETS> 7,639,024
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,140,751
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,220,454
<AVERAGE-NET-ASSETS> 282,916,638
<PER-SHARE-NAV-BEGIN> 8.95
<PER-SHARE-NII> 0.74
<PER-SHARE-GAIN-APPREC> (0.41)
<PER-SHARE-DIVIDEND> 0.74
<PER-SHARE-DISTRIBUTIONS> 0.002
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.54
<EXPENSE-RATIO> 0.43
</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, 1999, AND 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> YEAR
<FISCAL-YEAR-END> OCT-31-1999
<PERIOD-START> NOV-01-1998
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 129,078,690
<INVESTMENTS-AT-VALUE> 127,769,131
<RECEIVABLES> 2,663,381
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 15,551,948
<TOTAL-ASSETS> 145,984,460
<PAYABLE-FOR-SECURITIES> 1,104,604
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 58,899
<TOTAL-LIABILITIES> 1,163,503
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 147,604,774
<SHARES-COMMON-STOCK> 12,358,791
<SHARES-COMMON-PRIOR> 3,530,582
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,474,258)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (1,309,559)
<NET-ASSETS> 144,820,957
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 6,553,733
<OTHER-INCOME> 0
<EXPENSES-NET> 259,716
<NET-INVESTMENT-INCOME> 6,294,017
<REALIZED-GAINS-CURRENT> (1,466,380)
<APPREC-INCREASE-CURRENT> (1,625,941)
<NET-CHANGE-FROM-OPS> 3,201,696
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 6,294,017
<DISTRIBUTIONS-OF-GAINS> 23,085
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 9,524,355
<NUMBER-OF-SHARES-REDEEMED> 1,229,286
<SHARES-REINVESTED> 533,140
<NET-CHANGE-IN-ASSETS> 102,128,719
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 15,207
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 259,716
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 259,716
<AVERAGE-NET-ASSETS> 101,218,758
<PER-SHARE-NAV-BEGIN> 12.09
<PER-SHARE-NII> 0.72
<PER-SHARE-GAIN-APPREC> (0.37)
<PER-SHARE-DIVIDEND> 0.72
<PER-SHARE-DISTRIBUTIONS> 0.002
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.72
<EXPENSE-RATIO> 0.25
</TABLE>
Report of Independent Accountants
To the Trustees and Shareholders of
CMC Fund Trust:
In planning and performing our audit of the financial
statements of CMC Small Cap Fund (the Fund), a portfolio of
CMC Fund Trust for the year ended October 31, 1999, 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 the Fund 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, errors
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 controls may become inadequate
because of changes in conditions or that the effectiveness
of their 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 for
safeguarding securities, that we consider to be material
weaknesses as defined above as of October 31, 1999.
This report is intended solely for the information and use
of the Board of Directors, management and the Securities and
Exchange Commission and is not intended to be and should not
be used by anyone other than these specified parties.
PricewaterhouseCoopers LLP
December 3, 1999
Portland, Oregon
2
Report of Independent Accountants
To the Trustees and Shareholders of
CMC Fund Trust:
In planning and performing our audit of the financial
statements of CMC International Fund (the Fund), a portfolio
of CMC Fund Trust for the year ended October 31, 1999, 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 the Fund 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, errors 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 controls may become inadequate because of
changes in conditions or that the effectiveness of their
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 for safeguarding
securities, that we consider to be material weaknesses as
defined above as of October 31, 1999.
This report is intended solely for the information and use of
the Board of Directors, management and the Securities and
Exchange Commission and is not intended to be and should not
be used by anyone other than these specified parties.
PricewaterhouseCoopers LLP
December 3, 1999
Portland, Oregon
2
Report of Independent Accountants
To the Trustees and Shareholders of
CMC Fund Trust:
In planning and performing our audit of the financial
statements of CMC High Yield Fund (the Fund), a portfolio of
CMC Fund Trust for the year ended October 31, 1999, 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 the Fund 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, errors
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 controls may become inadequate
because of changes in conditions or that the effectiveness of
their 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 for
safeguarding securities, that we consider to be material
weaknesses as defined above as of October 31, 1999.
This report is intended solely for the information and use of
the Board of Directors, management and the Securities and
Exchange Commission and is not intended to be and should not
be used by anyone other than these specified parties.
PricewaterhouseCoopers LLP
December 3, 1999
Portland, Oregon
2
Report of Independent Accountants
To the Trustees and Shareholders of
CMC Fund Trust:
In planning and performing our audit of the financial
statements of CMC Short Term Bond Fund (the Fund), a
portfolio of CMC Fund Trust for the year ended October 31,
1999, 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 the Fund 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, errors
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 controls may become inadequate
because of changes in conditions or that the effectiveness of
their 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 for
safeguarding securities, that we consider to be material
weaknesses as defined above as of October 31, 1999.
This report is intended solely for the information and use of
the Board of Directors, management and the Securities and
Exchange Commission and is not intended to be and should not
be used by anyone other than these specified parties.
PricewaterhouseCoopers LLP
December 3, 1999
Portland, Oregon
2
EXHIBIT 77.H
77.H CHANGES IN CONTROL OF REGISTRANT
Small Cap Fund (series #01):
Hanford Operations and Engineering Pension Plan (28.6%)
International Stock Fund (series #02):
Oregon Community Foundation (35%)
Short Term Bond Fund (series #04):
Legacy Fixed Income Investment Fund (54%)
Oregon Health Science University Foundation (26%)
Because of their shareholdings, each of the above
shareholders has acquired a controlling interest in their
respective series of CMC Fund Trust. The controlling
interest is subject to change based upon the purchases
and sales of the controlling shareholder and other
shareholders within each of the Funds.
Page 5 of 5
EXHIBIT 77.O
77.O TRANSACTIONS EFFECTED PURSUANT TO RULE 10F-3
Small Cap Fund (series #01):
Qualifying transactions are listed below. On a quarterly
basis, the Registrant's Board of Directors receives a Form
10F-3 containing information that enables them to determine
that all purchases made during the quarter were effected in
compliance with the Registrant's 10F-3 procedures.
1) Security: Illuminet Holdings, Inc.
Cusip: 452334105
Trade Date: 10/7/1999
Settle Date: 10/14/1999
Price: 19.00
Concession: 0.80
Purchased from: Morgan Stanley Dean Witter
Underwriters: BKB Robertson Stephens
Morgan Stanley Dean Witter
Donaldson Lufkin
2) Security: Aether Systems, Inc.
Cusip: 00808V105
Trade Date: 10/20/1999
Settle Date: 10/26/1999
Price: 16.00
Concession: 0.67
Purchased from: Merrill Lynch
Underwriters: BKB Robertson Stephens
Merrill Lynch
Donaldson Lufkin
Piper Jaffray
3) Security: Silicon Image, Inc.
Cusip: 82705T102
Trade Date: 10/5/1999
Settle Date: 10/12/1999
Price: 12.00
Concession: 0.50
Purchased from: CS First Boston
Underwriters: BKB Robertson Stephens
CS First Boston
Dain Rauscher Wessels
4) Security: Interwoven, Inc.
Cusip: 46114T102
Trade Date: 10/7/1999
Settle Date: 10/14/1999
Price: 17.00
Concession: 0.71
Purchased from: CS First Boston
Underwriters: BKB Robertson Stephens
CS First Boston
Dain Rauscher Wessels
