<PAGE> PAGE 1
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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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
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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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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<PAGE> PAGE 18
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<PAGE> PAGE 19
076 000300 0.00
SIGNATURE STEVE KEANE
TITLE GENERAL COUNSEL
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Board of Trustees of
CCB FUNDS
(North Carolina Municipal Securities Fund and Equity Fund):
In planning and performing our audit of the financial statements CCB
Funds (a Massachusetts business trust consisting of North Carolina
Municipal Securities Fund and Equity Fund) for the year ended May 31, 1999,
we considered their internal control structure, 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 CCB Funds 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 control activities 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 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 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 May 31, 1999.
This report is intended solely for the information and use of
management, the Board of Trustees of CCB Funds, and the Securities
and Exchange Commission.
ARTHUR ANDERSEN LLP
Boston, Massachusetts
July 9, 1999
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<NAME> CCB Funds
<SERIES>
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<NAME> CCB Equity Fund
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[AVG-DEBT-OUTSTANDING] 0
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<CIK> 0000883496
<NAME> CCB Funds
<SERIES>
<NUMBER> 001
<NAME> CCB Bond Fund
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[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000883496
<NAME> CCB Funds
<SERIES>
<NUMBER> 002
<NAME> CCB North Carolina Municipal Securities Fund
<S> <C>
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[AVG-DEBT-OUTSTANDING] 0
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</TABLE>
