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<PAGE> PAGE 2
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SIGNATURE W. RICHARD MASON
TITLE ASST. SECRETARY
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000799899
<NAME> BASCOM HILL BALANCED FUND, INC.
<MULTIPLIER> 1000
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<PERIOD-END> JUN-13-1997
<INVESTMENTS-AT-COST> 9,592
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<SHARES-REINVESTED> 603
<NET-CHANGE-IN-ASSETS> (11,625)
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</TABLE>
Exhibit 77C to NSAR dated June 30, 1997
Bascom Hill BALANCED Fund, Inc.
On May 28, 1997, the Annual Meetings of Shareholders of Bascom Hill
Bascom Hill BALANCED Fund, Inc. was held at 4:00 p.m. in Madison,
Wisconsin. The shareholders were requested to vote on the merger of their
fund with Mosaic Equity Trust Equity Income Fund in accordance
with the Prospectus/Proxy Statement dated May 1, 1997. Of the 464,095.648
outstanding shares of Bascom Hill BALANCED Fund, Inc., 274,747.791 voted
in favor of the merger (59.2%), 9.2% in excess of the amount required to
approve the merger.
Exhibit 77M to NSAR dated June 30, 1997
Bascom Hill BALANCED Fund, Inc.
(a) Matters regarding the merger of:
Bascom Hill BALANCED Fund, Inc., 811-4825
into Mosaic Balanced Fund, a series of Mosaic Equity Trust,
811-3615
(b) On April 1, 1997, the Directors of Bascom Hill
BALANCED Fund, Inc., 1940 Act Registrant File Number 811-4825 (the
"Bascom Hill fund"), approved the execution of an Agreement
and Plan of Merger with Mosaic Equity Trust (then known as GIT Equity
Trust) whereby Mosaic Balanced Fund (then known as
GIT Equity Income Portfolio) would assume all of the outstanding assets
and liabilities of the Bascom Hill fund. The Trustees of Mosaic
Equity Trust and the Bascom Hill fund Directors resolved that
the merger be approved, that such merger was in the best interests of
shareholders of the acquiring and selling funds and that no
shareholder's interests would be diluted as a result of the merger.
On or about May 1, 1997, Prospectus/Proxy Statement (Form N-14) was
delivered to each Bascom Hill fund shareholder so that the merger could
be voted and approved by shareholders in accordance with Wisconsin law.
On May 28, 1997, the Annual Meetings of Shareholders of Bascom Hill
BALANCED Fund, Inc. was held at 4:00 p.m. in Madison, Wisconsin. The
shareholders approved the merger of their fund with Mosaic Equity Trust
Balanced Fund in accordance with the applicable Prospectus/Proxy
Statement dated May 1, 1997.
The merger was accomplished on June 13, 1997. The Balanced Fund
series of Mosaic Equity Trust is the legal survivor of the merger.
For accounting purposes, in light of the relatively greater
size of the Bascom Hill fund and a number of other factors set forth in
detail in the Prospectus and Proxy Statement dated May 1, 1997 filed by
Mosaic Equity Trust, the Bascom Hill fund was the accounting survivor
of the merger.
In light of the merger which was completed on June 13, 1997, Bascom Hill
BALANCED Fund, Inc., has ceased to be an investment company and will
file Form N-8F within a reasonable time.
