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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 20
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074 C000500 0
074 D000500 92267
074 E000500 0
074 F000500 0
074 G000500 0
074 H000500 0
074 I000500 0
074 J000500 0
074 K000500 0
074 L000500 968
074 M000500 14
074 N000500 93443
074 O000500 0
074 P000500 32
074 Q000500 0
074 R010500 0
074 R020500 0
074 R030500 0
074 R040500 9
074 S000500 0
074 T000500 93402
074 U010500 9105
074 U020500 0
074 V010500 10.26
074 V020500 0.00
074 W000500 0.0000
074 X000500 95
074 Y000500 0
075 A000500 0
075 B000500 87814
076 000500 0.00
028 A010600 4644
028 A020600 84
028 A030600 0
028 A040600 3317
028 B010600 3105
028 B020600 98
028 B030600 0
028 B040600 2441
028 C010600 1535
028 C020600 92
028 C030600 0
028 C040600 1730
028 D010600 9193
028 D020600 103
028 D030600 0
028 D040600 6837
028 E010600 6653
028 E020600 102
<PAGE> PAGE 22
028 E030600 0
028 E040600 2899
028 F010600 5406
028 F020600 252
028 F030600 0
028 F040600 2933
028 G010600 30536
028 G020600 731
028 G030600 0
028 G040600 20157
028 H000600 0
045 000600 Y
046 000600 N
047 000600 Y
048 000600 0.250
048 A010600 0
048 A020600 0.000
048 B010600 0
048 B020600 0.000
048 C010600 0
048 C020600 0.000
048 D010600 0
048 D020600 0.000
048 E010600 0
048 E020600 0.000
048 F010600 0
048 F020600 0.000
048 G010600 0
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048 H010600 0
048 H020600 0.000
048 I010600 0
048 I020600 0.000
048 J010600 0
048 J020600 0.000
048 K010600 0
048 K020600 0.000
049 000600 N
050 000600 N
051 000600 N
052 000600 N
053 A000600 Y
053 B000600 N
053 C000600 Y
054 A000600 Y
054 B000600 Y
054 C000600 Y
054 D000600 N
054 E000600 N
054 F000600 N
054 G000600 N
<PAGE> PAGE 23
054 H000600 Y
054 I000600 N
054 J000600 Y
054 K000600 N
054 L000600 Y
054 M000600 Y
054 N000600 Y
054 O000600 Y
062 A000600 Y
062 B000600 0.0
062 C000600 90.7
062 D000600 0.9
062 E000600 0.0
062 F000600 3.7
062 G000600 0.0
062 H000600 3.0
062 I000600 0.0
062 J000600 0.0
062 K000600 0.0
062 L000600 0.0
062 M000600 0.0
062 N000600 0.0
062 O000600 0.0
062 P000600 0.0
062 Q000600 0.0
062 R000600 0.0
063 A000600 80
063 B000600 0.0
064 A000600 N
064 B000600 N
066 A000600 N
067 000600 N
068 A000600 N
068 B000600 N
069 000600 N
070 A010600 Y
070 A020600 Y
070 B010600 N
070 B020600 N
070 C010600 N
070 C020600 N
070 D010600 N
070 D020600 N
070 E010600 N
070 E020600 N
070 F010600 N
070 F020600 N
070 G010600 N
070 G020600 N
070 H010600 N
070 H020600 N
<PAGE> PAGE 24
070 I010600 N
070 I020600 N
070 J010600 Y
070 J020600 N
070 K010600 Y
070 K020600 N
070 L010600 N
070 L020600 N
070 M010600 N
070 M020600 N
070 N010600 N
070 N020600 N
070 O010600 N
070 O020600 N
070 P010600 N
070 P020600 N
070 Q010600 N
070 Q020600 N
070 R010600 N
070 R020600 N
071 A000600 0
071 B000600 0
071 C000600 0
071 D000600 0
072 A000600 12
072 B000600 1364
072 C000600 0
072 D000600 0
072 E000600 0
072 F000600 63
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072 I000600 29
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072 L000600 2
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072 S000600 3
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072 X000600 195
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<PAGE> PAGE 25
072BB000600 0
072CC010600 0
072CC020600 0
072DD010600 1289
072DD020600 0
072EE000600 1
073 A010600 0.0512
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074 A000600 236
074 B000600 300
074 C000600 31843
074 D000600 0
074 E000600 0
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074 Y000600 0
075 A000600 25168
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076 000600 0.00
SIGNATURE GRETCHEN B. ZEPERNICK
TITLE CORP COMPLIANCE ADM.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000919556
<NAME> MCM FUNDS
<SERIES>
<NUMBER> 1
<NAME> MCM EQUITY INVESTMENT FUND
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-START> JUL-01-1996
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<INVESTMENTS-AT-VALUE> 57693168
<RECEIVABLES> 128989
<ASSETS-OTHER> 10069
<OTHER-ITEMS-ASSETS> 987821
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<PAYABLE-FOR-SECURITIES> 187021
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 39843
<TOTAL-LIABILITIES> 226864
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 43984660
<SHARES-COMMON-STOCK> 2972559
<SHARES-COMMON-PRIOR> 1609826
<ACCUMULATED-NII-CURRENT> 20224
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 83006
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 14505293
<NET-ASSETS> 58593183
<DIVIDEND-INCOME> 855521
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<EXPENSES-NET> 297908
<NET-INVESTMENT-INCOME> 592381
<REALIZED-GAINS-CURRENT> 88154
<APPREC-INCREASE-CURRENT> 12113724
<NET-CHANGE-FROM-OPS> 12794259
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 583073
<DISTRIBUTIONS-OF-GAINS> 15401
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<NUMBER-OF-SHARES-SOLD> 1485441
<NUMBER-OF-SHARES-REDEEMED> 155758
<SHARES-REINVESTED> 33050
<NET-CHANGE-IN-ASSETS> 34680262
<ACCUMULATED-NII-PRIOR> 10916
<ACCUMULATED-GAINS-PRIOR> 10253
<OVERDISTRIB-NII-PRIOR> 0
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<PER-SHARE-NAV-BEGIN> 14.85
<PER-SHARE-NII> .24
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<PER-SHARE-DISTRIBUTIONS> .01
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<PER-SHARE-NAV-END> 19.71
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000919556
<NAME> MCM FUNDS
<SERIES>
<NUMBER> 3
<NAME> MCM BALANCED FUND
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-START> JUL-01-1996
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<INVESTMENTS-AT-COST> 34437247
<INVESTMENTS-AT-VALUE> 40423292
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<OTHER-ITEMS-ASSETS> 249007
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<TOTAL-LIABILITIES> 90028
<SENIOR-EQUITY> 0
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<SHARES-COMMON-STOCK> 2675673
<SHARES-COMMON-PRIOR> 934284
<ACCUMULATED-NII-CURRENT> 56694
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (53666)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 5986045
<NET-ASSETS> 40940723
<DIVIDEND-INCOME> 310313
<INTEREST-INCOME> 676936
<OTHER-INCOME> 0
<EXPENSES-NET> 148786
<NET-INVESTMENT-INCOME> 838463
<REALIZED-GAINS-CURRENT> (31191)
<APPREC-INCREASE-CURRENT> 5082280
<NET-CHANGE-FROM-OPS> 5889552
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<DISTRIBUTIONS-OF-INCOME> 796912
<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-SOLD> 1730693
<NUMBER-OF-SHARES-REDEEMED> 43162
<SHARES-REINVESTED> 53858
<NET-CHANGE-IN-ASSETS> 29025754
<ACCUMULATED-NII-PRIOR> 15143
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (22475)
<GROSS-ADVISORY-FEES> 111590
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<GROSS-EXPENSE> 250699
<AVERAGE-NET-ASSETS> 24821379
<PER-SHARE-NAV-BEGIN> 12.75
<PER-SHARE-NII> .43
<PER-SHARE-GAIN-APPREC> 2.54
<PER-SHARE-DIVIDEND> .42
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<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 15.3
<EXPENSE-RATIO> .60
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000919556
<NAME> MCM FUNDS
<SERIES>
<NUMBER> 4
<NAME> MCM FIXED INCOME FUND
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-START> JUL-01-1996
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 9363145
<INVESTMENTS-AT-VALUE> 9428891
<RECEIVABLES> 107369
<ASSETS-OTHER> 8700
<OTHER-ITEMS-ASSETS> 44536
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<OTHER-ITEMS-LIABILITIES> 24570
<TOTAL-LIABILITIES> 24570
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 9460065
<SHARES-COMMON-STOCK> 915916
<SHARES-COMMON-PRIOR> 773849
<ACCUMULATED-NII-CURRENT> 29851
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 9264
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 65746
<NET-ASSETS> 9564926
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 593428
<OTHER-INCOME> 0
<EXPENSES-NET> 43443
<NET-INVESTMENT-INCOME> 549985
<REALIZED-GAINS-CURRENT> 11263
<APPREC-INCREASE-CURRENT> 88107
<NET-CHANGE-FROM-OPS> 649355
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 543122
<DISTRIBUTIONS-OF-GAINS> 10144
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<NUMBER-OF-SHARES-SOLD> 136454
<NUMBER-OF-SHARES-REDEEMED> 47554
<SHARES-REINVESTED> 53167
<NET-CHANGE-IN-ASSETS> 1573281
<ACCUMULATED-NII-PRIOR> 23026
<ACCUMULATED-GAINS-PRIOR> 8107
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 30410
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 136449
<AVERAGE-NET-ASSETS> 8699616
<PER-SHARE-NAV-BEGIN> 10.33
<PER-SHARE-NII> .65
<PER-SHARE-GAIN-APPREC> .12
<PER-SHARE-DIVIDEND> .65
<PER-SHARE-DISTRIBUTIONS> .01
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.44
<EXPENSE-RATIO> .50
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000919556
<NAME> MCM FUNDS
<SERIES>
<NUMBER> 5
<NAME> MCM INTERMEDIATE FIXED INCOME FUND
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-START> JUL-01-1996
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 92249364
<INVESTMENTS-AT-VALUE> 92266713
<RECEIVABLES> 967831
<ASSETS-OTHER> 13976
<OTHER-ITEMS-ASSETS> 194091
<TOTAL-ASSETS> 93442611
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 40723
<TOTAL-LIABILITIES> 40723
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 93214051
<SHARES-COMMON-STOCK> 9105244
<SHARES-COMMON-PRIOR> 7474348
<ACCUMULATED-NII-CURRENT> 275372
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (104884)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 17349
<NET-ASSETS> 93401888
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 5608507
<OTHER-INCOME> 0
<EXPENSES-NET> 438095
<NET-INVESTMENT-INCOME> 5170412
<REALIZED-GAINS-CURRENT> (72659)
<APPREC-INCREASE-CURRENT> 873998
<NET-CHANGE-FROM-OPS> 5971751
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<DISTRIBUTIONS-OF-INCOME> 5112892
<DISTRIBUTIONS-OF-GAINS> 164477
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<NUMBER-OF-SHARES-SOLD> 3302865
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<SHARES-REINVESTED> 500320
<NET-CHANGE-IN-ASSETS> 17357163
<ACCUMULATED-NII-PRIOR> 214359
<ACCUMULATED-GAINS-PRIOR> 135745
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<GROSS-EXPENSE> 521397
<AVERAGE-NET-ASSETS> 87729718
<PER-SHARE-NAV-BEGIN> 10.17
<PER-SHARE-NII> .60
<PER-SHARE-GAIN-APPREC> .11
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<EXPENSE-RATIO> .50
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000919556
<NAME> MCM FUNDS
<SERIES>
<NUMBER> 6
<NAME> MCM PRINCIPAL PRESERVATION FUND
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-START> JUL-01-1996
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 32142792
<INVESTMENTS-AT-VALUE> 32142792
<RECEIVABLES> 348770
<ASSETS-OTHER> 9956
<OTHER-ITEMS-ASSETS> 236562
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<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 35238
<TOTAL-LIABILITIES> 35238
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 32702842
<SHARES-COMMON-STOCK> 32702842
<SHARES-COMMON-PRIOR> 24193533
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 32702842
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1363890
<OTHER-INCOME> 0
<EXPENSES-NET> 75470
<NET-INVESTMENT-INCOME> 1288420
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 1288420
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1288657
<DISTRIBUTIONS-OF-GAINS> 1352
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 61451444
<NUMBER-OF-SHARES-REDEEMED> 54187112
<SHARES-REINVESTED> 1244977
<NET-CHANGE-IN-ASSETS> 8507720
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 1589
<OVERDISTRIB-NII-PRIOR> 0
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 195007
<AVERAGE-NET-ASSETS> 25168199
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .05
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<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .30
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</TABLE>
Exhibit 99
Sub-Item 77b
[LETTERHEAD TAIT, WELLER & BAKER]
Certified Public Accountants
REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS ON INTERNAL
CONTROL STRUCTURE
The Board of Trustees
McM Funds
San Francisco, California
In planning and performing our audit of the financial statements
of the Principal Preservation Fund, Equity Investment Fund,
Balanced Fund, Fixed Income Fund, and Intermediate Fixed
Income Fund, each a series of McM Funds, for the period ended
June 30, 1997, we considered its internal control structure,
including procedures 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 the
internal control structure.
The management of the Funds is responsible for establishing and
maintaining an internal control structure. In fulfilling this
responsibility, estimates and judgments by management are
required to assess the expected benefits and related costs of
internal control structure policies and procedures. Two of
the objectives of an internal control structure are to provide
management with reasonable, but not absolute, assurance that
assets are safeguarded against loss from unauthorized use or
disposition, and that transactions are executed in accordance
with management's authorization and recorded properly to permit
preparation of financial statements in conformity with generally
accepted accounting principles.
Because of inherent limitations in any internal control
structure, errors or irregularities may occur and not be
detected. Also, projection of any evaluation of the structure 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 the internal control structure would not
necessarily disclose all matters in the internal control
structure 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 the specific internal control structure
elements does not reduce to a relatively low level the risk that
errors or irregularities 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 the internal control structure, including
procedures for safeguarding securities, that we consider to be
material weaknesses, as defined above, as of June 30, 1997.
This report is intended solely for the information and use of
management and the Securities and Exchange Commission, and should
not be used for any other purpose.
TAIT, WELLER & BAKER
Philadelphia Pennsylvania
July 11, 1997
