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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 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
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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074 S000500 0
074 T000500 89110
074 U010500 8697
074 U020500 0
074 V010500 10.25
074 V020500 0.00
074 W000500 0.0000
074 X000500 111
074 Y000500 0
075 A000500 0
075 B000500 84817
076 000500 0.00
028 A010600 4850
028 A020600 0
028 A030600 0
028 A040600 5092
028 B010600 6626
028 B020600 100
028 B030600 0
028 B040600 4634
028 C010600 4109
028 C020600 107
028 C030600 0
028 C040600 4323
028 D010600 6787
028 D020600 98
028 D030600 0
028 D040600 8538
028 E010600 4363
028 E020600 119
028 E030600 0
028 E040600 3659
028 F010600 4181
028 F020600 90
028 F030600 0
028 F040600 7785
028 G010600 30916
028 G020600 514
028 G030600 0
028 G040600 34031
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
<PAGE> PAGE 22
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
048 G020600 0.000
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
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 89.2
062 D000600 0.0
062 E000600 0.0
062 F000600 4.6
062 G000600 0.0
062 H000600 0.0
062 I000600 0.0
062 J000600 0.0
062 K000600 0.0
<PAGE> PAGE 23
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 77
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
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 Y
070 Q020600 N
070 R010600 Y
<PAGE> PAGE 24
070 R020600 N
071 A000600 0
071 B000600 0
071 C000600 0
071 D000600 0
072 A000600 6
072 B000600 654
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072 E000600 0
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072 R000600 6
072 S000600 2
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072 W000600 7
072 X000600 93
072 Y000600 56
072 Z000600 617
072AA000600 0
072BB000600 1
072CC010600 0
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072DD010600 617
072DD020600 0
072EE000600 0
073 A010600 0.0255
073 A020600 0.0000
073 B000600 0.0000
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074 A000600 1294
074 B000600 0
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074 E000600 0
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<PAGE> PAGE 25
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074 L000600 99
074 M000600 18
074 N000600 21680
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074 R040600 87
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074 W000600 0.9999
074 X000600 269
074 Y000600 0
075 A000600 24312
075 B000600 0
076 000600 0.00
SIGNATURE GRETCHEN B. ZEPERNICK
TITLE CORP COMPLIANCE ADM.
<TABLE> <S> <C>
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<CIK> 0000919556
<NAME> MCM FUNDS
<SERIES>
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<NAME> MCM EQUITY INVESTMENT FUND
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<S> <C>
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<TABLE> <S> <C>
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<CIK> 0000919556
<NAME> MCM FUNDS
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<NAME> MCM BALANCED FUND
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<NET-INVESTMENT-INCOME> 322429
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000919556
<NAME> MCM FUNDS
<SERIES>
<NUMBER> 4
<NAME> MCM FIXED INCOME FUND
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<S> <C>
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000919556
<NAME> MCM FUNDS
<SERIES>
<NUMBER> 5
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<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1997
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</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> 6-MOS
<FISCAL-YEAR-END> JUN-30-1997
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<NET-INVESTMENT-INCOME> 616927
<REALIZED-GAINS-CURRENT> (703)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 616224
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<NUMBER-OF-SHARES-SOLD> 30915595
<NUMBER-OF-SHARES-REDEEMED> 34030334
<SHARES-REINVESTED> 513585
<NET-CHANGE-IN-ASSETS> (2601857)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 1589
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<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 30540
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<GROSS-EXPENSE> 92990
<AVERAGE-NET-ASSETS> 24312064
<PER-SHARE-NAV-BEGIN> 1.0
<PER-SHARE-NII> .03
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<PER-SHARE-NAV-END> 1.00
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</TABLE>
Exhibit 99.77c
A Special Meeting of Shareholders was held on December 2, 1996. At the
meeting, shareholders of the Funds were asked to consider the election of
three (3) nominees to the Board of Trustees.
The results of all matters voted on by shareholders of the Funds at the
Special Meeting of Shareholders, in dollar weighted values for shares voted
by proxy, were as follows: nominees Mark R. Taylor, Gregory L. Watson and
S.D. Sicotte received 146,622,830, 146,993,113 and 146,993,113 votes FOR,
respectively and 374,409, 4,126 and 4,126 votes withholding authority,
respectively.
