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<PAGE> PAGE 13
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<PAGE> PAGE 15
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<PAGE> PAGE 19
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070 N010500 Y
070 N020500 N
070 O010500 N
070 O020500 N
070 P010500 Y
070 P020500 N
070 Q010500 N
070 Q020500 N
070 R010500 N
070 R020500 N
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071 B000500 54148
071 C000500 134016
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072 A000500 12
<PAGE> PAGE 21
072 B000500 8136
072 C000500 0
072 D000500 0
072 E000500 0
072 F000500 481
072 G000500 53
072 H000500 0
072 I000500 28
072 J000500 23
072 K000500 0
072 L000500 5
072 M000500 5
072 N000500 25
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072 R000500 14
072 S000500 4
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072 U000500 4
072 V000500 0
072 W000500 21
072 X000500 715
072 Y000500 28
072 Z000500 7449
072AA000500 598
072BB000500 0
072CC010500 0
072CC020500 4236
072DD010500 7410
072DD020500 0
072EE000500 509
073 A010500 0.5719
073 A020500 0.0000
073 B000500 0.0403
073 C000500 0.0000
074 A000500 2797
074 B000500 0
074 C000500 0
074 D000500 148633
074 E000500 0
074 F000500 0
074 G000500 0
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074 J000500 715
074 K000500 0
074 L000500 1714
074 M000500 5
074 N000500 153864
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<PAGE> PAGE 22
074 P000500 44
074 Q000500 0
074 R010500 0
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074 R030500 0
074 R040500 43
074 S000500 0
074 T000500 153096
074 U010500 14915
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074 V010500 10.26
074 V020500 0.00
074 W000500 0.9924
074 X000500 172
074 Y000500 0
075 A000500 0
075 B000500 137413
076 000500 0.00
028 A010600 11770
028 A020600 182
028 A030600 0
028 A040600 8651
028 B010600 11177
028 B020600 179
028 B030600 0
028 B040600 10278
028 C010600 15956
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028 C030600 0
028 C040600 10419
028 D010600 16414
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028 D030600 0
028 D040600 12118
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028 E040600 16262
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028 F030600 0
028 F040600 13587
028 G010600 112328
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028 G040600 71315
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045 000600 Y
046 000600 N
047 000600 Y
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<PAGE> PAGE 23
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
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
062 A000600 Y
062 B000600 0.0
062 C000600 90.6
062 D000600 0.0
062 E000600 0.0
062 F000600 2.9
062 G000600 0.0
062 H000600 0.0
062 I000600 26.3
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 53
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
<PAGE> PAGE 24
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 Y
070 P020600 N
070 Q010600 N
070 Q020600 N
070 R010600 N
070 R020600 N
071 A000600 0
071 B000600 0
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072 A000600 12
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<PAGE> PAGE 25
072 N000600 13
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<PAGE> PAGE 26
074 W000600 0.9924
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SIGNATURE THOMAS N. CALABRIA
TITLE COMPLIANCE ADMINISTR
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<CIK> 0000919556
<NAME> MCM FUNDS
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<NAME> MCM-EQUITY INVESTMENT FUND
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</TABLE>
<TABLE> <S> <C>
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<CIK> 0000919556
<NAME> MCM FUNDS
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<TABLE> <S> <C>
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<CIK> 0000919556
<NAME> MCM FUNDS
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<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000919556
<NAME> MCM FUNDS.
<SERIES>
<NUMBER> 6
<NAME> MCM PRINCIPAL PRESERVATION FUND
<MULTIPLIER> 1
<S> <C>
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<INTEREST-INCOME> 2592646
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<NET-INVESTMENT-INCOME> 2441008
<REALIZED-GAINS-CURRENT> 2155
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 2443163
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2441008
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<SHARES-REINVESTED> 2334795
<NET-CHANGE-IN-ASSETS> 37756525
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (1854)
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</TABLE>
REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
ON INTERNAL CONTROL STRUCTURE
The Board of Trustees
McM Funds
San Francisco, California
In planning and performing our audits 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 shares of
McM Funds, for the period ended June 30, 1999, we considered their 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 for 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, 1999.
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 22, 1999
