ALAMEDA CONTRA-COSTA MEDICAL ASSOCIATION
COLLECTIVE INVESTMENT TRUST FOR RETIREMENT PLANS
FINANCIAL STATEMENTS
for the years ended December 31, 1995 and 1994
<PAGE>
<PAGE>
<TABLE>
ALAMEDA-CONTRA COSTA MEDICAL ASSOCIATION COLLECTIVE INVESTMENT TRUST FOR RETIREMENT PLANS
STATEMENTS OF ASSETS AND LIABILITIES
December 31, 1995
<CAPTION>
ASSETS International Growth Value Balanced Long- Short- Money Market
Value Equity Equity Equity Intermediate Intermediate
Fixed Income Fixed Income
<S> <C> <C> <C> <C> <C> <C> <C>
Investments, at cost 982,742 2,856,529 17,812,987 2,816,346 4,349,637 5,922,142 2,377,485
Investments, at value 989,423 3,354,406 20,267,575 3,470,332 4,771,393 5,994,197 2,384,947
Receivable-units sold 10,000 11,228 19,466 3,248 10,592 33,233 156,731
Accrued dividends
and interest receivable 0 2,853 36,109 23,222 54,019 90,909 30,457
_________ _________ _________ _________ _________ _________ _________
Total assets 999,423 3,368,487 20,323,150 3,496,802 4,776,004 6,118,339 2,572,135
LIABILITIES AND
NET ASSETS
Accrued expenses:
Administration fees 446 5,812 34,589 5,947 8,054 10,382 4,141
Professional fees 402 1,478 8,148 1,363 1,790 2,441 941
Payable-securities purchase 193,217 0 0 0 0 0 0
Payable-redemption of units 0 0 0 0 43,748 33,000 1,288
_________ _________ __________ _________ _________ _________ _________
Total liabilities 194,605 7,290 42,737 7,310 53,592 45,823 6,370
Net assets 805,358 3,361,197 20,280,413 3,489,492 4,722,412 6,072,516 2,565,765
Units outstanding 79,824 235,552 170,135 76,005 83,031 290,526 58,275
Net asset value per unit 10.09 14.27 119.20 45.91 56.88 20.90 44.03
NET ASSETS COMPOSED OF:
Paid-in capital 798,343 2,622,322 10,665,732 2,162,839 2,725,926 4,397,070 1,345,533
Accumulated undistributed
net investment income
(loss) 334 (59,244) 1,130,965 456,346 1,470,762 1,533,522 1,274,080
Accumulated undistributed
net realized gains
(losses) 0 300,242 6,029,128 216,321 163,968 69,869 (61,310)
Unrealized appreciation
(depreciation) on
investments 6,681 497,877 2,454,588 653,986 361,756 72,055 7,462
_________ _________ __________ _________ _________ _________ _________
Net assets at value 805,358 3,361,197 20,280,413 3,489,492 4,722,412 6,072,516 2,565,765
</TABLE>
<PAGE>
<TABLE>
ALAMEDA-CONTRA COSTA MEDICAL ASSOCIATION COLLECTIVE INVESTMENT TRUST FOR RETIREMENT PLANS
SCHEDULE OF INVESTMENTS
December 31, 1995
<CAPTION>
INTERNATIONAL EQUITY PORTFOLIO Shares Value
<S> <C> <C>
Cash and Cash Equivalents (50.49%)
Wells Fargo Money Market Fund 499,528 499,528
(cost 499,528)
Common Stocks (49.51%):
Consumer Staples (4.14%):
Compagnie General Des Eaux 800 15,995
Nestle SA ADR 450 24,951
______
Health (3.16%): 40,946
Astra AB ADR B 400 15,874
CIBA Geigy A G 350 15,437
______
Consumer Durables (5.72%): 31,311
Nippondenso Ltd 200 14,968
Toyota Motor Corp 400 16,900
Volvo AB ADR B 1,200 24,713
______
Services (1.63%): 56,581
Waste Mgmt Intl Plc 1,500 16,125 <F1>
Process Industry (5.23%):
Hoechst A G 200 27,179
Repola Oy 1,300 24,550
______
Consumer Discretionary (9.49%): 51,729
Amway Japan Ltd 800 16,700
News ADR PFD A 850 16,362
Nintendo Ltd 1,650 15,696
Rank Organisation Pub Ltd 1,200 17,550
Sony Corp ADR 450 27,619
______
93,927
PAGE
<PAGE>
SCHEDULE OF INVESTMENTS, continued
December 31, 1995
INTERNATIONAL EQUITY PORTFOLIO, continued
Common Stocks, continued
Producer/Manufacturing (4.37%):
Cable and Wireless Pub Ltd 750 15,844
Siemens A G ADR 250 27,423
______
Technology (4.04%): 43,267
Hitachi Limited ADR 250 25,125
Matsushita Elec Indl 90 14,805
______
Energy (2.41%): 39,930
ELF Aquataine ADR 650 23,887
Telecommunications (1.68%):
Alcatel Alsthom 950 16,625
Financial (5.23%):
Den Danske Bank AF 1871 AK 250 17,278
Intl Nederlanden Groep 250 16,719
Yasuda Tr and Bkg Ltd 300 17,770
______
Utilities (2.41%): 51,767
National Power Plc 850 23,800
_______
Total Common Stocks (cost 483,214) 489,895
_______
Total Investments held (cost 982,742) 989,423
<FN>
<F1>
non income producing security
</FN>
</TABLE>
<PAGE>
<PAGE>
<TABLE>
ALAMEDA-CONTRA COSTA MEDICAL ASSOCIATION COLLECTIVE INVESTMENT TRUST FOR RETIREMENT PLANS
SCHEDULE OF INVESTMENTS, continued
December 31,1995
<CAPTION>
GROWTH EQUITY PORTFOLIO Shares Value
<S> <C> <C>
Cash and Cash Equivalents (1.24%)
Wells Fargo Money Market Fund 41,502 41,502
(cost 41,502)
Common Stocks 98.76%:
Automotive (2.77%):
Magna International Inc 2,150 92,988
Publishing and Advertising (2.18%):
Houghton Mifflin Co 1,700 73,100
Drugs, Medical Supplies (8.42%):
Elan PLC ADR 2.500 121,563 <F1>
Forest Labs Inc 1,700 76,925 <F1>
Owens and Minor Inc New 6,600 84,150
_______
Entertainment and Leisure (2.76%): 282,638
Circus Circus Enterprise Inc 3,325 92,684 <F1>
Retailing (9.60%):
Circuit City Sotres Inc 2,800 77,350
Dollar Gen Corp 3,375 70,031
Heilig Meyers Co 4,700 86,363
Pep Boys Manny Moe and Mack 3,450 88,406
_______
Business Services (1.97%): 322,150
Sensormatic Electrics Corp 3,805 66,112
Other Consumer Services (1.29%):
Franklin Quest Co 2,230 43,485 <F1>
<PAGE>
<PAGE>
SCHEDULE OF INVESTMENTS, continued
December 31, 1995
GROWTH EQUITY PORTFOLIO, continued
Common Stocks (98.76%), continued
Business Equipment (6.69%):
Cisco Sys Inc 1,850 138,056 <F1>
Sequent Computer Sys Inc 5,950 86,275 <F1>
_______
Electronics (9.78%): 224,331
International Rectifier Corp 5,200 130,000 <F1>
Molex Inc 3,437 105,258
Texas Instruments 1,800 92,700
_______
Specialty Equipment (4.19%): 327,958
American Power Conversion Corp Com 6,000 57,000 <F1>
Novellus Systems Inc 1,550 83,700 <F1>
_______
Software (6.53%): 140,700
Informix Corp 3,350 100,500 <F1>
Mentor Graphics Corp 6,500 118,625 <F1>
_______
Telecommunications (7.85%): 219,125
Nokia Corp 3,150 122,850
US Robotics Corp 1,600 140,400
_______
Electrical Equipment (7.46%): 263,250
Solectron Corp 2,940 129,728 <F1>
Symbol Technologies Inc 3,050 120,475 <F1>
_______
Machinery (2.27%): 250,203
Wabash National Corp 3,400 76,075
Banking and Credit (3.50%):
MBNA Corp 3,180 117,262
<PAGE>
<PAGE>
SCHEDULE OF INVESTMENTS, continued
December 31, 1995
GROWTH EQUITY PORTFOLIO, continued
Common Stocks (98.76%), continued
Finance and Insurance (16.30%):
Cincinnati Financial Corp 1,596 104,139
Equitable Cos Inc 4,800 115,200
Green Tree Financial 3,880 102,335
MBIA Inc 1,450 108,750
Mercury Finance Co 8,775 116,269
_______
Airlines (2.37%): 546,693
Southwest Airlines Co 3,450 79,350
Telephone (2.83%):
Telephone and Data Sys Inc 2,400 94,800
_________
Total Common Stocks (cost 2,815,027) 3,312,904
_________
Total invesmtnets held (cost 2,856,529) 3,354,406
<FN>
<F1>
non income producing security
</FN>
</TABLE>
<PAGE>
<PAGE>
<TABLE>
ALAMEDA-CONTRA COSTA MEDICAL ASSOCIATION COLLECTIVE INVESTMENT TRUST FOR RETIREMENT PLANS
SCHEDULE OF INVESTMENTS, continued
December 31, 1995
<CAPTION>
VALUE EQUITY PORTFOLIO Shares Value
<S> <C> <C>
Cash and Cash Equivalents (6.18%)
Wells Fargo Money Market Fund 1,252,300 1,252,300
(cost 1,252,300)
Common Stocks 93.82%:
Energy (1.87%):
Occidental Petroleum Corp 5,800 123,975
Kerr-McGee Corp 1,600 101,600
USX-Marathon Group 7,900 154,050
_______
Industrial (3.13%): 379,625
Fluor Corp 9,600 633,600
Producer Manufacturing (5.15%):
Cummins Engine Co Inc 15,800 584,600
Johnson Controls Inc 4,600 316,250
Philips Elec N V New York Shs 4,000 143,500
_________
Process Industries (.48%): 1,044,350
Union Carbide Corp 2,600 97,500
Distributors (3.41%):
Alco Standard Corp 4,000 182,500
Rykoff-Sexton Inc 4,000 70,000
Sysco Corp 13,500 438,750
_______
Technology (9.38%): 691,250
SCI Systems 3,400 105,400 <F1>
United Technologies Corp 6,300 597,713
Digital Equipment Corp 10,400 666,900 <F1>
Gateway 2000 Inc 8,000 196,000 <F1>
<PAGE>
<PAGE>
SCHEDULE OF INVESTMENTS, continued
December 31, 1995
VALUE EQUITY PORTFOLIO, continued
Common Stocks (93.82%), continued
Technology (9.38%):, continued
Arrow Electronics Inc 5,700 245,100 <F1>
Avnet Inc 2,000 89,500
_________
Health Services (2.11%): 1,900,613
Bergen Brunswig Corp CL-A 8,200 203,975
Cardinal Health Inc 4,100 224,475
_______
Consumer (7.15%): 428,450
Conagra Inc 9,800 404,250
Honda Motor Ltd 5,700 237,975
IBP Inc 5,200 262,600
Polaroid Corp 11,500 544,812
_________
Retail (19.95%): 1,449,637
American Stores 19,700 526,975
Eckerd Corp 7,700 343,613 <F1>
Fingerhut Co Inc 15,800 219,225
Giant Foods Inc Cl-A 3,200 100,800
Kroger Co 16,200 605,475 <F1>
Rite Aid Corp 6,800 232,900
Safeway Inc 11,900 612,850 <F1>
Smiths Food and Drug CL-B 3,200 80,800
Super Value Stores 13,000 409,500
Vons Co Inc 4,600 129,950 <F1>
Walgreen Co 5,900 176,262
Winn Dixie Stores Inc 16,400 604,750
_________
Air Transportation (3.35%): 4,043,100
Federal Express Co 5,200 384,150 <F1>
KLM Royal Dutch Airline ADR 5,800 204,450
United Airlines 500 89,250 <F1>
_______
Finance and Insurance (2.90%): 677,850
Bear Stearns Co Inc 4,900 97,388
Great Western Financial 3,800 96,425
PAGE
<PAGE>
SCHEDULE OF INVESTMENTS, continued
December 31, 1995
VALUE EQUITY PORTFOLIO, continued
Common Stocks (93.82%), continued
Finance and Insurance (2.90%):, continued
National City Corp 3,000 99,375
Southtrust Corp 3,800 97,375
USF&G Corp 5,700 96,187
Washington Mutual Insurance 3,500 101,063
_______
Utilities (34.94%): 587,813
Alleghany Power System 8,000 229,000
American Electric Power Co Inc 13,600 550,800
Coastal Corp 6,300 233,100
Columbia Gas System Inc 5,000 219,375 <F1>
Central & Southwest Corp 14,500 404,187
Cipsco Inc 5,900 230,100
CMS Energy Corp 10,600 316,675
Detroit Edison Co 17,500 603,750
FPL Group Inc 13,800 639,975
Illinova Corp 21,000 630,000
Ohio Edison co 21,800 512,300
Pacific Gas & Electric 6,700 190,113
Panhandle Eastern Corp 4,100 114,287
Pinnacle West Capital Corp 21,600 621,000
Public Service Co of Colorado 11,500 406,813
SCE Corp 15,000 264,375
Unicom Corp 19,500 638,625
Western Resources Inc 8,300 277,012
_________
7,081,487
Total Common Stocks (cost 16,560,687) 19,015,275
__________
Total investments held (cost 17,812,987) 20,267,575
<FN>
<F1>
non income producing security
</FN>
</TABLE>
<PAGE>
<PAGE>
<TABLE>
ALAMEDA-CONTRA COSTA MEDICAL ASSOCIATION COLLECTIVE INVESTMENT TRUST FOR RETIREMENT PLANS
SCHEDULE OF INVESTMENTS, continued
December 31, 1995
<CAPTION>
BALANCED PORTFOLIO Shares Value
<S> <C> <C>
Cash and Cash Equivalents (9.41%)
Wells Fargo Money Market Fund 326,383 326,383
(cost 326,383)
Common Stocks 59.68%:
Automotive (.83%):
Ford Motor 1,000 28,875
Basic Industry (2.06%):
Caterpiller Inc 500 29,375
Champion International 1,000 42,000
______
Capital Goods (6.11%): 71,375
Black & Decker 2,000 70,500
General Electric 1,000 72,000
Minnesota Mining 600 39,825
WMX Technologies 1,000 29,750
_______
Chemical (1.26%): 212,075
Cytec 142 8,857 <F1>
E I Dupont 500 34,938
______
Consumer (6.28%): 43,795
Gillette 2,000 104,250
H J Heinz 1,500 49,688
Sara Lee 2,000 64,000
_______
Energy and Transportation (5.70%): 217,938
American President Lines 2,000 46,000
Chevron 1,000 52,375
Mobil Oil Corp 300 33,525
Union Pacific 1,000 66,000
_______
197,900
<PAGE>
<PAGE>
SCHEDULE OF INVESTMENTS, continued
December 31, 1995
BALANCED PORTFOLIO, continued
Common Stocks (59.68%), continued
Entertainment and Leisure (3.39%):
Walt Disney 2,000 117,750
Drugs, Medical Supplies (7.46%):
American Home Products 500 48,500
Amgen 2,000 118,750 <F1>
Bristol Myers 500 42,938
Warner Lambert 500 48,562
_______
Finance and Insurance (9.01%): 258,750
Aetna Life 1,000 69,250
American Express 2,000 82,750
Bank America Corp 1,000 64,750
H & R Block 1,000 40,500
Paine & Webber 1,000 20,000
Salomon Inc 1,000 35,375
_______
Media (1.31%): 312,625
Media General 1,500 45,562
Retailers (3.02%):
GAP 1,000 42,000
Price Costco 2,695 41,099 <F1>
Toys-R-Us 1,000 21,750 <F1>
_______
Technology (7.20%): 104,849
Apple Computer 1,000 31,875
EMC Corp 2,000 30,750 <F1>
Intel 500 28,375
Oracle 1,000 42,375 <F1>
Sun Microsystems 2,000 91,250 <F1>
Teradyne 1,000 25,125 <F1>
_______
249,750
<PAGE>
<PAGE>
SCHEDULE OF INVESTMENTS, continued
December 31, 1995
BALANCED PORTFOLIO, continued
Common Stocks (59.68%), continued
Telephone (3.79%):
AT&T 1,000 64,750
Bell Atlantic 1,000 66,875
_______
Telecommunications (2.26%): 131,625
MCI Communications 3,000 78,375
_________
Total Common Stocks (cost 1,480,098) 2,071,244
_________
Corporate Debt Securities (18.75%):
Financial (3.22%):
Merrill Lynch 100,000 111,942
Industrial (9.40%):
BP Amer, 9.375%, due 11-01-00 100,000 114,986
IBM, 7.250%, due 11-01-02 100,000 106,159
North Telecom, 6.875%, due 10-01-02 100,000 104,895
_______
International (6.13%): 326,040
Quebec Province, 7.500%, due 07-15-02 100,000 107,036
ELF Aquataine, 7.750%, due 05-01-99 100,000 105,561
_______
212,597
Total Corporate Debt Securities 650,579
(cost 609,427) _______
<PAGE>
<PAGE>
SCHEDULE OF INVESTMENTS, continued
December 31, 1995
BALANCED PORTFOLIO, continued
U.S. Gov't & Agency Obligations (12.16%):
U.S. Treasury Notes:
7.125%, due 10-15-98 200,000 209,626
7.250%, due 02-15-98 100,000 103,969
7.750%, due 12-31-99 100,000 108,531
_________
Total U. S. Government (cost 400,438) 422,126
_________
Total investments held (cost 2,816,346) 3,470,332
<FN>
<F1>
non income producing security
</FN>
</TABLE>
PAGE
<PAGE>
<TABLE>
ALAMEDA-CONTRA COSTA MEDICAL ASSOCIATION COLLECTIVE INVESTMENT TRUST FOR RETIREMENT PLANS
SCHEDULE OF INVESTMENTS, continued
December 31, 1995
<CAPTION>
LONG-INTERMEDIATE FIXED INCOME PORTFOLIO Shares Value
<S> <C> <C>
Cash and Cash Equivalents (11.15%)
Wells Fargo Money Market Fund 525,472 525,472
(cost 525,472)
Corporate Debt Securities (12.03%):
Industrial (12.03%):
Atlantic Richfield Mtn, 8.550%,
due 03-01-12 150,000 180,924
Boeing Co DEB, 7.250%, due 06-15-25 150,000 162,214
Caterpillar Mtn, 8.100%, due 01-15-04 100,000 111,351
WalMart Stores Inc, 8.625%, due 04-01-01 100,000 112,014
_________
Total Corporate Debt Securities 566,503
(cost 508,489) _________
U.S. Gov't & Agency Obligations (76.82%):
U.S. Treasury Obligations (42.09%)
Bonds:
7.250%, due 05-15-16 700,000 799,316
7.875%, due 02-15-21 100,000 122,969
Notes:
5.875%, due 02-15-04 100,000 102,000
6.375%, due 01-15-99 400,000 412,252
6.375%, due 08-15-02 100,000 104,938
7.750%, due 02-15-01 400,000 441,500
_________
1,982,975
Federal Home Loan Mortgage Notes (6.23%):
8.000%, due 03-15-20 93,263 94,021
7.500%, due 02-01-25 190,826 195,655
10.500%, due 02-01-01 3,565 3,753
_______
293,429
<PAGE>
<PAGE>
SCHEDULE OF INVESTMENTS, continued
December 31, 1995
LONG-INTERMEDIATE FIXED INCOME PORTFOLIO,
continued
U.S. Gov't & Agency Obligations (76.82%):
continued
Federal National Mortgage Association
Pooled Notes (13.85%):
9.000%, due 11-01-04 20,556 21,623
6.000%, due 11-01-23 232,801 225,016
6.500%, due 11-01-25 249,703 246,737
8.500%, due 04-25-18 30,267 30,664
7.950%, due 12-25-19 126,227 128,553
_______
Government National Mortgage 652,593
Association Pooled Notes (14.65%):
7.500%, due 05-15-07 58,324 59,965
7.500%, due 07-15-07 48,345 49,704
11.000%, due 07-15-15 10,868 12,268
12.000%, due 06-15-15 1,315 1,516
9.500%, due 09-15-19 29,576 31,729
9.000%, due 12-15-19 47,708 50,526
7.500%, due 12-15-23 230,391 236,870
6.500%, due 11-15-09 245,618 247,843
_______
690,421
Total U.S. Government (cost 3,315,677) 3,619,418
_________
Total investments held (cost 4,349,637) 4,711,393
</TABLE>
<PAGE>
<PAGE>
<TABLE>
ALAMEDA-CONTRA COSTA MEDICAL ASSOCIATION COLLECTIVE INVESTMENT TRUST FOR RETIREMENT PLANS
SCHEDULE OF INVESTMENTS, continued
December 31, 1995
<CAPTION>
SHORT-INTERMEDIATE FIXED INCOME PORTFOLIO Shares Value
<S> <C> <C>
Cash and Cash Equivalents (3.25%)
Wells Fargo Money Market Fund 194,981 194,981
(cost 194,981)
Corporate Debt Securities (15.21%):
Financial (9.25%):
AVCO Finl, 7.500%, due 11-15-96 100,000 101,658
Beneficial Mtn, 6.120%, due 08-27-97 100,000 100,899
Household Fin, 7.500%, due 03-15-97 100,000 102,249
World S&L Mtn, 4.850%, due 04-01-96 250,000 249,620
_______
Industrial (4.27%): 554,426
Hertz Corp, 6.700%, due 06-15-02 150,000 154,286
Waste Mgmt, 7.875%, due 08-15-96 100,000 101,330
_______
Utility (1.69%): 255,616
Pacific Gas and Electric,
7.140%, due 12-02-96 100,000 101,406
_______
Total Corporate Debt Securities 911,448
(cost 898,215) _______
U.S. Gov't & Agency Obligations (81.54%):
U.S. Treasury Notes (71.66%):
5.125%, due 12-31-98 200,000 199,250
5.750%, due 08-15-03 250,000 253,203
4.750%, due 08-31-98 250,000 246,953
5.125%, due 04-30-98 750,000 748,125
5.500%, due 07-31-97 250,000 251,095
5.750%, due 10-31-97 550,000 555,159
6.000%, due 10-15-99 500,000 511,720
6.250%, due 01-31-97 750,000 758,205
6.375%, due 01-15-99 400,000 412,252
6.750%, due 05-31-99 100,000 104,406
6.875%, due 03-31-97 250 000 255,000
_________
4,295,368
<PAGE>
SCHEDULE OF INVESTMENTS, continued
December 31, 1995
SHORT-INTERMEDIATE FIXED INCOME PORTFOLIO,
continued
U.S. Gov't & Agency Obligations (81.54%):
continued
Federal Home Loan Mortgage Notes (5.79%):
8.000%, due 03-15-20 46,632 47,010
7.500%, due 12-15-05 192,453 194,196
7.000%, due 09-01-99 103,951 105,964
_______
Federal National Mortgage Association 347,170
Pooled Notes (4.09%):
6.500%, due 10-01-10 244,010 245,230
_________
Total U.S. Government (cost 4,828,946) 4,887,768
_________
Total investments held (cost 5,922,142) 5,994,197
</TABLE>
<PAGE>
<PAGE>
<TABLE>
ALAMEDA-CONTRA COSTA MEDICAL ASSOCIATION COLLECTIVE INVESTMENT TRUST FOR RETIREMENT PLANS
SCHEDULE OF INVESTMENTS, continued
December 31, 1995
<CAPTION>
MONEY MARKET PORTFOLIO Shares Value
<S> <C> <C>
Cash and Cash Equivalents (15.87%)
Wells Fargo Money Market Fund 378,477 378,477
(cost 378,477)
U.S. Gov't & Agency Obligations (84.13%):
U.S. Treasury Notes (84.13%):
5.875%, due 05-31-96 500,000 501,250
6.125%, due 07-31-96 300,000 301,500
4.625%, due 02-29-96 250,000 249,765
5.500%, due 04-30-96 500,000 500,470
6.250%, due 01-31-97 250,000 252,735
7.500%, due 02-29-96 200,000 200,750
_________
Total U.S. Government (cost 1,999,008) 2,006,470
_________
Total investments held (cost 2,377,485) 2,384,947
</TABLE>
<PAGE>
<PAGE>
<TABLE>
ALAMEDA-CONTRA COSTA MEDICAL ASSOCIATION COLLECTIVE INVESTMENT TRUST FOR RETIREMENT PLANS
STATEMENTS OF OPERATIONS
December 31, 1995
NOTE: International Value Equity inception date is November 30, 1995
<CAPTION>
International Growth Value Balanced Long- Short- Money Market
Value Equity Equity Equity Intermediate Intermediate
Fixed Income Fixed Income
<S> <C> <C> <C> <C> <C> <C> <C>
Investment income:
Interest income 1,182 7,606 95,723 90,446 293,593 371,092 143,411
Dividend income 0 23,662 446,151 33,855 0 0 0
Other income 0 0 12,364 0 0 0 0
_______ _______ _______ _______ _______ _______ _______
Total investment income 1,182 31,268 554,238 124,301 293,593 371,092 143,411
Expenses:
Investment advisory fees 236 25,140 176,999 17,929 20,475 30,205 13,442
Administration fees 317 15,474 92,375 14,818 21,002 29,785 12,708
Custodian fees 129 6,940 40,798 6,565 9,311 12,878 5,537
Legal fees 40 2,063 12,364 1,957 2,791 4,109 1,780
Audit fees 31 1,603 9,540 1,517 2,169 3,109 1,341
Insurance 20 1,019 5,463 943 1,353 1,926 921
Printing 0 246 1,343 221 307 429 180
Programming 75 122 773 119 171 259 111
_________ _________ __________ _________ _________ _________ _________
Total expenses 848 52,607 339,655 44,069 57,579 82,700 36,020
Net investment income
(loss) 334 (21,339) 214,583 80,232 236,014 288,392 107,391
Realized and unrealized
gain on investments:
Net realized gain
on securities sold 0 75,785 1,690,989 5,492 6,981 1,808 16,730
Realized gain on expired
written option contracts 0 0 0 1,040 0 0 0
________ _________ _______ _______ _______ _________ ________
Total realized gain
on investments 0 75,785 1,690,989 6,532 6,981 1,808 16,730
Unrealized appreciation
on investments 6,681 379,367 2,336,498 537,745 452,522 339,459 11,965
_________ _________ __________ _________ _________ _________ _________
Net realized and unrealized
gain on investments 6,681 455,152 4,027,487 544,277 459,503 341,267 28,695
_________ _________ __________ _________ _________ _________ _________
Net increase in
net assets resulting
from operations 7,015 433,813 4,242,070 624,509 695,517 629,659 136,086
</TABLE>
<PAGE>
<TABLE>
ALAMEDA-CONTRA COSTA MEDICAL ASSOCIATION COLLECTIVE INVESTMENT TRUST FOR RETIREMENT PLANS
STATEMENT OF CHANGES IN NET ASSETS
for the period from November 30, 1995 (inception) through December 31, 1995
<CAPTION>
INTERNATIONAL EQUITY PORTFOLIO 1995
<S> <C>
Increase in net assets from operations:
Net investment income 334
Net unrealized appreciation 6,681
_________
Net increase in net assets
resulting from operations 7,015
Increase in net assets from unitholder
activity 798,343
_________
Total increase in net assets 805,358
Net assets, beginning of period 0
_________
Net assets, end of period 805,358
Undistributed net investment income included
in net assets:
Beginning of period 0
End of period 334
</TABLE>
<PAGE>
<PAGE>
<TABLE>
ALAMEDA-CONTRA COSTA MEDICAL ASSOCIATION COLLECTIVE INVESTMENT TRUST FOR RETIREMENT PLANS
STATEMENT OF CHANGES IN NET ASSETS
for the years ended December 31, 1995 and 1994
<CAPTION>
GROWTH EQUITY PORTFOLIO 1995 1994
<S> <C> <C>
Increase (decrease) in net assets from operations:
Net investment (loss) (21,339) (18,923)
Net realized gain 75,785 143,213
Net unrealized appreciation (depreciation) 379,367 (308,736)
_________ _________
Net increase (decrease) in net assets
resulting from operations 433,813 (184,446)
Increase (decrease) in net assets from unitholder
activity 388,192 (518,840)
_________ _________
Total increase (decrease) in net assets 822,005 (703,286)
Net assets, beginning of year 2,539,192 3,242,478
__________ __________
Net assets, end of year 3,361,197 2,539,192
Undistributed net investment (loss) included
in net assets:
Beginning of year (37,905) (18,982)
End of year (59,244) (37,905)
</TABLE>
PAGE
<PAGE>
<TABLE>
ALAMEDA-CONTRA COSTA MEDICAL ASSOCIATION COLLECTIVE INVESTMENT TRUST FOR RETIREMENT PLANS
STATEMENT OF CHANGES IN NET ASSETS
for the years ended December 31, 1995 and 1994
<CAPTION>
VALUE EQUITY PORTFOLIO 1995 1994
<S> <C> <C>
Increase (decrease) in net assets from operations:
Net investment income 214,583 113,776
Net realized gain 1,690,989 1,456,043
Net unrealized appreciation (depreciation) 2,336,498 (1,767,727)
_________ ___________
Net increase (decrease) in net assets
resulting from operations 4,242,070 (197,908)
Increase (decrease) in net assets from unitholder
activity (786,548) 1,505,251
_________ __________
Total increase in net assets 3,455,522 1,307,343
Net assets, beginning of year 16,824,891 15,517,548
__________ ___________
Net assets, end of year 20,280,413 16,824,891
Undistributed net investment income included
in net assets:
Beginning of year 916,382 802,606
End of year 1,130,965 916,382
</TABLE>
PAGE
<PAGE>
<TABLE>
ALAMEDA-CONTRA COSTA MEDICAL ASSOCIATION COLLECTIVE INVESTMENT TRUST FOR RETIREMENT PLANS
STATEMENT OF CHANGES IN NET ASSETS
for the years ended December 31, 1995 and 1994
<CAPTION>
BALANCED PORTFOLIO 1995 1994
<S> <C> <C>
Increase (decrease) in net assets from operations:
Net investment income 80,232 73,263
Net realized gain 6,532 52,796
Net unrealized appreciation (depreciation) 537,745 (137,308)
_________ _________
Net increase (decrease) in net assets
resulting from operations 624,509 (11,249)
Increase (decrease) in net assets from unitholder
activity 378,817 (356,923)
_________ _________
Total increase (decrease) in net assets 1,003,326 (368,172)
Net assets, beginning of year 2,486,166 2,854,338
__________ __________
Net assets, end of year 3,489,492 2,486,166
Undistributed net investment income included
in net assets:
Beginning of year 376,114 302,851
End of year 456,346 376,114
</TABLE>
PAGE
<PAGE>
<TABLE>
ALAMEDA-CONTRA COSTA MEDICAL ASSOCIATION COLLECTIVE INVESTMENT TRUST FOR RETIREMENT PLANS
STATEMENT OF CHANGES IN NET ASSETS
for the years ended December 31, 1995 and 1994
<CAPTION>
LONG-INTERMEDIATE FIXED INCOME PORTFOLIO 1995 1994
<S> <C> <C>
Increase (decrease) in net assets from operations:
Net investment income 236,014 232,697
Net realized gain 6,981 55,793
Net unrealized appreciation (depreciation) 452,522 (495,768)
_________ _________
Net increase (decrease) in net assets
resulting from operations 695,517 (207,278)
Increase (decrease) in net assets from unitholder
activity 263,582 (1,185,195)
_________ ___________
Total increase (decrease) in net assets 959,099 (1,392,473)
Net assets, beginning of year 3,763,313 5,155,786
__________ __________
Net assets, end of year 4,722,412 3,763,313
Undistributed net investment income included
in net assets:
Beginning of year 1,234,748 1,002,051
End of year 1,470,762 1,234,748
</TABLE>
PAGE
<PAGE>
<TABLE>
ALAMEDA-CONTRA COSTA MEDICAL ASSOCIATION COLLECTIVE INVESTMENT TRUST FOR RETIREMENT PLANS
STATEMENT OF CHANGES IN NET ASSETS
for the years ended December 31, 1995 and 1994
<CAPTION>
SHORT-INTERMEDIATE FIXED INCOME PORTFOLIO 1995 1994
<S> <C> <C>
Increase (decrease) in net assets from operations:
Net investment income 288,392 325,371
Net realized gain (loss) 1,808 (9,633)
Net unrealized appreciation (depreciation) 339,459 (505,502)
_________ _________
Net increase (decrease) in net assets
resulting from operations 629,659 (189,764)
Decrease in net assets from unitholder
activity (738,676) (1,203,991)
_________ ___________
Total decrease in net assets (109,017) (1,393,755)
Net assets, beginning of year 6,181,533 7,575,288
__________ __________
Net assets, end of year 6,072,516 6,181,533
Undistributed net investment income included
in net assets:
Beginning of year 1,245,130 919,759
End of year 1,533,522 1,245,130
</TABLE>
PAGE
<PAGE>
<TABLE>
ALAMEDA-CONTRA COSTA MEDICAL ASSOCIATION COLLECTIVE INVESTMENT TRUST FOR RETIREMENT PLANS
STATEMENT OF CHANGES IN NET ASSETS
for the years ended December 31, 1995 and 1994
<CAPTION>
MONEY MARKET PORTFOLIO 1995 1994
<S> <C> <C>
Increase (decrease) in net assets from operations:
Net investment income 107,391 91,263
Net realized gain (loss) 16,730 (12,117)
Net unrealized appreciation 11,965 1,106
_________ _________
Net increase in net assets
resulting from operations 136,086 80,252
Increase (decrease) in net assets from unitholder
activity (285,965) 515,219
_________ _________
Total increase (decrease) in net assets (149,879) 595,471
Net assets, beginning of year 2,715,644 2,120,173
__________ __________
Net assets, end of year 2,565,765 2,715,644
Undistributed net investment income included
in net assets:
Beginning of year 1,166,689 1,075,426
End of year 1,274,080 1,166,689
</TABLE>
PAGE
<PAGE>
ALAMEDA-CONTRA COSTA MEDICAL ASSOCIATION COLLECTIVE INVESTMENT
TRUST FOR RETIREMENT PLANS
NOTES TO FINANCIAL STATEMENTS
1. Organization:
The Alameda-Contra Costa Medical Association Collective
Investment Trust for Retirement Plans (the Trust) is a collective
investment trust which was established under the laws of the
State of California by the Alameda-Contra Costa Medical
Association (the Associaton) to be managed by a supervisory
comittee with Wells Fargo Bank, National Assocations (Wells
Fargo), acting as the custodial trustee (the Custodial Trustee)
under a Declaration of Trust dated February 9, 1990. The
Association is also administrator of the Trust pursuant to an
Administrative Services agreement between the Trust and the
Association. The Trust is registered with the Securities and
Exchange Commission as an open-end diversified management
investment company. Units of beneficial interest in the
Portfolios (the Units) are sold without a sales charge and are
available only to Retirement Plans.
The Trust offers seven investment portfolios, each with a
different investment objective, for the investment of funds held
in retirement plans. The Prospectus for the Trust includes
certain investment restrictions that cannot be changed for any
portfolios without the approval of a majority of the outstanding
units of that portfolio. These restrictions, amond other
matters, limit the purchase of certain securities of a particular
issuer to no more than 5% of the value of the total assets of
that portfolio. For purposes of this restriction, cash
equivalents (including commercial paper) with maturities of 90
days or less, are considered exempt.
2. Summary of Significant Accounting Policies:
Security Valuation:
Investments for which market quotations are readily available are
stated at market value, which is determined using the last
reported closing price. Securities traded over-the-counter are
stated at the last reported bid price or last current sales
price, as applicable. United States government and agency
obligations are valued at bid quotations from the Federal Reserve
Bank for identical or similar obligations. Short-term money
market instruments are calculated at bid quotations or by
reference to bid quotations for similar instruments of issuers
with similar credit ratings. Debt securities with remaining
maturities of 60 days or less are stated at amortized cost which
approximates market value.
PAGE
<PAGE>
ALAMEDA-CONTRA COSTA MEDICAL ASSOCIATION COLLECTIVE INVESTMENT
TRUST FOR RETIREMENT PLANS
NOTES TO FINANCIAL STATEMENTS, continued
2. Summary of Significant Accounting Policies:
Security Transactions and Related Investment Income:
Security transactions are accounted for on the trade date (date
the order to buy or sell is executed) and dividend income is
recorded on the ex-dividend date. Interest income is recorded on
the accrual basis. The cost of securities sold is computed on an
average cost basis.
Distributions:
The Trust does not declare any pay dividends on its investment
income. Income earned on assets in the portfolio is included in
the total value of assets of that portfolio as are realized gains
or losses from security transactions and unrealized appreciation
or depreciation on securities held.
Fund Valuation:
The value of participating units, upon admission to or withdrawal
from the Trust, is based upon the net asset value as of the
current month end date. There are no transaction fees charged.
Taxation:
As a group trust organized for the collective investment of the
assets of Retirement Plans, the Trust is exempt from income tax
pursuant to Revenue Ruling 81-100 of the Internal Revenue
Service.
3. Covered Call Options:
The Balanced Portfolio writes covered call options in which
premiums received are recorded as a liability which is marked to
market to reflect the current value of the options written. A
covered call option gives the holder the right to purchase the
underlying security which the Balanced Portfolio owns at any time
during the option period at a predetermined exercise price. The
risk in writing a covered call option is that the Balanced
Portfolio gives up the opportunity to participate in any increase
in the price of the underlying security beyond the exercise
price. Proceeds from covered call options exercised are
increased by the amount of premiums received.
PAGE
<PAGE>
<TABLE>
ALAMEDA-CONTRA COSTA MEDICAL ASSOCIATION COLLECTIVE INVESTMENT
TRUST FOR RETIREMENT PLANS
NOTES TO FINANCIAL STATEMENTS, continued
<CAPTION>
3. Covered Call Options, continued Number Cost
<S> <C> <C>
Balance at beginning of the year 2,000 3,697
Options exercised during the year:
Inter Bus Mach Call at 75, 01-21-95 (1,000) (2,657)
Options expired during the year:
Sun Micro System Inc Call at 35, 01-21-95 (1,000) (1,040)
_______ _______
Balance at end of year 0 0
</TABLE>
4. Investment Management and Administration:
Under the terms of the Declaration of Trust, the custodial
trustee will maintain possession of the assets of the portfolios
and perform certain other services. The custodial trustee will
be paid a quarterly fee for these services as specified in the
Declaration of Trust.
The Association will provide certain administrative and
accounting services to the Trust in accordance with the terms of
the Administrative Services Agreement. As compensation for its
services, the Association is paid a quarterly fee at the annual
rate of 45/100 of 1% of the aggregate fair market value of the
assets of the combined portfolios determined as of the last
business day of each calendar quarter, plus an additional $1,000
per month.
Portfolio management services will be provided by various
investment managers who will receive management fees according to
the terms of the related Investment Management Agreements.
5. Brokerage Commissions Paid to Affiliated Brokers:
During the year ended December 31, 1995, the International Value
Equity, Growth Equity, Value Equity and Balanced Portfolios paid
$0, $1,051, $4,360 and $0 respectively, to Kidder Peabody for
commissions, and paid $132, $9,194, $173,538 and $2,679,
respectively to Paine Webber for commissions. A broker for Paine
Webber, formerly Kidder Peabody, is a consultant for the Trust.
<PAGE>
<TABLE>
NOTES TO FINANCIAL STATEMENTS, continued
6. Purchases and Sales of Investment Securities:
The aggregate cost of purchases and proceeds form sales of investments (excluding short-term and U.S. government
securities for the year ended December 31, 1995, were as follows:
NOTE: International Value Equity inception date is November 30, 1995
<CAPTION>
Long- Short-
International Growth Value Intermediate Intermediate Money
Equity Equity Equity Balanced Fixed Income Fixed Income Market
<S> <C> <C> <C> <C> <C> <C> <C>
Purchases 483,215 1,340,920 19,228,097 448,924 0 149,205 0
Proceeds from sales 0 1,016,361 17,476,780 168,012 214,249 102,802 0
</TABLE>
<TABLE>
The aggregate cost of purchases and proceeds from sales of U.S. government securities for the year ended December 31,
1995 were as follows:
NOTE: International Value Equity inception date is November 1, 1995
<CAPTION>
Long- Short-
International Growth Value Intermediate Intermediate Money
Equity Equity Equity Balanced Fixed Income Fixed Income Market
<S> <C> <C> <C> <C> <C> <C> <C>
Purchases 0 0 0 200,000 1,011,372 978,656 2,300,125
Proceeds from sales 0 0 0 3,811 210,369 1,479,813 1,752,148
</TABLE>
PAGE
<PAGE>
<TABLE>
ALAMEDA-CONTRA COSTA MEDICAL ASSOCIATION COLLECTIVE INVESTMENT TRUST FOR RETIREMENT PLANS
NOTES TO FINANCIAL STATEMENTS, continued
7. Unit Activity:
At December 31, 1995, there was an unlimited number of no par value units authorized for the portfolios of the Trust.
Transactions in Trust units for the year ended December 31, 1995, are as follows:
NOTE: International Value Equity inception date is November 30, 1995.
<CAPTION>
Long-
Intermediate
International Equity Growth Equity Value Equity Balanced Fixed Income
Units Amount Units Amount Units Amount Units Amount Units Amount
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Sales 0 0 5,510 81,588 6,346 675,829 3,238 140,517 1,604 83,084
Transfers from
other portfolios 79,824 798,343 42,756 622,375 1,780 181,391 9,653 411,863 11,597 612,389
Redemptions 0 0 (3,212) (43,693) (4,313) (430,977) (761) (33,752) (5,718) (296,865)
Transfers to
other portfolios 0 0 (18,990) (272,078) (10,912) (1,212,791) (3,225) (139,811) (2,484) (135,026)
______ _______ _______ ________ _______ __________ ______ ________ ______ _______
Net increase
(decrease) 79,824 798,343 26,064 388,192 (7,099) (786,548) 8,905 378,817 4,999 263,582
</TABLE>
<TABLE>
ALAMEDA-CONTRA COSTA MEDICAL ASSOCIATION COLLECTIVE INVESTMENT TRUST FOR RETIREMENT PLANS
NOTES TO FINANCIAL STATEMENTS, continued
7. Unit Activity:, continued
At December 31, 1995, there was an unlimited number of no par value units authorized for the portfolios of the Trust.
Transactions in Trust units for the year ended December 31, 1995, are as follows:
<CAPTION>
Short-
Intermediate
Fixed Income Money Market
Units Amount Units Amount
<S> <C> <C> <C> <C>
Sales 2,546 51,213 9,349 403,811
Transfers from
other portfolios 10,634 220,234 4,992 215,759
Redemptions (21,515) (423,834) (4,408) (189,176)
Transfers to
other portfolios (29,061) (586,289) (16,627) (716,359)
_______ ________ _______ ________
Net increase (decrease) (37,396) (738,676) (6,694) (285,965)
</TABLE>
<PAGE>
<TABLE>
ALAMEDA-CONTRA COSTA MEDICAL ASSOCIATION COLLECTIVE INVESTMENT TRUST FOR RETIREMENT PLANS
NOTES TO FINANCIAL STATEMENTS, continued
8. Unit Activity:
At December 31, 1994, there was an unlimited number of no par value units authorized for the portfolios of the Trust.
Transactions in Trust units for the year ended December 31, 1994, are as follows:
NOTE: International Value Equity inception date is November 30, 1995
<CAPTION>
Long-
Intermediate
International Equity Growth Equity Value Equity Balanced Fixed Income
Units Amount Units Amount Units Amount Units Amount Units Amount
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Sales 0 0 4,926 60,881 9,218 875,603 881 32,200 984 48,240
Transfers from
other portfolios 0 0 28,101 339,079 15,234 1,486,530 2,931 109,980 3,947 190,378
Redemptions 0 0 (14,571) (178,462) (5,297) (504,459) (6,087) (222,575) (6,422) (311,503)
Transfers to
other portfolios 0 0 (58,242) (740,338) (3,765) (352,423) (7,695) (276,528) (22,098) (1,112,310)
_____ _____ _______ ________ ______ _________ ______ ________ _______ __________
Net increase
(decrease) 0 0 (39,786) (518,840) 15,390 1,505,251 (9,970) (356,923) (23,589) (1,185,195)
</TABLE>
<TABLE>
ALAMEDA-CONTRA COSTA MEDICAL ASSOCIATION COLLECTIVE INVESTMENT TRUST FOR RETIREMENT PLANS
NOTES TO FINANCIAL STATEMENTS, continued
8. Unit Activity:, continued
At December 31, 1994, there was an unlimited number of no par value units authorized for the portfolios of the Trust.
Transactions in Trust units for the year ended December 31, 1994, are as follows:
<CAPTION>
Short-
Intermediate
Fixed Income Money Market
Units Amount Units Amount
<S> <C> <C> <C> <C>
Sales 5,632 106,935 10,311 425,635
Transfers from
other portfolios 6,884 132,156 45,319 1,855,081
Redemptions (37,218) (706,088) (21,011) (870,886)
Transfers to
other portfolios (38,964) (736,994) (21,640) (894,611)
_______ __________ _______ ________
Net increase (decrease) (63,666) (1,203,991) 12,979 515,219
</TABLE>
<PAGE>
<TABLE>
ALAMEDA-CONTRA COSTA MEDICAL ASSOCIATION COLLECTIVE INVESTMENT TRUST FOR RETIREMENT PLANS
NOTES TO FINANCIAL STATEMENTS, continued
9. Financial Highlights:
Financial highlights for each unit outstanding for the period November 30, 1995 (inception) through December 31, 1995,
is as follows:
<CAPTION>
INTERNATIONAL EQUITY PORTFOLIO 1995
<S> <C>
Net asset value, beginning of period 10.00
Net investment income 0
Net realized and unrealized gain (loss) .09
_____
Total from investment operations .09
Net asset value, end of period 10.09
Total Return 0.90%
Ratios and Supplemental Data
Net assets at end of period (in000's) 805
Ratio of expenses to average net assets 0.11%
Ratio of net investment income to
average net assets 0.04%
Portfolio turnover rate 0%
Average commission rate per share 0.0600
</TABLE>
PAGE
<PAGE>
<TABLE>
ALAMEDA-CONTRA COSTA MEDICAL ASSOCIATION COLLECTIVE INVESTMENT TRUST FOR RETIREMENT PLANS
NOTES TO FINANCIAL STATEMENTS, continued
9. Financial Highlights:
Financial highlights for each unit outstanding for the years ended December 31, 1995, 1994 and 1993, and the period
October 1, 1992 (inception) through December 31, 1992, are as follows:
<CAPTION>
GROWTH EQUITY PORTFOLIO 1995 1994 1993 1992
<S> <C> <C> <C> <C>
Net asset value, beginning of year 12.12 13.01 11.74 10.00
Net investment gain (loss) (.07) (.11) (.07) (.01)
Net realized and unrealized gain (loss) 2.22 (.78) 1.34 1.75
_____ _____ _____ _____
Total from investment operations 2.15 (.89) 1.27 1.74
Net asset value, end of year 14.27 12.12 13.01 11.74
Total Return 17.74% (6.84)% 10.82% 69.60% <F1>
Ratios and Supplemental Data
Net assets at end of year (in 000's) 3,361 2,539 3,242 1,660
Ratio of expenses to average net assets 1.67% 1.86% 1.79% .41%
Ratio of net investment income to
average net assets (.68)% (.72)% (.68)% (.07)%
Portfolio turnover rate 33.63% 52.49% 38.58% 12.95%
Average commission rate per share 0.1339
<FN>
<F1>
annualized
</FN>
</TABLE>
PAGE
<PAGE>
<TABLE>
ALAMEDA-CONTRA COSTA MEDICAL ASSOCIATION COLLECTIVE INVESTMENT TRUST FOR RETIREMENT PLANS
NOTES TO FINANCIAL STATEMENTS, continued
9. Financial Highlights:
Financial highlights for each unit outstanding for the years ended December 31, 1995, 1994, 1993, 1992 and 1991 are as
follows:
<CAPTION>
VALUE EQUITY PORTFOLIO 1995 1994 1993 1992 1991
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of year 94.93 95.88 83.11 73.63 60.74
Net investment income 1.48 .21 .78 1.54 1.64
Net realized and unrealized gain (loss) 22.79 (1.16) 11.99 7.94 11.25
_____ ______ _____ _____ _____
Total from investment operations 24.27 (.95) 12.77 9.48 12.89
Net asset value, end of year 119.20 94.93 95.88 83.11 73.63
Total Return 25.57% (.99)% 15.37% 12.88% 21.22%
Ratios and Supplemental Data
Net assets at end of year (in 000's) 20,280 16,825 15,518 12,622 11,761
Ratio of expenses to average net assets 1.82% 1.99% 1.99% 2.01% 2.16%
Ratio of net investment income to
average net assets 1.15% .70% 1.18% 1.75% 2.39%
Portfolio turnover rate 103.58% 116.01% 65.85% 85.40% 75.67%
Average commission rate per share 0.1486
</TABLE>
PAGE
<PAGE>
<TABLE>
ALAMEDA-CONTRA COSTA MEDICAL ASSOCIATION COLLECTIVE INVESTMENT TRUST FOR RETIREMENT PLANS
NOTES TO FINANCIAL STATEMENTS, continued
9. Financial Highlights:
Financial highlights for each unit outstanding for the years ended December 31, 1995, 1994, 1993, 1992 and 1991 are as
follows:
<CAPTION>
BALANCED PORTFOLIO 1995 1994 1993 1992 1991
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of year 37.05 37.04 34.19 32.48 27.43
Net investment income .40 1.67 1.55 .65 .76
Net realized and unrealized gain (loss) 8.46 (1.66) 1.30 1.06 4.29
_____ ______ _____ _____ _____
Total from investment operations 8.86 .01 2.85 1.71 5.05
Net asset value, end of year 45.91 37.05 37.04 34.19 32.48
Total Return 23.91% .03% 8.34% 5.26% 18.41%
Ratios and Supplemental Data
Net assets at end of year (in 000's) 3,489 2,486 2,854 3,223 2,593
Ratio of expenses to average net assets 1.47% 1.63% 1.63% 1.64% 1.78%
Ratio of net investment income to
average net assets 2.68% 3.09% 2.57% 2.59% 3.37%
Portfolio turnover rate 6.30% 5.18% 4.75% 17.78% 13.61%
Average commission rate per share 0.1872
</TABLE>
PAGE
<PAGE>
<TABLE>
ALAMEDA-CONTRA COSTA MEDICAL ASSOCIATION COLLECTIVE INVESTMENT TRUST FOR RETIREMENT PLANS
NOTES TO FINANCIAL STATEMENTS, continued
9. Financial Highlights:
Financial highlights for each unit outstanding for the years ended December 31, 1995, 1994, 1993, 1992 and 1991 are as
follows:
<CAPTION>
LONG-INTERMEDIATE FIXED INCOME PORTFOLIO 1995 1994 1993 1992 1991
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of year 48.23 50.73 46.46 43.67 38.04
Net investment income 1.89 5.96 2.94 3.03 2.36
Net realized and unrealized gain (loss) 6.76 (8.46) 1.33 (.24) 3.27
_____ ______ _____ _____ _____
Total from investment operations 8.65 (2.50) 4.27 2.79 5.63
Net asset value, end of year 56.88 48.23 50.73 46.46 43.67
Total Return 17.93% (4.93)% 9.19% 6.39% 14.80%
Ratios and Supplemental Data
Net assets at end of year (in 000's) 4,722 3,763 5,156 4,908 4,843
Ratio of expenses to average net assets 1.35% 1.49% 1.49% 1.52% 1.70%
Ratio of net investment income to
average net assets 5.53% 5.64% 5.44% 6.11% 6.49%
Portfolio turnover rate 5.95% 0% 10.68% 9.79% 20.60%
Average commission rate 14.86%
</TABLE>
PAGE
<PAGE>
<TABLE>
ALAMEDA-CONTRA COSTA MEDICAL ASSOCIATION COLLECTIVE INVESTMENT TRUST FOR RETIREMENT PLANS
NOTES TO FINANCIAL STATEMENTS, continued
9. Financial Highlights:
Financial highlights for each unit outstanding for the years ended December 31, 1995, 1994, 1993, 1992 and 1991 are as
follows:
<CAPTION>
SHORT-INTERMEDIATE FIXED INCOME PORTFOLIO 1995 1994 1993 1992 1991
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of year 18.85 19.35 18.19 17.15 15.37
Net investment income 1.48 1.45 .78 .01 .85
Net realized and unrealized gain (loss) .57 (1.95) .38 1.03 .93
_____ ______ _____ _____ _____
Total from investment operations 2.05 (.50) 1.16 1.04 1.78
Net asset value, end of year 20.90 18.85 19.35 18.19 17.15
Total Return 10.88% (2.58)% 6.38% 6.06% 11.58%
Ratios and Supplemental Data
Net assets at end of year (in 000's) 6,073 6,182 7,575 6,747 3,336
Ratio of expenses to average net assets 1.37% 1.51% 1.47% 1.47% 1.68%
Ratio of net investment income to
average net assets 4.76% 4.78% 4.75% 5.16% 6.04%
Portfolio turnover rate 19.21% 0% 25.60% 6.69% 41.22%
</TABLE>
PAGE
<PAGE>
<TABLE>
ALAMEDA-CONTRA COSTA MEDICAL ASSOCIATION COLLECTIVE INVESTMENT TRUST FOR RETIREMENT PLANS
NOTES TO FINANCIAL STATEMENTS, continued
9. Financial Highlights:
Financial highlights for each unit outstanding for the years ended December 31, 1995, 1994, 1993, 1992 and 1991 are as
follows:
<CAPTION>
MONEY MARKET PORTFOLIO 1995 1994 1993 1992 1991
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of year 41.80 40.78 39.94 38.66 36.77
Net investment income 3.91 1.15 <F1> 9.38 7.29 2.74
Net realized and unrealized gain (loss) (1.68) ( .13) <F1> (8.54) (6.01) (.85)
_____ ______ _____ _____ _____
Total from investment operations 2.23 1.02 .84 1.28 1.89
Net asset value, end of year 44.03 41.80 40.78 39.94 38.66
Total Return 5.33% 2.50% 2.10% 3.31% 5.14%
Ratios and Supplemental Data
Net assets at end of year (in 000's) 2,566 2,716 2,120 3,481 7,415
Ratio of expenses to average net assets 1.38% 1.50% 1.59% 1.55% 1.76%
Ratio of net investment income to
average net assets 4.11% 2.87% 3.60% 4.33% 5.10%
<FN>
<F1>
Per share amounts have been calculated using the average shares outstanding during the period.
</FN>
</TABLE>
<PAGE>
MANAGEMENT'S DISCUSSION OF PORTFOLIO PERFORMANCE
The Growth Equity Portfolio
The Burridge Group is the Investment Manager of the Growth Equity
Portfolio. Christopher Fleming is the individual charged with
day-to-day management.
Mr. Fleming has been managing the Growth Equity Portfolio since
1994. Mr. Fleming has fourteen years of experience as a security
analyst and portfolio manager. With generalist analyst
experience, Mr. Fleming has a depth of knowledge and experience
in the capital goods, finance, consumer non-durable, insurance,
recreation and energy industries. Immediately prior to joining
The Burridge Group, Inc., Mr. Fleming spent five years as co-
manager of the Institutional Equities Group of Harris Associated,
L.P., in Chicago. Mr. Fleming conducted research and shared
responsibility for the management of $800 million in
institutional equity portfolios. Mr. Fleming also spent three
years at Oppenheimer Capital, L.P., New York, as a member of the
Investment Committee and Equity Research Committee with portfolio
management responsibility for institutional and high net worth
accounts. He started his career at the United Bank of Denver,
where he was an analyst and portfolio manager. Mr. Fleming's
education includes: a Juris Doctorate; a Master's degree in
Business Administration; and a Bachelor's degree in Finance from
the University of Denver. He also received a Master's degree of
Science from the London School of Economics and is a Chartered
Financial Analyst.
<TABLE>
The line graph below compares the performance of the Growth
Equity Portfolio with the S&P 500 Index since the portfolio's
inception. The chart assumes a $10,000 investment in the
portfolio and charts that performance over each year since
inception. Unlike the Growth Equity Portfolio, the S&P 500 Index
is unmanaged and does not incur any operating expenses. If such
expenses had been applied to the index, its performance would
have been lower than as reflected in the graph.
NOTE: Past performance is not predictive of future performance.
<CAPTION>
Date S&P 500 Index Growth Equity Portfolio
<S> <C> <C>
9/31/92 10,000 10,000
12/31/92 10,510 11,741
12/31/93 11,560 13,007
12/31/94 11,711 12,057
12/31/95 16,095 14,195
</TABLE>
<TABLE>
The annualized total returns for the Growth Equity Portfolio are
shown below:
<CAPTION>
Period Return
<S> <C>
One Year 17.74%
Three Years 6.71%
Since inception 11.52%
</TABLE>
The Growth Equity Portfolio has a substantial commitment to small
capitalization and mid-capitalization stocks. Small
capitalization and mid-capitalization stocks underperformed the
larger indices such as the Dow Industrials and the S&P 500 in
1994 and 1995.
For the year 1995 , the S&P 500 returned 37.7% versus 30.8% and
28.4% for the S&P MidCap and the Russell 2000 respectively. The
Burridge Group, Inc. accounts underperformed the S&P 500 and the
S&P MidCap for the year. Underperformance for the year (almost
all in the fourth quarter) was due to a few different factors.
While many investors sensed a slowing economy, the stocks of
companies that produced short term earnings disappointments, or
indicated a potential short term miscue, came under selling
pressure without regard to their long term operating
fundamentals. In 1995, The Burridge Group portfolio held the
stock of 12 companies that produced short term earnings
disappointments or made announcements to that effect. It is the
firm belief of The Burridge Group that those 12 companies had
above average long term operating fundamentals and represent
superior investment opportunities, therefore The Burridge Group
continued to hold them in the portfolios. The remaining stocks in
client portfolios have produced an average return of over 40% for
the year.
The Value Equity Portfolio
The Investment Manager of the Value Equity Portfolio is Towneley
Capital Management, Inc. Wesley G. McCain, Towneley Capital
Management's chairman, directs the investment of the Value Equity
Portfolio in collaboration with a staff of 25 professional and
administrative personnel. Dr. McCain, who holds a doctoral
degree from Stanford University and Master's degree from Columbia
and Stanford, was formerly on the faculty of the Graduate School
of Business of Columbia University. He is also a Chartered
Financial Analyst. Dr. McCain founded Towneley Capital
Management in 1971 and has managed the Value Equity Portfolio
since July of 1990.
Kathy A. O'Connor, Vice President and Portfolio Manager, has been
working closely with Dr. McCain in managing the portfolio. Ms.
O'Connor, who has been an analyst and portfolio manager with
Towneley Capital Management, Inc. since 1987, holds an Master's
degree in Business Administration from Babson College, a
Bachelor's degree in Business from the University of
Massachusetts, and is a Chartered Financial Analyst.
<TABLE>
The line graph below compares the performance of the Value Equity
Portfolio with the S&P 500 Index since the portfolio's inception.
The chart assumes a $10,000 investment in the portfolio and
charts that performance over each year since inception. Unlike
the Value Equity Portfolio, the S&P 500 Index is unmanaged and
does not incur any operating expenses. If such expenses had been
applied to the index, its performance would have been lower than
as reflected in the graph.
NOTE: Past performance is not predictive of future performance.
<CAPTION>
Date S&P 500 Index Value Equity Portfolio
<S> <C> <C>
7/31/90 10,000 10,000
12/31/90 9,424 9,618
12/31/91 12,303 11,660
12/31/92 13,246 13,162
12/31/93 14,570 15,183
12/31/94 14,760 15,032
12/31/95 20,285 18,875
</TABLE>
<TABLE>
The annualized total returns for the Value Equity Portfolio are
shown below:
<CAPTION>
Period Return
<S> <C>
One Year 25.57%
Five Years 14.44%
Since inception 12.44%
</TABLE>
Towneley Capital Management pursued its strategy of selecting
individual stocks based on their rank in the firm's quantitative
comparative valuation model. In this process, exposure to
industry sectors is a result of purchases and sales of positions
in specific companies rather than a planned approach driven by
economic forecast. Nevertheless, some degree of industry
concentration may occur. In 1995, the market, as measured by
most equity market indexes, had strong returns. The equity
market strength was due, in large part, to extreme performance in
a few sectors, notably technology and finance. As value equity
managers, rebalancing into undervalued securities takes place
when market momentum creates extreme valuations in other sectors.
The Value Equity Portfolio continued to have a significant weight
in the utility and finance sectors which continued to benefit
from the decline in interest rates. During the year, weighting
in the utility and finance sectors were reduced. The weight in
the technology sector was also reduced as the market created
extreme valuations. While this rebalancing process may result in
missing short term momentum in certain issues or sectors, it is
the belief that forgoing short term momentum for more stable long
term performance is in the best interest of all Value Equity
clients.
The Balanced Portfolio
The Investment Manager of the Balanced Portfolio is Guardian
Investment Management. The individuals charged with the
responsibility of managing the portfolio are Robert M. Tomasello
and Donald L. Hansen, who are partners of the firm. Both
partners were Investment Managers from the Bank of America prior
to forming the firm in 1976. Mr. Tomasello holds a Bachelor's
degree in Finance from the University of San Francisco and an
Master's degree in Business Administration from Golden Gate
University. Mr. Hansen has his bachelor's degree from the
University of Iowa and attended the Harvard Management Workshop.
Mr. Tomasello is primarily involved with equity selection of the
portfolio while Mr. Hansen is involved with the fixed income
selections. Both partners share equal responsibility for sector
weightings and place emphasis in this analysis when deciding
equity and fixed income decisions.
<TABLE>
The line graph below compares the performance of the Balanced
Portfolio with the S&P 500 Index and the Merrill Lynch 3-5 Year
Treasuries Index since the portfolio's inception. The chart
assumes a $10,000 investment in the portfolio and charts that
performance over each year since inception. Unlike the Balanced
Portfolio, the S&P 500 Index and the Merrill Lynch 3-5 Year
Treasuries Index are unmanaged and do not incur any operating
expenses. If such expenses had been applied to the indices,
their performance would have been lower than as reflected in the
graph.
NOTE: Past performance is not predictive of future performance.
<CAPTION>
Date Merrill Lynch 3-5 Year S&P 500 Balanced
Treasury Index Index Portfolio
<S> <C> <C> <C>
7/31/90 10,000 10,000 10,000
12/31/90 10,516 9,424 9,468
12/31/91 12,110 12,303 11,211
12/31/92 13,006 13,246 11,803
12/31/93 14,178 14,570 12,785
12/31/94 13,790 14,760 12,790
12/31/95 16,013 20,285 15,848
</TABLE>
<TABLE>
The annualized total returns for the Balanced Portfolio are shown
below:
<CAPTION>
Period Return
<S> <C>
One Year 23.91%
Five Years 10.85%
Since inception 8.91%
</TABLE>
The objective of the Balanced Portfolio is to be invested in a
weighting of a maximum of 60% to 65% in equities and 35% to 40%
in fixed income investments. Cash instruments are included in
the fixed income allocation. However, maximum cash reserves are
to be 10% at any one time of the fixed portion of the portfolio.
Because of strict parameters for the Balanced Portfolio, the
Investment Manager attempts to achieve the highest rate of return
for the least amount of risk. The equity portion of the
portfolio is well diversified in every sector of the S&P 500
Index. Guardian's approach to outperforming the S&P 500 Index is
centered on over-weighting sectors of the market that have higher
earnings growth potential or equities that represent significant
value given their current market valuation. The fixed income
strategy is to own bonds that have maturities less than ten years
with ratings of A or better by the major services.
The 1995 performance compared equally to the indices because of
large weightings in financial and technology sectors and less in
cyclical stocks. The drop in long term interest rates provided
strength to the fixed income portion of the portfolio where
positions had high coupons and were of good quality. Since the
market was up almost the entire year, portfolio turnover was very
light compared to prior years which helped overall performance.
The Long-Intermediate Fixed Income Portfolio
The Investment Manager of the Long-Intermediate Fixed Income
Portfolio is Scudder, Stevens & Clark, Inc. Dixie J. Ruud has
been charged with the day-to-day management of the portfolio
since July of 1990. Ms. Ruud is a principal of Scudder, Stevens
& Clark, Inc. and has been associated with the firm since March
of 1976. Prior to that time, she was with American Express
Investment Management Company in charge of fixed income
securities.
<TABLE>
The line graph below compares the performance of the Long-
Intermediate Fixed Income Portfolio with the Lehman Aggregate
Index since the portfolio's inception. <F1> The chart assumes a
$10,000 investment in the portfolio and charts that performance
over each year since inception. Unlike the Long-Intermediate
Fixed Income Portfolio, the Lehman Aggregate Index is unmanaged
and does not incur any operating expenses. If such expenses had
been applied to the index, its performance would have been lower
than as reflected in the graph.
NOTE: Past performance is not predictive of future performance.
<CAPTION>
Lehman Aggregate Long-Intermediate
Date Bond Index Fixed Income Portfolio
<S> <C> <C>
7/31/90 10,000 10,000
12/31/90 10,455 10,450
12/31/91 12,128 11,996
12/31/92 13,025 12,763
12/31/93 14,295 13,936
12/31/94 13,878 13,249
12/31/95 16,440 15,625
</TABLE>
<TABLE>
The annualized total returns for the Long-Intermediate Fixed
Income Portfolio are shown below:
<CAPTION>
Period Return
<S> <C>
One Year 17.93%
Five Years 8.38%
Since inception 8.57%
</TABLE>
The portfolio's guidelines stipulate that all securities must be
rated A or better, the maximum allowable investment per issuer
(other than Government-related issues) is 5%, the weighted
average maturity must be between 7 and 12 years, and
collateralized mortgage obligations are limited to 15% of the
total portfolio. The longer maturity makes the fund more
responsive to changes in interest rates than the Short-
Intermediate Fixed Income Portfolio, as is evidenced by the
difference in returns between the two portfolios in 1995.
During 1995, there was a dramatic decrease in both short and long
term interest rates as the 30-year U. S. Treasury level dropped
from 7.90% to near 6.00% at year's end. Total returns across all
maturities were positive for the year, but were greatest in
securities 10 years and longer.
The Long-Intermediate Fixed Income Portfolio began the year with
a maturity of 9 years versus 8.8 years for the Lehman Aggregate
Index and ended the year with an average maturity near 9.5 years.
The Index ended the year at 8.5 years. To accommodate potential
cash flows, short term securities comprised nearly 10% of the
portfolio.
Throughout the year the diversification of the portfolio into
various sectors was largely maintained. However, as the year
progressed, mortgage-related securities became more attractive
relative to other available securities with their quality and
yield and the mortgage position was increased to 35%. U. S.
Treasuries were maintained near 42% of the portfolio throughout
the year.
The decline in interest rates in 1995 resulted in the current
yield dropping from 7.5% to 6.65% at year's end. The average
quality of the portfolio was AAA throughout.
The Short-Intermediate Fixed Income Portfolio
The Investment Manager of the Short-Intermediate Fixed Income
Portfolio is Scudder, Stevens & Clark, Inc. Dixie J. Ruud has
been charged with the day-to-day management of the portfolio
since July of 1990. Ms. Ruud is a principal of Scudder, Stevens
& Clark, Inc. and has been associated with the firm since March
of 1976. Prior to that time, she was with American Express
Investment management Company in charge of fixed income
securities.
<TABLE>
The line graph below compares the performance of the Short-
Intermediate Fixed Income Portfolio with the Merrill Lynch 1-5
Year Government/Corporate Bond Index since the portfolio's
inception. <F1> The chart assumes a $10,000 investment in the
portfolio and charts that performance over each year since
inception. Unlike the Short-Intermediate Fixed Income Portfolio,
the Merrill Lynch 1-5 Year Government/Corporate Bond Index is
unmanaged and does not incur any operating expenses. If such
expenses had been applied to the index, its performance would
have been lower than as reflected in the graph.
NOTE: Past performance is not predictive of future performance.
<CAPTION>
Merrill Lynch 1-5 Year Short-Intermediate
Government/Corporate Fixed Income
Date Bond Index Portfolio
<S> <C> <C>
7/31/90 10,000 10,000
12/31/90 10,460 10,382
12/31/91 11,823 11,582
12/31/92 12,632 12,284
12/31/93 13,525 13,068
12/31/94 13,447 12,733
12/31/95 15,181 14,119
</TABLE>
<TABLE>
The annualized total returns for the Short-Intermediate Fixed
Income Portfolio are shown below:
<CAPTION>
Period Return
<S> <C>
One Year 10.88%
Five Years 6.34%
Since inception 6.57%
</TABLE>
The investment objective for the Short-Intermediate Fixed Income
Portfolio is current income. The Portfolio operates under the
same guidelines as the Long-Intermediate Fixed Income Portfolio,
except the allowable weighted average maturity is between 2 and 5
years. The shorter maturity results in less volatility over
extended time periods than can be experienced in the Long-
Intermediate Fixed Income Portfolio.
The average maturity of the portfolio was maintained near 2.5
years for 1995. Cash reserves were kept at a low level (3.3% at
December 31, 1995) and withdrawals by participants were funded
primarily through sales of shorter term U. S. Treasury
securities. Due to the relative attractiveness of U. S.
Treasuries, their percentage in the portfolio remained high at
72%. Mortgage related securities were increased to 10% of the
portfolio. Reflecting lower rates at year end, the current yield
of the portfolio stood at 6.00%. The quality remained AAA
throughout the year.
