ALAMEDA CONTRA-COSTA MEDICAL ASSOCIATION
COLLECTIVE INVESTMENT TRUST FOR RETIREMENT PLANS
FINANCIAL STATEMENTS
(UNAUDITED)
for the six months ended June 30, 1996 and
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
(unaudited)
June 30, 1996
<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 1,073,092 2,985,599 19,790,573 3,075,294 4,800,606 5,254,290 2,493,112
Investments, at value 1,115,442 3,706,900 21,114,333 3,850,234 4,879,710 5,209,671 2,487,605
Receivable-units sold 11,500 136,843 25,315 28,972 8,295 864 104,826
Accrued dividends
and interest receivable 4,311 2,496 21,314 22,593 60,906 80,893 44,689
_________ _________ _________ _________ _________ _________ _________
Total assets 1,131,253 3,846,239 21,160,962 3,901,799 4,948,911 5,291,428 2,637,120
LIABILITIES AND
NET ASSETS
Accrued expenses:
Administration fees 1,733 6,080 34,298 6,197 7,942 8,685 4,088
Professional fees 203 2,208 10,985 1,900 2,543 10,330 1,390
Payable-redemption of units 109,516 20,000 25,991 0 0 20,214 2,198
_________ _________ __________ _________ _________ _________ _________
Total liabilities 111,452 28,288 71,274 8,097 10,485 39,229 7,676
Net assets 1,019,801 3,817,951 21,089,688 3,893,702 4,938,426 5,252,199 2,629,444
Units outstanding 96,381 244,957 2,108,975 389,364 493,852 525,221 262,939
Net asset value per unit 10.58 15.59 10.00 10.00 10.00 10.00 10.00
NET ASSETS COMPOSED OF:
Paid-in capital 968,058 2,778,497 10,682,345 2,370,587 3,076,884 3,561,578 1,363,649
Accumulated undistributed
net investment income
(loss) 5,470 (74,458) 1,271,613 494,998 1,599,949 1,661,741 1,328,683
Accumulated undistributed
net realized gains
(losses) 3,923 392,611 7,811,970 253,177 182,489 73,499 (57,381)
Unrealized appreciation
(depreciation) on
investments 42,350 721,301 1,323,760 774,940 79,104 (44,619) (5,507)
_________ _________ __________ _________ _________ _________ _________
Net assets at value 1,019,801 3,817,951 21,089,688 3,893,702 4,938,426 5,252,199 2,629,444
</TABLE>
<PAGE>
<TABLE>
ALAMEDA-CONTRA COSTA MEDICAL ASSOCIATION COLLECTIVE INVESTMENT TRUST FOR RETIREMENT PLANS
SCHEDULE OF INVESTMENTS
(unaudited)
June 30, 1996
<CAPTION>
INTERNATIONAL EQUITY PORTFOLIO Shares Value
<S> <C> <C>
Cash and Cash Equivalents (10.63%)
Wells Fargo Money Market Fund 118,593 118,593
(cost 118,593)
Common Stocks (89.37%):
Consumer Staples (15.07%):
Allied Domecq PLC ADR 2,850 20,016
Cadbury Schweppes PLC ADR 650 20,962
Compagnie General Des Eaux ADR 1,050 23,455
Heineken NV ADR 150 33,515
Kao Corp ADR 180 24,288
Nestle SA ADR 450 25,688
Unilever PLC American Shares 250 20,188
______
Health (5.99%): 168,112
Astra AB ADR B 500 21,688
CIBA Geigy A G 350 21,322
Rhone Poulenc ADR 900 23,850
______
Consumer Durables (8.44%): 66,860
Daimler Benz A G ADR 380 20,473
Fiat Spa ADR 3,450 30,187
Honda Motor Ltd American Shares 460 23,460
Toyota Motor Corp 400 20,050
______
94,170
Process Industry (7.80%):
Hoechst A G 1,000 33,900
Mitsui & Co Ltd A G ADR 120 21,900
NKK Corp ADR 750 22,702
Pohang Iron & Steel Ltd ADR 350 8,531
______
Consumer Discretionary (13.00%): 87,033
Aktiebolagett Electrolux ADR 450 22,613
Amway Japan Ltd ADR 900 22,388
News Corp ADR PFD A 850 17,106
Nintendo Ltd 2,350 21,855
Rank Organisation Pub Ltd 1,300 20,150
Sony Corp ADR 450 29,756
Thorn EMI PLC ADR 400 11,150
______
145,018
PAGE
<PAGE>
SCHEDULE OF INVESTMENTS, continued
(unaudited)
June 30, 1996
INTERNATIONAL EQUITY PORTFOLIO, continued
Common Stocks (89.37%), continued
Producer/Manufacturing (7.87%):
Cable and Wireless Pub Ltd 1,050 20,737
General Electric PLC ADR 3,700 19,950
Mannesmann A G ADR 90 31,101
Siemens A G ADR 300 16,024
______
Technology (2.00%): 87,812
Matsushita Elec Indl 120 22,320
Energy (5.72%):
ELF Aquataine ADR 900 33,075
Royal Dutch Pete NY Reg 200 30,750
______
Telecommunications (5.90%): 63,825
Alcatel Alsthom ADR 1,750 31,063
Ricoh Ltd ADR 350 18,508
WPP Group PLC ADR 480 16,080
______
Financial (11.11%): 65,651
Banco Central S A ADR 1,050 10,763
Den Danske Bank AF 1871 AK 350 23,451
Deutsche Bank A G ADR 250 11,825
HSBC Holdings PLC ADR 150 22,673
Mitsui & Co Ltd ADR 230 18,265
Tokio Marine & Fire Ins. Ltd ADR 270 17,989
Yasuda Tr and Bkg Ltd ADR 300 18,955
______
Utilities (6.47%): 123,921
British Gas PLC ADR 780 21,840
Empresa Nacional Electric ADR 300 18,787
National Power Plc 1,000 31,500
_______
72,127
Total Common Stocks (cost 954,499) 996,849
_______
Total Investments held (cost 1,073,092) 1,115,442
</TABLE>
<PAGE>
<PAGE>
<TABLE>
ALAMEDA-CONTRA COSTA MEDICAL ASSOCIATION COLLECTIVE INVESTMENT TRUST FOR RETIREMENT PLANS
SCHEDULE OF INVESTMENTS, continued
(unaudited)
June 30, 1996
<CAPTION>
GROWTH EQUITY PORTFOLIO Shares Value
<S> <C> <C>
Cash and Cash Equivalents (1.05%):
Wells Fargo Money Market Fund 39,107 39,107
(cost 39,107)
Common Stocks (98.95%):
Automotive (2.67%):
Magna International Inc 2,150 98,900
Publishing and Advertising (2.28%):
Houghton Mifflin Co 1,700 84,575
Medical, Hospital Supplies (6.39%):
Elan PLC ADR 1.650 94,463
Forest Labs Inc 1,700 65,662
Owens and Minor Inc New 6,600 76,725
_______
Entertainment and Leisure (6.59%): 236,850
Callaway Golf Co 3,800 126,350
Circus Circus Enterprise Inc 2,875 117,875
_______
Retailing (12.99%): 244,225
Circuit City Stores Inc 3,750 135,469
Dollar Gen Corp 4,219 123,398
Office Depot Inc 5,200 105,300
Pep Boys Manny Moe and Mack 3,450 117,300
_______
Services (3.18%): 481,467
Manpower Inc 3,000 117,750
Business Services (2.74%):
Sensormatic Electrics Corp 6,205 101,607
<PAGE>
<PAGE>
SCHEDULE OF INVESTMENTS, continued
(unaudited)
June 30, 1996
GROWTH EQUITY PORTFOLIO, continued
Common Stocks (98.95%), continued
Business Equipment (6.52%):
Cisco Sys Inc 2,300 130,238
Newbridge Networks Corp 1,700 111,350
_______
Electronics (10.84%): 241,588
EMC Corp Mass 5,000 92,500
International Rectifier Corp 5,200 83,850
Molex Inc 3,937 115,649
Texas Instruments 2,200 109,725
_______
Specialty Equipment (3.60%): 401,724
American Power Conversion Corp Com 6,000 61,500
Novellus Systems Inc 2,000 72,000
_______
Software (2.85%): 133,500
Mentor Graphics Corp 6,500 105,625
Telecommunications (6.83%):
Nokia Corp 3,150 116,550
US Robotics Corp 1,600 136,800
_______
Electrical Equipment (5.82%): 253,350
Solectron Corp 2,940 111,353
Symbol Technologies Inc 2,350 104,575
_______
Machinery (1.63%): 215,928
Wabash National Corp 3,400 60,350
Banking and Credit (3.67%):
MBNA Corp 4,770 135,945
<PAGE>
<PAGE>
SCHEDULE OF INVESTMENTS, continued
(unaudited)
June 30, 1996
GROWTH EQUITY PORTFOLIO, continued
Common Stocks (98.95%), continued
Finance and Insurance (14.73%):
Cincinnati Financial Corp 1,675 96,103
Equitable Cos Inc 4,800 119,400
Green Tree Financial 3,380 105,625
MBIA Inc 1,450 112,919
Mercury Finance Co 8,775 111,881
_______
Airlines (2.71%): 545,928
Southwest Airlines Co 3,450 100,481
Telephone (2.91%):
Telephone and Data Sys Inc 2,400 108,000
_________
Total Common Stocks (cost 2,946,492) 3,667,793
_________
Total invesmtnets held (cost 2,985,599) 3,706,900
</TABLE>
<PAGE>
<PAGE>
<TABLE>
ALAMEDA-CONTRA COSTA MEDICAL ASSOCIATION COLLECTIVE INVESTMENT TRUST FOR RETIREMENT PLANS
SCHEDULE OF INVESTMENTS, continued
(unaudited)
June 30, 1996
<CAPTION>
VALUE EQUITY PORTFOLIO Shares Value
<S> <C> <C>
Cash and Cash Equivalents (3.53%)
Wells Fargo Money Market Fund 745,627 745,627
(cost 745,627)
Common Stocks (96.47)%:
Energy (4.79%):
Horsham Corp Sub Vtg 10,700 148,462
Mobil Corp 1,700 191,038
Oryx Energy Co 9,000 146,250
Tosco Corp 4,000 201,000
USX-Marathon Group 16,100 324,012
_________
Industrial (1.69%): 1,010,762
Fluor Corp 2,400 156,900
Jacobs Engr Group Inc 7,600 200,450
_______
Producer Manufacturing (6.67%): 357,350
Agoco Corp 7,800 216,450
Cummins Engine Co Inc 7,800 314,925
ITT Industries Inc 16,000 402,000
Johnson Controls Inc 2,300 159,850
Lear Corp 5,900 207,975
Whitman Corp 4,400 106,150
_________
Process Industries (7.19%): 1,407,350
Albemarle Corp 6,600 120,450
Cabot Corp 7,100 173,950
Mead Corp 5,500 285,313
Owens Illinois Inc 27,000 432,000
Terra Industries Inc 16,500 204,187
Union Carbide Corp 7,600 302,100
_________
Commercial Services (6.45%): 1,518,000
Alco Standard Corp 2,500 113,125
Equifax Inc 17,800 467,250
Rykoff-Sexton Inc 11,200 161,000
Super Value Stores 9,600 302,400
Sysco Corp 9,300 318,525
_________
1,362,300
<PAGE>
<PAGE>
SCHEDULE OF INVESTMENTS, continued
June 30, 1996
(unaudited)
VALUE EQUITY PORTFOLIO, continued
Common Stocks (96.47%), continued
Technology (7.89%):
Amerisource Health Corp 4,500 149,625
Avnet Inc 3,100 130,587
Bergen Brunswig Corp 5,900 163,725
Cardinal Health Inc 4,100 295,713
FHP International Inc 5,600 153,300
McKesson Corp 5,500 261,938
Tech Data Corp 13,500 293,625
Tenet Healthcare Corp 10,200 218,025
_________
Electronic Technology (4.88%): 1,666,538
Data General Corp 14,500 188,500
Gateway 2000 Inc 5,800 197,200
Litton Industries Inc 8,300 361,050
Mitel Corp 22,100 146,413
SCI Systems 3,400 138,125
_________
Consumer (8.65%): 1,031,288
Conagra Inc 2,400 108,900
Coors Adolph Co 5,500 98,313
Darden Restaurants Inc 32,000 344,000
Honda Motor Ltd 5,700 290,700
IBP Inc 10,400 287,300
Polaroid Corp 6,600 301,125
Toll Bros Inc 5,800 94,975
Volvo Aktiebolaget ADR B 6,400 144,000
Universal Corp 5,900 156,350
_________
Retail (10.63%): 1,825,663
American Stores 5,300 215,975
Dayton Judson Corp 4,000 412,500
Eckerd Corp 9,500 214,937
Federated Dept Stores Inc 6,200 211,575
Fingerhut Companies Inc 15,800 246,875
Giant Foods Inc CL-A 3,200 114,800
Kroger Co 5,800 229,100
Safeway Inc 6,300 207,900
Vons Co Inc 4,600 171,925
Winn Dixie Stores Inc 6,200 219,325
_________
2,244,912
PAGE
<PAGE>
SCHEDULE OF INVESTMENTS, continued
(unaudited)
June 30, 1996
VALUE EQUITY PORTFOLIO, continued
Common Stocks (96.47%), continued
Transportation (4.04%):
Continental Airlines Inc CL-B 3,500 216,125
Federal Express Co 2,200 180,400
KLM Royal Dutch Airline ADR 5,800 184,150
UAL Corp 2,000 107,500
U S Air Group Inc 9,200 165,600
_______
Finance (20.79%): 853,775
Ahmanson H.F. & Co 6,800 183,600
Bear Stearns Co Inc 19,005 448,993
City National Corp 7,600 119,700
Commerce Group Inc 10,700 223,363
Equitable Cos Inc 6,600 164,175
Fremont General Corp 6,900 158,700
Great Western Financial Corp 7,000 167,125
Green Tree Financial Corp 13,800 431,250
Hibernia Corp CL-A 20,100 216,075
Lehman Brothers 16,300 403,425
National City Corp 3,000 105,375
Old Republic International Corp 4,900 105,350
Peoples Bk Bridgeport Conn 10,200 226,950
Reliance Group Inc 19,800 148,500
Ryder Sys Inc 11,200 315,000
Southtrust Corp 16,200 455,625
United Insurance Cos Inc 4,800 109,200
Washington Mutual Inc 13,600 406,300
_________
Utilities (12.80%): 4,388,706
Alleghany Power System 6,600 203,775
BCE Inc 4,800 189,600
Central & Southwest Corp 11,200 323,400
Coastal Corp 6,300 263,025
Columbia Gas System Inc 5,000 259,375
Entergy Corp 10,200 289,425
Illinova Corp 10,100 290,375
Long Island Lighting Co 9,300 156,937
NGC Corp 7,000 105,000
Pinnacle West Capital Corp 11,400 346,275
Public Service Co of Colorado 4,300 158,025
Public Service Co of New Mexico 5,700 116,850
_________
2,702,062
PAGE
<PAGE>
SCHEDULE OF INVESTMENTS, continued
(unaudited)
June 30, 1996
VALUE EQUITY PORTFOLIO, continued
Common Stocks (96.47%), continued
Total Common Stocks (cost 19,044,946) 20,368,706
__________
Total investments held (cost 19,790,573) 21,114,333
</TABLE>
<PAGE>
<PAGE>
<TABLE>
ALAMEDA-CONTRA COSTA MEDICAL ASSOCIATION COLLECTIVE INVESTMENT TRUST FOR RETIREMENT PLANS
SCHEDULE OF INVESTMENTS, continued
(unaudited)
June 30, 1996
<CAPTION>
Shares/
BALANCED PORTFOLIO Face Value Value
<S> <C> <C>
Cash and Cash Equivalents (11.31%)
Wells Fargo Money Market Fund 435,405 435,405
(cost 435,405)
Common Stocks (61.89)%:
Basic Industry (1.96%):
Caterpiller Inc 500 33,875
Champion International 1,000 41,750
______
Capital Goods (6.90%): 75,625
Black & Decker 2,000 77,250
General Electric 1,000 86,750
Minnesota Mining 1,000 69,000
WMX Technologies 1,000 32,750
_______
Chemical (1.34%): 265,750
Cytec 142 12,141
E I Dupont 500 39,563
______
Consumer (6.73%): 51,704
Gillette 2,000 124,750
H J Heinz 1,500 46,125
McDonalds Corp 500 23,375
Sara Lee 2,000 65,000
_______
Energy and Transportation (6.42%): 259,250
Chevron 1,000 59,000
Mobil Oil Corp 300 33,712
Norfolk & Southern Corp 1,000 84,750
Union Pacific 1,000 69,875
_______
Entertainment and Leisure (3.27%): 247,337
Walt Disney 2,000 125,750
<PAGE>
<PAGE>
SCHEDULE OF INVESTMENTS, continued
(unaudited)
June 30, 1996
BALANCED PORTFOLIO, continued
Common Stocks (61.89%), continued
Medical, Hospital Supplies (6.96%):
American Home Products 1,000 60,125
Amgen 2,000 108,000
Bristol Myers 500 45,000
Warner Lambert 1,000 55,000
_______
Finance and Insurance (9.00%): 268,125
Aetna Life 1,000 71,500
American Express 2,000 89,250
Bank America Corp 1,000 75,750
Federal National Mtg. 1,000 33,500
H & R Block 1,000 32,750
Salomon Inc 1,000 44,000
_______
Media (1.45%): 346,750
Media General 1,500 55,875
Retailers (3.92%):
GAP 2,000 64,250
Price Costco 2,695 58,279
Toys-R-Us 1,000 28,500
_______
Technology (7.20%): 151,029
Apple Computer 1,000 21,000
EMC Corp 2,000 37,000
Intel 1,000 73,438
Sun Microsystems 2,000 117,750
Teradyne 2,000 34,500
_______
Telephone (4.54%): 283,688
AT&T 1,000 62,000
Bell Atlantic 1,000 63,750
SBC Communications Inc 1,000 49,250
_______
175,000
<PAGE>
<PAGE>
SCHEDULE OF INVESTMENTS, continued
(unaudited)
June 30, 1996
BALANCED PORTFOLIO, continued
Common Stocks (61.89%), continued
Telecommunications (2.00%):
MCI Communications 3,000 76,875
_________
Total Common Stocks (cost 1,630,022) 2,382,758
_________
Corporate Debt Securities (16.16%):
Financial (2.76%):
Merrill Lynch, 8.300%, due 11-01-02 100,000 106,261
Industrial (8.07%):
BP Amer, 9.375%, due 11-01-00 100,000 109,448
IBM, 7.250%, due 11-01-02 100,000 101,674
North Telecom, 6.875%, due 10-01-02 100,000 99,779
_______
International (5.32%): 310 901
Quebec Province, 7.500%, due 07-15-02 100,000 102,321
ELF Aquataine, 7.750%, due 05-01-99 100,000 102,650
_______
204,971
Total Corporate Debt Securities 622,133
(cost 609,428) _______
U.S. Gov't & Agency Obligations (10.64%):
U.S. Treasury Notes:
7.125%, due 10-15-98 200,000 204,000
7.250%, due 02-15-98 100,000 101,750
7.750%, due 12-31-99 100,000 104,188
_________
Total U. S. Government (cost 400,439) 409,938
_________
Total investments held (cost 3,075,294) 3,850,234
</TABLE>
PAGE
<PAGE>
<TABLE>
ALAMEDA-CONTRA COSTA MEDICAL ASSOCIATION COLLECTIVE INVESTMENT TRUST FOR RETIREMENT PLANS
SCHEDULE OF INVESTMENTS, continued
(unaudited)
June 30, 1996
<CAPTION>
Shares/
LONG-INTERMEDIATE FIXED INCOME PORTFOLIO Face Value Value
<S> <C> <C>
Cash and Cash Equivalents (12.65%)
Money Market Account (7.73%):
Wells Fargo Money Market Fund 377,417 377,417
Commercial Paper (4.92%):
General Electric Capital, 5.380%,
due 07-29-96 240,000 240,000
Total Cash & Cash Equivalents
(cost 617,417) 617,417
_______
Corporate Debt Securities (10.67%):
Industrial (10.67%):
Atlantic Richfield Mtn, 8.550%,
due 03-01-12 150,000 163,913
Boeing Co DEB, 7.250%, due 06-15-25 150,000 144,627
Caterpillar Mtn, 8.100%, due 01-15-04 100,000 104,867
WalMart Stores Inc, 8.625%, due 04-01-01 100,000 107,086
_________
Total Corporate Debt Securities 520,493
(cost 508,489) _________
U.S. Gov't & Agency Obligations (76.68%):
U.S. Treasury Obligations (47.12%)
Bonds:
7.250%, due 05-15-16 700,000 716,192
6.250%, due 08-15/23 250,000 226,562
Notes:
6.500%, due 05-15-05 200,000 197,126
5.875%, due 02-15-04 250,000 238,672
6.375%, due 01-15-99 400,000 401,124
6.375%, due 08-15-02 100,000 99,188
7.750%, due 02-15-01 400,000 420,376
_________
2,299,240
<PAGE>
<PAGE>
SCHEDULE OF INVESTMENTS, continued
(unaudited)
June 30, 1996
LONG-INTERMEDIATE FIXED INCOME PORTFOLIO,
continued
U.S. Gov't & Agency Obligations (76.68%):
continued
Federal Home Loan Mortgage Notes (4.98%):
8.000%, due 03-15-20 63,384 63,919
7.500%, due 02-01-25 177,502 175,727
10.500%, due 02-01-01 3,046 3,219
_______
242,865
Federal National Mortgage Association
Pooled Notes (11.76%):
9.000%, due 11-01-04 17,027 17,729
6.000%, due 11-01-23 225,971 206,551
6.500%, due 11-01-25 247,017 231,035
8.500%, due 04-25-18 17,189 17,296
7.950%, due 12-25-19 99,437 101,457
_______
Government National Mortgage 574,068
Association Pooled Notes (12.82%):
7.500%, due 05-15-07 56,627 55,794
7.500%, due 07-15-07 43,102 42,468
11.000%, due 07-15-15 10,788 12,072
12.000%, due 06-15-15 1,305 1,502
9.500%, due 09-15-19 29,316 31,322
9.000%, due 12-15-19 39,432 41,256
7.500%, due 12-15-23 219,935 216,702
6.500%, due 11-15-09 230,490 224,511
_______
625,627
Total U.S. Government (cost 3,674,700) 3,741,800
_________
Total investments held (cost 4,800,606) 4,879,710
</TABLE>
<PAGE>
<PAGE>
<TABLE>
ALAMEDA-CONTRA COSTA MEDICAL ASSOCIATION COLLECTIVE INVESTMENT TRUST FOR RETIREMENT PLANS
SCHEDULE OF INVESTMENTS, continued
(unaudited)
June 30, 1996
<CAPTION>
Shares/
SHORT-INTERMEDIATE FIXED INCOME PORTFOLIO Face Value Value
<S> <C> <C>
Cash and Cash Equivalents (1.50%)
Wells Fargo Money Market Fund 78,305 78,305
(cost 78,305)
Corporate Debt Securities (12.47%):
Financial (5.79%):
AVCO Finl, 7.500%, due 11-15-96 100,000 100,591
Beneficial Mtn, 6.120%, due 08-27-97 100,000 99,996
Household Fin, 7.500%, due 03-15-97 100,000 101,006
_______
Industrial (4.75%): 301,593
Hertz Corp, 6.700%, due 06-15-02 150,000 147,018
Waste Mgmt, 7.875%, due 08-15-96 100,000 100,237
_______
Utility (1.93%): 247,255
Pacific Gas and Electric,
7.140%, due 12-02-96 100,000 100,559
_______
Total Corporate Debt Securities 649,407
(cost 648,768) _______
U.S. Gov't & Agency Obligations (86.03%):
U.S. Treasury Notes (76.88%):
5.125%, due 12-31-98 200,000 194,938
5.750%, due 08-15-03 400,000 380,500
4.750%, due 08-31-98 250,000 242,890
5.125%, due 04-30-98 750,000 737,348
5.500%, due 07-31-97 250,000 249,062
5.750%, due 10-31-97 550,000 548,625
6.000%, due 10-15-99 500,000 495,315
6.250%, due 01-31-97 400,000 401,500
6.375%, due 01-15-99 400,000 401,124
6.750%, due 05-31-99 100,000 101,125
6.875%, due 03-31-97 250 000 252,110
_________
4,004,537
<PAGE>
SCHEDULE OF INVESTMENTS, continued
(unaudited)
June 30, 1996
SHORT-INTERMEDIATE FIXED INCOME PORTFOLIO,
continued
U.S. Gov't & Agency Obligations (86.03%):
continued
Federal Home Loan Mortgage Notes (4.75%):
8.000%, due 03-15-20 31,692 31,959
7.500%, due 12-15-05 120,153 121,092
7.000%, due 09-01-99 94,458 94,222
_______
Federal National Mortgage Association 247,273
Pooled Notes (4.42%):
6.500%, due 10-01-10 238,188 230,149
_________
Total U.S. Government (cost 4,527,217) 4,481,959
_________
Total investments held (cost 5,254,290) 5,209,671
</TABLE>
<PAGE>
<PAGE>
<TABLE>
ALAMEDA-CONTRA COSTA MEDICAL ASSOCIATION COLLECTIVE INVESTMENT TRUST FOR RETIREMENT PLANS
SCHEDULE OF INVESTMENTS, continued
(unaudited)
June 30, 1996
<CAPTION>
Shares/
MONEY MARKET PORTFOLIO Face Value Value
<S> <C> <C>
Cash and Cash Equivalents (5.53%)
Wells Fargo Money Market Fund 137,601 137,601
(cost 137,601)
U.S. Gov't & Agency Obligations (94.47%):
U.S. Treasury Notes (94.47%):
4.375%, due 11-15-96 500,000 497,970
5.625%, due 06-30-97 400,000 399,376
6.125%, due 07-31-96 500,000 500,470
6.500%, due 04-30-97 400,000 402,376
5.500%, due 07-31-97 300,000 298,875
6.250%, due 01-31-97 250,000 250,937
_________
Total U.S. Government (cost 2,355,511) 2,350,004
_________
Total investments held (cost 2,493,112) 2,487,605
</TABLE>
<PAGE>
<PAGE>
<TABLE>
ALAMEDA-CONTRA COSTA MEDICAL ASSOCIATION COLLECTIVE INVESTMENT TRUST FOR RETIREMENT PLANS
STATEMENTS OF OPERATIONS
(unaudited)
For the six months ended June 30, 1996
<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 3,339 1,262 31,251 46,528 162,077 166,721 71,868
Dividend income 10,064 13,121 299,675 19,032 0 0 0
Other income 0 0 1,530 0 0 0 0
_______ _______ _______ _______ _______ _______ _______
Total investment income 13,403 14,383 332,456 65,560 162,077 166,721 71,868
Expenses:
Investment advisory fees 4,273 14,221 102,430 11,123 11,995 14,988 6,232
Administration fees 2,298 8,503 49,137 8,666 11,460 12,749 6,015
Consulting fees 789 3,065 17,838 3,134 4,164 4,808 2,202
Custodian fees 552 2,486 14,748 2,632 3,437 3,851 1,756
Legal fees 369 1,374 7,947 1,410 1,853 2,101 971
Audit fees 228 859 4,981 881 1,163 1,326 604
Insurance 142 538 3,120 552 779 920 516
Printing 36 134 783 137 182 208 95
Miscellaneous 56 212 1,231 215 287 322 152
_________ _________ __________ _________ _________ _________ _________
Total expenses 8,743 31,392 202,215 28,750 35,320 41,273 18,543
Fees paid indirectly (476) (1,795) (10,407) (1,842) (2,430) (2,771) (1,278)
Net expenses 8,267 29,597 191,808 26,908 32,890 38,502 17,265
Net investment income
(loss) 5,136 (15,214) 140,648 38,652 129,187 128,219 54,603
Realized and unrealized
gain (loss) on investments
Net realized gain
on securities sold 3,923 92,369 1,782,841 36,856 18,521 3,629 3,930
_________ _________ __________ _________ _________ _________ _________
Unrealized appreciation
(depreciation) on
investments 35,669 223,424 (1,130,828) 120,954 (282,652) (116,675) (12,969)
_________ _________ __________ _________ _________ _________ _________
Net realized and unrealized
gain (loss) on investments 39,592 315,793 652,013 157,810 (264,131) (113,046) (9,039)
_________ _________ __________ _________ _________ _________ _________
Net increase (decrease) in
net assets resulting
from operations 44,728 300,579 792,661 196,462 (134,944) 15,173 45,564
</TABLE>
<PAGE>
<TABLE>
ALAMEDA-CONTRA COSTA MEDICAL ASSOCIATION COLLECTIVE INVESTMENT TRUST FOR RETIREMENT PLANS
STATEMENT OF CHANGES IN NET ASSETS
(unaudited)
for the six months ended June 30, 1996 and
the period from November 30, 1995 (inception)
through December 31, 1995
<CAPTION>
INTERNATIONAL EQUITY PORTFOLIO 1996 1995
<S> <C> <C>
Increase in net assets from operations:
Net investment income 5,136 334
Net realized gain 3,923 0
Net unrealized appreciation 35,669 6,681
_________ _________
Net increase in net assets
resulting from operations 44,728 7,015
Increase in net assets from unitholder
activity 169,715 798,343
_________ _________
Total increase in net assets 214,443 805,358
Net assets, beginning of period 805,358 0
_________ _________
Net assets, end of period 1,019,801 805,358
Undistributed net investment income included
in net assets:
Beginning of period 334 0
End of period 5,470 334
</TABLE>
<PAGE>
<PAGE>
<TABLE>
ALAMEDA-CONTRA COSTA MEDICAL ASSOCIATION COLLECTIVE INVESTMENT TRUST FOR RETIREMENT PLANS
STATEMENT OF CHANGES IN NET ASSETS
(unaudited)
for the six months ended June 30, 1996 and
for the year ended December 31, 1995
<CAPTION>
GROWTH EQUITY PORTFOLIO 1996 1995
<S> <C> <C>
Increase in net assets from operations:
Net investment loss (15,214) (21,339)
Net realized gain 92,369 75,785
Net unrealized appreciation 223,424 379,367
_________ _________
Net increase in net assets
resulting from operations 300,579 433,813
Increase in net assets from unitholder
activity 156,175 388,192
_________ _________
Total increase in net assets 456,754 822,005
Net assets, beginning of period 3,361,197 2,539,192
__________ __________
Net assets, end of period 3,817,951 3,361,197
Undistributed net investment loss included
in net assets:
Beginning of period (59,244) (37,905)
End of period (74,458) (59,244)
</TABLE>
PAGE
<PAGE>
<TABLE>
ALAMEDA-CONTRA COSTA MEDICAL ASSOCIATION COLLECTIVE INVESTMENT TRUST FOR RETIREMENT PLANS
STATEMENT OF CHANGES IN NET ASSETS
(unaudited)
for the six months ended June 30, 1996 and
for the year ended December 31, 1995
<CAPTION>
VALUE EQUITY PORTFOLIO 1996 1995
<S> <C> <C>
Increase in net assets from operations:
Net investment income 140,648 214,583
Net realized gain 1,782,841 1,690,989
Net unrealized appreciation (depreciation) (1,130,828) 2,336,498
__________ _________
Net increase in net assets
resulting from operations 792,661 4,242,070
Increase (decrease) in net assets from unitholder
activity 16,614 (786,548)
_________ _________
Total increase in net assets 809,275 3,455,522
Net assets, beginning of period 20,280,413 16,824,891
__________ __________
Net assets, end of period 21,089,688 20,280,413
Undistributed net investment income included
in net assets:
Beginning of period 1,130,965 916,382
End of period 1,271,613 1,130,965
</TABLE>
PAGE
<PAGE>
<TABLE>
ALAMEDA-CONTRA COSTA MEDICAL ASSOCIATION COLLECTIVE INVESTMENT TRUST FOR RETIREMENT PLANS
STATEMENT OF CHANGES IN NET ASSETS
(unaudited)
for the six months ended June 30, 1996 and
for the year ended December 31, 1995
<CAPTION>
BALANCED PORTFOLIO 1996 1995
<S> <C> <C>
Increase in net assets from operations:
Net investment income 38,652 80,232
Net realized gain 36,856 6,532
Net unrealized appreciation 120,954 537,745
_________ _________
Net increase in net assets
resulting from operations 196,462 624,509
Increase in net assets from unitholder
activity 207,748 378,817
_________ _________
Total increase in net assets 404,210 1,003,326
Net assets, beginning of period 3,489,492 2,486,166
__________ __________
Net assets, end of period 3,893,702 3,489,492
Undistributed net investment income included
in net assets:
Beginning of period 456,346 376,114
End of period 494,998 456,346
</TABLE>
PAGE
<PAGE>
<TABLE>
ALAMEDA-CONTRA COSTA MEDICAL ASSOCIATION COLLECTIVE INVESTMENT TRUST FOR RETIREMENT PLANS
STATEMENT OF CHANGES IN NET ASSETS
(unaudited)
for the six months ended June 30, 1996 and
for the year ended December 31, 1995
<CAPTION>
LONG-INTERMEDIATE FIXED INCOME PORTFOLIO 1996 1995
<S> <C> <C>
Increase in net assets from operations:
Net investment income 129,187 236,014
Net realized gain 18,521 6,981
Net unrealized appreciation (depreciation) (282,652) 452,522
_________ _________
Net increase (decrease) in net assets
resulting from operations (134,944) 695,517
Increase in net assets from unitholder
activity 350,958 263,582
_________ ___________
Total increase in net assets 216,014 959,099
Net assets, beginning of period 4,722,412 3,763,313
__________ __________
Net assets, end of period 4,938,426 4,722,412
Undistributed net investment income included
in net assets:
Beginning of period 1,470,762 1,234,748
End of period 1,599,949 1,470,762
</TABLE>
PAGE
<PAGE>
<TABLE>
ALAMEDA-CONTRA COSTA MEDICAL ASSOCIATION COLLECTIVE INVESTMENT TRUST FOR RETIREMENT PLANS
STATEMENT OF CHANGES IN NET ASSETS
(unaudited)
for the six months ended June 30, 1996 and
for the year ended December 31, 1995
<CAPTION>
SHORT-INTERMEDIATE FIXED INCOME PORTFOLIO 1996 1995
<S> <C> <C>
Decrease in net assets from operations:
Net investment income 128,219 288,392
Net realized gain 3,629 1,808
Net unrealized appreciation (depreciation) (116,675) 339,459
_________ _________
Net increase in net assets
resulting from operations 15,173 629,659
Decrease in net assets from unitholder
activity (835,490) (738,676)
________ __________
Total decrease in net assets (820,317) (109,017)
Net assets, beginning of period 6,072,516 6,181,533
_________ _________
Net assets, end of period 5,252,199 6,072,516
Undistributed net investment income included
in net assets:
Beginning of period 1,533,522 1,245,130
End of period 1,661,741 1,533,522
</TABLE>
PAGE
<PAGE>
<TABLE>
ALAMEDA-CONTRA COSTA MEDICAL ASSOCIATION COLLECTIVE INVESTMENT TRUST FOR RETIREMENT PLANS
STATEMENT OF CHANGES IN NET ASSETS
(unaudited)
for the six months ended June 30, 1996 and
for the year ended December 31, 1995
<CAPTION>
MONEY MARKET PORTFOLIO 1996 1995
<S> <C> <C>
Increase (decrease) in net assets from operations:
Net investment income 54,603 107,391
Net realized gain 3,930 16,730
Net unrealized appreciation (depreciation) (12,969) 11,965
_________ _________
Net increase in net assets
resulting from operations 45,564 136,086
Increase (decrease) in net assets from unitholder
activity 18,115 (285,965)
_________ _________
Total increase (decrease) in net assets 63,679 (149,879)
Net assets, beginning of period 2,565,765 2,715,644
__________ __________
Net assets, end of period 2,629,444 2,565,765
Undistributed net investment income included
in net assets:
Beginning of period 1,274,080 1,166,689
End of period 1,328,683 1,274,080
</TABLE>
PAGE
<PAGE>
ALAMEDA-CONTRA COSTA MEDICAL ASSOCIATION COLLECTIVE INVESTMENT
TRUST FOR RETIREMENT PLANS
NOTES TO FINANCIAL STATEMENTS
(unaudited)
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
(unaudited)
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. 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.
PAGE
<PAGE>
ALAMEDA-CONTRA COSTA MEDICAL ASSOCIATION COLLECTIVE INVESTMENT
TRUST FOR RETIREMENT PLANS
NOTES TO FINANCIAL STATEMENTS, continued
(unaudited)
4. Brokerage Commissions Paid to Affiliated Brokers:
During the six months ended June 30, 1996, the International Value
Equity, Growth Equity, Value Equity and Balanced Portfolios paid
$1,150, $3,185, $68,110 and $780, respectively to Paine Webber for
commissions. A broker for Paine Webber is a consultant for the Trust.
5. Expense Offset Arrangements:
For the six months ended June 30, 1996, consulting expense amounts
include a total of $20,999 that has been paid indirectly with
commission dollars.
<TABLE>
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 six months ended June 30, 1996, were as follows:
<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 844,341 630,833 15,329,468 260,863 0 0 0
Proceeds from sales 183,762 591,736 14,628,051 147,792 0 250,000 0
</TABLE>
<TABLE>
The aggregate cost of purchases and proceeds from sales of U.S. government securities for the six months
ended June 30, 1996, were as follows:
<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 0 594,477 151,336 1,802,574
Proceeds from sales 0 0 0 0 253,974 456,140 1,450,000
</TABLE>
PAGE
<PAGE>
ALAMEDA-CONTRA COSTA MEDICAL ASSOCIATION COLLECTIVE INVESTMENT TRUST
FOR RETIREMENT PLANS
NOTES TO FINANCIAL STATEMENTS, continued
(unaudited)
7. Unit Value Adjustments:
On February 22, 1996, the Supervisory Committee approved a unit value
adjustment through a unit split so that as of July 1, 1996, the unit
values of certain Portfolios shall be $10.00. The unit values, number
of units held and per unit data reflected in this report have been
adjusted in accordance with the following ratios: Value Equity
Portfolio - 12.3862 to 1; Balanced Portfolio - 4.8470 to 1; Long-
Intermediate Fixed Income Portfolio - 5.5382 to 1; Short-Intermediate
Fixed Income Portfolio - 2.0957 to 1; Money Market Portfolio - 4.4817
to 1. The value of each Participating Trust's investment in each
Portfolio immediately before and after the unit split remains the same.
<TABLE>
8. Unit Activity:
At June 30, 1996, there was an unlimited number of no par value units authorized for the portfolios of the Trust.
Refer to Note 7. Transactions in Trust units for the six months ended June 30, 1996, are as follows:
<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 2,474 25,231 3,666 56,894 36,056 357,751 8,734 86,686 3,284 33,170
Transfers from
other portfolios 24,433 254,000 20,057 316,368 14,851 147,854 12,544 124,062 39,399 405,000
Redemptions 0 0 (3,894) (61,268) (16,189) (160,173) (310) (3,000) (8,341) (83,901)
Transfers to
other portfolios (10,350) (109,516) (10,424) (155,819) (33,058) (328,818) 0 0 (332) (3,311)
_______ ________ _______ ________ _______ __________ ______ ________ ______ _______
Net increase
(decrease) 16,557 169,715 9,405 156,175 1,660 16,614 20,968 207,748 34,010 350,958
</TABLE>
<TABLE>
ALAMEDA-CONTRA COSTA MEDICAL ASSOCIATION COLLECTIVE INVESTMENT TRUST FOR RETIREMENT PLANS
NOTES TO FINANCIAL STATEMENTS, continued
(unaudited)
8. Unit Activity:, continued
At June 30, 1996, there was an unlimited number of no par value units authorized for the portfolios of the Trust.
Refer to Note 7. Transactions in Trust units for the six months ended June 30, 1996, are as follows:
<CAPTION>
Short-
Intermediate
Fixed Income Money Market
Units Amount Units Amount
<S> <C> <C> <C> <C>
Sales 4,049 40,490 22,431 223,107
Transfers from
other portfolios 499 5,000 5,069 50,000
Redemptions (22,875) (227,889) (20,508) (203,268)
Transfers to
other portfolios (65,318) (653,095) (5,226) (51,724)
_______ ________ _______ ________
Net increase (decrease) (83,645) (835,490) 1,766 18,115
</TABLE>
<PAGE>
<TABLE>
ALAMEDA-CONTRA COSTA MEDICAL ASSOCIATION COLLECTIVE INVESTMENT TRUST FOR RETIREMENT PLANS
NOTES TO FINANCIAL STATEMENTS, continued
(unaudited)
9. Unit Activity:
At December 31, 1995, there was an unlimited number of no par value units authorized for the portfolios of the Trust.
Refer to Note 7. 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 78,603 675,829 15,695 140,517 8,883 83,084
Transfers from
other portfolios 79,824 798,343 42,756 622,375 22,047 181,391 46,788 411,863 64,226 612,389
Redemptions 0 0 (3,212) (43,693) (53,422) (430,977) (3,688) (33,752) (31,667) (296,865)
Transfers to
other portfolios 0 0 (18,990) (272,078) (135,158) (1,212,791) (15,632) (139,811) (13,757) (135,026)
______ _______ _______ ________ ________ __________ _______ ________ _______ ________
Net increase
(decrease) 79,824 798,343 26,064 388,192 (87,939) (786,548) 43,163 378,817 27,685 263,582
</TABLE>
<TABLE>
ALAMEDA-CONTRA COSTA MEDICAL ASSOCIATION COLLECTIVE INVESTMENT TRUST FOR RETIREMENT PLANS
NOTES TO FINANCIAL STATEMENTS, continued
(unaudited)
9. Unit Activity:, continued
At December 31, 1995, there was an unlimited number of no par value units authorized for the portfolios of the Trust.
Refer to Note 7. 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 5,336 51,213 41,900 403,811
Transfers from
other portfolios 22,286 220,234 22,373 215,759
Redemptions (45,090) (423,834) (19,755) (189,176)
Transfers to
other portfolios (60,904) (586,289) (74,518) (716,359)
_______ __________ _______ ________
Net decrease (78,372) (738,676) (30,000) (285,965)
</TABLE>
<PAGE>
<TABLE>
ALAMEDA-CONTRA COSTA MEDICAL ASSOCIATION COLLECTIVE INVESTMENT TRUST FOR RETIREMENT PLANS
NOTES TO FINANCIAL STATEMENTS, continued
(unaudited)
10. Financial Highlights:
Financial highlights for each unit outstanding for the six months ended
June 30, 1996 and the period November 30, 1995 (inception) through
December 31, 1995, are as follows: (Refer to Note 7.)
<CAPTION>
INTERNATIONAL EQUITY PORTFOLIO 1996 1995
<S> <C> <C>
Net asset value, beginning of period 10.09 10.00
Net investment income .05 0
Net realized and unrealized gain .44 .09
_____ _____
Total from investment operations .49 .09
Net asset value, end of period 10.58 10.09
Total Return 4.86% 0.90%
Ratios and Supplemental Data
Net assets at end of period (in 000's) 1,020 805
Ratio of expenses to average net assets 0.91% <F1> 0.11%
Ratio of net investment income to
average net assets 0.53% 0.04%
Portfolio turnover rate 24.32% 0%
Average commission rate per share 0.0725 0.0600
<FN>
<F1>
Ratio has been calculated using the total expense amount which
includes fees paid indirectly. Refer to Note 5.
</FN>
</TABLE>
PAGE
<PAGE>
<TABLE>
ALAMEDA-CONTRA COSTA MEDICAL ASSOCIATION COLLECTIVE INVESTMENT TRUST FOR RETIREMENT PLANS
NOTES TO FINANCIAL STATEMENTS, continued
(unaudited)
10. Financial Highlights:
Financial highlights for each unit outstanding for the six months ended
June 30, 1996 and the years ended December 31, 1995, 1994 and 1993, and
the period October 1, 1992 (inception) through December 31, 1992, are
as follows: (Refer to Note 7.)
<CAPTION>
GROWTH EQUITY PORTFOLIO 1996 1995 1994 1993 1992
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of year 14.27 12.12 13.01 11.74 10.00
Net investment loss (.05) (.07) (.11) (.07) (.01)
Net realized and unrealized gain (loss) 1.37 2.22 (.78) 1.34 1.75
_____ _____ _____ _____ _____
Total from investment operations 1.32 2.15 (.89) 1.27 1.74
Net asset value, end of year 15.59 14.27 12.12 13.01 11.74
Total Return 9.25% 17.74% (6.84)% 10.82% 69.60% <F1>
Ratios and Supplemental Data
Net assets at end of year (in 000's) 3,818 3,361 2,539 3,242 1,660
Ratio of expenses to average net assets .87% <F2> 1.67% 1.86% 1.79% .41%
Ratio of net investment income to
average net assets (.42)% (.68)% (.72)% (.68)% (.07)%
Portfolio turnover rate 16.72% 33.63% 52.49% 38.58% 12.95%
Average commission rate per share 0.0707 0.1339
<FN>
<F1>
annualized
<F2>
Ratio has been calculated using the total expense amount which
includes fees paid indirectly. Refer to Note 5.
</FN>
</TABLE>
PAGE
<PAGE>
<TABLE>
ALAMEDA-CONTRA COSTA MEDICAL ASSOCIATION COLLECTIVE INVESTMENT TRUST FOR RETIREMENT PLANS
NOTES TO FINANCIAL STATEMENTS, continued
(unaudited)
10. Financial Highlights:
Financial highlights for each unit outstanding for the six months ended
June 30, 1996 and the years ended December 31, 1995, 1994, 1993 and
1992 are as follows: (Refer to Note 7.)
<CAPTION>
VALUE EQUITY PORTFOLIO 1996 1995 1994 1993 1992
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of year 9.63 7.67 7.74 6.71 5.94
Net investment income .07 .12 .02 .06 .13
Net realized and unrealized gain (loss) .30 1.84 (.09) .97 .64
_____ ______ _____ _____ _____
Total from investment operations .37 1.96 (.07) 1.03 .77
Net asset value, end of year 10.00 9.63 7.67 7.74 6.71
Total Return 3.84% 25.57% (.99)% 15.37% 12.88%
Ratios and Supplemental Data
Net assets at end of year (in 000's) 21,090 20,280 16,825 15,518 12,622
Ratio of expenses to average net assets .97% <F1> 1.82% 1.99% 1.99% 2.01%
Ratio of net investment income to
average net assets .67% 1.15% .70% 1.18% 1.75%
Portfolio turnover rate 75.32% 103.58% 116.01% 65.85% 85.40%
Average commission rate per share 0.0600 0.1486
<FN>
<F1>
Ratio has been calculated using the total expense amount which
includes fees paid indirectly. Refer to Note 5.
</FN>
</TABLE>
PAGE
<PAGE>
<TABLE>
ALAMEDA-CONTRA COSTA MEDICAL ASSOCIATION COLLECTIVE INVESTMENT TRUST FOR RETIREMENT PLANS
NOTES TO FINANCIAL STATEMENTS, continued
(unaudited)
10. Financial Highlights:
Financial highlights for each unit outstanding for the six months ended
June 30, 1996 and the years ended December 31, 1995, 1994, 1993, and
1992 are as follows: (Refer to Note 7.)
<CAPTION>
BALANCED PORTFOLIO 1996 1995 1994 1993 1992
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of year 9.47 7.64 7.64 7.05 6.70
Net investment income .03 .08 .34 .32 .13
Net realized and unrealized gain (loss) .50 1.75 (.34) .27 .22
_____ ______ _____ _____ _____
Total from investment operations .53 1.83 0 .59 .35
Net asset value, end of year 10.00 9.47 7.64 7.64 7.05
Total Return 5.28% 23.91% .03% 8.34% 5.26%
Ratios and Supplemental Data
Net assets at end of year (in 000's) 3,894 3,489 2,486 2,854 3,223
Ratio of expenses to average net assets .78% <F1> 1.47% 1.63% 1.63% 1.64%
Ratio of net investment income to
average net assets 1.04% 2.68% 3.09% 2.57% 2.59%
Portfolio turnover rate 4.45% 6.30% 5.18% 4.75% 17.78%
Average commission rate per share 0.0750 0.1872
<FN>
<F1>
Ratio has been calculated using the total expense amount which
includes fees paid indirectly. Refer to Note 5.
</FN>
</TABLE>
PAGE
<PAGE>
<TABLE>
ALAMEDA-CONTRA COSTA MEDICAL ASSOCIATION COLLECTIVE INVESTMENT TRUST FOR RETIREMENT PLANS
NOTES TO FINANCIAL STATEMENTS, continued
(unaudited)
10. Financial Highlights:
Financial highlights for each unit outstanding for the six months ended
June 30, 1996 and the years ended December 31, 1995, 1994, 1993 and
1992 are as follows: (Refer to Note 7.)
<CAPTION>
LONG-INTERMEDIATE FIXED INCOME PORTFOLIO 1996 1995 1994 1993 1992
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of year 10.27 8.71 9.16 8.39 7.88
Net investment income .04 .34 1.08 .53 .55
Net realized and unrealized gain (loss) (.31) 1.22 (1.53) .24 (.04)
_____ ______ _____ _____ _____
Total from investment operations (.27) 1.56 (.45) .77 .51
Net asset value, end of year 10.00 10.27 8.71 9.16 8.39
Total Return (2.63)% 17.93% (4.93)% 9.19% 6.39%
Ratios and Supplemental Data
Net assets at end of year (in 000's) 4,938 4,722 3,763 5,156 4,908
Ratio of expenses to average net assets .72% <F1> 1.35% 1.49% 1.49% 1.52%
Ratio of net investment income to
average net assets 2.63% 5.53% 5.64% 5.44% 6.11%
Portfolio turnover rate 2.72% 5.95% 0% 10.68% 9.79%
<FN>
<F1>
Ratio has been calculated using the total expense amount which
includes fees paid indirectly. Refer to Note 5.
</FN>
</TABLE>
PAGE
<PAGE>
<TABLE>
ALAMEDA-CONTRA COSTA MEDICAL ASSOCIATION COLLECTIVE INVESTMENT TRUST FOR RETIREMENT PLANS
NOTES TO FINANCIAL STATEMENTS, continued
(unaudited)
10. Financial Highlights:
Financial highlights for each unit outstanding for the six months ended
June 30, 1996 and for the years ended December 31, 1995, 1994, 1993 and
1992 are as follows: (Refer to Note 7.)
<CAPTION>
SHORT-INTERMEDIATE FIXED INCOME PORTFOLIO 1996 1995 1994 1993 1992
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of year 9.97 8.99 9.23 8.68 8.18
Net investment income .65 .71 .69 .37 .01
Net realized and unrealized gain (loss) (.62) .27 (.93) .18 .49
_____ ______ _____ _____ _____
Total from investment operations .03 .98 (.24) .55 .50
Net asset value, end of year 10.00 9.97 8.99 9.23 8.68
Total Return 0.30% 10.88% (2.58)% 6.38% 6.06%
Ratios and Supplemental Data
Net assets at end of year (in 000's) 5,252 6,073 6,182 7,575 6,747
Ratio of expenses to average net assets .75% <F1> 1.37% 1.51% 1.47% 1.47%
Ratio of net investment income to
average net assets 2.32% 4.76% 4.78% 4.75% 5.16%
Portfolio turnover rate 2.77% 19.21% 0% 25.60% 6.69%
<FN>
<F1>
Ratio has been calculated using the total expense amount which
includes fees paid indirectly. Refer to Note 5.
</FN>
</TABLE>
PAGE
<PAGE>
<TABLE>
ALAMEDA-CONTRA COSTA MEDICAL ASSOCIATION COLLECTIVE INVESTMENT TRUST FOR RETIREMENT PLANS
NOTES TO FINANCIAL STATEMENTS, continued
(unaudited)
10. Financial Highlights:
Financial highlights for each unit outstanding for the six months ended
June 30, 1996 and the years ended December 31, 1995, 1994, 1993 and
1992 are as follows: (Refer to Note 7.)
<CAPTION>
MONEY MARKET PORTFOLIO 1996 1995 1994 1993 1992
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of year 9.82 9.33 9.10 8.91 8.63
Net investment income .18 .87 .26 <F1> 2.09 1.62
Net realized and unrealized gain (loss) 0 ( .38) (.03) <F1> (1.90) (1.34)
_____ ______ _____ _____ _____
Total from investment operations .18 .49 .23 .19 .28
Net asset value, end of year 10.00 9.82 9.33 9.10 8.91
Total Return 1.83% 5.33% 2.50% 2.10% 3.31%
Ratios and Supplemental Data
Net assets at end of year (in 000's) 2,629 2,566 2,716 2,120 3,481
Ratio of expenses to average net assets .72% <F2> 1.38% 1.50% 1.59% 1.55%
Ratio of net investment income to
average net assets 2.12% 4.11% 2.87% 3.60% 4.33%
<FN>
<F1>
Per share amounts have been calculated using the average shares
outstanding during the period.
<F2>
Ratio has been calculated using the total expense amount which
includes fees paid indirectly. Refer to Note 5.
</FN>
</TABLE>
