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<PAGE> PAGE 22
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<PAGE> PAGE 23
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SIGNATURE LAVINDA M JOHNSON
TITLE BUS. OFFICE MGR
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 1
<NAME> VALUE EQUITY
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 20,048,798
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 2
<NAME> BALANCED
<S> <C>
<PERIOD-TYPE> 12-MOS
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<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,102,344
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<EXPENSES-NET> 66,047
<NET-INVESTMENT-INCOME> 75,021
<REALIZED-GAINS-CURRENT> 35,993
<APPREC-INCREASE-CURRENT> 448,358
<NET-CHANGE-FROM-OPS> 559,372
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<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-SOLD> 63,749
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<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 1,119,126
<ACCUMULATED-NII-PRIOR> 456,346
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<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 23,745
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 66,829
<AVERAGE-NET-ASSETS> 3,985,345
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 3
<NAME> LONG INTERMEDIATE FIXED
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 4,596,799
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<SHARES-COMMON-PRIOR> 493,852
<ACCUMULATED-NII-CURRENT> 1,729,249
<OVERDISTRIBUTION-NII> 0
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<OVERDISTRIBUTION-GAINS> 0
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<APPREC-INCREASE-CURRENT> (238,190)
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<NET-CHANGE-IN-ASSETS> 10,352
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<OVERDISTRIB-NII-PRIOR> 0
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<GROSS-ADVISORY-FEES> 24,145
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<GROSS-EXPENSE> 70,328
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<PER-SHARE-NAV-BEGIN> 10.27
<PER-SHARE-NII> 0.61
<PER-SHARE-GAIN-APPREC> (0.45)
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<PER-SHARE-NAV-END> 10.43
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 4
<NAME> SHORT INTERMEDIATE FIXED
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 4,499,091
<INVESTMENTS-AT-VALUE> 4,466,635
<RECEIVABLES> 50,755
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<OTHER-ITEMS-LIABILITIES> 22,520
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<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,658,759
<SHARES-COMMON-STOCK> 436,883
<SHARES-COMMON-PRIOR> 525,221
<ACCUMULATED-NII-CURRENT> 1,775,085
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 93,482
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (32,456)
<NET-ASSETS> 4,494,870
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 318,145
<OTHER-INCOME> 38
<EXPENSES-NET> 76,620
<NET-INVESTMENT-INCOME> 241,563
<REALIZED-GAINS-CURRENT> 23,613
<APPREC-INCREASE-CURRENT> (104,511)
<NET-CHANGE-FROM-OPS> 160,665
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<DISTRIBUTIONS-OF-INCOME> 0
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<NUMBER-OF-SHARES-SOLD> 8,708
<NUMBER-OF-SHARES-REDEEMED> 180,691
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (1,577,646)
<ACCUMULATED-NII-PRIOR> 1,533,522
<ACCUMULATED-GAINS-PRIOR> 69,869
<OVERDISTRIB-NII-PRIOR> 0
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<PER-SHARE-NAV-BEGIN> 9.97
<PER-SHARE-NII> .49
<PER-SHARE-GAIN-APPREC> (.17)
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 5
<NAME> SHORT TERM INCOME
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 3,569,630
<INVESTMENTS-AT-VALUE> 3,559,660
<RECEIVABLES> 52,351
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 3,612,011
<PAYABLE-FOR-SECURITIES> 0
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<OTHER-ITEMS-LIABILITIES> 39,895
<TOTAL-LIABILITIES> 39,895
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,252,224
<SHARES-COMMON-STOCK> 350,355
<SHARES-COMMON-PRIOR> 262,939
<ACCUMULATED-NII-CURRENT> 1,387,160
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (57,298)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (9,970)
<NET-ASSETS> 3,572,116
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 152,160
<OTHER-INCOME> 0
<EXPENSES-NET> 39,080
<NET-INVESTMENT-INCOME> 113,080
<REALIZED-GAINS-CURRENT> 4,012
<APPREC-INCREASE-CURRENT> (17,432)
<NET-CHANGE-FROM-OPS> 99,660
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-SOLD> 121,583
<NUMBER-OF-SHARES-REDEEMED> 32,401
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 1,006,351
<ACCUMULATED-NII-PRIOR> 1,274,080
<ACCUMULATED-GAINS-PRIOR> (61,310)
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<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 12,632
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 39,080
<AVERAGE-NET-ASSETS> 2,809,401
<PER-SHARE-NAV-BEGIN> 9.82
<PER-SHARE-NII> 0.40
<PER-SHARE-GAIN-APPREC> (0.02)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.20
<EXPENSE-RATIO> 1.39
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 6
<NAME> GROWTH EQUITY
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 3,115,004
<INVESTMENTS-AT-VALUE> 4,081,792
<RECEIVABLES> 87,317
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 4,169,109
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 15,139
<TOTAL-LIABILITIES> 15,139
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,836,101
<SHARES-COMMON-STOCK> 248,695
<SHARES-COMMON-PRIOR> 244,957
<ACCUMULATED-NII-CURRENT> (96,181)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 447,262
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 966,788
<NET-ASSETS> 4,153,970
<DIVIDEND-INCOME> 24,555
<INTEREST-INCOME> 3,084
<OTHER-INCOME> 1,542
<EXPENSES-NET> 66,118
<NET-INVESTMENT-INCOME> (36,937)
<REALIZED-GAINS-CURRENT> 147,020
<APPREC-INCREASE-CURRENT> 468,911
<NET-CHANGE-FROM-OPS> 578,994
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-SOLD> 34,512
<NUMBER-OF-SHARES-REDEEMED> 21,370
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 792,773
<ACCUMULATED-NII-PRIOR> (59,244)
<ACCUMULATED-GAINS-PRIOR> 300,242
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 28,447
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 68,732
<AVERAGE-NET-ASSETS> 3,741,490
<PER-SHARE-NAV-BEGIN> 14.27
<PER-SHARE-NII> (0.14)
<PER-SHARE-GAIN-APPREC> 2.57
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 16.70
<EXPENSE-RATIO> 1.84
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 7
<NAME> INTERNATIONAL VALUE EQUITY
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 1,000,545
<INVESTMENTS-AT-VALUE> 1,095,521
<RECEIVABLES> 62,187
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,157,708
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,332
<TOTAL-LIABILITIES> 3,332
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,041,778
<SHARES-COMMON-STOCK> 103,133
<SHARES-COMMON-PRIOR> 96,381
<ACCUMULATED-NII-CURRENT> 10,451
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 7,171
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 94,976
<NET-ASSETS> 1,154,376
<DIVIDEND-INCOME> 24,006
<INTEREST-INCOME> 5,605
<OTHER-INCOME> 0
<EXPENSES-NET> 19,494
<NET-INVESTMENT-INCOME> 10,117
<REALIZED-GAINS-CURRENT> 7,171
<APPREC-INCREASE-CURRENT> 88,295
<NET-CHANGE-FROM-OPS> 105,583
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 34,945
<NUMBER-OF-SHARES-REDEEMED> 11,636
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 349,018
<ACCUMULATED-NII-PRIOR> 334
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 9,537
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 20,274
<AVERAGE-NET-ASSETS> 1,006,072
<PER-SHARE-NAV-BEGIN> 10.09
<PER-SHARE-NII> 0.10
<PER-SHARE-GAIN-APPREC> 1.00
<PER-SHARE-DIVIDEND> 0
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<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.19
<EXPENSE-RATIO> 2.02
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
Firm: Coopers and Lybrand L.L.P.
333 Market Street
San Francisco, CA 94105
Report of Independent Auditors
To the Unitholders and Supervisory Committee of
Alameda-Contra Costa Medical Association Collective
Investment Trust for Retirement Plans:
In planning and performing our audit of the financial statements
and financial highlights of the Alameda-Contra Costa Medical
Association Collective Investment Trust for Retirement Plans for
the year ended December 31, 1996, we considered its internal
control structure, including procedures for safeguarding
securities, in order to determine our auditing procedures for the
purpose of expressing our opinion on the financial statements and
financial highlights and to comply with the requirements of Form
N-SAR, not to provide assurance on the internal control
structure.
The management of the Alameda-Contra Costa Medical Association
Collective Investment Trust for Retirement Plans is responsible
for establishing and maintaining an internal control structure.
In fulfilling this responsibility, estimates and judgements by
management are required to assess the expected benefits and
related costs of internal control structure policies and
procedures. Two of the objectives of an internal control
structure are to provide management with reasonable, but not
absolute, assurance that assets are safeguarded against loss from
unauthorized use or disposition and the transactions are executed
in accordance with management's authorization and recorded
properly to permit preparation of financial statements in
conformity with generally accepted accounting principles.
Because of inherent limitations in any internal control
structure, errors or irregularities may occur and not be
detected. Also, projection of any evaluation of the structure to
future periods is subject to the risk that it may become
inadequate because of changes in conditions or that the
effectiveness of the design and operation may deteriorate.
Our consideration of the internal control structure would not
necessarily disclose all matters in the internal control
structure that might be material weaknesses under standards
established by the American Institute of Certified Public
Accountants. A material weakness is a condition in which the
design or operation of the specific internal control structure
elements does not reduce to a relatively low level the risk that
errors or irregularities in amounts that would be material in
relation to the financial statements and financial highlights
being audited may occur and not be detected within a timely
period by employees in the normal course in performing their
assigned functions. However, we noted no matters involving the
internal control structure, including procedures for safeguarding
securities, that we consider to be material weaknesses, as
defined above, as of December 31, 1996.
This report is intended solely for the information and use of
management of the Alameda-Contra Costa Medical Association
Collective Investment Trust for Retirement Plans and the
Securities and Exchange Commission.
Coopers and Lybrand L.L.P.
San Francisco, California
February 11, 1997
