ALAMEDA CONTRA-COSTA MEDICAL ASSOCIATION
COLLECTIVE INVESTMENT TRUST FOR RETIREMENT PLANS
FINANCIAL STATEMENTS
(UNAUDITED)
for the six months ended June 30, 1997 and
for the year ended December 31, 1996
<PAGE>
<PAGE>
<TABLE>
ALAMEDA-CONTRA COSTA MEDICAL ASSOCIATION COLLECTIVE INVESTMENT TRUST FOR RETIREMENT PLANS
STATEMENTS OF ASSETS AND LIABILITIES
(unaudited)
June 30, 1997
<CAPTION>
ASSETS International Growth Value Balanced Long- Short-
Value Equity Equity Equity Intermediate Intermediate Short Term
Fixed Income Fixed Income Income
<S> <C> <C> <C> <C> <C> <C> <C>
Investments, at cost 1,264,957 3,171,613 21,551,266 3,863,536 4,351,603 4,766,087 3,746,354
Investments, at value 1,544,271 4,363,326 26,139,525 5,566,178 4,428,862 4,743,025 3,750,275
Receivable-units sold 172,961 21,750 59,077 37,928 4,406 107,458 3,995
Accrued dividends
and interest receivable 7,727 2,551 27,527 27,325 45,491 47,865 49,644
_________ _________ __________ _________ _________ _________ _________
Total assets 1,724,959 4,387,627 26,226,129 5,631,431 4,478,759 4,898,348 3,803,914
LIABILITIES AND
NET ASSETS
Accrued expenses:
Administration fees 1,547 4,552 55,659 5,769 4,949 5,298 4,137
Professional fees 4,065 9,117 20,943 12,046 7,368 7,844 6,467
Payable-redemption of units 276,089 269,725 774,067 7,700 541,891 253,044 346,711
_________ _________ __________ _________ _________ _________ _________
Total liabilities 281,701 283,394 850,669 25,515 554,208 266,186 357,315
Net assets 1,443,258 4,104,233 25,375,460 5,605,916 3,924,551 4,632,162 3,446,599
Units outstanding 112,653 220,768 1,952,098 450,457 368,884 440,398 329,090
Net asset value per unit 12.81 18.59 13.00 12.44 10.64 10.52 10.47
NET ASSETS COMPOSED OF:
Paid-in capital 1,134,589 2,346,289 8,794,867 3,030,540 1,764,320 2,691,642 2,027,090
Accumulated undistributed
net investment income
(loss) 19,268 (114,714) 1,347,497 575,132 1,846,201 1,885,616 1,479,019
Accumulated undistributed
net realized gains
(losses) 10,087 680,945 10,644,837 297,602 236,771 77,966 (63,431)
Unrealized appreciation
(depreciation) on
investments 279,314 1,191,713 4,588,259 1,702,642 77,259 (23,062) 3,921
_________ _________ __________ _________ _________ _________ _________
Net assets at value 1,443,258 4,104,233 25,375,460 5,605,916 3,924,551 4,632,162 3,446,599
</TABLE>
PAGE
<PAGE>
<TABLE>
ALAMEDA-CONTRA COSTA MEDICAL ASSOCIATION COLLECTIVE INVESTMENT TRUST FOR RETIREMENT PLANS
SCHEDULE OF INVESTMENTS
(unaudited)
June 30, 1997
<CAPTION>
INTERNATIONAL EQUITY PORTFOLIO Shares Value
<S> <C> <C>
Cash and Cash Equivalents (8.55%)
Wells Fargo Bank Deposit Account 132,048 132,048
(cost 132,048)
American Depository Receipts (91.45%):
Consumer Staples (19.97%):
Allied Domecq 3,750 26,929
BAT Industries 2,200 40,289
Cadbury Schweppes 800 29,300
Compagnie General Des Eaux 1,450 37,196
Grand Metropolitan 1,250 48,985
Heineken 80 13,678
Kao Corp 240 33,348
Nestle 750 49,542
Unilever 250 29,031
_______
Health (8.46%): 308,298
Astra 1,333 24,000
Novartis 683 54,673
Rhone Poulenc 1,250 52,031
_______
Consumer Durables (4.77%): 130,704
Daimler Benz 380 30,970
Fiat 4,450 42,656
______
Process Industry (4.69%): 73,626
Hoechst 1,100 46,701
NKK Corp 1,200 25,798
______
Consumer Discretionary (8.88%): 72,499
Aktiebolaget Electrolux 450 32,681
Nintendo Ltd 3,050 31,985
Rank Group 1,850 24,050
Sony Corp 550 48,400
_______
137,116
Technology (2.25%):
Matsushita Elec Indl 170 34,765
PAGE
<PAGE>
SCHEDULE OF INVESTMENTS, continued
(unaudited)
June 30, 1997
INTERNATIONAL EQUITY PORTFOLIO, continued
American Depository Receipts (91.45%), continued
Producer/Manufacturing (4.20%):
General Electric 4.150 24,796
Mannesmann 90 40,131
______
Energy (8.58%): 64,927
ELF Aquataine 850 46,272
ENI Spa 750 42,656
Royal Dutch Petroleum 800 43,500
_______
Telecommunications (6.36%): 132,428
Alcatel Alsthom 1,950 49,238
Ricoh Ltd 450 29,494
WPP Group 480 19,560
______
Financial (16.86%): 98,292
ABN AMRO Holdings 1,550 29,256
Den Danske Bank 300 29,228
Deutsche Bank 770 45,028
HSBC Holdings 105 31,579
Mitsui Marine & Fire Ins Ltd 480 34,732
Societe Generale Paris 1,730 38,660
Zurich Insurance Co 650 51,809
_______
Utilities (6.43%): 260,292
Empresa Nacional Electric 650 55,291
National Power 1,250 43,985
______
99,276
Total American Depository Receipts 1,412,223
(cost 1,132,909) _________
Total Investments held (cost 1,264,957) 1,544,271
</TABLE>
<PAGE>
<PAGE>
<TABLE>
ALAMEDA-CONTRA COSTA MEDICAL ASSOCIATION COLLECTIVE INVESTMENT TRUST FOR RETIREMENT PLANS
SCHEDULE OF INVESTMENTS, continued
(unaudited)
June 30, 1997
<CAPTION>
GROWTH EQUITY PORTFOLIO Shares Value
<S> <C> <C>
Cash and Cash Equivalents (1.46%):
Wells Fargo Bank Deposit Account 63,761 63,761
(cost 63,761)
Common Stocks (98.54%):
Automotive & Transport (9.08%):
Harley Davidson Inc 3,300 158,195
Magna International Inc 2,150 129,403
Southwest Airlines Co 4,200 108,675
_______
Healthcare (11.78%): 396,273
Biochem Pharma Inc 5,500 122,375
Elan PLC ADR 3,350 149,325
Forest Labs Inc 2,200 91,164
Shared Medical Systems Corp 2,800 151,200
_______
Consumer Discretionary (20.32%): 514,064
Callaway Golf Co 3,350 118,925
Circus Circus Enterprise Inc 3,475 85,572
Cognizant Corp 3,900 157,950
Dollar Gen Corp 3,710 139,589
Manpower Inc 3,000 133,500
Pep Boys Manny Moe & Mack 3,450 117,517
Petsmart Inc 11,600 133,400
_______
Business Services (26.02%): 886,453
Andrew Corp 4,100 115,313
EMC Corp Mass 3,300 128,700
International Rectifier Corp 6,300 117,338
Mentor Graphics Corp 9,900 91,575
Newbridge Networks Corp 3,400 147,900
Nokia Corp 2,450 180,688
Symbol Technologies Inc 3,525 118,528
Texas Instruments Inc 1,300 109,282
3 Com Corp 2,800 126,000
_________
1,135,324
<PAGE>
<PAGE>
SCHEDULE OF INVESTMENTS, continued
(unaudited)
June 30, 1997
GROWTH EQUITY PORTFOLIO, continued
Common Stocks (98.54%), continued
Producer Durables (13.10%):
American Power Conversion Corp 4,800 91,200
Molex Inc 3,321 115,820
Novellus Systems Inc 1,600 138,400
Sensormatic Electronics Corp 6,205 79,890
Solectron Corp 2,090 146,432
_______
Financial Services (13.08%): 571,742
Equitable Cos Inc 4,800 159,600
Green Tree Financial 3,380 120,413
MBIA Inc 1,250 141,016
MBNA Corp 4,080 149,430
_______
Utilities (5.16%): 570,459
LCI International Inc 6,100 134,200
Telephone & Data Systems Inc 2,400 91,050
_______
225,250
Total Common Stocks (cost 3,107,852) 4,299,565
_________
Total investments held (cost 3,171,613) 4,363,326
</TABLE>
<PAGE>
<PAGE>
<TABLE>
ALAMEDA-CONTRA COSTA MEDICAL ASSOCIATION COLLECTIVE INVESTMENT TRUST FOR RETIREMENT PLANS
SCHEDULE OF INVESTMENTS, continued
(unaudited)
June 30, 1997
<CAPTION>
VALUE EQUITY PORTFOLIO Shares Value
<S> <C> <C>
Cash and Cash Equivalents (5.30%)
Wells Fargo Bank Deposit Account 1,386,292 1,386,292
(cost 1,386,292)
Common Stocks (94.70)%:
Energy (5.38):
Ashland Inc 4,100 190,138
Mobil Corp 1,800 125,775
Occidental Petroleum Corp 18,000 451,133
Tosco Corp 6,000 179,628
Unocal Corp 11,800 460,200
_________
Industrial (3.34%): 1,406,874
Global Marine Inc 22,900 533,868
Jacobs Engineering Group Inc 7,600 204,250
Pride International Inc 5,600 134,400
_______
Process Industries (1.71%): 872,518
International Specialty Products Inc 9,200 129,380
James River Corp Of Virginia 3,400 125,800
Terra Industries Inc 16,500 191,813
_______
Commercial Services (0.71%): 446,993
Fleming Cos Inc 10,300 185,400
Technology Services (0.62%):
Avnet 2,100 120,750
Ingram Micro Inc 1,700 40,907
_______
Producer Manufacturing (5.24%): 161,657
Coltec Industries Inc 31,600 616,200
Cummins Engine Co Inc 2,000 141,126
Johnson Controls 3,000 123,189
U S Industries Inc 13,700 488,062
_________
1,368,577
<PAGE>
<PAGE>
SCHEDULE OF INVESTMENTS, continued
June 30, 1997
(unaudited)
VALUE EQUITY PORTFOLIO, continued
Common Stocks (94.70%), continued
Technology (8.06%):
Data General Corp 14,500 377,000
Gencorp Inc 9,500 219,688
Mitel Corp 16,200 84,046
National Semiconductor Corp 9,600 294,000
Quantum 9,700 197,036
Storage Technology Corp 5,400 243,675
Western Digital Corp 21,900 692,588
_________
Health Services (4.03%): 2,108,033
Amerisource Health Corp 4,500 224,437
Bergen Brunswig Corp CL-A 7,375 207,422
Cardinal Health Inc 4,200 240,450
Tenet Healthcare Corp 12,900 380,550
_________
Consumer (16.43%): 1,052,859
Campbell Soup Co 13,500 675,000
Chrysler Corp 14,200 466,825
Coca Cola Enterprises Inc 29,400 676,200
Coors Adolph Co 5,500 146,438
Ford Motor Co 9,800 372,400
Furniture Brands International Inc 4,000 77,500
Hasbro Inc 15,600 442,650
Honda Motor Ltd ADR 2,000 120,376
Maytag Corp 10,400 275,600
Reebok International Ltd 9,200 431,830
Tele Communications Inc 10,600 251,750
Universal Corp 5,900 187,325
Volvo Aktiebolaget ADR 6,400 171,336
_________
Transportation (3.87%): 4,295,230
Illinois Central Corp 6,900 241,072
United Airlines 2,000 143,126
U S Air Group Inc 14,400 504,000
Yellow Corp 5,500 123,062
_________
1,011,260
PAGE
<PAGE>
SCHEDULE OF INVESTMENTS, continued
(unaudited)
June 30, 1997
VALUE EQUITY PORTFOLIO, continued
Common Stocks (94.70%), continued
Retail (16.22%):
American Stores 5,300 261,688
Burlington Coat Factory Wharehours 6,700 130,650
Charming Shoppes Inc 14,700 76,719
Costco Companies Inc 10,000 328,750
Dayton Hudson Corp 9,100 484,011
Fingerhut Co Inc 15,800 275,520
General Nutrition Companies Inc 26,200 733,600
K Mart Corp 20,500 249,854
Kroger Co 10,000 290,000
Meyer Fred Inc 3,600 186,077
Pier 1 Imports Inc 6,400 169,600
Safeway Inc 11,015 508,067
Sports Authority Inc 4,400 85,527
TJX Companies Inc 8,000 211,000
Waban Inc 3,500 112,658
Woolworth Corp 5,700 136,800
_________
Finance (23.44%): 4,240,521
Allmerica Property & Casualty Inc 7,300 239,075
American Financial Group Inc 3,300 140,663
Bank New York Inc 7,600 331,550
Bear Stearns Co Inc 18,170 621,196
City National Corp 7,600 182,879
Countrywide Industries Inc 4,100 127,871
Federal Home Loan Mortgage Corp 12,200 427,000
First Security Corp 10,300 281,324
Fremont General Corp 6,900 277,725
Hibernia Corp 20,100 280,154
Huntington Bancshares Inc 2,530 67,562
Lehman Brothers Holding Co 16,300 660,150
Old Republic International Corp 12,500 378,912
Paine Webber Group Inc 14,000 490,000
Peoples Bank Bridgeport Conn 15,300 395,887
Popular Inc 1,800 72,675
Raymond James Financial Inc 5,000 136,875
Riggs National Corp Washington DC 4,500 92,812
Ryder Systems Inc 11,000 363,000
USF&G Corp 23,300 559,200
_________
6,126,510
PAGE
<PAGE>
SCHEDULE OF INVESTMENTS, continued
(unaudited)
June 30, 1997
VALUE EQUITY PORTFOLIO, continued
Common Stocks (94.70%), continued
Utilities (5.65%):
Citizens Utilities Co 10,058 93,040
Edison International 26,900 669,137
Midamerican Energy Holdings Co 9,900 171,399
NGC Corp 12,800 198,400
Pacific Corp 10,500 231,000
Washington 5,800 113,825
_________
1,476,801
Total Common Stocks (cost 20,164,974) 24,753,233
__________
Total investments held (cost 21,551,266) 26,139,525
</TABLE>
<PAGE>
<PAGE>
<TABLE>
ALAMEDA-CONTRA COSTA MEDICAL ASSOCIATION COLLECTIVE INVESTMENT TRUST FOR RETIREMENT PLANS
SCHEDULE OF INVESTMENTS, continued
(unaudited)
June 30, 1997
<CAPTION>
Shares/
BALANCED PORTFOLIO Face Value Value
<S> <C> <C>
Cash and Cash Equivalents (8.52%)
Wells Fargo Bank Deposit Account 474,141 474,141
(cost 474,141)
Common Stocks (64,14)%:
Automotive (0.68%):
Ford Motor 1,000 38,000
Basic Industry (3.91%):
Caterpiller Inc 1,000 107,375
Champion International 1,000 55,250
Deere & Co 1,000 54,875
_______
Capital Goods (6.09%): 217,500
Black & Decker 2,000 74,376
General Electric 2,000 130,000
Minnesota Mining 1,000 102,250
WMX Technologies 1,000 32,125
_______
Chemical (1.13%): 338,751
E I Dupont 1,000 62,875
Consumer (7.69%):
Gillette 2,000 189,500
H J Heinz 1,500 69,188
McDonalds Corp 1,000 48,313
Pepsico 1,000 37,563
Sara Lee 2,000 83,250
_______
Energy (5.80%): 427,814
Chevron 1,000 73,938
Exxon 1,000 61,250
Mobil Oil Corp 600 41,925
Noble Drilling 2,000 45,000
Norfolk & Southern Corp 1,000 100,750
_______
322,863
<PAGE>
<PAGE>
SCHEDULE OF INVESTMENTS, continued
(unaudited)
June 30, 1997
BALANCED PORTFOLIO, continued
Common Stocks (64.14%), continued
Entertainment & Leisure (2.88%):
Walt Disney 2,000 160,500
Healthcare (7.15%):
American Home Products 1,000 76,500
Amgen 2,000 116,250
Bristol Myers 1,000 81,000
Warner Lambert 1,000 124,250
_______
Finance and Insurance (9.20%): 398,000
Aetna Life 1,000 102,375
American Express 2,000 149,000
Bank America Corp 2,000 129,126
Federal National Mtg. 1,000 43,625
H & R Block 1,000 32,250
Salomon Inc 1,000 55,625
_______
Media (1.08%): 512,001
Media General 1,500 60,000
Retailers (4.14%):
Costco 2,695 88,598
GAP 2,000 77,750
Nike Inc 500 29,188
Toys-R-Us 1,000 35,000
_______
Technology (8.17%): 230,536
EMC Corp 2,000 78,000
Hewlett Packard 1,000 56,000
Intel 1,000 141,813
Silicon Graphics 2,000 30,000
Sun Microsystems 4,000 148,876
_______
Telecommunications (2.06%): 454,689
MCI Communications 3,000 114,843
<PAGE>
<PAGE>
SCHEDULE OF INVESTMENTS, continued
(unaudited)
June 30, 1997
BALANCED PORTFOLIO, continued
Common Stocks (64.14%), continued
Transportation (0.64%):
United Airlines Corp 500 35,781
Utilities (3.52%):
AT&T Corp 1,000 35,063
Bell Atlantic Corp 1,000 75,875
Lucent Technologies 324 23,348
SBC Communications Inc 1,000 61,875
_______
196,161
Total Common Stocks (cost 1,884,644) 3,570,314
_________
Corporate Debt Securities (12.86%):
Financial (1.92%):
Merrill Lynch, 8.300%, due 11-01-02 100,000 106,579
Industrial (7.26%):
BP Amer, 9.375%, due 11-01-00 100,000 108,341
GTE Southwest Inc, 6.000%, 01-15-06 100,000 93,370
IBM, 7.250%, due 11-01-02 100,000 102,299
North Telecom, 6.875%, due 10-01-02 100,000 100,225
_______
International (3.68%): 404,235
Quebec Province, 7.500%, due 07-15-02 100,000 102,617
ELF Aquitaine, 7.750%, due 05-01-99 100,000 102,291
_______
204,908
Total Corporate Debt Securities 715,722
(cost 705,186) _______
<PAGE>
<PAGE>
SCHEDULE OF INVESTMENTS, continued
(unaudited)
June 30, 1997
BALANCED PORTFOLIO, continued
U.S. Gov't & Agency Obligations (14.48%):
U.S. Treasury Notes:
7.125%, due 10-15-98 200,000 202,938
7.250%, due 02-15-98 100,000 100,906
7.750%, due 12-31-99 100,000 103,563
5.875%, due 11-30-01 100,000 98,094
6.500%, due 05-31-02 200,000 200,750
6.500%, due 08-15-05 100,000 99,750
_______
Total U. S. Government (cost 799,565) 806,001
_________
Total investments held (cost 3,863,536) 5,566,178
</TABLE>
PAGE
<PAGE>
<TABLE>
ALAMEDA-CONTRA COSTA MEDICAL ASSOCIATION COLLECTIVE INVESTMENT TRUST FOR RETIREMENT PLANS
SCHEDULE OF INVESTMENTS, continued
(unaudited)
June 30, 1997
<CAPTION>
Shares/
LONG-INTERMEDIATE FIXED INCOME PORTFOLIO Face Value Value
<S> <C> <C>
Cash and Cash Equivalents (27.99%)
Money Market Account (8.57%):
Wells Fargo Bank Deposit Account 379,602 379,602
Commercial Paper (19.42%):
American Express, 5.500%, due 07-07-97 210,000 210,000
Ford Motor, 5.520%, due 07-14-97 220,000 220,000
General Electric Capital, 5.480%,
due 07-07-97 210,000 210,000
Household Finance, 5.420%, due 07-01-97 220,000 220,000
_______
860,000
Total Cash & Cash Equivalents 1,239,602
(cost 1,239,602) _________
Corporate Debt Securities (23.20%):
Financial (7.88%):
Associates Corp, 6.000%, due 12-01-02 150,000 96,236
Banc One Corp, 7.625%, due 10-15-26 150,000 98,998
Nationsbank Corp, 7.800%, due 09-15-16 100,000 153,588
_______
Industrial (13.00%): 348,822
Atlantic Richfield, 8.550%,
due 03-01-12 150,000 166,707
Barrick Gold Corp, 7.500%, due 05-01-07 100,000 102,307
Caterpillar, 8.100%, due 01-15-04 100,000 105,891
Westvaco Corp, 7.650%, due 03-15-27 100,000 100,937
Xerox, 8.000%, due 02-01-27 100,000 99,990
_______
Retail (2.32%): 575,832
J C Penney Inc, 7.400%, due 04-01-37 100,000 102,925
Total Corporate Debt Securities 1,027,579
(cost 1,000,702) _________
<PAGE>
<PAGE>
SCHEDULE OF INVESTMENTS, continued
(unaudited)
June 30, 1997
LONG-INTERMEDIATE FIXED INCOME PORTFOLIO, continued
U.S. Gov't & Agency Obligations (48.81%):
U.S. Treasury Obligations (27.75%)
Bonds:
6.250%, due 08-15-23 40,000 37,012
6.625%, due 02-15-27 70,000 68,469
7.250%, due 05-15-16 300,000 312,843
7.875%, due 02-15-21 70,000 78,007
0.000%, due 05-15-05 90,000 52,612
Notes:
5.000%, due 02-15-99 400,000 393,752
5.750%, due 08-15-03 115,000 111,047
6.250%, due 10-31-01 75,000 74,672
6.500%, due 05-15-05 80,000 79,875
7.250%, due 08-15-04 20,000 20,850
_________
1,229,139
Federal Home Loan Mortgage Notes (4.18%):
8.000%, due 03-15-20 15,991 15,961
10.5000%, due 02-01-01 2,043 2,159
7.500%, due 02-01-25 165,667 166,856
_______
184,976
Federal National Mortgage Association
Pooled Notes (8.73%):
9.000%, due 11-01-04 12,828 13,346
6.000%, due 11-01-23 210,766 197,264
7.500%, due 04-01-27 114,346 114,595
8.500%, due 04-25-18 46 45
7.950%, due 12-25-19 60,856 61,502
_______
386,752
<PAGE>
<PAGE>
SCHEDULE OF INVESTMENTS, continued
(unaudited)
June 30, 1997
LONG-INTERMEDIATE FIXED INCOME PORTFOLIO,
continued
U.S. Gov't & Agency Obligations (48.81%):
continued
Government National Mortgage Association
Pooled Notes (8.15%):
7.500%, due 05-15-07 49,919 50,044
7.500%, due 07-15-07 34,523 34,609
11.000%, due 07-15-15 10,602 11,775
12.000%, due 06-15-15 1,282 1,463
9.500%, due 09-15-19 28,584 30,808
9.000%, due 12-15-19 31,902 33,687
6.500%, due 11-15-09 200,655 198,428
_______
360,814
Total U.S. Government (cost 2,111,299) 2,161,681
_________
Total investments held (cost 4,351,602) 4,428,862
</TABLE>
<PAGE>
<PAGE>
<TABLE>
ALAMEDA-CONTRA COSTA MEDICAL ASSOCIATION COLLECTIVE INVESTMENT TRUST FOR RETIREMENT PLANS
SCHEDULE OF INVESTMENTS, continued
(unaudited)
June 30, 1997
<CAPTION>
Shares/
SHORT-INTERMEDIATE FIXED INCOME PORTFOLIO Face Value Value
<S> <C> <C>
Cash and Cash Equivalents (8.70%)
Wells Fargo Bank Deposit Account 412,749 412,749
(cost 412,749)
Corporate Debt Securities (13.78%):
Financial (11.65%):
Associates Corp, 7.300%, due 06-28-99 150,000 152,541
Beneficial, 6.120%, due 08-27-97 100,000 100,089
Ford Capital, 9.125%, due 05-01-98 100,000 102,406
International Lease Finance Corp,
6.375%, due 01-18-00 100,000 99,649
MBNA America, 6.100%, due 04-01-00 100,000 98,045
_______
Retail (2.13%): 552,730
J C Penney, 6.950%, due 04-01-00 100,000 100,842
Total Corporate Debt Securities 653,572
(cost 653,991) _______
U.S. Gov't & Agency Obligations (77.52%):
U.S. Treasury Notes (61.72%):
5.000%, due 02-15-99 400,000 393,752
5.125%, due 04-30-98 500,000 497,500
5.125%, due 12-31-98 350,000 345,846
5.750%, due 08-15-03 400,000 386,252
6.125%, due 07-31-00 300,000 299,064
6.750%, due 06-30-99 500,000 506,095
6.250%, due 04-30-01 500,000 498,750
_________
Federal Home Loan Mortgage Notes (2.67%): 2,927,259
8.000%, due 03-15-20 7,995 7,980
7.500%, due 12-15-05 33,528 33,532
7.000%, due 09-01-99 84,745 85,342
_______
126,854
<PAGE>
<PAGE>
SCHEDULE OF INVESTMENTS, continued
(unaudited)
June 30, 1997
SHORT-INTERMEDIATE FIXED INCOME PORTFOLIO,
continued
U.S. Gov't & Agency Obligations (77.52%):
continued
Federal National Mortgage Association
Pooled Notes (9.01%):
6.500%, due 10-01-10 224,267 219,641
6.016%, due 08-01-29 209,985 207,558
_______
Government National Mortgage Association 427,199
Pooled Notes (4.12%):
10.000%, due 02-15-25 177,769 195,392
Total U.S. Government (cost 3,699,347) 3,676,704
_________
Total investments held (cost 4,766,087) 4,743,025
</TABLE>
<PAGE>
<PAGE>
<TABLE>
ALAMEDA-CONTRA COSTA MEDICAL ASSOCIATION COLLECTIVE INVESTMENT TRUST FOR RETIREMENT PLANS
SCHEDULE OF INVESTMENTS, continued
(unaudited)
June 30, 1997
<CAPTION>
Shares/
SHORT TERM INCOME FUND Face Value Value
<S> <C> <C>
Cash and Cash Equivalents (34.16%)
Money Market Account (15.49%):
Wells Fargo Bank Deposit Account 581,101 581,101
Commercial Paper (18.67%):
American Express, 5.520%, due 07-02-97 175,000 175,000
Beneficial, 5.520%, due 07-14-97 175,000 175,000
General Electric, 5.530%, due 07-14-97 175,000 175,000
Household Finance, 5.500%, due 07-14-97 175,000 175,000
_______
700,000
Total Cash & Cash Equivalents
(cost 1,281,101) 1,281,101
_________
Corporate Debt Securities (12.08%):
Financial (7.42%):
First Union Corp, 6.750%, due 01-15-98 175,000 175,746
Ford Capital, 9.125%, due 05-01-98 100,000 102,406
_______
Industrial (4.66%): 278,152
Phillips Pete, 9.500%, due 11-15-97 175,000 175,000
Total Corporate Debt Securities 453,152
(cost 456,047)
U.S. Gov't & Agency Obligations (53.76%):
U.S. Treasury Notes (42.87%):
5.125%, due 02-28-98 325,000 323,681
5.125%, due 04-30-98 400,000 398,000
5.750%, due 09-30-97 400,000 400,252
6.000%, due 08-31-97 300,000 300,189
6.000%, due 12-31-97 185,000 185,405
_________
1,607,527
<PAGE>
<PAGE>
SCHEDULE OF INVESTMENTS, continued
(unaudited)
June 30, 1997
SHORT-TERM INCOME FUND,
continued
U.S. Gov't & Agency Obligations (53.76%):
continued
Federal National Mortgage Association
Pooled Notes (10.89%):
0.000%, due 07-25-97 410,000 408,495
Total U.S. Government (cost 2,009,206) 2,016,022
_________
Total investments held (cost 3,746,354) 3,750,275
</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, 1997
<CAPTION>
International Growth Value Balanced Long- Short-
Value Equity Equity Equity Intermediate Intermediate Short Term
Fixed Income Fixed Income Income
<S> <C> <C> <C> <C> <C> <C> <C>
Investment income:
Interest income 2,087 2,152 44,447 58,542 146,624 142,332 116,834
Dividend income 18,705 <F1> 11,010 178,734 22,646 0 0 0
_______ _______ _______ _______ _______ _______ _______
Total investment income 20,792 13,162 223,181 81,188 146,624 142,332 116,834
Expenses:
Investment advisory fees 6,280 14,742 96,064 14,536 11,028 12,136 9,390
Administration fees 3,226 9,974 57,963 12,053 10,810 11,363 8,857
Consulting fees 1,230 3,689 21,213 4,612 1,787 1,945 1,524
Custodian fees 921 2,714 16,027 3,360 2,903 3,070 2,668
Legal fees 1,115 3,386 19,795 4,149 3,681 3,899 3,035
Audit fees 295 913 5,301 1,102 990 1,041 811
Insurance 174 539 3,133 651 585 615 479
Printing 39 119 693 144 130 136 106
_______ _______ _________ _______ _______ _______ _______
Total expenses 13,280 36,076 220,189 40,607 31,914 34,205 26,870
Reimbursed/waived fees (757) (2,145) (12,836) (2,749) (2,242) (2,404) (1,895)
_______ _______ _________ _______ _______ _______ _______
12,523 33,931 207,353 37,858 29,672 31,801 24,975
Fees paid indirectly (548) (2,236) (21,213) (435) 0 0 0
_______ _______ _________ _______ _______ _______ _______
Net expenses 11,975 31,695 186,140 37,423 29,672 31,801 24,975
Net investment income
(loss) 8,817 (18,533) 37,041 43,765 116,952 110,531 91,859
Realized and unrealized
gain (loss) on investments
Net realized gain (loss)
on securities sold 2,916 233,683 2,031,723 45,288 19,310 (15,516) (6,133)
_______ _______ _________ _______ _______ _______ _______
Unrealized appreciation
(depreciation) on
investments 184,338 224,925 1,280,917 600,298 (46,307) 9,394 13,891
_______ _______ _________ _______ _______ _______ _______
Net realized and unrealized
gain (loss) on investments 187,254 458,608 3,312,640 645,586 (26,997) (6,122) 7,758
_______ _______ _________ _______ _______ _______ _______
Net increase in
net assets resulting
from operations 196,071 440,075 3,349,681 689,351 89,955 104,409 99,617
<FN>
<F1>
Net of foreign taxes withheld in the amount of 2,122.
</FN>
</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, 1997 and
for the year ended December 31, 1996
<CAPTION>
INTERNATIONAL EQUITY PORTFOLIO 1997 1996
<S> <C> <C>
Increase in net assets from operations:
Net investment income 8,817 10,117
Net realized gain 2,916 7,171
Net unrealized appreciation 184,338 88,295
_________ _________
Net increase in net assets
resulting from operations 196,071 105,583
Increase in net assets from unitholder
activity 92,811 243,435
_________ _________
Total increase in net assets 288,882 349,018
Net assets, beginning of period 1,154,376 805,358
_________ _________
Net assets, end of period 1,443,258 1,154,376
Undistributed net investment income included
in net assets:
Beginning of period 10,451 334
End of period 19,268 10,451
</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, 1997 and
for the year ended December 31, 1996
<CAPTION>
GROWTH EQUITY PORTFOLIO 1997 1996
<S> <C> <C>
Increase (decrease) in net assets from operations:
Net investment loss (18,533) (36,937)
Net realized gain 233,683 147,020
Net unrealized appreciation 224,925 468,911
_________ _________
Net increase in net assets
resulting from operations 440,075 578,994
Increase (decrease) in net assets from unitholder
activity (489,812) 213,779
_________ _________
Total increase (decrease) in net assets (49,737) 792,773
Net assets, beginning of period 4,153,970 3,361,197
_________ _________
Net assets, end of period 4,104,233 4,153,970
Undistributed net investment loss included
in net assets:
Beginning of period (96,181) (59,244)
End of period (114,714) (96,181)
</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, 1997 and
for the year ended December 31, 1996
<CAPTION>
VALUE EQUITY PORTFOLIO 1997 1996
<S> <C> <C>
Increase in net assets from operations:
Net investment income 37,041 179,491
Net realized gain 2,031,723 2,583,986
Net unrealized appreciation 1,280,917 852,756
__________ __________
Net increase in net assets
resulting from operations 3,349,681 3,616,233
Decrease in net assets from unitholder
activity (1,324,804) (546,063)
__________ __________
Total increase in net assets 2,024,877 3,070,170
Net assets, beginning of period 23,350,583 20,280,413
__________ __________
Net assets, end of period 25,375,460 23,350,583
Undistributed net investment income included
in net assets:
Beginning of period 1,310,456 1,130,965
End of period 1,347,497 1,310,456
</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, 1997 and
for the year ended December 31, 1996
<CAPTION>
BALANCED PORTFOLIO 1997 1996
<S> <C> <C>
Increase in net assets from operations:
Net investment income 43,765 75,021
Net realized gain 45,288 35,993
Net unrealized appreciation 600,298 448,358
_________ _________
Net increase in net assets
resulting from operations 689,351 559,372
Increase in net assets from unitholder
activity 307,947 559,754
_________ _________
Total increase in net assets 997,298 1,119,126
Net assets, beginning of period 4,608,618 3,489,492
_________ _________
Net assets, end of period 5,605,916 4,608,618
Undistributed net investment income included
in net assets:
Beginning of period 531,367 456,346
End of period 575,132 531,367
</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, 1997 and
for the year ended December 31, 1996
<CAPTION>
LONG-INTERMEDIATE FIXED INCOME PORTFOLIO 1997 1996
<S> <C> <C>
Increase (decrease) in net assets from operations:
Net investment income 116,952 258,487
Net realized gain 19,310 53,493
Net unrealized depreciation (46,307) (238,190)
_________ _________
Net increase in net assets
resulting from operations 89,955 73,790
Decrease in net assets from unitholder
activity (898,168) (63,438)
_________ _________
Total increase (decrease) in net assets (808,213) 10,352
Net assets, beginning of period 4,732,764 4,722,412
_________ _________
Net assets, end of period 3,924,551 4,732,764
Undistributed net investment income included
in net assets:
Beginning of period 1,729,249 1,470,762
End of period 1,846,201 1,729,249
</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, 1997 and
for the year ended December 31, 1996
<CAPTION>
SHORT-INTERMEDIATE FIXED INCOME PORTFOLIO 1997 1996
<S> <C> <C>
Increase (decrease) in net assets from operations:
Net investment income 110,531 241,563
Net realized gain (loss) (15,516) 23,613
Net unrealized appreciation (depreciation) 9,394 (104,511)
_________ __________
Net increase in net assets
resulting from operations 104,409 160,665
Increase (decrease) in net assets from unitholder
activity 32,883 (1,738,311)
_________ __________
Total increase (decrease) in net assets 137,292 (1,577,646)
Net assets, beginning of period 4,494,870 6,072,516
_________ __________
Net assets, end of period 4,632,162 4,494,870
Undistributed net investment income included
in net assets:
Beginning of period 1,775,085 1,533,522
End of period 1,885,616 1,775,085
</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, 1997 and
for the year ended December 31, 1996
<CAPTION>
SHORT TERM INCOME FUND 1997 1996
<S> <C> <C>
Increase (decrease) in net assets from operations:
Net investment income 91,859 113,080
Net realized gain (loss) (6,133) 4,012
Net unrealized appreciation (depreciation) 13,891 (17,432)
_________ _________
Net increase in net assets
resulting from operations 99,617 99,660
Increase (decrease) in net assets from unitholder
activity (225,134) 906,691
_________ _________
Total increase (decrease) in net assets (125,517) 1,006,351
Net assets, beginning of period 3,572,116 2,565,765
_________ _________
Net assets, end of period 3,446,599 3,572,116
Undistributed net investment income included
in net assets:
Beginning of period 1,387,160 1,274,080
End of period 1,479,019 1,387,160
</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. The investment objectives of the
Portfolios are as follows:
<TABLE>
<CAPTION>
Capital Growth Growth and Income Fixed Income
<S> <C> <C>
International Value Equity Value Equity Long-Intermediate Fixed Income
Growth Equity Balanced Short-Intermediate Fixed Income
Short-Term Income Fund
</TABLE>
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 valued 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: continued
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 and 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.
Accounting Estimates:
The preparation of the financial statements in accordance with
generally accepted accounting principles requires management to make
estimates and assumptions that affect the reported amounts of assets
and liabilities at the date of the financial statements and the amounts
of income and expense during the reporting period. Actual results
could differ from those estimates.
Expense Allocation:
Common expenses are allocated among the Portfolios based on the ratio
of net assets of each Portfolio to the combined net assets. In all
other respects, expenses are charged directly to the Portfolios to
which they relate.
PAGE
<PAGE>
ALAMEDA-CONTRA COSTA MEDICAL ASSOCIATION COLLECTIVE INVESTMENT
TRUST FOR RETIREMENT PLANS
NOTES TO FINANCIAL STATEMENTS, continued
(unaudited)
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.
For the six months ended June 30, 1997, administration expense amounts
include a total of 20,028 that has been waived. Legal expense amounts
include a total of 5,000 that has been reimbursed.
Portfolio management services will be provided by various
investment managers. Information regarding the Investment Managers is
as follows:
Lazard Freres Asset Management: Lazard is responsible for the overall
management of the International Value Equity Portfolio and is paid a
quarterly management investment fee for its services to such Portfolio
at the annual rate of 1.0% of the aggregate fair market value of the
first $1,000,000 of the average monthly assets of such Portfolio and
.75 of 1.0% of such assets in excess of $1,000,000, determined as of
the last business day of each month.
The Burridge Group LLC: Burridge is responsible for overall
management of the Growth Equity Portfolio and is paid a quarterly
management investment fee for its services to such Portfolio at the
annual rate of .75 of 1.0% of the aggregate fair market value of the
first 10,000,000 of the average monthly assets of such Portfolio, .625
of 1.0% of the next 10,000,000, .50 of 1.0% of the next 20,000,000,
.375 of 1.0% of the next 20,000,000 and .25 of 1.0% of the next
40,000,000 determined as of the last business day of each month.
Towneley Capital Management, Inc: Towneley is responsible for
overall management of the Value Equity Portfolio and is paid a
quarterly investment management fee for its services to such Portfolio
at the annual rate of 1.0% of the aggregate fair market value of the
first 10,000,000, .75 of 1.0% of the next 10,000,000 and .55 of 1.0%
of the balance of the average monthly assets of such Portfolio. The
asset value is determined as of the last business day of each month.
PAGE
<PAGE>
ALAMEDA-CONTRA COSTA MEDICAL ASSOCIATION COLLECTIVE INVESTMENT
TRUST FOR RETIREMENT PLANS
NOTES TO FINANCIAL STATEMENTS, continued
(unaudited)
3. Investment Management and Administration: continued
Guardian Investment Management: Guardian is responsible for overall
management of the Balanced Portfolio and is paid a quarterly investment
management fee for its services to the Balanced Portfolio at the annual
rate of 1.0% of the aggregate fair market value of the first $250,000
of the average monthly assets of such Portfolio and .60 of 1.0% of
such assets in excess of $250,000, determined as of the last business
day of each month.
Scudder, Stevens & Clark Inc: Scudder is responsible for overall
management of the Long-Intermediate Fixed Income Portfolio, the Short-
Intermediate Fixed Income Portfolio and the Short-Term Income Fund and
is paid a quarterly investment management fee for its services to these
three Portfolios at the annual rate of .50 of 1.0% of the aggregate fair
market value of the average monthly assets in these Portfolios,
determined as of the last business day of the month.
4. Brokerage Commissions Paid to Affiliated Brokers:
During the six months ended June 30, 1997, the International Value
Equity, Growth Equity, Value Equity and Balanced Portfolios paid
$1,159, $4,452, $46,528 and $870, 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, 1997, consulting expense amounts
include a total of $24,432 that has been paid indirectly with
commission dollars.
<TABLE>
6. Purchases and Sales of Investment Securities:
The aggregate cost of purchases and proceeds from sales of investments (excluding short-term and U.S. government
securities for the six months ended June 30, 1997, were as follows:
<CAPTION>
Long- Short-
International Growth Value Intermediate Intermediate Short Term
Equity Equity Equity Balanced Fixed Income Fixed Income Income
<S> <C> <C> <C> <C> <C> <C> <C>
Purchases 324,186 664,109 10,335,145 207,040 947,917 455,282 0
Proceeds 137,732 808,083 11,854,033 112,234 452,358 146,469 0
</TABLE>
PAGE
<PAGE>
ALAMEDA-CONTRA COSTA MEDICAL ASSOCIATION COLLECTIVE INVESTMENT
TRUST FOR RETIREMENT PLANS
NOTES TO FINANCIAL STATEMENTS, continued
(unaudited)
<TABLE>
6. Purchases and Sales of Investment Securities: continued
The aggregate cost of purchases and proceeds from sales of U.S. government securities for the six months
ended June 30, 1997, were as follows:
<CAPTION>
Long- Short-
International Growth Value Intermediate Intermediate Short Term
Equity Equity Equity Balanced Fixed Income Fixed Income Income
<S> <C> <C> <C> <C> <C> <C> <C>
Purchases 0 0 0 201,340 1,533,580 1,250,344 2,253,990
Proceeds 0 0 0 0 3,019,955 1,516,270 3,644,742
</TABLE>
<TABLE>
7. Unit Activity:
At June 30, 1997, there was an unlimited number of no par value units authorized for the portfolios of the Trust.
Transactions in Trust units for the six months ended June 30, 1997, 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 948 11,405 3,131 53,310 27,551 330,424 11,564 135,904 1,130 11,811
Transfers from
other portfolios 37,347 438,859 5,404 94,745 47,591 561,158 30,598 350,761 6,106 63,835
Redemptions (21,562) (276,225) (18,372) (336,120) (80,975) (1,004,867) (6,356) (73,718) (68,111) (721,571)
Transfers to
other portfolios (7,213) (81,227) (18,090) (301,747) (100,939) (1,211,519) (9,188) (105,000) (24,172) (252,243)
_______ ________ _______ ________ ________ __________ ______ ________ _______ ________
Net increase
(decrease) 9,520 92,811 (27,927) (489,812) (106,772) (1,324,804) 26,618 307,947 (85,047) (898,168)
</TABLE>
<TABLE>
ALAMEDA-CONTRA COSTA MEDICAL ASSOCIATION COLLECTIVE INVESTMENT TRUST FOR RETIREMENT PLANS
NOTES TO FINANCIAL STATEMENTS, continued
(unaudited)
7. Unit Activity:, continued
At June 30, 1997, there was an unlimited number of no par value units authorized for the portfolios of the Trust.
Transactions in Trust units for the six months ended June 30, 1997, are as follows:
<CAPTION>
Short-
Intermediate
Fixed Income Short Term Income
Units Amount Units Amount
<S> <C> <C> <C> <C>
Sales 2,478 26,176 17,673 182,612
Transfers from
other portfolios 75,446 781,337 26,974 278,073
Redemptions (41,606) (434,814) (39,213) (408,602)
Transfers to
other portfolios (32,841) (339,816) (26,699) (277,216)
_______ ________ _______ ________
Net increase (decrease) 3,477 32,883 (21,265) (225,133)
</TABLE>
PAGE
<PAGE>
<TABLE>
ALAMEDA-CONTRA COSTA MEDICAL ASSOCIATION COLLECTIVE INVESTMENT TRUST FOR RETIREMENT PLANS
NOTES TO FINANCIAL STATEMENTS, continued
(unaudited)
8. Unit Activity:
At December 31, 1996, 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, 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 4,862 50,296 11,537 179,702 62,757 638,900 26,755 274,491 5,446 54,793
Transfers from
other portfolios 30,083 317,000 22,975 366,834 21,550 212,854 36,994 374,542 48,060 495,000
Redemptions (1,286) (14,345) (9,054) (148,174) (66,409) (707,360) (8,306) (89,279) (37,932) (393,650)
Transfers to
other portfolios (10,350) (109,516) (12,316) (184,583) (66,434) (690,457) 0 0 (21,484) (219,581)
_______ _______ _______ ________ _______ ________ ______ _______ _______ ________
Net increase
(decrease) 23,309 243,435 13,142 213,779 (48,536) (546,063) 55,443 559,754 (5,910) (63,438)
</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, 1996, 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, 1996, are as follows:
<CAPTION>
Short-
Intermediate
Fixed Income Short-Term Income
Units Amount Units Amount
<S> <C> <C> <C> <C>
Sales 8,209 82,714 33,054 331,027
Transfers from
other portfolios 499 5,000 88,529 898,245
Redemptions (43,071) (432,411) (25,213) (250,857)
Transfers to
other portfolios (137,620) (1,393,614) (7,188) (71,724)
________ __________ _______ ________
Net increase (decrease) (171,983) (1,738,311) 89,182 906,691
</TABLE>
PAGE
<PAGE>
<TABLE>
ALAMEDA-CONTRA COSTA MEDICAL ASSOCIATION COLLECTIVE INVESTMENT TRUST FOR RETIREMENT PLANS
NOTES TO FINANCIAL STATEMENTS, continued
(unaudited)
9. Financial Highlights:
Financial highlights for each unit outstanding for the six months ended
June 30, 1997 and the year ended December 31, 1996 and the period
December 1, 1995 (inception) through December 31, 1995, are as follows:
<CAPTION>
Jan.-Jun. December
INTERNATIONAL EQUITY PORTFOLIO 1997 1996 1995
<S> <C> <C> <C>
Net asset value, beginning of period 11.19 10.09 10.00
Net investment income .08 .10 0
Net realized and unrealized gain 1.54 1.00 .09
_____ _____ _____
Total from investment operations 1.62 1.10 .09
Net asset value, end of period 12.81 11.19 10.09
Total Return 14.48% 10.90% 0.90%
Ratios and Supplemental Data
Ratio of net investment income to
average net assets 0.66% 1.01% 0.04%
Portfolio turnover rate 11.33% 40.54% 0%
Average commission rate per share 0.1548 0.0909 0.0600
Net assets at end of period (in 000's) 1,443 1,154 805
Ratio of expenses to average net assets 0.94% <F1> 2.02% <F1> 0.11%
Ratio of net expenses to average
net assets 0.90% <F2> 1.94% <F2> 0.11%
<FN>
<F1>
Ratio has been calculated using the expense amount which excludes reimbursed
and waived expenses and includes fees paid indirectly. If including all
expenses, the ratio would be 0.99% for 1997 and remain unchanged for 1996.
<F2>
Ratio has been calculated using the net expense amount which excludes
reimbursed and waived expenses and fees paid indirectly.
</FN>
</TABLE>
PAGE
<PAGE>
<TABLE>
ALAMEDA-CONTRA COSTA MEDICAL ASSOCIATION COLLECTIVE INVESTMENT TRUST FOR RETIREMENT PLANS
NOTES TO FINANCIAL STATEMENTS, continued
(unaudited)
9. Financial Highlights:
Financial highlights for each unit outstanding for the six months ended
June 30, 1997 and the years ended December 31, 1996, 1995, 1994 and 1993,
and the period October 1, 1992 (inception) through December 31, 1992,
are as follows:
<CAPTION>
Jan.-Jun. Oct.-Dec.
GROWTH EQUITY PORTFOLIO 1997 1996 1995 1994 1993 1992
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period 16.70 14.27 12.12 13.01 11.74 10.00
Net investment loss (.08) (.14) (.07) (.11) (.07) (.01)
Net realized and unrealized gain (loss) 1.97 2.57 2.22 (.78) 1.34 1.75
_____ _____ _____ _____ _____ _____
Total from investment operations 1.89 2.43 2.15 (.89) 1.27 1.74
Net asset value, end of period 18.59 16.70 14.27 12.12 13.01 11.74
Total Return 11.32% 17.03% 17.74% (6.84)% 10.82% 69.60% <F1>
Ratios and Supplemental Data
Ratio of net investment income to
average net assets (.45)% (.99)% (.68)% (.72)% (.68)% (.07)%
Portfolio turnover rate 16.08% 28.97% 33.63% 52.49% 38.58% 12.95%
Average commission rate per share 0.0705 0.0741 0.1339
Net assets at end of year (in 000's) 4,104 4,154 3,361 2,539 3,242 1,660
Ratio of expenses to average net assets .83% <F2> 1.84% <F2> 1.67% 1.86% 1.79% .41%
Ratio of net expenses to average .77% <F3> 1.77% <F3> 1.67% 1.86% 1.79% .41%
net assets
<FN>
<F1>
annualized
<F2>
Ratio has been calculated using the expense amount which excludes reimbursed
and waived expenses and includes fees paid indirectly. If including all
expenses, the ratio would be 0.88% for 1997 and remain unchanged for 1996.
<F3>
Ratio has been calculated using the net expense amount which excludes
reimbursed and waived expenses and fees paid indirectly.
</FN>
</TABLE>
PAGE
<PAGE>
<TABLE>
ALAMEDA-CONTRA COSTA MEDICAL ASSOCIATION COLLECTIVE INVESTMENT TRUST FOR RETIREMENT PLANS
NOTES TO FINANCIAL STATEMENTS, continued
(unaudited)
9. Financial Highlights:
Financial highlights for each unit outstanding for the six months ended
June 30, 1997 and the years ended December 31, 1996, 1995, 1994, 1993,
and 1992 are as follows:
<CAPTION>
Jan.-Jun.
VALUE EQUITY PORTFOLIO 1997 1996 1995 1994 1993 1992
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period 11.34 9.62 7.66 7.74 6.71 5.94
Net investment income .02 .10 .12 .02 .06 .13
Net realized and unrealized gain (loss) 1.64 1.62 1.84 (.10) .97 .64
_____ _____ _____ _____ _____ _____
Total from investment operations 1.66 1.72 1.96 (.08) 1.03 .77
Net asset value, end of period 13.00 11.34 9.62 7.66 7.74 6.71
Total Return 14.64% 17.88% 25.57% (.99)% 15.37% 12.88%
Ratios and Supplemental Data
Ratio of net investment income to
average net assets .15% .84% 1.15% .70% 1.18% 1.75%
Portfolio turnover rate 45.93% 98.50% 103.58% 116.01% 65.85% 85.40%
Average commission rate per share 0.0602 0.0601 0.1486
Net assets at end of year (in 000's) 25,375 23,351 20,280 16,825 15,518 12,622
Ratio of expenses to average net assets .86% <F1> 1.98% <F1> 1.82% 1.99% 1.99% 2.01%
Ratio of net expenses to average .77% <F2> 1.78% <F2> 1.82% 1.99% 1.99% 2.01%
net assets
<FN>
<F1>
Ratio has been calculated using the expense amount which excludes reimbursed
and waived expenses and includes fees paid indirectly. If including all
expenses, the ratio would be 0.92% for 1997 and remain unchanged for 1996.
<F2>
Ratio has been calculated using the net expense amount which excludes
reimbursed and waived expenses and fees paid indirectly.
</FN>
</TABLE>
PAGE
<PAGE>
<TABLE>
ALAMEDA-CONTRA COSTA MEDICAL ASSOCIATION COLLECTIVE INVESTMENT TRUST FOR RETIREMENT PLANS
NOTES TO FINANCIAL STATEMENTS, continued
(unaudited)
9. Financial Highlights:
Financial highlights for each unit outstanding for the six months ended
June 30, 1997 and the years ended December 31, 1996, 1995, 1994, 1993,
and 1992 are as follows:
<CAPTION>
Jan.-Jun.
BALANCED PORTFOLIO 1997 1996 1995 1994 1993 1992
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period 10.87 9.47 7.64 7.64 7.05 6.70
Net investment income .10 .02 .08 .34 .32 .13
Net realized and unrealized gain (loss) 1.48 1.38 1.75 (.34) .27 .22
_____ _____ _____ _____ _____ _____
Total from investment operations 1.58 1.40 1.83 0 .59 .35
Net asset value, end of period 12.45 10.87 9.47 7.64 7.64 7.05
Total Return 14.54% 14.78% 23.91% .03% 8.34% 5.26%
Ratios and Supplemental Data
Ratio of net investment income to
average net assets .87% 1.88% 2.68% 3.09% 2.57% 2.59%
Portfolio turnover rate 2.49% 7.67% 6.30% 5.18% 4.75% 17.78%
Average commission rate per share 0.0917 0.0825 0.1872
Net assets at end of year (in 000's) 5,606 4,609 3,489 2,486 2,854 3,223
Ratio of expenses to average net assets .75% <F1> 1.68% <F1> 1.47% 1.63% 1.63% 1.64%
Ratio of net expenses to average .74% <F2> 1.66% <F2> 1.47% 1.63% 1.63% 1.64%
net assets
<FN>
<F1>
Ratio has been calculated using the expense amount which excludes reimbursed
and waived expenses and includes fees paid indirectly. If including all
expenses, the ratio would be 0.81% for 1997 and remain unchanged for 1996.
<F2>
Ratio has been calculated using the net expense amount which excludes
reimbursed and waived expenses and fees paid indirectly.
</FN>
</TABLE>
PAGE
<PAGE>
<TABLE>
ALAMEDA-CONTRA COSTA MEDICAL ASSOCIATION COLLECTIVE INVESTMENT TRUST FOR RETIREMENT PLANS
NOTES TO FINANCIAL STATEMENTS, continued
(unaudited)
9. Financial Highlights:
Financial highlights for each unit outstanding for the six months ended
June 30, 1997 and the years ended December 31, 1996, 1995, 1994, 1993
and 1992 are as follows:
<CAPTION>
Jan.-Jun.
LONG-INTERMEDIATE FIXED INCOME PORTFOLIO 1997 1996 1995 1994 1993 1992
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period 10.43 10.27 8.71 9.16 8.39 7.89
Net investment income .28 .61 .34 1.08 .53 .55
Net realized and unrealized gain (loss) (.07) (.45) 1.22 (1.53) .24 (.05)
_____ _____ _____ _____ _____ _____
Total from investment operations .21 .16 1.56 (.45) .77 .50
Net asset value, end of period 10.64 10.43 10.27 8.71 9.16 8.39
Total Return 2.01% 1.56% 17.93% (4.93)% 9.19% 6.39%
Ratios and Supplemental Data
Ratio of net investment income to
average net assets 2.64% 5.29% 5.53% 5.64% 5.44% 6.11%
Portfolio turnover rate 67.59% 17.30% 5.95% 0% 10.68% 9.79%
Net assets at end of year (in 000's) 3,925 4,733 4,722 3,763 5,156 4,908
Ratio of expenses to average net assets .67% <F1> 1.44% 1.35% 1.49% 1.49% 1.52%
<FN>
<F1>
Ratio has been calculated using the expense amount which excludes reimbursed
and waived expenses. If including all expenses, the ratio would be 0.72%.
</FN>
</TABLE>
PAGE
<PAGE>
<TABLE>
ALAMEDA-CONTRA COSTA MEDICAL ASSOCIATION COLLECTIVE INVESTMENT TRUST FOR RETIREMENT PLANS
NOTES TO FINANCIAL STATEMENTS, continued
(unaudited)
9. Financial Highlights:
Financial highlights for each unit outstanding for the six months ended
June 30, 1997 and for the years ended December 31, 1996, 1995, 1994, 1993
and 1992 are as follows:
<CAPTION>
Jan.-Jun.
SHORT-INTERMEDIATE FIXED INCOME PORTFOLIO 1997 1996 1995 1994 1993 1992
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period 10.29 9.97 8.99 9.23 8.68 8.18
Net investment income .24 .49 .71 .69 .37 .01
Net realized and unrealized gain (loss) (.01) (.17) .27 (.93) .18 .49
_____ _____ _____ _____ _____ _____
Total from investment operations .23 .32 .98 (.24) .55 .50
Net asset value, end of period 10.52 10.29 9.97 8.99 9.23 8.68
Total Return 2.24% 3.21% 10.88% (2.58)% 6.38% 6.06%
Ratios and Supplemental Data
Ratio of net investment income to
average net assets 2.33% 4.63% 4.76% 4.78% 4.75% 5.16%
Portfolio turnover rate 35.10% 31.68% 19.21% 0% 25.60% 6.69%
Net assets at end of year (in 000's) 4,632 4,495 6,073 6,182 7,575 6,747
Ratio of expenses to average net assets .67% <F1> 1.47% 1.37% 1.51% 1.47% 1.47%
<FN>
<F1>
Ratio has been calculated using the expense amount which excludes reimbursed
and waived expenses. If including all expenses, the ratio would be 0.72%.
</FN>
</TABLE>
PAGE
<PAGE>
<TABLE>
ALAMEDA-CONTRA COSTA MEDICAL ASSOCIATION COLLECTIVE INVESTMENT TRUST FOR RETIREMENT PLANS
NOTES TO FINANCIAL STATEMENTS, continued
(unaudited)
9. Financial Highlights:
Financial highlights for each unit outstanding for the six months ended
June 30, 1997 and the years ended December 31, 1996, 1995, 1994, 1993
and 1992 are as follows:
<CAPTION>
SHORT TERM INCOME FUND 1997 1996 1995 1994 1993 1992
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period 10.20 9.82 9.33 9.10 8.91 8.63
Net investment income .25 .40 .39 .26 .32 .38
Net realized and unrealized gain (loss) .02 (.02) .10 (.03) (.13) (.10)
_____ _____ _____ _____ _____ _____
Total from investment operations .27 .38 .49 .23 .19 .28
Net asset value, end of period 10.47 10.20 9.82 9.33 9.10 8.91
Total Return 2.65% 3.87% 5.33% 2.50% 2.10% 3.31%
Ratios and Supplemental Data
Ratio of net investment income to
average net assets 2.50% 4.03% 4.11% 2.87% 3.60% 4.33%
Portfolio turnover rate 23.76% 0%
Net assets at end of year (in 000's) 3,447 3,572 2,566 2,716 2,120 3,481
Ratio of expenses to average net assets .68% <F1> 1.39% 1.38% 1.50% 1.59% 1.55%
<FN>
<F1>
Ratio has been calculated using the expense amount which excludes reimbursed
and waived expenses. If including all expenses, the ratio would be 0.73%.
</FN>
</TABLE>
