<PAGE> PAGE 1
000 B000000 12/31/97
000 C000000 0000858593
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 U
001 A000000 ALAMEDA-CONTRA COSTA MEDICAL ASSOCIATION COLL
001 B000000 811-5887
001 C000000 5106545383
002 A000000 6230 CLAREMONT AVENUE
002 B000000 OAKLAND
002 C000000 CA
002 D010000 94618
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 7
007 C010100 1
007 C020100 THE VALUE EQUITY PORTFOLIO
007 C030100 N
007 C010200 2
007 C020200 THE BALANCED PORTFOLIO
007 C030200 N
007 C010300 3
007 C020300 THE LONG INTERMEDIATE FIXED INCOME PORTFOLIO
007 C030300 N
007 C010400 4
007 C020400 THE SHORT INTERMEDIATE FIXED INCOME PORTFOLIO
007 C030400 N
007 C010500 5
007 C020500 THE SHORT TERM INCOME FUND
007 C030500 N
007 C010600 6
007 C020600 THE GROWTH EQUITY PORTFOLIO
007 C030600 N
007 C010700 7
007 C020700 THE INTERNATIONAL EQUITY PORTFOLIO
007 C030700 N
007 C010800 8
007 C010900 9
007 C011000 10
020 A000001 PAINE WEBBER
020 B000001 13-2638166
020 C000001 72
020 C000002 0
020 C000003 0
<PAGE> PAGE 2
020 C000004 0
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 72
022 A000001 WELLS FARGO BANK
022 B000001 94-1347393
022 C000001 36799
022 D000001 35262
022 A000002 MERRILL LYNCH
022 B000002 13-5674084
022 C000002 2732
022 D000002 2588
022 A000003 AMERICAN EXPRESS
022 B000003 11-1988350
022 C000003 4990
022 D000003 0
022 A000004 GE CAPITAL
022 B000004 13-1500700
022 C000004 4310
022 D000004 0
022 A000005 GX CLARKE
022 B000005 13-2969143
022 C000005 1243
022 D000005 2957
022 A000006 AMERICAN GENERAL FIN CORP
022 B000006 35-0416090
022 C000006 2890
022 D000006 0
022 A000007 SALOMON BROS
022 B000007 13-3082694
022 C000007 1492
022 D000007 1158
022 A000008 CS FIRST BOSTON
022 B000008 13-5659485
022 C000008 1578
022 D000008 1004
022 A000009 FORD MOTOR CREDIT CORP
022 B000009 38-1612444
022 C000009 2495
022 D000009 0
022 A000010 BENEFICIAL CORP
022 B000010 51-0003820
022 C000010 2400
022 D000010 0
023 C000000 76740
023 D000000 49707
026 A000000 N
<PAGE> PAGE 3
026 B000000 Y
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 Y
026 H000000 N
027 000000 Y
077 A000000 Y
077 B000000 Y
078 000000 N
080 A00AA00 CHUBB GROUP OF INSURANCE COMPANIES
080 C00AA00 500
081 A00AA00 N
081 B00AA00 0
082 A00AA00 Y
082 B00AA00 25
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 Y
085 B00AA00 N
028 A010100 811
028 A020100 0
028 A030100 0
028 A040100 391
028 B010100 504
028 B020100 0
028 B030100 0
028 B040100 196
028 C010100 56
028 C020100 0
028 C030100 0
028 C040100 230
028 D010100 44
028 D020100 0
028 D030100 0
028 D040100 274
028 E010100 30
028 E020100 0
028 E030100 0
028 E040100 480
028 F010100 186
028 F020100 0
028 F030100 0
028 F040100 845
028 G010100 1631
028 G020100 0
028 G030100 0
<PAGE> PAGE 4
028 G040100 2416
028 H000100 0
062 A000100 N
062 B000100 0.0
062 C000100 0.0
062 D000100 0.0
062 E000100 0.0
062 F000100 0.0
062 G000100 0.0
062 H000100 0.0
062 I000100 0.0
062 J000100 0.0
062 K000100 0.0
062 L000100 0.0
062 M000100 0.0
062 N000100 0.0
062 O000100 0.0
062 P000100 0.0
062 Q000100 0.0
062 R000100 0.0
070 A010100 N
070 A020100 N
070 B010100 N
070 B020100 N
070 C010100 N
070 C020100 N
070 D010100 N
070 D020100 N
070 E010100 N
070 E020100 N
070 F010100 N
070 F020100 N
070 G010100 N
070 G020100 N
070 H010100 N
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 Y
070 J020100 N
070 K010100 Y
070 K020100 Y
070 L010100 Y
070 L020100 Y
070 M010100 N
070 M020100 N
070 N010100 Y
070 N020100 N
070 O010100 N
070 O020100 N
070 P010100 Y
<PAGE> PAGE 5
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 N
070 R020100 N
071 A000100 15553
071 B000100 16769
071 C000100 24588
071 D000100 63
072 A000100 12
072 B000100 88
072 C000100 341
072 D000100 0
072 E000100 0
072 F000100 210
072 G000100 126
072 H000100 0
072 I000100 0
072 J000100 34
072 K000100 0
072 L000100 1
072 M000100 0
072 N000100 0
072 O000100 0
072 P000100 0
072 Q000100 0
072 R000100 11
072 S000100 46
072 T000100 0
072 U000100 0
072 V000100 0
072 W000100 50
072 X000100 478
072 Y000100 45
072 Z000100 -4
072AA000100 3915
072BB000100 0
072CC010100 3169
072CC020100 0
072DD010100 0
072DD020100 0
072EE000100 0
073 A010100 0.0000
073 A020100 0.0000
073 B000100 0.0000
073 C000100 0.0000
074 A000100 0
074 B000100 0
074 C000100 245
074 D000100 0
074 E000100 0
<PAGE> PAGE 6
074 F000100 28863
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 186
074 K000100 0
074 L000100 136
074 M000100 0
074 N000100 29430
074 O000100 845
074 P000100 0
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 264
074 S000100 0
074 T000100 28321
074 U010100 1901
074 U020100 0
074 V010100 14.90
074 V020100 0.00
074 W000100 0.0000
074 X000100 201
074 Y000100 0
075 A000100 0
075 B000100 26105
076 000100 0.00
028 A010200 190
028 A020200 0
028 A030200 0
028 A040200 15
028 B010200 41
028 B020200 0
028 B030200 0
028 B040200 17
028 C010200 77
028 C020200 0
028 C030200 0
028 C040200 89
028 D010200 9
028 D020200 0
028 D030200 0
028 D040200 13
028 E010200 12
028 E020200 0
028 E030200 0
028 E040200 0
028 F010200 13
028 F020200 0
028 F030200 0
<PAGE> PAGE 7
028 F040200 1203
028 G010200 342
028 G020200 0
028 G030200 0
028 G040200 1337
028 H000200 0
062 A000200 N
062 B000200 0.0
062 C000200 0.0
062 D000200 0.0
062 E000200 0.0
062 F000200 0.0
062 G000200 0.0
062 H000200 0.0
062 I000200 0.0
062 J000200 0.0
062 K000200 0.0
062 L000200 0.0
062 M000200 0.0
062 N000200 0.0
062 O000200 0.0
062 P000200 0.0
062 Q000200 0.0
062 R000200 0.0
070 A010200 N
070 A020200 N
070 B010200 Y
070 B020200 Y
070 C010200 N
070 C020200 N
070 D010200 N
070 D020200 N
070 E010200 N
070 E020200 N
070 F010200 N
070 F020200 N
070 G010200 N
070 G020200 N
070 H010200 N
070 H020200 N
070 I010200 N
070 I020200 N
070 J010200 Y
070 J020200 N
070 K010200 Y
070 K020200 Y
070 L010200 Y
070 L020200 Y
070 M010200 N
070 M020200 N
070 N010200 N
<PAGE> PAGE 8
070 N020200 N
070 O010200 N
070 O020200 N
070 P010200 Y
070 P020200 N
070 Q010200 N
070 Q020200 N
070 R010200 N
070 R020200 N
071 A000200 853
071 B000200 456
071 C000200 4978
071 D000200 9
072 A000200 12
072 B000200 127
072 C000200 49
072 D000200 0
072 E000200 0
072 F000200 35
072 G000200 26
072 H000200 0
072 I000200 0
072 J000200 7
072 K000200 0
072 L000200 0
072 M000200 0
072 N000200 0
072 O000200 0
072 P000200 0
072 Q000200 0
072 R000200 2
072 S000200 10
072 T000200 0
072 U000200 0
072 V000200 0
072 W000200 11
072 X000200 91
072 Y000200 3
072 Z000200 88
072AA000200 305
072BB000200 0
072CC010200 676
072CC020200 0
072DD010200 0
072DD020200 0
072EE000200 0
073 A010200 0.0000
073 A020200 0.0000
073 B000200 0.0000
073 C000200 0.0000
074 A000200 0
<PAGE> PAGE 9
074 B000200 0
074 C000200 655
074 D000200 1445
074 E000200 0
074 F000200 3574
074 G000200 0
074 H000200 0
074 I000200 0
074 J000200 13
074 K000200 0
074 L000200 537
074 M000200 0
074 N000200 6224
074 O000200 1203
074 P000200 0
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 30
074 S000200 0
074 T000200 4991
074 U010200 376
074 U020200 0
074 V010200 13.29
074 V020200 0.00
074 W000200 0.0000
074 X000200 95
074 Y000200 0
075 A000200 0
075 B000200 5429
076 000200 0.00
008 A000301 SCUDDER KEMPER INVESTMENTS
008 B000301 A
008 C000301 801-252
008 D010301 SAN FRANCISCO
008 D020301 CA
008 D030301 94111
028 A010300 41
028 A020300 0
028 A030300 0
028 A040300 13
028 B010300 0
028 B020300 0
028 B030300 0
028 B040300 18
028 C010300 1
028 C020300 0
028 C030300 0
028 C040300 60
028 D010300 78
<PAGE> PAGE 10
028 D020300 0
028 D030300 0
028 D040300 20
028 E010300 0
028 E020300 0
028 E030300 0
028 E040300 69
028 F010300 101
028 F020300 0
028 F030300 0
028 F040300 200
028 G010300 221
028 G020300 0
028 G030300 0
028 G040300 380
028 H000300 0
062 A000300 Y
062 B000300 0.0
062 C000300 0.0
062 D000300 0.0
062 E000300 0.0
062 F000300 0.0
062 G000300 0.0
062 H000300 0.0
062 I000300 9.5
062 J000300 0.0
062 K000300 0.0
062 L000300 2.8
062 M000300 42.2
062 N000300 15.7
062 O000300 0.0
062 P000300 29.8
062 Q000300 0.0
062 R000300 0.0
063 A000300 0
063 B000300 12.2
064 A000300 N
064 B000300 N
070 A010300 N
070 A020300 N
070 B010300 N
070 B020300 N
070 C010300 N
070 C020300 N
070 D010300 N
070 D020300 N
070 E010300 N
070 E020300 N
070 F010300 N
070 F020300 N
070 G010300 N
<PAGE> PAGE 11
070 G020300 N
070 H010300 N
070 H020300 N
070 I010300 N
070 I020300 N
070 J010300 N
070 J020300 N
070 K010300 Y
070 K020300 N
070 L010300 Y
070 L020300 Y
070 M010300 N
070 M020300 N
070 N010300 N
070 N020300 N
070 O010300 N
070 O020300 N
070 P010300 Y
070 P020300 N
070 Q010300 N
070 Q020300 N
070 R010300 N
070 R020300 N
071 A000300 5441
071 B000300 6101
071 C000300 3383
071 D000300 161
072 A000300 12
072 B000300 280
072 C000300 0
072 D000300 0
072 E000300 0
072 F000300 16
072 G000300 20
072 H000300 0
072 I000300 0
072 J000300 5
072 K000300 0
072 L000300 0
072 M000300 0
072 N000300 0
072 O000300 0
072 P000300 0
072 Q000300 0
072 R000300 2
072 S000300 8
072 T000300 0
072 U000300 0
072 V000300 0
072 W000300 6
072 X000300 57
<PAGE> PAGE 12
072 Y000300 2
072 Z000300 225
072AA000300 76
072BB000300 0
072CC010300 0
072CC020300 32
072DD010300 0
072DD020300 0
072EE000300 0
073 A010300 0.0000
073 A020300 0.0000
073 B000300 0.0000
073 C000300 0.0000
074 A000300 0
074 B000300 0
074 C000300 504
074 D000300 3583
074 E000300 0
074 F000300 0
074 G000300 0
074 H000300 0
074 I000300 0
074 J000300 101
074 K000300 0
074 L000300 43
074 M000300 0
074 N000300 4231
074 O000300 200
074 P000300 0
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 22
074 S000300 0
074 T000300 4009
074 U010300 355
074 U020300 0
074 V010300 11.30
074 V020300 0.00
074 W000300 0.0000
074 X000300 62
074 Y000300 0
075 A000300 0
075 B000300 4257
076 000300 0.00
008 A000401 SCUDDER KEMPER INVESTMENTS
008 B000401 A
008 C000401 801-252
008 D010401 SAN FRANCISCO
008 D020401 CA
<PAGE> PAGE 13
008 D030401 94111
028 A010400 111
028 A020400 0
028 A030400 0
028 A040400 283
028 B010400 52
028 B020400 0
028 B030400 0
028 B040400 101
028 C010400 3
028 C020400 0
028 C030400 0
028 C040400 282
028 D010400 79
028 D020400 0
028 D030400 0
028 D040400 41
028 E010400 2
028 E020400 0
028 E030400 0
028 E040400 101
028 F010400 2
028 F020400 0
028 F030400 0
028 F040400 88
028 G010400 249
028 G020400 0
028 G030400 0
028 G040400 896
028 H000400 0
062 A000400 Y
062 B000400 0.0
062 C000400 0.0
062 D000400 0.0
062 E000400 0.0
062 F000400 0.0
062 G000400 0.0
062 H000400 0.0
062 I000400 0.0
062 J000400 0.0
062 K000400 0.0
062 L000400 2.1
062 M000400 48.1
062 N000400 15.9
062 O000400 0.0
062 P000400 33.9
062 Q000400 0.0
062 R000400 0.0
063 A000400 0
063 B000400 7.5
064 A000400 N
<PAGE> PAGE 14
064 B000400 N
070 A010400 N
070 A020400 N
070 B010400 N
070 B020400 N
070 C010400 N
070 C020400 N
070 D010400 N
070 D020400 N
070 E010400 N
070 E020400 N
070 F010400 N
070 F020400 N
070 G010400 N
070 G020400 N
070 H010400 N
070 H020400 N
070 I010400 N
070 I020400 N
070 J010400 N
070 J020400 N
070 K010400 Y
070 K020400 N
070 L010400 Y
070 L020400 Y
070 M010400 N
070 M020400 N
070 N010400 N
070 N020400 N
070 O010400 N
070 O020400 N
070 P010400 Y
070 P020400 N
070 Q010400 N
070 Q020400 N
070 R010400 N
070 R020400 N
071 A000400 3093
071 B000400 3010
071 C000400 4346
071 D000400 69
072 A000400 12
072 B000400 284
072 C000400 0
072 D000400 0
072 E000400 0
072 F000400 17
072 G000400 22
072 H000400 0
072 I000400 0
072 J000400 6
<PAGE> PAGE 15
072 K000400 0
072 L000400 0
072 M000400 0
072 N000400 0
072 O000400 0
072 P000400 0
072 Q000400 0
072 R000400 2
072 S000400 8
072 T000400 0
072 U000400 0
072 V000400 0
072 W000400 13
072 X000400 60
072 Y000400 2
072 Z000400 226
072AA000400 0
072BB000400 22
072CC010400 63
072CC020400 0
072DD010400 0
072DD020400 0
072EE000400 0
073 A010400 0.0000
073 A020400 0.0000
073 B000400 0.0000
073 C000400 0.0000
074 A000400 0
074 B000400 0
074 C000400 89
074 D000400 4120
074 E000400 0
074 F000400 0
074 G000400 0
074 H000400 0
074 I000400 0
074 J000400 2
074 K000400 0
074 L000400 49
074 M000400 0
074 N000400 4260
074 O000400 88
074 P000400 0
074 Q000400 0
074 R010400 0
074 R020400 0
074 R030400 0
074 R040400 24
074 S000400 0
074 T000400 4148
074 U010400 380
<PAGE> PAGE 16
074 U020400 0
074 V010400 10.91
074 V020400 0.00
074 W000400 0.0000
074 X000400 74
074 Y000400 0
075 A000400 0
075 B000400 4539
076 000400 0.00
008 A000501 SCUDDER KEMPER INVESTMENTS
008 B000501 A
008 C000501 801-252
008 D010501 SAN FRANCISCO
008 D020501 CA
008 D030501 94111
028 A010500 18
028 A020500 0
028 A030500 0
028 A040500 135
028 B010500 1
028 B020500 0
028 B030500 0
028 B040500 135
028 C010500 178
028 C020500 0
028 C030500 0
028 C040500 72
028 D010500 2
028 D020500 0
028 D030500 0
028 D040500 13
028 E010500 452
028 E020500 0
028 E030500 0
028 E040500 140
028 F010500 16
028 F020500 0
028 F030500 0
028 F040500 719
028 G010500 667
028 G020500 0
028 G030500 0
028 G040500 1214
028 H000500 0
062 A000500 Y
062 B000500 11.3
062 C000500 26.5
062 D000500 0.0
062 E000500 0.0
062 F000500 0.0
062 G000500 0.0
<PAGE> PAGE 17
062 H000500 0.0
062 I000500 26.2
062 J000500 0.0
062 K000500 0.0
062 L000500 2.6
062 M000500 0.0
062 N000500 0.0
062 O000500 0.0
062 P000500 33.4
062 Q000500 0.0
062 R000500 0.0
063 A000500 97
063 B000500 0.0
064 A000500 N
064 B000500 N
070 A010500 N
070 A020500 N
070 B010500 N
070 B020500 N
070 C010500 N
070 C020500 N
070 D010500 N
070 D020500 N
070 E010500 N
070 E020500 N
070 F010500 N
070 F020500 N
070 G010500 N
070 G020500 N
070 H010500 N
070 H020500 N
070 I010500 N
070 I020500 N
070 J010500 N
070 J020500 N
070 K010500 Y
070 K020500 N
070 L010500 Y
070 L020500 Y
070 M010500 N
070 M020500 N
070 N010500 N
070 N020500 N
070 O010500 N
070 O020500 N
070 P010500 Y
070 P020500 N
070 Q010500 N
070 Q020500 N
070 R010500 N
070 R020500 N
<PAGE> PAGE 18
071 A000500 352
071 B000500 2167
071 C000500 860
071 D000500 41
072 A000500 12
072 B000500 197
072 C000500 0
072 D000500 0
072 E000500 0
072 F000500 14
072 G000500 17
072 H000500 0
072 I000500 0
072 J000500 5
072 K000500 0
072 L000500 0
072 M000500 0
072 N000500 0
072 O000500 0
072 P000500 0
072 Q000500 0
072 R000500 1
072 S000500 6
072 T000500 0
072 U000500 0
072 V000500 0
072 W000500 4
072 X000500 47
072 Y000500 2
072 Z000500 152
072AA000500 0
072BB000500 5
072CC010500 15
072CC020500 0
072DD010500 0
072DD020500 0
072EE000500 0
073 A010500 0.0000
073 A020500 0.0000
073 B000500 0.0000
073 C000500 0.0000
074 A000500 0
074 B000500 0
074 C000500 3531
074 D000500 0
074 E000500 0
074 F000500 0
074 G000500 0
074 H000500 0
074 I000500 0
074 J000500 18
<PAGE> PAGE 19
074 K000500 0
074 L000500 38
074 M000500 0
074 N000500 3587
074 O000500 606
074 P000500 0
074 Q000500 0
074 R010500 0
074 R020500 0
074 R030500 0
074 R040500 19
074 S000500 0
074 T000500 2962
074 U010500 278
074 U020500 0
074 V010500 10.67
074 V020500 0.00
074 W000500 0.0000
074 X000500 64
074 Y000500 0
075 A000500 0
075 B000500 3502
076 000500 0.00
028 A010600 146
028 A020600 0
028 A030600 0
028 A040600 371
028 B010600 74
028 B020600 0
028 B030600 0
028 B040600 365
028 C010600 21
028 C020600 0
028 C030600 0
028 C040600 15
028 D010600 65
028 D020600 0
028 D030600 0
028 D040600 35
028 E010600 89
028 E020600 0
028 E030600 0
028 E040600 5
028 F010600 14
028 F020600 0
028 F030600 0
028 F040600 77
028 G010600 409
028 G020600 0
028 G030600 0
028 G040600 868
<PAGE> PAGE 20
028 H000600 0
062 A000600 N
062 B000600 0.0
062 C000600 0.0
062 D000600 0.0
062 E000600 0.0
062 F000600 0.0
062 G000600 0.0
062 H000600 0.0
062 I000600 0.0
062 J000600 0.0
062 K000600 0.0
062 L000600 0.0
062 M000600 0.0
062 N000600 0.0
062 O000600 0.0
062 P000600 0.0
062 Q000600 0.0
062 R000600 0.0
070 A010600 N
070 A020600 N
070 B010600 N
070 B020600 N
070 C010600 N
070 C020600 N
070 D010600 N
070 D020600 N
070 E010600 N
070 E020600 N
070 F010600 N
070 F020600 N
070 G010600 N
070 G020600 N
070 H010600 N
070 H020600 N
070 I010600 N
070 I020600 N
070 J010600 Y
070 J020600 N
070 K010600 Y
070 K020600 N
070 L010600 Y
070 L020600 N
070 M010600 N
070 M020600 N
070 N010600 N
070 N020600 N
070 O010600 N
070 O020600 N
070 P010600 Y
070 P020600 N
<PAGE> PAGE 21
070 Q010600 N
070 Q020600 N
070 R010600 N
070 R020600 N
071 A000600 1178
071 B000600 2100
071 C000600 4084
071 D000600 29
072 A000600 12
072 B000600 6
072 C000600 18
072 D000600 0
072 E000600 0
072 F000600 31
072 G000600 20
072 H000600 0
072 I000600 0
072 J000600 5
072 K000600 0
072 L000600 0
072 M000600 0
072 N000600 0
072 O000600 0
072 P000600 0
072 Q000600 0
072 R000600 2
072 S000600 7
072 T000600 0
072 U000600 0
072 V000600 0
072 W000600 4
072 X000600 73
072 Y000600 7
072 Z000600 -42
072AA000600 814
072BB000600 0
072CC010600 0
072CC020600 79
072DD010600 0
072DD020600 0
072EE000600 0
073 A010600 0.0000
073 A020600 0.0000
073 B000600 0.0000
073 C000600 0.0000
074 A000600 0
074 B000600 0
074 C000600 177
074 D000600 0
074 E000600 0
074 F000600 3798
<PAGE> PAGE 22
074 G000600 0
074 H000600 0
074 I000600 0
074 J000600 14
074 K000600 0
074 L000600 3
074 M000600 0
074 N000600 3992
074 O000600 77
074 P000600 0
074 Q000600 0
074 R010600 0
074 R020600 0
074 R030600 0
074 R040600 18
074 S000600 0
074 T000600 3897
074 U010600 198
074 U020600 0
074 V010600 19.67
074 V020600 0.00
074 W000600 0.0000
074 X000600 82
074 Y000600 0
075 A000600 0
075 B000600 4089
076 000600 0.00
028 A010700 185
028 A020700 0
028 A030700 0
028 A040700 0
028 B010700 39
028 B020700 0
028 B030700 0
028 B040700 0
028 C010700 53
028 C020700 0
028 C030700 0
028 C040700 0
028 D010700 154
028 D020700 0
028 D030700 0
028 D040700 72
028 E010700 104
028 E020700 0
028 E030700 0
028 E040700 20
028 F010700 2
028 F020700 0
028 F030700 0
028 F040700 202
<PAGE> PAGE 23
028 G010700 537
028 G020700 0
028 G030700 0
028 G040700 294
028 H000700 0
062 A000700 N
062 B000700 0.0
062 C000700 0.0
062 D000700 0.0
062 E000700 0.0
062 F000700 0.0
062 G000700 0.0
062 H000700 0.0
062 I000700 0.0
062 J000700 0.0
062 K000700 0.0
062 L000700 0.0
062 M000700 0.0
062 N000700 0.0
062 O000700 0.0
062 P000700 0.0
062 Q000700 0.0
062 R000700 0.0
070 A010700 N
070 A020700 N
070 B010700 N
070 B020700 N
070 C010700 N
070 C020700 N
070 D010700 N
070 D020700 N
070 E010700 N
070 E020700 N
070 F010700 N
070 F020700 N
070 G010700 N
070 G020700 N
070 H010700 N
070 H020700 N
070 I010700 N
070 I020700 N
070 J010700 Y
070 J020700 N
070 K010700 Y
070 K020700 N
070 L010700 Y
070 L020700 Y
070 M010700 Y
070 M020700 Y
070 N010700 Y
070 N020700 N
<PAGE> PAGE 24
070 O010700 Y
070 O020700 N
070 P010700 N
070 P020700 N
070 Q010700 N
070 Q020700 N
070 R010700 N
070 R020700 N
071 A000700 462
071 B000700 249
071 C000700 1382
071 D000700 18
072 A000700 12
072 B000700 6
072 C000700 29
072 D000700 0
072 E000700 0
072 F000700 15
072 G000700 7
072 H000700 0
072 I000700 0
072 J000700 2
072 K000700 0
072 L000700 0
072 M000700 0
072 N000700 0
072 O000700 0
072 P000700 0
072 Q000700 0
072 R000700 0
072 S000700 3
072 T000700 0
072 U000700 0
072 V000700 0
072 W000700 3
072 X000700 30
072 Y000700 2
072 Z000700 7
072AA000700 0
072BB000700 2
072CC010700 229
072CC020700 0
072DD010700 0
072DD020700 0
072EE000700 0
073 A010700 0.0000
073 A020700 0.0000
073 B000700 0.0000
073 C000700 0.0000
074 A000700 0
074 B000700 0
<PAGE> PAGE 25
074 C000700 150
074 D000700 0
074 E000700 0
074 F000700 1778
074 G000700 0
074 H000700 0
074 I000700 0
074 J000700 3
074 K000700 0
074 L000700 4
074 M000700 0
074 N000700 1935
074 O000700 202
074 P000700 0
074 Q000700 0
074 R010700 0
074 R020700 0
074 R030700 0
074 R040700 8
074 S000700 0
074 T000700 1725
074 U010700 131
074 U020700 0
074 V010700 13.13
074 V020700 0.00
074 W000700 0.0000
074 X000700 39
074 Y000700 0
075 A000700 0
075 B000700 1528
076 000700 0.00
SIGNATURE LAVINDA M JOHNSON
TITLE BUS. OFFICE MGR
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 1
<NAME> VALUE EQUITY
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 22,632,206
<INVESTMENTS-AT-VALUE> 29,108,676
<RECEIVABLES> 321,354
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 29,430,030
<PAYABLE-FOR-SECURITIES> 140,541
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 968,743
<TOTAL-LIABILITIES> 1,109,284
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 8,009,236
<SHARES-COMMON-STOCK> 1,900,578
<SHARES-COMMON-PRIOR> 2,058,779
<ACCUMULATED-NII-CURRENT> 1,306,822
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 12,528,218
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 6,476,470
<NET-ASSETS> 28,320,746
<DIVIDEND-INCOME> 341,233
<INTEREST-INCOME> 87,960
<OTHER-INCOME> 0
<EXPENSES-NET> 432,827
<NET-INVESTMENT-INCOME> (3,634)
<REALIZED-GAINS-CURRENT> 3,915,104
<APPREC-INCREASE-CURRENT> 3,169,127
<NET-CHANGE-FROM-OPS> 7,080,597
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 189,132
<NUMBER-OF-SHARES-REDEEMED> 347,424
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 4,970,163
<ACCUMULATED-NII-PRIOR> 1,310,456
<ACCUMULATED-GAINS-PRIOR> 8,613,114
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 210,061
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 477,576
<AVERAGE-NET-ASSETS> 26,105,446
<PER-SHARE-NAV-BEGIN> 11.34
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 3.56
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.90
<EXPENSE-RATIO> 1.78
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 2
<NAME> BALANCED
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 3,895,535
<INVESTMENTS-AT-VALUE> 5,673,524
<RECEIVABLES> 550,474
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 6,223,998
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,232,824
<TOTAL-LIABILITIES> 1,232,824
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,035,791
<SHARES-COMMON-STOCK> 375,688
<SHARES-COMMON-PRIOR> 423,839
<ACCUMULATED-NII-CURRENT> 619,624
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 557,770
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,777,989
<NET-ASSETS> 4,991,174
<DIVIDEND-INCOME> 48,569
<INTEREST-INCOME> 126,922
<OTHER-INCOME> 0
<EXPENSES-NET> 87,234
<NET-INVESTMENT-INCOME> 88,257
<REALIZED-GAINS-CURRENT> 305,456
<APPREC-INCREASE-CURRENT> 675,645
<NET-CHANGE-FROM-OPS> 1,069,358
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 68,189
<NUMBER-OF-SHARES-REDEEMED> 116,339
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 382,556
<ACCUMULATED-NII-PRIOR> 531,367
<ACCUMULATED-GAINS-PRIOR> 252,314
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 34,791
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 90,831
<AVERAGE-NET-ASSETS> 5,429,105
<PER-SHARE-NAV-BEGIN> 10.87
<PER-SHARE-NII> .20
<PER-SHARE-GAIN-APPREC> 2.22
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.29
<EXPENSE-RATIO> 1.62
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 3
<NAME> LONG INTERMEDIATE
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 3,932,027
<INVESTMENTS-AT-VALUE> 4,087,421
<RECEIVABLES> 143,736
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 4,231,157
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 222,563
<TOTAL-LIABILITIES> 222,563
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,605,454
<SHARES-COMMON-STOCK> 354,699
<SHARES-COMMON-PRIOR> 453,931
<ACCUMULATED-NII-CURRENT> 1,954,195
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 293,551
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 155,394
<NET-ASSETS> 4,008,594
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 279,494
<OTHER-INCOME> 0
<EXPENSES-NET> 54,548
<NET-INVESTMENT-INCOME> 224,946
<REALIZED-GAINS-CURRENT> 76,090
<APPREC-INCREASE-CURRENT> 31,828
<NET-CHANGE-FROM-OPS> 332,864
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 26,999
<NUMBER-OF-SHARES-REDEEMED> 126,231
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (724,170)
<ACCUMULATED-NII-PRIOR> 1,729,249
<ACCUMULATED-GAINS-PRIOR> 217,461
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 16,175
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 56,790
<AVERAGE-NET-ASSETS> 4,256,651
<PER-SHARE-NAV-BEGIN> 10.43
<PER-SHARE-NII> .57
<PER-SHARE-GAIN-APPREC> .30
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.30
<EXPENSE-RATIO> 1.28
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 4
<NAME> SHORT INTERMEDIATE
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 4,178,662
<INVESTMENTS-AT-VALUE> 4,209,279
<RECEIVABLES> 50,816
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 4,260,095
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 112,190
<TOTAL-LIABILITIES> 112,190
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,044,400
<SHARES-COMMON-STOCK> 380,095
<SHARES-COMMON-PRIOR> 436,883
<ACCUMULATED-NII-CURRENT> 2,000,977
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 71,910
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 30,617
<NET-ASSETS> 4,147,905
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 284,278
<OTHER-INCOME> 0
<EXPENSES-NET> 58,386
<NET-INVESTMENT-INCOME> 225,892
<REALIZED-GAINS-CURRENT> (21,572)
<APPREC-INCREASE-CURRENT> 63,074
<NET-CHANGE-FROM-OPS> 267,394
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 101,215
<NUMBER-OF-SHARES-REDEEMED> 158,040
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (346,965)
<ACCUMULATED-NII-PRIOR> 1,775,085
<ACCUMULATED-GAINS-PRIOR> 93,482
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 17,259
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 60,790
<AVERAGE-NET-ASSETS> 4,538,649
<PER-SHARE-NAV-BEGIN> 10.29
<PER-SHARE-NII> .53
<PER-SHARE-GAIN-APPREC> .09
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.91
<EXPENSE-RATIO> 1.29
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 5
<NAME> SHORT TERM INCOME
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 3,526,057
<INVESTMENTS-AT-VALUE> 3,531,204
<RECEIVABLES> 55,494
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 3,586,698
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 625,148
<TOTAL-LIABILITIES> 625,148
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,479,920
<SHARES-COMMON-STOCK> 277,601
<SHARES-COMMON-PRIOR> 350,355
<ACCUMULATED-NII-CURRENT> 1,539,128
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (62,645)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 5,147
<NET-ASSETS> 2,961,550
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 197,432
<OTHER-INCOME> 0
<EXPENSES-NET> 45,464
<NET-INVESTMENT-INCOME> 151,968
<REALIZED-GAINS-CURRENT> (5,347)
<APPREC-INCREASE-CURRENT> 15,117
<NET-CHANGE-FROM-OPS> 161,738
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 107,609
<NUMBER-OF-SHARES-REDEEMED> 180,363
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (610,566)
<ACCUMULATED-NII-PRIOR> 1,387,160
<ACCUMULATED-GAINS-PRIOR> (57,298)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 13,800
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 47,359
<AVERAGE-NET-ASSETS> 3,502,499
<PER-SHARE-NAV-BEGIN> 10.20
<PER-SHARE-NII> .45
<PER-SHARE-GAIN-APPREC> .02
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.67
<EXPENSE-RATIO> 1.30
<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> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 3,086,878
<INVESTMENTS-AT-VALUE> 3,975,011
<RECEIVABLES> 17,168
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 3,992,179
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 94,729
<TOTAL-LIABILITIES> 94,729
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,887,218
<SHARES-COMMON-STOCK> 198,119
<SHARES-COMMON-PRIOR> 248,695
<ACCUMULATED-NII-CURRENT> (138,669)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,260,767
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 888,134
<NET-ASSETS> 3,897,450
<DIVIDEND-INCOME> 18,246
<INTEREST-INCOME> 5,612
<OTHER-INCOME> 0
<EXPENSES-NET> 66,346
<NET-INVESTMENT-INCOME> (42,488)
<REALIZED-GAINS-CURRENT> 813,505
<APPREC-INCREASE-CURRENT> (78,654)
<NET-CHANGE-FROM-OPS> 692,363
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 28,697
<NUMBER-OF-SHARES-REDEEMED> 79,273
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (256,520)
<ACCUMULATED-NII-PRIOR> (96,181)
<ACCUMULATED-GAINS-PRIOR> 447,262
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 30,892
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 73,041
<AVERAGE-NET-ASSETS> 4,088,864
<PER-SHARE-NAV-BEGIN> 16.70
<PER-SHARE-NII> (.19)
<PER-SHARE-GAIN-APPREC> 3.16
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 19.67
<EXPENSE-RATIO> 1.73
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 7
<NAME> INTERNATIONAL EQUITY
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 1,604,838
<INVESTMENTS-AT-VALUE> 1,928,396
<RECEIVABLES> 6,540
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,934,936
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 210,109
<TOTAL-LIABILITIES> 210,109
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,377,747
<SHARES-COMMON-STOCK> 131,348
<SHARES-COMMON-PRIOR> 103,133
<ACCUMULATED-NII-CURRENT> 17,855
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 5,666
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 323,559
<NET-ASSETS> 1,724,827
<DIVIDEND-INCOME> 29,123
<INTEREST-INCOME> 5,811
<OTHER-INCOME> 0
<EXPENSES-NET> 27,530
<NET-INVESTMENT-INCOME> 7,404
<REALIZED-GAINS-CURRENT> (1,505)
<APPREC-INCREASE-CURRENT> 228,583
<NET-CHANGE-FROM-OPS> 234,482
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 79,554
<NUMBER-OF-SHARES-REDEEMED> 51,339
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 570,451
<ACCUMULATED-NII-PRIOR> 10,451
<ACCUMULATED-GAINS-PRIOR> 7,171
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 14,834
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 30,160
<AVERAGE-NET-ASSETS> 1,527,597
<PER-SHARE-NAV-BEGIN> 11.19
<PER-SHARE-NII> .06
<PER-SHARE-GAIN-APPREC> 1.88
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.13
<EXPENSE-RATIO> 1.92
<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
of Alameda-Contra Costa Medical Association Collective Investment
Trust for Retirement Plans for the year ended December 31, 1997,
we considered its internal control structure, including controls
over safeguarding securities, in order to determine our auditing
procedures for the purpose of expressing our opinion on the
financial statements and to comply with the requirements of Form
N-SAR, not to provide assurance on internal control.
The management of Alameda-Contra Costa Medical Association
Collective Investment Trust for Retirement Plans is responsible
for establishing and maintaining internal control. In fulfilling
this responsibility, estimates and judgments by management are
required to assess the expected benefits and related costs of
controls. Generally, controls that are relevant to an audit
pertain to the entity's objective of preparing financial
statements for external purposes that are fairly presented in
conformity with generally accepted accounting principles. Those
controls include the safeguarding of assets against unauthorized
acquisition, use, or disposition.
Because of inherent limitations in internal control, errors or
irregularities may occur and may not be detected. Also,
projection of any evaluation of internal control 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 internal control would not necessarily
disclose all matters in internal control 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 any specific
internal control component does not reduce to a relatively low
level the risk that errors or irregularities in amounts that
would be material in relation to the financial statements being
audited may occur and not be detected within a timely period by
employees in the normal course of performing their assigned
functions. However, we noted no matters involving internal
control, including controls over safeguarding securities, that we
consider to be material weaknesses, as defined above, as of
December 31, 1997.
This report is intended solely for the information and use of
management and the Securities and Exchange Commission.
Coopers and Lybrand L.L.P.
San Francisco, California
February 13, 1998
