ALAMEDA CONTRA-COSTA MEDICAL ASSOCIATION
COLLECTIVE INVESTMENT TRUST FOR RETIREMENT PLANS
FINANCIAL STATEMENTS
(UNAUDITED)
for the six months ended June 30, 1998 and
for the year ended December 31, 1997
<PAGE>
<TABLE>
ALAMEDA-CONTRA COSTA MEDICAL ASSOCIATION COLLECTIVE INVESTMENT TRUST FOR RETIREMENT PLANS
STATEMENTS OF ASSETS AND LIABILITIES
(unaudited)
June 30, 1998
<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 1,527,684 3,277,877 24,694,003 3,594,565 3,796,410 4,266,847 2,731,212
Investments, at value 2,177,058 4,181,493 31,232,235 5,842,797 3,925,651 4,296,210 2,729,380
Receivable-units sold 107,450 23,367 83,517 6,991 3,160 1,629 505,477
Accrued dividends
and interest receivable 9,133 2,033 27,035 24,585 39,709 54,477 22,375
_________ _________ __________ _________ _________ _________ _________
Total assets 2,293,641 4,206,893 31,342,787 5,874,373 3,968,520 4,352,316 3,257,232
LIABILITIES AND
NET ASSETS
Accrued expenses:
Administration fees 2,435 4,902 35,744 6,502 4,503 4,764 3,150
Other 6,922 13,664 93,432 18,211 10,840 11,374 7,760
Payable-redemption of units - 214,430 716,561 23,629 - 5,000 79,554
_________ _________ __________ _________ _________ _________ _________
Total liabilities 9,357 232,996 845,737 48,342 15,343 21,138 90,464
Net assets 2,284,284 3,973,897 30,497,050 5,826,031 3,953,177 4,331,178 3,166,768
Units outstanding 142,226 177,720 1,855,848 384,548 339,075 387,516 289,844
Net asset value per unit 16.06 22.36 16.43 15.15 11.66 11.18 10.93
NET ASSETS COMPOSED OF:
Paid-in capital 1,546,715 1,430,324 7,275,057 2,181,284 1,424,923 2,127,768 1,626,409
Accumulated undistributed
net investment income
(loss) 39,478 (156,997) 1,261,394 655,451 2,050,677 2,101,511 1,610,068
Accumulated undistributed
net realized gains
(losses) 48,718 1,796,954 15,422,367 741,064 348,336 72,536 (67,877)
Unrealized appreciation
(depreciation) on
investments 649,373 903,616 6,538,232 2,248,232 129,241 29,363 (1,832)
_________ _________ __________ _________ _________ _________ _________
Net assets at value 2,284,294 3,973,897 30,497,050 5,826,031 3,953,177 4,331,178 3,166,768
</TABLE>
<PAGE>
<TABLE>
ALAMEDA-CONTRA COSTA MEDICAL ASSOCIATION COLLECTIVE INVESTMENT TRUST FOR RETIREMENT PLANS
SCHEDULE OF INVESTMENTS
(unaudited)
June 30, 1998
<CAPTION>
INTERNATIONAL EQUITY PORTFOLIO Shares Value
<S> <C> <C>
Cash and Cash Equivalents (7.44%)
Wells Fargo Bank Deposit Account 161,875 161,875
(cost 161,875)
American Depository Receipts (92.56%):
Consumer Staples (16.13%):
Allied Domecq 3,750 35,040
BAT Industries 3,500 70,658
Cadbury Schweppes 850 52,381
Diageo PLC 1,166 55,968
Heineken 562 22,074
Nestle 690 73,831
Unilever 950 41,147
_______
351,099
Health (10.99%):
Astra 2,033 41,168
Hoechst 1,350 66,994
Novartis 833 69,306
Rhone Poulenc 1,100 61,807
_______
239,275
Consumer Durables (5.68%):
Daimler Benz AG 480 660
Daimler Benz AKT 480 46,710
Fiat-Preferred Shares 6,255 76,236
______
123,606
Consumer Discretionary (8.53%):
Aktiebolaget Electrolux 1,125 38,109
matsushita 220 35,365
Nintendo Ltd 3,750 43,403
Sony Corp 800 68,850
_______
185,727
Producer/Manufacturing (8.34%)
General Electric 4,850 41,797
Mannesmann 900 92,491
Ricoh Ltd 900 47,371
_______
181,659
</TABLE>
<PAGE>
SCHEDULE OF INVESTMENTS, continued
(unaudited)
June 30, 1998
INTERNATIONAL EQUITY PORTFOLIO, continued
American Depository Receipts (92.56%), continued
Energy (14.37%):
British Petroleum Co 650 57,363
ELF Aquataine 830 58,930
ENI Spa 870 56,550
Royal Dutch Petroleum 1,150 63,035
Vivendi 1,800 76,871
_______
312,749
Telecommunications (3.64%):
Alcatel Alsthom 1,950 79,342
_______
79,342
Financial (19.15%):
ABN AMRO Holdings 2,600 60,939
AXA 1,300 73,857
Den Danske Bank 350 41,988
Deutsche Bank 720 60,870
HSBC Holdings 135 33,016
Societe Generale Paris 1,830 76,093
Zurich Insurance Co 550 70,200
_______
416,963
Utilities (5.73%):
Endesa 2,700 58,388
National Power 1,800 66,375
______
124,763
Total American Depository Receipts 2,015,183
(cost 1,365,809) _________
Total Investments held (cost 1,527,684) 2,177,058
<PAGE>
<TABLE>
ALAMEDA-CONTRA COSTA MEDICAL ASSOCIATION COLLECTIVE INVESTMENT TRUST FOR RETIREMENT PLANS
SCHEDULE OF INVESTMENTS, continued
(unaudited)
June 30, 1998
<CAPTION>
GROWTH EQUITY PORTFOLIO Shares Value
<S> <C> <C>
Cash and Cash Equivalents (1.46%):
Wells Fargo Bank Deposit Account 60,885 60,885
(cost 60,885)
Common Stocks (98.54%):
Automotive & Transport (7.59%):
Magna International Inc 1,850 126,956
Southwest Airlines Co 3,900 115,296
Triumph Group Inc 1,800 75,600
_______
317,852
Healthcare (18.26%):
Biochem Pharma Inc 5,100 135,150
Clinichem Development Inc 128 733
Dura Pharmaceuticals Inc. 3,200 71,600
Elan Corp PLC ADR 3,000 192,939
Forest Labs Inc 4,400 157,300
Shared Medical Systems Corp 2,800 205,627
_______
763,349
Consumer Discretionary (20.32%):
Circus Circus Enterprise Inc 3,475 58,860
Comdisco Inc. 6,600 125,400
Petsmart Inc 11,600 116,000
_______
300,260
Producer Durables (16.45%):
American Power Conversion Corp 4,800 144,000
Lexmarx International Group 3,600 219,600
Novellus Systems Inc 2,200 78,514
Sensormatic Electronics Corp 8,005 112,070
Solectron Corp 3,180 133,760
_______
687,944
</TABLE>
<PAGE>
<TABLE>
SCHEDULE OF INVESTMENTS, continued
(unaudited)
GROWTH PORTFOLIO, continued Shares Value
<S> <C> <C>
Financial Services (16.13%):
CMAC Investment Corp 1,900 116,850
MBIA Inc 1,700 127,288
MBNA Corp 5,070 167,629
Patriot American Hospitality REIT 4,900 117,296
_______
674,288
Technology (22.99%):
EMC Corp Mass 3,950 177,011
Mentor Graphics Corp 9,900 104,574
Networks Associates Inc 3,150 150,806
Newbridge Networks Corp 4,200 100,964
Platinum Technology Inc 4,000 114,252
Symbol Technologies Inc 5,287 199,584
Technology Solutions Co 3,600 114,077
_______
961,268
Energy (7.42%):
Nabors Industries Inc 3,700 74,000
Petroleum Geo-Services 4,200 128,100
R&B Falcon Corp 4,776 108,057
_______
310,157
Other (2.52%):
Reynolds & Reynolds Co 5,800 105,490
_______
105,490
Total Common Stocks (cost 3,216,992) 4,120,608
_________
Total invesments held (cost 3,277,877) 4,181,193
</TABLE>
<PAGE>
<TABLE>
ALAMEDA-CONTRA COSTA MEDICAL ASSOCIATION COLLECTIVE INVESTMENT TRUST FOR RETIREMENT PLANS
SCHEDULE OF INVESTMENTS, continued
(unaudited)
June 30, 1998
<CAPTION>
VALUE EQUITY PORTFOLIO Shares Value
<S> <C> <C>
Cash and Cash Equivalents (6.34%)
Wells Fargo Bank Deposit Account 1,980,454 1,980,454
(cost 1,980,454)
Common Stocks (93.66%):
Energy (4.48):
Ashland Inc 4,100 211,663
Lyondell Petrochemical Co 11,400 346,993
Sun Company Inc 5,300 205,709
Ultramar Diamond Shamrock 6,700 211,472
Unocal Corp 11,800 421,850
_________
1,397,687
Non-Energy Minerals (4.18%):
Asarco Inc 3,600 80,100
Lafarge Corp 23,900 939,581
LTV Corp 7,600 72,679
Phelps Dodge Corp 3,700 211,596
________
1,303,956
Industrial (2.16%):
Global Marine Inc 22,900 430,818
Jacobs Engineering Group Inc 7,600 244,150
_______
674,968
Process Industries (5.08%):
Burlington Inds Inc 14,700 206,726
Dow Chemical Co 2,500 241,720
Fort James Corp 3,400 151,725
International Specialty Products 9,200 171,350
Union Carbide Holding Co 6,500 346,938
Westvaco Corp 16,600 468,950
_______
1,587,409
Comercial Services (2.32%)
Fleming Cos Inc 10,300 185,400
Super Value Stores Inc. 6,500 288,438
Sysco Corp 10,000 256,250
_______
725,587
<PAGE>
SCHEDULE OF INVESTMENTS, continued
June 30, 1998
(unaudited)
VALUE EQUITY PORTFOLIO, continued
Common Stocks (93.66%), continued
Technology Services (3.58%):
Avnet 2,100 114,845
Ingram Micro Inc 22,700 1,004,475
_________
1,119,320
Producer Manufacturing (4.94%)
Coltec Tindustries Inc 31,600 628,050
Johnson Controls Inc 5,000 285,940
Pitney Bowes Inc 4,600 221,275
Westinghouse Air Brake Co 6,000 157,500
Whitman Corp 10,900 250,024
_________
1,542,889
Electronic Technology (3.96%)
Apple Computer Inc 11,000 315,568
Gencorp Inc 9,500 239,875
Mitel Corp 16,200 221,746
Quantum Corp 9,700 201,275
Western Digital Corp 21,900 258,705
_________
1,237,169
Health Technology (1.45%)
Biomet Inc 13,700 452,963
_________
452,963
Health Services (3.97%):
Aetna Inc 3,700 281,663
Novacare Inc 11,100 130,425
Servicemaster Co 14,700 559,526
Tenet Healthcare Corp 8,600 268,750
_________
1,240,364
Consumer Durables (2.93%)
Furniture Brands International Inc 4,000 112,252
General Motors Corp 4,700 314,021
International Game Technology 12,300 298,275
Volvo Aktiebolaget ADR 6,400 189,203
________
913,751
<PAGE>
SCHEDULE OF INVESTMENTS, continued
(unaudited)
June 30, 1998
VALUE EQUITY PORTFOLIO, continued
Common Stocks (93.66%), continued
Consumer Non-Durables (6.99%):
Campbell Soup Co 13,500 717,188
Coca Cola Enterprises Inc 16,700 653,388
Coors Adolph Co 5,500 187,000
IBP Inc 23,600 427,750
Universal Corp 5,300 198,088
__________
2,183,414
Consumer Services (3.84%):
Darden Restaurants Inc 12,800 203,200
King World Productions Inc 5,600 142,800
Knight Ridder Inc 4,300 236,771
Tele-Comm Liberty Media 15,900 617,127
_______
1,199,898
Transportation (4.18%)
AMR Corp 2,200 183,150
Continental Airlines Inc 2,900 176,538
Northwest Airlines Corp 3,300 127,258
UAL Corp 3,900 304,200
US Air Group Inc 5,200 412,100
Yellow Corp 5,500 102,097
_________
1,305,343
Retail (17.46%):
American Stores 23,800 575,673
Burlington Coat Factory Wharehours 8,040 180,900
Costco Companies 10,000 630,630
Dayton Hudson Corp 18,200 882,700
Dillards Inc 6,100 252,771
Fingerhut Co Inc 15,800 521,400
General Nutrition Companies Inc 15,600 485,550
K Mart Corp 20,500 394,624
Kroger Co 10,000 428,750
Meyer Fred Inc 7,200 306,000
Officemax Inc 9,800 161,700
TJX Companies Inc 16,000 386,000
Winn Dixie Stores Inc 4,800 244,800
_________
5,451,498
<PAGE>
SCHEDULE OF INVESTMENTS, continued
(unaudited)
June 30, 1998
VALUE EQUITY PORTFOLIO, continued
Common Stocks (93.66%), continued
Finance (15.52%):
American Financial Group 3,300 142,932
Bank of New York Inc 7,600 462,650
Bear Sterns Companies Inc 6,770 385,044
Cincinnati Financial Group 5,900 226,413
City National Corp 7,600 281,679
Comdisco Inc 6,800 129,200
Countrywide Inc 4,100 208,075
Dime Bancorp Inc 9,000 269,442
Freddie Mac 12,200 574,169
Old Republic International Corp 18,750 550,780
Paine Webber Group Inc 18,000 771,750
Riggs National Corp 4,500 131,485
St. Paul Companies Inc 13,144 552,876
Transamerica Corp 1,400 161,175
__________
4,847,670
Utilities (6.62%):
Citizens Utilities Co 10,133 97,533
Edison International 26,900 795,244
Energy East Corp 4,200 174,825
NGC Corp 12,800 160,000
Public Service Enterprise Group Inc 4,700 161,859
Telephone & Data Systems Inc 11,200 441,000
Utilicorp United Inc. 6,300 237,434
_________
2,067,895
Total Common Stocks (cost 22,713,549) 29,067,895
__________
Total investments held (cost 24,694,003) 31,232,235
</TABLE>
<PAGE>
<TABLE>
ALAMEDA-CONTRA COSTA MEDICAL ASSOCIATION COLLECTIVE INVESTMENT TRUST FOR RETIREMENT PLANS
SCHEDULE OF INVESTMENTS, continued
(unaudited)
June 30, 1998
<CAPTION>
Shares/
BALANCED PORTFOLIO Face Value Value
<S> <C> <C>
Cash and Cash Equivalents (9.44%)
Wells Fargo Bank Deposit Account 551,621 551,621
(cost 551,621)
Common Stocks (65.78%):
Automotive (1.61%):
Ford Motor 1,000 59,000
General Motors 500 33,407
Raytheon 31 1,786
_______
94,193
Basic Industry (3.56%):
Caterpiller Inc 2,000 105,812
Champion International 1,000 49,188
Deere & Co 1,000 52,844
_______
207,844
Capital Goods (6.61%):
Black & Decker 2,000 122,000
General Electric 2,000 181,750
Minnesota Mining 1,000 82,188
_______
385,938
Chemical (1.28%):
E I Dupont 1,000 74,688
Consumer (7.92%):
Coca Cola 500 42,750
Gillette 2,000 113,750
H J Heinz 1,500 84,188
McDonalds Corp 1,000 69,000
Pepsico 1,000 41,188
Sara Lee 2,000 111,876
_______
462,752
<PAGE>
SCHEDULE OF INVESTMENTS, continued
(unaudited)
June 30, 1998
BALANCED PORTFOLIO, continued
Common Stocks (65.78%), continued
Energy (5.47%)
Chevron 1,000 83,750
Diamond Offshore Drilling Inc 1,000 40,313
Exxon 1,000 71,375
Mobil Oil Corp 600 45,975
Nobel Drilling 2,000 48,126
Norfolk & Southern Corp 1,000 29,813
________
319,352
Entertainment & Leisure (1.80%):
Walt Disney 1,000 105,063
_______
105,063
Healthcare (8.35%):
American Home Products 2,000 103,500
Amgen 2,000 130,750
Bristol Myers 1,000 114,938
Warner Lambert 2,000 138,750
_______
487,938
Finance and Insurance (8.36%):
Aetna Life 500 38,063
American Express 1,000 113,750
Bank America Corp 2,000 173,000
Federal National Mtg. 1,000 60,750
Travelers Group Inc 1,695 102,759
_______
488,322
Retailers (4.02%):
Costco 1,000 63,063
GAP 2,000 122,876
Nike Inc 1,000 48,688
_______
234,627
<PAGE>
SCHEDULE OF INVESTMENTS, continued
(unaudited)
June 30, 1998
BALANCED PORTFOLIO, continued
Common Stocks (65.78%), continued
Technology (10.16%)
Bay Networks 1,000 32,062
EMC Corp 4,000 179,252
Hewlett Packard 1,000 59,875
Intel 2,000 148,250
Sun Microsystems 4,000 173,752
_______
593,191
Transportation (0.64%):
Boeing 1,500 66,845
United Airlines Corp 500 39,000
_______
105,845
Utilities (4.83%):
AT&T Corp 1,000 57,125
Bell Atlantic Corp 2,000 91,250
Lucent Technologies 648 53,905
SBC Communications Inc 2,000 80,000
_______
282,280
Total Common Stocks (cost 1,637,355) 3,842,033
_________
Corporate Debt Securities (15.95%):
Financial (5.33%):
Ameritech Capital Funding, 6.125%
due 10/15/01 100,000 100,561
Merrill Lynch, 8.300%, due 11-01-02 100,000 108,448
Morgan Stanley, 7.115%, due 8/6/12 100,000 102,683
_______
311,692
<PAGE>
SCHEDULE OF INVESTMENT, continued
(unaudited)
June 30, 1998
BALANCED PORTFOLIO, continued
Industrial (7.10%):
BP Amer, 9.375%, due 11-01-00 100,000 107,614
GTE Southwest Inc, 6.000%, 01-15-06 100,000 98,903
IBM, 7.250%, due 11-01-02 100,000 104,974
North Telecom, 6.875%, due 10-01-02 100,000 103,282
_______
414,773
International (3.52%):
Quebec Province, 7.500%, due 07-15-02 100,000 104,913
ELF Aquitaine, 7.750%, due 05-01-99 100,000 101,451
_______
206,364
Total Corporate Debt Securities 932,829
(cost $906,462) _______
U.S. Gov't & Agency Obligations (8.83%):
U.S. Treasury Notes:
7.750%, due 12-31-99 100,000 103,125
5.875%, due 11-30-01 100,000 101,000
6.500%, due 05-31-02 200,000 206,626
6.500%, due 08-15-05 100,000 105,563
_______
Total U. S. Government (cost 499,127) 516,314
_________
Total investments held (cost 3,594,565) 5,842,797
</TABLE>
<PAGE>
<TABLE>
ALAMEDA-CONTRA COSTA MEDICAL ASSOCIATION COLLECTIVE INVESTMENT TRUST FOR RETIREMENT PLANS
SCHEDULE OF INVESTMENTS, continued
(unaudited)
June 30, 1998
<CAPTION>
Shares/
LONG-INTERMEDIATE FIXED INCOME PORTFOLIO Face Value Value
<S> <C> <C>
Cash and Cash Equivalents (13.22%)
Money Market Account (3.54%):
Wells Fargo Bank Deposit Account 138,926 138,926
(cost 138,926) _______
138,926
Commercial Paper (9.68%):
Beneficial Corp, 5.540%, due 7-6-98 190,000 190,000
Household Finance, 5.530%, due 7-6-98 190,000 190,000
_______
380,000
Total Cash & Cash Equivalents 518,926
(cost 518,926) _________
Corporate Debt Securities (22.94%):
Financial (12.64%):
Associates Corp, 6.000%, due 12-01-02 100,000 99,589
Banc One Corp, 7.625%, due 10-15-26 100,000 111,336
Fleet Financial Group, 6.500%,
due 3/15/08 100,000 101,202
GMAC, 6.l869%, due 1-15-07 80,000 83,628
Lehman Brothers Holding, 6.250%
due 12-27-02 60,000 60,951
Nationsbank Corp, 5.750%, due 3-15-01 40,000 39,773
_______
496,479
Industrial (10.30%):
Atlantic Richfield, 8.550%,
due 03-01-12 150,000 182,010
Transocean Offshore, 8.000%, due 4-15-27 100,000 113,472
Westvaco Corp, 7.650%, due 03-15-27 100,000 108,751
_______
404,233
Total Corporate Debt Securities 900,712
(cost 838,492) ________
<PAGE>
SCHEDULE OF INVESTMENTS, continued
(unaudited)
June 30, 1998
LONG-INTERMEDIATE FIXED INCOME PORTFOLIO, continued
U.S. Gov't & Agency Obligations (63.84%):
U.S. Treasury Obligations (45.80%)
Bonds:
6.250%, due 02-15-27 135,000 152,508
7.250%, due 05-15-16 80,000 93,750
0.000%, due 05-15-05 90,000 52,612
Notes:
5.000%, due 02-15-99 150,000 149,532
5.625%, due 05-15-08 90,000 91,238
5.750%, due 08-15-03 115,000 116,223
6.250%, due 10-31-01 75,000 76,547
6.500%, due 05-31-01 660,000 676,705
6.500%, due 05-31-02 75,000 77,485
6.500%, due 05-15-05 80,000 84,450
6.500%, due 08-15-05 70,000 73,894
7.000%, due 07-15-06 120,000 131,100
7.250%, due 08-15-04 20,000 21,769
_________
1,797,813
Federal Home Loan Mortgage Notes (4.99%):
7.000%, due 04-01-13 190,986 194,567
10.5000%, due 02-01-01 1,103 1,173
_______
195,740
Federal National Mortgage Association
Pooled Notes (2.94%):
6.500%, due 12-01-27 77,321 77,006
7.950%, due 12-25-19 28,717 28,905
9.000%, due 11-01-04 9,354 9,795
_______
115,706
<PAGE>
SCHEDULE OF INVESTMENTS, continued
(unaudited)
June 30, 1998
LONG-INTERMEDIATE FIXED INCOME PORTFOLIO,
continued
U.S. Gov't & Agency Obligations (63.84%):
continued
Government National Mortgage Association
Pooled Notes (10.11%):
7.500%, due 05-15-07 41,987 43,129
7.500%, due 07-15-07 29,150 29,943
7.500%, due 02-15-27 140,539 144,447
8.500%, due 08-15-27 144,541 120,697
9.000%, due 12/15/19 24,441 26,152
9.500%, due 09/15/19 22,593 24,393
11.000%, due 07-15-15 6,288 6,959
12.000%, due 06-15-15 909 1,034
_______
396,754
Total U.S. Government (cost 2,438,992) 2,506,013
_________
Total investments held (cost 3,796,410) 3,925,651
</TABLE>
<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 (6.41%)
Wells Fargo Bank Deposit Account 275,475 275,475
(cost 275,475) _______
275,475
Corporate Debt Securities (40.02%):
Consumer (4.67%):
Coca Cola, 7.000%, due 11-15-99 75,000 76,062
McDonalds, 5.900%, due 05-11-11 125,000 124,803
_______
200,865
Financial (32.97%):
Associates Corp, 7.300%, due 06-28-99 150,000 151,980
BankAmerica, 7.400%, due 10-25-27 42,400 42,614
Chase Manhattan Corp, 7.750%, due 11-01-99 150,000 153,485
Chrysler Financial, 6.375%, due 01-28-00 100,000 100,655
Equity Residential, 6.550%, due 11-15-01 100,000 100,623
GE Capital REMIC, 7.200%, due 08-25-27 58,116 58,550
International Lease Finance Corp, 6.375%
due 02-15-02 100,000 100,753
Lehman Brothers, 6.150%, due 03-15-00 100,000 100,233
Merrill Lynch, 5.930%, due 03-23-01 100,000 99,944
Morgan Stanley Group, 7.875%, due 12-15-98 40,000 40,342
Morgan Stanley Group, 8.100%, due 06-24-02 100,000 106,978
NationsBank, 5.750%, due 03-15-01 100,000 99,433
Residential Funding, 7.100%, due 09-25-97 57,321 57,566
US West Capital Funding, 6.125%
due 07-15-02 100,000 100,002
USL Capital Corp, 8.125%, due 02-15-00 100,000 103,246
_______
1,416,404
Retail (2.38%):
Sears Roebuck, 6.860%, due 08-06-01 100,000 102,153
Total Corporate Debt Securities 1,719,422
(cost 1,718,297) _______
<PAGE>
SCHEDULE OF INVESTMENTS, continued
(unaudited)
June 30, 1998
SHORT-INTERMEDIATE FIXED INCOME PORTFOLIO,
continued
U.S. Gov't & Agency Obligations (53.57%):
U.S. Treasury Notes (39.84%):
5.625%, due 12-31-99 50,000 50,063
5.750%, due 08-15-03 400,000 404,252
6.000%, due 08-15-00 200,000 201,876
6.125%, due 07-31-01 210,000 212,495
6.125%, due 12-31-01 100,000 101,781
6.250%, due 04-30-01 400,000 407,376
6.500%, due 05-31-02 125,000 129,141
6.875%, due 03-31-00 200,000 204,438
_________
1,711,422
Federal Home Loan Mortgage Notes (1.25%):
7.000%, due 09-01-99 53,269 53,565
_______
53,565
Federal National Mortgage Association
Pooled Notes (9.09%):
6.200%, due 08-01-29 180,616 181,744
6.500%, due 10-01-10 207,951 209,120
_______
390,864
Government National Mortgage Association
Pooled Notes (3.39%):
10.000%, due 02-15-25 132,571 145,463
Total U.S. Government (cost 2,273,075) 2,301,314
_________
Total investments held (cost 4,266,847) 4,296,210
</TABLE>
<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 (21.70%)
Money Market Account (6.86%):
Wells Fargo Bank Deposit Account 187,044 187,044
(cost 187,044) _______
187,044
Commercial Paper (14.84%):
American Express, 5.570%, due 07-01-98 135,000 135,000
Beneficial, 5.510%, due 07-15-98 135,000 135,000
Household Finance, 5.530%, due 07-22-98 135,000 135,000
_______
405,000
Total Cash & Cash Equivalents
(cost 592,044) 592,044
_________
Corporate Debt Securities (35.03%):
Financial (25.14%):
American General Finance, 5.550%
due 07-30-98 135,000 135,000
CIT Group Holdings, 5.530%, due 07-07-98 135,000 135,000
Ford Capital, 5.510%, due 07-08-98 135,000 135,000
Morgan Stanley Group, 7.875%, due 12-15-98 147,049 146,238
Prudential Fund Corp, 5.510%, due 07/15/98 135,000 135,000
_______
686,238
Industrial (9.89%):
Chevron USA Corp, 5.550%, due 07-22-98 135,000 135,000
John Deere & Company, 5.510%, due 07-08-98 135,000 135,000
_______
270,000
Total Corporate Debt Securities 956,238
(cost 957,049)
<PAGE>
SCHEDULE OF INVESTMENTS, continued
(unaudited)
June 30, 1998
SHORT-TERM INCOME FUND,
continued
U.S. Gov't & Agency Obligations (43.27%):
U S Treasury Notes (27.70%):
6.375%, due 04-30-99 504,035 503,440
6.750%, due 05-31-99 252,773 252,658
_______
756,098
Federal Home Loan Bank (15.57%)
5.760, due 07-08-98 425,310 425,000
Total U.S. Government (cost 1,182,119) 1,181,098
_________
Total investments held (cost 2,731,212) 2,729,380
</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, 1998
<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 5,794 6,014 35,316 55,872 128,382 134,177 93,754
Dividend income 32,887<F1> 9,506 156,909 21,497 0 0 0
_______ _______ _______ _______ _______ _______ _______
Total investment income 38,681 15,520 192,225 77,369 128,382 134,177 93,754
Expenses:
Investment advisory fees 8,948 16,646 115,712 17,142 15,112 16,081 11,007
Administration fees 4,686 9,945 71,666 12,843 9,304 9,798 6,630
Consulting fees 848 2,933 16,230 10,733 1,839 1,946 1,471
Custodian fees 1,155 2,489 17,378 2,857 2,189 2,295 1,405
Legal fees 1,257 2,663 19,190 3,451 2,510 2,633 1,783
Audit fees 500 767 6,823 936 683 661 314
Insurance 150 150 150 150 150 150 151
Printing 42 81 607 110 77 79 53
_______ _______ _________ _______ _______ _______ _______
Total expenses 17,586 35,674 247,756 48,222 31,900 33,643 22,814
Fees paid indirectly(Note 5) (526) (1,826) (10,103) (6,680) 0 0 0
Net expenses 17,058 33,848 237,653 41,542 31,900 33,643 22,814
Net investment income
(loss) 21,623 (18,328) (45,428) 35,827 96,482 100,534 70,940
Realized and unrealized
gain (loss) on investments
Net realized gain (loss)
on securities sold 43,052 536,187 2,894,149 183,294 54,785 626 (5,232)
_______ _______ _________ _______ _______ _______ _______
Unrealized appreciation
(depreciation) on
investments 325,814 15,482 61,762 470,243 (26,153) (1,255) (6,979)
_______ _______ _________ _______ _______ _______ _______
Net realized and unrealized
gain (loss) on investments 368,866 551,669 2,955,911 653,537 28,632 (629) (12,211)
_______ _______ _________ _______ _______ _______ _______
Net increase in
net assets resulting
from operations 390,489 533,341 2,910,483 689,364 125,114 99,905 58,729
<FN>
<F1>
Net of foreign taxes withheld in the amount of 2,236.
</FN>
</TABLE>
<PAGE>
<TABLE>
ALAMEDA-CONTRA COSTA MEDICAL ASSOCIATION COLLECTIVE INVESTMENT TRUST FOR RETIREMENT PLANS
STATEMENT OF CHANGES IN NET ASSETS
(unaudited)
for the six months ended June 30, 1998 and
for the year ended December 31, 1997
<CAPTION>
INTERNATIONAL EQUITY PORTFOLIO 1998 1997
<S> <C> <C>
Increase (cecrease)in net assets
from operations:
Net investment income 21,623 7,404
Net realized gain(loss) 43,052 (1,505)
Net unrealized appreciation 325,814 228,583
_________ _________
Net increase in net assets
resulting from operations 390,489 234,482
Increase in net assets from unitholder
activity 168,968 335,969
_________ _________
Total increase in net assets 559,457 570,451
Net assets, beginning of period 1,724,827 1,154,376
_________ _________
Net assets, end of period 2,284,284 1,724,827
Undistributed net investment income included
in net assets:
Beginning of period 17,855 10,451
End of period 39,478 17,855
</TABLE>
<PAGE>
<TABLE>
ALAMEDA-CONTRA COSTA MEDICAL ASSOCIATION COLLECTIVE INVESTMENT TRUST FOR RETIREMENT PLANS
STATEMENT OF CHANGES IN NET ASSETS
(unaudited)
for the six months ended June 30, 1998 and
for the year ended December 31, 1997
<CAPTION>
GROWTH EQUITY PORTFOLIO 1998 1997
<S> <C> <C>
Increase (decrease) in net assets from operations:
Net investment loss (18,328) (42,488)
Net realized gain 536,187 813,505
Net unrealized appreciation 15,482 (78,654)
(depreciation)
Net increase in net assets
resulting from operations 533,341 692,363
Increase (decrease) in net assets from unitholder
activity (456,894) (948,883)
_________ _________
Total increase (decrease) in net assets 76,447 (256,520)
Net assets, beginning of period 3,897,450 4,153,970
Net assets, end of period 3,973,897 3,897,450
Undistributed net investment loss included
in net assets:
Beginning of period (138,669) (96,181)
End of period (156,997) (138,669)
</TABLE>
<PAGE>
<TABLE>
ALAMEDA-CONTRA COSTA MEDICAL ASSOCIATION COLLECTIVE INVESTMENT TRUST FOR RETIREMENT PLANS
STATEMENT OF CHANGES IN NET ASSETS
(unaudited)
for the six months ended June 30, 1998 and
for the year ended December 31, 1997
<CAPTION>
VALUE EQUITY PORTFOLIO 1998 1997
<S> <C> <C>
Increase in net assets from operations:
Net investment income (loss) (45,428) (3,634)
Net realized gain 2,894,149 3,915,104
Net unrealized appreciation 61,762 3,169,127
__________ __________
Net increase in net assets
resulting from operations 2,910,483 7,080,597
Decrease in net assets from unitholder
activity (734,179) (2,110,434)
__________ __________
Total increase in net assets 2,176,304 4,970,163
Net assets, beginning of period 28,320,746 23,350,583
__________ __________
Net assets, end of period 30,497,050 28,320,746
Undistributed net investment income included
in net assets:
Beginning of period 1,306,822 1,310,456
End of period 1,261,394 1,306,822
</TABLE>
<PAGE>
<TABLE>
ALAMEDA-CONTRA COSTA MEDICAL ASSOCIATION COLLECTIVE INVESTMENT TRUST FOR RETIREMENT PLANS
STATEMENT OF CHANGES IN NET ASSETS
(unaudited)
for the six months ended June 30, 1998 and
for the year ended December 31, 1997
<CAPTION>
BALANCED PORTFOLIO 1998 1997
<S> <C> <C>
Increase in net assets from operations:
Net investment income 35,827 88,257
Net realized gain 183,294 305,456
Net unrealized appreciation 470,243 675,645
_________ _________
Net increase in net assets
resulting from operations 689,364 1,069,358
Increase (decrease) in net assets from unitholder
activity 145,493 (686,802)
_________ _________
Total increase in net assets 834,857 382,556
Net assets, beginning of period 4,991,174 4,608,618
_________ _________
Net assets, end of period 5,826,031 4,991,174
Undistributed net investment income included
in net assets:
Beginning of period 619,624 531,367
End of period 655,451 619,624
</TABLE>
<PAGE>
<TABLE>
ALAMEDA-CONTRA COSTA MEDICAL ASSOCIATION COLLECTIVE INVESTMENT TRUST FOR RETIREMENT PLANS
STATEMENT OF CHANGES IN NET ASSETS
(unaudited)
for the six months ended June 30, 1998 and
for the year ended December 31, 1997
<CAPTION>
LONG-INTERMEDIATE FIXED INCOME PORTFOLIO 1998 1997
<S> <C> <C>
Increase (decrease) in net assets from operations:
Net investment income 96,482 224,946
Net realized gain 54,785 76,090
Net unrealized depreciation (26,153) 31,828
_________ _________
Net increase in net assets
resulting from operations 125,114 332,864
Decrease in net assets from unitholder
activity (180,531) (1,057,034)
_________ _________
Total increase (decrease) in net assets (55,417) (724,170)
Net assets, beginning of period 4,008,594 4,732,764
_________ _________
Net assets, end of period 3,953,177 4,008,594
Undistributed net investment income included
in net assets:
Beginning of period 1,954,195 1,729,249
End of period 2,050,677 1,954,195
</TABLE>
<PAGE>
<TABLE>
ALAMEDA-CONTRA COSTA MEDICAL ASSOCIATION COLLECTIVE INVESTMENT TRUST FOR RETIREMENT PLANS
STATEMENT OF CHANGES IN NET ASSETS
(unaudited)
for the six months ended June 30, 1998 and
for the year ended December 31, 1997
<CAPTION>
SHORT-INTERMEDIATE FIXED INCOME PORTFOLIO 1998 1997
<S> <C> <C>
Increase (decrease) in net assets from operations:
Net investment income 100,534 225,892
Net realized gain (loss) 626 (21,572)
Net unrealized appreciation (depreciation) (1,255) 63,074
_________ __________
Net increase in net assets
resulting from operations 99,905 267,394
Increase (decrease) in net assets from unitholder
activity 83,368 (614,359)
_________ __________
Total increase (decrease) in net assets 183,273 (346,965)
Net assets, beginning of period 4,147,905 4,494,870
_________ __________
Net assets, end of period 4,331,178 4,147,905
Undistributed net investment income included
in net assets:
Beginning of period 2,000,977 1,775,085
End of period 2,101,511 2,000,977
</TABLE>
<PAGE>
<TABLE>
ALAMEDA-CONTRA COSTA MEDICAL ASSOCIATION COLLECTIVE INVESTMENT TRUST FOR RETIREMENT PLANS
STATEMENT OF CHANGES IN NET ASSETS
(unaudited)
for the six months ended June 30, 1998 and
for the year ended December 31, 1997
<CAPTION>
SHORT TERM INCOME FUND 1998 1997
<S> <C> <C>
Increase (decrease) in net assets from operations:
Net investment income 70,940 151,968
Net realized gain (loss) (5,232) (5,347)
Net unrealized appreciation (depreciation) (6,979) 15,117
_________ _________
Net increase in net assets
resulting from operations 58,729 161,738
Increase (decrease) in net assets from unitholder
activity (146,489) (772,304)
_________ _________
Total increase (decrease) in net assets (205,218) (610,566)
Net assets, beginning of period 2,961,550 3,572,116
_________ _________
Net assets, end of period 3,166,768 2,961,550
Undistributed net investment income included
in net assets:
Beginning of period 1,539,128 1,387,160
End of period 1,610,068 1,539,128
</TABLE>
<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>
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>
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.
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>
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, 1998, the International Value
Equity, Growth Equity, Value Equity and Balanced Portfolios paid
$1,801, $5,729, $28,012 and $1,422, respectively to Paine Webber for
commissions. A broker for PaineWebber is a consultant for the Trust.
5. Expense Offset Arrangements:
For the six months ended June 30, 1998, consulting expense amounts
include a total of $19,137 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, 1998, 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 159,051 1,461,483 6,777,405 21,731 300,085 631,604 0
Proceeds 291,148 1,690,313 9,309,423 912,395 528,241 103,643 0
</TABLE>
<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, 1998, 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 0 1,246,772 737,273 756,809
Proceeds 0 0 0 0 1,123,830 1,172,079 903,965
</TABLE>
<TABLE>
7. Unit Activity:
At June 30, 1998, 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, 1998, 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 1,618 24,820 2,285 51,758 26,941 445,894 4,467 65,683 2,978 34,176
Transfers from
other portfolios 9,277 144,416 889 20,207 15,595 246,784 15,789 243,282 5,863 66,968
Redemptions (17) (268) (8,790) (200,281) (34,165) (556,887) (5,618) (84,141) (20,819) (239,895)
Transfers to
other portfolios 0 0 (14,783) (328,578) (53,101) (869,980) (5,778) (75,331) (3,646) (41,780)
_______ ________ _______ ________ ________ __________ ______ ________ _______ ________
Net increase
(decrease) 10,878 168,968 (20,399) (456,894) (44,730) (734,179) 8,860 145,493 (15,624) (180,531)
ALAMEDA-CONTRA COSTA MEDICAL ASSOCIATION COLLECTIVE INVESTMENT TRUST FOR RETIREMENT PLANS
NOTES TO FINANCIAL STATEMENTS, continued
(unaudited)
7. Unit Activity:, continued
At June 30, 1998, 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, 1998, are as follows:
<CAPTION>
Short-
Intermediate
Fixed Income Short Term Income
Units Amount Units Amount
<S> <C> <C> <C> <C>
Sales 2,852 31,585 2,950 31,891
Transfers from
other portfolios 27,476 305,263 50,523 560,595
Redemptions (17,262) (191,086) (22,233) (241,141)
Transfers to
other portfolios (5,644) (62,394) (18,997) (204,856)
_______ ________ _______ ________
Net increase (decrease) 7,421 83,368 (12,243) (146,489)
</TABLE>
<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, 1997, 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, 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 2,463 31,100 5,942 110,406 72,980 986,085 29,856 377,543 3,625 39,589
Transfers from
other portfolios 77,091 956,276 22,755 466,649 116,242 1,536,159 38,332 451,343 23,374 256,922
Redemptions (38,162) (493,904) (23,605) (439,545)(157,516)(2,134,511)(106,032)(1,395,859)(101,053)(1,090,082)
Transfers to
other portfolios (13,177) (157,503) (55,668)(1,066,393)(189,907)(2,498,167) (10,307) (119,829) (25,178) (263,463)
_______ _______ _______ ________ _______ ________ ______ _______ _______ ________
Net increase
(decrease) 28,215 335,969 (50,576) (948,883)(158,201)(2,110,434) (48,151) (686,802) (99,232)(1,057,034)
</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, 1997, 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, 1997, are as follows:
<CAPTION>
Short-
Intermediate
Fixed Income Short-Term Income
Units Amount Units Amount
<S> <C> <C> <C> <C>
Sales 4,184 44,070 32,443 338,182
Transfers from
other portfolios 97,069 1,012,776 75,166 789,377
Redemptions (84,260) (893,825) (126,260)(1,333,094)
Transfers to
other portfolios (73,781) (777,380) (54,103) (566,769)
________ __________ _______ ________
Net increase (decrease) (56,788) (614,359) 72,754 (772,304)
</TABLE>
<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, 1998 and the year ended December 31, 1997 and 1996 and the period
December 1, 1995 (inception) through December 31, 1995, are as follows:
<CAPTION>
Jan.-Jun.
INTERNATIONAL EQUITY PORTFOLIO 1998 1997 1996 1995
<S> <C> <C> <C> <C>
Net asset value, beginning of period 13.33 11.19 10.09 10.00
Net investment income<F1> .16 .06 .10 .00
Net realized and unrealized gain 2.57 1.88 1.00 .09
_____ _____ _____ _____
Total from investment operations 2.73 1.94 1.10 .09
Net asset value, end of period 16.06 13.33 11.19 10.09
Total Return 20.48% 17.34% 10.90% 0.90%
Ratios and Supplemental Data
Ratio of net investment income to
average net assets 1.08% 0.48% 1.01% 0.04%
Portfolio turnover rate 8.81% 18.05% 40.54% 0.00%
Average commission rate per share 0.2708 0.2179 0.0909 0.0600
Net assets at end of period (in 000's) 2,284 1,725 1,154 805
Ratio of expenses to average net assets 0.88% <F2> 1.92% <F2> 2.02% 0.11%
Ratio of net expenses to average
net assets 0.85% <F3> 1.80% <F3> 1.94% 0.11%
<FN>
<F1>
Net investment income per share was determined by using average shares outstanding.
<F2>
Ratio has been calculated using the expense amount which excludes reimbursed
and waived expenses, if any, and includes fees paid indirectly. If including all
expenses, the ratio would be 1.97% for 1997 and remain unchanged for 1998 and 1996.
<F3>
Ratio has been calculated using the net expense amount which excludes
reimbursed and waived expenses and fees paid indirectly.
</FN>
</TABLE>
<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, 1998 and the years ended December 31, 1997, 1996, 1995, 1994 and 1993,
are as follows:
<CAPTION>
Jan.-Jun.
GROWTH EQUITY PORTFOLIO 1998 1997 1996 1995 1994 1993
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period 19.67 16.70 14.27 12.12 13.01 11.74
Net investment Income (loss)<F1> (.10) (.19) (.14) (.07) (.11) (.07)
Net realized and unrealized gain (loss) 2.79 3.16 2.57 2.22 (.78) 1.34
_____ _____ _____ _____ _____ _____
Total from investment operations 2.69 2.97 2.43 2.15 (.89) 1.27
Net asset value, end of period 22.36 19.67 16.70 14.27 12.12 13.01
Total Return 13.68% 17.78% 17.03% 17.74% (6.84%) 10.82%
Ratios and Supplemental Data
Ratio of net investment income to
average net assets (.44)% (1.04)% (.99)% (.68)% (.72)% (.68)%
Portfolio turnover rate 36.01% 28.84% 28.97% 33.63% 52.49% 38.58%
Average commission rate per share 0.0632 0.0802 0.0741 0.1339
Net assets at end of year (in 000's) 3,974 3,897 4,154 3,361 2,539 3,242
Ratio of expenses to average net assets .84% <F2> 1.73% <F2> 1.84%<F2> 1.67% 1.86% 1.79%.
Ratio of net expenses to average .81% <F3> 1.62% <F3> 1.77%<F3> 1.67% 1.86% 1.79%
net assets
<FN>
<F1>
Net investment income per share was determined by using average shares outstanding.
<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 1.79% for 1997 and remain unchanged for 1998 and
1996.
<F3>
Ratio has been calculated using the net expense amount which excludes
reimbursed and waived expenses and fees paid indirectly.
</FN>
</TABLE>
<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, 1998 and the years ended December 31, 1997, 1996, 1995, 1994,
and 1993 are as follows:
<CAPTION>
Jan.-Jun.
VALUE EQUITY PORTFOLIO 1998 1997 1996 1995 1994 1993
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period 14.90 11.34 9.62 7.66 7.74 6.71
Net investment income (Loss)<F1> (.02) .00 .10 .12 .02 .06
Net realized and unrealized gain (loss) 1.55 3.56 1.62 1.84 (.10) .97
_____ _____ _____ _____ _____ _____
Total from investment operations 1.53 3.56 1.72 1.96 (.08) 1.03
Net asset value, end of period 16.43 14.90 11.34 9.62 7.66 7.74
Total Return 10.27% 31.39% 17.88% 25.57% (.99)% 15.37%
Ratios and Supplemental Data
Ratio of net investment income to
average net assets (.15)% .01% .84% 1.15% .70% 1.18%
Portfolio turnover rate 23.13% 63.25% 98.50% 103.58% 116.01% 65.85%
Average commission rate per share 0.0598 0.0601 0.0601 0.1486
Net assets at end of year (in 000's) 30,497 28,321 23,351 20,280 16,825 15,518
Ratio of expenses to average net assets .81% <F2> 1.78% <F2> 1.98%<F2> 1.82% 1.99% 1.99%
Ratio of net expenses to average .78% <F3> 1.66% <F3> 1.78%<F3> 1.82% 1.99% 1.99%
net assets
<FN>
<F1>
Net investment income per share was determined by using average shares outstanding.
<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 1.83% for 1997 and remain unchanged for 1998
and 1996.
<F3>
Ratio has been calculated using the net expense amount which excludes
reimbursed and waived expenses and fees paid indirectly.
</FN>
</TABLE>
<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, 1998 and the years ended December 31, 1997, 1996, 1995, 1994, and
1993 are as follows:
<CAPTION>
Jan.-Jun.
BALANCED PORTFOLIO 1998 1997 1996 1995 1994 1993
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period 13.29 10.87 9.47 7.64 7.64 7.05
Net investment income<F1> .09 .20 .02 .08 .34 .32
Net realized and unrealized gain (loss) 1.77 2.22 1.38 1.75 (.34) .27
_____ _____ _____ _____ _____ _____
Total from investment operations 1.86 2.42 1.40 1.83 0 .59
Net asset value, end of period 15.15 13.29 10.87 9.47 7.64 7.64
Total Return 14.00% 22.26% 14.78% 23.91% .03% 8.34%
Ratios and Supplemental Data
Ratio of net investment income to
average net assets 0.65% 1.63% 1.88% 2.68% 3.09% 2.57%
Portfolio turnover rate 0.41% 9.16% 7.67% 6.30% 5.18% 4.75%
Average commission rate per share 0.0750 0.1087 0.0825 0.1872
Net assets at end of year (in 000's) 5,826 4,991 4,609 3,489 2,486 2,854
Ratio of expenses to average net assets .88% <F2> 1.62% <F2> 1.68%<F3> 1.47% 1.63% 1.63%
Ratio of net expenses to average .76% <F3> 1.61% <F3> 1.66%<F3> 1.47% 1.63% 1.63%
net assets
<FN>
<F1>
Net investment income per share was determined by using average shares outstanding.
<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 0.81% for 1997 and remain unchanged for 1998
and 1996.
<F3>
Ratio has been calculated using the net expense amount which excludes
reimbursed and waived expenses and fees paid indirectly.
</FN>
</TABLE>
<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, 1998 and the years ended December 31, 1997, 1996, 1995, 1994,
and 1993 are as follows:
<CAPTION>
Jan.-Jun.
LONG-INTERMEDIATE FIXED INCOME PORTFOLIO 1998 1997 1996 1995 1994 1993
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period 11.30 10.43 10.27 8.71 9.16 8.39
Net investment income <F1> .28 .57 .61 .34 1.08 .53
Net realized and unrealized gain (loss) .08 (.30) (.45) 1.22 (1.53) .24
_____ _____ _____ _____ _____ _____
Total from investment operations .36 .87 .16 1.56 (.45) .77
Net asset value, end of period 11.66 11.30 10.43 10.27 8.71 9.16
Total Return 3.19% 8.34% 1.56% 17.93% (4.93)% 9.19%
Ratios and Supplemental Data
Ratio of net investment income to
average net assets 2.42% 5.28% 5.29% 5.53% 5.64% 5.44%
Portfolio turnover rate 44.12% 160.81% 17.30% 5.95% 0.0% 10.68%
Net assets at end of year (in 000's) 3,953 4,009 4,733 4,722 3,763 5,156
Ratio of expenses to average net assets .80% 1.28%<F2> 1.44% 1.35% 1.49% 1.49%
<FN>
<F1>
Net investment income per share was determined by using average shares outstanding.
<F2>
Ratio has been calculated using the expense amount which excludes reimbursed
and waived expenses. If including all expenses, the ratio would be 1.33%.
</FN>
</TABLE>
<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, 1998 and for the years ended December 31, 1997, 1996, 1995, 1994,
and 1993 are as follows:
<CAPTION>
Jan.-Jun.
SHORT-INTERMEDIATE FIXED INCOME PORTFOLIO 1998 1997 1996 1995 1994 1993
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period 10.91 10.29 9.97 8.99 9.23 8.68
Net investment income <F1> .26 .53 .49 .71 .69 .37
Net realized and unrealized gain (loss) .01 .09 (.17) (.27) (.93) .18
_____ _____ _____ _____ _____ _____
Total from investment operations .27 .62 .32 .98 (.24) .55
Net asset value, end of period 11.18 10.91 10.29 9.97 8.99 9.23
Total Return 2.47% 6.03% 3.21% 10.88% (2.58)% 6.38%
Ratios and Supplemental Data
Ratio of net investment income to
average net assets 2.38% 4.98% 4.63% 4.76% 4.78% 4.75%
Portfolio turnover rate 28.91% 69.25% 31.68% 19.21% 0% 25.60%
Net assets at end of year (in 000's) 4,331 4,148 4,495 6,073 6,182 7,575
Ratio of expenses to average net assets .80% 1.29%<F2> 1.47% 1.37% 1.51% 1.47%
<FN>
<F1>
Net investment income per share was determined by using average shares outstanding.
<F2>
Ratio has been calculated using the expense amount which excludes reimbursed
and waived expenses. If including all expenses, the ratio would be 1.34%.
</FN>
</TABLE>
<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, 1998 and the years ended December 31, 1997, 1996, 1995, 1994,
and 1993 are as follows:
<CAPTION>
SHORT TERM INCOME FUND 1998 1997 1996 1995 1994 1993
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period 10.67 10.20 9.82 9.33 9.10 8.91
Net investment income <F1> .27 .45 .40 .39 .26 .32
Net realized and unrealized gain (loss) (.01) .02 (.02) .10 (.03) (.13)
_____ _____ _____ _____ _____ _____
Total from investment operations .26 .47 .38 .49 .23 .19
Net asset value, end of period 10.93 10.67 10.20 9.82 9.33 9.10
Total Return 2.44% 4.61% 3.87% 5.33% 2.50% 2.10%
Ratios and Supplemental Data
Ratio of net investment income to
average net assets 2.46% 4.34% 4.03% 4.11% 2.87% 3.60%
Portfolio turnover rate 0% 40.97% 0% 0% 0% 0%
Net assets at end of year (in 000's) 3,167 2,962 3,572 2,566 2,716 2,120
Ratio of expenses to average net assets .79% 1.30%<F2> 1.39% 1.38% 1.50% 1.59%
<FN>
<F1>
Net investment income per share was determined by using average shares outstanding.
<F2>
Ratio has been calculated using the expense amount which excludes reimbursed
and waived expenses. If including all expenses, the ratio would be 1.35%.
</FN>
</TABLE>
