An evaluation of cooperative collection management among academic libraries participating in the Illinois Collection Analysis Matrix (ICAM) was conducted in March 1987 by the Illinois Association of College and Research Libraries (IACRL) and the Illinois Board of Higher Education (IBHE). Data were gathered from two questionnaires, one of which was sent to the 28 ICAM libraries and the other to 58 ICAM subject specialists. The response rate was 82% for the institutional questionnaire (23 library directors), and 62% for the subject specialist questionnaire (36 subject specialists). Analyses of the data obtained through the questionnaires indicated that, overall, subject specialists and library directors were satisfied with the IACRL/IBHE efforts on cooperative collection development (CCD), although ratings of the various aspects of the program differed between the two groups. Additional evaluations based on ICAM data and other sources investigated the percentage increase of library collections; bibliographic and physical access provided by the libraries; subject specialists' assessment of values; internal validity of the Existing Strength Collection (ESC) and Current Collection Intensity (CCI) codes used in ICAM; and alternative funding models. Appended materials include copies of the two ICAM questionnaires; a tally of the responses to the institutional questionnaire; a summary of the responses to the subject specialist questionnaire; comparisons of ICAM collection growth among four Illinois university libraries and all ICAM libraries; and a comparison of research level collections as indicated by ESCs in the 1986 ICAM. (CGD)