Quarterly Investment Report

December 2004 ACERA Asset Allocation

ACERA PORTFOLIO ASSET ALLOCATION & PERFORMANCE
ASSET CLASS QUARTER MARKET VALUE % OF PORTFOLIOQUARTERLY PERFORMANCE
         
DOMESTIC EQUITY Mar-04 $1,584,087,660.00 39.90 % 0.80 %
  Jun-04 $1,614,232,311.00 40.60 % 3.00 %
  Sep-04 $1,569,251,443.00 39.50 % -2.90 %
  Dec-04 $1,726,212,778.00 40.10 % 10.40 %
         
INTERNATIONAL EQUITY Mar-04 $904,366,229.00 22.80 % 3.90 %
  Jun-04 $897,450,300.00 22.60 % -0.70 %
  Sep-04 $904,766,033.00 22.80 % 0.80 %
  Dec-04 $1,029,922,062.00 23.90 % 13.90 %
         
FIXED INCOME Mar-04 $1,182,953,124.00 29.80 % 2.60 %
  Jun-04 $1,197,084,161.00 30.10 % -2.30 %
  Sep-04 $1,243,384,928.00 31.30 % 4.40 %
  Dec-04 $1,319,558,051.00 30.60 % 3.60 %
         
REAL ESTATE Mar-04 $301,628,481.00 7.60 % 3.30 %
  Jun-04 $269,390,364.00 6.80 % 1.80 %
  Sep-04 $257,867,186.00 6.50 % 2.90 %
  Dec-04 $230,612,610.00 5.40 % 4.50 %
         
CASH Mar-04 $5,949.00 0.00 % 0.20 %
  Jun-04 $7,792.00 0.00 % 0.20 %
  Sep-04 $294,239.00 0.00 % 0.30 %
  Dec-04 $2,209,000.00 0.10 % 0.30 %
TOTAL ASSETS
  Mar-04 $3,973,041,443.00 100 % 2.20 %
  Jun-04 $3,978,164,928.00 100 % 0.50 %
  Sep-04 $3,975,563,829.00 100 % 0.60 %
  Dec-04 $4,308,514,501.00 100 % 8.70 %

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