Quarterly Investment Report

December 2006 ACERA Asset Allocation

ACERA PORTFOLIO ASSET ALLOCATION & PERFORMANCE
ASSET CLASS QUARTER MARKET VALUE % OF PORTFOLIOQUARTERLY PERFORMANCE
         
DOMESTIC EQUITY Mar-06 $1,831,876,608.00 38.30 % 4.60 %
  Jun-06 $1,985,799,155.00 41.80 % -2.50 %
  Sep-06 $2,065,651,479.00 41.98 % 3.80 %
  Dec-06 $2,174,651,751.00 41.86 % 6.40 %
         
INTERNATIONAL EQUITY Mar-06 $1,319,470,629.00 27.60 % 8.10 %
  Jun-06 $1,126,141,153.00 23.70 % 0.60 %
  Sep-06 $1,181,872,305.00 24.02 % 5.00 %
  Dec-06 $1,307,427,787.00 25.16 % 10.70 %
         
FIXED INCOME Mar-06 $1,372,440,781.00 28.70 % 0.20 %
  Jun-06 $1,365,217,654.00 28.80 % 0.40 %
  Sep-06 $1,396,208,267.00 28.37 % 3.70 %
  Dec-06 $1,436,912,514.00 27.66 % 2.00 %
         
REAL ESTATE Mar-06 $249,126,457.00 5.20 % 4.10 %
  Jun-06 $233,376,956.00 4.90 % 4.80 %
  Sep-06 $274,564,351.00 5.58 % 2.90 %
  Dec-06 $273,333,020.00 5.26 % 2.60 %
         
CASH Mar-06 $9,642,432.00 0.20 % 0.90 %
  Jun-06 $37,109,002.00 0.80 % 0.80 %
  Sep-06 $2,608,284.00 0.05 % 1.50 %
  Dec-06 $3,190,060.00 0.06 % 1.00 %
TOTAL ASSETS
  Mar-06 $4,782,556,907.00 100 % 4.20 %
  Jun-06 $4,747,643,920.00 100 % -0.40 %
  Sep-06 $4,920,904,686.00 100 % 4.00 %
  Dec-06 $5,195,515,132.00 100 % 6.00 %

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