Quarterly Investment Report

June 2003 ACERA Asset Allocation

ACERA PORTFOLIO ASSET ALLOCATION & PERFORMANCE
ASSET CLASS QUARTER MARKET VALUE % OF PORTFOLIOQUARTERLY PERFORMANCE
         
DOMESTIC EQUITY Sep-02 $977,554,091.00 32.48 % -17.30 %
  Dec-02 $1,055,821,306.00 33.30 % 8.00 %
  Mar-03 $1,248,182,216.00 40.26 % -3.20 %
  Jun-03 $1,443,066,701.00 41.59 % 17.50 %
         
INTERNATIONAL EQUITY Sep-02 $631,194,562.00 20.97 % -20.30 %
  Dec-02 $687,680,611.00 21.69 % 9.00 %
  Mar-03 $629,681,084.00 20.31 % -8.40 %
  Jun-03 $753,115,575.00 21.70 % 18.50 %
         
FIXED INCOME Sep-02 $1,115,244,122.00 37.05 % 2.60 %
  Dec-02 $1,139,649,985.00 35.95 % 4.30 %
  Mar-03 $935,637,568.00 30.18 % 3.60 %
  Jun-03 $1,002,798,077.00 28.90 % 6.00 %
         
REAL ESTATE Sep-02 $284,873,708.00 9.46 % 1.82 %
  Dec-02 $281,784,495.00 8.89 % 1.30 %
  Mar-03 $283,425,147.00 9.14 % 2.00 %
  Jun-03 $270,759,362.00 7.80 % 2.60 %
         
CASH Sep-02 $1,275,238.00 0.04 % 0.40 %
  Dec-02 $5,589,231.00 0.18 % 0.30 %
  Mar-03 $3,522,577.00 0.11 % 0.20 %
  Jun-03 $404,974.00 0.01 % 0.30 %
TOTAL ASSETS
  Sep-02 $3,010,141,721.00 100 % -9.40 %
  Dec-02 $3,170,525,628.00 100 % 6.10 %
  Mar-03 $3,100,448,592.00 100 % -1.40 %
  Jun-03 $3,470,144,689.00 100 % 12.80 %

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