Quarterly Investment Report

June 2005 ACERA Asset Allocation

ACERA PORTFOLIO ASSET ALLOCATION & PERFORMANCE
ASSET CLASS QUARTER MARKET VALUE % OF PORTFOLIOQUARTERLY PERFORMANCE
         
DOMESTIC EQUITY Sep-04 $1,569,251,443.00 39.50 % -2.90 %
  Dec-04 $1,726,212,778.00 40.10 % 10.40 %
  Mar-05 $1,664,590,346.00 39.30 % -3.50 %
  Jun-05 $1,699,027,527.00 39.40 % 2.60 %
         
INTERNATIONAL EQUITY Sep-04 $904,766,033.00 22.80 % 0.80 %
  Dec-04 $1,029,922,062.00 23.90 % 13.90 %
  Mar-05 $1,033,052,768.00 24.40 % 0.30 %
  Jun-05 $1,033,812,532.00 24.00 % 0.10 %
         
FIXED INCOME Sep-04 $1,243,384,928.00 31.30 % 4.40 %
  Dec-04 $1,319,558,051.00 30.60 % 3.60 %
  Mar-05 $1,295,080,488.00 30.60 % -0.70 %
  Jun-05 $1,314,169,901.00 30.50 % 2.70 %
         
REAL ESTATE Sep-04 $257,867,186.00 6.50 % 2.90 %
  Dec-04 $230,612,610.00 5.40 % 4.50 %
  Mar-05 $243,593,631.00 5.80 % 6.40 %
  Jun-05 $267,487,442.00 6.20 % 8.30 %
         
CASH Sep-04 $294,239.00 0.00 % 0.30 %
  Dec-04 $2,209,000.00 0.10 % 0.30 %
  Mar-05 $77,190.00 0.00 % 0.50 %
  Jun-05 $185,253.00 0.00 % 0.80 %
TOTAL ASSETS
  Sep-04 $3,975,563,829.00 100 % 0.60 %
  Dec-04 $4,308,514,501.00 100 % 8.70 %
  Mar-05 $4,236,394,423.00 100 % -1.20 %
  Jun-05 $4,314,682,655.00 100 % 2.30 %

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