Quarterly Investment Report

March 2004 ACERA Asset Allocation

ACERA PORTFOLIO ASSET ALLOCATION & PERFORMANCE
ASSET CLASS QUARTER MARKET VALUE % OF PORTFOLIOQUARTERLY PERFORMANCE
         
DOMESTIC EQUITY Jun-03 $1,443,066,701.00 41.59 % 17.50 %
  Sep-03 $1,488,631,969.00 41.46 % 4.50 %
  Dec-03 $1,591,747,241.00 40.80 % 12.30 %
  Mar-04 $1,584,087,660.00 39.90 % 0.80 %
         
INTERNATIONAL EQUITY Jun-03 $753,115,575.00 21.70 % 18.50 %
  Sep-03 $818,359,456.00 22.79 % 8.70 %
  Dec-03 $939,601,134.00 24.10 % 14.80 %
  Mar-04 $904,366,229.00 22.80 % 3.90 %
         
FIXED INCOME Jun-03 $1,002,798,077.00 28.90 % 6.00 %
  Sep-03 $1,013,617,950.00 28.23 % 0.90 %
  Dec-03 $1,121,640,272.00 28.70 % 3.10 %
  Mar-04 $1,182,953,124.00 29.80 % 2.60 %
         
REAL ESTATE Jun-03 $270,759,362.00 7.80 % 2.60 %
  Sep-03 $269,990,686.00 7.52 % 1.60 %
  Dec-03 $251,848,619.00 6.40 % 3.10 %
  Mar-04 $301,628,481.00 7.60 % 3.30 %
         
CASH Jun-03 $404,974.00 0.01 % 0.30 %
  Sep-03 $78,448.00 0.00 % 0.20 %
  Dec-03 $411,213.00 0.00 % 0.20 %
  Mar-04 $5,949.00 0.00 % 0.20 %
TOTAL ASSETS
  Jun-03 $3,470,144,689.00 100 % 12.80 %
  Sep-03 $3,590,678,509.00 100 % 4.20 %
  Dec-03 $3,905,248,479.00 100 % 9.60 %
  Mar-04 $3,973,041,443.00 100 % 2.20 %

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