Quarterly Investment Report

September 2003 ACERA Asset Allocation

ACERA PORTFOLIO ASSET ALLOCATION & PERFORMANCE
ASSET CLASS QUARTER MARKET VALUE % OF PORTFOLIOQUARTERLY PERFORMANCE
         
DOMESTIC EQUITY 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 %
  Sep-03 $1,488,631,969.00 41.46 % 4.50 %
         
INTERNATIONAL EQUITY 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 %
  Sep-03 $818,359,456.00 22.79 % 8.70 %
         
FIXED INCOME 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 %
  Sep-03 $1,013,617,950.00 28.23 % 0.90 %
         
REAL ESTATE 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 %
  Sep-03 $269,990,686.00 7.52 % 1.60 %
         
CASH 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 %
  Sep-03 $78,448.00 0.00 % 0.20 %
TOTAL ASSETS
  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 %
  Sep-03 $3,590,678,509.00 100 % 4.20 %

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