Quarterly Investment Report

September 2004 ACERA Asset Allocation

ACERA PORTFOLIO ASSET ALLOCATION & PERFORMANCE
ASSET CLASS QUARTER MARKET VALUE % OF PORTFOLIOQUARTERLY PERFORMANCE
         
DOMESTIC EQUITY Dec-03 $1,591,747,241.00 40.80 % 12.30 %
  Mar-04 $1,584,087,660.00 39.90 % 0.80 %
  Jun-04 $1,614,232,311.00 40.60 % 3.00 %
  Sep-04 $1,569,251,443.00 39.50 % -2.90 %
         
INTERNATIONAL EQUITY Dec-03 $939,601,134.00 24.10 % 14.80 %
  Mar-04 $904,366,229.00 22.80 % 3.90 %
  Jun-04 $897,450,300.00 22.60 % -0.70 %
  Sep-04 $904,766,033.00 22.80 % 0.80 %
         
FIXED INCOME Dec-03 $1,121,640,272.00 28.70 % 3.10 %
  Mar-04 $1,182,953,124.00 29.80 % 2.60 %
  Jun-04 $1,197,084,161.00 30.10 % -2.30 %
  Sep-04 $1,243,384,928.00 31.30 % 4.40 %
         
REAL ESTATE Dec-03 $251,848,619.00 6.40 % 3.10 %
  Mar-04 $301,628,481.00 7.60 % 3.30 %
  Jun-04 $269,390,364.00 6.80 % 1.80 %
  Sep-04 $257,867,186.00 6.50 % 2.90 %
         
CASH Dec-03 $411,213.00 0.00 % 0.20 %
  Mar-04 $5,949.00 0.00 % 0.20 %
  Jun-04 $7,792.00 0.00 % 0.20 %
  Sep-04 $294,239.00 0.00 % 0.30 %
TOTAL ASSETS
  Dec-03 $3,905,248,479.00 100 % 9.60 %
  Mar-04 $3,973,041,443.00 100 % 2.20 %
  Jun-04 $3,978,164,928.00 100 % 0.50 %
  Sep-04 $3,975,563,829.00 100 % 0.60 %

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