Quarterly Investment Report

September 2006 ACERA Asset Allocation

ACERA PORTFOLIO ASSET ALLOCATION & PERFORMANCE
ASSET CLASS QUARTER MARKET VALUE % OF PORTFOLIOQUARTERLY PERFORMANCE
         
DOMESTIC EQUITY Dec-05 $1,771,668,502.00 38.50 % 2.60 %
  Mar-06 $1,831,876,608.00 38.30 % 4.60 %
  Jun-06 $1,985,799,155.00 41.80 % -2.50 %
  Sep-06 $2,065,651,479.00 41.98 % 3.80 %
         
INTERNATIONAL EQUITY Dec-05 $1,220,465,128.00 26.50 % 6.20 %
  Mar-06 $1,319,470,629.00 27.60 % 8.10 %
  Jun-06 $1,126,141,153.00 23.70 % 0.60 %
  Sep-06 $1,181,872,305.00 24.02 % 5.00 %
         
FIXED INCOME Dec-05 $1,369,816,310.00 29.80 % 0.60 %
  Mar-06 $1,372,440,781.00 28.70 % 0.20 %
  Jun-06 $1,365,217,654.00 28.80 % 0.40 %
  Sep-06 $1,396,208,267.00 28.37 % 3.70 %
         
REAL ESTATE Dec-05 $237,049,311.00 5.20 % 5.00 %
  Mar-06 $249,126,457.00 5.20 % 4.10 %
  Jun-06 $233,376,956.00 4.90 % 4.80 %
  Sep-06 $274,564,351.00 5.58 % 2.90 %
         
CASH Dec-05 $574,751.00 0.00 % 1.00 %
  Mar-06 $9,642,432.00 0.20 % 0.90 %
  Jun-06 $37,109,002.00 0.80 % 0.80 %
  Sep-06 $2,608,284.00 0.05 % 1.50 %
TOTAL ASSETS
  Dec-05 $4,599,574,002.00 100 % 3.10 %
  Mar-06 $4,782,556,907.00 100 % 4.20 %
  Jun-06 $4,747,643,920.00 100 % -0.40 %
  Sep-06 $4,920,904,686.00 100 % 4.00 %

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