SDCERA

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	Investments
	Annual Financial Reports
	Actuarial Valuations

At the core of SDCERA’s operations is its acclaimed investment program. SDCERA is entrusted to prudently manage the multi-billion dollar pension fund that provides retirement benefits to members. An accomplished team of investment professionals and money managers, in conjunction with the Board of Retirement, prudently manages the investment of the pension fund.

SDCERA’s investment program has earned industry accolades and awards as one of the top performing retirement funds in the country. SDCERA ranks in the top 4% for a two-year period ending September 30, 2011, according to the latest Wilshire Associates Trust Universe Comparison Service (TUCS) report. The program’s success is largely due to a well-diversified portfolio and progressive investment strategies that put it in the same league as some of the country’s most sophisticated investors.

Returns for quarter ended September 30, 2011 (gross of fees)
SDCERA Returns	Quarter	1-Year	3-Year	5-Year
Growth oriented¹	-13.7%	-2.8%	2.9%	1.4%
Growth oriented benchmark	-14.5%	-1.3%	2.3%	0.3%
Stable value²	3.7%	5.3%	10.1%	8.6%
Stable value benchmark	3.0%	4.6%	9.1%	7.0%
Inflation sensitive³	-2.9%	12.0%	0.1%	2.3%
Inflation sensitive benchmark	-4.4%	9.0%	1.0%	3.5%
Total fund	-4.9%	5.8%	4.4%	3.0%
Total fund benchmark	-5.1%	5.1%	4.9%	3.7%
Total assets under management: $7,980,936,975.⁴

¹	Global, Emerging Market, Private Equities, and High Yield Bonds
²	Emerging Market Debt (Local), Global Macro CTAs, Relative Value, and U.S. Treasuries
³	Real Estate, Natural Resources and Other Real Assets, and Treasury Inflation Protected Securities
⁴	Includes $200M investment in JP Morgan Strategic Properties