CAFR - sdcera

I N V E S T M E N T S / P E R F O R M A N C E
PERFORMANCE RESULTS, ANNUALIZED, NET OF FEES
FOR THE YEARS ENDED JUNE 30
1-Year 3-Year 5-Year 10-Year 1-Year 3-Year 5-Year 10-Year
Return Return Return Return Index Return Return Return Return
Total Fund 15.4% 14.6% 13.7% 9.6% Custom Benchmark (1) 16.4% 13.5% 12.6% 8.0%
Master Trust Median 17.7% 13.9% 11.6% 8.4%
Public Fund Sponsors Median 16.1% 13.1% 10.9% 8.0%
Actuarial Rate of Return 8.25%
Domestic Equity 12.8% 12.0% 11.4% 8.5% Russell 3000 20.1% 12.5% 11.5% 7.6%
Non-US Equity -
Developed Markets 27.9% 25.0% 19.7% 8.8% MSCI EAFE 27.5% 22.7% 18.2% 8.0%
Non-US Equity -
Emerging Markets 45.6% 40.2% 32.2% 11.2% MSCI Emerging Markets Index 45.5% 38.7% 30.7% 9.4%
Fixed Income - TIPS 3.9% 3.9% 6.3% N/A Barclay’s US Inflation Linked Bond Index 3.9% 3.8% 6.1% N/A
Fixed Income -
High Yield 15.1% 10.8% 13.6% 8.1% Citigroup HY Cash-Pay Index 11.6% 8.7% 12.3% 6.5%
Fixed Income -
Emerging Market Debt 17.2% 19.7% N/A N/A JP Morgan Global EMBI 11.7% 12.0% N/A N/A
Fixed Income - Global 3.0% N/A N/A N/A Fixed Income—Global Custom Benchmark (2) 3.9% N/A N/A N/A
All-Weather 4.2% N/A N/A N/A All-Weather Custom Benchmark (3) 10.1% N/A N/A N/A
Commodities -13.5% N/A N/A N/A Goldman Sachs Commodity Index -14.0% N/A N/A N/A
Real Estate 13.9% 19.2% 17.7% 14.2% Real Estate Custom Benchmark (4) 15.2% 19.8% 16.8% 14.2%
Alternative Equity 17.6% 20.1% 13.5% 7.6% Alternative Equity Custom Benchmark (5) 20.2% 19.6% 12.2% 15.0%
Cash 6.9% N/A N/A N/A Citigroup 90-Day T-Bill Index 5.1% N/A N/A N/A
Return calculations reflect a time-weighted, market rate of return.
NOTES:
1. 24.0% Russell 3000; 19.0% MSCI EAFE; 6.0% MSCI Emerging Markets; 6.0% Lehman Aggregate; 8.0% 20.0% Citigroup Non-US Gov’t. Bond; 6.0% JP Morgan Global
16.4%
EMBI; 7.0% Citigroup High Yield Cash Pay; 4.0% Barclays US Inflation Linked; 5.0% Goldman Sachs Commodity; 5.0%
15.4%
Private Equity; 10.0% Real Estate.
15.0%
14.6%
2. 10.0% Lehman Aggregate; 10.0% Citigroup Non-US Gov’t. Bond; 40.0% JP Morgan Global EMBI; 40.0% Citigroup High Yield Cash Pay.
13.5% 13.7%
3. 68.0% NACREIF; 32.0% NAREIT, on a quarter lag.
10.0%
4. Cambridge Associates’ total assets portfolio benchmark based on a pooled return of funds, on a quarter lag.
5.0%
12.6%
9.6%
PERFORMANCE RESULTS - TOTAL FUND CATEGORY 0.0%
ANNUALIZED, NET OF FEES
AS OF JUNE 30, 2007
1-YEAR 3-YEAR 5-YEAR 10
20.0%
15.0%
10.0%
15.4%
16.4%
14.6%
13.5% 13.7%
12.6%
9.6%
8.0%
Total SDCERA Return
Benchmark
5.0%
0.0%
1-YEAR 3-YEAR 5-YEAR 10-YEAR
50 COMPREHENSIVE ANNUAL FINANCIAL REPORT 2007
Total SDCERA Return