Table 3.  Percent Distribution of Cash and Security Holdings of Major 
          Public Employee-Retirement Systems:  Quarter Ending 
          December 31, 1997, and Prior Periods  (Because of rounding,
          detail may not add to totals.)
            
/r = revised,third quarter 1997, from previously published amounts

(z) = less than 0.05 percent

                                                        Total
                               Corporate  Corporate    Federal
Date                    Total   Stocks      Bonds     Securities

Dec 31, 1997. . . . . . 100.0     35.9       17.7        17.3
Sept 30, 1997 /r. . . . 100.0     34.2       17.8        17.9
June 30, 1997 . . . . . 100.0     34.9       17.8        18.3
March 31, 1997. . . . . 100.0     35.1       18.1        18.5

Dec 31, 1996  . . . . . 100.0     35.3       18.1        19.2
Sept 30, 1996 . . . . . 100.0     34.9       18.5        19.4
June 30, 1996 . . . . . 100.0     34.1       18.1        20.1
March 31, 1996 .  . . . 100.0     34.8       19.0        19.6

Dec 31, 1995  . . . . . 100.0     35.0       19.1        19.7
Sept 30, 1995 . . . . . 100.0     34.6       19.0        19.9
June 30, 1995 . . . . . 100.0     34.3       19.3        20.1
March 31, 1995  . . . . 100.0     35.4       19.4        20.8

Dec 31, 1994  . . . . . 100.0     34.1       19.8        20.5
Sept 30, 1994 . . . . . 100.0     34.3       19.3        21.2
June 30, 1994 . . . . . 100.0     34.5       20.1        21.7
March 31, 1994  . . . . 100.0     34.3       20.4        22.0

Dec 31, 1993  . . . . . 100.0     34.3       20.8        21.7
Sept 30, 1993 . . . . . 100.0     33.0       20.5        22.4
June 30, 1993 . . . . . 100.0     33.0       21.7        21.9
March 31, 1993  . . . . 100.0     32.8       21.3        22.5

Dec 31, 1992  . . . . . 100.0     32.5       21.2        22.8
Sept 30, 1992 . . . . . 100.0     32.9       21.1        23.4
June 30, 1992 . . . . . 100.0     33.6       20.7        24.4
March 31, 1992  . . . . 100.0     33.6       20.6        24.8


                        United    Federal                State and Local
                        States    Agency                 Government
Date                    Treasury  Securities  Mortgages  Securities

Dec 31, 1997. . . . . .  14.6        2.7        1.7        0.1
Sept 30, 1997 /r. . . .  14.9        3.0        1.6        0.1  
June 30, 1997 . . . . .  15.5        2.8        1.5        (z)  
March 31, 1997. . . . .  15.5        3.0        1.6        (z)

Dec 31, 1996  . . . . .  16.1        3.1        1.6        (z)
Sept 30, 1996 . . . . .  16.3        3.2        1.6        (z)
June 30, 1996 . . . . .  16.8        3.4        1.6        (z)
March 31, 1996  . . . .  16.7        3.0        1.7        0.1

Dec 31, 1995  . . . . .  16.7        3.0        1.7        (z)
Sept 30, 1995 . . . . .  17.1        2.9        1.7        (z)
June 30, 1995 . . . . .  17.2        2.9        1.7        (z)
March 31, 1995  . . . .  18.0        2.7        1.8        (z)
                               
Dec 31, 1994  . . . . .  17.7        2.8        2.0        (z)
Sept 30, 1994 . . . . .  18.0        3.2        2.1        (z)
June 30, 1994 . . . . .  18.4        3.3        2.3        (z)
March 31, 1994  . . . .  19.1        2.9        2.2        (z)

Dec 31, 1993  . . . . .  18.6        3.1        3.0        0.1
Sept 30, 1993 . . . . .  19.3        3.1        2.8        0.1
June 30, 1993 . . . . .  18.7        3.2        2.8        0.1
March 31, 1993  . . . .  18.8        3.8        2.9        0.1

Dec 31, 1992  . . . . .  18.7        4.1        3.0        0.1
Sept 30, 1992 . . . . .  18.7        4.8        3.0        0.1
June 30, 1992 . . . . .  19.5        4.8        3.2        (z)
March 31, 1992  . . . .  19.0        5.7        3.2        (z)
                              

                       Cash and        Other
Date                   Deposits        Securities

Dec 31, 1997. . . . . .  4.5               22.7
Sept 30, 1997 /r. . . .  4.8               23.5
June 30, 1997 . . . . .  5.9               21.5
March 31, 1997. . . . .  5.5               21.1

Dec 31, 1996  . . . . .  5.3               20.4
Sept 30, 1996 . . . . .  5.5               20.0
June 30, 1996 . . . . .  5.7               20.3
March 31, 1996  . . . .  5.6               19.3

Dec 31, 1995  . . . . .  6.0               18.5
Sept 30, 1995 . . . . .  5.8               18.8
June 30, 1995 . . . . .  5.9               18.6
March 31, 1995  . . . .  5.7               17.0
                              
Dec 31, 1994  . . . . .  5.7               17.8
Sept 30, 1994 . . . . .  5.4               17.6
June 30, 1994 . . . . .  5.9               15.6
March 31, 1994  . . . .  5.3               15.6

Dec 31, 1993  . . . . .  5.6               15.6
Sept 30, 1993 . . . . .  5.8               15.3
June 30, 1993 . . . . .  6.0               14.5
March 31, 1993  . . . .  5.9               14.5

Dec 31, 1992  . . . . .  5.8               14.7
Sept 30, 1992 . . . . .  5.8               13.7
June 30, 1992 . . . . .  5.8               12.3
March 31, 1992  . . . .  5.5               12.2