Table 3.  Percent Distribution of Cash and Security Holdings of Major Public
          Employee - Retirement Systems: Quarter Ending March 31, 2003 and Prior Periods

          Because of rounding, detail may not add to totals.
          r = revised from previously published amounts.
          (z) = less than 0.05 percent

                                                        Federal                          State/Local
                                 Corporate  Corporate  Government   Int.                 Government Cash and    Other
Date                   Total       Stocks     Bonds    Securities Securities  Mortgages  Securities Deposits    Securities

March 31, 2003         100.0        38.7       16.4       10.1       12.0        1.0        (z)        5.2        16.6

Dec 31, 2002r          100.0        35.1       17.0       10.0       13.4        1.1        (z)        5.2        18.2
Sept 30, 2002r         100.0        34.9       17.5       10.5       13.3        1.1        (z)        4.9        17.8
June 30, 2002          100.0        34.6       17.5       10.3       13.3        1.0        (z)        5.2        17.9
March 31, 2002         100.0        35.8       16.0       10.8       12.8        1.0        (z)        5.1        18.5

Dec 31, 2001           100.0        35.1       16.4       10.5       13.3        1.0        (z)        5.2        18.5
Sept 30, 2001          100.0        33.9       16.2       11.0       13.0        1.0        (z)        5.4        19.5
June 30, 2001          100.0        34.9       15.8       11.6       13.2        1.0        0.1        5.3        18.1
March 31, 2001         100.0        34.9       15.7       12.8       12.7        1.1        0.1        5.1        17.6

Dec 31, 2000           100.0        34.7       16.2       12.6       13.4        1.1        0.1        5.2        16.7
Sept 30, 2000          100.0        35.4       16.4       12.8       13.4        1.1        0.1        5.7        15.2
June 30, 2000          100.0        36.2       17.8       12.8       (z)         1.3        0.2        5.8        26.0
March 31, 2000         100.0        36.6       17.9       12.7       (z)         1.3        0.2        5.6        25.8

Dec 31, 1999           100.0        36.8       17.7       12.8       (z)         1.3        0.2        5.1        26.0
Sept 30, 1999          100.0        36.8       17.6       13.4       (z)         1.3        0.2        5.2        25.5
June 30, 1999          100.0        36.7       17.1       15.0       (z)         1.5        0.2        5.3        24.2
March 31, 1999         100.0        36.1       17.4       15.2       (z)         1.6        0.1        5.5        24.0

Dec 31, 1998           100.0        36.5       17.7       15.5       (z)         1.6        0.1        5.3        23.3
Sept 30, 1998          100.0        36.4       17.7       15.5       (z)         1.6        0.1        5.4        23.2
June 30, 1998          100.0        36.6       17.4       15.9       (z)         1.6        0.1        5.4        22.9
March 31, 1998         100.0        36.5       17.1       15.9       (z)         1.6        0.1        5.6        23.1