Table 1.  Cash and Security Holdings of Major Public Employee - Retirement Systems:
          Quarter Ending Dec 31, 2004 and Prior Periods

          Because of rounding, detail may not add to totals.
          1/ Data for International Securities were not collected prior to third quarter 2000.
          r = revised from previously published amounts
          Dollar amounts in millions

                                                        Federal                          State/Local
                                 Corporate  Corporate  Government   Int.                 Government Cash and    Other
Date                   Total       Stocks     Bonds    Securities Securities1/ Mortgages Securities Deposits    Securities

Dec 31, 2004         2,379,247     911,321    404,960    204,094    311,609     20,623        327     73,611    452,704
Sept 30, 2004r       2,050,163     781,346    287,107    199,618    257,806     20,647        318     91,933    411,387
June 30, 2004r       2,131,448     810,207    296,642    197,665    266,367     23,955      1,039     89,424    446,150
March 31, 2004       2,068,550     796,104    307,915    199,355    243,495     19,130      1,282    103,465    397,804

Dec 31, 2003         2,061,067     814,755    320,300    189,214    247,512     19,682      1,031     80,894    387,680
Sept 30, 2003        1,952,754     776,892    318,388    187,509    231,226     23,938      1,432     61,747    351,622
June 30, 2003        1,913,369     747,355    325,627    199,852    223,830     19,993        501     63,403    332,810
March 31, 2003       1,865,396     715,679    308,785    184,464    220,243     17,896        642     96,274    321,413

Dec 31, 2002         1,821,470     629,518    304,949    180,068    251,352     19,686        528     94,394    340,976
Sept 30, 2002        1,802,945     624,151    312,371    189,634    238,352     19,589        527     87,518    330,804
June 30, 2002        1,881,900     640,237    323,651    192,240    244,978     19,244        528     95,972    365,051
March 31, 2002       1,987,630     711,609    317,490    214,520    254,439     20,442        543    101,525    367,062

Dec 31, 2001         1,948,696     683,304    320,434    204,901    259,170     19,495        507    100,438    360,446
Sept 30, 2001        1,952,461     662,512    316,644    214,055    253,712     18,971        644    105,758    380,166
June 30, 2001        1,969,108     687,943    311,419    228,236    260,531     19,683      1,994    103,804    355,498
March 31, 2001       1,919,384     670,195    301,026    246,177    244,369     21,196      1,921     97,510    336,990

Dec 31, 2000         1,914,867     664,312    311,618    239,746    257,491     20,783      1,994     99,244    319,679
Sept 30, 2000        1,880,458     665,483    308,660    239,215    251,621     20,969      2,798    106,693    285,019
June 30, 2000        1,718,203     622,082    305,063    219,641          0     22,151      3,246     99,399    446,621
March 31, 2000       1,704,216     624,093    304,476    215,669          0     21,726      3,382     95,058    439,812

Dec 31, 1999         1,654,432     609,049    293,484    212,260          0     21,509      3,560     85,107    429,462
Sept 30, 1999        1,618,826     595,068    284,935    216,382          0     21,336      3,612     84,450    413,043
June 30, 1999        1,576,782     577,995    270,253    236,175          0     24,082      3,549     83,759    380,969
March 31, 1999       1,538,289     555,880    267,754    234,446          0     24,293      2,065     84,611    369,241